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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 64 Documents
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Accounting for water and its role in achieving sustainability: An exploratory study on a sample of Samarra City Citizens Hasan, Mustafa saeed
The Contrarian : Finance, Accounting, and Business Research Vol. 4 No. 2 (2025)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.416

Abstract

This study examines the relationship between accounting for water quality and the achievement of environmental and financial sustainability in Samarra, amid declining government-provided water quality. Using a descriptive–analytical approach, data were collected via a five-point Likert scale questionnaire from 211 employees and faculty members at the University of Samarra. Results indicate a significant positive relationship between water quality and financial sustainability, and a weaker yet significant relationship with environmental sustainability. The findings demonstrate that poor government water quality imposes direct financial burdens on citizens and promotes unsustainable bottled water consumption. The study underscores the role of water accounting in assessing such impacts and recommends enhancing water infrastructure, integrating water accounting into environmental performance reporting, and providing temporary solutions to support citizens.
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.
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.

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