E-Jurnal Akuntansi
E-JURNAL AKUNTANSI (EJA) E-Jurnal Akuntansi [e-ISSN 2302-8556] is an electronic scientific journal published online once a month. E-journal aims to improve the quality of science and channel the interest of sharing and dissemination of knowledge for scholars, students, practitioners, and the observer of science in accounting. E-Journal of Accounting accept the results of studies and research articles which have not been published in other media. The Scientific E-Journal of Accounting (EJA) is published each month by Accounting Department of Economic and Business Faculty in Universitas Udayana in collaboration with the Indonesian Accountant Association, Bali Region E-Jurnal Akuntansi covered various of research approach, namely: quantitative, qualitative and mixed method. E-Jurnal Akuntansi focuses related on various themes, topics and aspects of accounting and investment, including (but not limited) to the following topics: Financial Accounting Managerial Accounting Public Sector Accounting Sharia Accounting Auditing Forensic Accounting Behavioral Accounting (Including Ethics and Professionalism) Accounting Education Taxation Capital Markets and Investments Accounting for Banking and Insurance Accounting for SMEs Accounting Information Systems & e-Commerce Environmental Accounting Accounting for Rural Credit Institutions
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<![CDATA[ESG Disclosure, Firm Value, and Investment Decisions: Evidence from Indonesia’s Capital Market ]]>
<![CDATA[Rismawati]]>;
<![CDATA[Duriani]]>;
<![CDATA[Muhammad Aqsa]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p12
<![CDATA[This study examines the impact of Environmental, Social, and Governance (ESG) disclosure on corporate value and investor choices in Indonesia's developing capital market. This research examines how ESG reporting improves transparency, reduces information asymmetry, and influences investor behavior through the lenses of signaling, stakeholder, and behavioral finance theories. Analysis of 138 firm-year observations from publicly traded non-financial corporations through multiple regression indicates that both ESG disclosure (B = 0.311; p = 0.003) and firm value (B = 0.594; p < 0.001) significantly influence investment decisions, with firm value exhibiting a more substantial impact. These findings align with focus group discussions that emphasize the significance of credible and comparable ESG narratives in fostering investor trust. This study enhances the sustainability accounting discourse by providing empirical evidence and policy implications for regulators and corporations to improve ESG disclosure standards in Indonesia.]]>
<![CDATA[Dividend-Timing Strategy and Market Performance: Evidence From Indonesian Listed Companies ]]>
<![CDATA[Nurfitri Desliniati]]>;
<![CDATA[Kesuma, Wendy]]>;
<![CDATA[Safitri, Dwi Islamiyati]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p01
<![CDATA[Stock price fluctuations around dividend distribution dates create opportunities for short-term trading strategies known as the dividend-timing strategy. This study analyzes the performance of the dividend-timing model among companies listed on the Indonesia Stock Exchange (IDX) during 2018–2025 by examining returns and risks across various time horizons and comparing them with the Indonesia Composite Index (IHSG). The results show that the dividend-timing model consistently generates positive returns across all horizons, with the highest return observed in Horizon 1—buying three days before the cum-dividend date and selling at the opening price on the ex-dividend date. Horizon 7 exhibits the lowest level of risk, indicated by the smallest Price Drop Ratio (PDR). Compared with the IHSG, this model provides higher returns and lower risk. These findings indicate that dividend-based strategies can serve as an effective short-term investment approach, offering attractive returns with controlled risk.]]>
<![CDATA[Financial Factors Affecting Fixed Asset Revaluation with Liquidity as a Moderating Variable ]]>
<![CDATA[Kurnia Saputri, Aprilia]]>;
<![CDATA[Kholilah, Kholilah]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p20
<![CDATA[This study aims to examine financial factors on fixed asset revaluation decisions, with liquidity as a moderating variable. Implementing secondary data from 122 BEI studies from 2020–2023, 488 observations were analyzed using logistic regression. The results indicate both positive and negative impacts. Leverage does not show a significant effect. Furthermore, liquidity strengthens the influence of fixed asset intensity and the market-to-book ratio, but does not moderate firm size or leverage. These findings demonstrate two theories: signaling and positive accounting, and confirm that financial characteristics and liquidity play a significant role in revaluation decisions.]]>
<![CDATA[The The Effect of Locally-Generated Revenue, General Allocation Fund, Special Allocation Fund, and Revenue Sharing Fund on Capital Expenditure of Regencies and Municipalities in Indonesia ]]>
<![CDATA[Haq, A'am Ikhwanul]]>;
<![CDATA[Masdar, Rahma]]>;
<![CDATA[Ikbal A, M]]>;
<![CDATA[Betty]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p14
<![CDATA[This study aims to analyze the influence of regional revenue components namely Local Own-Source Revenue (PAD), the General Allocation Fund (DAU), the Special Allocation Fund (DAK), and Revenue Sharing Funds (DBH) on capital expenditure in regency and city governments across Indonesia for the period 2017–2020. The research uses a sample of 503 local governments and relies on secondary data obtained from the Regional Revenue and Expenditure Realization Reports (APBD) published by the Ministry of Finance. The data were analyzed using multiple linear regression. The results indicate that all components of regional revenue PAD, DAU, DAK, and DBH have a positive effect on capital expenditure. This finding suggests that the greater the fiscal capacity of local governments, the greater their ability to allocate funds for public investment, such as infrastructure, social facilities, and public service amenities. In other words, stronger regional revenue not only expands fiscal space but also reflects the commitment of local governments to strengthening long-term development through capital spending.]]>
<![CDATA[Sectoral Differences in Financial Performance Before and After IPO: Evidence from the Indonesia Stock Exchange ]]>
<![CDATA[A. A. Rai Niti Darmika Sukawati]]>;
<![CDATA[I Made Ryan Ananta Putra]]>;
<![CDATA[Kedisan, A.A. Vidyaswari]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p03
<![CDATA[This study examines sectoral differences in financial performance changes before and after Initial Public Offerings (IPOs) on the Indonesia Stock Exchange during the 2020–2023 period. The research population includes all firms conducting IPOs in the observed period, with 235 companies selected using purposive sampling based on data availability. Financial performance changes are measured using the Current Ratio (CR), Total Assets Turnover (TATO), Debt to Equity Ratio (DER), and Return on Equity (ROE). Sectoral comparisons are conducted using the Kruskal–Wallis non-parametric test due to non-normal data distribution. Descriptive results indicate that liquidity (CR) generally increases after IPOs, while efficiency (TATO), leverage (DER), and profitability (ROE) tend to decline. However, the Kruskal–Wallis results show no statistically significant differences in these changes across sectors. Overall, post-IPO financial adjustments in the Indonesian capital market exhibit relatively homogeneous patterns across industries during the observed period.]]>
<![CDATA[Strategic Determinants of Transfer Pricing in Indonesian Non-Financial Firms ]]>
<![CDATA[Imar Ardeliani]]>;
<![CDATA[Badingatus Solikhah]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p16
<![CDATA[This study aims to analyze the effect of intangible assets, tax minimization, capital intensity, and corporate governance on transfer pricing in non-financial companies in Indonesia. Panel analysis with a fixed effects model was used with a sample of 4,220 observations. The results show that intangible assets and capital intensity increase the tendency for transfer pricing, while stronger corporate governance is able to suppress it. Meanwhile, tax minimization is not proven to have a significant effect. These findings confirm that asset structure and the effectiveness of internal oversight are more dominant than tax motivation.]]>
<![CDATA[Tax Non-Compliance Risks of Licensed Importers in Indent-Based Import ]]>
<![CDATA[Suyani, Emik]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p04
<![CDATA[This study examines administrative data about indent-based imports by licensed importers and its implications for tax compliance and possible tax revenue loss. Employing a descriptive-analytical methodology, it amalgamates tax return and import payment data to evaluate compliance risks among corporate taxpayers. The study incorporates 268 licensed importers registered in West Jakarta for the 2024 tax year. The analysis reveals that 79% of the observed taxpayers are categorized as having the highest level ofrisk. These taxpayers collectively claimed around IDR 20 billion in Article 22 Income Tax and VAT credits on imports. Supervisory evaluations revealed discrepancies amounting to IDR 5.46 billion, of which IDR 5.03 billion was recovered from the highest-risk category. These findings show proxy-based indications of compliance risk. The results underscore the necessity to fortify beneficial ownership alignment and improve the integration of tax and customs data via risk-based validation of import-related tax credits.]]>
<![CDATA[Factors Influencing Internal Control over Financial Reporting in Ministry X Government Assistance: A Symbolic Carrier Perspective ]]>
<![CDATA[Anggraeni, Riawati]]>;
<![CDATA[Wardhani, Ratna]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p06
<![CDATA[Audit findings on government assistance expenditures at Ministry X reveal internal control weaknesses, particularly incomplete accountability reports and inconsistent procedural practices across work units. This condition indicates that the effectiveness of Internal Control over Financial Reporting (ICoFR) is influenced not only by technical mechanisms but also by institutional dimensions. This study aims to analyze symbolic factors affecting ICoFR effectiveness in government assistance programs. Using a qualitative approach, the study applies thematic analysis, constant comparison, and triangulation across implementing, assessment, and review teams. The findings identify four key symbolic carriers: formal regulations, integrity, accountability, and transparency. These factors shape daily routines and compliance patterns. However, when compliance remains predominantly symbolic and administrative rather than substantive, ICoFR effectiveness becomes constrained. This study contributes by demonstrating that limited ICoFR effectiveness is driven not only by technical shortcomings, but also by symbolic compliance embedded within institutional logics.]]>
<![CDATA[Evaluation of the Deposit System for Tax Payment within the Coretax System ]]>
<![CDATA[Nugroho, Andri Adi]]>;
<![CDATA[Rosid, Arifin]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p08
<![CDATA[This study evaluates the implementation of the Coretax deposit system using the OECD (2021) framework (relevance, effectiveness, impact, and sustainability) for research question indicators. A descriptive qualitative evaluation case study method was used for data collection and analysis. The study involved taxpayers and tax officers at KPP Madya Dua Jakarta Utara. The results showed that the relevance criterion was met, as the system effectively addressed taxpayers' administrative needs. The sustainability criterion was met because taxpayers expressed their commitment to continue using this system, citing its long-term benefits. The effectiveness criterion has not been fully met due to technical obstacles, including failures to update ledger balances in real time and an automatic FIFO-based deduction mechanism that creates the potential for interest penalties. The impact criterion has not been met because the deposit system does not change behavior; it is only a formality to avoid late penalties when technical obstacles arise]]>
<![CDATA[Evaluating the Fraud Triangle’s Predictive Power for Financial Statement Fraud ]]>
<![CDATA[Ida Ayu Intan Nichiyobi]]>;
<![CDATA[Ni Luh Sari Widhiyani]]>
<![CDATA[ E-Jurnal Akuntansi Vol. 35 No. 12 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Udayana ]]>
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DOI: 10.24843/EJA.2025.v35.i12.p05
<![CDATA[Financial statement fraud is often perpetrated by management to conceal company losses. The underlying motivations for such fraudulent behavior are commonly explained through the fraud triangle framework, which comprises three elements: pressure, opportunity, and rationalization. This study seeks to provide empirical evidence on the influence of these fraud triangle components on the occurrence of financial statement fraud. The research sample, consisting of 90 firm-year observations from 2021 to 2023, was selected using purposive sampling. Data were analyzed using multiple linear regression to assess the impact of each component. The results indicate that external pressure does not significantly influence financial statement fraud, whereas effective monitoring exhibits a negative relationship, and rationalization shows a positive relationship with the likelihood of fraud. These findings align with the Theory of Planned Behavior and Agency Theory, both of which suggest that behavioral intentions, perceived control, and principal-agent dynamics play a critical role in shaping managerial decisions related to fraudulent financial reporting.]]>
