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Astri Ayu Purwati
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Research in Accounting Journal
Published by Yayasan Riset dan Pengembangan Intelektual
ISSN : 27157881     EISSN : 27157873     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Reseach In Accounting Journal (RAJ) reviewed covers theoretical and applied research in the field of Accounting and Finance. Priority is given to those articles which satisfy the main scope of the journal, and have an impact in the research areas of interest. The RAJ Journal is intended to be the journal for publishing articles reporting the results of research in the areas : Financial Accounting, Cost Accounting, Management Accounting, Auditing, Tax, Accounting System Information, Islamic Principal Accounting Public Sector Accounting The acceptance decision is made based upon an independent review process that provides critically constructive and prompt evaluations of submitted manuscripts.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 76 Documents
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Intersectoral Event Study Analysis on the Indonesia Stock Exchange Regarding the 2025 Replacement of the Minister of Finance of the Republic of Indonesia Ade Ria Nirmala; Umi Rachmah Damayanti; Ratna Nuraini; Ibrahim Musa
Research in Accounting Journal (RAJ) Vol. 7 No. 1 (2026): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/xe50qh68

Abstract

This study examines the reaction of the Indonesian capital market to the 2025 replacement of the Minister of Finance of the Republic of Indonesia using an event study approach. Market reaction is assessed through abnormal returns of sectoral indices listed on the Indonesia Stock Exchange (IDX) within an event window of 20 trading days before and 20 trading days after the announcement date. The Jakarta Composite Index (JCI) is employed as a proxy for market return, while sectoral index closing prices serve as the primary data source. The analysis includes normality testing, one-sample t-tests, paired-sample t-tests, and comparative analysis of Average Abnormal Returns (AAR) across sectors. The findings reveal the presence of significant abnormal returns on several trading days surrounding the event, indicating that the ministerial replacement conveyed value-relevant information that elicited investor responses. However, the paired-sample t-test results show no statistically significant difference in average abnormal returns between the pre-event and post-event periods, suggesting that the market reaction was temporary and rapidly absorbed. Sectoral analysis further demonstrates heterogeneous responses, with the Technology, Industrials, and Healthcare sectors exhibiting the highest sensitivity, while the Consumer Non-Cyclicals and Consumer Cyclicals sectors showed relatively defensive characteristics. These results provide evidence that political-economic events can generate short-term market reactions, although their impact varies across sectors. The findings support the Semi-Strong Form of the Efficient Market Hypothesis and Signaling Theory, highlighting that investors interpret and respond to political information differently depending on sector-specific characteristics.
Managing Seasonal Demand Surges: Sales Strategies for Homemade Cookie Businesses During the Ramadan Peak Season Leony Angelina Rianita Putri; Ali Farhan
Research in Accounting Journal (RAJ) Vol. 7 No. 2 (2026): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/012xcq89

Abstract

This study analyzes the surge in demand for Leon Cookis homemade cookies during the peak Ramadan season, driven by the tradition of exchanging gift hampers, increased consumer purchasing power, and promotional activities through WhatsApp. The objective of this research is to identify the factors influencing the demand increase, examine the sales management strategies implemented by the business, and compare business performance during Ramadan and normal periods. A qualitative approach was employed through interviews with the business owner and direct observations of the production process. The findings reveal that the cookies are produced fresh based on customer orders, while affordable pricing is maintained through the direct procurement of ingredients from suppliers. As a result, monthly sales volume increased significantly from 15 to 150 jars during the Ramadan peak season. The business strategy focuses on a made-to-order production system and direct purchasing of raw materials to optimize efficiency and maintain product quality. A comparison between Ramadan and regular periods indicates substantially higher operational efficiency and sales performance during the Ramadan peak season.
Examining the Effects of Financial Literacy, Family Financial Socialization, Parental Education, and Parental Income on Financial Behavior among University Students Living Away from Home Umi Rachmah Damayanti; Ade Ria Nirmala; Ratna Nuraini; M. Sabri; Siti Intan Nurdiana Wong Abdullah
Research in Accounting Journal (RAJ) Vol. 7 No. 1 (2026): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/xnzkjw73

Abstract

University students living away from home are required to manage their finances independently while facing various economic and social challenges. This study aims to examine the influence of financial literacy, family financial socialization, parental education, and parental income on the financial behavior of university students living away from home. A quantitative approach was employed using primary data collected through questionnaires. The sample consisted of 375 university students living away from home from the Faculty of Economics and Social Sciences, selected using the accidental sampling technique. Data were analyzed using multiple linear regression with the assistance of SPSS software. The results indicate that financial literacy, family financial socialization, parental education, and parental income have a positive and significant effect on financial behavior. The coefficient of determination (R²) of 67.5% shows that variations in financial behavior can be explained by these four variables, while the remaining 32.5% is influenced by other factors outside the research model. The findings suggest that the financial behavior of university students living away from home is influenced not only by financial knowledge but also by family financial socialization and parents’ socioeconomic background.
Firm Value in Indonesian Healthcare Companies: Do Internal Factors and Dividend Policy Matter? Ari Nurwahidah; Riri Mayliza; Ahmad Fayaz Naziry; Tran Thai Ha Nguyen; Muhammad Firmansyah
Research in Accounting Journal (RAJ) Vol. 7 No. 2 (2026): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/axd8k419

Abstract

This study aims to analyse the influence of profitability, firm size, leverage and insider ownership on firm value, with dividend policy as a moderating variable, amongst healthcare sector companies listed on the Indonesia Stock Exchange for the period 2020–2024. The study employs the Signalling Theory and Agency Theory approaches, using a sample of 8 companies selected via purposive sampling, yielding 40 observations from the companies’ annual reports, which were analysed using fixed-effects panel data regression via EViews. The results indicate that profitability has a positive effect on firm value, whilst firm size and leverage have no effect. Managerial ownership was found to have a negative effect on firm value. In terms of moderation, dividend policy did not strengthen the effects of profitability, firm size and leverage, but it did strengthen the effect of insider ownership on firm value. An Adjusted R-Squared value of 87.9% indicates that the variables in the model are highly effective in explaining firm value.  
Sustainability Practices and Financial Performance in SMEs: A Systematic Literature Review Gde Agung Satria
Research in Accounting Journal (RAJ) Vol. 7 No. 2 (2026): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/c580bv54

Abstract

In the post-COVID-19 pandemic era, businesses, particularly Micro, Small, and Medium Enterprises (MSMEs), have recognized that business activities should not only focus on economic profitability but also on environmental and social sustainability. However, the greatest challenge for MSMEs in implementing sustainable practices is closely related to cost efficiency and limited financial resources. Therefore, it is crucial for MSMEs to adopt sustainability practices that are aligned with their financial management strategies. Using a Systematic Literature Review (SLR) approach, this study aims to map the theoretical foundations underlying sustainability practices among MSMEs, examine their impact on financial performance, and identify the financial factors that drive their implementation. Based on an analysis of 27 articles published between 2013 and 2023, the findings reveal that four major theories dominate the literature in explaining sustainability practices among MSMEs. Furthermore, both internal factors (such as liquidity and cost efficiency) and external factors (such as access to green financing) are identified as the primary drivers of sustainability adoption. Theoretically, this study contributes to a broader understanding of the evolution of sustainable financial management in MSMEs from the pre-pandemic to the post-pandemic period. Practically, the findings provide valuable guidance for MSME practitioners in developing long-term sustainability strategies while maintaining financial stability.
The Effect of Working Capital and Accounts Receivable Turnover on the Profitability of Retail MSMEs Della Aria Ningsih; Laynita Sari
Research in Accounting Journal (RAJ) Vol. 7 No. 2 (2026): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/75d62946

Abstract

This study aims to analyze the impact of working capital and accounts receivable turnover on the profitability of retail Micro, Small, and Medium Enterprises (MSMEs) in the North Padang District. This research was conducted because the management of working capital and accounts receivable constitutes a crucial factor influencing the financial performance and business sustainability of MSMEs. The study population consisted of all 1,369 retail MSME units in the North Padang District; a sample of 94 respondents was selected using the Yamane formula and convenience sampling. Primary data obtained directly from respondents were used for the analysis. Data analysis involved validity and reliability tests, classical assumption tests, multiple linear regression analysis, the coefficient of determination test, the F-test, and the t-test. The results indicate that working capital has a positive and significant partial effect on MSME profitability. Similarly, accounts receivable turnover has a positive and significant effect on MSME profitability. These findings suggest that more efficient working capital management and faster accounts receivable turnover enhance the ability of MSMEs to generate profit. The study's findings are expected to serve as a reference for MSME owners in improving the effectiveness of financial management to support sustainable business performance.
The Impact of Accounting Information Systems, Internal Audit, and Human Resource Quality on Employee Performance at PT. Bumi Berdikari Sentosa Cut Wina Raida Anggraini; Dian Puji Puspitasari; Evi Marlina
Research in Accounting Journal (RAJ) Vol. 5 No. 2 (2024): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v2i2.7667

Abstract

This study aims to examine the influence of accounting information systems, internal audit, and the quality of human resources on employee performance at PT. Bumi Berdikari Sentosa. The data collection method employed in this research is a questionnaire. The population consists of all 55 employees of PT. Bumi Berdikari Sentosa, with a sample of 45 employees selected through purposive sampling. The data analysis techniques used include descriptive analysis, data quality testing, classical assumption testing, multiple linear regression analysis, hypothesis testing, and the coefficient of determination test.The findings reveal that the accounting information system has a significant positive effect on employee performance. In contrast, internal audit does not show a significant effect on employee performance. Meanwhile, the quality of human resources significantly influences employee performance.
Corporate Governance Mechanisms and Financial Performance: The Moderating Role of Firm Size in Manufacturing Firms Listed on the Indonesia Stock Exchange Septia Aldina Putri; Astri Ayu Purwati; Muhammad Rizki
Research in Accounting Journal (RAJ) Vol. 6 No. 1 (2025): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v6i1.10455

Abstract

This study investigates the relationship between corporate governance mechanisms, firm size, and financial performance of manufacturing firms listed on the Indonesia Stock Exchange. Drawing upon agency theory and resource-based perspectives, this research examines how board size, the proportion of independent commissioners, and audit committee size influence financial performance, while also considering firm size as a key organizational characteristic. This study employs a quantitative explanatory design using secondary data obtained from annual reports of manufacturing companies over the 2019–2023 period. Panel data regression analysis is applied to test the proposed hypotheses. The findings indicate that corporate governance mechanisms significantly affect financial performance. Specifically, the proportion of independent commissioners and audit committee size show a positive and significant relationship with return on assets (ROA), suggesting that stronger monitoring mechanisms enhance financial outcomes. Firm size also demonstrates a significant positive effect on financial performance, implying that larger firms benefit from economies of scale and better access to resources. These results confirm the governance–performance nexus in an emerging market context. This study contributes to the corporate governance literature by providing recent empirical evidence from Indonesia and highlighting the importance of governance structure and firm characteristics in improving financial performance. The findings offer practical implications for regulators, investors, and corporate managers in strengthening governance practices to achieve sustainable financial performance.
Determinants of Stock Returns: The Role of Profitability, Valuation Ratios, and Firm Size in the Jakarta Islamic Index (2016–2020) Yulianto Yulianto; Yusnita Octafilia
Research in Accounting Journal (RAJ) Vol. 6 No. 1 (2025): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v6i1.10458

Abstract

This study aims to determine the effect of Return on Assets, Net Profit Margin, Price-Earnings Ratio, Earnings Per Share, and Company Size on the Jakarta Islamic Index Stock Return for the period 2016–2020. The object of this research is a company listed in the Jakarta Islamic Index from 2016 to 2020. The population in this study is 30 companies. The sampling technique used was Purposive Sampling, and a sample of 29 companies was obtained. The data analysis technique used was multiple linear regression, utilising SmartPLS 3.0, because the research data were not normally distributed when analysed in SPSS. The results of this study indicate that the variables of Return on Assets, Net Profit Margin, Price-Earnings Ratio, Earnings Per Share, and Company Size have no significant effect on the stock returns of the Jakarta Islamic Index for the period 2016–2020.
Blockchain in Accounting and Auditing: A Systematic Literature Review Noraini Moktar; Mazzlida Mat Deli; Ainul Huda Jamil
Research in Accounting Journal (RAJ) Vol. 6 No. 1 (2025): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v6i1.10462

Abstract

The rapid development of blockchain technology has generated significant discussion regarding its transformative potential in accounting and auditing. While blockchain offers features such as immutability, decentralization, and real-time verification, its actual impact on financial reporting quality and audit practices remains fragmented across the literature. This study aims to systematically review and synthesize scholarly research on blockchain applications in accounting and auditing over the period 2016–2026. Using a PRISMA-guided systematic literature review approach, peer-reviewed journal articles were identified, screened, and analyzed through thematic synthesis and qualitative content analysis. The findings reveal five dominant research streams: (1) blockchain and financial reporting quality, (2) audit transformation and risk reconfiguration, (3) governance and regulatory challenges, (4) crypto-asset accounting issues, and (5) technological integration with artificial intelligence and data analytics. The review indicates that blockchain enhances structural transparency and transaction traceability, potentially reducing detection risk in auditing. However, improvements in reporting quality are conditional upon regulatory clarity, governance mechanisms, and institutional readiness. Rather than eliminating audit risk, blockchain redistributes risk toward system integrity, cybersecurity, and smart contract reliability. This study contributes by integrating fragmented findings into a coherent analytical framework, identifying empirical gaps, and proposing a structured future research agenda. The results provide theoretical implications for digital accounting scholarship and practical insights for auditors, regulators, and policymakers navigating blockchain-enabled financial ecosystems.

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