Indonesian Journal of Accounting and Governance
The Indonesian Journal of Accounting and Governance (IJAG) is a peer-reviewed academic journal aiming for advancing knowledge and fostering innovation in finance, accounting, auditing, accountability, sustainability, risk management, governance, and taxation. It provides a platform for researchers, practitioners, and policymakers to share insights and explore the intersection of these critical fields. The journal is accredited SINTA 4. Focus Areas: Finance: Covers topics such as corporate finance, capital markets, investment analysis, financial management, and emerging financial technologies. Accounting: Includes research on financial and managerial accounting practices, taxation, and accounting information systems. Auditing: Explores external and internal auditing, assurance services, audit quality, and the role of auditing in improving transparency and trust. Taxation: Special focus is given to taxation, addressing issues such as tax policy, corporate tax strategies, tax compliance, and the impact of international tax reforms. IJAG encourages research on how taxation affects business decision-making, the relationship between tax policies and governance, and the role of taxation in economic development, especially in Southeast Asia and other developing economies. Accountability: Focuses on how organizations ensure accountability to stakeholders like shareholders, customers, and the public through ethical practices and transparency. Sustainability: Emphasizes corporate sustainability reporting, environmental and social governance (ESG), and how these practices affect financial performance and long-term success. Risk Management: Studies the identification, assessment, and management of operational, financial, and reputational risks in business. Governance: Analyzes corporate governance structures, the role of boards, shareholder rights, and the link between governance and performance.
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<![CDATA[Determinants of Profitability and DEA Efficiency Analysis of Indonesia’s Cigarette Industry ]]>
<![CDATA[Setiawan, Chandra]]>;
<![CDATA[Angelina, Selly]]>
<![CDATA[ Indonesian Journal of Accounting and Governance Vol. 9 No. 2 (2025): DECEMBER ]]>
Publisher : <![CDATA[School of Accountancy, University of Agung Podomoro ]]>
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DOI: 10.36766/hm4xw139
<![CDATA[Despite high smoking rates and substantial household spending on cigarettes, cigarette sales volume in Indonesia has gradually declined over recent years. Amid these challenging times in the cigarette industry, this research aims to analyze the determinants of profitability and efficiency of cigarette companies in Indonesia from 2019 to 2023. The study uses data from quarterly financial reports of four companies listed on the IDX. In panel data regression analysis, the independent variables include the current ratio (CR), assets turnover (TATO), and debt-to-equity ratio (DER), while the dependent variable is return on assets (ROA). The selected model for panel data regression is the Fixed Effect Model (FEM). The findings reveal that both CR and DER have a significant negative impact on return on assets, while TATO has a significant positive impact on ROA. All the independent variables collectively exert a significant influence on the ROA of cigarette companies. Among these variables, DER has the most significant effect on profitability. These variables explain 51.90% of the variation in ROA. Additionally, the average technical efficiency score of cigarette companies in Indonesia from 2019 to 2023 is 69.0%. Simple regression analysis further shows that the average technical efficiency score significantly and positively influences ROA, accounting for 47.68% of the variation. Overall, these variables explain 99.76% of the variation in ROA. In conclusion, cigarette companies should focus on optimizing asset use and cautiously managing debt levels to attract investors and sustain stable returns even during market fluctuations.]]>
<![CDATA[Corporate Tax Avoidance, Earnings Management and Firm Value: The Moderating Role of ESG Ratings ]]>
<![CDATA[Rivany Janete Eufrosina Fulianto]]>;
<![CDATA[Vita Elisa Fitriana]]>
<![CDATA[ Indonesian Journal of Accounting and Governance Vol. 9 No. 2 (2025): DECEMBER ]]>
Publisher : <![CDATA[School of Accountancy, University of Agung Podomoro ]]>
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DOI: 10.36766/ds7cwq59
<![CDATA[The topic related to firm value has persistently become a main issue among stakeholders, as it involves various factors. This study highly contributes in the literature for examining non-ethical factors involved in company, such as tax avoidance and earnings management. Hence, this study aims to analyze the effect of tax avoidance and earnings management on firm value by considering the role of Environmental, Social, and Governance (ESG) ratings as moderating variables. Further, the data was collected from 36 companies in the energy, property & real estate, basic materials, infrastructure, and manufacturing sub-sectors listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023. The moderated regression analysis was utilized to analyze the data. Surprisingly, neither tax avoidance nor earnings management has a significant impact on company value. However, ESG ratings have a significant negative impact on company value. It indicates that the stakeholders might not be considering ESG as a value-adding factor. Furthermore, ESG was unable to moderate the relationship both tax avoidance and earnings management towards company value. These findings suggest that the integration of ESG still requires broader understanding and acceptance in the Indonesian capital market, as well as the need for a strategic approach in ESG implementation to positively impact firm value.]]>
<![CDATA[The impact of the Digitalization of E-Samsat and Samsat Corner on Improving Administrative Convenience in Motorcycle Tax Collection ]]>
<![CDATA[Ozalia, Elza Rizqy]]>;
<![CDATA[Sahila]]>;
<![CDATA[Rusmida]]>;
<![CDATA[Tobing, Shelly Farida]]>;
<![CDATA[Frastuti, Melia]]>
<![CDATA[ Indonesian Journal of Accounting and Governance Vol. 9 No. 2 (2025): DECEMBER ]]>
Publisher : <![CDATA[School of Accountancy, University of Agung Podomoro ]]>
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DOI: 10.36766/2wz8xg62
<![CDATA[The digitalization of public tax services has become a strategic instrument for improving administrative efficiency and taxpayer convenience. This study examines the impact of e-Samsat digitalization and Samsat Corner services on administrative convenience in motorcycle tax collection at Samsat Palembang 1. Using a quantitative explanatory approach, data were collected from 100 motorcycle taxpayers who utilized both digital and offline service innovations. Multiple regression analysis shows that both e-Samsat and Samsat Corner have a positive and significant effect on administrative convenience, with Samsat Corner demonstrating a stronger influence (β = 0.557) compared to e-Samsat digitalization (β = 0.153). The model explains 31.7% of the variance in administrative convenience, indicating that service innovation plays a substantial, though not exclusive, role in improving tax administration. This study contributes to the existing literature by specifically focusing on two-wheeled motor vehicle taxpayers, a segment that has received limited empirical attention despite its dominance in urban vehicle ownership. Unlike prior studies that primarily assess digital tax systems in general or emphasize taxpayer compliance, this research positions administrative convenience as a key outcome variable from the taxpayer’s perspective. Furthermore, the findings highlight the complementary role of digital and physical service innovations, suggesting that digitalization alone is insufficient without accessible offline service points. These results provide empirical support for integrated public service strategies that combine digital platforms with inclusive, on-site tax services.]]>
<![CDATA[Board Diversity As Moderator of ESG, Earnings Management, And Risk ]]>
<![CDATA[Trescova, Cecilia Elsya]]>;
<![CDATA[Firmansyah, Amrie]]>
<![CDATA[ Indonesian Journal of Accounting and Governance Vol. 9 No. 2 (2025): DECEMBER ]]>
Publisher : <![CDATA[School of Accountancy, University of Agung Podomoro ]]>
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DOI: 10.36766/0p017f84
<![CDATA[This study examines the relationship between Environmental, Social, and Governance (ESG) practices and earnings management, considering firm risk and board gender diversity as moderating variables. The phenomenon arises because ESG adoption in Indonesia has skyrocketed, yet its integration into risk management remains questionable. Earnings management is also widely practiced, but its impact on market perceptions of risk remains unclear. Board diversity is often promoted as a governance mechanism, but remains limited in emerging markets. The research utilizes secondary data from 194 non-financial firms listed on the Indonesia Stock Exchange as of 2023. Hypotheses are tested using multiple regression with robust standard errors. The results indicate that ESG and earnings management do not have a significant impact on firm risk, and board gender diversity does not moderate these relationships. These findings indicate that ESG disclosures remain symbolic, earnings management is not perceived as a risk signal, and board diversity has yet to provide adequate oversight. The study suggests the need for more rigorous ESG enforcement, better integration into corporate strategy, and increased female representation on boards.]]>
<![CDATA[Neurofinance and Investment Decisions in an Emerging Market: The Moderating Role of Financial Literacy ]]>
<![CDATA[Yusuf, Muhammad]]>;
<![CDATA[Naufal, Hanif Afif]]>;
<![CDATA[Syaifullah, Muhammad Yusuf]]>
<![CDATA[ Indonesian Journal of Accounting and Governance Vol. 9 No. 2 (2025): DECEMBER ]]>
Publisher : <![CDATA[School of Accountancy, University of Agung Podomoro ]]>
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DOI: 10.36766/hhnba614
<![CDATA[Investment decision-making in financial markets is increasingly recognized as a process shaped by both cognitive and neurobiological factors. While prior behavioral finance studies have extensively examined psychological biases, empirical evidence integrating neurofinance and financial literacy remains limited, particularly in emerging market contexts. This study investigates the influence of neurotransmitter-related traits on investment decisions, with financial literacy examined as a moderating mechanism. Using primary survey data from 412 retail investors in an emerging market, this study applies Partial Least Squares Structural Equation Modeling (PLS-SEM) to test a moderated structural model. Neurotransmitter traits are specified as a higher-order construct capturing reward sensitivity, emotional regulation, vigilance, and stress responsiveness. Financial literacy is modeled as a moderator using a two-stage interaction approach. The findings reveal that neurotransmitter traits exert a positive and statistically significant effect on investment decisions. Financial literacy also demonstrates a direct positive effect on investment decision-making. However, the moderation analysis indicates a negative and significant interaction effect, suggesting that higher levels of financial literacy attenuate the influence of neurobiological traits on investment decisions. This result supports the interpretation of financial literacy as a behavioral buffering mechanism, reducing reliance on instinctive or emotionally driven investment behavior. This study contributes to the behavioral finance and neurofinance literature by providing empirical evidence on the conditional role of financial literacy in shaping investment decisions within an emerging market. The findings offer practical implications for investor education policies and financial market development strategies aimed at fostering more informed and disciplined investment behavior.]]>
