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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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Unmasking Cost Stickiness in The Era of Digital Transformation Wijaya, Phan Meliana; Restuti, Mitha Dwi
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.16.1.2026.049-065

Abstract

This study examines how digital transformation shapes cost behavior in Indonesia’s consumer non-cyclical sector. Analyzing 326 firm-year observations (2021–2023) using Generalized Least Squares, the findings reveal cost anti-stickiness: firms cut expenses more aggressively during revenue declines. Digital transformation, however, increases cost stickiness due to high upfront investment, adjustment barriers, and strategic optimism, while labor productivity and working capital improve cost flexibility. The results highlight a paradox: digitalization constrains short-term flexibility but reinforces long-term resilience. Firms must therefore balance technology investments with operational agility to build adaptive cost structures in volatile environments.
Forensic Accounting and Ethical Governance in Subsidised Energy Distribution: Evidence from Indonesia Akhmad Rifai, Fuad Yanuar
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.16.1.2026.129-135

Abstract

This study examines how forensic accounting mechanisms, when complemented by maqāṣid al-sharīʿah–based ethical principles, can strengthen accountability, transparency, and fairness in Indonesia’s subsidised LPG distribution system. Specifically, it explores governance challenges—including weak internal controls, information asymmetry, ethical dilemmas, and limited public accountability literacy—and develops an integrative accountability framework to support ethical public governance. This study adopts an interpretive qualitative approach using in-depth interviews, limited field observations, and document analysis. Participants include government regulators, distribution agents, and public auditors involved in subsidy supervision. Data were analysed through thematic coding guided by forensic accounting indicators and maqāṣid-informed ethical considerations, with credibility ensured through triangulation and reflexive analysis. The findings indicate that governance inefficiencies largely arise from inadequate alignment between forensic control mechanisms and ethical accountability practices. While forensic accounting enhances transparency through evidence-based oversight, maqāṣid al-sharīʿah contributes an ethical foundation for distributive justice and public trust. Based on these findings, the study proposes an integrative accountability framework that connects technical control with ethical reasoning in public sector governance. The study suggests that policymakers strengthen fraud mitigation and governance quality by reinforcing forensic oversight alongside ethics-oriented capacity building grounded in principles of justice (‘adl), moral responsibility (amānah), and public welfare (maṣlaḥah). This study offers an integrative perspective on forensic accounting and maqāṣid al-sharīʿah in public sector governance, contributing to the literature on ethical accountability and value-based governance in subsidy management contexts.   
Technology, Drivers, and Fraud Prevention in The Public Sector: a Scoping Review Maharani, Maharani; Utomo, Dwi Cahyo
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.16.1.2026.001-014

Abstract

Financial fraud in the public sector remains a persistent challenge that undermines governance, accountability, and public trust. Although previous reviews have examined aspects of fraud and forensic accounting, limited attention has been given to how technology, fraud drivers, and prevention mechanisms interact within the public sector context. This study aims to map and synthesize recent literature to understand the role of technology, key drivers, and prevention strategies in mitigating public sector financial fraud. Using Arksey and O’Malley (2005) scoping review framework, this study systematically identified and analyzed 10 peer-reviewed journal articles published between 2021 and 2025. The findings reveal that technologies such as big data analytics and blockchain significantly enhance fraud detection and transparency, while weak internal controls and permissive organizational culture remain major drivers of fraud. Preventive mechanisms, including forensic auditing and strong governance structures, demonstrate effectiveness in reducing fraud risk. This review contributes to the literature by integrating three dimensions, technology, fraud drivers, and prevention, in a single analytical framework, offering a more comprehensive understanding of public sector fraud mitigation than prior reviews. The study highlights research gaps in long-term policy evaluation and cross-sectoral learning between public and private entities, providing directions for future research and policy development.
Financial Literacy, FinTech, Social Capital, and Locus of Control as Determinants of MSME Financial Inclusion in Surabaya Windiarta, Davin; Widodo, Condro
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.16.1.2026.066-080

Abstract

This study aims to analyze the influence of financial literacy, financial technology, social capital, and locus of control on financial inclusion in MSME players in Rungkut Sub-district, Surabaya City. The background of this research is the importance of financial inclusion in supporting the economic growth of MSMEs, and there remain obstacles such as low financial literacy, limited fintech adoption, weak social capital, and an unoptimal locus of control. This research uses a quantitative approach with a random sampling technique. Data were collected via questionnaires and analyzed using PLS-SEM with SmartPLS. The results showed that financial literacy and social capital have a positive and significant effect on financial inclusion. In contrast, financial technology and locus of control have no significant effect. The findings imply that improving financial literacy and strengthening social networks are key to promoting financial inclusion for MSMEs. This research is expected to serve as a reference for policy-making and empowerment programs for MSMEs, grounded in literacy and social development.
Study of Investment Knowledge in Rural Setting: The Effect Financial Literacy and Minimum Capital on Investment Interest khanifah, khanifah; Aprilia, Ivana; Triyani, Agus; Melo, Tania Marie P
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.16.1.2026.094-102

Abstract

This study examined the influence of investment knowledge, financial literacy, and minimum capital requirement on investment intention among communities in Bawang Regency, Indonesia. Although retail investor participation was increasing nationally, investment engagement at the local level remains limited, particularly in semi-urban areas with limited access to financial information and investment services. Using a quantitative approach, data were collected from 115 purposively selected respondents through a structured questionnaire measured on a five-point Likert scale. A multiple linear regression analysis in SPSS version 26 was conducted to investigate the predictive effects of these three factors on investment intentions. The results indicated that investment knowledge and minimum capital requirements significantly increase investment intentions, whereas financial literacy did not have a statistically significant effect. These findings suggest that domain-specific investment competencies and affordability, rather than general financial skills, were the primary drivers of investment intentions in rural-semi-urban communities. This study extended the Theory of Planned Behavior by highlighting the roles of cognitive ability and perceived feasibility in shaping investment decisions, and it provided practical insights for policymakers and financial institutions to design targeted investment education and accessibility initiatives. Urban or rural demographics were proposed as factors that strengthen or weaken the relationship between investment knowledge and investment intentions. Local government support for local investors was needed to balance the growth of foreign investment in the Batang District, Indonesia.
Intellectual Capital, Capital Structure, and CSR on Firm Value: The Moderating Role of Tax Avoidance Rosita, Amanda Aura; Wilasittha, Acynthia Ayu
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.16.1.2026.081-093

Abstract

This research assesses the influence of intellectual capital, capital structure, and CSR on firm value, with tax avoidance as a moderator. This study employs a quantitative approach and includes 32 manufacturing companies listed on IDX (128 observations), selected purposively. Secondary data from the companies' annual and sustainability reports are used in this research. This research is a panel data study utilizing data processing tools, namely STATA v.17. Data analysis was carried out using panel data regression with a moderation test. Findings reveal that intellectual capital and CSR significantly influence firm value, whereas capital structure shows no effect. Furthermore, the role of tax avoidance is shown to be ineffective in moderating the connection between intellectual capital, capital structure, and CSR with firm value. These results imply that during 2020-2023 period investor may have prioritized innovation, productivity, and corporate reputation over financing decisions, a condition that differs from earlier studies reporting a positive role of capital structure, The absence of moderating effect from tax avoidance may also reflect tighter tax regulations and growing investor awareness of good governance, making tax savings less attractive as a driver of firm value.

Page 18 of 18 | Total Record : 176

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