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Eskasari Putri
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ep122@ums.ac.id
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+6285730401011
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INDONESIA
Riset Akuntansi dan Keuangan Indonesia
ISSN : 14116510     EISSN : 25416111     DOI : https://www.doi.org/10.23917/reaksi.v8i3
Core Subject : Economy,
Research in Accounting and Finance Indonesia focusing on various themes, topics, and the accounting and financial aspects, including (but not limited) to the following topics: Public sector accounting Management accounting Islamic accounting Financial management Auditing Corporate Governance (Corporate Governance) Behavioral Accounting (Including Ethics and Professionalism) Accounting Education (Ethics) Taxation Theory of Investment and Capital Markets Accounting Banking and Insurance Accounting information system Sustainability reporting (Sustainability Reporting)
Articles 170 Documents
The Effect of Corporate Financial Performance, Firm Size, and Firm Age on Firm Value with Climate Change Disclosure as a Moderator Kurniawan, Egananda; Fitriasari, Rizka
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.9839

Abstract

This study investigates the effect of corporate financial performance, firm size, and firm age on firm value with the implementation of climate change disclosures as a moderating variable, utilizing stakeholder theory. Climate change disclosure (CCD) as recommended by the Task Force on Climate-related Financial Disclosures (TCFD) serves as a moderating variable, which is a novelty in this study. The samples include 16 energy sector companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023, selected through purposive sampling and analyzed by panel data regression and moderated regression. The analysis results exhibit that ROA has a positive effect on firm value, ROE has a negative effect on firm value, and firm size and firm age have no effect on firm value. CCD weakens the effect of ROA and strengthens the effect of ROE on firm value, but does not moderate the effect of firm size and firm age on firm value.
The Effect of Carbon Performance on Firm Value and Moderating Role of Ownership Concentration and Public Visibility Hanifah, Siti Nurul; Ratna Wardhani
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.10206

Abstract

With the increasing awareness of stakeholders and climate change issues, companies increasingly tries to manage their emissions. This study aims to examine how carbon emissions performance effects firm value and to examine the moderating role of ownership concentration and public visibility. This study uses a data set of 52 companies with 206 observations in non-financial companies listed on the Indonesia Stock Exchange during 2016-2023. The results show that carbon emission performance has a positive effect on firm value and ownership concentration cannot moderate the relationship, but public visibility can weaken the relationship between carbon emission performance and firm value. This research implies the importance of companies managing carbon emissions as a business sustainability strategy that can attract investors and maintain public visibility to avoid environmental controversy.
Stocks vs Mutual Funds in An Election Year: Which is More Profitable? Leonny Noviyana Sakti Pamungkas; Y Anni Aryani; Doddy Setiawan
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.10305

Abstract

This study analyzes the reaction of stock markets and mutual funds to political events using a sample of 15 countries that held elections. In general, we document the returns before and after the elections and use t-test to determine the effect and f-test to measure the volatility of both. The results show that the short-term effect is significant for all mutual funds and only a few stocks are significant. In addition, with the same conditions, it does not necessarily have the same impact on the two instruments.  However, we only found the short-term impact. While the explanation is not too clear, investors may want to observe the economic impact on stocks and mutual funds arising from longer time horizons.
The Influence of ESG Performance on Cost of Debt : The Moderating Role of Agency Cost Saputra, Mohan Maulana; Eka Pria Anas
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.10519

Abstract

This study examines the relationship between ESG (Environmental, Social, and Governance) performance and the cost of debt, with agency cost as a moderating variable. Using panel data from companies listed on the Indonesia Stock Exchange (IDX) for the period 2018–2023, this research employs panel regression and interaction analysis. The results show that ESG performance has a positive and significant effect on the cost of debt, indicating that higher ESG scores may be associated with increased costs from the creditors’ perspective. Furthermore, agency cost negatively and significantly moderates this relationship, suggesting that when agency costs are high, the positive effect of ESG on the cost of debt is weakened. These findings imply that while ESG initiatives are often perceived as positive signals, their benefits in reducing debt costs may be limited when internal inefficiencies or managerial conflicts exist. The study contributes to the understanding of how internal governance factors interact with sustainability efforts in influencing corporate financing outcomes.
The Effect of Carbon Emissions on Earnings Quality with The Moderation of Gender Diversity in Indonesia Annisa, Rara; Atmini, Sari; Noval Adib
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.11105

Abstract

This study analyzes the impact of carbon emissions on earnings quality, examining how gender diversity on corporate boards moderate this relationship. Using panel data regression with Moderated Regression Analysis (MRA), the study investigates companies from high-carbon sectors listed on the Indonesia Stock Exchange (2021–2023). Results indicate carbon emissions do not have a significant impact on earnings quality overall. In regions with high ethical standards, higher carbon emissions reduce earnings quality due to greater earnings management and the rebound effect. In low-ethics regions, higher carbon emissions are linked to better earnings quality, likely from real business growth. Board gender diversity does not significantly moderate this relationship. The study recommends policymakers for improving financial reporting quality and advancing environmental responsibility by considering the ethical and social context of each region.
Digital Transformation and Bank Performance: The Moderating Role of Risk in Indonesian Commercial Banks Febriansyah, Wivan; Ermawati, Wita Juwita; Fariyanti, Anna; Syukur, Mat
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.11828

Abstract

This study analyzes the effect of digital transformation on the performance of Indonesian commercial banks, with financial risk measured by the Z-Score as a moderating variable. Using panel data regression on 21 listed banks from 2019 to 2023, the findings reveal that digital transformation has a positive and significant impact on Net Interest Margin (NIM), reflecting improved efficiency and profitability. However, when financial risk is considered, the direct effect of digital transformation becomes insignificant, suggesting that risk conditions may hinder the optimal benefits of digital initiatives. Interestingly, the interaction term between digital transformation and Z-Score is positive and significant, indicating that banks with higher financial stability are better positioned to leverage digital technologies. Furthermore, leverage and Non-Performing Loans (NPLs) show significant effects, while macroeconomic factors such as inflation and GDP growth are insignificant. These results highlight that the success of digital transformation depends not only on technology adoption but also on financial soundness and effective risk management. The findings provide practical implications for regulators and banking practitioners in designing sustainable digital transformation strategies that enhance competitiveness in the digital era.
Examining The Impact of Islamic Corporate Governance, Doctoral-Level Sharia Supervisory Board, Sharia Compliance, and Board of Commissioners on Fraud Mitigation in Corporate Settings Fakhruddin, Iwan; Kusbandiyah, Ani; Winarni, Dwi; Norwani, Norlia Mat
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.12594

Abstract

ACFE Indonesia in 2025 confirmed that most of the surveyed cases occurred because internal employees exploited weak controls. Employees who committed fraud occurred at all levels, namely operational staff/employees were most involved, especially in the procurement function with 29.3 cases, operational employees with 17.4% of cases, and finance (13.6%). At the middle manager/executive level, there were around 14.3% of cases and at the top management (directors/board) with 6.5% of cases. This study aims to examine the influence of the variables of Islamic Corporate Governance, Shariah Compliance Disclosure, Board of Commissioners, Shariah Supervisory Board Education on internal fraud, using total assets as a control variable. This study uses secondary data from the annual reports of Islamic Commercial Banks accessed on the official websites of each bank. The data collection technique used a purposive sampling method with the criteria of Indonesian Islamic Commercial Banks in the period 2015-2024 and has data related to the term of office of directors, educational background of the DPS, and awards received by Islamic banks. The number of samples obtained was 72 observational data. The analytical method used in this study was panel data regression analysis processed using Stata 17 software. The results showed that Sharia Compliance Disclosure has a significant negative effect on Internal Fraud. And the variables of Islamic Corporate Governance, Board of Commissioners, and Education of the Sharia Supervisory Board do not have a significant effect on Internal Fraud
Business Strategic Orientation and Banking Profitability: The Moderating Effect of Accounting Information Systems Aldoury, Nashwan Ghazi Hameed; Kurter, Osman; Ahmed, Essia Ries
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.12627

Abstract

The primary objective of this study is to examine the effect of business strategic orientation on organizational profitability. In addition, this study investigates the moderating role of the Accounting Information System (AIS); its dimensions of aggregation (AISA), integration (AISI), and timeliness (AIST), on the relationship between business strategic orientation and banking profitability. Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) were sample target subsets for this research. The chosen banks received a total of 152 questionnaires. A minimum of 113 respondents was considered a sufficient sample size based on the study's requirements. The Partial Least Squares (PLS) method was utilized to evaluate the survey data. Results indicate that cost leadership (BSCLS) has a positive but marginally significant effect on profitability, whereas innovative differentiation (BSID) significantly enhances banking profitability. Regarding the moderating role of AIS, aggregation (AISA) positively and significantly strengthened the cost leadership (BSCLS) profitability relationship but had a negative and significant moderating effect on the innovative differentiation (BSID) banking profitability link. AISI shows negative and insignificant moderation for cost leadership (BSCLS), and positive but insignificant moderation for innovative differentiation (BSID). AIST, negatively and significantly, moderates the cost leadership (BSCLS) profitability relationship, while it positively and significantly moderates the innovative differentiation (BSID) banking profitability relationship. These findings highlight that the effectiveness of strategic orientation on banking profitability is contingent on specific dimensions of the AIS.
Between Strategy and Governance: Which Matters More in Driving Tax Disclosure? Ulynnuha, Ovi Itsnaini; Millati, Nabila Fida; Mujiyati; Aris, Muhammad Abdul; A'zizah, Laila Oshiana Fitria
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.13146

Abstract

This study aims to examine the effect of tax planning, board of commissioners size, and independent commissioners on tax disclosure among manufacturing firms in Indonesia. The research employed a quantitative approach using panel data regression with 38 firm-year observations from 19 listed companies that recently listed their IPOs since the period 2022–2023. The analysis was conducted by estimating the Common Effect, Fixed Effect, and Random Effect models, followed by specification tests such as Chow and Hausman. The Random Effect Model was identified as the most appropriate model. The empirical results indicate that tax planning has a positive effect on tax disclosure at the 10% significance level, while the size of the board of commissioners has a positive and significant impact at the 5% level. In contrast, the presence of independent commissioners does not show a significant influence. These findings highlight the importance of board size and tax strategies in improving corporate transparency, while also suggesting that the effectiveness of independent commissioners requires further attention in the Indonesian context.  
Determinants of Tax Avoidance from a Financial Perspective Nursiam; Kusumawati , Eny
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i2.13362

Abstract

Tax avoidance refers to efforts by taxpayers to reduce tax liabilities by exploiting loopholes in tax regulations. This practice is legal and does not conflict with existing rules. This study aims to analyze financial determinants of tax avoidance, including liquidity, profitability, thin capital, capital intensity, earning power, sales growth, and company size. The research population consists of manufacturing companies listed on the Indonesia Stock Exchange (IDX-IC classification) during 2019–2021. Secondary data were obtained from 159 manufacturing company annual reports available on [www.idx.co.id] (http://www.idx.co.id) and company websites, with purposive sampling used for selection. The study applies a quantitative approach with multiple linear regression analysis. The findings show that tax evasion is negatively impacted by equity-based profitability, suggesting that companies with higher equity returns are less likely to evade taxes. However, firms with larger assets, faster development, and larger scale are more likely to employ tax avoidance tactics, according to the beneficial effects of asset-based profitability, capital intensity, sales growth, and company size. However, thin capitalization has no discernible impact. These results demonstrate that tax evasion is a strategic decision influenced by asset structure, financial situation, and the need for legitimacy, and that it goes beyond simple taxation issues.