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Journal of Applied Accounting and Sustainable Finance
Published by Yayasan Az Zukhruf Cendikia
ISSN : -     EISSN : 30906326     DOI : https://ojs.azzukhrufcendikia.or.id/index.php/aasf
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
Journal of Applied Accounting and Sustainable Finance is a peer-reviewed academic journal that publishes high-quality research in the fields of accounting, finance, and sustainability. The journal focuses on the application of accounting and financial principles to support sustainable business practices, corporate responsibility, environmental, social, and governance (ESG) reporting, as well as ethical financial decision-making. It welcomes original research articles, conceptual papers, case studies, and literature reviews that contribute to the development of applied accounting and sustainable finance, particularly in emerging and developing markets. The journal is published three times a year—in April, August, and December. Topics covered include but are not limited to: Sustainable financial reporting and assurance, Integrated reporting and ESG disclosure, Green finance and responsible investment, Corporate governance and accountability, Management accounting for sustainability, Financial performance and sustainability alignment, Ethical accounting practices and regulatory frameworks
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 30 Documents
 1   2   3 
The Effect of Cash Holding and Leverage on Profit Quality with Company Size as a Moderation Variable Fatkhudin Muaziz; Adissya Hawalia Husni; Elprina Sarah Azahra
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.161

Abstract

Objective – This study aims to obtain empirical evidence on the Effect  of Cash Holding and Leverage on Profit Quality with Company Size as a moderation variable. Design/methodology/approach – This study uses a type of quantitative research. The sample in this study is 42 companies in the Technology and Industrial sectors listed on the Indonesia Stock Exchange in 2022-2024. The analysis technique used to test the hypothesis is logistic regression analysis using the Eviews 9 software. Findings – The results of the study show that Cash Holding does not have a negative effect on Profit Quality. Meanwhile, Leverage has a negative effect on the Quality of Profit and Company Size has a positive effect on the Quality of Profit. Then, Company Size does not strengthen the influence of Cash Holding on Profit Quality. Also, Company Size does not strengthen the influence of Leverage on Profit Quality. Limitations/Implications of Research – The first limitation of this research is the type of data used in this study, namely secondary data obtained from the annual report published by the company. However, the data listed is incomplete even though it is mandatory to upload financial statements every year. Furthermore, this study has limitations on the sample from only 112 to 42 samples, while the rest is because the annual report data is incomplete and the company suffers losses. And finally, this study was conducted over a certain period of time, namely 2022-2024, which may not be for long-term analysis. JEL : M41, G32, G30, L25
Determinants Of Financial Distress: The Role Of Receivable Turnover, Audit Committee Size, Operating Capacity, And Real Interest Rate In The Indonesian Industrial Sector Siti Muzayyanah; Rebeca Selan; Qonitatun Luthfiyah
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.171

Abstract

Purpose – This study aims to examine and analyze the influence of Receivable Turnover, Audit Committee Size, Operating Capacity, and Real Interest Rate on Financial Distress in industrial sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Design/methodology/approach – This research employs quantitative panel data obtained from industrial sector companies listed on the Indonesia Stock Exchange (IDX) over the 2022–2024 period. Hypothesis testing is conducted using multiple regression analysis with the Random Effects Model. Findings – The results indicate that receivable turnover, audit committee size, and the real interest rate do not significantly explain variations in financial distress during the observation period. In contrast, operating capacity has a positive and statistically significant effect on financial distress. Research limitations/implications – This study is limited to a three-year observation period and selected financial and governance variables. Practically, the findings provide an important signal for investors and managers to focus not only on sales activity but also on the efficiency and profitability quality of asset utilization when assessing financial distress risk  JEL : G33, G34, E43.
Predicting Financial Distress in Infrastructure Companies Using Cash Ratios, Asset Profitability, and Managerial Agency Costs Doris Walukano; Santika Hutasoit; Adam Jordan Nadeak
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.190

Abstract

Purpose – This study aims to examine and analyze the relationship between Cash Ratio, Return on Asset, and Managerial Agency Cost on Financial Distress. Design/methodology/approach – This study uses quantitative data. The sample used in this research consists of infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period, selected using purposive sampling with specific criteria to ensure relevance to the research objectives. The analysis technique employed to test the hypotheses is multiple regression analysis using E-Views 9 software. Findings – The results of this study indicate that the Cash Ratio variable has a positive and statistically significant effect on Financial Distress. This finding suggests that higher cash holdings in infrastructure sector companies during the post-pandemic period (2022–2024) may reflect uncertainty in investment opportunities, which paradoxically increases the risk of distress. The Return on Assets variable has a negative and statistically insignificant effect on Financial Distress, indicating that profitability alone does not provide sufficient protection against financial difficulties in this context. Meanwhile, the Managerial Agency Cost variable has a positive and statistically insignificant effect on Financial Distress, implying that inefficiencies in managerial decision-making may contribute to distress but are not decisive. Research limitations/implications – This research is limited to the 2022–2024 observation period and infrastructure sector companies listed on the Indonesia Stock Exchange (IDX), and examines cash ratio, return on assets, and managerial agency costs as determinants of corporate financial distress. The practical implication of this research is that the findings may serve as a reference for management and investors in assessing and anticipating the risk of financial distress in infrastructure sector companies.  JEL: G30, G32, G33
Financial Determinants of Property & Real Estate Firm Value: Evidence From The Indonesian Post-Pandemic Recovery Thamonwan Dankitikul; Elcye Rohma Trinafa Putri; Niken Ayu Eka Safitri
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.203

Abstract

Purpose – This study aims to examine the influence of Quick Ratio, Return on Equity, Earnings Per Share, and Investment Decisions on firm value. Design/methodology/approach – This research employs quantitative data from a population of 95 companies in the Property & Real Estate sector listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. The research sample consists of 28 companies selected using purposive sampling based on predetermined criteria. Multiple regression analysis to test hypotheses was conducted using E-Views 9 software. Findings – The results of the study indicate that the Quick Ratio has a positive effect on firm value, Return on Equity has a negative effect on firm value, Earnings Per Share has a positive effect on firm value, and Investment Decisions have a positive effect on firm value. The study shows an Adjusted R-Square value of 7.6%, indicating that many factors outside the research variables influence firm value. Furthermore, Return on Equity has a negative effect on firm value because the property and real estate sector is characterized by capital-intensive operations and long business cycles. Research limitations/implications – This study is limited to the 2021–2024 observation period and focuses on property and real estate companies listed on the Indonesia Stock Exchange (IDX). Specifically, it examines the Quick Ratio, Return on Equity, Earnings per Share, and Investment Decisions as determinants of Firm Value. The implications of this research suggest that the findings can serve as a reference for management and investors in assessing and anticipating financial risks during the investment decision-making process.  JEL : G31, G32, M41
The Influence Of Green Accounting And Profitability On Sustainable DevelopmentGoals With Environmental Performance As A Moderating Variable Muhammad Dzaki; Anike Filia
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.212

Abstract

Purpose – This study aims to examine and analyze the relationship between Green Accounting and Profitability on SustainableDevelopment Goals with Environmental Performance as a moderating variable, while highlighting the practical relevance ofthese relationships in the context of corporate sustainability in emerging markets. Design/methodology/approach – This study uses quantitative data, with a sample of raw material companies listed on the Indonesia Stock Exchange (IDX) for the period 2022-2024. Multiple regression analysis using EViews 9 is applied to assess the direct and moderatingeffects among variables and to capture how corporate environmental practices are reflected in sustainability outcomes. Findings – The results indicate that Green Accounting has a positive but statistically insignificant effect on SDGs, leading to the rejectionof Hypothesis 1. Profitability shows a negative and statistically insignificant effect on SDGs, thus Hypothesis 2 is rejected. Environmental Performance has a positive but statistically insignificant effect on SDGs, resulting in the rejection of Hypothesis 3. Regarding the moderating effect, Environmental Performance significantly strengthens the relationship between Green Accounting and SDGs; therefore, Hypothesis 4 is accepted. However, Environmental Performance does not significantly moderate the relationship between Profitability and SDGs, leading to the rejection of Hypothesis 5. These findings suggest that environmental accounting practices and financial performance have not yet been effectively translated into tangible SDG achievements, mainly due to compliance-oriented sustainability reporting and the prioritization of short-term financial objectives. The significant moderating role of Environmental Performance on Green Accounting implies that sustainability initiatives become more impactful when supported by measurable environmental outcomes, while financial success alone is insufficient to ensure stronger sustainability commitment. Research limitations/implications – This study has limitations related to the use of secondary data that depend on the completeness of corporate reports, resulting in a limited sample size. In addition, differences in variable measurement approaches and a relatively shortobservation period (2022–2024) restrict the ability to capture longterm trends. And future studies are recommended to incorporateadditional variables related to SDG achievement, apply alternative measurement approaches, and extend the research scope to industriesbeyond the raw materials sector, such as financial services, infrastructure, and technology and telecommunications. JEL : M41, Q01, Q56
Driving Financial Performance in Islamic Banking: Ethical Governance, Social Responsibility, and the Power of Intellectual Capital Aminatuzzuhriyeh Aminatuzzuhriyeh; Dhau'us Sirojuddin; Egi Gumala Sari
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.223

Abstract

Purpose – This study aims to examine the effect of Islamic Corporate Governance (ICG), Islamic Corporate Social Responsibility (ICSR), and Corporate Zakat on the financial performance of Islamic Commercial Banks (ICBs) in Indonesia, as well as to investigate the moderating role of Intellectual Capital. Design/methodology/approach – This study employs a quantitative approach using secondary data obtained from the financial statements and annual reports of Islamic Commercial Banks (ICBs) in Indonesia over the period 2022–2024. The data are analyzed using EViews version 9. Findings – The results indicate that Islamic Corporate Governance (ICG) and Islamic Corporate Social Responsibility (ICSR) do not have a significant direct effect on financial performance. In contrast, Corporate Zakat and Intellectual Capital have a significant positive effect on financial performance. Furthermore, Intellectual Capital is empirically proven to act as a significant moderating variable (quasi-moderator) that strengthens the relationship between Islamic Corporate Governance (ICG), Islamic Corporate Social Responsibility (ICSR), and Corporate Zakat with financial performance. These findings suggest that the contribution of ICG and ICSR to financial performance becomes more meaningful when supported by effective management of Intellectual Capital. Research limitations/implications – This study is limited to Islamic Commercial Banks (ICBs) in Indonesia during the 2022–2024 period. Future research is encouraged to extend the observation period, increase the sample size, and incorporate additional variables to provide a more comprehensive understanding of the determinants of financial performance in Islamic Commercial Banks.  JEL : G21, G34, M14, Z12, O34.
Green Intellectual Disclosure, Cash Holding, and Foreign Ownership on FinancialPerformance: The Moderating Role of Good Corporate Governance in Indonesia Siti Fatmawati; Avilya Baysta Bheda Wea; Sisilia Rachel Ari Putri; Valentina Agnes Stevani
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.228

Abstract

Purpose – This study investigates the impact of Green Intellectual Disclosure, Cash Holding, and Foreign Ownership on Financial Performance, with Good Corporate Governance (GCG) as a moderating variable in Indonesia’s post-pandemic financial sector. The study responds to the limited empirical evidence on whether sustainability disclosure and governance mechanisms have translated into financial value creation following the implementation of Sustainable Finance regulations. Design/methodology/approach – A quantitative research design was employed using secondary data from financial sector companies listed on the Indonesia Stock Exchange during 2022–2024. Through purposive sampling, 70 firms were selected. Panel data regression analysis with a Fixed Effect Model (FEM) was applied to capture firm-specific heterogeneity. The estimation was conducted using EViews9 software, which remains fully compatible with panel datasets and does not affect estimation accuracy. Findings – The results reveal that Green Intellectual Disclosure and Cash Holding have negative but insignificant effects on Financial Performance. Conversely, Foreign Ownership demonstrates a positive and statistically significant influence. Moderation testing shows that GCG strengthens the relationship between Foreign Ownership and Financial Performance but fails to moderate the effects of Green Intellectual Disclosure and Cash Holding. Research limitations/implications – The findings indicate that sustainability disclosure practices within Indonesia’s financial sector remain largely compliance-oriented and have not yet generated measurable financial benefits. This suggests that ESG transparency may still function symbolically rather than strategically in enhancing firm value. The study provides policy insights for regulators, particularly the Financial Services Authority (OJK), to strengthen the quality, assurance, and audit standards of sustainability reporting under POJK No. 51/2017 to ensure that green disclosure delivers market relevance rather than administrative burden. JEL: M41, G21, G32
The Effect of Capital Structure and Institutional Ownership on Firm Value withProfitability as a Moderating Variable: Evidence from the Indonesia Financial Sector Gita Christy; Renata Anastasya Simamora
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.230

Abstract

Purpose – This study aims to analyze the relationship between capital structure and institutional ownership on firm value withprofitability as a moderating variable. Design/methodology/approach – This study uses secondary data. The data collected are from companies engaged in the financial sector listed on the Indonesian Stock Exchange (IDX) with 70 research samples during 2022 – 2024. The author tested the hypothesis using a panel data regression model with some application namely EViews9. The research design is non-probability sampling. Findings – This study shows that capital structure has a significant effect on firm value (p = 0.0064 < 0.05), institutional ownership (p= 0.2758 > 0.05) and profitability (p = 0.32125 > 0.05) have no effect. Profitability was found to weaken the relationship between capital structure and firm value; profitability weakens the relationship between institutional ownership and firm value. These findings imply that managers in the financial sector should prioritize capital structure management to enhance firm value, as profitability and institutional ownership did not show significant impact during this period. Investors are advised to be more selective by focusing on debt ratios as a primary indicator for firm valuation in the Indonesia capital market. Research limitations/implications – The limitation of this study that all variables were measured using samples, making it difficultto obtain data. Another limitation was found in the meta-analysis section, where the required data (journals, books, etc.) are difficultto find. Another limitation was the difficulty in determining the criteria for samples to be used in this study. It is difficult to find annual reports for the specified years, namely 2022 – 2024. It is difficult to carry out the sample selection procedure in the population. JEL : G30, G32, M21, C23
Financial Strategy, Sustainability Issues, and Firm Value: Empirical Evidence fromthe Consumer Non-Cyclical Sector Reni Suwandi Ade Puspita; Florence Nightingale; Septian Afoan Gunawan
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.231

Abstract

Purpose – This study aims to obtain empirical evidence on the Influence of Environmental Disclosure, Hedging Policy and Capital Structure on Firm Value with Profitability as a Moderation Variable. Design/methodology/approach – This study uses a type of quantitative research. The sample in this study is companies in the Non-Primary Consumer Goods sector listed on the Indonesia Stock Exchange in 2022-2024 as many as 42 companies selected using the purposive sampling method. The analysis technique used to test the hypothesis was panel data regression analysis using the Eviews 9 software. Based on the results of the Chow test, Hausman test, and Lagrange Multiplier test, the most appropriate model to use is the Random Effect Model. Findings – The results of the study show that Environmental Disclosure and Hedging Policy do not have a significant effect on Firm Value, while Capital Structure has a negative and significant effect on Firm Value. Profitability has a positive and significant effect on Firm Value. Profitability does not reinforce the influence of Environtmental Disclosure on Firm Value. Then, Profitability strengthens the influence of Hedging Policy and Capital Structure on Firm Value. Research limitations/implications – The results of this study provide important implications for company management and regulators in evaluating the effectiveness of sustainability disclosure policies in the Indonesian capital market. The first limitation of this research is the type of data used in this study, namely secondary data obtained from the annual report published by the company. However, the data obtained is incomplete because many of the companies do not upload regularly every year. Furthermore, the content of the formula is incomplete or confusing, some numbers are not stated in the financial statements. Furthermore, this study has limitations in the sample from 166 to 42 samples, as forthe rest due to incomplete financial statement data and many have suffered losses. And finally, the study was conducted over a specific period of time, namely 2022-2024, so it is not possible for a long-term analysis. JEL : G32, M14, Q56, L66
The Effect of Environmental Costs and Carbon Accounting on Profitability withCorporate Social Responsibility as a Moderating Variable in the Property and Real EstateSector on IDX Junainah Jaidi; Shelfy Ananda Rahmatika; Adhista Divanti
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.232

Abstract

Purpose – This study aims analyze and identify the influence of environmental cost and carbon accounting on profitability with corporate social responsibility as a Moderating Variable.  Design/methodology/approach – This study uses secondary data. The data were collected from companies operating in the financial and listed on the Indonesia Stock Exchange (IDX), with a total of 34 research samples for the period 2022-2024. The hypotheses were tested using a panel data regression model with the assistance of EViews. The research design employs a non-probability sampling method.  Findings – The results of this study indicate that environmental costs do not have a significant effect on profitability. Carbon accounting has a significant effect on profitability, and Corporate Social Responsibility also has a significant effect on profitability. Furthermore, Corporate Social Responsibility the effect of environmental costs on profitability, whereas Corporate Social Responsibility strengthens the effect of carbon accounting on profitability.  Research limitations/implications – This study focuses on profitability and represents a novel contribution by examining the relationship between environmental cost, carbon accounting, profitability, and corporate social responsibility in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the period 2022–2024. JEL : M14, M41, Q56

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