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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 183 Documents
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Unmasking Cost Stickiness in The Era of Digital Transformation Phan Meliana Wijaya; Mitha Dwi Restuti
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 Fuad Yanuar Akhmad Rifai
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; Dwi Cahyo Utomo
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 Davin Windiarta; Condro Widodo
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; Ivana Aprilia; Agus Triyani; Tania Marie P Melo
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 Amanda Aura Rosita; Acynthia Ayu Wilasittha
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.
GHG Emission Volume, Carbon Disclosure Quality on Firm Value: The Moderating Role of Institutional Ownership Agis Panca Wati; Hanifah Hanifah; Muhamad Wahid Murniawan
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 2 (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.16.2.2026.226-241

Abstract

Growing global greenhouse gas emissions are exerting more pressure on companies to demonstrate responsibility regarding climate issues. This research examines the effect of GHG emission volume and carbon disclosure quality on firm value among energy companies listed on the Indonesia Stock Exchange during 2020-2024, with institutional ownership as a moderating variable. Using panel data from 65 firm-year observations across 13 purposively selected companies, GHG emissions volume, carbon disclosure quality, firm value, and institutional ownership were measured and analyzed using Moderated Regression Analysis with a Fixed Effects Model. Results show that GHG Emission Volume has a negative but statistically insignificant effect on firm value, whereas carbon disclosure quality has a positive and marginally significant effect in the moderated model. Institutional ownership exerts a positive and significant direct effect on firm value, yet fails to significantly moderate either the GHG emission volume-firm value or the carbon disclosure quality-firm value relationship. These findings imply that energy companies should prioritize carbon risk management alongside governance improvements, while regulators should incentivize higher-quality carbon reporting to enhance the value relevance of GRI-305 disclosures for domestic institutional investors. A robustness check using Tobin’s Q confirms the consistency of the institutional ownership effect across alternative proxies for firm value. 
Earnings Management Under Pressure: The Effects of Environmental Uncertainty, Financial Distress, and CSR Disclosure Tria Susanti; Sumaryanto Sumaryanto
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 2 (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.16.2.2026.171-183

Abstract

Earnings are often a primary concern for stakeholders, which may encourage management to engage in earnings management practices, particularly when firms face internal and external pressures. This study aims to investigate the effect of environmental uncertainty, financial distress, and CSR disclosure on earnings management practices. The population consists of manufacturing companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The sample was selected through purposive sampling, yielding 344 observations, which were analyzed using panel data regression. The results indicate that environmental uncertainty does not affect earnings management practices. However, financial distress and CSR disclosure negatively affect earnings management. This study simultaneously examines the three factors to analyze earnings management practices during the observation period using appropriate measurement approaches. This study adds to the empirical evidence on the determinants of earnings management by highlighting the role of internal factors, particularly financial distress and CSR disclosure. These findings provide practical implications for investors, creditors, and regulators by emphasizing the importance of evaluating firms' financial conditions and the quality of CSR disclosure to identify potential earnings management and improve the quality of economic decision-making.
Mapping of Performance Measurement Models in Public Sector Organizations: a Hybrid Review Nuwun Priyono; Puji Harto
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 2 (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.16.2.2026.184-199

Abstract

This study aims to map the various performance measurement models currently in use and their contribution to improving the performance of public sector organizations. This study uses a hybrid review method that combines bibliometric and literature review approaches. The bibliometric review uses Vosviewer visualization and citation counts. The Systematic Literature Review (SLR) uses the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis) method, with an observation period from 2005 to 2025. This research focuses on a long-term period, enabling it to capture longitudinal trends in the development of performance measurement models. This research not only maps the models but also identifies the dominant models and analyzes their contribution to improving organizational performance. Using Publish or Perish, 200 articles were obtained from Scopus; however, only 26 articles included the compiled terms. The results of the hybrid review research show that, of the 26 articles, 18 map various performance measurement models. The most widely used model is the study named Balanced Scorecard (BSC). Some other models include the concept of value for money, the Public Sector Scorecard (PSS), and the balanced stakeholder model. The articles that met these criteria included one with the highest number of citations (94) and two with no citations. Then, 26 articles explain how various measurement models contribute to improved performance in public-sector organizations. Performance measurement models have been proven to contribute to improving the effectiveness and efficiency of public sector organizations, supporting performance-based decision-making and enhancing public accountability. This study integrates the principles of bibliometric and structured reviews to map performance measurement models and their contributions to improving the performance of public sector organizations. Theoretical implications: enrich the literature on performance measurement models through an integrative approach and demonstrate that no single model is superior. Strengthens the Balanced Scorecard's position as the dominant model, while still allowing for the development of alternative models. Practical implications: provide guidance for organizations on selecting and adapting performance measurement models that suit their needs and encourage a multi-model approach.
The Role of Profitability and Environmental Performance in Affecting Carbon Emission Disclosure with Media Exposure as Moderation Ajeng Puspitasari; Enny Susilowati Mardjono; Anna Sumaryati; Nila Tristiarini
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 2 (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.16.2.2026.200-214

Abstract

This study examines how profitability and environmental performance affect the level of carbon emissions disclosure among energy sector companies listed on the Indonesia Stock Exchange. It also considers the role of media exposure in influencing this relationship. It looks at 107 sets of observational data from the years 2019 to 2024. Data analysis is conducted in EViews 13; the analysis uses panel data and applies a Random Effects Model along with Moderated Regression Analysis (MRA). The results show that how well an organization takes care of the environment has a big impact on how much it shares information about its carbon emissions, and this connection becomes even stronger when the organization is covered by the media. Meanwhile, profitability has no effect, and media exposure does not moderate the relationship. This research contributes by demonstrating that public pressure through media exposure is more effective in encouraging environmental transparency than internal economic motivation (profitability) and acts as a catalyst that strengthens positive corporate signals to reduce information asymmetry. In practice, these findings inform regulators in optimizing the publication of environmental performance ratings as an external oversight instrument to improve carbon accountability in the energy sector.

Page 18 of 19 | Total Record : 183

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