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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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NURSES' EXPERIENCES IN ESTABLISHING INDEPENDENT NURSING PRACTICE BUSINESSES IN SINGKAWANG, WEST KALIMANTAN, IN 2023 Christian Alvyanto
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 4 (2026): April
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.20934592

Abstract

This study aims to explore nurses' experiences in establishing independent nursing practice businesses in Singkawang, West Kalimantan, in 2023. The study used a qualitative approach with a phenomenological design. The participants were two nurses who had established and operated independent nursing practice/home care services. Data were collected through in-depth interviews, field notes, and supporting documents, and were analyzed inductively using Colaizzi's stages. The findings revealed seven main themes: fulfillment of administrative and legal requirements, possession of competency certificates and work experience, financial readiness, communication with clients, adequate facilities and infrastructure, standardized medical equipment and reserve stock, and relationships with patients and work partners. The study concludes that the successful establishment of independent nursing practice is determined not only by clinical competence, but also by regulatory compliance, managerial ability, capital readiness, therapeutic communication, and community trust.
FINANCIAL LITERACY, DIGITAL LITERACY, AND ENTREPRENEURIAL INTENTION AMONG UNIVERSITY STUDENTS Mohammad Rusman Ramli; Ahmad Saiful; Wa Ode Nahra Nafiran
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 4 (2026): April
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21024183

Abstract

This study examines the effect of financial literacy and digital literacy on entrepreneurial intention among students at Universitas Muhammadiyah Buton. The research was motivated by the institutional agenda to strengthen maritime-based entrepreneurship and Islamic character, while many students who have taken entrepreneurship courses still tend to prefer employment before starting a business. A quantitative associative design was used with 80 student respondents from accounting, management, and agribusiness study programs. Data were collected using questionnaires and analyzed through validity and reliability tests, classical assumption tests, multiple linear regression using SPSS, and structural model confirmation using SmartPLS. The findings indicate that digital literacy has a positive and significant effect on entrepreneurial intention, while financial literacy shows a positive but insignificant effect. The model explains a moderate proportion of variance in entrepreneurial intention. These results suggest that students' ability to use digital media, online information, and digital business platforms is more decisive in shaping entrepreneurial intention than general financial knowledge alone. The study contributes to entrepreneurship education by emphasizing the need to integrate digital business competencies with financial literacy training.
FINANCIAL EVALUATION OF AIRCRAFT ACQUISITION ALTERNATIVES: LEASE VERSUS BUY DECISION FOR GARUDA INDONESIA’S BOEING 737 MAX Richlah Nia; Sylviana Maya Damayanti
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.21030310

Abstract

This study evaluates aircraft acquisition alternatives for Garuda Indonesia’s Boeing 737 MAX procurement by comparing direct purchase, sale and leaseback, operating lease, and financial lease structures. The analysis is motivated by Garuda Indonesia’s post restructuring condition, fleet readiness constraints, aircraft redelivery obligations, and the need to renew its aging narrow body fleet. A discounted cash flow model is used to calculate Net Present Value (NPV), supported by Net Advantage to Leasing (NAL), SWOT analysis, and sensitivity analysis. The base case result shows that leasing-based alternatives provide stronger financial value, with financial lease recording the highest result among all acquisition alternatives. Direct purchase records an NPV of USD 38.569 million and is used as the benchmark. Sale and leaseback records an NPV of USD 44.041 million, operating lease records USD 47.920 million, and financial lease records the highest NPV of USD 48.047 million. Financial lease also generates the highest NAL NPV of USD 9.478 million. The sensitivity analysis indicates that financial lease remains the strongest alternative in most scenarios, although the result is sensitive to WACC, residual value, and monthly base rent assumptions.
THE EFFECT ESG DISCLOSURE ON FIRM VALUE: THE MEDIATING ROLE OF FINANCIAL PERFORMANCE IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE 2020–2024 PERIOD Julia; Keulana Erwin; 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

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value, with financial performance serving as a mediating variable, in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Firm value is proxied by Tobin’s Q, while financial performance is measured using Return on Assets (ROA). The study employs panel data from manufacturing companies during the 2020–2024 period and uses the Bloomberg ESG Disclosure Score as a proxy for ESG disclosure. Data were analyzed using panel data regression and the Sobel test with the assistance of EViews 13 software to examine the mediating effect of financial performance. The results of the main analysis indicate that ESG disclosure does not significantly affect firm value. In addition, although ESG disclosure significantly affects ROA, the direction of the relationship is contrary to the proposed hypothesis. Furthermore, ROA does not significantly affect firm value and is unable to mediate the relationship between ESG disclosure and firm value. However, the robustness test using a one-year time-lag approach reveals that ESG disclosure has a positive and significant effect on both ROA and Tobin’s Q in the subsequent period. The Sobel test further confirms that ROA partially mediates the relationship between ESG disclosure and firm value under the time-lag model. These findings suggest that the benefits of ESG implementation in manufacturing companies are not immediately reflected in financial performance and firm value. Instead, the positive impact of ESG tends to emerge over time, indicating the presence of a time-lag effect. Therefore, ESG should be viewed as a long-term strategic investment capable of creating sustainable value for firms.
The role of ICT in education with special reference to classroom teachings - A literature review Dr. Manzoor Ahmad Wagay
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

In the field of education( ICT) has done a tremendous progress by modifying the system of education to some extant. Over the past few decades, information and communications technology (ICT) has become more important to educational institutions. There are wide of knowledge, and findings exists to enquire and study the use of ICT in the process of learning and teaching in educational institutions. Today in many developed and developing countries, most investments are made in this area and ICT is regarded as a key instrument within the field of education. This research inspects the application of ICT in the classrooms. This study will explore the role of information and communication technology in enhancement of teaching and learning process, academic achievement of students and attempt to show the student and teachers attitude towords the learning with technolog. Proper usage and utilization of modern tools and techniques by which teaching learning process is made interactive and indefinite will be precisely discussed.
THE EFFECT OF BI INTEREST RATE AND INFLATION ON THE RETURN OF THE COMPOSITE STOCK PRICE INDEX (IHSG) AT THE INDONESIA STOCK EXCHANGE (IDX): A VECTOR ERROR CORRECTION MODEL (VECM) APPROACH Andrian Rinaldi Manik; Dimas Pranaditya Lubis; Mangasi Sinurat; 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.21414071

Abstract

This study aims to analyze the influence of the BI Rate and inflation on the return of the Jakarta Composite Index (JCI) on the Indonesia Stock Exchange in the post-pandemic period and the monetary policy normalization period of 2017–2024. The analytical method used is the Vector Error Correction Model (VECM) equipped with Granger causality tests, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD) using 96 monthly data observations processed with EViews 12. The results show that the BI Rate and inflation do not significantly affect the JCI return in either the short or long term, although the results of the Johansen cointegration test indicate a long-term equilibrium relationship between the variables. The results of the Granger causality test also do not find a direct causal relationship between the two macroeconomic variables and the JCI return. The IRF and FEVD analysis strengthen this finding, where the JCI return response to BI Rate and inflation shocks is relatively small, and the variation in the JCI return is largely explained by its own internal factors. This finding indicates that the movement of the JCI return during the research period was more influenced by the internal dynamics of the stock market than domestic macroeconomic factors in the form of the BI Rate and inflation.
VALUATION ANALYSIS OF GREEN ENERGY SECTOR ISSUERS USING THE DISCOUNTED CASH FLOW METHOD Wiji Saputra; Mangasi Sinurat; 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.21414166

Abstract

This study aims to analyze the intrinsic value of green sector issuers. energy listed on the Indonesia Stock Exchange using the Discounted method Cash Flow (DCF) with Free approach Cash Flow to Firm (FCFF). The study used a descriptive quantitative method with a sample of four companies, namely PT Pertamina Geothermal Energy Tbk (PGEO), PT Barito Renewables Energy Tbk (BREN), PT Arkora Hydro Tbk (ARKO), and PT TBS Energi Utama Tbk (TOBA). The data used were secondary data in the form of annual financial reports for the period 2023–2025, while the assessment was carried out through FCFF calculations, cash flow projections, Weighted Average Cost of Capital (WACC), Terminal Value , and intrinsic value of shares. The results show that PGEO has an intrinsic value of Rp2,274 per share, higher than the market price of Rp1,055, so it is categorized as undervalued . Conversely, BREN and ARKO have intrinsic values of Rp1,134 and Rp1,210 per share, respectively, which are below the market price, so they are categorized as overvalued . Meanwhile, TOBA cannot be adequately valued using the DCF method because it produced a negative FCFF in the last year of observation. This study shows that the DCF method is more effective when applied to companies that have positive and stable FCFF, so it can provide a more representative estimate of intrinsic value as a basis for investment decision making.
BANK STOCK RESILIENCE TEST: THE IMPACT OF BITCOIN AND GOLD RISK CONTAGION IN THE TRUMP ERA David Gabriel Marudut Purba; M. Ridho Akbar Lubis; Didik Gunawan; Willy Cahyadi
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 dynamic relationship between gold price returns, Bitcoin returns, Bank Central Asia (BBCA) stock returns, and Bank Syariah Indonesia (BRIS) stock returns in the period before and after January 2025 as a representation of changes in global policy regimes in the Trump 2.0 era. The study uses a quantitative approach with the Vector Autoregression (VAR) method based on daily return data analyzed through stationarity tests, determining the optimum lag, VAR stability tests, cointegration tests, Granger causality tests, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD) using EViews 12. The results show that all variables are stationary at the level level so that the VAR model is suitable for use. Before January 2025, there was no significant Granger causality relationship between gold returns or Bitcoin returns on BBCA and BRIS stock returns. After January 2025, the dynamic relationship between variables changes, marked by the emergence of a causal relationship from BRIS returns to BBCA returns, while the direct relationship between gold returns and Bitcoin returns to banking stocks remains relatively limited. These findings suggest that changes in global policy regimes are more reflected in changes in the dynamics of relationships between assets than through direct risk transmission from gold and Bitcoin to Indonesian banking stocks.
ANALYSIS OF THE CAUSES OF REPEATED FINDINGS IN AUDITS OF LOCAL GOVERNMENT FINANCIAL REPORTS: THE PERSPECTIVE OF THE BPK AUDITORS OF THE NORTH SUMATERA PROVINCE REPRESENTATIVE OFFICE Victor Efendi; 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

This study aims to analyze the causes of recurring findings in the audit of local government financial reports from the perspective of auditors from the Supreme Audit Agency (BPK) Representative Office of North Sumatra Province. The phenomenon of recurring findings indicates that audit recommendations have not been fully followed up effectively by local governments. This condition has the potential to reduce the quality of local financial governance, hamper public accountability, and affect the effectiveness of local budget management. This study uses a descriptive qualitative method with a field study approach through in-depth interviews, observation, and documentation. Research informants consisted of auditors from the BPK Representative Office of North Sumatra Province who have experience in auditing local government financial reports. Data analysis techniques were carried out through data reduction, data presentation, and drawing conclusions. The results of the study indicate that weak management commitment, weaknesses in SPIP (Standard Implementation Implementation System), limited human resource competency, administrative follow-up, and regulatory complexity are the main causes of recurring findings. Recurring findings are seen as indicators of suboptimal governance and internal oversight of local governments.
FINANCING PRODUCT DIVERSIFICATION STRATEGY AND ITS IMPLICATIONS FOR PROFIT-AND-LOSS SHARING FINANCING CREDIT RISK (MUDHARABAH AND MUSYARAKAH CONTRACTS) Ahmad Syukri; Meilita Tryana Sembiring; Fahmi Natigor
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 investigates the effectiveness of product diversification in managing credit risk in profit-and-loss sharing (PLS) financing at Bank Sumut Syariah. While Islamic banking theoretically leverages diversification for risk mitigation, akin to Modern Portfolio Theory, this research reveals an "Organizational Readiness Paradox": quantitative diversification has failed to effectively curb persistently high PLS risk. Using a qualitative descriptive-exploratory single case study approach, data were collected through in-depth interviews with 59 informants, field observations, and portfolio data analysis (2013–2024). Findings show that PLS non-performing financing consistently accounts for over 50% of total NPF and significantly exceeds consolidated NPF. This stems from a strategic gap between policy and portfolio reality, internal capability weaknesses (Human Resources 45.8%, Systems 28.8%), and misaligned incentive systems that prioritize volume over quality. The paradox underscores that elevated PLS risk is not inherent to Sharia contracts but rather reflects a mismatch between organizational capability and risk-sharing complexity. The study emphasizes the critical role of governance, robust Management Information System Early Warning System infrastructure, and adaptive human capital for effective diversification strategies.

Page 28 of 32 | Total Record : 320

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