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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 10 Documents
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Search results for , issue "vol. 5 no. 2 (2026)" : 10 Documents clear
Financial literacy and digital accounting information systems: Their effect on financial reporting accountability in the Catholic Church Natasha Maria Angela Pontoh; Agus T. Poputra; Robert Lambey
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.447

Abstract

Accountability in financial reporting is a cornerstone of governance in religious institutions, where congregational trust is increasingly demonstrated through credible and verifiable financial management rather than spiritual leadership alone. Despite the growing adoption of digital accounting information systems, many parishes still experience delays and inconsistencies in financial reporting. This study examines the effect of financial literacy and the Digital Accounting Information System (DAIS) on financial reporting accountability among parish finance officers in the Catholic Church of the Diocese of Manado. Using a quantitative survey design, data were collected from parish finance officers and analyzed through multiple linear regression. The results show that financial literacy and DAIS simultaneously have a significant effect on financial reporting accountability. However, partially, financial literacy does not show a significant effect, whereas DAIS has a strong, positive, and significant effect. These findings introduce the concept of "Faith in Data," in which DAIS functions as a digital bridge of trust and a balancing mechanism that compensates for variations in individual financial literacy. This study contributes to the accounting literature by demonstrating that in a hierarchical pastoral context, digitalization extends beyond administrative efficiency to become a critical instrument of modern governance that ensures systemic reliability and institutional legitimacy.
Sustainability disclosure as a mediator: The effects of profitability, leverage, and institutional ownership on firm value in Indonesian Banking (2021–2024) Anggya Julliet Jennyver Mangundap; Jullie Jeannete Sondakh; Hendrik Gamaliel
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.452

Abstract

This study examines the effects of profitability, leverage, and institutional ownership on sustainability disclosure and firm value among banking companies listed on the Indonesia Stock Exchange during 2021–2024, addressing persistent variation in disclosure quality despite the rapid rise in sustainability-reporting compliance. Using a quantitative, explanatory design with Structural Equation Modeling–Partial Least Squares (SEM-PLS), the study analyzes 136 firm-year observations from 34 banks selected through purposive sampling. The structural model explains 26.2% of the variance in firm value (R² = 0.262) and 10.8% of the variance in sustainability disclosure (R² = 0.108). Leverage (β = −0.214; p = 0.004) and institutional ownership (β = −0.273; p = 0.001) significantly and negatively affect sustainability disclosure, whereas profitability shows no significant effect (β = 0.020; p = 0.819). Sustainability disclosure (β = 0.392; p < 0.001), profitability (β = 0.135; p = 0.001), and institutional ownership (β = −0.176; p = 0.046) significantly affect firm value, while leverage exerts no significant direct effect (p = 0.206). Sustainability disclosure fully mediates the leverage–firm value relationship (p = 0.009) and partially mediates the institutional ownership–firm value relationship (p = 0.002), but does not mediate the profitability–firm value relationship (p = 0.820). By repositioning sustainability disclosure as a mediating mechanism and applying a banking-adjusted GRI checklist within a highly leveraged, capital-regulated industry, this study provides novel evidence that sustainability disclosure functions as a critical non-financial channel linking financial and governance characteristics to firm value. The findings offer practical implications for bank management seeking to strengthen disclosure quality and for regulators, including Indonesia's Financial Services Authority (OJK) and the Indonesian Institute of Accountants (IAI), in advancing forthcoming sustainability-disclosure standards.
Sustainability reporting, liquidity, and audit report lag: Evidence from Indonesian mining companies Nathania Rachel Queen Rondonuwu; Jullie Jeannete Sondakh; ⁠Anneke Wangkar
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.459

Abstract

The interval between a company's fiscal year-end and the issuance date of the independent auditor's report or Audit report lag (ARL) is a critical indicator of financial reporting timeliness. Despite growing environmental, social, and governance (ESG) disclosure requirements in Indonesia, empirical evidence on how sustainability reporting quality influences audit timeliness in the extractive sector remains limited and inconclusive. Drawing on Signaling Theory (Spence, 1973) and Agency Theory (Jensen & Meckling, 1976), this study examines the effects of sustainability reporting and liquidity on audit report lag in mining companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. A quantitative, associative approach was employed with purposive sampling, yielding 41 companies and 123 firm-year observations. Data were analyzed using panel data regression with Fixed Effects and Random Effects models (Hausman test applied), incorporating control variables (firm size, profitability, leverage, and auditor type). The results show that sustainability reporting does not significantly affect audit report lag, while liquidity has a significant positive effect on audit report lag. The liquidity finding suggests that companies with higher current asset volumes require more extensive audit procedures, thereby prolonging the audit process. These findings contribute to the ARL literature by providing sector-specific evidence from the Indonesian mining industry and offer practical implications for audit planning and corporate governance.
The influence of digital financial literacy and financial technology on managerial performance in Vapestores Erlangga Defry Sutardjo; Jullie J. Sondakh; Djeini Maradesa
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.462

Abstract

This study investigates whether digital financial literacy and financial technology improve managerial performance in vapestore businesses. The rapid expansion of the vapestore industry has increased competition and required managers to enhance financial management capabilities and adopt digital financial tools. However, many vapestore managers still face limitations in digital financial literacy and financial technology utilization, which may hinder managerial effectiveness. This study uses a quantitative approach with data collected from 40 vapestore managers in Manado, Tomohon, Mandolang, and Airmadidi. Data were analyzed using multiple linear regression with SPSS 26. The findings reveal that digital financial literacy has a positive and significant effect on managerial performance, as indicated by a regression coefficient of 0.591 and a significance value of 0.000. Financial technology also has a positive and significant effect, with a regression coefficient of 0.492 and a significance value of 0.000. Furthermore, the adjusted coefficient of determination shows that 88.4% of managerial performance is explained by digital financial literacy and financial technology, while 11.6% is explained by other factors outside the model. These results indicate that strengthening digital financial literacy and optimizing financial technology utilization are important in improving managerial performance in vapestore businesses.
Does managerial ownership moderate the effect of firm value and corporate social responsibility disclosure on tax avoidance? Evidence from Indonesian Food and Beverage Companies Michael Stefanus Marentek; Sonny Pangerapan; Priscillia Weku
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.464

Abstract

Taxes are one of the most important sources of state revenue for national development. However, companies often engage in tax avoidance to minimize tax expenses legally by taking advantage of loopholes in tax regulations. This study aims to analyze the effect of firm value and Corporate Social Responsibility (CSR) Disclosure on tax avoidance, with managerial ownership as a moderating variable, in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the period 2021–2024. This study uses a quantitative method with multiple linear regression analysis and Moderated Regression Analysis (MRA). The sampling technique used purposive sampling, resulting in 16 companies with a total of 64 firm-year observations. The data used are secondary data obtained from companies’ financial statements. The results show that firm value, CSR Disclosure, and managerial ownership do not have a significant effect on tax avoidance (t-test significance values of 0.366, 0.681, and 0.700, respectively; all p > 0.05). Managerial ownership is also unable to moderate the relationship between firm value and CSR Disclosure on tax avoidance (interaction-term significance values of 0.265 and 0.589, respectively). The simultaneous test results indicate that all research variables together do not significantly affect tax avoidance (F = 0.384, p = 0.765; R² = 0.019, Adjusted R² = − 0.030), indicating that the model explains only a small proportion of the variance in tax avoidance and that other factors outside the model are likely more influential.
Intellectual capital and firm performance in the Indonesian banking sector: A post-pandemic reassessment Abygail Flower Sigar; Agus T. Poputra; Lidia M. Mawikere
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.468

Abstract

Prior studies on intellectual capital and firm performance report inconsistent findings, particularly in the banking sector, where reliance on intangible resources is high yet operations are increasingly automated through digital technology. This study re-examines that relationship by testing the effect of human capital and relational capital on the performance of banking companies listed on the Indonesia Stock Exchange during the 2022-2024 period, a period marked by accelerated digital transformation in the industry. Human capital is proxied using value added human capital (VAHU), relational capital using relational capital efficiency (RCE), and company performance using return on assets (ROA). Using a quantitative causal-associative design, 84 firm-year observations were selected through purposive sampling and analyzed using multiple linear regression. The results show that neither human capital nor relational capital has a significant effect on company performance, with the two variables jointly explaining only 2.2% of the variation in ROA. These findings suggest that in an increasingly digitalized banking industry, traditional intellectual capital components alone are insufficient to explain firm performance, and that operational, risk-based, and technological factors likely play a more dominant role. The study contributes to Resource-Based Theory by highlighting boundary conditions under which intangible resources fail to translate into measurable financial performance, and offers practical implications for banking companies in reassessing their intellectual capital management strategies.
The effect of tax understanding and individual taxpayer education level on msme compliance in npwp ownership: A survey of MSMEs in Mapanget District, Manado City Nazillah Diva Adnayah Mardatillah; Harijanto Sabijono; Wulan D. Kindangen
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.476

Abstract

MSME compliance in Taxpayer Identification Number (NPWP) ownership remains low in Mapanget District, Manado City, and is thought to depend on taxpayers' tax understanding and educational background. This study examines the effect of tax understanding (X1) and individual taxpayer education level (X2) on MSME compliance in NPWP ownership (Y) using a quantitative survey of 95 MSME actors selected through purposive sampling. Data were analyzed with multiple linear regression in SPSS after instrument validity/reliability and classical assumption tests. Tax understanding had a positive and significant effect on compliance (B=0.959; t=28.960; Sig.<0.001), while education level had no significant effect (B=0.268; t=1.089; Sig.=0.279). The model was significant overall (F(2,92)=790.50; Sig.<0.001) and explained 94.4% of the variance (Adjusted R2=0.944). Given this unusually large effect size, a Harman's single-factor test indicated that common-method bias is unlikely to fully explain the result (single-factor variance=41.7%). These findings suggest that tax understanding, not formal education, is the dominant driver of formal MSME tax compliance, implying that tax authorities and MSME support agencies should prioritize understanding-based over credential-based compliance interventions.
Bridging competitive advantage and trade-off theory: Financial management practices among coconut MSMEs in North Minahasa Aldrian Victor Pangemanan; Herman Karamoy; Robert Lambey
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.411

Abstract

Coconut-based Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in supporting North Minahasa's regional economy through value-added production and employment generation. However, financial management among these enterprises remains weak, often marked by informal practices, poor record-keeping, and the absence of financial reporting. This study analyzes the implementation of financial management from the aspects of planning, organizing, actuating, controlling, and reporting (POACR) among coconut-based MSMEs in North Minahasa Regency. Using a qualitative descriptive case study approach, data were obtained through in-depth interviews with five purposively selected informants representing three coconut product sub-sectors (coconut fiber handicraft, copra, and coconut shell charcoal processing) in Likupang Timur and Airmadidi Sub-districts, together with field observations and document analysis over a defined fieldwork period. The study applied Competitive Advantage Theory (Porter, 2008) and Trade-Off Theory (Myers, 1984) as interpretive, sensitizing frameworks to assess how financial management shapes MSME competitiveness and financing strategies. Results show that financial management remains largely informal, relying on owners' intuition rather than formal documentation. Planning is done mentally, organizing and actuating remain undifferentiated from the owner's daily role, controlling relies on direct supervision, and reporting is the weakest and most inconsistent element across all three sub-sectors. Despite these weaknesses, MSMEs demonstrate adaptive resilience, cautious financing behavior consistent with Trade-Off Theory, and strong local resource utilization consistent with Competitive Advantage Theory. The study recommends strengthening financial literacy, promoting digital record-keeping, and encouraging government and institutional support to improve financial structure and competitiveness.
Capital market reaction to the United States-China trade war: an event study of abnormal return, trading volume activity, and market capitalization in Indonesian coal sub-sector companies Gio Andri Alkana Ginting; Lawren Julio Rumokoy; Emilia Margareth Gunawan
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.484

Abstract

This study examines the capital market reaction to the United States-China trade war among coal sub-sector issuers listed on the Indonesia Stock Exchange (IDX), using an event study approach with Abnormal Return (AR), Trading Volume Activity (TVA), and Market Capitalization (MC) as reaction indicators. The final sample consists of 14 coal sub-sector companies selected through purposive sampling based on continuous listing, absence of confounding corporate actions, and complete price/volume data throughout the observation period. The event window spans 29 trading days (t−14 to t+14) surrounding the tariff escalation of April 16, 2025 (t=0), preceded by a 15-trading-day estimation window (t−29 to t−15) used to construct the expected return under the Mean-Adjusted Model. Because the AR, TVA, and MC data did not fully satisfy the normality assumption under the Shapiro-Wilk test, the non-parametric Wilcoxon Signed Rank Test was used for hypothesis testing. The results show no statistically significant difference in AR before and after the event (Z = -0.408, p = 0.683), whereas TVA (Z = -2.480, p = 0.013) and MC (Z = -3.296, p = 0.001) both differ significantly. These findings indicate that the trade war was not strong enough to alter abnormal profits captured through returns, but significantly affected trading activity and the market's valuation of coal issuers, suggesting that the reaction was channeled primarily through liquidity and valuation responses rather than price adjustments. Theoretically, this study extends the Efficient Market Hypothesis and geopolitical risk theory by showing that market efficiency can manifest asymmetrically across reaction channels; practically, it offers investors, portfolio managers, and issuers in China-exposed commodity sectors an evidence-based basis for monitoring liquidity and valuation signals, rather than price movements alone, during periods of trade-policy escalation.
Time-driven activity-based costing and room selling prices: A case study at The Sentra Hotel Manado Kezia Brielni Wiltin Mewengkang; Agus Tony Poputra; Natalia Y. Telly Gerungai
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.491

Abstract

Time-Driven Activity-Based Costing (TDABC) is a refinement of Activity-Based Costing that uses time as the primary cost driver, allocating resource costs to activities in proportion to the estimated minutes each activity actually consumes. This study aims to (1) determine room selling prices at The Sentra Hotel Manado, a four-star hotel in North Sulawesi, using the TDABC method, and (2) compare the resulting prices with those currently set by hotel management under a cost-plus/dynamic-pricing approach, for all six room types over the full 2025 operating year. The Sentra Hotel Manado was selected as the case on the basis of data accessibility, management's willingness to disclose detailed cost records, and its representativeness of North Sulawesi's growing four-star hotel segment; as a single-case design, the findings describe this property's cost structure and are not intended to generalize numerically to other hotels. A case-study approach was used, drawing on observation, semi-structured interviews, and documentation, with room-service activity times measured through direct stopwatch timing cross-checked against staff interviews and standard operating procedures. The results show that TDABC-based room prices are as follows: Superior at Rp625,667; Deluxe at Rp753,386; Premier at Rp929,546; Suite at Rp1,167,762; Premier Suite at Rp2,518,164; and President Suite at Rp5,572,733. Management's cost-plus/dynamic-pricing prices for the same room types are Rp650,300; Rp785,100; Rp987,870; Rp1,215,500; Rp2,560,000; and Rp5,685,000, respectively. TDABC-based prices are consistently lower than management's prices, by 1.6% to 5.9% depending on room type, because time-proportional allocation captures differences in service intensity across room types more precisely than management's single, uniform 70% margin. The findings support a resource-consumption rationale for time-based costing in hospitality: allocating shared service resources by actual activity time, rather than by an aggregate markup, more closely reflects each room type's true resource consumption.

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