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INDONESIA
Journal of Applied Finance & Accounting
Published by Universitas Bina Nusantara
ISSN : 19796862     EISSN : 27466019     DOI : 10.21512/jafa.v7i2.6378
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Applied Finance & Accounting (JAFA) showcases useful theoretical and methodological results with the support of interesting empirical applications in the area of Finance and Accounting. Purely theoretical and methodological research with the potential for important applications is also published. Articles in the journal may examine significant research questions from a broad range of perspectives including economics, sustainability, organizational studies and other theories related to accounting and finance phenomena. JAFA is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments and banking.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 8 Documents
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Search results for , issue "Vol. 12 No. 2 (2025): Publish on December 2025" : 8 Documents clear
ARTIFICIAL INTELLIGENCE IN ACCOUNTING EDUCATION: A BIBLIOMETRIC ANALYSIS OF GLOBAL RESEARCH TRENDS (2000–2025) Christiani, Desi; Widuri , Rindang
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.13441

Abstract

Artificial Intelligence (AI) applications are changing the structure of many professions, including accounting. The use of AI technologies has become a topic of great interest in relation to the teaching of accounting, as it fuels the accounting profession's need for innovations. This shift has not escaped the attention of academicians who have recognized its potential for further study, particularly from the perspective of the effectiveness of computer-aided learning. In this regard, the present study attempts to explore how this line of research has progressed by utilizing bibliometric methods, which a technique that quantitatively maps literature domains, identifiesinsightful patterns, and analyzes relationships across published works. The approach uses a multitude of documents published by various authors in a select range of years to modulate data trends. The research is motivated by the relative scarcity of knowledge on the metrics of AI-induced transformations in accounting education. It further seeks to develop a comprehensive description of global research on the relationship of AI and accounting education as it pertains to automated systems of accounting and management from the scope of international research from 2000 to 2025. From the Scopus database, the authors applied a sequence of well-defined keywords, which yielded 52 journal articles that were analyzed with VOSviewer software. They evaluated changes in the number of publications, recognized leading contributors, primary journals, research institutions, and new pillars of research. The data shows that there has been a consistent increase in academic productivity since 2021, with a noteworthy escalation over the last five years. This understanding is pertinent to stakeholders in research and teaching and emphasizes the value of integrated approaches in course planning and pedagogy for AI in accounting education. The elaborated dataset’s small size, however, does limit its scope, but serves as a preliminary framework for activity in this novel cross-disciplinary domain, and illustrates important gaps in knowledge which can be addressed later.
BUDGET POLITICS IN DISASTER RISK REDUCTION: EVIDENCE FROM LOCAL GOVERNMENTS IN INDONESIA Lamato, Valisa Ananta; Furqan, Andi Chairil; Paranoan, Selmita; Yudistira, Fajar Gilang
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.13442

Abstract

Regions in Indonesia face high disaster risks due to the country’s geological and geographical conditions. The urgency of disaster management has become an increasingly global concern, making it essential to ensure adequate financing to support mitigation efforts and reduce future impacts and losses. This study aims to analyze the role of budgeting across various government functions in mitigating disaster risks. A quantitative approach is employed, using secondary data from provincial, regency, and city governments in Indonesia during the 2018–2022 period. The total sample includes 363 local governments with 1,815 observations. Data were obtained from the National Disaster Management Agency (NDMA), the Ministry of Finance, Statistics Indonesia (BPS), and the Ministry of Home Affairs. Data analysis was conducted using a multiple linear regression model with a random effect approach to examine the effect of budget allocation on the Disaster Risk Index (DRI). The findings show that budgets allocated to public order and safety, economic, environmental, and health functions contribute to reducing disaster risks in Indonesia. Meanwhile, budgets for general public services, culture, tourism and religion, education, social protection, as well as housing and public facilities, do not show a contribution to disaster mitigation. These findings underscore the importance of strengthening budget allocations for functions proven to be effective, as well as the need to evaluate and enhance the relevance of other functions to better support a comprehensive disaster mitigation system. Local governments also need to improve cross-sectoral integration and adopt data-driven approaches in budget planning to sustainably strengthen regional resilience.
FINANCIAL SUSTAINABILITY OF STATE UNIVERSITIES WITH LEGAL ENTITY (PTN-BH): CHALLENGES AND STRATEGIES FOR FINANCIAL INDEPENDENCE Islami, Putri; Wahyuni, Ersa Tri; Sari, Prima Yusi
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.13809

Abstract

This study analyzes the financial sustainability of State Universities with Legal Entity or in Indonesia called PTN BH  through case studies of two institutions with differing income profiles. Data were collected through in-depth interviews, field observations, and document analysis. Thematic analysis identified three main challenges: government funding cuts, limited flexibility in fiscal regulations, and constrained human resource capacity and institutional culture. Four key strategies were also identified, namely diversification, development of business units, non-degree education, and digitalization. Findings indicate that state universities with legal entity funding cuts forced University ABC to rely on internal cash reserves, while University XYZ accelerated the establishment of university-owned enterprises. University ABC was more prepared in managing non-state funds and implementing risk-based governance, whereas University XYZ continued to face challenges in integrating commercial and academic functions. While University ABC had developed a medium-term strategic approach centered on industrial partnerships, University XYZ was only beginning institutional reforms toward a more autonomous financial system. Based on this analysis, it is concluded that the financial sustainability of PTN-BH is not yet fully secured. University ABC appears to be institutionally and financially more stable, while the sustainability of University XYZ remains in a transitional phase and faces greater structural risks.
CORPORATE PERSPECTIVES ON GREEN FINANCE AND ITS INFLUENCE ON FIRM VALUE AND INVESTMENT STRATEGIES IN INDONESIA Barry, Boubacar Demba; Nurjannah, Dewi; Widagdo, Bambang
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.13934

Abstract

This study examines the corporate perspectives on green finance instruments and their impact on firm value and investment strategies among publicly listed companies in Indonesia. While global research on the sustainable finance is extensive, evidence from the emerging economies, particularly using the qualitative approaches, remains limited. Guided by the Resource-Based View (RBV), Signalling Theory, and Stakeholder Theory, the study investigates how corporations frame, justify, and communicate their engagement with green bonds, sukuk, and ESG-linked initiatives. Using a qualitative document analysis approach, data from corporate sustainability reports, annual filings, and regulatory disclosures from 50 companies across multiple sectors between 2021 and 2023 were analysed. The thematic content analysis was applied to identify the patterns in the disclosure narratives and the strategic framing. The findings reveal that green finance instruments serve not only as capital-raising tools but also as strategic resources that improve competitiveness, as market signals that reduce information asymmetry, and as legitimacy mechanisms that reinforce stakeholder trust. The study contributes theoretically by integrating multiple theoretical lenses on green finance adoption and practically by providing suggested ways for regulators, corporate leaders, and investors to enhance disclosure credibility and align ESG strategies with long-term value creation. These insights suggest that robust green finance engagement can become a strategic driver of corporate resilience and stakeholder trust in emerging markets.
THE CEO OVERCONFIDENCE, INDUSTRY CHARACTERISTICS, AND FOREIGN OWNERSHIP: THEIR EFFECTS ON ESG DISCLOSURE Alexander, Shendy Gavriel; Tambunan, Tigor
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.13976

Abstract

Increasingly, business people believe that the CEO’s attitudes and behavior directly or indirectly impact the company’s sustainability. This phenomenon aligns with the increasing awareness of ESG management practices among stakeholders, particularly in large industries. Furthermore, the importance of sustainability in global conditions appears to underscore the role of foreign ownership in assessing company performance within the ESG framework. This quantitative study examines the influence of CEO overconfidence, industry characteristics, and foreign ownership on ESG disclosure using secondary data, consisting of 68 non-financial companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2022. The sample was determined using purposive sampling and analyzed using multiple linear regression tests in EViews software. The listed company’s ESG score was obtained from Bloomberg. The results indicate that CEO overconfidence does not significantly affect ESG disclosure, suggesting that the complexity of these decisions is influenced by various internal and external factors beyond the CEO’s influence. Foreign ownership significantly influences ESG disclosure, with higher levels of foreign ownership correlating with broader disclosure, driven by the adoption of best practices and standards from international markets, alignment with foreign shareholder expectations, and fostering strong relationships. This study suggests that companies should focus on industry characteristics and foreign ownership and not overly worry about the impact of their CEO's overconfidence on ESG disclosure. Management should tailor their ESG disclosure strategies to align with unique industry characteristics to enhance the company's reputation and foster stronger stakeholder relationships.
CAPITAL STRUCTURE AND FIRM VALUE NEXUS: THE MODERATING ROLE OF AGENCY COST Destriana, Nicken; Zilfikar, Rudi; Mulyasari, Windu; Ismawati, Iis
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.14067

Abstract

This study aims to examine the linear and non-linear relationship between capital structure (CS) and firm value (FV) and examine the moderating role of agency costs in the CS-FV relationship. The study employs static and quadratic regression analysis on panel data consisting of 318 observations from non-financial firms to examine the linear and non-linear relationships between capital structure and firm value. The data is sourced from non-financial companies listed on the Indonesia Stock Exchange over the period of 2021-2023. Capital structure has a significant positive effect on firm value. Agency costs are significantly and negatively associated with firm value. There is a strong non-linear relationship between capital structure and firm value that supports trade-off theory and agency costs. Agency costs are an important moderator in the CS-FV relationship. Overall, the sensitivity analysis shows that the results are robust. Firms need to carefully consider the level and type of debt and equity in their CS to deal with changing economic conditions.  The moderating effect of agency costs can assist firms in optimizing capital structure, emphasizing the importance of aligning interests to encourage sustainable business practices. This study enhances the existing literature by presenting new evidence concerning the non-linear relationship between capital structure and firm performance, as well as the moderating role of agency costs in this relationship, specifically within emerging capital markets, where research in this area remains limited.
LIQUIDITY AND FINANCIAL DISTRESS IN INDONESIAN TEXTILE AND GARMENT COMPANIES: FIRM SIZE MODERATION Permana, Dwi; Fadjar, Achmad
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.14081

Abstract

This study examines the critical relationship between liquidity and financial distress within Indonesian textile and garment companies listed on the Indonesia Stock Exchange from 2021 to 2023. Faced with recent insolvencies that highlight significant financial struggles in the sector, the research adopted a quantitative methodology, analyzing secondary data from 16 purposively selected firms. The investigation utilized simple linear regression, classical assumption tests for normality, heteroscedasticity, and autocorrelation, and Moderated Regression Analysis to explore the intricate dynamics. A core finding confirms that liquidity has a significant negative impact on financial distress, underscoring that a firm's inability to meet short-term obligations directly escalates its vulnerability to financial hardship. Furthermore, a notable contribution of this study is the identification of firm size as a significant moderator in this relationship. Although larger firms often possess extensive asset bases, they can paradoxically face increased liabilities and risks due to unproductive assets that fail to generate revenue, thereby worsening financial distress. Consequently, the research emphasizes the paramount importance of diligent liquidity management and strategic asset stewardship to ensure the long-term financial viability of these companies. This study offers updated insights into a crucial period and refines the analytical approach by explicitly using the Interest Coverage Ratio (ICR) to measure financial distress.
THE ROLE OF ICT DEVELOPMENT IN PROMOTING CONTROL OF CORRUPTION: EVIDENCE FROM ASEAN COUNTRIES Erum, Naila; Binh, Vu Thi Thanh; Jayanti, Sri Delasmi
Journal of Applied Finance and Accounting Vol. 12 No. 2 (2025): Publish on December 2025
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v12i2.14809

Abstract

Corruption remains a pervasive global challenge that undermines government quality, hampers economic development, and erodes public trust, particularly in developing and emerging economies. Rapid advancements in information and communication technology (ICT) have been extensively advocated as a strategic tool for enhancing transparency and combating corruption. Nonetheless, current empirical evidence regarding the ICT-corruption relationship is weak and frequently restricted to single-country studies, linear assumptions, or brief observation durations. This study examines the long-term and short-term impacts of ICT growth on corruption control (CoC) in ASEAN nations, utilizing a balanced panel dataset from 1984 to 2023. This study utilizes the panel Autoregressive Distributed Lag (ARDL) methodology to account for dynamic adjustments and cross-country variability, accommodating various orders of integration. The findings indicate a non-linear, inverted U-shaped relationship between ICT development and corruption control, suggesting that initial ICT expansion enhances corruption control but may lead to declining and potentially negative impacts beyond a specific threshold.  This study contributes to the literature and provides policy-relevant insights by emphasizing the importance of balanced and context-sensitive digital governance strategies that enhance transparency and accountability while mitigating unintended governance risks.

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