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INDONESIA
JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN
Published by Goodwood Publishing
ISSN : -     EISSN : 27160807     DOI : -
Core Subject : Economy, Science, Education,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics
Jurnal Akuntansi, Keuangan dan Manajemen (Jakman) adalah jurnal peer-review dalam bidang Akuntansi, Keuangan, dan Manajemen. Jakman menerbitkan artikel yang relevan dan telah direview oleh beberapa editor yang merupakan ahli di bidangnya. Jurnal ini diharapkan dapat menjadi platform yang signifikan bagi para peneliti di Indonesia untuk berkontribusi terhadap pengembangan teori dan praktik yang mencakup semua aspek Akuntansi, Keuangan, dan Manajemen.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 692 Documents
 36   37   38   39   40 
Does Firm Size Strengthen the Effect of Liquidity on Corporate Cash Holding? Beny Beny; Erika Jimena Arilyn; Wahyuni Rusliyana Sari; Silvy Christina
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p243-256.2026

Abstract

Purpose: This study investigates the direct effect of non-cash working-capital liquidity on corporate cash holdings and evaluates whether firm size acts as a moderating variable within the liquidity-intensive property and real estate sector listed on the Indonesia Stock Exchange.Research Methodology: A quantitative explanatory approach using panel data was conducted on 42 property and real estate firms (252 firm-year observations) listed from 2018 to 2023. Data were analyzed using regression analysis by EViews 12 software.Results: Statistical findings demonstrate that liquidity has a significant negative direct effect on cash holdings. Importantly, firm size significantly moderates the relationship between liquidity and cash holding in a positive direction, confirming its role as a pure moderator that attenuates liquidity substitution behavior.Conclusions: Organizational scale fundamentally alters corporate liquidity management; while smaller firms substitute non-cash liquidity for physical cash, larger enterprises leverage superior credit access and scale advantages to accumulate internal liquid reserves alongside working capital growth.Limitations: The scope is limited strictly to audited financial disclosures of property and real estate companies in a single emerging market over a six-year period, unobserving qualitative governance factors.Contributions: The study provides financial managers with insights to optimize cash conversion cycles and offers Investors and Regulators (Otoritas Jasa Keuangan-OJK) a diagnostic scale-adjusted framework for evaluating corporate liquidity risk
Financial Characteristics and Accounting Conservatism in Explaining Corporate Tax Avoidance: The Moderating Role of Institutional Ownership Sugiarto Prajitno; Maidani Maidani
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p377-394.2026

Abstract

Purpose: This study aims to examine the effects of financial characteristics and accounting conservatism on corporate tax avoidance and to analyze the moderating role of institutional ownership in the relationship between accounting conservatism and tax avoidance among Indonesian listed companies.Research Methodology: This study adopts a quantitative explanatory approach using secondary data from audited annual reports of Indonesian listed companies during 2021–2023. The final sample comprises 204 firm-year observations selected through purposive sampling. Corporate tax avoidance is measured using the Cash Effective Tax Rate (CETR), with independent variables consisting of return on assets, debt-to-equity ratio, firm size, accounting conservatism, sales growth, and capital intensity. Data analysis is performed using Stata through descriptive statistics, diagnostic testing, multiple regression analysis, and moderated regression analysis.Results: The findings reveal that the debt-to-equity ratio positively affects CETR, while sales growth and capital intensity negatively affect CETR. Meanwhile, return on assets, firm size, accounting conservatism, and institutional ownership show no significant effects. Institutional ownership also fails to moderate the relationship between accounting conservatism and tax avoidance.Conclusions: Corporate tax behavior appears to be influenced more by financing and operational factors than by accounting conservatism or ownership structures.Limitations: This study uses a single tax avoidance measure and a limited observation period.Contribution: This study extends tax avoidance literature by integrating financial characteristics, accounting conservatism, and institutional ownership in an emerging market context.
Understanding Creditor Risk: Do Women on Boards Indirectly Escalate the Cost of Debt Through Tax Planning? Irwanto Handojo; Oktavia Oktavia
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p257-275.2026

Abstract

Purpose: This study investigates the direct effect of board gender diversity on the cost of debt, and its indirect effect mediated through corporate tax avoidance, during a macroeconomic crisis.Research Methodology: Utilizing purposive sampling, a balanced panel of 60 manufacturing firms listed on the Indonesia Stock Exchange (180 firm-year observations) from 2021 to 2023 was analyzed using robust Common Effect panel regressions in Stata 18.Results: The direct effect of board gender diversity on borrowing costs is highly insignificant. However, corporate tax avoidance has a significant positive direct effect on the cost of debt. The indirect pathway is positive and marginally significant, demonstrating that gender-diverse boards increase tax-planning intensity, which creditors subsequently penalize.Conclusions: Board gender composition does not directly influence creditors. Rather, its effect is fully transmitted through strategic tax choices. During economic shocks, survival-driven cash conservation via tax planning is processed as a negative signal of opacity and audit risk by risk-averse relationship banks, driving up borrowing costs.Limitations: The study is restricted to Indonesian manufacturing firms during the abnormal COVID-19 shock, with data availability constrained by incomplete corporate interest and debt disclosures.Contributions: This research provides vital policy insights for the Financial Services Authority (Otoritas Jasa Keuangan-OJK) and commercial banks, showing that boardroom gender diversification mandates must be carefully balanced against strategic financial transparency demands in relationship-based emerging credit markets.
Integrating Cue Utilization Theory and SOR Framework for Digital Payment Use Among Jakarta Millennials Dicky Supriatna; Suryo Widiantoro
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p295-314.2026

Abstract

Purpose: This study explains why digital payment adoption remains uneven among Jakarta's millennials despite high online shopping activity, by integrating Cue Utilization Theory with the Stimulus–Organism–Response framework and positioning Technology Adoption as a higher-order construct linking extrinsic and intrinsic cues to actual digital payment behaviour.Research Methodology: Data were collected via a self-administered online questionnaire targeting Jakarta-based millennials. After screening for eligibility and data quality, 162 valid responses were analysed using PLS-SEM with SmartPLS and Jamovi.Results: Perceived convenience (β=.509, p<.001) and perceived security (β=.309, p<.001) as intrinsic cues positively and significantly affected Technology Adoption, whereas social influence and promotion and discount as extrinsic cues had no significant effects. Technology Adoption significantly predicted Use of Digital Payment (β=.643, p<.001) and mediated the effects of perceived convenience (β=.327, p < .001) and perceived security (β=.199, p<.001), but not those of the extrinsic cues.Conclusions: Among digitally mature urban millennials, functional and security-related attributes outweigh social pressure or monetary incentives in driving sustained digital payment use, underscoring Technology Adoption's role as the mechanism that translates cue evaluation into actual behaviour.Limitations: The study is limited to one generational cohort in Jakarta and a cross-sectional design, restricting generalisability and the ability to capture how usage evolves over time.Contributions: This study integrates CUT with the SOR framework and guides fintech providers and policymakers to prioritise usability and trust over promotional and social-influence strategies.
Financial and Non-Financial Determinants of Stock Price and Insolvency Risk in Indonesia Tita Deitiana; Andriati Fitriningrum; Dave Octavius
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p315-333.2026

Abstract

Purpose: This study investigates the effects of financial ratios and non-financial firm characteristics on stock prices and insolvency risk among Indonesian non-financial firms during 2017–2024.Research Methodology: A quantitative approach was employed using multiple linear regression to examine the determinants of stock prices and binary logistic regression to evaluate the effects of financial and non-financial variables on insolvency risk.Results: The findings reveal that profitability, leverage, number of employees, and number of shareholders significantly influence stock prices, indicating that investors consider both financial performance and firm characteristics in market valuation. Insolvency risk is primarily affected by liquidity and inventory turnover, while other variables show limited explanatory power. Stock price does not significantly affect insolvency risk, suggesting that market valuation does not effectively capture early signals of financial distress in Indonesia’s emerging market context.Conclusion: This study concludes that stock price is not a reliable early-warning indicator of insolvency risk. Effective liquidity management and operational efficiency are essential for reducing financial distress and strengthening firm resilience.Limitations: The study focuses only on non-financial firms and does not incorporate macroeconomic shocks or dynamic non-linear models. Future research should consider broader contexts and external uncertainty factors.Contribution: This study contributes to corporate finance literature by highlighting the importance of financial and non-financial signals in predicting insolvency risk. The findings support the development of early warning systems that prioritize solvency and operational indicators over market volatility.
Peran Mediasi TATO dan Moderasi Firm Size pada Pengaruh ERM dan Sales Growth terhadap ROA Satriyo Wibowo; Farah Margaretha Leon; Henny Setyo Lestari; Elwi Syam; Agustinus Sri Wahyudi; Nila Pusvikasari
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p335-356.2026

Abstract

Purpose: This study examines whether asset turnover mediates the effects of Enterprise Risk Management (ERM) and sales growth on profitability, while assessing the role of firm size in influencing this relationship.Research Methodology: The study analyzes 143 non-financial listed firms on the Indonesia Stock Exchange during 2018–2025, producing a balanced panel of 1,144 observations. The analysis employs a Fixed Effects Model, with mediation tested through causal path analysis and moderation examined using the interaction term between TATO and firm size.Results: The findings show that ERM and sales growth positively affect Total Asset Turnover (TATO). TATO is the strongest predictor of Return on Assets (ROA) and partially mediates the relationship between ERM, sales growth, and profitability. However, the interaction between TATO and firm size has a negative and significant effect, indicating that larger firms experience reduced efficiency in converting asset utilization into profitability.Conclusion: Operational efficiency serves as a key channel through which risk management and sales growth enhance profitability. However, increasing firm size may weaken this conversion process due to greater organizational complexity.Limitations: The study is limited to 143 non-financial firms and uses an aggregate ERM disclosure index, which may not fully capture implementation maturity.Contribution: This study contributes to the Resource-Based View and Contingency Theory by identifying asset efficiency as an overlooked mechanism in the ERM–performance relationship and demonstrating firm size as a boundary condition that influences efficiency-based value creation.
Capability Conversion Gap in Accounting Systems and Digital Finance: Evidence from Semi-Urban MSMEs Esti Saraswati; Abdisamad Abdirahman Omar; Giovanny Bangun Kristianto
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p395-409.2026

Abstract

Purpose: Grounded in the Resource-Based View, this study examines the relationships between accounting information systems, financial inclusion, financial literacy, fintech adoption, and MSME performance in a semi-urban Indonesian context. It introduces the capability conversion gap to explain why accounting and digital financial resources do not automatically generate performance improvements.Research Methodology: A quantitative explanatory survey was conducted with 150 MSME owners and managers in South Purwokerto, Banyumas Regency, Central Java, Indonesia. Data were analyzed using descriptive statistics, instrument validity and reliability tests, Harman's single-factor test, classical assumption tests, and multiple linear regression in SPSS 25.Results: Financial inclusion and fintech adoption are positively associated with MSME performance, whereas accounting information systems and financial literacy show statistically significant negative coefficients in the multivariate model. Fintech adoption had the largest positive standardized coefficient.Conclusions: Transaction-oriented digital financial resources are more readily converted into operational benefits, whereas accounting systems and financial knowledge require stronger behavioral implementation, bookkeeping discipline, and managerial routines.Limitations: The study uses cross-sectional, self-reported data from a sample dominated by microenterprises; therefore, the findings are interpreted as statistical associations rather than causal effects.Contributions: This study extends the MSME accounting and digital finance literature by explaining the asymmetric relationships between resources and performance from the perspective of the capability conversion gap. By distinguishing resource availability, capability development, and capability conversion, this study offers a context-specific explanation for why theoretically beneficial resources may not produce immediate performance gains.
Financial Reporting Quality: The Mediating Role of Accounting Information Systems in Indonesia's Religious Affairs Ministry Puspa Riza; Sri Rahayu; Enggar Diah Puspa Arum; Yudi Yudi
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p411-430.2026

Abstract

Purpose: This study aims to examine the effects of Human Resource Competence (HRC) and Top Management Support (TMS) on Financial Reporting Quality (FRQ), while investigating the mediating role of Accounting Information Systems (AIS) in the public sector context.Research Methodology: This study employed a quantitative approach using a survey method at the Ministry of Religious Affairs of Jambi Province, Indonesia. Primary data were collected through structured questionnaires distributed to financial management personnel. A total of 320 respondents were selected using purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS.Results: The findings show that HRC (β = 0.418) and TMS (β = 0.465) positively influence AIS. Furthermore, HRC (β = 0.283), TMS (β = 0.258), and AIS (β = 0.444) significantly improve FRQ, with AIS demonstrating the strongest direct effect. AIS also mediates the relationship between HRC and FRQ (β = 0.186) and between TMS and FRQ (β = 0.207).Conclusions: FRQ is enhanced when competent human resources and strong managerial support are integrated with effective AIS.Limitations: This study was limited to one public institution and focused only on four variables, restricting broader generalization.Contributions: This study extends FRQ literature by integrating Institutional Theory and Stakeholder Theory to explain AIS mediation and provides practical insights for strengthening public sector financial management.
Consumer Satisfaction Analysis Mediates Product Quality and Scarlett Purchase Intention Dwi Gemina; Yulianingsih Yulianingsih; Siti Herlinda
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p447-461.2026

Abstract

Purpose: This study aimed to examine the effect of product quality on the repurchase intention of Scarlett Whitening Body Lotion, using consumer satisfaction as an intervening variable. The integration of repurchase intention through consumer satisfaction as a mediating mechanism represents the core novelty of this study.Research Methodology: A quantitative research design was employed in this study. Data were gathered from a sample of 100 respondents selected using random sampling. The collected data were subsequently analyzed using path analysis and the Sobel test to evaluate indirect effects.Results: The findings indicate that consumers perceive both product quality and consumer satisfaction as good and high. Although the product safety indicator scored the lowest average, referral interest dominated repurchase intention. Furthermore, product quality exerts a positive and significant effect on consumer satisfaction, and both variables significantly influence the repurchase intention.Conclusions: This study confirms that enhancing product quality, particularly regarding safety, plays a crucial role in driving consumer satisfaction and stimulating repurchase interest.Limitations: This study was limited by its narrow scope. Future research should incorporate additional variables that may influence repurchase interest, such as price, promotion, competition, marketing strategy, perceived value, and trust.Contributions: Academically, this study contributes a measuring instrument to assess the accuracy of consumer satisfaction with repurchase interest. Practically, this implies that guaranteeing product quality provides a strong foundation for consumer confidence.
Cost-Volume-Profit Analysis as a Profit Planning Tool at Dormitory Business in Kubu Raya Regency Qonita Rizky Hadi Sudiro; Syarbini Ikhsan; Sari Rusmita
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 4 (2026): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7.n4.p431-445.2026

Abstract

Purpose: This study aims to analyze the application of Cost–Volume–Profit (CVP) analysis as a profit planning tool at Aqofa's Dormitory in Kubu Raya Regency by examining the contribution margin, break-even point, margin of safety, and degree of operating leverage. This study addresses the limited application of CVP analysis in micro-scale dormitory businesses.Research Methodology: This study employed a qualitative case study approach. Data were collected through in-depth interviews, observation, and documentation. Financial records and supporting documents provided by the business owner were analyzed to evaluate cost, occupancy, and profit relationships.Results: The findings show that the dormitory achieved a contribution margin ratio of 95.83%, indicating strong capacity to cover fixed costs and generate profit. The break-even point was IDR 14,402,210, equivalent to two occupied rooms. The margin of safety reached 50%, while the degree of operating leverage was 2, indicating relatively stable profitability.Conclusions: CVP analysis is an effective profit planning tool for micro-scale dormitory businesses as it helps evaluate cost structures, occupancy levels, and profit performance.Limitations: This study focuses on a single dormitory business and one observation period, limiting generalizability.Contributions: This study extends the application of CVP analysis in micro-scale service businesses and provides practical insights for dormitory owners in managing costs, pricing, and profit planning.

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