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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 139 Documents
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THE ROLE OF ICT DEVELOPMENT IN PROMOTING CONTROL OF CORRUPTION: EVIDENCE FROM ASEAN COUNTRIES Naila Erum; Vu Thi Thanh Binh; Sri Delasmi Jayanti
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.
DO COMPREHENSIVE INCOME AND ATTRIBUTED INCOME PERFORMANCE AFFECT THE COMPANY'S CAPITAL STRUCTURE POLICY? Miladiah Kusumaningarti; Marhaendra Kusuma
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.13798

Abstract

Since the use of the theoretical basis of fair value accounting and entity theory in Financial Accounting Standards, the meaning of profit has expanded, until finally the comprehensive income and attributable income items appeared in the presentation of the income statement. Unfortunately, in measuring profitability and its relationship to capital structure policy, comprehensive income and attributable income have not been widely used. The purpose of this study is to prove the effect of comprehensive income and attributable income on capital structure policy. Data of 9,660 firms-years from 2,415 financial reports of companies listed on the Indonesia Stock Exchange (IDX), Malaysia (BM), Thailand (SET), Singapore (SGX), Philippines (PSE), and Vietnam (HOSE) during the observation period of 2020 - 2023. The results of the study indicate that the achievement of comprehensive profit and attributable profit performance has a negative effect on the company's capital structure policy. In line with the pecking order theory, companies will use internal funding from profit achievements, including comprehensive profit and attributable profit, before finally using external funding sources from debt and share issuance. The originality of this study is the examination of the effect of comprehensive profit and attributable profit on capital structure.
A SYSTEMATIC REVIEW OF THE BOARD GENDER DIVERSITY IN INDONESIA Naura Alifi Rahma; Ani Wilujeng Suryani
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.13966

Abstract

The lack of women in leadership roles contradicts the gender equality point of the SDGs. The issue of gender inequality is fueling an increasing global trend and discussion about women's representation in companies. This study used the systematic literature review (SLR) method to deliveran analysis of previous research to provide guidelines for future research on gender diversity in boards of directors. The research was conducted on 206 articles that met the criteria. The results showed an increase in the trend of article publication. However, the level of research collaboration remains low, as most articles are only written by two researchers from the same institution. The majority of articles utilize agency theory, while some utilize diversity theory, which requires further investigation due to the absence of supporting references. The most frequently used data analysis technique is regression, and the majority of articles measure diversity with the ratio of the proportion of female board directors. The most frequent focus of discussion in articles about gender diversity on boards includes company performance, governance, taxation, and CSR. The above findings indicate that future research can develop and explore less researched discussions to expand knowledge about gender diversity.
THE ROLE OF FIRM SIZE IN CASH HOLDING ANALYSIS: WHOLESALE AND RETAIL TRADE IN INDONESIA Rida Ristiyana; Nita Astuti
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.14053

Abstract

The purpose of the study was to test the role of firm size moderation in cash holding analysis. The research method used panel data regression and Moderated Regression Analysis (MRA) involving 18 wholesale and retail trade companies listed on the IDX for the 2014-2020 period. The sampling technique uses purposive sampling. This study found that firm size can moderate by strengthening the impact of profitability on cash holding. But on the other hand, firm size is not able to moderate the impact of cash flow, net working capital on cash holding. Cash flow, net working capital and firm size have no impact on cash holding. Meanwhile, profitability has a positive and significant impact on cash holding. Companies need to pay attention to other aspects related to cash holding. This research provides implications for investors as a consideration in determining future policies and decisions. The new element in the study is the addition of firm size as a moderation variable, conducting regression testing of panel data and MRA that has never been submitted before.
THE ROLE OF ACCOUNTING INFORMATION SYSTEMS IN IMPROVING ORGANIZATIONAL GOVERNANCE AND PERFORMANCE: A SYSTEMATIC REVIEW Andi Prayitno; Lilis Karfina; Grace Theresia Pontoh; Aini Indrijawati
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.14194

Abstract

This study examines the role of Accounting Information Systems (AIS) in enhancing organizational governance and performance. By conducting a Systematic Literature Review (SLR) of 40 peer-reviewed articles published between 2014 and 2024, this research synthesizes insights using PRISMA guidelines and thematic coding analysis. The findings demonstrate that AIS implementation significantly improves transparency, accountability, internal control, operational efficiency, and strategic decision-making. Beyond technical capabilities, the effectiveness of AIS is found to be influenced by mediating factors such as leadership style, organizational culture, and internal audit functions. Leadership and internal audit emerge as consistent enablers, while culture plays a context-dependent role. This study contributes to the literature by integrating recent developments, including artificial intelligence and cloud-based AIS, offering an updated understanding of AIS capabilities in a digital governance context. The results provide actionable insights for policymakers, practitioners, and researchers in developing adaptive AIS frameworks aligned with modern governance principles. Limitations include the restricted database scope and the qualitative nature of synthesis, which suggest avenues for future empirical validation.
SYSTEMATIC LITERATURE REVIEW USING THE PRISMA APPROACH: FINTECH AND FINANCIAL LITERACY Upayana Wiguna Eka Saputra; Ketut Vini Elfarosa; Wayan Hesadijaya Utthavi; Anak Agung Ayu Mirah Kencanawati; I Gusti Ayu Astri Pramitari; Eldian Rinaldi
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.14430

Abstract

This study synthesizes empirical evidence on the relationship between Financial Technology (Fintech) and digital financial literacy through a PRISMA-based Systematic Literature Review (SLR) of quantitative, Scopus-indexed studies conducted in Asian contexts from 2021 to 2025. The review followed four stages—identification, screening, eligibility, and inclusion—yielding 10 studies for thematic synthesis. Findings converge on two determinant clusters: internal factors (e.g., trust, self-efficacy, foundational financial knowledge) and external enablers (e.g., internet access, institutional quality, regulatory safeguards) that jointly shape the Fintech–literacy nexus. Overall, Fintech can enhance literacy and inclusion, but realized benefits depend on users’ cognitive and procedural capabilities; low literacy diminishes effectiveness and amplifies risks of mis-selling, fraud, and over‑indebtedness in digital environments. Methodologically, the field is dominated by survey-based designs and SEM, with several studies leveraging large-scale household datasets and limited experimentation with machine learning, while qualitative, mixed-methods, and longitudinal approaches remain scarce. Persistent gaps include causal identification, heterogeneous effects across demographic segments and market maturity, lack of standardized Fintech literacy measures, and underexplored mediating and moderating mechanisms. Policy and practice implications emphasize targeted digital literacy interventions, consumer protection by design, and context-sensitive regulation to ensure responsible Fintech adoption, particularly in developing Asian economies where access is expanding faster than capabilities
AUDIT PERFORMANCE, PROCESS AND QUALITY: EVIDENCE FROM BIG DATA ANALYTICS-DRIVEN AUDITS Ervina Waty
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.15395

Abstract

This study provides empirical evidence on the pathways of digital transformation in auditing, examining how Big Data Analytics (BDA) adoption influences audit quality through audit performance and the audit process within the highly regulated environment of Big Four firms in an emerging economy. Using a quantitative approach, survey data were collected from 254 active external auditors at Big Four accounting firms in Indonesia who have active involvement with BDA platforms. The empirical data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to test both direct relationships and dual-pathway mediations. The results reveal that Big Data Analytics has a positive and significant direct effect on audit performance and audit quality. Audit performance is also proven to significantly enhance audit quality and serve as a vital mediator between BDA and audit quality. However, BDA does not have a significant effect on the audit process, and the audit process does not influence audit quality or act as a mediator. Procedural automation without corresponding cognitive competency enhancement fails to deliver superior audit quality. Public accounting firms should avoid the "technological fallacy" of over-investing in rigid procedural workflows. Instead, strategic resources must be directed toward data-literacy training and cognitive upskilling to maximize auditor performance and successfully safeguard financial reporting credibility.
MITIGATING LINEARIZATION ERROR IN IRR ESTIMATION FOR CAPITAL INVESTMENT APPRAISAL: THE EVBAYIRO RRR-FIRST METHOD Osasenaga David Evbayiro; Osayimwese Violet Evbayiro
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.15443

Abstract

Capital investment appraisal requires accounting and finance professionals to explain whether a proposed expenditure clears the firm's hurdle rate, not merely to report an Internal Rate of Return (IRR) generated by software. Conventional manual IRR procedures often separate the Net Present Value (NPV) decision at the Required Rate of Return (RRR) from rate discovery and interpolate across arbitrarily selected brackets. This study develops the Evbayiro RRR-First Method as a decision-anchored appraisal procedure: it tests NPV at the RRR, forms an adjacent one-percentage-point sign-changing bracket, and applies Three-Point Curvature Closure (E3C). Its accounting and finance contribution is to integrate hurdle-rate governance, transparent decision communication, and reproducible manual computation in one workflow. The validation uses sourced conventional and non-conventional worked examples and 88,556 public-company cash-flow proxy cases constructed from SEC EDGAR/Companyfacts data and Damodaran industry WACC proxies; 76,657 cases produced applicable brackets. Iterated E3C returned an in-bracket estimate for every applicable case, met scaled zero-NPV residual thresholds of 10^-8 in 99.69% and 10^-12 in 98.80% of cases, and required a median of two closure cycles versus 33 bisection iterations. One-step E3C materially improved on two-point interpolation while retaining calculator-based feasibility. The method does not replace NPV or automated solvers; rather, it provides practitioners, accounting educators, and professional examination bodies with a traceable way to connect the hurdle-rate decision to IRR estimation and to interpret multiple-IRR cases without displacing NPV as the controlling rule.
ANTECEDENTS OF DIGITAL PAYMENT MANAGEMENT AMONG YEMENI MIGRANT STUDENTS IN INDONESIA: A UTAUT ANALYSIS Saeed Saif; Priyonggo Suseno
Journal of Applied Finance and Accounting Vol. 13 No. 1 (2026): Publish on June 2026
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v13i1.15729

Abstract

Digital payment systems are increasingly being integrated into daily life. However, few studies have investigated whether migrant students can access these services in an overseas context. Although digital payments are available to international students, their usage varies across student groups in Indonesia. The objectives of this research are to determine the use of digital payment systems by Yemeni migrant students in Indonesia and to examine the factors supporting digital payment management. This study employs the Unified Theory of Acceptance and Use of Technology (UTAUT) model to investigate the influence of performance expectancy (PE), effort expectancy (EE), perceived risk (PR) of the technology on digital payment management (DPM), and the role of financial literacy (FL) as a moderation factor. The analysis was based on a multiple linear regression using data from 105 (50.2%) respondents who completed the survey. Results showed that PE and EE positively influenced DPM, but PR does not have a significant influence. However, when moderated by FL, PR negatively affects DPM, which implies that the higher the level of financial literacy of respondents, the more important the role of technology risk (PR) in the adoption of digital payments. This study has two novel contributions, including measuring technology adoption in the form of the effectiveness of digital payment management, not in the form of adoption intention. Second, it examines Yemeni migrant students, a sample that has rarely been studied. This study contributes to the development of literature and digital payment policies, especially the role of financial literacy for migrant students.

Page 14 of 14 | Total Record : 139

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