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Oki Wahyu Setiawan
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reaksi@ub.ac.id
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Jl. MT. Haryono No.165, Ketawanggede, Kec. Lowokwaru, Kota Malang, Jawa Timur 65300
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INDONESIA
Reviu Akuntansi, Keuangan, dan Sistem Informasi
Published by Universitas Brawijaya
ISSN : -     EISSN : 29646030     DOI : http://dx.doi.org/10.21776/reaksi
Core Subject : Economy,
Economics, Econometrics & Finance
Publish all forms of quantitative and qualitative research articles as well as other scientific studies related to the fields of Accounting, Finance, and Information Systems.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 313 Documents
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The Design Of A Microsoft Excel-Based Financial Distress Prediction Tool As A Basis For Credit Decision-Making By Creditors Erryka Yusnita Rahmadani; Tojibussabirin, Muhammad
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 4 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.4.527

Abstract

This study aims to design a Microsoft Excel-based financial distress prediction tool that can be used as a basis for credit decision-making by creditors. The tool is equipped with Visual Basic for Applications (VBA) to enhance its functionality and ease of use. Financial distress prediction serves as an early warning system to assess prospective debtors’ ability to meet their financial obligations before credit is granted. The tool incorporates several financial distress analysis models, namely the Grover model and the Zmijewski model. The study was conducted on LQ45 index companies listed on the Indonesia Stock Exchange in 2020 (pre-COVID-19) and in 2023 (post-pandemic). The results show that the developed prediction tool is capable of providing comprehensive, informative, and easily accessible financial analysis through a simple user interface. The tool is expected to assist creditors in conducting more accurate and objective financial analyses, thereby minimizing the risk of default.
The Effect Of Profitability, Environmental, Social & Gov-ernance (Esg), And Political Connection On Firm Value Santosa, Kezia Virginia Elok; Prastiwi, Arum
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 3 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.3.530

Abstract

In an unstable global economy, companies must adopt various strategies to sustain their businesses while competing to enhance their value in the eyes of potential investors. A high firm value attracts investors and increases investment opportunities. This study aims to empirically examine the effect of profitability, Environmental, Social, & Governance (ESG), and political connections on firm value. From a population of manufacturing companies listed on the IDX from 2021 to 2023, 90 companies were selected as samples using a purposive sampling technique. The results of multiple regression analysis indicate that profitability significantly affects firm value, while ESG and political connections have no significant effect on firm value. These findings align with the Signaling Theory, which posits that profitability serves as a positive signal to investors, reinforcing the importance of improving profitability to enhance firm value. Thus, potential investors should consider profitability as a key factor in making investment decisions.
Analysis Of The Acceptance Of Robo-Advisor Technology As A Support For Investment Activities Among Generation Z Putera, Bayu Ardiansyah
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 3 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.3.531

Abstract

This study aims to analyze the factors that influence the behavioral intention of Generation Z (Gen Z) in Indonesia to use robo-advisors as a technological support for their investment activities. The independent variables in this study are perceived usefulness, perceived ease of use, and attitude toward using, as derived from the Technology Acceptance Model (TAM), while the dependent variable is behavioral intention to use. The results of the multiple linear regression analysis indicate that the three independent variables collectively have a significant effect on the behavioral intention to use robo-advisors. In addition, perceived usefulness, perceived ease of use, and attitude toward using each have a positive and significant effect individually. These findings suggest that perceptions of usefulness, ease of use, and positive attitudes toward technology are key determinants of robo-advisor adoption among Gen Z. The results also serve as a reference for digital investment platform developers in designing adaptive, value-added, and user-friendly systems for the younger generation.
Analysis Of The Relationship Between Corporate Sutainability Disclosure and Esg Ratings By Msci, Sustainalytics, And Cdp (A Study Of The Sus-tainability Report Of Pt Pertamina (Persero)) Yurisca, Winda
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 4 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.4.532

Abstract

This research aims to analyze ESG ratings by MSCI, Sustainalytics, and CDP based on differences in methodology, data sources, assessment focus, and the relationship between PT Pertamina (Persero)'s sustainability report disclosure and its ESG ratings. This research employs a descriptive qualitative method, utilizing data from the ESG Risk Ratings Methodology Report and PT Pertamina's Sustainability Report. The results indicate variations in ESG assessment methodology and focus. MSCI applies a scoring system with additional qualitative assessments, Sustainalytics emphasizes exposure and management, while CDP focuses on management and A-List criteria. Data sources also differ: MSCI uses shareholder meeting documents, Sustainalytics relies on peer reviews and financial filings, and CDP utilizes emission reports, supply chain data, and stakeholder engagement. The publication of PT Pertamina (Persero)’s sustainability report influences its ESG ratings. Based on the 2023 report, Pertamina received a BB/Average score (MSCI), 20.7/Medium Risk (Sustainalytics), and B- (CDP), indicating the need for improvements in ESG aspects and climate change management.
Effects Of Environmental Performance On Firm Value With The Mediation Of Csr Disclosure (A Study on Mining Companies Listed on the Indonesia Stock Exchange in the 2020–2023 Period) Caesario, Yulian Lega; Nugraha, Adri Putra
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 4 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.4.533

Abstract

This study examines the effect of environmental performance on firm value, with CSR disclosure as a mediating variable. From all mining companies listed on the IDX during the 2020–2023 period, 48 companies were selected as samples using a purposive sampling technique. Data analysis using Partial Least Squares (PLS) reveals that environmental performance does not directly affect firm value but does so indirectly through CSR disclosure. This finding empirically supports stakeholder theory and legitimacy theory, particularly regarding the role of CSR disclosure in mediating the relationship between environmental performance and firm value. The study provides insights for mining companies, emphasizing that both environmental performance and CSR disclosure contribute positively to firm value.
The Effect Of Macroeconomics On Ten Sectoral Stock In-dices For The Period 2011-2020 (Jasica-Index) Yusril Arifando, Fahmi; Adib, Noval
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 3 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.3.536

Abstract

This study aims to analyze the effect of macroeconomic factors partially and simultaneously on the sectoral stock price index listed on the Indonesia Stock Exchange. This study's independent macroeconomic variables are GDP rate, inflation, and Rupiah / USD exchange rate. The dependent variable used is the ten IDX sectoral index stock prices. The model used in this research is Ordinary Least Squares with the help of SPSS software. The data used in this study are quarterly and time series data from 2011 to 2020, with 40 observations. The data in this study were obtained from the Central Bureau of Statistics, Bank Indonesia, and Investing.com. The results show that GDP and inflation do not affect the ten sectoral stock indices. The Rupiah exchange rate negatively and significantly affects nine sectoral stock price indices except the mining sector index. Simultaneously, GDP, Inflation, and the Rupiah Exchange Rate significantly affect all ten sectoral stock price indices, except the mining sector.
The Effect of Corporate Social Responsibility Disclosure on Financial Performance with Financial Distress As A Moderating Variable Adhy Putra, Karya; Puspita, Ayu Fury
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 4 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.4.538

Abstract

CSR programs, over time, play a highly important role for companies; as such, conducting them properly helps a company obtain legitimacy from stakeholders, send positive signals to potential investors, and is believed to affect the company's financial performance. However, economic uncertainty often makes it difficult for companies to turn a profit and pushes them into financial distress. Therefore, this study aims to determine whether financial distress can affect the correlation between CSR and company financial performance.  This study includes nine company samples selected through purposive sampling and involves secondary data analyzed quantitatively using panel data regression and MRA.  ROA and ROE, as proxies for financial performance, are the dependent variables in this study; CSR is the independent variable; and financial distress is the moderating variable. The results of this study suggest that CSR has a positive effect on financial performance and that financial distress negatively moderates the correlation between CSR and financial performance.
Analysis On The Financial Performance And Operational Efficiency Of Companies Listed On The Indo-nesia Stock Exchange Before And After Acquisition For The 2019-2022 Period Nurul Rahmah
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 4 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.4.542

Abstract

This study aims to examine the differences in financial performance and operational efficiency before and after acquisitions in companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2022. The sample was selected purposively, focusing on publicly listed non-financial companies. The data used in this study are secondary data obtained from audited financial statements or annual reports. The sample consists of companies that conducted acquisitions, with observations made both before and after the acquisition year. This study uses the non-parametric Wilcoxon Signed-Rank Test for analysis. The results of this study indicate that there are no significant differences in the financial performance and operational efficiency of parent companies before and after acquisitions, as measured by economic value added, return on assets, return on equity, net profit margin, and efficiency ratio.
The Influence Of Environmental Performance And Corpo-rate Social Responsibility On The Financial Performance Afani, Amirah; Atmini, Sari
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 5 No. 1 (2026): REAKSI In press
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study is motivated by the growing importance of sustainability performance in business, especially in the mining sector, which poses significant environmental risks. The purpose of this research is to examine the effect of environmental performance and Corporate Social Responsibility (CSR) on the financial performance of mining companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2023 period. Environmental performance is measured using the PROPER rating issued by the Ministry of Environment and Forestry (KLHK), while CSR is measured by the number of items disclosed in accordance with the Global Reporting Initiative (GRI) 2021 guidelines. Financial performance is assessed using the Return on Assets (ROA) indicator. This study adopts a quantitative approach using multiple linear regression analysis, based on secondary data obtained from annual reports, sustainability reports, and PROPER documents. The results indicate that environmental performance positively affects financial performance, whereas CSR disclosure has no impact on it. These findings suggest that compliance with environmental standards can enhance a company’s financial outcomes, but CSR disclosure alone is insufficient to generate direct financial benefits. The study underscores the need for companies to strengthen the substance of their CSR initiatives and integrate environmental sustainability into long-term business strategies.
The Effect Of Governance Mechanisms On Earnings Management With The Moderation Of Financial Distress Liano, Tristan Jovanka; Ghofar, Abdul
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 4 No. 3 (2025): REAKSI
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2025.4.3.544

Abstract

This study aims to examine the effect of corporate governance mechanisms namely institutional ownership, managerial ownership, the proportion of independent board of commissioners, and audit committee size on earnings management with financial distress as a moderating variable. The sample of this study consists of banking companies listed on the Indonesia Stock Exchange during the period 2019–2022 selected using purposive sampling, resulting in 160 observation data points. Using hierarchical multiple linear regression for the analysis, this study finds that institutional ownership and the proportion of independent board of commissioners have a negative effect on earnings management, while managerial ownership and audit committee size have no significant effect on earnings management. Furthermore, financial distress weakens the negative effects of institutional ownership and the proportion of independent board of commissioners on earnings management, but it does not moderate the effects of managerial ownership and audit committee size on earnings management.

Page 29 of 32 | Total Record : 313

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