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Journal of Development Economics and Digitalization, Tourism Economics (JDEDTE)
Published by Yayasan Nuraini Ibrahim Mandiri
ISSN : -     EISSN : 30326036     DOI : https://doi.org/10.59407/jdedte.v1i2
Core Subject : Economy, Science, Social,
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences
ournal of Development Economics and Digitalization, Tourism Economics (JDEDTE) is a national journal for scientific research: Development Economics, Economic and Digitalization, Monetary and Fiscal Policy, Economic and Public Policy, Environment and Natural resource, Industrial Organization, Regional and Urban Economics, Big Data Economy, Tourism and Hospitality Development , Sharia Compliant Tourism, Human Resource Management in Tourism, Sustainability Tourism, Tourist Behaviour, Marketing-Tourism, Economic Development, Technological Change, and Growth Industrial and Energy Policy, Economic Policy, Financial Economics and Banking, International Trade and Monetary Economics, Finance and Financial Markets, Environmental Economics, Public and Business Economics, Public administration of tourism development, safety and security in tourism,
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 94 Documents
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ASSESSING THE EFFECT OF DIVIDEND POLICY ON CORPORATE VALUE IN THE ASEAN FINANCIAL SECTOR Hazratov, Behzodjon; Supriatna, Nono; Ikin Solikin
Journal of Development Economics and Digitalization, Tourism Economics Vol. 3 No. 2 (2026): April
Publisher : Yayasan Nuraini Ibrahim Mandiri

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Abstract

This study examines the effect of dividend policy operationalized through the dividend payout ratio (DPR), dividend per share (DPS), and dividend yield (DY) on corporate value among banks operating in Indonesia, Malaysia, and Singapore over the period 2020 to 2024. Using a quantitative approach based on secondary financial data from 370 firm-year observations, simple linear regression analysis was employed. The empirical results indicate that dividend policy, as measured by a composite index, does not exert a statistically significant effect on corporate value (F = 0.244; Sig. = 0.621; R² = 0.001). These findings suggest that corporate value in ASEAN banking institutions is determined by a broader set of factors beyond dividend distribution alone, including regulatory capital constraints, profitability, and macroeconomic conditions. The results are theoretically consistent with the Dividend Irrelevance Theory proposed by Modigliani and Miller (1961) and are corroborated by the stringent capital adequacy frameworks mandated by Basel III. This study contributes to the growing body of comparative financial research on ASEAN banking markets and recommends that future research incorporate additional firm-level and institutional determinants to achieve a more comprehensive model of dividend behavior in regulated financial sectors.
THE INFLUENCE OF COMPANY LEVEL ON AUDIT QUALITY IN INDONESIA'S LISTED BANKING COMPANIES Ashirova, Kamola; Kustiawan, Memen; Imas Nurani Islami; Bekimbetova, Gulnora
Journal of Development Economics and Digitalization, Tourism Economics Vol. 3 No. 2 (2026): April
Publisher : Yayasan Nuraini Ibrahim Mandiri

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Abstract

This study analyzes the influence of firm-level factors, as proxied by technology investment, on audit quality based on auditor decisions (in Big Four versus Non-Big Four companies), for banking companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023. Based on agency theory, signaling theory, and the resource-based view (RBV), banks with higher organizational levels tend to hire reputable external auditors to minimize information asymmetry and convey financial reliability to stakeholders. Using a quantitative approach with purposive sampling, data was obtained from 60 companies for annual observations, which were then analyzed using binary logistic regression. The results show that the average technology investment (in natural logarithm) is 25.3963, with a standard deviation of 2.053, reflecting substantial variation across banks. Approximately 60% of cases involve Big Four auditors. The binary logistic regression results indicate a statistically significant and positive relationship between firm-level technology investment and audit quality (Wald = 5.571, p = 0.018, Exp(B) = 1.417), although the model explains a modest proportion of variance (Nagelkerke R² = 0.135), suggesting that additional predictors may further improve explanatory power in future research.
THE IMPACT OF CASH HOLDING ON FIRM VALUE (CASE STUDY ON NON-FINANCIAL COMPANIES IN THE ASEAN CAPITAL MARKET) Shamsiddinova, Ra’no; Mimin Widaningsih; Elis Mediawati
Journal of Development Economics and Digitalization, Tourism Economics Vol. 3 No. 2 (2026): April
Publisher : Yayasan Nuraini Ibrahim Mandiri

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Abstract

The aim of this research is to investigate the role of cash holdings in providing financial flexibility, supporting operations, and capturing investment opportunities within the ASEAN capital market. The research sample consists of 216 companies selected using purposive sampling based on specific criteria determined by the researcher. The sample includes 82 companies from Indonesia, 93 companies from Malaysia, and 41 companies from Singapore. The observation period covers three years, from 2022 to 2024, in order to capture recent financial conditions and firm performance. This study uses a quantitative research approach with simple linear regression analysis to test the proposed hypothesis. In this research, cash holding acts as the independent variable, while firm value is the dependent variable. The regression analysis is conducted using statistical software to obtain accurate estimation results. The findings show that cash holding has a positive and significant effect on firm value, indicating that companies with higher levels of cash holding tend to have higher firm value because cash provides financial flexibility and helps companies manage financial risks and investment opportunities. However, this study has several limitations, including the use of only one independent variable and a sample limited to non-financial companies in the ASEAN capital market. Therefore, future research is recommended to include additional variables and expand the research scope to obtain more comprehensive results.
FINANCIAL STATEMENT FRAUD DETECTION USING THE BENEISH M-SCORE AND ITS IMPLICATIONS FOR FIRM VALUE: A NARRATIVE LITERATURE REVIEW Mutalibov, Shukurulloxon; Mediawati, Elis; Widaningsih, Mimin
Journal of Development Economics and Digitalization, Tourism Economics Vol. 3 No. 2 (2026): April
Publisher : Yayasan Nuraini Ibrahim Mandiri

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Abstract

Financial statement fraud remains a major concern for investors, regulators, and researchers because it reduces the reliability of financial reporting and can lead to significant economic losses. Among the various approaches developed to detect such fraud, the Beneish M-Score has become one of the most widely used tools due to its practicality and reliance on publicly available financial data. This study reviews the existing literature on the use of the Beneish M-Score in detecting financial statement fraud and examines the implications of such fraud for firm value. Using a narrative literature review approach, this article synthesizes prior theoretical and empirical studies related to fraud detection, earnings manipulation, and market responses to fraudulent financial reporting. The review shows that the Beneish M-Score is a useful initial screening tool for identifying potential earnings manipulation, although its effectiveness varies across countries, industries, and regulatory environments. The literature also indicates that financial statement fraud generally has a negative effect on firm value through declining investor confidence, falling stock prices, reputational damage, and higher costs of capital. Overall, this study highlights the importance of early fraud detection and emphasizes that the Beneish M-Score can provide meaningful insights when used alongside other analytical approaches and supported by strong corporate governance. Keywords: financial statement fraud; Beneish M-Score; firm value; earnings manipulation; narrative literature review

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