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Trisni Suryarini
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Department of Accounting, Faculty of Economics and Business, Universitas Negeri Semarang, Building L 2nd Floor, Sekaran, Gunungpati, Semarang, Indonesia 50229
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INDONESIA
Accounting Analysis Journal
Published by Universitas Negeri Semarang
ISSN : 22526765     EISSN : 25026216     DOI : https://doi.org/10.15294/aaj.v13i2
Core Subject : Economy,
Economics, Econometrics & Finance
This journal contains empirical studies regarding the Financial and Capital Market Accounting, Auditing, Accounting Information Systems, Management Accounting, Taxation, Public Sector Accounting, and Islamic Accounting.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 44 Documents
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Does Financial Efficiency Reflect Government Performance? Evidence from Indonesian Provinces Helvy Tiana Rosa; Loggar Bhilawa
Accounting Analysis Journal Vol. 14 No. 3 (2025)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v14i3.44916

Abstract

Purpose: The study critically examines whether financial efficiency ratios in local government financial reports genuinely reflect government performance or primarily indicate fiscal compliance. Within Indonesia’s decentralized governance framework, we investigate the relationship between expenditure realization, environmental outcomes, and reported financial efficiency. Method: An explanatory quantitative approach was utilized, employing balanced panel data from 34 provinces in Indonesia from 2020 to 2023. Financial performance was measured using the efficiency ratio. Regional expenditure was assessed using the expenditure realization ratio, and environmental performance was evaluated using the Environmental Quality Index (EQI). Total revenue was accounted for as a control variable. Panel regression analysis was conducted, and the appropriate estimation model was identified using the Chow and Hausman tests. Findings: Regional expenditure significantly predicts financial efficiency, confirming the ratio’s mechanical sensitivity to budget execution. However, environmental performance shows no significant association with financial efficiency, while fiscal capacity demonstrates a strong negative relationship. The limited explanatory power suggests efficiency ratios primarily capture fiscal compliance rather than substantive policy outcomes. Novelty: The study provides empirical evidence by comparing accounting-based financial efficiency indicators with outcome-based environmental performance measures, demonstrating that financial efficiency ratios primarily reflect fiscal compliance rather than substantive policy outcomes.
Why Innovation Matters More Than Disclosure for Firm Value in Indonesian ESG Leaders? Rintan Nuzul Ainy; Navaya Helena; Lu’lu’ Nafiati
Accounting Analysis Journal Vol. 15 No. 1 (2026)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v15i1.35409

Abstract

Purpose: The study examines whether carbon emission disclosure, green innovation, and eco-efficiency affect firm value differently, and whether environmental performance mediates these relationships, among Indonesian ESG-listed firms. Methods/Study design/Approach: The quantitative study analyzes a balanced panel of 32 firms listed on the ESG Sector Leaders IDX KEHATI index with 96 firm-year observations in 2021–2023 using PLS-SEM with bootstrapped confidence intervals. Carbon emissions disclosure and green innovation are measured using content analysis; eco-efficiency is measured using ISO 14001 certification; environmental performance is measured using PROPER ratings; and firm value is measured using Tobin’s Q. Result/Findings: Green innovation significantly increases firm value, while carbon emission disclosure significantly decreases it; eco-efficiency has no significant effect. Environmental performance does not significantly affect firm value directly, nor does it mediate any of the three relationships tested. Novelty/Originality/Value: The study is among the first to jointly test compliance-based (disclosure and certification) and capability-based (innovation) sustainability practices within a single PLS-SEM framework for ESG-listed Indonesian firms, distinguishing between the credibility of the signals each sends to investors. It contributes evidence that environmental performance does not function as a market-valuation channel.
How ESG Transparency Enhances Market Valuation: Examining Governance Quality in Emerging Market Agung Yulianto; Abdul Rohman; Surya Raharja
Accounting Analysis Journal Vol. 15 No. 1 (2026)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v15i1.30269

Abstract

Purpose: The study investigates the effect of Environmental, Social, and Governance report on market performance and also examines the moderating effect of corporate governance quality in this relationship. Methods/Study design/Approach: The analysis used panel data from 2018 to 2023, covering nonfinancial firms that registered in the Taiwan Stock Exchange (TWSE) and OTC market. Using 13,119 firm-year observations, we employ fixed-effects regressions with firm and year effects model Result/Findings: Higher ESG disclosure is associated with stronger market valuation. Corporate governance quality significantly enhances this effect, indicating that credible governance improves the value relevance of ESG information. When the ESG components are entered separately, the social pillar shows the strongest association with market value. Robustness checks that exclude the COVID-19 years confirm the stability of these results. Novelty/Originality/Value: The paper enhances the existing ESG literature by emphasizing the significance of corporate governance quality in optimizing the advantages of ESG disclosure. This paper also comparing the three ESG pillars within one framework. The Taiwanese evidence offers policy-relevant insights for ASEAN markets seeking to improve ESG disclosure and corporate governance to reinforce investor trust.
Unmasking Fraudulent Financial Statements in Banks: The Interplay of Greenwashing, Political Connection, and Board Independence Riyan Harbi Valdiansyah; Dian Widiyati
Accounting Analysis Journal Vol. 15 No. 1 (2026)
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/aaj.v15i1.41865

Abstract

Purpose: The study investigates the relationship between greenwashing, political connections, and fraudulent financial statements in the Indonesian banking sector, with independent commissioners serving as a moderating variable. Methods/Study design/Approach: The study uses panel data from 434 bank-year observations of Indonesian commercial banks during 2016–2022. Fraud is measured using the F-Score and Beneish M-Score models, while the hypotheses are tested using panel regression and moderation analysis. Result/Findings: The results show that greenwashing is significantly associated with fraudulent financial reporting, generally negatively across models. Political connections also significantly affect fraudulent financial statement, although the direction varies by measurement approach. Independent commissioners moderate the relationship between greenwashing and fraud, but their role in the political connections-fraud relationship is limited. Analysis comparing pre-crisis and COVID-19 periods shows that economic stress influences these relationships. Findings have practical implications for banking governance by emphasizing effective board oversight, stronger monitoring by independent commissioners, and improved transparency in sustainability and political-related disclosures to reducing fraud. Novelty/Originality/Value: The study contributes to the literature by Employing both F-Score and M-Score models and comparing pre-crisis and COVID-19 periods, the study shows that economic stress and ESG scrutiny alter governance effectiveness and incentives for fraudulent reporting in emerging-market banks.

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