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The Contrarian: Finance, Accounting, and Business Research
Published by Yayasan Widyantara Nawasena Raharja
ISSN : 29639743     EISSN : 2986190X     DOI : https://doi.org/10.58784/cfabr
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
The Contrarian: Finance, Accounting, and Business Research (CFABR) is a double peer-reviewed journal published by the Yayasan Widyantara Nawasena Raharja. The Contrarian: Finance, Accounting, and Business Research (CFABR) will publish the articles bi-annually. The article submitted to The Contrarian: Finance, Accounting, and Business Research (CFABR) is written in English and it is not under consideration or published by other publishers.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 7 Documents
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Search results for , issue "vol. 5 no. 1 (2026)" : 7 Documents clear
The effect of trust in government and tax literacy on PBB-P2 taxpayer compliance with perception of tax fairness as a mediating variable in Southeast Minahasa Regency Tumimomor, Cherril Angelia; Warongan, Jessy D. L.; Budiarso, Novi S.
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.412

Abstract

Trust in government and adequate tax literacy are frequently identified as key determinants of taxpayer compliance; however, empirical findings remain inconclusive, particularly at the local tax level. This study examines the direct effects of trust in government and tax literacy on PBB-P2 (Land and Building Tax for Rural and Urban Areas) taxpayer compliance and investigates the mediating role of perceived tax fairness in Southeast Minahasa Regency, Indonesia. Using a quantitative approach, data were collected from 108 registered PBB-P2 taxpayers and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that trust in government has a positive but insignificant direct effect on taxpayer compliance, whereas tax literacy and perceived tax fairness have positive and significant effects. Furthermore, perceived tax fairness fully mediates the relationship between trust in government and taxpayer compliance and partially mediates the relationship between tax literacy and taxpayer compliance. These findings highlight that perceptions of fairness constitute a critical psychological mechanism through which institutional trust and individual tax knowledge are translated into compliant behavior. The study contributes to the tax compliance literature by emphasizing the strategic importance of fairness-oriented tax administration and targeted tax literacy programs at the local government level.
Determinants of going concern audit opinion Demalio, Gita Sari; Tangkuman , Steven J.
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.335

Abstract

This study aims to analyze the effect of Audit Lag, Proftability, and Liquidity on Going Concern audit opinions in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2019-2023. A going concern audit opinion is issued by auditors when there is significant doubt about a company's ability to continue its operations. Audit Lag is measured by the number of days between the end of the fiscal year and the date of the audit report. Profitability is measured using Return on Assets (ROA), while liquidity is measured using is Current Ratio (CR). This research employs a quantitative approach with logistic regression analysis. The results indicate that Audit Lag and Liquidity do not have a significant effect on going concern audit opinions. However, profitability has a significant positive effect, indicating hat companies with higher profitability are less likely to receive a going concern audit opinion. These findings have important implications for company management and stakeholders in understanding financial indicators that may influence auditor's assessments of a company's sustainability.
The effect of financial technology–digital payment systems on business profitability of MSMEs in Ternate City Ramdani, Aisah; Saerang, David P. E.; Budiarso, Novi Swandari
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.371

Abstract

The rapid development of financial technology has transformed business transaction systems, particularly through the adoption of digital payment platforms. For micro, small, and medium enterprises (MSMEs), digital payment systems are expected to enhance operational efficiency, expand market access, and ultimately improve business profitability. However, empirical evidence regarding the effectiveness of digital payment adoption in improving MSME performance, especially in geographically constrained regions, remains limited. This study aims to examine the effect of digital payment systems on the profitability of culinary MSMEs in Ternate City, Indonesia. A quantitative research approach was employed using primary data collected through questionnaires from 97 MSME owners selected using purposive sampling. Data were analyzed using simple linear regression with the assistance of SPSS version 27. The results indicate that digital payment systems have a positive and statistically significant effect on MSME profits, with a significance value of 0.009 (p < 0.05). Nevertheless, the coefficient of determination (R² = 0.069) suggests that digital payment adoption explains only a small proportion of profit variation, indicating that other factors also contribute to MSME financial performance. These findings support the perspectives of behavioral accounting and transaction cost theory, which highlight the role of technology adoption in improving transaction efficiency and business outcomes. The study contributes to the growing literature on fintech adoption in MSMEs and provides empirical evidence from an island-based regional economy.
The impact of unified theory of acceptance and use of technology and social cognitive theory on accounting students' intentions to learn audit software Yohanes Raja Oloan Hutapea; Heddry Purba; Mila Susanti
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.448

Abstract

The growing digitalization of auditing requires accounting students to develop competencies in audit software; however, technology-centered models alone may not fully explain their learning intentions. This study integrates the Unified Theory of Acceptance and Use of Technology (UTAUT) and Social Cognitive Theory (SCT) to examine the determinants of students’ intention to learn audit software, with emphasis on task-specific self-efficacy. Data were collected from 97 accounting students using purposive sampling and analyzed with SEM-PLS. The results show that social influence significantly affects behavioral intention, while performance expectancy, effort expectancy, and self-efficacy are not significant. These findings indicate that students’ intentions are driven more by academic environment and social pressure than by perceived usefulness, ease of use, or individual confidence. This study highlights the limitation of UTAUT in structured system contexts and emphasizes the importance of contextual psychological factors in audit education.
Liquidity, Profitability, and Capital Adequacy: Evidence from Indonesian Listed Banks Perlita Sari Rette; Dhullo Afandi; Meily Y. B. Kalalo
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.441

Abstract

Capital Adequacy Ratio (CAR) reflects a bank’s ability to maintain financial stability and absorb risks. This study examines the effect of liquidity and profitability on CAR in banking companies listed on the Indonesia Stock Exchange during 2022–2024. Liquidity is measured by the Loan-to-Deposit Ratio (LDR), while profitability is proxied by Return on Assets (ROA). Using a quantitative approach and multiple linear regression analysis, this study analyzes 63 observations from 21 banks selected through purposive sampling. The results show that liquidity has a positive and significant effect on CAR, whereas profitability has no significant effect. Simultaneously, liquidity and profitability significantly influence CAR. These findings indicate that effective liquidity management plays a more important role in strengthening capital adequacy than profitability alone. This study provides empirical evidence and practical implications for banking management and regulators in maintaining financial stability and capital adequacy.
The impact of crude oil prices, interest rates, and the Rupiah exchange rate on the transportation and logistics sector stock index (IDX-TRANS), 2021–2025 Dias Febriansyah Subekti; Joy Elly Tulung; Priskila Bernita Rottie
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.465

Abstract

This study examines the impact of crude oil prices, interest rates, and the Rupiah exchange rate on the Transportation and Logistics Sector Stock Index (IDX-TRANS) on the Indonesia Stock Exchange for the period 2021–2025. Unlike prior sectoral studies that model a narrower set of macroeconomic drivers of IDX-TRANS, this study extends the specification by incorporating the BI Rate as an additional systematic risk factor and by explicitly controlling for the structural break associated with the COVID-19 mobility-restriction (PPKM) period. Grounded in Arbitrage Pricing Theory (APT) and the Efficient Market Hypothesis (EMH), this research employs a quantitative causal design using 59 monthly time-series observations (reduced from a nominal 60 months due to first-differencing). Variables are transformed into growth rates and first differences to satisfy stationarity requirements, confirmed using the Augmented Dickey-Fuller (ADF) test. Multiple linear regression analysis is conducted with inflation and a PPKM policy dummy as control variables, and classical assumption tests (normality, multicollinearity, autocorrelation, and heteroscedasticity) confirm that the model satisfies Best Linear Unbiased Estimator (BLUE) criteria. The simultaneous test (F-test) confirms that all variables jointly and significantly affect IDX-TRANS movements (Prob > F = 0.0062). Partially, interest rates (BI Rate) exert a significant negative effect (coefficient = −13.3604; p = 0.021), and the Rupiah exchange rate also has a significant negative effect (coefficient = −1.7850; p = 0.027), while crude oil prices show no significant effect (p = 0.547), attributed to the pass-through effect mechanism. The model explains 18.79% of IDX-TRANS variation (Adjusted R² = 0.1879). These findings suggest that monetary policy tightening and currency depreciation pose the greatest systemic risks to capital-intensive transportation firms in Indonesia.
World uncertainty and IPO underpricing: Evidence from Indonesia in the post-COVID-19 period Jan Sen; Lawren Julio Rumokoy; Victoria N. Untu
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.467

Abstract

This study investigates the effect of global uncertainty on IPO underpricing in the Indonesian capital market during the post-COVID-19 period. Drawing on information asymmetry theory and signaling theory, we argue that elevated global uncertainty amplifies adverse selection risk and widens the informational gap between issuers and investors, thereby increasing the degree of underpricing. Using a sample of 145 IPOs listed on the Indonesia Stock Exchange (IDX) between 2023 and 2025 and employing ordinary least squares (OLS) regression, we find that the World Uncertainty Index (WUI) is positively and significantly associated with IPO underpricing, consistent with the prediction that heightened macro-level uncertainty intensifies investor risk perception and compels underwriters to set deeper offer price discounts. Additionally, underwriter reputation is negatively and significantly related to underpricing, indicating that reputable underwriters serve as credible quality signals that mitigate information asymmetry and improve pricing efficiency. Firm-level variables, including return on assets, firm size, firm age, and number of shares offered, do not exert significant effects on underpricing, suggesting that macro-level uncertainty dominates firm-specific fundamentals as the primary pricing force during this period. These findings contribute to the emerging literature on global uncertainty and IPO markets by providing the first empirical evidence from Indonesia using a globally aggregated uncertainty measure, and offer practical implications for issuers, investors, underwriters, and market regulators.

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