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INDONESIA
ARBITRASE: JOURNAL OF ECONOMICS AND ACCOUNTING
Published by Forum Kerjasama Pendidikan TInggi
ISSN : -     EISSN : 2722841X     DOI : -
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
1. Auditing, 2. Financial Management, 3. Marketing Management, 4. Strategic Management, 5. Organizational Behavior, 6. Operations Management, 7. Change Management, 8. Management of Sharia, 9. Knowledge Management 10. Entrepreneurship, 11. E-Business, 12. Business Management, 13. Capital Market, 14. Risk Management, 15. Syariah banking, 16. Economics of Sharia, 17. Islamic Capital Market, 18. Financial accounting, 19. Managerial accounting, 20. Behavioral accounting, 21. Tax accounting, 22. Public Sector Accounting, and 23. Syariah accounting
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 303 Documents
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Model Mediasi Surplus Underwriting pada Pengaruh Pendapatan dan Biaya terhadap Laba Asuransi Syariah Supriyadi, Teguh; Soeharjoto, Soeharjoto
ARBITRASE: Journal of Economics and Accounting Vol. 6 No. 3 (2026): March 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v6i3.3134

Abstract

This study aims to analyze the effect of Contribution Income, Claim Expenses, and Operating Expenses on Islamic Insurance Profit, with Underwriting Surplus as a mediating variable. This research is motivated by the importance of financial performance and risk management in improving the profitability of Islamic insurance companies. Therefore, this study is conducted to examine both the direct and indirect effects among variables and to assess the role of underwriting surplus in shaping Islamic insurance profits. The research method employed is a quantitative approach using Structural Equation Modeling–Partial Least Square (SEM-PLS) analysis with the SmartPLS 4 application. The data used are secondary data obtained from the annual financial statements of Islamic insurance companies in Indonesia during the research period. The research variables include Contribution Income, Claim Expenses, and Operating Expenses as independent variables, Islamic Insurance Profit as the dependent variable, and Underwriting Surplus as the mediating variable. Model testing is carried out through the evaluation of path coefficients and R-square values to assess the simultaneous contribution of the variables. The results indicate that Contribution Income and Operating Expenses do not have a significant effect on Underwriting Surplus, while Claim Expenses have a positive and significant effect on Underwriting Surplus. Furthermore, with respect to Islamic Insurance Profit, Contribution Income and Claim Expenses have a positive and significant effect, whereas Operating Expenses and Underwriting Surplus do not have a significant effect. In addition, the mediation test results show that Underwriting Surplus does not play a significant mediating role in the relationship between Contribution Income, Claim Expenses, and Operating Expenses on Islamic Insurance Profit. These findings suggest that the profits of Islamic insurance companies are more directly influenced by contribution income and effective claim management.
Peran Persepsi Akuntansi Keuangan dan Pemasaran dalam Membentuk Persepsi Nilai Perusahaan di Kalangan Mahasiswa Deti Susilawati; Fuadi Fuadi; Evi Dora Sembiring; Sari Putri Pertiwi; Ade Samsinar
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3039

Abstract

This research aims to analyze the role of perceptions of financial accounting and marketing in shaping perceptions of company value among students. The research problem is based on the importance of students' understanding of various business functions in assessing company value comprehensively. This research uses a quantitative approach with a survey method of students as respondents. Data was collected through questionnaires and analyzed using multiple linear regression to partially test the influence of each variable. The novelty of this research lies in the use of student perceptions as a unit of analysis in studying the formation of company value, which is generally researched at the company or investor level. The research results show that perceptions of financial accounting and perceptions of marketing have a positive and significant effect on perceptions of company value, with perceptions of marketing having a more dominant influence. These findings indicate that company value is not only perceived from the aspect of financial performance, but is also influenced by the role of marketing in creating value. This research provides a theoretical contribution in expanding the study of corporate value formation from an individual perspective as well as a practical contribution for universities in designing learning that is more relevant to the needs of the business world.
Pengaruh Pendapatan, Tingkat Pendidikan, Usia dan Jumlah Dompet Elektronik Terhadap Peluang Penggunaan QRIS para Pedagang UMKM Della Berliana Putri Haryanto; Unggul Priyadi
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3081

Abstract

The implementation of the Quick Response Code Indonesian Standard (QRIS) aims to expand financial inclusion and accelerate the digitalization of transactions within the MSME sector. However, in practice, the adoption of QRIS among MSME merchants remains uneven and has not yet reached its full potential. This study seeks to examine the likelihood of QRIS usage among MSME merchants and to identify the factors influencing its adoption. A quantitative approach was employed using a survey method targeting MSME merchants. The analysis utilized a Linear Probability Model (LPM), based on primary data collected through direct interviews consisting of structured questions related to QRIS and electronic wallets. The data were processed using SPSS version 29. The findings indicate that education level and income have a statistically significant effect on the probability of QRIS adoption. In contrast, age and the number of electronic wallets owned do not show a significant influence. These results suggest that the likelihood of QRIS usage is shaped not only by merchants’ economic capacity but also by their level of understanding and perceived need for digital payment systems. Therefore, more targeted socialization and educational strategies are necessary to enhance QRIS adoption among MSME merchants effectively.
Analisis Kinerja Keuangan Metode EVA, REVA dan CVA: Studi Pada Perusahaan Kosmetik di Indonesia Resti Fauziah; Carmidah Carmidah; Thoyibatun Nisa
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3102

Abstract

This study aims to analyze the financial performance of cosmetic companies listed on the Indonesia Stock Exchange (IDX) using the Economic Value Added (EVA), Refined Economic Value Added (REVA), and Cash Value Added (CVA) methods during the 2020-2024 period. The research objects consist of six companies, namely PT Unilever Tbk, PT Mustika Ratu Tbk, PT Martina Berto Tbk, PT Kino Indonesia Tbk, PT Akasha Wira International Tbk, and PT Mandom Indonesia Tbk. This study uses a quantitative approach with secondary data in the form of annual financial reports obtained from the official website of the Indonesia Stock Exchange and the publication of each company's financial reports. The results of the study show that based on the EVA method, PT Unilever Tbk and PT Akasha Wira International Tbk consistently generated positive EVA values ????during the study period. PT Unilever Tbk recorded the highest EVA value of 4,429,180 million rupiah in 2020, while PT Akasha Wira International Tbk showed a relatively stable positive EVA value by reaching the highest EVA value in 2024 of 242,974 million rupiah. Meanwhile, other companies tended to show fluctuating negative EVA values. Based on the REVA method, the majority of companies showed negative values. PT Unilever Tbk recorded the lowest REVA value of -108.133.559 million rupiah in 2021, while PT Kino Indonesia Tbk recorded a positive value of 289.377 million rupiah in 2023. This indicates that most companies have not been able to cover their cost of capital based on market value. Meanwhile, based on the CVA method, PT Unilever Tbk was relatively consistent in generating cash-based value added, with the highest of 2.103.693 million, althought it recorded a negative value at the end period. Other companies tended to show negative CVA values during most of the study period. This study offers novelty by integrating three value-based financial performance measurement methods, namely EVA, REVA and CVA, within a single analytical framework, thereby providing a more comprehensive assessment compared to previous studies that generally employed only one measurement method. In addition, this study addresses the limitations of prior research, as no previous studies have examined these three methods simultaneously within one analytical framework.
Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Harga Saham Perusahaan Sektor Energi Tahun 2020-2024 Athiyya Umareta Nadhir; Erna Sulistyowati
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3137

Abstract

This research was conducted because the stock prices of energy companies on the Indonesia Stock Exchange (IDX) often fluctuate erratically, especially with the issue of energy transition and unstable global economic conditions between 2020 and 2024. This research aims to examine the actual influence of Profitability (ROA), Leverage (DER), and Dividend Policy (DPR) on stock prices in the sector. Using quantitative methods and purposive sampling techniques, data was collected from 15 energy companies as samples. After testing using panel data regression, the most suitable model was the Random Effect Model (REM). The results showed that only Profitability (ROA) had a positive and significant influence on stock prices (p = 0.0000). This means that investors in the energy sector prioritize the company's ability to generate profits as a primary consideration. On the other hand, Leverage (DER) with a p value of 0.6862 and Dividend Policy (DPR) with a p value of 0.1807 did not significantly influence stock prices. Overall, the variables in this study only explained 21.72% of stock price movements (Adjusted R-Squared), with the remainder influenced by factors outside the study. These findings are expected to provide insights for investors to focus more on the real profitability of energy companies rather than simply looking at debt levels or dividend distributions.
Pengaruh Profitabilitas, Solvabilitas dan Likuiditas Terhadap Penerimaan Opini Audit Going Concern Fakhron Hamzah Al-azhar; Nurul Fachriyani
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3145

Abstract

This study aims to determine and obtain empirical evidence of the effect of profitability, solvency and liquidity on the acceptance of going concern audit opinions in infrastructure sector companies listed on the IDX in 2022 to 2024. This study is a quantitative study with secondary data taken from the company's financial statements. The samples in this study used 171 samples collected using the purposive sampling method. The data analysis method in this study used the logistic regression to test the effect of predetermined variables. The results of this study indicate that profitability has a significant negative effect on the acceptance of going concern audit opinions with a significance value of 0.001 and a regression coefficient of -9.912, solvency has a significant positive effect on the acceptance of going concern audit opinions with a significance value of 0.017 and a regression coefficient of 1.109, while liquidity does not have a significant effect on the acceptance of going concern audit opinions with a significance value of 0.942 and a regression coefficient of 0.034. The conclusion of this study is that the auditor uses profitability and solvency as its main consideration on giving the going concern audit opinion, while liquidity is not the main consideration on giving the going concern audit opinion
Konstruksi Makna Pegawai terhadap MONSAKTI dalam Transparansi dan Akuntabilitas Keuangan Publik Febbbyana Andra Vesco; Fachruzzaman Fachruzzaman
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3160

Abstract

Digital transformation in public financial governance demands increased transparency and accountability through the use of online-based information systems. One implementation is the use of the MONSAKTI application at the Bengkulu Province National Land Agency (BPN) Regional Office as a financial management monitoring instrument. This study aims to analyze employee interpretations of MONSAKTI's role in supporting transparency and accountability in public financial management. The study uses an interpretive qualitative approach with a phenomenological perspective to understand the experiences, perceptions, and construction of meaning for employees as system users. Eight informants from the Finance and BMN Subdivisions were selected purposively based on their direct involvement in the use of MONSAKTI. MONSAKTI. Data collection was conducted through in-depth interviews, observation, and documentation studies, then analyzed in stages through the process of organizing data, reducing information, presenting findings, identifying patterns, and drawing conclusions using triangulation techniques to maintain data credibility. The results of the study indicate that employees' meaning of MONSAKTI is formed in layers through four main patterns, namely instrumental legitimacy through ease of monitoring and administrative efficiency, reconfiguration of accountability through digital supervision and work activity track records, structured transparency based on the hierarchy of organizational authority, and differentiation of meaning based on employee position and work experience. The research findings indicate that the success of public financial digitalization is not only determined by the quality of technology, but also by the ability of users to build an understanding of the system's functions in everyday bureaucratic practices. This research contributes to the development of understanding of public sector financial digitalization from a user-defined perspective, by demonstrating that employees' understanding of MONSAKTI is formed in layers through work experience, digital oversight functions, structured transparency, and differences in organizational positions. These findings expand studies of public sector digital transformation, which have previously focused more on the effectiveness of administrative systems.
Analisis Penjualan, Biaya Operasional dan Laba Bersih Pada Perusahaan Property dan Real Estate Periode 2021 - 2024 Hieronimus Erwin Indrawan; Nazwa Adhisty Putri; Amalia Tresna Fadhilah; Intan Kusuma Dewi; Indra Prana
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3162

Abstract

The financial performance of a Company can be seen through the analysis of Financial Statements. Income, Expenses and Profit are three interrelated accounts, where changes in income and expenses will affect the Company's profits. This research aims to analyze the company's financial statements for the 2022-2024 period to determine the Company's financial condition and performance. The analysis is focused on revenue, operating expenses, and net profit with the aim of identifying an increase or decrease from year to year. The research method used is quantitative descriptive with secondary data sources, while the data collection technique is carried out through interviews, observations, and documentation. The analysis was carried out using the Horizontal Trend method. The results of the study show that the Company experienced significant fluctuations in revenue, net profit, and operating expenses during the 2022-2024 period. A large surge in operating costs in 2024 of 506% affected the Company's financial performance but still led to an increase in net profit above 100%. The evaluation of the company's financial performance for the 2022-2022 period shows a slightly poor financial situation, because the profit generated tends to go up and down, in 2023 it will decrease by 4.75% and increase again by 85% in the following year as well as the revenue generated tends to decrease. The Company's financial performance tends to experience an increase in revenue and net profit, despite fluctuations in operating costs. The increase in operational costs is so high that it can be caused by economic conditions starting to rise after the covid pandemic. A large expense needs to be made to increase sales. The increase was mainly due to increased revenue from property sales and rental transactions managed by the Company which has branches in Jakarta and West Java.
Financial Inclusion, Literacy, and SME Resilience: Emotional Well-Being Mediation Hansen Hein Rumtutuly; Martha Racwel Patty
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3188

Abstract

MSMEs play a vital role in Ambon City's economy but remain vulnerable to financial instability due to limited financial knowledge, restricted access to formal financial services, and increasing operational challenges. This study investigates the effects of financial literacy and financial inclusion on MSME financial resilience, with emotional well-being as a mediating variable. A quantitative explanatory approach was employed using survey data from 71 MSME owners selected through purposive sampling. The data were analyzed using SEM-PLS with SmartPLS software. The results show that financial literacy positively affects emotional well-being (? = 0.423, p < 0.001) and financial resilience (? = 0.336, p = 0.008). Financial inclusion also positively influences emotional well-being (? = 0.322, p = 0.006), although its direct effect on financial resilience is insignificant (? = ?0.214, p = 0.069). Emotional well-being has the strongest positive effect on financial resilience (? = 0.633, p < 0.001). The model explains 45.2% of the variance in emotional well-being and 57.6% of the variance in financial resilience, highlighting the importance of psychological factors in strengthening MSMEs’ capacity to cope with financial challenges. This study extends Financial Capability Theory by demonstrating that financial capability enhances financial resilience through emotional well-being as a key psychological mechanism. It also strengthens the theory’s empirical validity by providing evidence from MSMEs in the archipelagic region of Eastern Indonesia, where limited financial access, high logistics costs, and greater economic vulnerability shape a distinct business environment.
Financial Well-Being Pelaku UMKM di Wilayah Kepulauan: Peran Mediasi Financial Behavior Simon Hendrik Leasa; Hanifa Bennu Nur; Semuel Souhoka; Nur Azda
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3213

Abstract

Micro, Small, and Medium Enterprises (MSMEs) in archipelagic regions face economic challenges, including limited economic access, high logistics costs and business instability, which may adversely affect financial well-being. Although research on financial well-being has grown substantially, studies examining the mediating role of financial behavior among MSMEs in archipelagic regions remain limited. Therefore, this study examines the effects of financial literacy and financial self-efficacy on financial well-being through financial behavior among MSME owners in Ambon City, Maluku Province. A quantitative explanatory research design was employed involving 120 MSME owners selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results indicate that financial literacy positively affects financial behavior (? = 0.216, p = 0.009), while financial self-efficacy also has a positive effect (? = 0.498, p < 0.001). Financial behavior positively affects financial well-being (? = 0.527, p < 0.001) and significantly mediates the relationships between financial literacy, financial self-efficacy, and financial well-being. Financial self-efficacy also exerts a stronger influence than financial literacy in shaping financial behavior. The novelty of this study lies in developing a behavioral mechanism-based financial well-being model for MSMEs in archipelagic regions. The findings contribute to the behavioral finance literature by providing empirical evidence on the behavioral mechanisms underlying financial well-being and offer practical implications for designing programs that strengthen financial literacy, financial self-efficacy and adaptive financial behavior to enhance MSMEs' financial resilience.

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