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Annisa Fithria
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annisa.fithria@act.uad.ac.id
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+6281375740543
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reksa@act.uad.ac.id
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Kampus 1 Universitas Ahmad Dahlan Jalan Kapas No. 9 Semaki, Umbulharjo, Daerah Istimewa Yogyakarta, Indonesia
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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 216 Documents
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Integration of Fintech and CSR in Improving Financial Stability of Islamic Banks Laila, Nazil Rizki; Rahmadhani, Sari
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.v12i2.13945

Abstract

This study examines the relationship between financial technology (Fintech), corporate social responsibility (CSR), and bank financial stability (BFS) in Islamic banks in Indonesia, with a particular focus on the role of fintech as a mediator. Using a quantitative approach, this study utilises secondary data from the annual and sustainability reports of Islamic banks listed on the Indonesia Stock Exchange (IDX) for 2021-2023. Data were analysed using the Partial Least Squares-Structural Equation Modelling (PLS-SEM) method. The results of the study show, first, that CSR has a significant direct effect on BFS and an indirect effect through fintech. Second, although the relationship between CSR and fintech is negative, fintech plays a crucial role in enhancing the financial stability of Islamic banks. Third, it was revealed that BFS does not significantly influence fintech, and although BFS does influence CSR, the mediating role in this relationship has not been proven. These findings emphasise the importance of an integrative and prudent approach in the adoption of fintech by Islamic banks. Although fintech can enhance stability, banks must continue to uphold their CSR commitments to prevent a decline in social initiatives, which could damage their long-term legitimacy and reputation. This research offers new insights into the complex interplay between social responsibility and technological innovation in Indonesia's distinct context of Islamic banking.
Audit Interpretation of Presidential and Vice-Presidential Campaign Finance Reports Arsyad, Muhammad; Natsir, Sukriah; Dinhi, Zoel Dirga
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.v12i2.13949

Abstract

This study critically examines the implementation and interpretation of campaign finance audits in Indonesia’s 2024 presidential and vice-presidential elections. The evaluation is grounded in KPU Regulation No. 18 of 2023 and Assurance Engagement Standard SPA 3000 (Revised 2022) to assess compliance, ensure audit rigor, and enhance public assurance outcomes. Employing a descriptive qualitative approach, the study integrates document analysis, normative review, and comparative evaluation, drawing on audit reports, civil society findings, and international benchmarks. The findings reveal that although all candidate pairs received “Compliant Opinions,” significant deficiencies persist in audit planning, materiality assessment, and evidence collection. Public accounting firms demonstrated limited professional skepticism regarding unreported digital advertising expenditures. These gaps undermine the credibility and transparency expected of campaign audits and diminish their assurance value. Applying credibility theory, this study finds that current audit practices comply with formal regulations but fail to provide substantive public assurance. Limited public access to audit reports weakens democratic accountability, while comparative insights from U.S. practices highlight the need for digital verification, extended timelines, and full disclosure. The study contributes theoretically by extending credibility theory to political finance auditing and practically by offering policy recommendations to strengthen electoral audit credibility in emerging democracies.
Islamic Bank Financing, Green Sukuk, and the Jakarta Islamic Index: An ARDL Analysis of Indonesia’s Real Sector Hidayat, Rahmad; Jazilinni’am, Naili; Rusgianto, Sulistya; Ratnasari, Ririn Tri; Ryandono, Muhammad Nafik Hadi
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.v12i2.13994

Abstract

This study examines the effects of Islamic Bank Financing (IBF), Green Sukuk (GS), the Jakarta Islamic Index (JII), inflation (CPI), exchange rate fluctuations (EXR), and money supply (M2) on Indonesia’s real sector using the Autoregressive Distributed Lag (ARDL) approach. The findings reveal that IBF stimulates the real sector in the short run, but structural challenges and limited market penetration constrain its long-term influence. Conversely, GS exerts a significant positive impact over the long term, underscoring the importance of sustainable investments in enhancing productive capacity and generating employment. Although JII shows no significant short-term effect, it contributes meaningfully in the long run. CPI consistently exerts a negative influence on the real sector in both horizons, while exchange rate appreciation and M2 growth support economic activity. These results highlight the need for coordinated policy measures to foster inclusive, stable, and sustainable development in Indonesia’s real economy.
Military Backgrounds in Shaping Earnings Management: Insights from the Board of Commissioners and Directors Irianto, Agung; Kurniawati, Estetika Mutiaranisa
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.v12i2.14028

Abstract

This study aims to determine the effect of the military background of the board of commissioners and directors on earnings management practices in manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023. The research uses a quantitative approach, utilizing secondary data obtained from annual reports published on the Indonesia Stock Exchange and on the official websites of each company. Using panel data regression analysis, the findings indicate that companies with a board of commissioners and a military background negatively affect earnings management. Meanwhile, directors with military experience do not affect earnings management. This study utilizes the military background variable of the company's top management, which is still rarely used in earnings management research, particularly in Indonesia. This research contributes as a guideline for company stakeholders, especially investors, regarding the potential risks and benefits associated with earnings management in companies with a board of commissioners and directors with military backgrounds.
Corporate Governance and Tax Avoidance in SRI-KEHATI Firms: The Mediating Role of Financial Performance Halim, Moh.; Aspirandi, Rendy Mirwan; Suharsono, Riyanto Setiawan; Nastiti, Ari Sita
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.v12i2.14299

Abstract

This study aims to examine the role of financial performance in mediating the effect of the proportion of independent commissioners and Big Four auditors on tax avoidance in SRI-KEHATI index companies. Secondary data collected from 25 companies, for the period of 2020 to 2024, were analyzed using SEM PLS to test seven research hypotheses. Results show that the proportion of independent commissioners and the Big Four public accounting firms have a significant positive effect on financial performance and a negative effect on tax avoidance, both directly and indirectly through financial performance. The findings support agency theory, signaling theory, and stakeholder theory, and provide policy implications for regulators and companies in strengthening tax governance and compliance. The novelty of this research lies not only in the use of financial performance as a mediating variable, but more importantly in highlighting the paradox that sustainability-labelled firms (SRI-KEHATI), which are expected to uphold transparency, responsibility, and good governance, may still engage in tax avoidance practices. This study thus provides new insights into the gap between sustainability image and fiscal behaviour, and the role of governance mechanisms in bridging that gap.
Financial Determinants of Tax Avoidance: Empirical Study of Islamic Banks in Asia and COVID-19 Review Salsabilla, Selfira; Kholid, Muamar Nur
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.v12i2.14358

Abstract

This study investigates the effects of profitability, firm size, leverage, and financial constraints on tax avoidance in Islamic banks across Asia. The research model was tested both before and during the COVID-19 pandemic, using data obtained from the Osiris database. The sample consisted of 22 Islamic banks in Asia that had complete data and reported profits during the observation period from 2016 to 2023. The data were analyzed using balanced panel data regression with the assistance of EViews software. Tax avoidance was measured using both the Effective Tax Rate (ETR) and Book–Tax Differences (BTD). The results indicate that profitability has a significant positive effect on tax avoidance. Firm size demonstrates a significant negative effect on tax avoidance during the COVID-19 period. Leverage consistently shows a significant negative effect on tax avoidance, both before and during the pandemic. Financial constraints exhibit a significant positive effect only during the pandemic. The study offers several implications: (1) Islamic bank management should balance capital structure to avoid overreliance on leverage; (2) highly profitable banks are encouraged to maintain their reputation and public trust by ensuring tax compliance; and (3) regulators need to strengthen oversight, particularly in unstable economic environments.
Unveiling Budgetary Slack: How Internal Control Systems Mediate the Effects of Competence and Whistleblowing Lia Rachmawati; Diana Dwi Astuti; Muhammad Rijalus Sholihin; Inneke Putri Widyani; Norita Citra Yuliarti
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 13 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v13i1.14480

Abstract

This study examines the effect of village apparatus competence and whistleblowing on budgetary slack, with the internal control system serving as a mediating variable. Employing a quantitative research design, the study applies the Structural Equation Modeling–Partial Least Squares approach to test both direct and indirect relationships among the variables. The sample for this study was determined using a census approach, encompassing all 226 villages in Jember Regency. Primary data were obtained through a structured questionnaire administered to a designated village official serving as a key informant, specifically those responsible for budgeting and financial management at the village level.  The results indicate that the village apparatus competence and whistleblowing positively affect the effectiveness of the internal control systems.  At the same time, both variables exert a negative effect on budgetary slack. Furthermore, the internal control systems negatively affect budgetary slack and partially mediate the relationships between village apparatus competence, whistleblowing, and budgetary slack. Theoretically, this study extends the Goal-Setting Theory by demonstrating that the alignment between budgetary objectives and actual outcomes in village governments depends on the integration of individual competence and ethical reporting mechanisms through an effective internal control system. Practically, the findings provide evidence-based insights for strengthening village financial governance through capacity building, robust internal controls, and accessible whistleblowing mechanisms.
Reinforcement Learning for Portfolio Optimization: Evidence from the Indonesian Stock Market Rachmawaty; Rahmawati; Hartini; Andi Aris Mattunruang
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 13 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v13i1.14579

Abstract

Stock portfolio management in emerging markets such as Indonesia remains challenging due to high volatility, market inefficiencies, and the strong presence of retail investors. In this setting, conventional approaches, including buy-and-hold strategies, the Markowitz framework, and the Capital Asset Pricing Model (CAPM), often struggle to perform consistently under rapidly changing market conditions. While reinforcement learning (RL) has gained increasing traction in global finance, its application in the Indonesian stock market remains limited. This study examines the effectiveness of an RL-based approach, specifically the Deep Q-Network (DQN) algorithm, in optimizing stock portfolios on the Indonesia Stock Exchange (IDX). Using a quantitative experimental design, the analysis is based on back-testing simulations of IDX30 stocks over the 2022–2024 period, with samples selected purposively based on liquidity and market capitalization. The findings show that the DQN-based strategy consistently outperforms conventional methods, delivering higher returns, improved risk–return efficiency, and better control of downside risk. These results suggest that RL models are better suited to adapt to dynamic market conditions. Theoretically, this study extends portfolio optimization literature by incorporating adaptive, learning-based models into emerging market contexts. Practically, it offers evidence for investors and practitioners to consider AI-driven strategies as a more responsive alternative to traditional approaches in a volatile market.
Sustainable Role of Baitul Mal wat Tamwil in Expanding Islamic Microfinance Inclusion for Marginalized Communities Nurul Hidayah; Noraziah Che Arshad; Latifah Dian Iriani; Rais Dera Pua Rawi
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 13 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v13i1.14645

Abstract

This study explores the role of Baitul Mal Wat Tamwil (BMT) in enhancing access to Islamic microfinance for marginalized communities in Sorong, Southwest Papua Province. Using a qualitative case study approach, data was collected through in-depth interviews with managers and clients of three BMTs in Sorong and supplemented with user observations. The findings show that BMTs provide inclusive, Sharia-compliant financing to microenterprises, informal workers, and women-led businesses through flexible contracts such as murabahah, ijarah, qardhul hasan, and hiwalah. They adopt proactive service models and leverage community engagement to strengthen trust and outreach. One notable innovation is the establishment of local Puskopsyah (syariah cooperative-based risk-sharing center), inspired by the Islamic value of ta’awun, offering internal protection against defaults. Despite challenges such as low digital literacy and poor infrastructure, BMTs remain sustainable by relying on member-based capital, contextual product design, and strong social networks. This study contributes to the theoretical discourse on social intermediation in Islamic finance and offers practical insights for replicating community-based Islamic microfinance in other underdeveloped regions. The novelty lies in documenting a grassroots takaful initiative and human-centered financing approach that supports BMT resilience in 3T (frontier, outermost, and underdeveloped) areas. These findings align with the strategic goals of the Regional Committee for Sharia Economy and Finance (KDEKS) to foster an inclusive Islamic financial ecosystem in Papua.
Faith and Finance: How Religiosity Shapes Islamic Fintech Adoption in Indonesia Yulfiswandi; Vellia Licca; Hesniati
Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Vol. 13 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jreksa.v13i1.14680

Abstract

Islamic Fintech has developed in Indonesia over the past few years. This study examines Indonesians’ perceptions and intentions of both Muslim and Non-Muslim respondents on Islamic Fintech. Primary data was gathered through an online survey from 252 participants, who were chosen based on a convenience sampling method. Nine hypotheses were formulated and tested using SEM-PLS. The results show that perceived ease of use, perceived usefulness, trust, subjective norms, and religiosity significantly influence the intention to adopt Islamic Fintech. Furthermore, the interaction between trust and subjective norms in shaping usage intention was found to be moderated by religiosity. These findings suggest that individuals with stronger religiosity align their trust and social influence with religious values when evaluating Islamic Fintech adoption. To gain deeper insights, a multi-group analysis was conducted by dividing respondents into low and high-religiosity groups. For low religiosity users, only perceived ease of use and trust significantly affect intention. For high religiosity users, only religiosity does not have a significant effect on intention to adopt. No significant moderating effects were found across groups. The study contributes to understanding user behavior in the context of Islamic Fintech and highlights the importance of religiosity in shaping adoption decisions within a diverse religious society. Practically, it suggests that Islamic Fintech providers should focus on user-friendly platforms, trust-building mechanisms, and targeted strategies that account for varying levels of religiosity.

Page 21 of 22 | Total Record : 216

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