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Mochammad Tanzil Multazam
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Universitas Muhammadiyah Sidoarjo Majapahit 666 B, Sidoarjo, East Java Indonesia
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INDONESIA
Indonesian Journal of Law and Economics Review
Published by Universitas Muhammadiyah Sidoarjo
ISSN : -     EISSN : 25989928     DOI : https://doi.org/10.21070/ijler
Core Subject : Economy, Social,
Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
Indonesian Journal of Law and Economics Review (IJLER) is published by Universitas Muhammadiyah Sidoarjo four times a year. This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.This journal aims is to provide a place for academics and practitioners to publish original research and review articles. The articles basically contains any topics concerning Law and Economics. IJLER is available in online version. Language used in this journal is Indonesia or English.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 709 Documents
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Corporate Sustainability Disclosure and Firm Value in Energy Companies: Pengungkapan Keberlanjutan Korporat dan Nilai Perusahaan dalam Perusahaan Energi Firnanda Kusumawati , Firnanda; Rahayu, Duwi
Indonesian Journal of Law and Economics Review Vol. 20 No. 3 (2025): August
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i3.1475

Abstract

General Background Firm value is a central indicator of corporate performance and investor perception, particularly in capital-intensive industries. Specific Background Energy sector companies face increasing scrutiny regarding sustainability practices, including corporate social responsibility and environmental accounting disclosures. Knowledge Gap Previous studies show inconsistent findings regarding the association between sustainability-related practices and firm value, especially within the energy sector context. Aims This study aims to examine the relationship between sustainability-related disclosures and firm value in energy sector companies listed on the Indonesia Stock Exchange. Results The empirical findings indicate that sustainability-related variables and financial characteristics jointly explain variations in firm value. Novelty This study provides sector-specific evidence by focusing on energy companies and integrating sustainability and financial variables within a single empirical model. Implications The results offer insights for corporate management and stakeholders in understanding firm value dynamics within sustainability-oriented business environments. Keywords: Firm Value, Energy Sector, Corporate Social Responsibility, Sustainability Disclosure, Green Accounting Key Findings Highlights: Sustainability-related disclosures are associated with firm value variation. Financial characteristics remain relevant in explaining valuation differences. Energy sector context strengthens the relevance of sustainability issues.
Financial Performance Determinants in Indonesian Food and Beverage Manufacturing Firms: Faktor-Faktor Penentu Kinerja Keuangan pada Perusahaan Manufaktur Makanan dan Minuman di Indonesia Prameswari, Devi; Maryanti, Eny
Indonesian Journal of Law and Economics Review Vol. 20 No. 3 (2025): August
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i3.1476

Abstract

General Background Financial performance assessment remains central in evaluating corporate sustainability amid increasing industrial competition. Specific Background Manufacturing firms in the Indonesian food and beverage sub-sector face distinct operational characteristics that require empirical evaluation using financial indicators. Knowledge Gap Prior studies show inconsistent findings regarding leverage, firm age, firm size, managerial ownership, and intellectual capital in explaining financial performance, particularly within sector-specific contexts. Aims This study examines the association between leverage, firm age, firm size, managerial ownership, and intellectual capital with financial performance measured by Return on Assets. Results Using multiple linear regression on 45 firm-year observations from 2018–2020, firm age and intellectual capital demonstrate significant relationships with financial performance, while leverage, firm size, and managerial ownership show no statistical significance. Novelty The study integrates firm age and intellectual capital within a unified empirical framework focused on the food and beverage manufacturing sub-sector. Implications The findings provide empirical insights for investors and corporate managers in understanding key financial performance determinants within resilient consumer goods industries. Keywords: Financial Performance, Leverage, Firm Age, Intellectual Capital, Food and Beverage Industry Key Findings Highlights: Older firms exhibit stronger profitability patterns within the observed period. Knowledge-based assets contribute meaningfully to asset-based returns. Capital structure and ownership characteristics show limited explanatory power.
Determinants of Profitability in Food and Beverage Companies: Faktor-faktor yang Mempengaruhi Keuntungan dalam Perusahaan Makanan dan Minuman Ellyn , Nindy; Maryanti, Eny
Indonesian Journal of Law and Economics Review Vol. 20 No. 3 (2025): August
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i3.1477

Abstract

General Background Profitability is a key indicator of corporate performance and sustainability, particularly in manufacturing industries. Specific Background Food and beverage companies face dynamic operational and financial conditions that require effective financial management to maintain profitability. Knowledge Gap Previous studies report inconsistent findings regarding financial ratios and growth variables associated with profitability in this sector. Aims This study aims to examine the relationship between company growth, sales growth, inventory turnover, and profitability in food and beverage companies listed on the Indonesia Stock Exchange. Results The findings show that selected financial and growth variables exhibit varying relationships with profitability as measured by return on assets. Novelty This research provides contextual evidence by focusing on a specific industrial sector and observation period using updated financial data. Implications The results offer empirical insights for management in evaluating financial performance and serve as a reference for future research on profitability determinants in manufacturing companies. Keywords: Profitability, Return on Assets, Company Growth, Sales Growth, Inventory Turnover Key Findings Highlights: Financial growth indicators show differentiated relationships with corporate returns Inventory management remains a relevant aspect of financial performance Sector specific analysis reveals contextual profitability patterns
Financial Ratios and Stock Prices in Food Beverage Firms: Rasio Keuangan dan Harga Saham di Perusahaan Makanan dan Minuman Ningrum , Nadiyatus Setia; Widodo, Heri
Indonesian Journal of Law and Economics Review Vol. 20 No. 3 (2025): August
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i3.1478

Abstract

General Background Stock prices are widely used as indicators of firm value in capital markets and reflect investor assessments of corporate financial performance. Specific Background In Indonesia, food and beverage companies represent a growing manufacturing sector that attracts investors due to stable demand and continuous expansion. Knowledge Gap Previous studies report inconsistent findings regarding the role of earnings per share, debt structure, and equity returns in explaining stock price movements, particularly across different periods and sectors. Aims This study aims to examine the relationship between Earning Per Share, Debt to Equity Ratio, and Return on Equity on stock prices of food and beverage companies listed on the Indonesia Stock Exchange during 2019–2023. Results Using multiple linear regression on secondary data from selected firms, the findings indicate that Earning Per Share shows a significant positive relationship with stock prices, while Debt to Equity Ratio also demonstrates a significant association. Return on Equity displays a positive but not consistently significant relationship. Novelty The study provides updated empirical evidence by focusing on a specific industrial sector and a recent observation period. Implications The results highlight the importance of profitability and capital structure indicators as key considerations for investors and corporate management in evaluating stock price dynamics. Keywords: Earning Per Share,Debt to Equity Ratio,Return on Equity,Stock Price,Indonesia Stock Exchange Key Findings Highlights: Profit per share demonstrates a strong statistical relationship with market valuation. Leverage structure is closely associated with investor assessment in the observed sector. Equity return shows varying relevance across firms and periods.
Integrated Accounting System Performance under Electronic Payment Operations in Public Universities Al-Ezzi, Ammar Ghazi Ibrahim; Al –Obaida, Ali AbdulQader Majeed; Dawood , Qusay Burhan; Fadhel, Marwa Ibrahim
Indonesian Journal of Law and Economics Review Vol. 21 No. 1 (2026): February
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v21i1.1479

Abstract

General Background: Digital transformation has intensified the use of electronic payment operations within public sector accounting systems. Specific Background: Iraqi public universities, including the University of Diyala, are required to apply electronic payment platforms under an integrated accounting system. Knowledge Gap: Empirical evidence on accounting treatments and practical challenges arising from this adoption remains limited. Aims: This study examines accounting treatments and identifies challenges associated with electronic payment operations in Iraqi universities. Results: The findings show that electronic payments significantly affect the integrated accounting system, with limited impact on bank reconciliation and revenue accuracy, alongside weaknesses in electronic literacy. Novelty: The study offers empirical evidence from an Iraqi university context. Implications: Integrated legal, technical, and capacity-building strategies are essential to strengthen accounting reliability and digital financial transformation.Keywords : Electronic Payment Systems, Accounting Treatments, Integrated Accounting System, Iraqi Public Universities, Digital Financial TransformationHighlight : Electronic payment positively impacts unified accounting systems with 56% correlation strength. Accountants face settlement reconciliation problems due to bank statement timing delays. Electronic literacy deficiency among Iraqi citizens significantly hinders payment system adoption.
The Effect of Flexible Working Arrangement Implementation, Employer Engagement, and Employee Productivity on Employees’ Job Satisfaction at Notary Office : Pengaruh Penerapan Pengaturan Kerja Fleksibel, Keterlibatan Pemberi Kerja, dan Produktivitas Karyawan terhadap Kepuasan Kerja Karyawan di Kantor Notaris Aslamia, Shaudatul; Hidayat, Rachmad; Rahayu, Sri
Indonesian Journal of Law and Economics Review Vol. 21 No. 1 (2026): February
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v21i1.1487

Abstract

General Background: Job satisfaction is a key factor in improving employee performance and professionalism, particularly in professional service organizations. Specific Background: At the Verra Sumenep Notary Office, the implementation of Flexible Working Arrangements, employer engagement, and employee productivity is assumed to influence employees’ job satisfaction. Knowledge Gap: Empirical studies examining these factors simultaneously in small notary offices remain limited. Aims: This study aims to analyze the effect of Flexible Working Arrangements, employer engagement, and employee productivity on employee job satisfaction at the Verra Sumenep Notary Office. Results: The results show that Flexible Working Arrangements, employer engagement, and employee productivity have a strong and significant positive effect on job satisfaction, indicating high levels of professionalism among employees. Novelty: This study provides evidence from a notary office context by integrating work flexibility, engagement, and productivity in a single research model. Implications: The findings suggest that improving work flexibility and employer engagement can enhance employee productivity and job satisfaction in professional service institutions. Highlights: Focus on job satisfaction in a notary office Positive impact of flexible work arrangements, engagement, and productivity Evidence from a small professional service organization Keywords: Flexible Working Arrangements, Employee Engagement, Employee Productivity, Job Satisfaction, Notary Office
Higher Education Spending and Sustainable Development Dynamics in Iraq Lafta, Ameera K.
Indonesian Journal of Law and Economics Review Vol. 21 No. 1 (2026): February
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v21i1.1495

Abstract

General Background: Higher education is widely recognized as a strategic pillar for achieving sustainable development, particularly in developing and post-conflict economies. Specific Background: In Iraq, structural instability, regional disparities, and digital inequality raise questions about how higher education financing and digital infrastructure relate to sustainable development trajectories. Knowledge Gap: Limited empirical studies integrate asymmetric time-series modeling with spatial econometric analysis to capture both temporal and geographic disparities in Iraq. Aims: This study examines the dynamic and spatial relationships between higher education expenditure, internet penetration, macroeconomic variables, and sustainable development indicators during 2003–2024 using NARDL and spatial panel models. Results: Findings reveal asymmetric responses, where reductions in education spending correspond to larger developmental setbacks than gains associated with increases, alongside significant spatial spillovers across governorates. Governance quality and unemployment mediate these relationships. Novelty: The study integrates nonlinear dynamic modeling with spatial econometrics to reveal cumulative and geographically clustered development patterns. Implications: Stable education financing, digital inclusion strategies, and regionally differentiated policies are essential for balanced and sustained development planning in Iraq. Highlights: Education budget reductions correspond to deeper long-run developmental declines. Strong spatial spillovers link governorate-level education and development patterns. Governance quality and unemployment shape cumulative development dynamics. Keywords: Higher Education, Sustainable Development, NARDL Model, Spatial Econometrics, Digital Divide
The Impact of Party Coalitions on Cabinet Formation in the Iraqi System: Between Constitutional Text and Political Practice: Dampak Koalisi Partai terhadap Pembentukan Kabinet dalam Sistem Irak: Antara Teks Konstitusi dan Praktik Politik Issa, Mohammed Amer; Sajit, Mohammed Mahdi
Indonesian Journal of Law and Economics Review Vol. 21 No. 1 (2026): February
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v21i1.1497

Abstract

This study examines cabinet formation within Iraq’s parliamentary system after 2003. General Background: In parliamentary democracies, government formation constitutes a core constitutional mechanism linking electoral outcomes to executive authority and political stability. Specific Background: Since the adoption of the 2005 Iraqi Constitution, repeated crises have emerged regarding the nomination of the Prime Minister, particularly concerning Article 76 and the concept of the “largest parliamentary bloc.” Knowledge Gap: Despite extensive political debate, limited integrated analysis connects constitutional text, Federal Supreme Court interpretation, and sectarian-based coalition practices within a single analytical framework. Aims: This research analyzes constitutional provisions regulating government formation, evaluates the Federal Supreme Court’s interpretation of the largest bloc, and investigates the role of party coalitions and quota-sharing in shaping cabinet formation. Results: Findings reveal that constitutional ambiguity, absence of enforcement mechanisms, and politically driven interpretations have generated recurring delays and conflicts. Sectarian and interest-based alliances have prioritized power-sharing arrangements over programmatic governance, weakening parliamentary coherence and institutional legitimacy. Novelty: The study offers a combined constitutional and political analysis linking legal norms with coalition behavior in post-2003 Iraq. Implications: Clarifying constitutional provisions, reinforcing judicial independence, and reforming coalition practices are essential for restoring legitimacy and stabilizing parliamentary governance in Iraq. Keywords: Constitutional Law, Parliamentary System, Party Coalitions, Largest Parliamentary Bloc, Government Formation Key Findings Highlights: Ambiguous constitutional wording enabled conflicting interpretations of cabinet nomination procedures. Sect-based quota arrangements produced fragile executives lacking cohesive policy direction. Judicial interpretation shaped post-election alliances more than electoral seat distribution.
Accounting Cost Determination Practices in Notary Office Company Establishment: Praktik Penetapan Biaya Akuntansi dalam Pendirian Perusahaan Kantor Notaris Hanun, Nur Ravita; Sari, Dewi Novita
Indonesian Journal of Law and Economics Review Vol. 20 No. 3 (2025): August
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i3.1500

Abstract

General Background The growth of business entities has increased demand for legally established limited liability companies requiring notarial services and structured financial management. Specific Background Many notary offices still manage service fees without formal accounting records, relying on informal calculations. Knowledge Gap Limited studies describe how accounting practices are actually applied in determining company establishment costs within notary offices. Aims This study examines the mechanism of fee determination, the conformity of accounting practices, and the supporting and inhibiting factors in setting the cost of establishing a limited liability company at a notary office in Sidoarjo Regency. Results Using a descriptive qualitative approach with interviews, documentation, and data triangulation, findings show that the office does not apply full costing or variable costing, but adopts cost-based pricing combined with market considerations and flexible negotiation. Pricing relies on historical archives rather than systematic bookkeeping, making profit measurement uncertain. Novelty The research provides an in-depth case-based analysis integrating cost accounting and behavioral perspectives in notarial services. Implications The study highlights the need for structured accounting records to support accurate cost calculation, transparency, and better financial decision-making in professional legal service offices. Keywords: Cost Accounting, Notary Fees, Company Establishment, Pricing Strategy, Behavioral Accounting Key Findings Highlights: Pricing relies on historical archives and informal calculations Negotiated packages depend on social and economic considerations Absence of bookkeeping limits profit evaluation accuracy
Internal Control Practices for Cash and Receivable Management: Praktik Pengendalian Internal untuk Pengelolaan Kas dan Piutang Fitriyah , Hadiah; Muhlishoh, Selvia Umi
Indonesian Journal of Law and Economics Review Vol. 20 No. 3 (2025): August
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i3.1501

Abstract

General Background Cash and trade receivables represent critical current assets that determine organizational liquidity and financial stability. Specific Background Many organizations experience administrative weaknesses that lead to delayed collections and uncollectible accounts due to inadequate internal control procedures. Knowledge Gap Limited empirical evaluations describe how internal control systems for cash receipts and receivables are implemented and assessed in specific operational contexts. Aims This study aims to evaluate the procedures, documentation, and monitoring mechanisms applied in managing cash and receivables and to identify strengths and weaknesses within the existing system. Results Using a descriptive qualitative approach through observation, interviews, and document analysis, the findings indicate that basic controls such as authorization, recording, and segregation of duties are implemented, yet several weaknesses remain, including incomplete documentation and inconsistent supervision that may increase collection risk. Novelty The study provides a case-based evaluation combining procedural review with practical accounting perspectives in daily financial operations. Implications The results suggest the need for structured documentation, consistent monitoring, and standardized control procedures to support reliable cash flow and receivable management. Keywords: Internal Control, Cash Management, Accounts Receivable, Financial Procedures, Accounting System Key Findings Highlights: Duties separation applied but monitoring not consistent Collection procedures rely on manual documentation Risk of delayed settlement remains observable

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