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Politeknik Ganesha Jl. Veteran Jl. Manunggal No.194 Labuhan Deli, Deli Serdang, Sumatera Utara Indonesia
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Owner : Riset dan Jurnal Akuntansi
Published by Politeknik Ganesha Medan
ISSN : 25487507     EISSN : 25489224     DOI : 10.33395/owner
Core Subject : Economy,
Economics, Econometrics & Finance
Owner (Riset dan Jurnal Akuntansi) adalah jurnal akademik yang berlandaskan nilai nilai keilmiahan. Owner diterbitkan 2 kali dalam setahun dengan periode Februari dan Agustus dipublikasikan oleh Program Studi Akuntansi Perguruan Tinggi Politeknik Ganesha Medan. Ruang Lingkup : Akuntansi Keuangan; akuntansi biaya; Pajak; Audit; Sistem informasi akuntansi; Pendidikan akuntansi; Akuntansi lingkungan dan sosial; Akuntansi untuk organisasi nirlaba; Akuntansi sektor publik; Tata kelola perusahaan: akuntansi / keuangan; Masalah etika dalam akuntansi dan pelaporan keuangan; Keuangan perusahaan; Investasi, derivatif; Perbankan; Pasar modal.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 1,752 Documents
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Do Investors Value Environmental Responsibility? Evidence from Indonesia’s Energy Sector Tsania Kamila; Sofie Putri
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3662

Abstract

A company’s value serves as a key indicator of investor confidence and signals how the market views its prospects. To uphold this value, businesses need to find a middle ground that considers economic, social, and environmental factors. This study explores the influence of green accounting, carbon emission disclosure, and leverage on firm value among Indonesian energy firms, using profitability and company size as control variables. A total of 41 IDX-listed companies were selected throughout the 2020-2024 period using purposive sampling. The research relies on secondary data drawn from financial statements and annual reports, and employs panel data regression analysis using the Fixed Effects Model (FEM) as the optimal model selected. The model demonstrates strong explanatory power, as evidenced by an R-squared value of 94%, suggesting that the included independent variables largely capture changes in firm value. The novelty of this study lies in the specificity of the energy sector as the context for Indonesia’s carbon regulatory transition, as well as the comprehensiveness of the control variables used to analyze market responses in greater depth. The adoption of green accounting unexpectedly exerts a negative influence on firm value. It appears that the market still views environmental allocations as operational burdens that erode financial efficiency, rather than as strategic long-term investments. Meanwhile, carbon emission disclosures and leverage levels have proven not to be primary indicators for investors when assessing a firm’s worth. This suggests that market participants in Indonesia remain pragmatic, having not yet fully integrated environmental issues into their core investment strategies. Consequently, management must be more strategic in budgeting for environmental costs to ensure these policies do not inadvertently undermine the company’s public valuation.
Internal Control Effectiveness in Fraud Detection of Direct Cash Assistance Distribution: Evidence from Regency X Devo Sucita Lokiman; Driana Leniwati
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3663

Abstract

The distribution of Direct Cash Assistance (BLT) is an important instrument in social protection; however, its implementation at the local and village levels remains vulnerable to fraudulent practices. This study aims to analyze the effectiveness of internal control in detecting fraud and to identify the factors influencing fraud detection in BLT distribution in East Bolaang Mongondow Regency. This research employs a qualitative method with a case study approach. Data were collected through interviews, observations, and documentation, using purposive sampling involving village officials, inspectorate representatives, and BLT beneficiaries. Data analysis was conducted using an interactive model consisting of data reduction, data display, and conclusion drawing. The results indicate that, structurally, internal control mechanisms have been established through the formation of verification teams, issuance of official decrees, and implementation of standard operating procedures. However, their effectiveness remains suboptimal due to inconsistent implementation and a predominance of administrative compliance rather than substantive control. The main weakness lies in the verification process as a form of preventive control, which has not functioned effectively, as well as in the monitoring system that remains manual and highly dependent on individuals. Furthermore, fraud detection is influenced by opportunity and collusion factors within the Fraud Hexagon framework. Opportunities arise from weak control systems, lack of transparency, and political intervention, while collusion enables organized fraudulent activities that can bypass existing controls. This study concludes that strengthening internal control requires a comprehensive approach, including enhancing integrity, improving transparency, and utilizing technology to increase the effectiveness of fraud detection in BLT distribution.
Analisis Penerapan Akuntansi pada Instrumen Lindung Nilai Berdasarkan PSAK 71 dalam Meminimalisir Risiko Eksposur Transaksi Firda Aftiani Azizatul Muna; Nur Sayidatul Muntiah; Nurul Hidayah
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3677

Abstract

This study aims to compare the effectiveness of three hedging techniques : forward contract hedging, money market hedging, and currency option hedging and to evaluate their eligibility for hedge accounting under PSAK 71 based on three qualifying criteria: economic relationship, credit risk effect, and hedge ratio, in mitigating transaction exposure risk arising from import liabilities. The study employs a quantitative approach using secondary data from annual reports of metals and minerals subsector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The sample comprises an unbalanced panel of 39 firm-year observations from eight companies. Data were analyzed using the Dollar Offset Method to assess compensation levels and Ordinary Least Squares (OLS) regression, supported by classical assumption tests. The findings indicate that all three hedging techniques effectively mitigate transaction exposure risk, although with different compensation profiles. Forward contract hedging and currency option hedging satisfy the classical assumption tests, whereas money market hedging exhibits mild heteroscedasticity that likely reflects differences in transaction scale and interest rate differentials across sample companies. The Dollar Offset Method confirms that the compensation levels of all three techniques are consistent with the principle-based approach of PSAK 71, which replaces the 80%–125% quantitative threshold under PSAK 55. Furthermore, the evaluation demonstrates that all three hedging techniques satisfy the qualifying criteria for hedge accounting under PSAK 71, with forward contract hedging and currency option hedging exhibiting the most precise economic relationship and hedge ratio, while money market hedging requires more comprehensive documentation of hedge ineffectiveness and periodic rebalancing to maintain hedge ratio consistency. These findings provide empirical support for the adoption of hedge accounting under PSAK 71 by Indonesian mining companies to enhance financial reporting stability and better reflect corporate risk management activities.
Pengaruh Pengendalian Akuntansi, Sistem Pelaporan dan Kejelasan Sasaran Anggaran Terhadap Akuntabilitas Kinerja Instansi Pemerintah Endang Ranitawati; Yahya Yahya
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3680

Abstract

Performance accountability is an essential element in establishing transparent, effective, and results-oriented local government. However, achieving high levels of public-sector accountability is not solely determined by program outcomes but is also influenced by the quality of accounting control, reporting systems, and budget management. This study aims to examine the effects of accounting control, reporting systems, and budget goal clarity on the performance accountability of the Semarang City Government. The novelty of this study lies in integrating these three factors into a single empirical model within the context of local government, thereby providing a more comprehensive understanding of how financial control, reporting mechanisms, and clearly defined budget objectives contribute to public-sector accountability. This quantitative study involved 90 respondents selected using a saturated sampling technique. Data were collected through questionnaires using a five-point Likert scale and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The findings indicate that accounting control, reporting systems, and budget goal clarity have positive and significant effects on performance accountability. Among the examined factors, budget goal clarity demonstrates the strongest relative influence on performance accountability. Theoretically, this study contributes to the public accountability perspective and goal-setting theory by demonstrating that effective control mechanisms, reliable reporting information, and clearly defined objectives jointly strengthen accountability in public-sector organizations. Practically, the findings suggest that the Semarang City Government should continuously improve accounting controls, reporting quality, and budget goal formulation to enhance organizational performance accountability.
Capital Structure, Asset Efficiency, and Firm Value: Evidence from Indonesian Trading, Services, and Investment Companies Using Fixed Effect Panel Regression Frisca Frisca; Resi Intan Penatari; Terrensia Sekar Pamastutiningtyas
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3693

Abstract

This research investigates the influence of capital structure and asset utilization efficiency on firm value among companies operating in the trading, services, and investment sectors listed on the Indonesia Stock Exchange over the 2019–2024 period. The study was conducted based on the phenomenon of changes in firm value, as indicated by fluctuations in Price to Book Value (PBV), as well as the existence of inconsistent empirical evidence regarding the determinants of firm value. This research adopts a quantitative method by utilizing secondary data collected from companies’ annual financial statements. The sample was determined through a purposive sampling technique, producing 101 selected companies with a total of 606 firm-year observations. In this study, firm value is represented by Price to Book Value (PBV), capital structure is evaluated using the Debt to Equity Ratio (DER), and asset efficiency is measured through Total Asset Turnover (TATO). Meanwhile, liquidity, represented by the Current Ratio (CR), is incorporated as a control variable. The data analysis was conducted using panel data regression, with the Fixed Effect Model (FEM) selected based on the results of the Chow test and Hausman test. The empirical findings reveal that capital structure positively and significantly influences firm value. Conversely, asset efficiency does not demonstrate a significant impact on firm value. Additionally, liquidity as a control variable shows a negative and significant relationship with firm value. These results indicate that investors tend to consider companies’ financing strategies more prominently than their ability to utilize assets efficiently when evaluating firm value. Therefore, companies are encouraged to establish an optimal capital structure as a strategic effort to improve market valuation and strengthen investor confidence.
CEO Behavioral Traits and Firm Value During Market Uncertainty: A Structured Literature Review Artista Elsyabana Rahardyan
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3694

Abstract

CEO behavioral characteristics have attracted increasing attention in the corporate governance literature because they influence strategic decision-making and firm value, particularly under conditions of market uncertainty. However, prior studies on CEO overconfidence and CEO narcissism have produced inconsistent findings and provide limited understanding of the mechanisms linking these traits to firm value. This study aims to synthesize how CEO overconfidence and CEO narcissism influence firm value under market uncertainty from the perspective of the Behavioral Theory of the Firm (BTOF). A Structured Literature Review (SLR) was conducted following the PRISMA 2020 guidelines. Articles were identified through systematic searches of the Scopus and ScienceDirect databases. After identification, screening, eligibility assessment, and quality appraisal, 71 articles were included in the final review. The findings indicate that the influence of CEO behavioral traits on firm value operates indirectly through five strategic mechanisms: (1) risk taking and strategic change; (2) financial policy and resource allocation; (3) governance, disclosure, and monitoring; (4) ESG and stakeholder management; and (5) innovation and strategic renewal. Risk taking and strategic change emerged as the most dominant mechanism. Furthermore, the effects of CEO overconfidence and CEO narcissism on firm value are highly contextual and may generate either positive or negative outcomes depending on organizational and environmental conditions. This study develops an integrated framework explaining the pathways through which CEO behavioral traits affect firm value and extends the Behavioral Theory of the Firm by clarifying strategic decision-making processes under uncertainty.
Pengaruh ESG Disclosure Berbasis GRI 2021, Leverage, dan Kebijakan Dividen terhadap Nilai Perusahaan Pertambangan: Bukti Empiris Regresi Data Panel Periode 2021–2024 Bonia Sundari; Ridarmelli; Adib Minanurohman
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3697

Abstract

This study aims to examine the effect of ESG disclosure, leverage, and dividend policy on firm value in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The mining sector was selected because its substantial environmental and social footprint makes sustainability practices and funding decisions increasingly relevant to how investors assess corporate value. This research employs a quantitative associative approach using secondary data drawn from the annual reports and sustainability reports of the sampled firms. The population comprises 40 mining companies, and through purposive sampling 14 companies were obtained, yielding 56 firm-year observations. ESG disclosure is measured using a GRI 2021-based disclosure index, leverage is proxied by the debt to equity ratio, dividend policy by the dividend payout ratio, and firm value by Tobin’s Q. The data were analysed using panel data regression with the aid of Eviews 12 software, and a series of model specification tests established the random effect model as the most appropriate estimator. The empirical findings reveal that ESG disclosure, leverage, and dividend policy each exert a positive and significant effect on firm value, jointly explaining 85.5 percent of its variation. These results imply that sustainability transparency, well-managed use of debt, and consistent dividend distribution serve as positive signals that strengthen investor confidence and enhance firm value, offering practical considerations for management, investors, and regulators.
Pengaruh Fraud Diamond Terhadap Kecurangan Laporan Keuangan dengan Moderasi Transparansi pada Sektor Industri (2021–2024) Qothrunnada Mahsya Salsabila; Imang Dapit Pamungkas
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3699

Abstract

Financial statement fraud remains a serious issue that can reduce the quality of financial information, harm stakeholders, and decrease public trust in companies. This study aims to analyze the effect of Fraud Diamond Theory, consisting of pressure, opportunity, rationalization, and capability, on financial statement fraud with financial statement transparency as a moderating variable in industrial sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employed a quantitative approach using secondary data obtained from company financial statements. The sampling technique used purposive sampling. Financial statement fraud was measured using the Beneish M-Score, while hypothesis testing was conducted using logistic regression analysis with SPSS version 26. The results showed that pressure, opportunity, rationalization, and capability had no significant effect on financial statement fraud. In addition, financial statement transparency was unable to moderate the effect of these four variables on financial statement fraud. These findings indicate that financial statement transparency has not been effective in strengthening or weakening the relationship between Fraud Diamond factors and financial statement fraud. Therefore, companies need to strengthen internal control systems and corporate governance comprehensively to minimize the risk of financial statement fraud.
Pengembangan Sistem Informasi Akuntansi Berbasis Machine Learning untuk Deteksi Dini Penghindaran Pajak pada Perusahaan Terbuka Indonesia Moch Rifqi Rizal; Iskandar Iskandar
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3702

Abstract

This research focuses on developing a machine learning-based artificial intelligence architecture to serve as an automated detection instrument for potential tax avoidance among Indonesian publicly traded companies. The exploitation of tax regulation loopholes remains a critical challenge that massively degrades national revenue. The study population comprises corporate entities listed on the Indonesia Stock Exchange (IDX), selected via a purposive sampling approach. Information gathering utilized a dual-method strategy. Secondary data, extracted from historical financial databases within the LSEG Refinitiv Workspace, incorporating parameters such as the Effective Tax Rate (ETR), Cash Effective Tax Rate (CETR), and Debt to Equity Ratio (DER), served as the training dataset for the AI algorithm. Concurrently, primary data was obtained through in-depth interviews with four tax professionals and one academic to qualitatively map out supervisory constraints. The primary methodology involved formulating an anomaly detection model embedded within a web-based prototype to enable real-time assessments. The system's robustness underwent rigorous evaluation through a series of technical trials, encompassing reliability, compliance, recovery, and stress testing. Analytical outcomes demonstrate the model's high proficiency in precisely identifying concealed financial anomalies and suspicious patterns. The implementation of artificial intelligence not only elevates detection accuracy but also drastically accelerates conventional monitoring processes, thereby empowering fiscal authorities to adopt data-driven decision-making practices. Ultimately, the integration of machine learning presents a strategic solution to mitigate tax revenue leakage and optimize state income, while also paving the way for future research explorations concerning the adoption of cutting-edge technology in financial sector governance and tax administration.  
ESG Disclosure and Firm Performance – The Moderating Role of Board Gender Diversity Fernetta Evania; Yenni Carolina
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3704

Abstract

Sustainability practices reflected in the concept of Environmental, Social, and Governance (ESG) are considered capable of reflecting the quality of corporate management as well as the long-term sustainability prospects of a business. One aspect within the governance dimension that has gained increasing attention is gender diversity on the board of directors, which is believed to influence the quality of decision-making and consequently affect corporate profitability and firm value. In line with this, several countries have established policies regarding the proportion of women on boards of directors to promote greater inclusivity. However, countries in the Southeast Asian region have not yet implemented specific written regulations governing the proportion of women on boards of directors. This condition motivates this study to examine the role of gender diversity in moderating the effect of ESG practices on firm performance in Southeast Asia. This study uses a sample of 83 companies from Indonesia, the Philippines, Thailand, and Vietnam during the 2020–2024 period. The independent variable is measured using ESG scores, while the dependent variables are measured using ROA to represent profitability and Tobin’s Q to represent firm value. The moderating variable is measured based on the proportion of women on the board of directors, after which the data panel test is conducted to determine the most appropriate regression model and hypothesis testing method. The result shows that gender diversity play a role in strengthening the effect of ESG practices on firm value, however it doesn’t give any effect in strengthening or weakening the relationship on firm profitability.

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