Jurnal ULTIMA Accounting
Jurnal Ilmu Akuntansi ULTIMA Accounting adalah Jurnal Ilmu Akuntansi yang diterbitkan Program Studi Akuntansi Fakultas Ekonomi Universitas Multimedia Nusantara mulai bulan Desember 2009, terbit secara berkala dua kali dalam setahun yaitu setiap bulan Juni dan Desember. Jurnal Ilmu Akuntansi Ultima Accounting diharapkan menjadi wadah publikasi hasil riset akuntansi dengan kualitas yang dalam, bermutu dan berbobot. Tujuan penerbitan Jurnal Ilmu Akuntansi Ultima Accounting adalah untuk mempublikasikan hasil riset, telaah ilmiah, analisis dan pemikiran akuntansi, keuangan dan perpajakan yang relevan dengan pengembangan profesi dan praktik akuntansi di Indonesia dan ditujukan bagi para akademisi, praktisi, regulator, peneliti, mahasiswa dan pihak lainnya yang tertarik dengan pengembangan profesi dan praktik akuntansi di Indonesia.
Articles
405 Documents
<![CDATA[SUSTAINABILITY REPORT INDUSTRI TEMBAKAU DI INDONESIA: PENERAPAN SASB STANDARDS DAN IMPLIKASINYA ]]>
<![CDATA[Da Rato, Nicolaus Wahana]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 16 No 2 (2024): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v16i2.3881
<![CDATA[Abstract— This study analyzes the implementation of Sustainability Accounting Standards Board (SASB) standards in sustainability reports of the tobacco industry in Indonesia. The industry faces significant scrutiny regarding the health impacts of its products, with the World Health Organization (WHO) reporting 8 million annual deaths worldwide due to tobacco. Despite various regulatory measures aimed at reducing tobacco consumption and its associated risks, such as smoking-free areas and high taxes, tobacco production and consumption in Indonesia continue to rise. Findings indicate that the majority of tobacco companies, including PT Gudang Garam Tbk and PT Hanjaya Mandala Sampoerna Tbk, fall short of SASB standards, particularly in disclosing material health-related information. The reports also reveal potential instances of greenwashing, where companies promote environmental initiatives while neglecting the negative health impacts of their products. The research emphasizes the urgency for these companies to enhance their sustainability disclosures, ensuring accuracy and relevance in line with SASB standards. Improving transparency and accountability in sustainability reporting will foster public trust and support public health. Keywords: Sustainability Reporting; Tobacco Industry; SASB Standards; Greenwashing; Disclosure Practices]]>
<![CDATA[ANALISIS KESIAPAN DAN PENERIMAAN TEKNOLOGI DALAM PENYUSUNAN LAPORAN KEUANGAN BUMDESA ]]>
<![CDATA[Asqolani, Asqolani]]>;
<![CDATA[Hadi, Miftahul]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 16 No 2 (2024): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v16i2.3894
<![CDATA[Abstract— This study aims to see the readiness and acceptance of the use of computerized information systems in the preparation of BUMDes financial statements. This study is concerned with one of the problems encountered in Village-Owned Enterprises (BUMDes) is the difficulty in preparing financial statements in addition to the need to increase financial literacy. The preparation of financial statements can be prepared manually or with the help of a computerized system. The method used is quantitative with a sampling selection method with convenience sampling to BUMDes administrators in Jombang Regency, East Java Province. This study uses the TRAM (Technology Readiness Acceptance Model) Model with a proxy of seven variables, namely optimism or optimism, innovation or innovativeness, discomfort or discomfort and insecurity or insecurity, perceived usefulness, perceived ease of use or perceived ease of use and interest in applying it or intention to use. The results of the study showed that of the 11 hypotheses proposed with the results of 5 hypotheses accepted and the rest rejected. These results show that BUMDES' readiness to use computerized information systems still needs to be improved. This study also recommends the need to socialize the benefits of computerized financial report preparation so that the perception of BUMDes administrators towards technology increases. Keywords: TRAM; Financial Statement; Village-Owned Enterprises; Computerized Information Systems.]]>
<![CDATA[THE IMPACT OF PROFITABILITY, LEVERAGE, AND LIQUIDITY ON BOND RATINGS OF FINANCIAL SECTOR FIRMS LISTED ON THE INDONESIA STOCK EXCHANGE ]]>
<![CDATA[Thendrew, Owen]]>;
<![CDATA[Osesoga, Maria Stefani]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 16 No 2 (2024): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v16i2.4036
<![CDATA[Abstract - This research was conducted to obtain empirical evidence regarding the effect of profitability, leverage, and liquidity on bond ratings. Bond ratings significantly influence funds raised from bond issuances, as a decrease can lead to undersubscription, while an increase can result in oversubscription. Investors should pay attention to bond ratings for informational materials and signals about a company's future obligations. This study's originality is rooted in its empirical examination of the key determinants—profitability, leverage, and liquidity—that affect bond ratings within Indonesian financial sector companies. Purposive sampling was used to choose the 19 financial sector companies, listed on the Indonesia Stock Exchange from 2019 to 2023, that released bonds and rated by PT PEFINDO in period 2020-2024. The analysis method used is ordinal logistic regression. The results of this study indicate that profitability and liquidity do not affect bond ratings, whereas leverage has a significant negative impact on bond ratings. Prioritizing equity-based funding sources, such as issuing shares, is advisable for the company. This approach will enhance the bond rating by reducing reliance on debt, thereby lowering the risk of default and minimizing capital-related financial risks. By strengthening its equity position, the company can improve its financial stability and foster long-term growth. Keywords: Bond Ratings; Leverage; Liquidity; Profitability]]>
<![CDATA[THE U-SHAPED EFFECT OF CSR ON FINANCIAL PERFORMANCE OF COMPANIES IN INDONESIA DURING FINANCIAL CRISIS COVID-19 ]]>
<![CDATA[Kasiha, Nathalia Wanda Nova]]>;
<![CDATA[Kim, Sung Suk]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 16 No 2 (2024): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v16i2.4039
<![CDATA[Abstract - This research studies the nonlinear relationship between Corporate Social Responsibility (CSR) and the financial success of companies listed on Indonesia Stock Exchange. By analyzing 2808 observations from quarterly panel data of 145 companies over the period of 2019 to 2023, the study uses fixed effect regression model with Driscoll-Kraay method to assess how CSR impacts in nonlinearity way on Return on Asset (ROA). The result shows there’s a U-shaped relationship between CSR and ROA. At first when CSR goes up, ROA goes down. But after reaching an optimal level, CSR begins to have positive impact on ROA. Factors like company size, age, growth, leverage and liquidity have consistently shown effects on financial performance indicator in this study. When the research then specifically studies on the relationship during financial crisis era (COVID-19), it shows that the nonlinear relationship between CSR and financial performance is not significant. The results provide information for managers and policymakers to take into consideration both short term and long-term impacts on financial performance when creating CSR strategies. Keywords : CSR; Nonlinear; U-shaped; COVID-19; Financial Performance; Return on Asset, ROA]]>
<![CDATA[SUSTAINABLE PREMIUM OF SUSTAINABLE BONDS: EMPIRICAL STUDY OF STATE OWNED ENTERPRISES IN INDONESIA ]]>
<![CDATA[Dimu, Darmia]]>;
<![CDATA[Kim, Sung Suk]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 1 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v17i1.4056
<![CDATA[Abstract— This study investigates the sustainable premium of bonds issued by State-Owned Enterprises (SOEs) in Indonesia and examines the determinants influencing the yields of these sustainable bonds. Sustainable premium is the price difference of sustainable bonds and conventional bonds that are proxied by yield to maturity (YTM). A sustainable premium benefits issuers by reducing funding costs and building social capital. This study uses data panel regression for data analysis that taken from bonds that are listed on IDX in 2020-2023. The data consist of 1.018 bonds then sorted based on the type of bond (sustainable bonds and non-sustainable bonds) and the issuing company. It is found that the yield to maturity of sustainable bonds tends to be higher than conventional bonds. This means that based on the data there was no sustainable premium on SOE’s sustainable bonds in Indonesia. Meanwhile, the ESG risk score, status of SOEs, Return on Assets and Debt to Asset Ratio do not have a significant effect on the yield to maturity of SOEs’ sustainable bonds. Rating, modified duration, GDP and inflation have significant effects to yield to maturity of SOEs’ sustainable bonds. Keywords: Sustainable Premium; Sustainable Bonds; State Owned Enterprises; Yield to Maturity; ESG]]>
<![CDATA[SIMFONI NILAI PERUSAHAAN DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA ]]>
<![CDATA[Eugenia, Angellica]]>;
<![CDATA[Apriwenni, Prima]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 1 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v17i1.4112
<![CDATA[Abstract – The study focuses on explaining the factors that affect company value. The dependent variable used is company value, while the independent variables are Net Profit Margin, leverage, and company size. The secondary data used in this research were obtained from the annual financial reports of 59 manufacturing companies listed on the Indonesia Stock Exchange (IDX) website from 2021 to 2023, yielding a total of 177 data points. The analysis was conducted using the Multiple Regression Analysis method with SPSS 26. The results of this research show that Net Profit Margin has a positive and significant effect on company value. Leverage also has a positive and significant effect on company value. However, the results do not support a positive and significant effect of company size on company value. These findings suggest that profitability and leverage are important factors in enhancing firm value, while company size may not necessarily influence investor perception or market valuation in the context of manufacturing firms during the study period. Keywords: Company Value; Net Profit Margin; Leverage; Company Size]]>
<![CDATA[THE IMPACT OF GREENWASHING ON FIRM VALUE DURING THE PERIOD BEFORE AND DURING THE COVID-19 CRISIS IN INDONESIA ]]>
<![CDATA[Freshtriana, Freshtriana]]>;
<![CDATA[Kim, Sung Suk]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 1 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v17i1.4127
<![CDATA[Abstract - This study examines the effect of greenwashing on firm valuation in Indonesia using panel data from 2018 to 2022. The research aims to determine whether greenwashing negatively impacts firm value, particularly during times of crisis. The results indicate a significant negative relationship between greenwashing practices and firm value, especially during crisis periods such as the COVID-19 pandemic. These findings underscore the importance of transparency in sustainability reporting and suggest that investors are becoming more critical of greenwashing claims. This study contributes to the growing body of literature on corporate sustainability and greenwashing, offering valuable insights into how misleading environmental claims can affect firm performance. It also has important implications for policymakers, investors, and companies in encouraging genuine sustainability efforts. Firms are urged to adopt authentic and verifiable sustainability practices, as failure to do so may erode investor trust and firm value. Overall, the study emphasizes the risks associated with deceptive sustainability reporting in a more environmentally conscious market. Keywords: Greenwashing; Firm Value; Crisis; ESG; Statistical Analysis ]]>
<![CDATA[FROM EMISSION TO OFFSET: REINVENTING GREEN STRATEGIES FOR A SUSTAINABLE EDUCATION ]]>
<![CDATA[Mendrofa, Steven Novanolo]]>;
<![CDATA[Qadri, Resi Ariyasa]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 1 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v17i1.4154
<![CDATA[Abstract - This study seeks to estimate carbon emissions generated from electricity consumption and waste disposal activities in student dormitories, assess the carbon sequestration required through reforestation efforts, and examine the role of asset management in supporting the implementation of an eco-office framework. Data were collected through institutional documentation concerning electricity-consuming assets and field observations related to waste management practices. A descriptive quantitative approach was employed to analyze the emission data. The findings indicate that total annual carbon emissions amounted to 394.124 tons of CO₂, with electricity consumption accounting for 98.85% of this total. To offset these emissions, an estimated 40 to 77 trees would need to be planted annually, contingent on the species selected. Asset management was identified as a key component in enhancing energy efficiency, promoting circular waste management systems, and informing reforestation initiatives. These results highlight the urgency for integrated, evidence-based sustainability strategies in higher education institutions, particularly those that incorporate energy monitoring, carbon offset mechanisms, and environmentally responsible asset governance. Keywords: Carbon; Emission; Offset; Green Strategy; Sustainability]]>
<![CDATA[DETERMINAN NILAI PERUSAHAAN DI BURSA EFEK INDONESIA ]]>
<![CDATA[Saputro, Ilham Fajar Eko]]>;
<![CDATA[Kamaluddin, Nurhadi]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 1 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v17i1.4179
<![CDATA[Abstract — The main objective of this study is to investigate the effect of profitability on firm value, as well as to examine the moderating function of the independent board of commissioners in this relationship. This study is motivated by the urgency of firm value as the main benchmark for investors, as well as the inconsistency of previous empirical findings regarding the relationship between profitability and firm value. The novelty of this study lies in the formulation of a moderation model that combines profitability variables and the structure of the independent board of commissioners, with a coverage of 139 manufacturing companies listed on the Indonesia Stock Exchange in the period 2020 to 2024. The sampling technique was carried out using purposive sampling. This study uses a quantitative approach by applying interaction analysis techniques through Moderated Regression Analysis (MRA). The results of the study show that profitability has a positive and significant effect on firm value, and the presence of an independent board of commissioners is proven to strengthen this effect. This finding confirms that the combination of solid profitability and good governance mechanisms is a crucial signal for investors in the investment decision-making process. Keywords: Profitability; Board of Commissioners; Company Value.]]>
<![CDATA[GREEN BANKING, MANAJEMEN RISIKO, DAN KEPEMILIKAN ASING: ANALISIS DETERMINAN NILAI PASAR PERBANKAN DI INDONESIA ]]>
<![CDATA[Kusumadewi, Ni Luh Gde Lydia]]>;
<![CDATA[Paramitadewi, Hyasshinta Dyah Sweztika Lukitaning]]>;
<![CDATA[Kusumawati, Synthia Madya]]>
<![CDATA[ Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 1 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/akuntansi.v17i1.4180
<![CDATA[Abstract - The aim of this study is to analyze the effect of Green Banking (GB) disclosure and Enterprise Risk Management (ERM) disclosure on the financial performance of banking institutions in Indonesia, with foreign ownership serving as a moderating variable. As environmental concerns intensify, banks face growing pressure to integrate sustainable development principles into their operations and reporting through Green Banking Disclosures. Effective risk disclosure also requires a robust ERM framework to strengthen transparency and investor confidence. Foreign ownership often brings improved governance standards, technological capabilities, and managerial discipline. This study offers a novel perspective by examining the combined influence of sustainability disclosure, risk management practices, and ownership structure on firm performance, an area still underexplored in emerging markets. Hypotheses were tested using linear regression analysis with pooled data processed through SPSS. The results indicate that both Green Banking and ERM disclosures do not have a significant effect on firm performance as measured by Tobin’s Q. In contrast, foreign ownership demonstrates a significant positive impact. As a moderating variable, foreign ownership weakens the relationship between Green Banking Disclosure and firm performance, while the interaction between ERM disclosure and foreign ownership does not show a significant effect. These findings suggest that although disclosure practices are increasingly adopted, they may not yet be perceived by the market as strong value signals, particularly during the heightened uncertainty of the Covid-19 period. This underscores the need for more strategic, credible, and standardized disclosures to enhance market perceptions of sustainability and risk management commitments. Keywords: Green Banking Disclosure; Enterprise Risk Management Disclosure; Firm Performance; Foreign Ownership]]>
