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Yuni Rimawati
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Infestasi
Published by Universitas Trunojoyo Madura
ISSN : 02169517     EISSN : 24608505     DOI : doi.org/10.21107/infestasi
Core Subject : Economy,
Economics, Econometrics & Finance
Arjuna Subject : -
Articles 311 Documents
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Accounting Conservatism in Indonesian Banks: Evidence from Loan Loss Provisions Agung Nurmansyah; Purwono Purwono; Muhammad Ahmad Baballe
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33502

Abstract

The study attempts to investigate the relationship between the recent concepts of prudence in banking literature on the provisioning behaviour in Indonesian banks. We use a mixed exploratory design, including literature review of recent conservatism research with panel evidence from 6 Indonesian banks for years 2021–2024 and preliminary 2025 data. From the results, it is suggested that recent research has repeatedly shown linking accounting conservatism with early recognition of the loss, veracity in financial reports, plus the practice of loan loss provisioning. A negative relationship between credit growth and discretionary loan loss provisions indicated that discretionary provisioning decreased during credit expansion. Although the relations are non-statistically significant due to very small samples taken, the direction of the coefficient suggests some risk of weakening conditional conservatism in an expansion of credit. This study adds to the literature by linking prudence-related constructs with observed effect of provisioning behaviour of Indonesian banks in the IFRS 9. Results offer early insights into the impact of credit growth dynamics on the conservative reporting behaviour. The study also emphasizes the need for public-facing disclosure of provisioning assumptions and macroeconomic scenarios for regulators, investors, and banking professionals. 
Board Gender Diversity and Fraud in Indonesia’s Regional Banks: A Fraud Hexagon Perspective Dwianto Mukhtar Latif; Widya Ais Sahla
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33583

Abstract

This study investigates the determinants of financial reporting fraud using the Fraud Hexagon theory and examines the moderating role of women on the board of commissioners (WOC). This study employs a quantitative approach using Moderated Regression Analysis (MRA) with panel data from 27 Regional Development Banks during the period 2016–2023. The findings show that pressure, capability, opportunity, and arrogance significantly influence financial reporting fraud, while collusion is not significantly associated with fraud propensity. The results further indicate that the presence of women on the board of commissioners weakens the effect of pressure and capability on financial reporting fraud, highlighting their monitoring and governance-enhancing role. However, the effectiveness of WOC appears to be context-dependent, particularly influenced by the strength of corporate governance and internal control systems within banks. This study extends the empirical application of the Fraud Hexagon theory in explaining financial reporting fraud and provides evidence on the role of board gender diversity in fraud mitigation. By focusing on Indonesia’s Regional Development Banks—an underexplored sector—the findings offer practical implications for promoting ethical conduct and strengthening integrity-based corporate governance.
Information Technology Investment and Banks’ Stock Performance: An External Investor's Perspective Ari Christianti
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33925

Abstract

Information Technology (IT) investment in banks could influence investor perceptions of the bank's future prospects. IT investment in banks is often associated with service innovation, operational efficiency, increased competitiveness, and expanded market share. This study aims to empirically test the effect of IT investment in banks on stock market performance using unbalanced panel data and Fixed Effect Model (FEM) analysis. Furthermore, the sample used in this study was commercial banks listed on the Indonesia Stock Exchange, with the study period 2012-2022. The results show that IT investment in banks has been proven to have a positive impact on stock market performance. Banks with higher technology involvement tend to have strong stock returns. These findings have implications for banks to invest in IT not only to improve operational efficiency and expand service access, but also as a strategy to improve market performance. Furthermore, IT investment in banks can be used as an indicator for capital market investors in assessing banks' future prospects.
Author Index & Reviewer Back back
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.35430

Abstract

Accounting Standards and ESG Disclosure: Evidence from Global Banks Annisa Fithria; Rintan Nuzul Ainy; Andreas Vernando; Nabila Na'ma Aisa; Surya Darma
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33901

Abstract

This study investigates the relationship between the adoption of international accounting standards and environmental, social, and governance (ESG) disclosure in the global banking sector using a panel dataset of 576 banks from 62 countries over the period 2009–2023. The empirical results show that the adoption of international accounting standards, particularly IFRS, is positively associated with ESG disclosure among global banks. Additional analyses indicate that the effect of accounting standards is stronger for environmental and social disclosure than for governance disclosure. The results also suggest that major global events, including the Paris Agreement and the COVID-19 pandemic, are associated with increased ESG disclosure. This study contributes to the literature by providing cross-country evidence on the relationship between accounting standards and ESG disclosure in the banking sector, extending prior research that primarily focuses on single-country settings. The findings highlight the broader transparency effects of international financial reporting frameworks and provide implications for regulators and policymakers seeking to strengthen sustainability reporting and promote sustainable finance. 
Prefence, Editorial Board, Table of Contence Prefence pre
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.35431

Abstract

CEO Characteristics and Enterprise Risk Management: The Moderating Role of ESG Disclosure in Indonesian Agro-Industrial Firms Markus Apriono; Bayu Aprillianto; Isti Fadah; Nining Ika Wahyuni; Nurul Syazwani Mohd Noor
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33597

Abstract

This study examines the effect of CEO characteristics on Enterprise Risk Management (ERM) implementation and investigates the moderating role of Environmental, Social, and Governance (ESG) disclosure in Indonesian agro-industrial firms. This study argues that executive demographic and professional attributes shape enterprise risk management practices, while ESG disclosure functions as a governance mechanism that may condition this relationship. Using a quantitative approach, the sample consists of 51 firm-year observations of agro-industrial companies listed on the Indonesia Stock Exchange during 2020–2022. CEO characteristics are constructed using Principal Component Analysis (PCA) based on age, education background, prior executive experience, and tenure. ERM is measured using a composite index, while ESG disclosure is assessed through a disclosure index. The results show that CEO characteristics positively and significantly influence ERM implementation, indicating that executive attributes play a crucial role in shaping integrated risk management structures. Furthermore, ESG disclosure significantly moderates the relationship between CEO characteristics and ERM with a negative interaction effect, suggesting a governance substitution effect. These findings contribute to the literature by integrating an emerging market agro-industrial context. The study highlights the strategic importance of leadership quality and ESG institutionalization in strengthening corporate resilience against environmental and business uncertainties
System Quality Dominance in MSME Accounting Technology Adoption and Operational Efficiency Iwan Setya Putra; Tanto Askriyandoko Putro; Hanif Yusuf Seputro
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33921

Abstract

The adoption of accounting software by micro, small, and medium-sized enterprises (MSMEs) does not automatically guarantee improved operational outcomes. This study empirically examines how perceived usefulness, perceived ease of use, and system quality influence operational efficiency through the mediating role of user satisfaction. Integrating the Technology Acceptance Model (TAM) with the DeLone and McLean Information Systems (DM IS) Success Model, we test seven hypotheses using structural equation modeling (SEM) on survey data from 212 Indonesian MSME accounting software users. Results indicate that system quality and perceived usefulness significantly enhance user satisfaction, while perceived ease of use shows no significant effect. User satisfaction fully mediates the relationship between system quality and operational efficiency, whereas the direct effect of system quality on operational efficiency is non-significant. These findings suggest that robust system quality supersedes interface simplicity as the primary driver of satisfaction and efficiency in resource-constrained MSME settings. Software developers should prioritize backend robustness and functional completeness, while MSME managers should evaluate accounting software based on system reliability rather than ease of initial use.
Excise Tariff Policy and Field Supervision as Instruments for Controlling the Circulation of Illegal Tobacco Products Rina Sulistyowati; Reza Anggapratama; Moch Abdul Muiz Nur Hanip Pamungkas
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33642

Abstract

The circulation of illicit tobacco products poses a serious challenge to taxation and state revenue protection. Excise tariff policies and field supervision are key instruments in controlling illicit cigarettes. This study examines how these policies and supervision practices are interpreted and implemented in controlling illicit tobacco products in Bojonegoro Regency, Indonesia, a strategic transit area in the illegal tobacco distribution network. Using a qualitative phenomenological approach, data were collected through in-depth interviews with five Customs supervisory and investigative officers and analyzed through thematic coding. Findings show that excise tariff policy is perceived not only as a fiscal instrument but also as a factor shaping illegal actors’ cost–benefit considerations, with tariff increases often followed by adaptive distribution strategies. Field supervision translates policy into enforcement risk through adaptive, intelligence-driven, and discretionary practices, including risk-based targeting and delayed interception. However, limited personnel, wide surveillance areas, and adaptive illicit networks constrain enforcement effectiveness. The study highlights that local excise control effectiveness depends on the interaction between tariff policy, field discretion, and institutional capacity, emphasizing the need to combine fiscal measures with adaptive enforcement strategies in dynamic illicit distribution areas.
Dividends as a Signal or Merely a Routine? The Mediating Role of Dividend Policy on Firm Value Dika Setia Nugraha; Hersugondo Hersugondo
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33895

Abstract

The primary objective of this study is to investigate whether dividend policy functions as a market signal or simply follows a standard corporate protocol. Furthermore, the research explores the capacity of dividend policy to bridge the relationship between corporate attributes and market value. By examining non-financial firms within the LQ45 index from 2020 to 2023, the study analyzes the impact of firm size, profitability, and cash holdings on corporate valuation, with dividend policy serving as an intervening factor. Utilizing a quantitative framework, the study employed panel data regression and the Sobel test to evaluate mediation outcomes. Following outlier removal, a final dataset of 26 observations was gathered via purposive sampling. The empirical findings suggest that while profitability significantly influences both firm value and dividend policy, variables such as firm size and cash reserves do not demonstrate a meaningful impact. Ultimately, the results indicate that dividend policy is not a significant mediator between company characteristics and overall firm value.

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