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Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Published by PT. RADJA INTERCONTINENTAL PUBLISHING
ISSN : -     EISSN : 2962973X     DOI : -
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Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA) provides a forum for academics and professionals to share the latest developments and advances in knowledge and practice of business management, both theory and methods. It aims to foster the exchange of ideas on a range of essential management subjects and to provide a stimulus for research and the further development of international perspectives.
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Articles 320 Documents
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THE EFFECT OF LOCAL ORIGINAL REVENUE (PAD) AND TRANSFER FUNDS ON REGIONAL EXPENDITURE: A FLYPAPER EFFECT ANALYSIS OF REGENCY/CITY IN NORTH SUMATERA PROVINCE Juliana Siahaan; Abdillah Arif Nasution; Ibnu Austrindanney Sina Azhar
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

Fiscal decentralization grants regional governments greater authority to manage their own revenues and expenditures, yet many local governments in Indonesia remain heavily dependent on central government transfers rather than own-source revenue (PAD). This dependency raises the possibility of a flypaper effect, a condition in which regional expenditure responds more strongly to transfer funds than to PAD. This study examines the influence of PAD and transfer funds on capital expenditure and routine expenditure, and tests for the presence of a flypaper effect, among regency and municipal governments in North Sumatra Province. Using an explanatory quantitative approach, the study analyzes panel data from 33 regencies and cities over the 2019–2024 period (198 observations), drawn from official BPS and DJPK publications, with gross regional domestic product and population included as control variables. Panel regression results show that both PAD and transfer funds have a positive and significant effect on capital expenditure and on routine expenditure. In both expenditure models, however, the coefficient of transfer funds exceeds that of PAD, indicating that regional expenditure is more responsive to central transfers than to locally generated revenue. The findings confirm the presence of a flypaper effect among North Sumatra's regency and city governments and underscore the need to strengthen local revenue mobilization to support genuine fiscal independence.
THE EFFECT OF LIQUIDITY, LEVERAGE, PROFITABILITY, INDEPENDENT COMMISSIONERS, AND INSTITUTIONAL OWNERSHIP ON DIVIDEND POLICY WITH FREE CASH FLOW AS A MODERATING VARIABLE IN MINING SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE PERIOD OF Frisky Anistya; Fahmi Natigor Nasution; Keulana Erwin
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

This study aims to analyze whether liquidity, leverage, profitability, independent commissioner, and institutional ownership affect dividend policy with free cash flow as a moderating variable in mining sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024. The study employed purposive sampling, selecting 25 companies from a population of 47 mining sector firms listed on the IDX, yielding 100 observations. Hypothesis testing was conducted using panel data regression analysis and Moderated Regression Analysis (MRA) with EViews software. The results indicate that liquidity does not affect dividend policy. Leverage does not affect dividend policy. Profitability has a significant positive effect on dividend policy. Independent commissioner and institutional ownership do not affect dividend policy. Free cash flow cannot moderate the effect of leverage, profitability, or institutional ownership on dividend policy.
STRENGTHENING THE ORGANIZATIONAL CULTURE OF UMKM FOR BUSINESS SUSTAINABILITY IN THE KAMU VILLAGE MARKET OLD DENAI, PANTAI LABU DISTRICT DELI SERDANG REGENCY Tapi Rondang Ni Bulan; Sarah Imelda; Azwansyah Habibie; Muslim Harahap; Bunga Aditi
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

Micro and Small Enterprises (MSEs) have role strategic in support growth economy area , creating field work , and improve welfare society . However , some large number of MSMEs operating in traditional markets Still face various challenges , such as weak governance​ effort , low commitment to standard services , as well as Not yet optimally implementation values culture organizations that can support sustainability business . Condition This was also found among MSMEs at Kamu Market, Denai Lama Village, Pantai Labu District , Deli Serdang Regency . devotion to public This aim For increase understanding and awareness MSME actors regarding importance culture organization as foundation in guard sustainability and power competition business . The method used covering socialization , counseling , discussion interactive and mentoring simple to participants . Activities implemented through stages preparation , implementation , and evaluation . Results of activities show existence improvement understanding participant about values culture organization like discipline , responsibility answer , work same , orientation service and commitment to quality effort . Participants also demonstrated high enthusiasm​ during activity ongoing as well as state readiness For apply values culture organization in activity his business . Activities This give contribution positive in build awareness MSME actors for develop more effort​ professional , adaptive , and sustainable .
THE EFFECT OF LIQUIDITY, INCOME DIVERSIFICATION, OPERATIONAL EFFICIENCY, CREDIT RISK, AND LEVERAGE ON THE STABILITY OF REGIONAL DEVELOPMENT BANKS (BPD) IN INDONESIA: PERIOD 2021–2025 Nova Fernita S; Erlina; Rina Br Bukit
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

Regional Development Banks (BPD) play a strategic role as intermediary institutions supporting regional economic development and maintaining the stability of the regional financial system. Therefore, the ability of BPDs to maintain financial stability is a crucial aspect to ensure the sustainability of their intermediation function and increase their contribution to the regional economy. This study aims to analyze the effect of internal bank factors, including liquidity, revenue diversification, operational efficiency, credit risk, and leverage, on the stability of Regional Development Banks in Indonesia. This study uses a quantitative approach with secondary data obtained from the annual financial reports of 24 Regional Development Banks for the period 2021–2025. Data analysis was conducted using panel data regression with a Random Effects Model (REM) approach. The results show that revenue diversification and operational efficiency have a positive and significant effect on BPD stability, while credit risk has a negative and significant effect on BPD stability. Meanwhile, liquidity and leverage do not significantly affect BPD stability. These findings indicate that BPDs' ability to expand revenue sources, improve operational efficiency, and control credit risk is a more decisive factor in maintaining stability than liquidity management and funding structure. This study provides empirical evidence regarding the determinants of BPD stability in Indonesia and enriches the literature on regional banking stability. In addition, the research results are expected to be used as consideration for BPD management and regulators in formulating policies that support strengthening the resilience and sustainability of the regional banking industry.
THE EFFECT OF LEVERAGE, PRODUCTIVITY, AND DEVIDEND POLICY ON COMPANY VALUE WITH COMPANY SIZE AS A MODERATOR IN MANUFACTURING COMPANIES IN THE CONSUMER GOODS INDUSTRY SECTOR LISTED ON THE IINDONESIA STOCK EXCHANGE Willman S; Fahmi Natigor Nasution; Isfenti Sadalia
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

This study aims to analyze the effect of leverage, productivity, and dividend policy on firm value in consumer goods industry sector companies listed on the Indonesia Stock Exchange during the period 2022-2024, and to examine the role of firm size as a moderating variable. The research sample was determined using purposive sampling, resulting in 24 companies with 72 panel data observations. The analytical method used is Moderated Regression Analysis (MRA) with a Fixed Effect Model (FEM-EGLS) approach selected through Chow and Hausman tests. Results show that leverage has a positive and significant effect on firm value, while productivity has a positive but insignificant effect, and dividend policy has a negative but insignificant effect on firm value. Firm size significantly moderates the effect of leverage on firm value in a negative direction (pure moderator), but is unable to moderate the effects of productivity and dividend policy on firm value. These findings imply that capital structure management must be optimized, while asset utilization efficiency and dividend policy require more effective management to provide positive signals to investors.
DETERMINATION OF CORPORATE PROFIT THROUGH TIME DEPOSITS AND SHARE OWNERSHIP IN PT PRUDENTIAL LIFE DETERMINATION OF CORPORATE PROFIT THROUGH TIME DEPOSITS AND SHARE OWNERSHIP AT PT PRUDENTIAL LIFE Khairani; Fransiska Sirait
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

This study aims to analyze the effect of time deposits and stock ownership on PT Prudential Life's profit for the 2015–2025 period. The study uses a quantitative approach with secondary data in the form of quarterly financial reports totaling 44 observations. The data analysis technique uses multiple linear regression with t-test, F-test, and coefficient of determination (R²). The results show that time deposits have no significant effect on company profits, while stock ownership has a positive and significant effect on company profits. Simultaneously, time deposits and stock ownership have a positive and significant effect on PT Prudential Life's profit with a coefficient of determination of 94.5%.
THE INFLUENCE OF DIGITAL COMPETENCE AND WORK FACILITIES ON THE PERFORMANCE OF STATE CIVIL APPARATUS IN THE REGIONAL FINANCIAL AND ASSET MANAGEMENT AGENCY (BPKAD) SERDANG BEDAGAI REGENCY Wilda Tilawatil Aulya Purba; Satria Tirtayasa
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

The purpose of this study is to analyze and test the extent to which digital competence and work facilities influence the performance of civil servant employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency. This study uses a quantitative method approach using Multiple Linear Regression analysis on IBM SPSS Statistics 25 software. The population in this study were all ASN employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency, totaling 53 people. The data source in this study comes from primary data, namely from the results of questionnaires/surveys filled out directly by respondents. The results of this study indicate that digital competence has a positive and significant influence on the performance of civil servant employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency. Meanwhile, work facilities do not have a significant influence on the performance of civil servant employees at the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency. Based on the results of the Simultaneous test (f count), it shows that digital competence and work facilities together have a significant effect on employee performance. ASN of the Regional Financial and Asset Management Agency (BPKAD) of Serdang Bedagai Regency..
UTILIZATION OF IDLE REGIONAL ASSETS AND REGIONAL FISCAL PERFORMANCE: AN ANALYSIS VALUE FOR MONEY IN GOVERNMENT NORTH SUMATRA PROVINCE Sandro Simatupang; Eka Nurmala Sari
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

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Abstract

Utilization of Regional Property (BMD) located in in idle condition becomes issue important in management finance areas , especially in the middle demands improvement independence fiscal and optimization source Power public . In many government area , assets area recorded worth big in balance sheet , however Not yet fully utilized For support performance fiscal in a way sustainable research​ This aim For analyze conditions and practices utilization of idle BMD in the Government North Sumatra Province , evaluates its performance based on Value for Money ( VfM ) perspective , as well as study the implications to performance fiscal areas , especially Regional Original Income (PAD) Study This use approach qualitative with design studies case . Data collected through analysis report finance government area , report results Audit Board inspection Finance (BPK), and tracing document relevant policies and publications .​ Research result show that Government North Sumatra Province has portfolio asset large area , but​ Still there are 113 BMD in the form of land as well as buildings and structures in idle condition as listed in the BPK IHPS Semester II 2025. Contribution utilization of BMD for PAD is still relatively small and not yet comparable with potential assets owned . Evaluation based on VfM show that utilization of idle BMD not yet fulfil criteria economical , efficient and effective optimally . This condition influenced by limitations maturity management assets , weaknesses integration utilization asset to in fiscal strategy area . and height caution bureaucracy consequence audit risk . Study This contribute in a way theoretical with integrate public asset management perspective , value for money, and decentralization fiscal in analyze utilization asset area . In terms of empirical , research This enrich literature with proof studies cases at the government level province and offers framework evaluation performance utilization of BMD that is oriented results . Limitations study This lies in the design studies case single and quantitative data limitations related costs and values economy assets . Research furthermore recommended For use mixed methods approach , expanding scope of the study area , as well as develop measurement quantitative For evaluate potential and performance utilization asset area in a way more comprehensive .
PERCEPTIONS OF FINANCIAL RISK MANAGEMENT FOR TECHNOLOGY STARTUP COMPANIES IN THE EARLY FINANCING PHASE Machfud; Fohan Muzakir; Maisura; Mahdawi
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.20930503

Abstract

This study aims to analyze perceptions of financial risk management among technology startups in the early stages of financing. Using qualitative descriptive methods through literature review and phenomenological analysis, this study found that most startup management views financial risk management as an administrative burden in the early stages, rather than a strategic tool. However, there is a significant shift in perception after the startups pass the seed funding round, where cash flow risk management and burn rate control begin to be prioritized to maintain the company's survival. In conclusion, the integration of flexible and adaptive financial risk management is crucial from day one to mitigate the risk of early bankruptcy.
FINANCIAL DISTRESS PREDICTION MODEL IN TOBACCO SUB-SECTOR COMPANIES Nurul Chalijah Rangkuti; Idzni Syafitri; Didik Gunawan; Willy Cahyadi
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 1 (2026): July
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21372418

Abstract

The tobacco industry in Indonesia faces various challenges, such as increasing tobacco excise rates, inflation, declining purchasing power, and changes in consumer behavior towards alternative tobacco products. These conditions have the potential to affect company financial performance and increase the risk of financial distress . This study aims to predict financial distress conditions in tobacco sub-sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period using the Altm an Z-Score, Zmijewski X-Score, Springate S-Score, and Grover G-Score models. This study uses a quantitative descriptive method with secondary data obtained from annual financial reports. The study population consists of all tobacco sub-sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period, namely four companies, which were also used as research samples using a saturated sampling technique. The results show that PT Gudang Garam Tbk, PT HM Sampoerna Tbk, and PT Wismilak Inti Makmur Tbk are consistently in the healthy category based on all prediction models used. Meanwhile, PT Indonesian Tobacco Tbk exhibits a higher level of financial vulnerability, falling into the grey area category based on the Altman Z-Score model and experiencing financial distress based on the Springate S-Score model. This research contributes to providing a comparative overview of the use of four financial distress prediction models in the tobacco subsector as a basis for decision-making by management, investors, and creditors. Overall, the financial condition of tobacco subsector companies during the 2020–2024 period remains relatively stable.

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