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Jurnal Reviu Akuntansi dan Keuangan
Published by Universitas Muhammadiyah Malang
ISSN : 20880685     EISSN : 26152223     DOI : https://doi.org/10.22219/jrak.
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Reviu Akuntansi dan Keuangan Investasi (JRAK) focuses on the research related on accounting and finance that are relevant for the development of the theory and practice of accounting in Indonesia and southeast asia. JRAK covered various of research approach, namely: quantitative, qualitative and mixed method. JRAK focuses related on various themes, topics and aspects of accounting and investment, including (but not limited) to the following topics: Islamic Accounting & Ethical Finance Cultural Accounting Corporate Governance Behavioral Accounting Digital Accounting Information Systems Sustainability Accounting
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 548 Documents
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Determinants of Firm Value in Indonesia: The Role of Financial Performance as Moderation Aurora Angela; Oktavianti
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.41576

Abstract

Purpose: This research has purpose to provide empirical evidence about how cost of capital, investment opportunity set, and capital structure impacting value of corporations and investigate whether financial performance can moderate that interaction. Methodology/approach: Quantitative approach is the nature for this research. Moderated Regression Analysis utilized for analyzing research data. This research observes all of the listed corporations in Indonesia during 2019-2023. The research sample with purposive sampling obtained 1605 data. Findings: The result exhibit that cost of capital and capital structure decrease firm value. On other hand, firm value is not impacted by investment opportunity set. Moderation role by financial performance observed in interaction among cost of capital and capital structure on firm value. Despite that, the interaction of investment opportunity set on firm value do not moderate by financial performance. Practical implications: This research offer practical implication for company managers when managing corporation finance, determine the decision, and choose the corporate strategy that will be increasing value of firm. In addition, this research is also useful for helping potential investors and investors decide the corporation that will be their investment choice. Originality/value: This research utilizes the role of financial performance as a moderating variable in the relationship between cost of capital and company value, which has rarely been studied in Indonesia
Enhancing Member Welfare in Cooperatives: The Mediating Effect of Business Development Intan Mala Sari; Sulaeman Rahman Nidar; Rita Komaladewi
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.41780

Abstract

Purpose: This study aims to analyze the influence of cooperative financing, mentoring, and training on business development and member welfare at Kopontren Al Ittifaq. The analysis further investigates the mediating effect of business development on member welfare in relation to cooperative financing, mentoring, and training. Methodology/approach: This study employs a quantitative approach. The research population consists of 670 farmer members of Kopontren Al Ittifaq, with a sample of 190 respondents selected through purposive sampling. Data analysis techniques utilize Smart-PLS 4.0 software. Findings: The analysis shows that cooperative financing, mentoring, and training have a positive and significant impact on member welfare. Cooperative financing and training also have a positive effect on business development, but mentoring is insignificant. Business development has been shown to mediate the effect of cooperative financing and training on member welfare. Practical implications: This research benefits science by providing new insights into the impact of cooperative financing, mentoring, and training on member welfare. It can also inform cooperatives' design of effective programs to improve member welfare and encourage sustainable business development. Originality/value: The update in this research offers a novel integrative model using a structural equation approach to examine the collective influence of cooperative financing, mentoring, and training on business development (as a mediator) and member welfare within Indonesian religious-based cooperatives, contributing empirical evidence to the global discourse on cooperative resilience and the achievement of SDGs.
Sustainability Action Evidence From Indonesia: How Can Carbon Trading and Esg Disclosure Affect Firm Value? Arif Nugroho; La Ode Sabaruddin
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 3 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.41895

Abstract

Purpose: This study aims to empirically examine the effect of carbon trading and environmental, social, and governance (ESG) disclosure on firm value. Methodology/approach: This study uses quantitative approach and secondary data from manufacturing companies listed on the IDX for the period 2022-2023. Data was collected from annual reports and sustainability reports. Data was analyzed multiple regression analysis techniques. Findings: The results indicate Carbon Trading has a negative impact on firm value, while Environmental, Social, and Governance (ESG) disclosure has a positive impact on firm value. Practical implications: Companies should strengthen and pay more attention to carbon trading to meet the needs of stakeholders and maintain ESG disclosure for long-term investor sustainability. Investors should also give greater consideration to financial and non-financial information when assessing companies for decision-making purposes. Originality/value: This study builds upon previous research examining the impact of Carbon Trading in China. It also introduces the variable of Environmental, Social, and Governance (ESG) disclosure on firm value. This study was conducted on manufacturing companies that were previously in the energy sector and tested the implementation of Carbon Trading in Indonesia with regulations that were established in 2022 and enacted in 2023.
Corporate Governance Characteristics: What Affects Forward-Looking Information Disclosure? Eny Kusumawati; Susilaningdyah Mustikawati
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.41903

Abstract

Purpose: The purpose of this study is to analyze the effect of five corporate governance characteristics on forward-looking information disclosure (FLID) in non-financial companies listed on the Indonesia Stock Exchange during the period 2021–2023. The characteristics analyzed include the existence of a risk management committee, political connections, directors' educational background, gender diversity, and the frequency of board meetings Methodology/approach: This study employed a quantitative approach, utilizing secondary data from annual reports. The sampling technique used was purposive sampling. Data analysis used panel data regression with the help of Eviews13. Findings: The study found that the frequency of board meetings significantly influenced FLID. Conversely, the risk management committee, political connections, directors' educational background, gender diversity, did not influence FLID. Practical implications: This study contributes to the corporate governance literature in Indonesia and recommends strengthening the active role of internal governance in promoting information disclosure. Originality/value: The novelty of this research lies in the simultaneous testing of five characteristics of corporate governance with an emphasis on risk management committees and political connections, two variables that have rarely been studied together, especially in Indonesia
Reconsidering Mandatory Audit Firm Rotation in Indonesia: Perspectives from Large, Medium, and Small Audit Firms Fitriany Fitriany; Viska Anggraita; Sandra Aulia; Tarko Sunaryo; Rio F Kiantara
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.42189

Abstract

Purpose: This study aims to assess the perceptions of large, medium, and small accounting firms regarding the reconsidering of mandatory audit firm rotation (MAFR) in Indonesia, considering its impact on independence, professional skepticism, new perspectives, familiarity threats. Methodology/Approach: This study used a quantitative approach, using questionnaires from auditors from three groups of accounting firms. These questionnaires were analyzed using the Kruskal-Wallis test and Dunn's post-hoc test to identify significant differences between groups. Findings: The study, with 235 respondents, showed that perceptions of MAFR in Indonesia vary across accounting firms. Small accounting firms support MAFR because they believe it maintains independence, strengthens professional skepticism, and opens up opportunities for new clients. Medium accounting firms are moderate, considering both the legitimacy benefits and the costs of rotation. Conversely, Big Four accounting firms view firm rotation as less necessary, as they rely on partner rotation, global reputation, and a strong internal quality control system. Practical Implications: Although perceptions of MAFR differ across accounting firm groups, MAFR should continue to be implemented with the support of mechanisms such as comprehensive audit documentation and effective knowledge transfer to achieve the benefits of rotation without compromising audit quality. Originality/Value: No research has been found comparing the perceptions of large, small, and medium-sized auditors regarding MAFR in terms of independence, professional skepticism, and audit costs, and statistically testing the relevance of MAFR in the Indonesian context following the revocation of the MAFR policy.
Improving Bos Fund Accountability Through ARKAS, Internal Control and Strengthened by Transparency Enika Diana Batubara; M. Nursidin; Dominggus Sijauta; Dini Ventiany; Tengku Hasan
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.42217

Abstract

Purpose: This study aims to analyze the effect of ARKAS implementation and internal control on the accountability of BOS fund management in high schools, with financial transparency as a moderating variable.Methodology/approach: A quantitative associative approach was employed, using SEM-PLS analysis on data from 87 respondents, including principals, treasurers, and BOS operators from public and private high schools in Medan. Data were collected through a structured questionnaire using a Likert scale, and analyzed with SmartPLS 4.Findings: The results indicate that both ARKAS implementation and internal control significantly influence accountability. Financial transparency significantly moderates the relationship between ARKAS and accountability, but not the relationship between internal control and accountability.Practical implications: These findings highlight the importance of strengthening internal control and implementing digital systems in parallel with genuine financial transparency practices.Originality/value: This study contributes to the public accounting literature by examining the moderating role of transparency in the context of education finance and digital financial systems.
Do Digital Technology and CSR Disclosure Quantity and Quality Affect Firm Value? Erwin Saraswati; Dhika Aji Wardhani; Maulana Fitri Agustin
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.42295

Abstract

Purpose: This study aims to examine the impact of digital technology and corporate social responsibility (CSR) disclosure quantity and quality on firm value, as well as to test the role of financial flexibility and firm size as moderating variables in the context of the Indonesian banking industry. Methodology/approach: This study uses a sample of 276 banking companies listed on the Indonesia Stock Exchange during the 2019–2024 period, selected using purposive sampling. Data analysis was conducted using Moderated Regression Analysis (MRA). Findings: The research findings indicate that the disclosure of digital technology and both quantity and quality of CSR disclosure can enhance firm value, but this effect weakens when interacted with financial flexibility. Larger firm size strengthens the influence of both the quantity and quality of CSR disclosures, but not digital technology disclosure. These findings confirm that non-financial information, including both the quantity and quality of CSR disclosures and digital technology, has an impact on firm value. Practical implications: This study provides practical implications for banking management to prioritize verifiable CSR disclosures and the utilization of digital technology, as well as to ensure adequate financial support. Originality/value: This study contributes by integrating digital technology disclosure, quantity and quality of CSR, and firm size to support signaling theory.
Income, Financial Attitude, Locus of Control on Financial Well-Being Through Financial Behavior in Dusun Dami Ade Ega Maulidiana; Puji Endah Purnamasari
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.42422

Abstract

Purpose: This study has a goal to inspect the effect that received by financial well-being for financial behavior as a mediator on the community of Dusun Dami, Malang from income, financial attitude, also locus of control Methodology/approach: The quantitative study is the kind of research that implemented to this study and samples were acquired by implementing purposive sampling method along a whole of 340 respondents who met the criteria. Questionnaires were used to gather data, and SmartPLS software was used to analyze the results utilizing Structural Equation Modeling-Partial Least Squares.  The analysis involved assessing the structural model for hypothesis testing and the measurement for validity and reliability. Findings: The results stipulate that financial behaviour isn’t significantly impacted by income, while financial behavior is significantly impacted by financial attitude and locus of control. Furthermore, financial well-being is significant yet positively impacted by financial behavior. Mediation testing indicates that “financial behavior does not mediate the relationship between income and financial well-being, but successfully mediates the relationship between financial attitude, locus of control, and financial well-being.” Practical implications: The findings stipulate that enhancing the internal locus of control and promoting more supportive financial attitudes are crucial for promoting responsible financial conduct, which enhances financial well-being. Programs of financial literacy and community empowerment should focus not only on income improvement, but also on behavioral and psychological aspects Originality/value: Unlike most prior studies that focused on students or urban communities, this research provides new evidence from a rural Indonesian context. It emphasizes the significancece of behavioral and psychological factors in improving financial well-being beyond income level
The Mediator Role of Perceived Risk in The Relationship Between Financial Literacy and Hassle Factor on Investment Decision Himmiyatul Amanah Jiwa Juwita
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.42859

Abstract

Purpose: This study examines the influence of financial literacy, hassle factor on investment decisions in the Indonesian capital market, with perceived risk as a mediator. Methodology/approach: A survey of 400 active capital market investors of IDX was conducted, and the data were analyzed using PLS-SEM. Findings: The results show that financial literacy significantly improves investment decisions, while the hassle factor has no significant effect. Perceived risk is shown to mediate the relationship between financial literacy and the hassle factor on investment decisions, emphasizing that individuals consider potential risks and financial consequences more carefully before making investment decisions. Practical implications: These findings have implications for the development of more effective financial education programs and investment platforms. Originality/value: This study contributes to the literature by combining cognitive (literacy) and behavioural (hassle) perspectives, providing new insights into investor behavior, and offering practical guidance for reducing barriers to investment participation.
Market-Based Measure as an Approach To Assessing The Performance of Football Club In Indonesia Heri Widodo; Endra Wahyu Ningdiyah
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 4 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i4.42950

Abstract

Purpose: This study aims to analyze the financial statements of Indonesian professional football clubs using a market-based measure approach. Methodology/approach: This research method uses quantitative descriptive analysis. The data used are secondary data in the form of annual financial statements of Bali United FC football club from 2021-2024. This study used indicators such as Price to Earnings Ratio, Market to Book Value, Tobin's Q, Stock Return, and Market Capitalization. Findings: Based on the research results, all components of the Market-Based Measure Approach influence the sustainability of Bali United FC football club, namely Price to Earnings Ratio, Market to Book Value, Tobin's Q, Stock Return, and Market Capitalization. Furthermore, Bali United FC's performance, based on analysis using the Market-Based Measure approach, shows a mostly positive financial performance. This is because Bali United FC's Thobin's Q value is >1. Practical implications: The use of market-based measures can make football club performance assessments more objective because they are based on market values ​​such as brand, player value, and commercial revenue. This approach helps clubs develop more targeted business strategies, including merchandise management, digital media, and sponsorship partnerships. Clubs are also encouraged to improve governance in accordance with professional standards, thus increasing transparency and accountability. Originality/value: Using Market-Based Measures as an alternative to the traditional accounting approach (based on financial statements). The indicators used are Price to Earnings Ratio, Market to Book Value, Tobin's Q, Stock Return, and Market Capitalization.

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