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Miranti Kartika Dewi
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Department of Accounting, Faculty of Economics and Business Universitas Indonesia Kampus UI Depok, Jawa Barat, 16424, Indonesia
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INDONESIA
Jurnal Akuntansi dan Keuangan Indonesia
Published by Universitas Indonesia
ISSN : 18298494     EISSN : 24069701     DOI : 10.7454/jaki
Core Subject :
JAKI aims to contribute to the development of knowledge and practice of accounting and finance by publishing theoretical and empirical research papers showcasing Indonesia as well as other emerging and developed markets. Authors are invited to submit articles that address the discourses of accounting and finance from various fields of study, such as financial accounting, public sector accounting, management accounting, Islamic accounting and financial management, auditing, capital market based accounting research, corporate governance, ethics and professionalism, corporate finance, accounting education, behavioral accounting, taxation, banking, information system, sustainability reporting, comprehensive corporate reporting, and climate change-related reporting. The contributed papers may cover the following ranges of subjects but are not limited to: - Discussion and exploration of new theory and knowledge of public, corporate and nonprofit accounting and finance - Empirical investigations providing novel and contributions substantial contributions in the above topical areas of interest - Case studies exploring accounting and finance practices are also welcome
Arjuna Subject : -
Articles 6 Documents
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Search results for , issue "Vol. 21, No. 1" : 6 Documents clear
ANALYZING IMPACT OF ESG PRINCIPLES ON PERFORMANCE: A PERSPECTIVE FROM SUSTAINABILITY BALANCED SCORECARD Anis, Idrianita; Avrilia, Vera
Jurnal Akuntansi dan Keuangan Indonesia Vol. 21, No. 1
Publisher : UI Scholars Hub

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Abstract

The diverse findings regarding the effects of Environmental, Social, and Governance (ESG) principles on performance are prompting the examination of these practices using Sustainability Balanced Scorecard (SBSC) as a Strategic Performance Measurement System (SPMS). Therefore, this study aimed to construct ESG principles model and index by analyzing content from annual and sustainability reports which served as indicators for governance maturity level. ESG principles were further categorized within the Triple I framework, consisting of Sustainability Intention, Integration, and Implementation. The study also used purposive sampling focusing on the best companies using ESG principles in the non-financial sector listed on the Indonesia Stock Exchange including the SRI KEHATI and LQ45 Index from 2017 to 2021 (212 Observations). The findings showed that ESG measures did not impact profitability but positively affect the organization's value. This discovery suggested a dynamic endogeneity, necessitating future exploration of investment efficiency over a minimum of ten years to comprise sustainability and governance adaptation across non-financial sectors in Indonesia and cross-border countries.
CAN CORPORATE SUSTAINABILITY PERFORMANCE (CSP) OVERCOME INDONESIA'S CORPORATE DEBT PROBLEMS? Febrian, Johnson Ferry; Hendriyeni, Nora Sri
Jurnal Akuntansi dan Keuangan Indonesia Vol. 21, No. 1
Publisher : UI Scholars Hub

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Abstract

Based on IMF publications (2022), Indonesian companies have a risky debt level that may cause bankruptcy, so companies are required to make leverage adjustments to return the debt to its optimal level. In recent years, corporate sustainability performance (CSP) practices have been proven to improve performance and overcome financial problems such as debt by integrating sustainability aspects into business processes. Based on stakeholder theory and trade-off theory, this study aims to examine the effect of CSP on leverage adjustment and the role of competitive advantage, equity mispricing, profitability, and firm size in moderating this relationship. This study used a sample of 40 listed companies that registered on the Indonesia Stock Exchange and implemented CSP from 2019 to 2022. By using multiple linear regression analysis and moderated regression analysis, this study shows that companies with CSP can increase company leverage adjustments. Meanwhile, company characteristics such as equity mispricing and company size have proven to strengthen this relationship, but competitive advantage and profitability do not influence it. The results of this study provide theoretical and practical benefits by enhancing knowledge about CSP and leverage adjustments, as well as enabling managerial and regulatory parties to make the right decisions.
BEYOND THE NUMBER: TONE ANALYSIS IN ANNUAL REPORTS Suryani, Ani Wilujeng; Fauz, Dinda Tustika Apta
Jurnal Akuntansi dan Keuangan Indonesia Vol. 21, No. 1
Publisher : UI Scholars Hub

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Abstract

In making decisions, stakeholders utilize not only quantitative information but also qualitative information, such as annual reports. However, annual reports in narrative form are often used to exaggerate company performance data. One aspect that influences stakeholders’ decision is tone. This study aims to examine the impact of positive tone disclosure in management analysis reports and discussions on company value. This study was conducted on 166 financial and property companies listed on the IDX. Management analysis and discussion reports were categorized according to their tone. Using linguistic inquiry and word count software (LIWC-22), the procedure yielded more precise and consistent analysis. Financial data used to determine the value of company was the price-to-book-value (PBV) ratio. The results of the test using robust regression analysis showed that the positive tone disclosure with an informative nature had a positive influence on the company’s value. This finding suggests that managers must use positive tones when regulating the company's situation in order to maintain the expected value of company.
ESG PERFORMANCE, DEBT EQUITY CHOICES, AND RAPID ADJUSTMENTS IN INDONESIA Pujiastuti, Arum; Yunita, Rizki Dini Shandra; Astuti, Fitria Yuni
Jurnal Akuntansi dan Keuangan Indonesia Vol. 21, No. 1
Publisher : UI Scholars Hub

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Abstract

Previous research has explored the relationship between sustainability performance and firm performance; however, there is a noticeable scarcity of studies addressing the intricate connection between sustainability performance and firm financing. This study aims to bridge this gap by investigating how sustainability performance impacts firm financing decisions and capital structure adjustment in the context of Indonesia. Leveraging Environmental, Social, and Governance (ESG) performance data specific to Indonesia, this research contributes novelty to financing choices and the speed at which firms adjust their leverage. Through a combination of fixed-effect modelling and dynamic panel Generalized Method of Moments (GMM), the study employs a dataset containing 506 firm-year observations, evenly distributed between ESG firms and non-ESG firms. The findings demonstrate that firms that incorporate ESG principles into their operations display a greater inclination towards equity financing. Additionally, the research underscores that ESG firms exhibit a more rapid adjustment pace toward their target leverage ratios compared to non-ESG firms.
THE EFFECT OF MANAGEMENT CHARACTERISTICS ON EARNINGS MANAGEMENT THROUGH PERCEIVED AMBIGUITY IN ACCOUNTING STANDARDS Suci, Patricia Paramitha; Fajar, Stella Marissa Permata
Jurnal Akuntansi dan Keuangan Indonesia Vol. 21, No. 1
Publisher : UI Scholars Hub

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Abstract

We investigated the influence of management characteristics, specifically narcissism, impulsivity, construal mindset, and Machiavellianism, on perceived ambiguity toward accounting standards and the impact of perceived ambiguity toward accounting standards on earnings management tendencies. We surveyed 116 respondents from undergraduate, master's, and doctoral programs at various universities in Indonesia. We found that construal mindset, impulsivity, and Machiavellianism positively were related to perceived ambiguity toward accounting standards. Perceived ambiguity toward accounting standards has also been shown to affect earnings management tendencies positively. However, we did not find that narcissism was related to perceived ambiguity toward accounting standards. Additionally, we did not find that narcissism and construal mindset were positively related to earnings management tendencies when mediated by perceived ambiguity toward accounting standards. This research aims to provide a deeper understanding of how management characteristics influence earnings management practices.
DO FUNDAMENTAL FINANCIAL RATIOS AFFECT THE COMPANY'S STOCK PRICE? INDONESIA EVIDENCE Zarefar, Arumega; Armadani, Armadani
Jurnal Akuntansi dan Keuangan Indonesia Vol. 21, No. 1
Publisher : UI Scholars Hub

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Abstract

The objectives of this research aims to examine the effect of corporate fundamental financial ratios on stock prices and to examine whether firm age determine stock prices in the perspective of signaling theory. Here Generalized Least Squares (GLS) approach was used as the main analysis technique, and Ordinary Least Squares (OLS) was incorporated for the robustness test. The research was conducted on companies listed on the Indonesia Stock Exchange during the 2014-2020 period. This study finds that return on assets, solvency ratio, and Tobin's Q positively affect stock prices, that cash ratio has a negative effect on stock prices, and that, interestingly, older companies convey better signals than the younger ones. These findings can assist investors in making quality decisions and company managers in making consideration for developing company strategies. Further, this study comprehensively analyzes the effect of corporate financial ratios on stock prices using the perspective of signaling theory and Modigliani-Miller theory looks at the differences between older and younger companies.

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