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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 72 Documents
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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.
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.
Sustainability report and accounting conservatism on earnings management: Evidence from Indonesia's consumer non-cyclicals sector (2021–2024) Handel Benedicto Mangero; David P. E Saerang; Peter M. Kapojos
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.492

Abstract

Earnings management is an intervention by management in the preparation of financial reports for external parties in order to smooth, increase, or decrease reported earnings. In the consumer non-cyclicals sector, which has a stable market capitalization, earnings management may be influenced by various factors, including sustainability report disclosure as a form of corporate transparency and responsibility, and the level of accounting conservatism applied. This study aims to analyze the effect of the sustainability report and accounting conservatism on earnings management in consumer non-cyclicals sector firms listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Earnings management is proxied by discretionary accruals (DA) using the Modified Jones Model, the sustainability report is proxied by the Sustainability Reporting Disclosure Index (SRDI), and accounting conservatism is proxied by conservatism accruals (CONACC). Using purposive sampling, 39 firms were selected, yielding 156 firm-year observations analyzed with multiple linear regression. The results show that the sustainability report has no significant effect on earnings management (t = -0.776; Sig. = 0.439), whereas accounting conservatism has a negative and significant effect (t = -14.323; Sig. < 0.001). The Adjusted R² of 0.567 indicates that both variables jointly explain 56.7% of the variation in earnings management. These findings suggest that sustainability disclosure has not yet directly constrained earnings management practices, while a higher level of accounting conservatism can suppress accrual-based earnings management among consumer non-cyclicals firms in Indonesia.
Management control system and employee and institutional performance in the digital transition: A levers-of-control case study of BAPENDA Manado City Emily Grasia Putri Mongdong; Natalia Y. T. Gerungai; Syermi S. E. Mintalangi
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.493

Abstract

Digital transformation in the public sector encourages government organizations to strengthen their Management Control System (MCS) in order to support improvements in employee and institutional performance. This study aims to analyze the implementation of the MCS at the Regional Revenue Agency (BAPENDA) of Manado City, its role in improving employee performance, and its impact on institutional performance, analyzed through Simons' (2000) Levers of Control framework. This research uses a qualitative approach with a case study method. Data were collected through interviews, observation, and documentation involving four informants, and analyzed using the interactive model of Miles and Huberman. The results show that the MCS is implemented through performance-target setting, task distribution, monitoring and evaluation, a reward-and-punishment mechanism, and the use of digital systems such as SILADEN, AARS, and SMARTGOV. The implementation of the MCS is associated with improvements in employee discipline, responsibility, productivity, motivation, and accountability. In addition, the implementation of the MCS coincided with a rise in Regional Original Revenue (PAD) achievement, from Rp202.83 billion in 2020 to Rp408.40 billion in 2024, as well as with improvements in service quality, transparency, and institutional supervision; because the study uses a single qualitative case design without a comparison baseline, this association should be read as suggestive rather than as proof that the MCS alone caused the PAD increase, given concurrent post-pandemic economic recovery and national tax-digitalization mandates over the same period. Although challenges remain in technology adaptation and in data management, particularly data-reconciliation processes across systems that are not yet fully real-time, overall, the MCS has supported improvements in both employee and institutional performance.
The effect of profitability and capital intensity on tax avoidance in consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange during 2021–2024 Raphajirsy Berthveight Akerina; Lintje Kalangi; 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.494

Abstract

Tax avoidance is a company's effort to legally minimize its tax burden by exploiting loopholes in the prevailing tax regulations. Tax avoidance practices can be influenced by various internal factors, including profitability and capital intensity. Profitability reflects a company's ability to generate profit, while capital intensity indicates the extent of investment in fixed assets that may generate depreciation expenses as a deduction from taxable income. This study aims to analyze the effect of profitability and capital intensity on tax avoidance in consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Tax avoidance is proxied by the Effective Tax Rate (ETR), profitability by Return on Assets (ROA), and capital intensity by the Capital Intensity Ratio (CIR). The study employs a quantitative causal-associative approach with multiple linear regression. Using purposive sampling, 39 firms were selected, yielding 156 firm-year observations. The results show that profitability has a significant effect on tax avoidance (t = -4.417; Sig. < 0.001), whereas capital intensity has no significant effect (t = 0.638; Sig. = 0.524). The Adjusted R² of 0.114 indicates that both variables jointly explain 11.4% of the variation in tax avoidance. These findings indicate that a company's profit level can influence its tendency toward tax avoidance, while the magnitude of fixed-asset investment does not directly influence tax avoidance among consumer non-cyclicals companies in Indonesia.

Page 7 of 8 | Total Record : 72

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