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Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang
Published by Universitas Muhammadiyah Semarang
ISSN : 20872836     EISSN : 25809482     DOI : 10.26714
Core Subject : Economy,
Economics, Econometrics & Finance
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang with registered number ISSN: 2087-2836 (Print) and ISSN: 2580-9482 (Online), is a peer-reviewed journal published two times a year (Maret and September) Manage by Accounting Department, Faculty of Economics and published by Universitas Muhammadiyah Semarang. Jurnal MAKSIMUM invites manuscripts in the various topics include, but not limited to, functional areas of International and financial accounting, Management and cost accounting, Tax, Auditing, Accounting information systems, Accounting education, Accounting for non-profit organisations, Public sector accounting, Corporate governance, Corporate finance, Investments and Banking. Jurnal MAKSIMUM accepts the articles from Indonesia authors and other countries. Jurnal MAKSIMUM covered various of research approach, namely: quantitative, qualitative and mixed method.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 176 Documents
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Impact of Heuristic Behavior and Risk Perception on Investment Decisions by Young Investors Mawaddah, Nor; Oktaviani, Ayu
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 14, No 2 (2024): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.14.2.2024.220-230

Abstract

This research examines how young investors' heuristic behaviour and risk perception influence their decision-making in investments within the Faculty of Economics and Business at Lambung Mangkurat University. The variables under investigation in this study include heuristic behaviour and risk perception as independent factors, with investment decision-making as the dependent variable. The study population encompassed 2,901 students in the Faculty of Economics and Business at Lambung Mangkurat University. The sample size was determined through purposive sampling, resulting in a final sample of 66 participants with investment experience. Primary data was collected via a questionnaire. The analysis employed multiple linear regression using the SPSS version 26 software. The findings demonstrate that heuristic behaviour and risk perception significantly influence investment decision-making. The implication of this research is to provide an understanding that it is essential to consider fundamental and technical analysis in investment decisions
Profitability, Firm Size, and Liquidity as Determinants of Firm Value: Evidence from Indonesia’s Textile and Garment Sector Sangadji, Nursania; Hermuningsih, Sri; Rinofah, Risal
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 15, No 1 (2025): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.15.1.2025.20-29

Abstract

This study examines the effect of profitability, firm size, and liquidity on firm value in textile and garment manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. Using a purposive sampling method, the study selects companies that meet specific criteria, resulting in a sample analyzed through multiple linear regression. Profitability is measured using Return on Assets (ROA), the natural logarithm of total assets represents firm size, and liquidity is assessed through the Current Ratio (CR). In contrast, firm value is measured using the Price-to-Book Value (PBV) ratio. The results indicate that profitability does not significantly affect firm value, suggesting that investors consider other financial factors when assessing a company's worth. Firm size negatively and significantly affects firm value, implying that larger firms may experience inefficiencies that reduce their attractiveness to investors. Liquidity also does not significantly impact firm value, reinforcing that holding excess liquid assets does not necessarily contribute to higher firm valuation. However, when tested simultaneously, profitability, firm size, and liquidity collectively significantly impact firm value, indicating their interconnected role in financial decision-making. The findings align with agency, trade-off, and signalling theories, providing new insights into the valuation of firms in emerging markets. The study offers practical implications for corporate managers, emphasizing the importance of optimizing asset utilization and balancing financial strategies to enhance firm value. Additionally, the study highlights the need for investors to consider multiple financial indicators beyond traditional metrics.
Do Religiosity Moderate Tax Discrimination and Tax Information Technology on Tax Evasion? Suyanto, Suyanto; Agustina, Ema; Putri, Fuadhillah Kirana
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 15, No 1 (2025): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.15.1.2025.93-109

Abstract

This study examines the influence of tax discrimination and information technology on tax evasion, with religiosity as a moderating variable. The increasing number of tax evasion cases in Indonesia highlights the need to explore factors that drive non-compliance among taxpayers. Many individuals remain reluctant to fulfil their tax obligations due to concerns about unfair treatment by tax authorities and mismanagement of tax revenues. This study employs a quantitative research design with primary data collected through a structured questionnaire distributed to 132 MSME taxpayers in the Special Region of Yogyakarta using snowball sampling. The data were analyzed using multiple linear regression and moderated regression analysis (MRA) with SPSS 26. The findings indicate that tax discrimination significantly increases tax evasion, as perceived unfairness in tax policies reduces taxpayers' willingness to comply. Conversely, tax information technology negatively affects tax evasion, as digital innovations enhance transparency, monitoring, and enforcement, making non-compliance more difficult. Religiosity is found to play a moderating role in both relationships. It weakens the positive impact of tax discrimination on tax evasion, suggesting that individuals with strong religious values are less likely to justify evasion, even when they perceive discrimination. Similarly, religiosity mitigates the negative effect of tax information technology on tax evasion, implying that religious taxpayers are more likely to comply when they perceive the tax system as fair and aligned with ethical principles. These findings emphasize the need for policymakers and tax authorities to ensure fair tax administration and strengthen digital tax systems while also considering ethical and religious values to promote voluntary compliance. Integrating technological advancements with moral reinforcement strategies may serve as a more comprehensive approach to reducing tax evasion and enhancing tax compliance in Indonesia.
Environmental, Social and Governance (ESG) and Corporate Financial Performance: Moderating Effects of Financial Slack Inayati, Nur Isna; Rahmawati, Ika Yustina; Pandansari, Tiara; Hapsari, Ira; Ramadhani, Alfina Nur
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 15, No 1 (2025): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.15.1.2025.110-120

Abstract

This study explores the impact of ESG (environmental, social, governance) on company financial performance, particularly in manufacturing companies. In addition, this research also seeks to analyze whether high financial slack can strengthen the relationship between ESG, both collectively and separately, and the company's Return on Assets (ROA). The population focused on this study consists of 635 manufacturing companies operating in Indonesia, with a sample of 446 companies listed on the Indonesia Stock Exchange (IDX). The data used comes from annual and sustainability reports from 2018 to 2022. To analyze the data, this study employs linear regression analysis, including calculating coefficients, p-values, and R-squared. The study results show that the environmental, social, and governance variables do not have a significant relationship with the company's ROA, indicating that although ESG is considered important, its implementation in practice may not yet provide the expected impact on financial performance. Additionally, high financial slack was found not to strengthen the relationship between ESG and ROA, suggesting that more significant financial resources do not always guarantee improved sustainable performance. The implications of this study highlight the importance of companies effectively managing ESG aspects and financial resources to achieve sustainability. These findings also provide theoretical insights into the role of financial slack in the relationship between ESG and financial performance, emphasizing that companies need to be more proactive in integrating sustainability practices into their business strategies. 
Analysis of the Influence of Macroeconomic Variables and Internal Bank Performance on the Profitability of Islamic Banking in Indonesia Sa'diyah, Rismawati; Nasrulloh, Nasrulloh
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 15, No 1 (2025): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.15.1.2025.121-139

Abstract

This study aims to examine and analyze the profitability level of Islamic banking in Indonesia by considering macroeconomic conditions, such as inflation, the BI-Rate, and exchange rates, as well as the internal performance of Islamic banks, including CAR, FDR, and BOPO. The research adopts a quantitative methodology with a time-series data analysis covering five years (2019–2023), comprising 60 samples. Data analysis uses the VECM method and the Granger Causality Test to identify causal relationships between variables. Additionally, the study employs Impulse Response Functions and Variance Decomposition to determine the magnitude of variable impacts. The study results indicate that macroeconomic conditions and internal bank characteristics significantly impact efforts to enhance the profitability of Islamic banking. In the short term, the CAR, BOPO, FDR, and exchange rate variables have an insignificant negative effect. Conversely, inflation exhibits a significant positive relationship, while the BI Rate has an insignificant positive effect on improving Islamic banking profitability. In the long term, the CAR, FDR, and inflation variables negatively influence Islamic banking profitability, whereas BOPO has an insignificant positive impact. On the other hand, the BI Rate and exchange rate variables show a relatively significant positive effect. However, these variables collectively substantially impact the profitability of Islamic banking in Indonesia. Bank Indonesia and other financial authorities can utilize the research findings to design more responsive policies to maintain the profitability of Islamic banking. This study provides empirical evidence that can assist Islamic banks in risk management strategies and financial planning.
The Impact of Cost Information Type, Gender Differences, and Product Durability on Sustainable New Product Development Sulistyani, Salsabila Khusnul; Jatiningsih, Dyah Ekaari Sekar
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 15, No 1 (2025): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.15.1.2025.140-156

Abstract

This study examines the influence of cost information type, gender differences, and product durability on sustainable new product development (S-NPD). This research uses a quantitative experimental method with a 2x2x2 factorial between-subjects design. Participants are active third-semester and fifth-semester students from the Accounting Study Program, Universitas Muhammadiyah Yogyakarta, representing professional designers. They will be given various tasks based on diverse combinations and information. Data is analyzed using the homogeneity test and ANOVA. The research results indicate that product durability significantly impacts S-NPD, in contrast to the type of cost information and gender differences, which do not have a significant impact on S-NPD. Furthermore, this study's findings support the TBL theory, which emphasizes the balance between economic, environmental, and social aspects in S-NPD. This research provides important implications for designers and companies in creating more environmentally friendly products through gender-based and sustainability strategies. However, this research is limited to the participation of students as experimental subjects, so the generalization of the results must be done with caution. Further research should involve professional designers and expand the variables to gain a more comprehensive understanding of S-NPD.
Capital Market School Matter? Empirical Evidence University Students in West Java Sakinah, Gina; Ponirah, Ade; Ridho, M Taufik; Murthado, Taufik Ridwan; Regina Fauzia, Tria
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 1 (2026): Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.16.1.2026.015-033

Abstract

This study analyzes university students' investment interest, minimum capital policy, investment knowledge, and the Technology advances of capital market school mediation effect, using a case study of university students in West Java. This study used the Theory of Planned Behavior (TPB) model approach. The data collection method was a questionnaire survey via Google Forms. The population surveyed in this study was all university students in West Java whose universities have an Investment Gallery. Meanwhile, the sample in this study was determined using a non-probabilistic selection technique known as purposive sampling. This study uses the Partial Least Squares Structural Equation Modeling technique to test the hypothesis. The survey results show that the minimum capital policy has a Significant Effect on the Minimum Capital Policy. Second, investment knowledge has a significant effect on investment interest. Third, technological advances have a substantial impact on investment interest. Fourth, capital market schools have a considerable impact on investment interest. The mediating variable of capital market schools cannot indirectly influence minimum capital policy, investment knowledge, and Technology advances regarding investment interest.
Sustainability Reporting Practice in Technology Companies in ASEAN: a Systematic Literature Review Izzalqurny, Tomy Rizky; Nugroho, Tatas Ridho; Sanputra, Adrian Hartanto Darma; Miladia, Arika
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 1 (2026): Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.16.1.2026.103-117

Abstract

This study conducts a comprehensive Systematic Literature Review (SLR) to examine sustainability reporting (SR) practices among technology companies in the ASEAN region. Guided by the PRISMA 2020 protocol, the review synthesizes results from 11 peer-reviewed journal articles published between 2015 and 2025. The research aims to map SR practices, analyze links between SR, governance, innovation, and performance, and identify new challenges and research gaps in sustainability reporting. The findings show that SR implementation in ASEAN remains fragmented and mostly voluntary. Disclosure quality varies across countries. Governance factors such as board independence, gender diversity, and sustainability commitment enhance the credibility and clarity of SR. Strong institutional frameworks in Malaysia and Singapore foster more robust adoption. Digital transformation and sustainability-driven innovation help boost reporting efficiency and transparency for stakeholders. However, institutional and technological barriers limit broader adoption. Compared to Europe and China, ASEAN lacks regulatory harmony, data standards, and digital readiness. This study adds value by consolidating theories, such as Stakeholder Theory, Legitimacy Theory, and the Resource-Based View. It explains how governance and innovation shape the development of SR in emerging digital economies. The review concludes by calling for standardization across ASEAN countries, capacity-building efforts, and more longitudinal empirical studies. These steps can strengthen SR’s strategic impact on sustainability and accountability in ASEAN’s technology sector.
Impact of Board Diversity and Institutional Ownership on Performance and Risk of LQ45 Firms Febiani, Syarila Asri; Tubastuvi, Naelati; Purwidianti, Wida; Utami, Restu Frida
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 1 (2026): Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.16.1.2026.034-048

Abstract

This study examines the influence of board diversity (gender, nationality, and age) and institutional ownership on company performance and risk among companies listed on the LQ45 index from 2020 to 2023. This study employs a quantitative approach, utilising secondary data collected from company annual reports. The sample comprises 25 companies and 100 observations spanning 4 years. The analysis was conducted using multiple linear regression in StataMP 17 to determine the influence of independent variables on company performance, measured by Return on Assets (ROA), and on company risk, calculated using the Debt-to-Equity Ratio (DER). The results indicate that board diversity has a significant positive effect on ROA, while gender and age diversity do not show a substantial impact on company performance. On the other hand, institutional ownership has a significant adverse effect on ROA, indicating that higher institutional ownership tends to reduce a company's performance. All independent variables also had no significant impact on company risk (DER). These findings suggest that, although board diversity and institutional ownership can theoretically enhance oversight and decision-making, their practical implications remain limited due to the low proportion of female, foreign, and young directors, as well as the lack of active institutional involvement. This study contributes to the corporate governance literature in the Indonesian capital market and suggests that future research should include mediation or moderation variables to gain a more comprehensive understanding.
The Role of ESG Disclosure in Moderating Financial Distress on Company Value Febriani, Faradilla Saulina; Machmuddah, Zaky
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 1 (2026): Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.16.1.2026.118-128

Abstract

Market value volatility in manufacturing threatens corporate sustainability. This research examines how ESG disclosure moderates the link between financial distress and firm value. The sample comprises 85 Indonesian companies selected through purposive sampling. Data came from annual reports, IDX financial statements, and Bloomberg ESG ratings. We analyzed data using regression analysis in IBM SPSS Statistics 25. Results show financial distress significantly lowers firm value; greater financial pressure reduces valuation. ESG disclosure, as a moderator, eases this negative effect, lessening the impact of financial distress. These findings support Signaling and Legitimacy Theory: financial distress sends negative signals, while ESG disclosure preserves legitimacy and sends positive signals to investors. ESG disclosure’s moderating role is key in shaping how markets perceive the effects of financial distress on firm value. This study contributes to financial risk management and corporate sustainability during economic challenges and urges companies to adopt risk-mitigation and sustainable practices.

Page 17 of 18 | Total Record : 176

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