Jurnal Akuntansi dan Keuangan
The Jurnal Akuntansi dan Keuangan (JAK) is a peer-reviewed journal, published biannually in May and November by The Institute of Research and Community Outreach, Petra Christian University, Surabaya, Indonesia. The JAK invites manuscripts in the various topics include, but not limited to, functional areas of accounting and finance, financial accounting and securities market, management accounting, accounting information systems, auditing and taxation.
Articles
100 Documents
<![CDATA[The Influence of Payment Schemes and Monitoring on Budgetary Slack: An Experimental Study ]]>
<![CDATA[Aryani Intan Endah Rahmawati]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 27 No. 2 (2025): NOVEMBER 2025 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.27.2.128-139
<![CDATA[The misuse and markup of the budget is one of the most prevalent forms of corruption in Indonesia. The concept is the same as budgetary slack, which is to deliberately lower the budget target to make it easier to achieve. This study investigates the impact of different payment and monitoring schemes on budgetary slack using a 2x2 experimental design. Two independent variables are manipulated: the payment system (PBP vs. FP) and the presence of monitoring (yes or no), with 140 respondents participating. The findings of this study revealed that the average budgetary slack was greater in the PBP than in the FP payment scheme. Furthermore, budgetary slack increases under the PBP payment scheme when monitoring is present. These findings contribute to the understanding of how payment and monitoring systems interact to influence behavior and decision-making in budgeting processes. These findings also suggest that organizations should carefully consider the choice of payment schemes and monitoring systems to reduce the risk of budgetary slack, as different configurations can lead to unintended increases in slack, which may undermine organizational performance and accountability.]]>
<![CDATA[Reassessing the Economic Freedom–FDI Nexus: Evidence from ASEAN Economies ]]>
<![CDATA[Imelda Kartika Surasman]]>;
<![CDATA[Adwin Surja Atmadja]]>;
<![CDATA[Mahdi Fahgani]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 27 No. 2 (2025): NOVEMBER 2025 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.27.2.180-192
<![CDATA[The latest literature reports that economic freedom is one of the increasingly significant factors influencing foreign direct investment (FDI). Nevertheless, most literature examines aggregate indices, leaving out the detailed effects of its individual components. Despite its growing role in global FDI flows, the ASEAN region has limited empirical evidence. The study addresses this gap by examining five areas of the Fraser Institute’s economic freedom effects on FDI inflows in ASEAN economies from 2010 to 2022. Employing panel data regression, the analysis finds that some areas show significant impacts on FDI, while others do not. The findings underline the importance of distinguishing among the areas when assessing the drivers of foreign investment. These results offer insights for regulators seeking to improve the country’s investment climate through reforms focused on strengthening economic governance and institutional quality.]]>
<![CDATA[Exploring the Role of Emergency Funds, Insurance Ownership, and Retirement Planning in the Financial Well-Being of Indonesian Millennials ]]>
<![CDATA[Pwee Leng]]>;
<![CDATA[Graceline Melinda]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 27 No. 2 (2025): NOVEMBER 2025 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.27.2.165-179
<![CDATA[This study investigates the influence of retirement planning, insurance ownership, and emergency funds on the financial well-being of millennials in Indonesia. Using a quantitative associative approach, data were collected via an online questionnaire from 159 Indonesian millennials aged 29–44. Emergency funds and insurance ownership significantly influenced financial well-being, while retirement planning showed no significant impact. The results show the importance of adopting comprehensive financial planning approaches to strengthen millennials’ financial resilience and confidence. The study contributes empirically by combining the three variables into a single contextual framework within a developing country. Practical implications include the need to improve financial literacy, promote insurance awareness, and foster emergency saving behavior. Future studies are encouraged to investigate other potential determinants, such as social influences or the adoption of fintech services, and to consider employing qualitative or mixed-method approaches to obtain a more comprehensive understanding of millennial financial behavior.]]>
<![CDATA[Digital Readiness and Intention to Adopt Blockchain VAT Systems in Indonesia’s MSME Sector ]]>
<![CDATA[Nurul Izzah Lubis]]>;
<![CDATA[Citra Windy Lubis]]>;
<![CDATA[Haervi Yunira]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.28.1.60-73
<![CDATA[This study examines Indonesian MSMEs’ intention to adopt a blockchain-based Value Added Tax (VAT) system, with digital literacy as a moderating variable. A structured questionnaire was distributed online and offline to 300 MSME owners across diverse sectors, with 210 complete responses analyzed using SEM-PLS. Findings show that performance expectancy, effort expectancy, hedonic motivation, price value, and habit significantly influence adoption intention, while facilitating conditions and social influence have weaker effects. Digital literacy strengthens the impact of performance and effort expectancy, highlighting its role in enhancing adoption readiness. The study contributes by applying blockchain adoption insights in a novel taxation context and underscores the importance of digital readiness in emerging economies. Practical implications suggest targeted literacy programs and infrastructure support to promote inclusive adoption. Overall, this research provides timely insights for digital tax transformation in Indonesia.]]>
<![CDATA[Nexus of Non-Controlling Interests on Capital Structure: Macroeconomic and External Party Integrity as Moderator ]]>
<![CDATA[Arisyahidin Arisyahidin]]>;
<![CDATA[Marhaendra Kusuma]]>;
<![CDATA[Sanju Kumar Singh]]>;
<![CDATA[Mariano Nunes]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.28.1.1-14
<![CDATA[This study investigates the effect of share ownership of non-controlling interests (NCI) on capital structure policy and investigates moderating effects of macroeconomic fundamentals and integrity of independent external parties. NCI negatively impacts capital structure, consistent with the trade-off theory in capital structure policy. Companies that already obtain funding from NCI tend to reduce debt financing, and vice versa. Macroeconomic fundamentals reinforce the trade-off between corporate funding sources, whether debt or equity, related to the cost of debt and the cost of equity. The quality of independent external parties strengthens the investment decision of fund providers, whether in equity securities or corporate debt securities, considering the most favorable investment returns.]]>
<![CDATA[Do ESG Matter for Investor in ASEAN-5? Evidence from Mining and Property Companies ]]>
<![CDATA[Ervina Rahmalia Putri]]>;
<![CDATA[Erfan Muhammad]]>;
<![CDATA[Tito IM. Rahman Hakim]]>;
<![CDATA[Frida Fanani Rohma]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.28.1.42-59
<![CDATA[ESG disclosures constitute vital non-financial communication channels that potentially influence investor perceptions and capital deployment strategies, consequently affecting firm value. Audit committee oversight within governance architectures is theorized to amplify the value-generating capacity of ESG programs, especially in environmentally impactful industries including mining and property sectors. This study analyzes firms spanning five Southeast Asian markets during 2021-2023. ESG, as a whole, harms firm value across the mining and property sector in ASEAN-5. Audit committee characteristics demonstrate insufficient moderating influence on ESG-firm value relationships. By performing additional tests, environmental and governance indicators exhibit favorable correlations with firm value, whereas social metrics display negligible statistical significance. Empirical findings demonstrate heterogeneous effects for composite ESG and its pillars on firm value. Results indicate that some notions of legitimacy and agency theory are not advocated. Investors need to remain vigilant in digesting ESG information from the mining and property companies in ASEAN-5 countries, as its composite and pillars affect firm value in distinct ways. The government could codify the rule to mandate a sustainability committee to ensure ESG information credibility for all high-risk environmental sectors, especially in ASEAN-5.]]>
<![CDATA[Circumstances Impacting Cost of Equity through Integrated Reporting: A Competitive Analysis of Indonesian Companies ]]>
<![CDATA[Defia Nurbatin]]>;
<![CDATA[I Made Narsa]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.28.1.30-41
<![CDATA[This study investigates how the integrated reporting (IR) framework influences the cost of equity (COE) among 115 non-financial firms listed on the Indonesia Stock Exchange from 2016 to 2020. The IR disclosure index is developed through content analysis of companies’ annual reports, while COE is estimated using the Capital Asset Pricing Model (CAPM). The findings reveal that higher IR coverage corresponds to an increase in COE in the subsequent year, indicating that comprehensive disclosure does not immediately reduce equity financing costs. The findings offer insights for regulators in designing standardized IR policies, for investors in evaluating informational credibility in emerging markets, and for firms in improving disclosure practices to enhance market confidence. Future research is encouraged to examine longer post-implementation periods and element-specific IR indicators.]]>
<![CDATA[Guardians or Accomplices? Institutional Ownership and Corporate Tax Avoidance: A Meta-Analysis ]]>
<![CDATA[Ema Aulia Erwanti]]>;
<![CDATA[Erwin Saraswati]]>;
<![CDATA[Syaiful Iqbal]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.28.1.74-88
<![CDATA[Tax avoidance remains widespread, and prior studies report inconsistent results regarding how institutional ownership relates to tax avoidance. To date, no study has employed a meta-analytic approach to examine the nexus between institutional ownership and tax avoidance. This study aims to investigate the effect of institutional ownership on tax avoidance, considering the moderating roles of measurement diversity in tax avoidance and state legal systems. A meta-analytic method was applied to 72 studies from 46 articles (totaling 917,813 observations). This study proves that institutional ownership can effectively limit tax avoidance behavior. However, the diversity of tax avoidance measures and the country's legal system greatly influence its effectiveness. In particular, countries with common law systems are better able to suppress tax avoidance behavior than countries with civil law systems.]]>
<![CDATA[The Role of Chief Sustainability Officer on Sustainability Performance: Case Study on Automotive Companies in Asia ]]>
<![CDATA[Juniarti Juniarti]]>;
<![CDATA[Evelyn Shalomitha Sugiarto]]>;
<![CDATA[Celsya Caeciliana]]>;
<![CDATA[Alan Darmasaputra]]>;
<![CDATA[Joel Tan]]>
<![CDATA[ Jurnal Akuntansi dan Keuangan Vol. 28 No. 1 (2026): MAY 2026 ]]>
Publisher : <![CDATA[Institute of Research and Community Outreach - Petra Christian University ]]>
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DOI: 10.9744/jak.28.1.15-29
<![CDATA[Sustainability is increasingly viewed as a competitive advantage, not just a compliance requirement. However, there is still limited research on Chief Sustainability Officers (CSOs) in Asia, especially in the automotive sector, which plays a major role in emissions and sustainability issues. This research examines how having a CSO and the presence of CEO duality affect sustainability performance in Asian automotive companies. The research uses 570 observations from 2017 to 2024. The findings show that the presence of CSOs has a positive and significant effect on sustainability performance, while CEO duality has a significant positive effect. Research demonstrates that CEO duality moderates the partial positive effect of CSOs on sustainability performance. This implies that the presence of CEO duality influences CSO performance. The results of this research have several important implications for companies, particularly those in the automotive sector, that are considering the integration of CSOs into their organizational structures. This conclusion is because CSOs have been demonstrated to significantly enhance sustainability performance.]]>
