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INDONESIA
Jurnal Ilmiah Akuntansi dan Finansial Indonesia
Published by Universitas Maritim Raja Ali Haji
ISSN : 25985035     EISSN : 26848244     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Penerbitan Jurnal Ilmiah Akuntansi dan Finansial Indonesia setiap enam bulan sekali pada bulan April dan Oktober setiap tahunnya, dan Jurnal Ilmiah Akuntansi dan Finansial Indonesia memberikan peluang kepada civitas akademika maupun praktisi untuk mempublikasikan hasil-hasil penelitian, kajian, pemikiran, dan analisis mengenai Akuntansi finansial atau keuangan.
Arjuna Subject : -
Articles 6 Documents
 1 
Search results for , issue "Vol 9 No 1 (2025): Volume 9. Issue. 1, October 2025" : 6 Documents clear
The Effect of Environmental, Social, and Governance Disclosure on Firm Value Wongso, Devina Andreny; Suganda, Tarsisius Renald; Stephanus, Daniel Sugama
Jurnal Ilmiah Akuntansi dan Finansial Indonesia Vol 9 No 1 (2025): Volume 9. Issue. 1, October 2025
Publisher : Prodi Akuntansi FEBM Universitas Maritim Raja Ali Haji

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31629/ahfn0849

Abstract

This study examines the effect of ESG disclosure on firm value with a shareholder theory approach. This study uses a quantitative analysis of 147 observations of energy sector companies listed on the Indonesia Stock Exchange from 2021-2023. Firm value as the dependent variable is proxied by Tobin’s Q. The analysis shows that social, economic, and governance disclosures significantly adversely affect firm value. Meanwhile, ERM disclosures have a significant positive effect, while environmental disclosures do not affect firm value. These findings support the shareholder theory that assesses non-financial expenditure as a burden or waste of resources if they do not directly impact increasing profits. The study’s novelty lies in partially testing the five ESG aspects in the energy sector that are sensitive to greenwashing practices and market expectations. This research contributes to the development of ESG literature and provides insights for management and investors in emerging markets. 
The Importance of Disclosure and Transparency in Enhancing Firm Value: A Study on the LQ45 Index Gani, Firman; Munthe, Inge Lengga Sari; Yusyawiru, Nurul
Jurnal Ilmiah Akuntansi dan Finansial Indonesia Vol 9 No 1 (2025): Volume 9. Issue. 1, October 2025
Publisher : Prodi Akuntansi FEBM Universitas Maritim Raja Ali Haji

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31629/45wtbk02

Abstract

Firm value reflects investors perception of a company's success, which is commonly associated with its stock price. This study aims to examine the effect of Sustainability Report Disclosure, Analyst Coverage and ESG Disclosure on Firm Value, with Firm Age serving as a moderating variable. The research employs a purposive sampling method, involving 12 companies listed in the LQ45 Index of the Indonesia Stock Exchange during the 2021–2023 period. The analytical techniques used include multiple linear regression and moderation analysis through the Moderated Regression Analysis (MRA) method. The results of the multiple regression analysis indicate that Sustainability Report Disclosure and ESG Disclosure do not have a significant impact on Firm Value. Conversely, Analyst Coverage and Firm Age show a significant positive influence on Firm Value. Furthermore, the study finds that Sustainability Report Disclosure, Analyst Coverage, ESG Disclosure and Firm Age collectively have a significant simultaneous effect on Firm Value. Meanwhile, the moderation analysis reveals that Firm Age does not moderate the relationship between either Sustainability Report Disclosure or ESG Disclosure on Firm Value. But, it does moderate the relationship between Analyst Coverage on Firm Value.
Stakeholders' Reactions to ESG Scores and Political Connections: Evidence from Tobin's Q and Stock Performance Puspitasari, Nindya Farah Dwi; Nikensari, Sri Indah; Pesi Suryani
Jurnal Ilmiah Akuntansi dan Finansial Indonesia Vol 9 No 1 (2025): Volume 9. Issue. 1, October 2025
Publisher : Prodi Akuntansi FEBM Universitas Maritim Raja Ali Haji

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31629/4chy9t66

Abstract

This study seeks to determine how environmental, social and governance (ESG) scores and corporate political connections jointly shape stakeholder reactions, captured through firm-level valuation (Tobin’s Q) and stock returns, among Indonesian listed companies. Using firm-level panel data for listed companies over 2020-2023, this quantitative study applies Generalized Least Squares estimation in Stata, and augments the analysis with contextual information drawn from peer-reviewed journals and reputable online sources. Stronger ESG scores raise firm valuations (Tobin’s Q) without enhancing total stock returns, whereas political connections lower Tobin’s Q by about 0.17 yet deliver an average excess return of roughly 0.69 percentage points. The evidence indicates that sustainability credentials and political affiliations influence performance in mutually reinforcing yet distinct ways: stronger ESG scores are associated with durable gains in enterprise value, whereas political connections translate into only short-lived share-price uplifts. Consequently, the findings encourage executives to invest in substantive ESG improvements as a foundation for lasting value creation, while cautioning regulators that the abnormal returns enjoyed by politically connected firms may stem from rent-seeking rather than genuine efficiency.
Kualitas Akuntansi dan Efisiensi Investasi: Peran Eksekutif Perempuan di Sektor Properti dan Real Estate Rusmanah, Enok; Manik, Tumpal; Syarifuddin
Jurnal Ilmiah Akuntansi dan Finansial Indonesia Vol 9 No 1 (2025): Volume 9. Issue. 1, October 2025
Publisher : Prodi Akuntansi FEBM Universitas Maritim Raja Ali Haji

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31629/25v6g716

Abstract

This study examines the impact of accounting quality on investment efficiency and investigates the moderating role of female executives in Indonesia’s property and real estate sector. Using data from 65 property and real estate companies listed on the Indonesia Stock Exchange (2021–2023), the study employs data panel regression analysis. The results reveal that accounting quality significantly improves investment efficiency by reducing information asymmetry and minimizing inefficient capital allocation. However, the moderating role of female executives is not significant, suggesting that their current representation in managerial positions remains limited to influencing investment outcomes. The findings emphasize the importance of transparent accounting information in enhancing investment efficiency and the potential of gender diversity to strengthen governance in capital-intensive industries
Analisis Sistem Pengendalian Internal di Lingkungan Pemerintah Kota Tanjungpinang (Studi Kasus Survei Penilaian Integritas tahun 2024) Fatahurrazak, Fatahurrazak; Hadi Lidya Rikayana, Hadi Lidya Rikayana; Nurul Yusyawiru; Fatahuddin; Fatahurrazak
Jurnal Ilmiah Akuntansi dan Finansial Indonesia Vol 9 No 1 (2025): Volume 9. Issue. 1, October 2025
Publisher : Prodi Akuntansi FEBM Universitas Maritim Raja Ali Haji

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31629/xayka778

Abstract

This study examines the effectiveness of the internal control system within the Government of Tanjungpinang City using data from the 2024 Integrity Assessment Survey (SPI) conducted by Indonesia’s Corruption Eradication Commission (KPK). The research aims to determine how internal control mechanisms enhance organizational integrity and mitigate corruption risks in local governance. Employing a descriptive–quantitative approach based on secondary SPI data, the analysis applies the five core components of internal control outlined in Government Regulation No. 60/2008: control environment, risk assessment, control activities, information and communication, and monitoring. Statistical and content analyses assess the maturity level of the internal control system and its alignment with KPK’s integrity dimensions. The findings indicate that Tanjungpinang City’s internal control system is at a developing maturity stage, with major weaknesses in leadership commitment, ethical culture, and risk-based monitoring. Despite improvements in transparency and compliance through digital systems, preventive control mechanisms remain limited. The results also show a strong positive relationship between robust internal controls and higher integrity scores, underscoring that strengthening control mechanisms directly promotes institutional integrity. This study emphasizes the importance of integrating risk management into internal control processes, reinforcing ethical leadership, and enhancing the role of internal auditors (APIP) through competency-based training and digital audit tools. These initiatives are crucial for fostering proactive, integrity-oriented local governance. By empirically linking internal control effectiveness with KPK’s SPI framework, this research contributes novel evidence that internal control maturity serves as a predictive indicator of institutional integrity in Indonesia’s public sector
Organizational Complexity and Financial Reporting Quality Tumpal Manik; Eryanto, Henry
Jurnal Ilmiah Akuntansi dan Finansial Indonesia Vol 9 No 1 (2025): Volume 9. Issue. 1, October 2025
Publisher : Prodi Akuntansi FEBM Universitas Maritim Raja Ali Haji

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31629/rwrmac96

Abstract

This study examines the relationship between organizational complexity in the context of management and the quality of financial reporting. Organizational complexity is analyzed through four key components: subsidiary management, segment operation management, and human resource management. The findings provide evidence that managing organizational complexity through effective governance and sound management practices supports greater accuracy, transparency, and reliability in financial reporting. Such management practices also help prevent reporting errors and fraud. Consequently, organizational complexity can significantly influence the quality of financial reporting. Drawing on insights from agency theory and information asymmetry, this paper discusses how increasing complexity may reduce reporting quality and proposes mechanisms to mitigate its adverse effects

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