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Contact Name
Annisa Fithria
Contact Email
annisa.fithria@act.uad.ac.id
Phone
+6281375740543
Journal Mail Official
reksa@act.uad.ac.id
Editorial Address
Kampus 1 Universitas Ahmad Dahlan Jalan Kapas No. 9 Semaki, Umbulharjo, Daerah Istimewa Yogyakarta, Indonesia
Location
Kota yogyakarta,
Daerah istimewa yogyakarta
INDONESIA
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit
Published by Universitas Ahmad Dahlan
ISSN : 20896581     EISSN : 26143720     DOI : https://doi.org/10.12928/j.reksa
Core Subject : Economy, Humanities,
Humanities Economics, Econometrics & Finance
Jurnal REKSA memuat "original articles" dan artikel tersebut belum dimuat atau diproses di jurnal lain. Sektor Privat: Akuntansi Keuangan dan Pasar Modal Akuntansi Manajemen dan Keperilakuan Sistem Informasi Akuntansi Pengauditan Etika Profesi Perpajakan Akuntansi dan Pengauditan Syariah Pendidikan Akuntansi Corporate Governance Sustainability Sektor Publik: Akuntansi Keuangan Organisasi Publik Akuntansi Manajemen dan Penganggaran Sistem Informasi dan e-Government Auditing dan Pengukuran Kinerja Good Public Governance Sustainability Sektor UMKM: Akuntansi Keuangan UMKM Akuntansi Syariah UMKM Akuntansi Manajemen dan Penganggaran UMKM Sistem Informasi UMKM Auditing dan Pengukuran Kinerja UMKM Good Governance Sustainability
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 206 Documents
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ESG and Credit Risk: Evidence from Indonesian and Malaysian Banks Fithria, Annisa; Darma, Surya
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 11 No. 2 (2024)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v11i2.11252

Abstract

This study investigates the impact of Environmental, Social, and Governance (ESG) scores on credit risk, specifically Non-Performing Loans (NPL), in Indonesian and Malaysian banks, including both Islamic and conventional institutions. The study employs an unbalanced panel dataset from 12 Indonesian and 10 Malaysian banks over the period 2010-2023. Using fixed-effects regression models, the analysis explores whether higher ESG scores are associated with lower NPL levels. The results reveal that while overall ESG scores and their components—environmental, social, and governance—do not show significant impacts on NPL, bank size and economic growth are positively associated with credit risk. This research contributes to the understanding of ESG's role in financial stability within the banking sector, offering insights for policymakers, regulators, and stakeholders. By addressing a gap in the literature on ESG performance in banks, particularly in developing countries, the study underscores the importance of sustainable banking practices for enhancing financial stability and managing credit risk.
Good Governance and Ethical Value: Are They Sync in Harmony? Qoshidah, Mukhtasyarah Minhajul; Nurrahmawati, An; Norizan, Saifulrizan Bin
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i1.10721

Abstract

This study aims to provide empirical evidence on the impact of good corporate governance, reflected in managerial ownership, audit quality, board size, independent board size, and board gender diversity, on corporate ethical value disclosure. The research focuses on mining sector companies listed on the Indonesia Stock Exchange from 2017 to 2022, using a sample of 56 companies and 315 observations selected through purposive sampling. Applying multiple regression analysis on panel data, the findings highlight that audit quality, board size, and board gender diversity positively influence corporate ethical value disclosure, whereas managerial ownership and independent board size do not significantly impact. The novelty of this research lies in its application of the corporate ethical value index, comprising 40 items across 10 categories, and the utilization of five principles of good corporate governance. The study underscores the importance of implementing good corporate governance, particularly through audit quality, board size, and gender diversity, to enhance corporate ethical value disclosure. These practices can improve company transparency, strengthen stakeholder trust and reputation, and promote a more moral and accountable business environment. This study contributes to the literature by bridging the gap between governance structures and ethical disclosures in a developing market context, offering a comprehensive empirical model that integrates diverse governance indicators with a detailed ethical value index rarely used in previous research.
The Impact of Religiosity, Risk Tolerance, Financial Behavior, and Locus of Control on Sharia Investment Decisions: The Moderating Role of Financial Literacy Hidayanti, Febriana; Tubastuvi, Naelati; Wahyuni, Sri; Santoso, Suryo Budi
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i1.11329

Abstract

This research aims to examine the influence of religiosity, risk tolerance, financial behavior, and locus of control on Sharia investment decisions with financial literacy as a moderating variable. The sample consisted of 200 Islamic capital market investors in Indonesia, selected using convenience sampling. Data analysis used Partial Least Squares Structural Equation Modeling (PLS-SEM). The results of this study state that religiosity, risk tolerance, financial behavior, locus of control, and financial literacy have positive and significant effects on the Sharia investment decision. Financial literacy can moderate the influence of religiosity, risk tolerance, and locus of control on investment decisions. Financial literacy is proven to moderate the relationship between independent variables and Sharia investment decisions, increasing the positive influence of religiosity and financial behavior on investment decisions. This finding indicates that increasing financial literacy can strengthen Sharia investment decisions that are more rational and in accordance with religious principles. The practical implications of this study are important for policymakers to design financial literacy education programs that can improve public understanding of Sharia investment. Financial practitioners can consider religiosity and financial literacy factors in designing investment products that follow Sharia values ​​and can attract more diverse investors.
Selective Disclosure: Exploring Web-Based Accountability Strategies of Charitable NPOs in Indonesia Suandi, Aprilia Beta; Asrimiyanti, Rahmi
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i1.12965

Abstract

Technological advancements have transformed how organizations deliver accountability. This study investigates how Indonesian charitable Non-Profit Organizations (NPOs) utilize their websites for accountability. Analyzing 33 zakat institutions, the study focuses on five dimensions: accessibility, engagement, financial disclosure, operational disclosure, and governance, using 35 indicators. Applying Social Exchange Theory, the study reveals varied accountability levels, with higher levels in online-specific dimensions and selective sharing in traditional areas, especially financial disclosure, which may be influenced by concerns over misinterpretation and criticism. This implies that NPOs might prioritize information perceived as beneficial for reciprocal relationships, potentially leading to reluctance in full financial transparency. Despite government mandates to submit financial reports, many NPOs chose not to display this information on their websites, indicating a possible selective accountability approach. This study fills a gap in the literature on web-based accountability for charitable NPOs in emerging countries, particularly religious-based institutions, offering insights into their accountability practices and enriching the non-profit sector discourse.
The Role of Simple Accounting in Promoting Accountability and Sustainability of SMEs in Pesantren Environments Hamzah, Amir; Rahmawati, Teti
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i1.13045

Abstract

This study investigates the influence of simple accounting records, accounting literacy, access to capital, and the use of accounting technology on the accountability and sustainability of small and medium enterprises (SMEs) operating within pesantren environments in Kuningan Regency. Employing a quantitative research design with a survey methodology, data were collected from 152 SME owners or managers engaged in financial decision-making, selected through purposive sampling. The data were analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) method. The empirical findings indicate that all examined factors, namely simple accounting practices, accounting literacy, capital access, and the use of accounting technology, positively contribute to enhancing both accountability and sustainability among SMEs in the pesantren context. These results underscore the importance of strengthening financial literacy and embracing technological tools to foster sustainable business practices. As one of the pioneering studies to explore the intersection of accounting practices and SME sustainability within Islamic boarding school (pesantren) environments, this research offers novel insights into the adaptation of financial management strategies to culturally and institutionally distinct settings.
Leveraging Expertise for Digitalizing Indonesian Public Sector Performance Audits Mahsun, Mohamad; Popoola, Oluwatoyin Muse Johnson
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i1.13137

Abstract

Global digital transformation is reshaping audit practices through technologies such as data analytics, artificial intelligence, and automation that enhance accuracy, efficiency, and scope. This study explores Indonesian auditors' perspectives and experiences regarding audit digitalization, particularly in the context of public sector performance audits. This qualitative research employs semi-structured interviews with 8 auditors from audit firms, analyzed using Braun and Clarke's thematic analysis approach. The study examines auditors' understanding of perceived benefits, encountered obstacles, required new skills, and necessary support for integrating digital technologies into audit activities. Findings reveal that audit digitalization offers significant benefits in efficiency, accuracy, and transparency, yet implementation faces challenges including limited human resources, poor data quality, and high costs. Auditors require both technical and non-technical skills, along with training and infrastructure support from audit firms. For the public sector, digitalization holds substantial potential for strengthening accountability and enabling data-driven policymaking. However, challenges such as bureaucratic barriers, inadequate data integration, and limited information systems infrastructure must be addressed. This study provides valuable insights and practical recommendations to support the digitalization of Indonesian public sector performance audits, ultimately enhancing the effectiveness and efficiency of public resource utilization.
Big or Small, Profitable or Not: What Do Investors Really Respond To? Busono, Aulia
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i1.13184

Abstract

This study aims to understand what factors influence investor responses to companies. Using a mixed methods approach, it analyzes quantitative data from 50 companies listed on the Indonesia Stock Exchange and conducts qualitative interviews with investors and financial analysts. The results show that profitability, measured by Return on Assets (ROA), is the strongest financial factor in attracting investor interest. Company size and institutional ownership also have effects, but their impact is smaller. The study also found that investor emotions, such as trust, hope, and fear, play a big role in investment decisions. Companies that show good financial performance, build trust, and share a strong vision for the future are more attractive to investors. This study contributes to the literature by combining financial metrics and investor psychology to better understand what drives investor behavior. It offers practical insights for companies on strengthening investor relations by focusing on financial performance and emotional factors such as trust and future vision.
Sustaining Business Amid Climate Change: Profit Drift and Investment Risks in Pelagic Fisheries Wibowo, Martino; Mubarok, Faizul; Wardiwiyono, Sartini; Suntrayuth, Sid
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i1.13208

Abstract

This study examines the impact of climate change on the financial vulnerability and pelagic fisheries in Fisheries Management Area 711 investment risks, covering the ground fishing area of the Natuna Sea, the North Natuna Sea, and the Karimata Strait through direct survey. Data was collected from 100 fishermen using a quantitative approach and structural equation modeling (SEM) through a Likert-scale questionnaire to examine the interrelations among climatic factors, adaptive strategy, investment risk, and income. Findings demonstrate that storm frequency affects resource availability and investment risk, underscoring susceptibility to extreme weather phenomena. Investment risk functioned as a mediator, substantially influencing adaptive strategies and income. Adaptive solutions were identified to mitigate the adverse effects of investment risk on income by around 50 percent. Nonetheless, factors like sea level rise and sea temperature have shown no direct significant impact, indicating potential delayed or perceived consequences. The study underscores the importance of community-based adaptation measures to mitigate climate-induced economic vulnerabilities in fisheries, emphasizing the need for policymakers to enhance risk literacy among fishermen for improved socio-economic resilience.
Capital Structure and Sustainability Performance: Leverage Modification through Equity Disaggregation Arisyahidin, Arisyahidin; Kusuma, Marhaendra; Ahamad, Abdul Hadi Bin; Nunes, Mariano
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i2.13643

Abstract

This study investigates the impact of capital structure on sustainability performance, with operating performance and earnings management acting as moderating variables. Capital structure is measured using the debt-to-equity ratio, considering total equity and equity attributable to each owner. The analysis is based on financial statement data and ESG scores from 921 companies across 11 Asian countries, covering 2,763 firm-year observations between 2020 and 2024. Moderated regression analysis was applied to test the hypotheses. The findings show that capital structure positively affects sustainability performance, with operating performance strengthening this relationship and earnings management weakening it. These patterns remain consistent during and after the COVID-19 pandemic and are confirmed when alternative measures are used. The theoretical implications highlight the importance of equity disaggregation, supporting the presentation of attributable equity in leverage calculations when assessing its effect on sustainability performance, alongside the moderating roles of operating performance and earnings management. The originality of this research lies in modifying the leverage calculation by disaggregating equity according to the attributable equity policy and examining its influence on sustainability performance, while also testing the moderating effects of operating performance and earnings management.
Financial Literacy, Financial Parenting, and Riba Awareness: Drivers of BNPL Use Among Muslim Youth Marheni, Dewi Khornida; Widiyanti, Riski; Haryanto, Hery; Cruz II, Roque B.
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 12 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v12i2.13777

Abstract

This study explores the effect of financial literacy, financial parenting, and knowledge about riba on Muslim consumer behavior using Buy Now Pay Later (BNPL) services, with financial self-efficacy and perceived risk of usury as mediators. Through a mixed approach (quantitative on 402 Muslim respondents of generation Y and Z with formal Islamic education and qualitative through interviews with six informants), this study found that financial literacy does not directly affect the use of BNPL. However, financial parenting significantly increases financial self-efficacy, which drives using BNPL. In addition, understanding riba increases the perception of usury risk, ultimately reducing the intention to use BNPL. The implications of this study highlight the importance of financial education in the family and understanding of Islamic values in shaping responsible consumer behavior, as well as its relevance for Islamic financial policy and education.

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