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INDONESIA
Jurnal Akuntansi dan Keuangan
Published by Universitas Kristen Petra Surabaya
ISSN : 14110288,     EISSN : 23388137     DOI : https://doi.org/10.9744/jak
Core Subject : Economy,
Economics, Econometrics & Finance
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.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 94 Documents
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The Nexus between Corporate Financial Ratio and Price Earnings Performance: Evidence from President Election Period in Indonesia Suham Cahyono; Hendri Arya Fernando; Rieswandha Dio Primasatya
Jurnal Akuntansi dan Keuangan Vol. 25 No. 2 (2023): NOVEMBER 2023
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.25.2.101-116

Abstract

This research aims to obtain an empirical overview of the influence of financial performance on stock prices in situations of political uncertainty in Indonesia. Our sample includes all non-financial public companies listed on the Indonesia Stock Exchange from 2011 to 2019, totalling 1,899 company-years. This study uses fixed-effects regression to test the hypothesis. The researchers found that financial performance positively and negatively affects stock prices. Specifically, we found a negative relationship between financial performance proxied by Return on Equity and Debt to Ratio. In contrast, liquidity, return on Assets, and Net Profit Margin have a negative effect on financial performance. Furthermore, our evidence becomes unique when in conditions of political uncertainty, where more financial performance has a negative impact on stock prices. This study provides practical and theoretical implications to fill gaps in previous literature regarding financial performance and its influence on stock prices.
Front Mater (Cover, Editorial, Table of Content) Jurnal Akuntansi dan Keuangan
Jurnal Akuntansi dan Keuangan Vol. 25 No. 2 (2023): NOVEMBER 2023
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

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Board Size and Firm Performance: The Moderating Role of Female Representation Hendra Wijaya; Gesti Memarista
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.26.1.18-28

Abstract

This research aims to investigate the commissioner’s number of boards on the Indonesian go-public company’s performance. The disparity in types of gender begs the question of whether the applicability of women’s governance may lead to firm performance. So, the women's presence on that effect as the moderating factor is also examined and analyzed using panel data regression and ordinary least squares in this research. The study's samples are non-financial firms from 2015 until 2019, with 1210 observations. The commissioner's number of boards significantly affects Tobin's q and the market-to-book value ratio as the business performance measurement. Yet, the women’s board of commissioner’s proportion as the moderating factor did not affect the relationship between the commissioner's number of boards and the Indonesian go-public company's performance because of the small number of women on the board. It remains negligible since the dominant gender in the board of commissioners is men in Indonesian non-financial go-public companies, so the women directors may not improve the company’s performance. This study will help various businesses in various sectors by shedding light on the ideal board size for boosting productivity. It also acknowledges the significance of gender diversity on boards so that companies may make educated decisions about their boards' makeup and governance procedures. Given that women make up the minority of CEOs, policymakers will utilize these findings to create rules and directives that support gender diversity on boards and enhance business performance.
Tunnelling Behavior: Exploring Corporate Governance and Ownership Structure Cahya Mahardika Putra Perdana; Adib Minanurohman
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.26.1.1-17

Abstract

This paper investigates the impact of corporate governance quality and ownership structure on tunnelling behaviour in Indonesia, specifically examining the moderating effect of the number of subsidiaries. The study utilized quantitative research methods and secondary data from the Indonesia Stock Exchange, company websites, and relevant journals. The sample consisted of 474 observations from listed companies on the IDX, excluding non-financial firms, covering the period from 2016 to 2019. Statistical analyses, including Pearson Correlation, OLS Regression, and Moderated Regression, were conducted using STATA 14.2 software. The results indicate that managerial ownership, government ownership, and corporate governance quality positively influence tunnelling behaviour, while domestic ownership has a negative impact. Foreign ownership, on the other hand, does not significantly affect tunnelling behaviour. Notably, the number of subsidiaries strengthens the relationship between corporate governance quality and tunnelling behaviour.
Stock Hedging Using Strangle Strategy on Vanilla Options and Capped Options Donny Citra Lesmana; David Vijanarco Martal; Unika Nabila; Syifa Fauzia; Raymond Raymond; Zidni Kamal Hasan; M Ridwan Aprizky
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.26.1.47-55

Abstract

The financial market often experiences unexpected fluctuations that can impact stock values. Therefore, investors require hedging strategies to protect their investment values from unwanted price fluctuations. This study compares the hedging results using the strangle strategy on Vanilla options and Capped options on Micron Technology, Inc. (MU) stock. The methods used are Monte Carlo simulation and Black Scholes Merton to calculate the option prices. The research results indicate that the strangle strategy on Vanilla options has unlimited maximum profit potential, whereas on Capped options, the profit is capped above. However, the potential maximum loss on Capped options is lower than that on Vanilla options. Therefore, Capped options are preferred for hedging the MU stock. The research yields significant practical and theoretical benefits. Practically, it offers investors insights into more effective hedging choices for risk management and profit potential in the stock market. Opting for capped options allows investors to control risk better while preserving profit potential. Theoretically, the study enhances our understanding of cost efficiency and risk profiles across various options strategies, making a vital contribution to financial literature.
Role of R&D Investment on Future Performance: Evidence From Malaysian Companies Idil Rakhmat Susanto; Noorlailie Soewarno; Bambang Tjahjadi
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.26.1.29-34

Abstract

R&D Investment is an issue that is still interesting in business research today because it constantly explores company development in terms of technology and innovation. Our study intends to investigate the impact of R&D investment on Malaysian company performance in the future. This empirical study uses company financial statement data accessed via the OSIRIS database. The sample is a non-financial company in Malaysia from 2003 to 2019. This study evaluates The hypothesis using unbalanced panel data regression on 460 company years of observation. Our findings indicate that R&D investments have a degrading impact on the performance of Malaysian companies in the future. These findings indicate that companies in developing countries such as Malaysia have yet to give special attention to investing in R&D as the main business strategy.
Strengthening Corporate Cash Holdings and Investment Efficiency in the COVID-19 Pandemic: Some Empirical Evidence from Indonesia Emerging Markets Suham Cahyono; Ardianto Ardianto
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.26.1.35-46

Abstract

This study explores the connection between the amount of cash a company holds and its effectiveness in making investments, as well as the effect of the COVID-19 pandemic. The researchers analyzed a dataset consisting of 2721 observations from Indonesian publicly listed firms between 2013 and 2020, excluding the financial industry (SIC 6). They utilized multiple linear regression analysis to investigate how cash holding influences investment efficiency and how the COVID-19 pandemic affects this relationship. The research approach employed was quantitative. The results indicate that a higher cash holding has a negative impact on investment efficiency. The uncertainty caused by the COVID-19 outbreak has significantly affected corporate cash flows, impeding business activities. Additionally, robustness tests were conducted to address concerns regarding potential bias, and the results consistently aligned with the ordinary least squares (OLS) estimation. These findings are significant for investors, potential investors, and management, providing insights into the interplay among cash holding, investment efficiency, and the COVID-19 Pandemic.
Fintech Acceptance Among MSMEs: A Post-Covid 19 Response Ulfa Nurhayani; Faisal Rahman Dongoran; Dedy Husrizal Syah; Gaffar Hafiz Sagala
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.26.1.56-66

Abstract

The primary objective of this research is to assess the determinants influencing the adoption of Fintech among MSMEs in Medan City, focusing on MSMEs following the post-pandemic period. This study used an online survey among 156 MSMEs in Medan City. This research uses the Structural Equation Modeling - Partial Least Square (SEM-PLS) approach to analyze the conceptual model, utilizing the SmartPLS version 3 analysis tool. The study's results found that perceived ease of use and subjective norms influence the perceived usefulness of Medan City MSME actors in using Fintech. Overall, the results of this study indicate that perceived ease of use, perceived usefulness, subjective norms, and feeling of safety have a positive and significant effect on the usage of Fintech among MSME actors in Medan City. The results of this study also provide practical implications for using Fintech for MSMEs in Medan City in the new normal era (after the COVID-19 pandemic).
Do Board Multiple Directorships and ESG Score Drive Firm Value? Study of Non-Financial Companies in Thailand Sany Sany; Caroline Novica; Cynthia Valentina
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.26.1.67-76

Abstract

This study intends to demonstrate the impact of board busyness through board multiple directorships and ESG scores towards firm value in Thailand within the period of 2018-2022. Theoretical frameworks such as the resource dependence theory and stakeholder theory explicate the two hypotheses developed for busy directors and ESG score. A director has multiple directorships when he/she has more than three board roles in other publicly listed firms, excluding private organizations and foundations. This research’s population are listed non-financial firms in Thailand Stock Exchange that has ESG score in Refinitiv database for five consecutive years during 2018 to 2022. Final data sample are 28 non-financial companies resulting in 140 observations. Directorship and board size were hand collected from annual reports. Panel data regression with random effect model is used, and results show that there is no association between multiple directorship and firm value. On the other hand, ESG shows a positive and significant relationship towards firm value. This research supports the belief that ESG scores have a notable impact on firm value based.
Front Mater (Cover, Editorial, Table of Content) Jurnal Akuntansi dan Keuangan
Jurnal Akuntansi dan Keuangan Vol. 26 No. 1 (2024): MAY 2024
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

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