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JASF (Journal of Accounting and Strategic Finance)
Published by Universitas Pembangunan Nasional Veteran Jawa Timur
ISSN : -     EISSN : 26146649     DOI : https://doi.org/10.33005/jasf
Core Subject : Economy, Education, Social,
Economics, Econometrics & Finance Education Environmental Science Social Sciences Other
Journal of Accounting and Strategic Finance (JASF) is a blind peer-reviewed journal that publishes theoretical, empirical, and experimental research papers. The Journal encourages the utilization of economic, financial and sociological theories to investigate, analyze, and explain issues in accounting within the legitimate institutional structure and under various capital markets accurately. The distributed research articles of the Journal will empower researchers to contribute to the discipline of accounting.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 187 Documents
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Interpreting the Motivation of Implementing Risk Management from Aristotle's Perspective Widyastuti, Aviani; Iswati, Sri
JASF: Journal of Accounting and Strategic Finance Vol. 7 No. 2 (2024): JASF (Journal of Accounting and Strategic Finance) - December 2024
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v7i2.533

Abstract

This study aims to describe the implementation of Risk Management (RM) in business organizations represented by one of Indonesia's Fintech and Manufacturing sector companies from the perspective of Aristotle's Virtue theory. The two informants are used to get different perspectives on the regulations governing the implementation of RM. Through a semi-structured interview, we can illustrate that the two companies have implemented RM with various constraints and challenges, including each organization's characteristics and default risks. However, the implementation of RM is not only driven by the motivation of financial success but also ensures the sustainability of the company by considering all stakeholders' interests. This is in line with the principle of Virtue in Aristotle, which states that an organization's decision needs to consider Teleology, Habituation, noble pressure, Phronesis, social Virtue, and moral and intellectual superiority. Aristotle's principle of Virtue can be used as a basic framework for building an RM system in a business organization. Integrating the principle of Virtue into the RM system can create an organizational risk culture based on Virtue.
Use Big Theory Clarifies Financial Performance: The Role of Internal Mechanisms Control Siahaan, Magda
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.596

Abstract

Purpose: This paper establishes the basic concepts, related work, and core propositions of implementing integrated Governance, Risk Management and Compliance (GRC), internal audit function, and financial performance through the perspective of the underlying grand theory. Method: This paper uses literature-based analysis. First, it builds a conceptual argument by looking for the big theory, which is the leading theory that serves as the foundation for explaining and analyzing important phenomena in a field of science, which can underlie the integration of GRC, internal audit, and financial performance. It concludes with the predicted relationships of the three that can be seen through their application. Big theory is the leading theory that serves as the foundation for explaining and analyzing important phenomena in a field of science. Findings: Based on underlying the big theory and the supporting concepts, it is proven that integrated GRC, internal audit, and financial performance are in one corridor of built relationships. Novelty/Value: Integration of GRC, internal audit, and financial performance in one agency theory-based framework presents integrated relationships and new hypotheses, different from previous studies that separate these variables.
Financial Literacy, Religiosity, and MSME Compliance with Sharia Financing: Does Mental Accounting Matter? Sumidartiny, Ai Netty; Laela, Sugiyarti Fatma
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.539

Abstract

Purpose: This study examines the effect of Sharia financial literacy and religiosity on micro, small, and medium enterprises’ (MSMEs) compliance with Sharia financing contracts. In particular, it explores the mediating role of mental accounting in shaping contract adherence. Method: The research employed a quantitative survey design with 100 MSMEs under Perumda Pasar Jaya Jakarta that had participated in Sharia financing for at least one year. Data were collected through structured questionnaires and complemented with qualitative interviews. Structural Equation Modeling– Partial Least Squares (SEM-PLS) was applied to test direct and mediating effects. Findings: The results demonstrate that both Sharia financial literacy and religiosity exert positive and significant effects on MSMEs’ compliance with Sharia financing contracts. However, the mediation analysis reveals that mental accounting does not significantly mediate these relationships, suggesting that while entrepreneurs understand and value Sharia principles, limited financial buffers and urgent liquidity needs prevent them from consistently applying structured accounting practices. Qualitative evidence confirms that many MSMEs mix business and personal funds, rely on fluctuating cash flow, and occasionally delay repayment despite strong religious motivation. Novelty/Value: Unlike in conventional finance, where mental accounting is often framed as a cognitive bias, in Islamic finance, it can function as a constructive form of self-control. By separating accounts for obligatory payments, including zakah and debt repayment, MSMEs with relatively high religiosity treat financial discipline as part of their religious duty. At the same time, Islamic financing practices grounded in ukhuwah and maslahah provide flexibility when liquidity constraints occur, making mental accounting a unique and contextually embedded mechanism for SMEs.
The Revolution of Online Business Financial Performance : Before, During and After Pandemic Siti Khodijah, Amalia; Pekerti, Retno Dyah
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.548

Abstract

This study aims to investigate the financial performance of online businesses during the periods before, during, and after COVID-19. A qualitative descriptive analysis was conducted through in-depth interviews with online business practitioners in five cities/regencies in Indonesia. Data analysis was performed using selective coding patterns. The findings indicate that the financial performance of online business organizations experienced a significant improvement during COVID-19. This improvement was supported by several factors, including changes in consumer behavior, operational activities that were acknowledged to be more efficient, the quality of human resources within the organization, and organizational commitment to IT development. Online businesses must adapt quickly to environmental changes and the rapid advancement of IT. Business closures during COVID-19 were found to negatively impact financial performance. This study provides valuable insights into the financial conditions of online businesses during COVID-19, which contrast sharply with those of other business organizations, particularly during the pandemic. The findings offer lessons for business practitioners on managing operational activities affected by the pandemic and formulating anticipatory measures should similar events occur in the future. Policymakers can also consider implementing policies that enable business organizations to maintain their operations even during crises.
Strengthening Indonesia’s Tax System: A Policy-Oriented Framework Based on ASEAN and OECD Case Studies Pudjono, Alpha Nur Setyawan; Rachmania, Ilma Nurul
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.553

Abstract

This study investigates Indonesia’s low tax-to-GDP ratio recorded at 12.1% in 2022, far below the Asia-Pacific average of 19.3% and the OECD average of 34.0%. It aims to benchmark Indonesia’s tax compliance performance against selected ASEAN (Malaysia, Singapore, Thailand) and OECD (Denmark, Japan, Netherlands) countries to identify gaps and provide evidence-based policy recommendations. The study applies a benchmarking approach, selecting comparator countries based on similarities in economic structure and tax administration for the ASEAN group, and high-performance compliance standards for the OECD group. It is grounded in the Slippery Slope Framework and Economic Deterrence Theory to assess how trust and deterrence influence taxpayer behavior. The analysis reveals that OECD countries have leveraged digital transformation such as AI-driven audits, real-time monitoring, and integrated taxpayer services to improve compliance. In contrast, Indonesia faces persistent administrative inefficiencies, limited digitalization, and low taxpayer trust, which hamper its revenue mobilization efforts. This study offers a novel comparative perspective by integrating behavioral tax theories with policy benchmarking across diverse governance systems. It contributes actionable insights for improving Indonesia’s tax compliance through digital innovation, structured incentives, and enhanced transparency.
The Role of ESG and External Assurance in Firm Performance: External Assurance as a Moderator Naibaho, Eduard Ary Binsar; Raudhotuzanah, Dara
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.572

Abstract

Purpose: This study seeks to assess the impact of Environmental, Social, and Governance (ESG) factors and External Assurance on Firm Performance, with External Assurance acting as a moderating variable in the ESG-Firm Performance relationship. This research is based on agency theory, which explains the potential conflict of interest between management and shareholders over sustainability spending. Method: This research employs a quantitative methodology, utilizing panel data regression analysis. The sample consists of 120 publicly listed non-financial companies from ASEAN-5 countries over the period 2019–2023. Secondary data were obtained through a literature review from S&P Capital IQ and Thomson Reuters Eikon, and the sample was selected using a purposive sampling technique. Findings: The study’s results indicate that ESG and External Assurance have a negative impact on Company Performance, as indicated by Tobin’s Q, with coefficient values of -0.013 and -0.214. However, neither does it show a significant influence when measured by ROA. Furthermore, External Assurance influences the relationship between ESG and Company Performance (Tobin’s Q) with a coefficient value of -0.002. Still, it does not affect the relationship when ROA is used as a measure of Firm Performance. Novelty/Value: This study contributes to the current literature by providing empirical evidence on the moderating effect of External Assurance on the relationship between ESG and Firm Performance within the ASEAN-5 countries, incorporating two performance metrics.
Sustainable Capital Budgeting: Assessing Long-Term Effects Beyond Profitability Nurfitriani, Nurfitriani; Latif, Imam Nazarudin
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.581

Abstract

Purpose: This research seeks to create and implement a multidimensional scoring mechanism for assessing sustainability initiatives across several sectors. The research aims to transcend conventional financial measurements by incorporating economic, environmental, social, and governance (EESG) factors, thereby providing a more comprehensive framework for project evaluation. Method: This study employs a literature-based conceptual framework and a composite indicator methodology to create weighted score matrices for three separate case studies: a carbon retrofit program, a regional water infrastructure enhancement, and a circular packaging business. Each case is assessed using twelve indicators and displayed on radar charts to show performance profiles and strategic trade-offs. Findings: The results indicate that each project excels in different areas, highlighting the need for evaluations to consider the situation. The carbon retrofit argument is strong in terms of the environment and governance, while the water infrastructure project is balanced and has a big social impact. The circular packaging project earns high marks for environmental innovation and community engagement, despite not generating as much revenue. Radar charts are a good way to show these profiles, which helps with clear decision-making and comparing different sectors. Novelty/Value: This study advances theory by transforming EESG dimensions into a versatile, reproducible framework. In practice, it provides individuals involved in sustainability planning, investing, and policymaking with a tool to aid their decision-making. The model can be applied across various industries and locations, making it a versatile tool for open evaluation that focuses on driving positive change in line with global sustainability goals.

Page 19 of 19 | Total Record : 187

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