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Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL)
Published by Transpublika Publisher
ISSN : 28099222     EISSN : 28098013     DOI : https://doi.org/10.55047/marginal
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences
Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) provides a scientific discourse about accounting, business, management, and economic issues both practically and conceptually. The published articles at this journal cover various topics from the result of particular conceptual analysis and critical evaluation to empirical research. The journal is also interested in contributions from social, organization, and philosophical aspects of accounting, business, management and economic studies. MARGINAL goal is to advance and promote innovative thinking in accounting, business, management, and economic related discipline. The journal spreads recent research works and activities from academician and practitioners so that networks and new links can be established among scholars as well as creative thinking and application-oriented issues can be enhanced.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 394 Documents
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The Effect of Green Investment, Eco-efficiency, and Carbon Emission Disclosure on Firm Value Refika Afriani; Mellya Embun Baining; Puteri Anggi Lubis
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2232

Abstract

Growing apprehensions regarding environmental stewardship have amplified compulsory demands on corporations to assimilate conscientious practices into their operative strategies, particularly within capital markets that incorporate ethical and environmental screening criteria. This research aims to identify the bearing of green investment, eco-efficiency, and carbon emission disclosure on firm valuation among enterprises enumerated on the Indonesian Sharia Stock Index (ISSI) spanning the 2022–2024 period. A quantitative investigative approach with purposive sampling was employed, yielding 45 observations from 15 companies across three years. Ancillary data were procured from annual reports and sustainability reports and scrutinised through panel data regression utilising EViews 12. The empirical outcomes divulge that green investment exerts a propitious and consequential bearing on firm value, whereas eco-efficiency manifests a deleterious and statistically significant effect, intimating that market participants construe environmental efficiency undertakings as transient fiscal encumbrances rather than enduring value catalysts. Carbon emission disclosure demonstrates an affirmative yet inconsequential bearing on firm value. Concurrently, the three variables conjointly and substantively impinge upon firm value. These findings augment the burgeoning compendium of literature on sustainability conduct and firm valuation within the purview of Islamic capital markets, proffering empirical elucidations germane to investors, practitioners, and policymakers operating within Sharia-compliant investment frameworks.
Evolving Weak Form Market Efficiency in BRICS+ Markets Rifka Indi; Danes Quirira Octavio; Adhi Widyakto
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2286

Abstract

The Efficient Market Hypothesis (EMH), particularly in its weak form, remains a subject of debate, especially in emerging and developing markets where structural, institutional, and behavioral factors may hinder informational efficiency. The recent enlargement of the BRICS group to BRICS+ now includes a wider range of diverse economies. Therefore, a thorough reexamination of weak‑form market efficiency across these markets is required. This study explores weak‑form efficiency in BRICS+ stock markets and determines if stock returns follow a random walk or display predictable trends over time. This study analyzes daily returns of nine stock indexes including Brazilian, Russian, Indian, Chinese, South African, Saudi Arabia, Egyptian, and United Arab Emirates, and Indonesian between January 2006 and December 2024. We employed run tests, unit root tests (Augmented Dickey-Fuller and Phillips-Perron), and variance ratio tests to determine the randomness and predictability of returns. Conflicting evidence emerges from the empirical analysis of weak‑form efficiency. On one hand, randomness is supported by both run tests and unit root tests for every BRICS+ index. On the other hand, variance ratio tests produce significant results that contradict the random walk hypothesis. Such opposing findings indicate that BRICS+ stock markets are not consistently weak‑form efficient. They instead confirm the Adaptive Market Hypothesis, a framework that is only partially applicable and varies with context. This hypothesis is influenced by evolving economic circumstances, the maturity of institutions, and the actions of investors. It highlights the need to adopt adaptive investment strategy and flexible regulation strategies in dynamic market environments.
The Effect of Audit Committee, Public Accounting Firm Reputation, and Investment Opportunity Set on Audit Report Lag Fitriyah Fitriyah; Ovie Ayu Lestari
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2162

Abstract

The timeliness of financial reporting is a critical aspect of corporate transparency and investor decision-making, particularly in the banking sector where information asymmetry is pronounced. Delays in audit completion, commonly referred to as audit report lag, can undermine market confidence and regulatory compliance. This study aims to scrutinize the extent to which the audit committee, the reputational standing of public accounting firms (PAFs), and the investment opportunity set exert influence upon audit report lag in banking enterprises listed on the Indonesia Stock Exchange (IDX) spanning the period 2020-2024. A quantitative paradigm is employed, harnessing multiple regression analysis predicated on panel data through the Fixed Effects Model (FEM), encompassing 150 observations delineated via purposive sampling. The empirical findings divulge that the audit committee and the reputational standing of the PAF yield no discernible influence on audit report lag, whereas the investment opportunity set manifests a statistically significant bearing on the aforementioned variable. Concurrently, the audit committee, the reputation of the public accounting firm (KAP), and the investment opportunity set collectively exert a concomitant influence on audit report lag. These findings intimate that an augmentation in a company’s investment opportunities is consequential in prolonging the temporal span requisite for audit completion, whilst the presence of an audit committee and the reputational prestige of the KAP do not constitute determinative antecedents in the punctuality of audit reporting.
Profitability, Sales Growth, Leverage, and Tax Avoidance: The Moderating Role of Firm Size Alya Budiantini; Flora Septiani; Rima Anjalani; Tito Sumarsono
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2172

Abstract

Corporate tax avoidance constitutes a persistent challenge in financial management, especially within emerging economies characterized by inconsistent regulatory frameworks and enforcement mechanisms. Within the Indonesian context, food and beverage enterprises listed on the Indonesia Stock Exchange (IDX) occupy a strategically significant position in the national economy; however, the tax compliance behavior of firms within this sector remains insufficiently examined in the existing literature. Accordingly, this study seeks to investigate the influence of profitability, sales growth, and leverage on tax avoidance, while simultaneously exploring the extent to which firm size moderates these relationships. The research is delimited to food and beverage companies listed on the IDX over the 2020-2024 observation period, employing a quantitative research design grounded in agency theory as the primary theoretical lens through which the relationships between the independent variables and tax avoidance are interpreted, with firm size serving as the moderating variable. Secondary data were collected from the audited financial statements of the sampled companies, with a total of 70 observations selected through purposive sampling. Moderated Regression Analysis (MRA) was employed as the primary analytical technique, executed using Eviews 12 software. The findings show that profitability and sales growth have a meaningful impact on tax avoidance. However, leverage does not produce a statistically significant effect. Moreover, the findings confirm that firm size acts as an important moderator, influencing how profitability, sales growth, and leverage each relate to tax avoidance.
The Impact of Bank Finance on SME Export Activities: Updated Empirical Insights Denny Saputera; Neneng Susanti; Sakina Ichsani
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2224

Abstract

External capital is a vital resource for businesses seeking to enter international trade, with smaller firms being particularly dependent on it. Yet financial obstacles frequently prevent many SMEs from successfully breaking into export activities. This study investigates the impact of bank finance on SMEs’ export participation using firm-level data and empirical econometric analysis. The analysis employs descriptive statistics, correlation analysis, and regression estimation to assess the relationship between bank financing and export activities while controlling for firm-specific characteristics such as firm age, output, profitability, firm size, and human capital. The empirical results indicate a positive and statistically significant effect of bank finance on SMEs’ export participation. Firms with greater access to bank financing are better equipped to overcome financial barriers related to export activities, including production expansion, compliance with international standards, and logistics costs. Furthermore, firm output and firm size are found to positively influence export engagement, suggesting that productive capacity and scale are significant determinants of international market entry. These findings underscore the critical role of financial institutions in supporting SME internationalization. The study contributes to the literature on finance and international trade by addressing empirical evidence on how improved access to finance can facilitate international market entry for SMEs. Bank finance can enhance SMEs’ export performance and competitiveness in global markets.
The Role of Financial Constraints in the Influence of Academic Experts and Corporate Governance on Tax Avoidance Djodi Akbar; Atik Djajanti
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2244

Abstract

The tension among tax efficiency and governance integrity poses a critical challenge for firms operating in emerging markets with weak enforcement environments. The purpose of this study is to explore the impact of academic experts and Corporate Governance on corporate tax avoidance, together with the moderating role played by financial constraints. Panel data from manufacturing firms listed on the Indonesia Stock Exchange from 2020 to 2024 are analyzed using a quantitative approach. The sample consists of 51 firms with 255 observations selected through purposive sampling. The analysis is conducted using a Fixed Effects Model (FEM) with an Estimated Generalized Least Squares (EGLS) approach. The results show that academic experts and corporate governance do not have a significant effect on tax avoidance. Financial constraints have a positive and significant effect on tax avoidance. Furthermore, financial constraints moderate the relationship between academic experts and tax avoidance at the 10% significance level, with a positive direction. This finding indicates that under financial pressure, academic experts tend to support the optimization of corporate tax strategies. In contrast, financial constraints do not moderate the relationship between corporate governance and tax avoidance. These findings suggest that financial factors play a more dominant role than governance mechanisms in determining corporate tax avoidance behavior.
The Effect of Gender Diversity of the Board of Directors, Board of Commissioners, and Sharia Supervisory Board on the Financial Performance of Islamic Banks in Indonesia (2018-2024) Kintan Adrilia Salsabilla; Mohamad Irsyad
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2265

Abstract

The rapid growth of Islamic banking in Indonesia has heightened the importance of sound corporate governance, including gender-inclusive leadership structures. Growing scholarly interest surrounds gender diversity in corporate governance as a factor capable of influencing both strategic direction and financial outcomes, although evidence from the Islamic banking sector has remained scarce and inconclusive. The present study seeks to determine how the representation of women across the board of directors, the board of commissioners, and the Sharia Supervisory Board relates to the financial performance of Indonesian Islamic banks over the years 2018 through 2024. In this study, financial performance is assessed by means of the Return on Assets (ROA) proxy. A quantitative approach was adopted, drawing on panel data sourced from 9 Islamic banks designated through a purposive sampling mechanism. Research data were gathered from the Financial Services Authority (OJK) as well as the official websites of each bank included in the sample. Partial test results indicate that gender diversity within the board of directors, the board of commissioners, and the Sharia Supervisory Board does not yield a significant influence on financial performance. A similar pattern was also found for the CAR variable, which proved to leave no meaningful effect on financial performance. The BOPO variable, however, tells a different story, it was found to exert a significant negative influence on ROA. When all independent variables were tested together, they significantly affected financial performance, showing the value of governance assessment and identifying operational efficiency as key for Islamic banking profitability.
Determinants of Financial Performance on Profit Growth with Company Size as a Moderating Variable (Case Study of a Food and Beverage Sub-Sector Company) Achmad Ludvy; Rizka Wahyuni Amelia; Lina Nofiana
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2282

Abstract

Employing a quantitative framework and panel data regression, this study explores how profit growth is affected by the Quick Ratio, Debt to Equity Ratio, and Net Profit Margin, while company size acts as a moderating variable. The research is confined to food and beverage subsector entities listed on the Indonesia Stock Exchange across the 2019-2024 timeframe. A balanced panel of 102 observations, drawn from a sample of 17 companies, underpins the analysis over the six complete fiscal years. Based on the results of the Chow and Hausman tests, the Fixed Effect Model (FEM) is identified as the most appropriate framework. Moderated Regression Analysis (MRA) is used to test for moderation effects. Partial coefficient estimates indicate a negative and significant relationship between the Debt to Equity Ratio and profit growth. In contrast, the Net Profit Margin exhibits a positive and significant relationship with profit growth. The Quick Ratio, however, does not significantly influence profit growth. Findings from the moderation test suggest that company size cannot moderate the effects of QR, DER, or NPM on profit growth. With an R² value of 42.68 percent, the independent variables in this study explain 42.68 percent of the variability in profit growth, while other factors not included in the model account for the remaining 57.32 percent. The findings provide practical implications for managers by emphasizing that improving profitability and maintaining an optimal capital structure are more important for enhancing profit growth than simply increasing company size.
The Impact of VAT Incentives and Macroeconomic Variables on Residential Property Sales Growth (A Case Study in Indonesia) Deny Cahyadinanto Sanjoko; Wulan Oktabriyantina
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2297

Abstract

To support the recovery of Indonesia’s residential property market following the COVID-19 pandemic, the government implemented Government-Borne Value Added Tax (VAT DTP) incentives to stimulate housing demand. However, empirical evidence regarding the effectiveness of this policy under different macroeconomic conditions remains limited. This study examines the effects of residential property price growth (IHPR Growth), inflation, the BI policy rate, Government-Borne VAT incentives, and the COVID-19 pandemic on residential property sales growth in Indonesia. Quarterly time-series data from 2018Q1 to 2025Q4 were analyzed. Prior to estimation, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) tests confirmed a mixture of I(0) and I(1) variables with no variable integrated of order two. Accordingly, the Autoregressive Distributed Lag (ARDL) model was employed to estimate both short-run and long-run relationships. The Bounds Test confirmed the existence of cointegration among the variables. The results show that IHPR Growth and Government-Borne VAT incentives have positive and significant effects on residential property sales growth, while inflation has a delayed negative effect. In contrast, the BI policy rate and the COVID-19 dummy are statistically insignificant. These findings highlight the positive role of Government-Borne VAT incentives in supporting residential property sales during the post-pandemic recovery. This study contributes by applying a dynamic ARDL framework and using IHPR Growth as a more appropriate explanatory variable for residential property sales growth.
The Effect of Financial Technology on Financial Reporting Quality: The Mediating Role of Accounting Information Systems Ida Bagus Putra Yogismara Yogismara
JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES Vol. 5 No. 3 (2026): JUNE
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/marginal.v5i3.2315

Abstract

This research explores the impact of Financial Technology (FinTech) implementation on the quality of financial reporting, while also assessing the mediating function of Accounting Information Systems (AIS) in organizations based in Bali, Indonesia. Although FinTech adoption and financial reporting quality have been studied separately, limited research has tested AIS as a mediating mechanism across diverse organizational sectors in Bali. The study is designed to determine how the use of digital financial tools contributes to improving key aspects of financial reporting such as accuracy, reliability, timeliness, and relevance through enhanced accounting system performance. A quantitative methodology was applied, utilizing survey responses from 185 accounting and finance practitioners employed in banks, hospitality enterprises, cooperatives, and private sector organizations across Bali. Purposive sampling guided participant selection, targeting individuals active in FinTech-related financial activities. For data analysis, Structural Equation Modeling (SEM) with SmartPLS/AMOS was employed to explore direct and indirect variable relationships. FinTech adoption significantly improves financial reporting quality, and AIS partially mediates this link, showing FinTech’s direct influence plus an indirect pathway through enhanced AIS effectiveness. Organizations that integrate FinTech with efficient AIS frameworks tend to experience improved reporting accuracy, faster financial processing, and reduced errors. In conclusion, the integration of FinTech and AIS plays a crucial role in advancing financial reporting quality in Bali. Digital transformation in accounting is highlighted by the study as vital for enhancing transparency and decision-making efficiency.

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