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Journal of Accounting and Investment

ai
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Published by Universitas Muhammadiyah Yogyakarta

ISSN : 26223899 EISSN : 26226413 DOI : 10.18196/jai

Core Subject : Economy,

Economics, Econometrics & Finance

JAI receives rigorous articles that have not been offered for publication elsewhere. JAI focuses on the issue related to accounting and investments that are relevant for the development of theory and practices of accounting in Indonesia and southeast asia especially. Therefore, JAI accepts the articles from Indonesia authors and other countries. JAI covered various of research approach, namely: quantitative, qualitative and mixed method.

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Articles 11 Documents

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Search results for , issue "Vol 21, No 2: May 2020" : 11 Documents clear

Does the High or Low of Corporate Social Responsibility Disclosure Affect Tax Avoidance? Firda Ayu Amalia; Eny Suprapti
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This research aimed to empirically prove the difference of the extent of Corporate Social Responsibility (CSR) disclosure towards tax avoidance.Design/Methodology/Approach: 38 companies listed in Indonesia Stock Exchange (IDX) in 2017 were selected through purposive sampling. The analysis methods used were the independent t-test and the SPSS version 24.Research findings: The results showed that there was no difference between the companies with high CSR disclosures and those with the low ones towards tax avoidance. This indicates that despite the high and low disclosures, the companies’ CSR disclosures generate the same impact towards tax avoidance.Theoretical contribution/ Originality: This research has a novelty in the form of a comparison of CSR disclosures by companies and their impact on tax avoidance.Practitioner/Policy implication: Furthermore, the practical contribution to the government, especially the Directorate General of Taxes, is that CSR disclosure is used by companies to gain legitimacy from the public, especially investors. CSR disclosure is not for window dressing to avoid tax.Research limitation/Implication: The limitation in this study is the number of samples is less representative in representing the population. This is due to the small number of companies listed on the IDX in reporting and disclosing CSR in the sustainability report.

Local Election in 2017 in Indonesia: Test of Tendencies to Abuse Grant Expenditure and Social Aid Expenditure Budget by Incumbent Candidates Abdul Hafiz Tanjung
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This research was conducted and aimed to examine the tendencies to abuse the power of incumbent candidates in making budget of grant expenditure and social aid expenditure to support their political interests in the local election on February 15th, 2017, in Indonesia.Design/Methodology/Approach: There were two populations in this study, namely the first population of district/municipality areas that carried out the elections, which included incumbent candidates in size of 53 districts/municipalities, and the population of both district/municipal regions that carried out the elections, which had no incumbent candidates in size of 41 districts/municipalities. Samples were chosen by cluster random sampling with proportional allocation between districts and municipals. The sample for the first population was 35 districts/municipalities, consisting of 26 districts and nine municipalities, while the sample for the second population was 29 districts/municipalities, consisting of 25 districts and four municipalities. Two statistical analyses were employed in this research; parametric statistics, i.e., paired t-test, independent t-test variances unknown but equal, and the non-parametric statistics, i.e., Mann-Whitney U test and Wilcoxon test. Data normality test using w/s test had been done to determine which analysis to be used.Research findings: The result of this research showed that there was empirical evidence of tendencies to abuse incumbent candidates’ power in making budget of grant expenditure and social aid expenditure to support their political interests in the local election on February 15th, 2017.Theoretical contribution/Originality: This study’s results reinforce that the incumbent regional head has more authority in budget management, especially during local government head of elections.Practitioner/Policy implication: Based on the findings, the central government needs to change the rules on the use of grant expenditure and social aid expenditure on local governments from indirect expenditure to direct expenditure that can be measured by performance.Research limitation/Implication: This study has a limitation that lies in grant expenditure, and social aid expenditure studied, which only looked at the increase or decrease in the number of realization of grant expenditure and social aid expenditure in the local government budget realization report, not on the effectiveness of its distribution.

The Role of Budgetary Participation and Environmental Uncertainty in Influencing Managerial Performance of Village Government Hafiez Sofyani; Muhamad Fandi Indra Santo Simali; Taufik Najda; Mohammed Saleh Al-Maghrebi
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine the influence of budgetary participation and environmental uncertainty on the managerial performance of the village government. In addition, it examines the budgetary participation as an intervening variable.Design/Methodology/Approach: The research was conducted using a survey method by distributing questionnaires to village governments in Bantul Regency, Indonesia. Totally, 118 completed questionnaires were returned. Data analysis was carried out using a partial least squares (PLS) approach.Research findings: The results revealed that budgetary participation and environmental uncertainty significantly influenced managerial performance. Besides, environmental uncertainty was found as a determinant of budgetary participation implementation. This study confirmed that budgetary participation had an intervening role in the environmental uncertainty-managerial performance relationship.Theoretical contribution/ Originality: This research pioneered the testing of budgetary participation as the intervening variable in the context of a village government study.Practitioner/Policy implication: Referring to the results, the village government needs to appreciate the practice of budgetary participation to encourage managerial performance, especially to convert the negative impact of environmental uncertainty to be a chance to achieve better performance.Research limitation/Implication: This research was only undertaken in the scope of Bantul regency. Therefore, the generalization ability of this study is limited.

The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure Dody Hapsoro; Zaki Naufal Falih
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: The purpose of this study is to examine carbon emission disclosure in moderating the effect of firm size, profitability, and liquidity on the firm value.Design/Methodology/Approach: The sample used in this study was firms engaged in the oil, gas, and coal fields and operating in non-Annex 1 member countries registered in the Osiris database. The study period was following the commencement of the Kyoto Protocol's second commitment from 2015 to 2018. Data analysis in this study used Partial Least Square (PLS) with Warp PLS 4.0 application.Research findings: The study results showed that firm size and liquidity had a positive and significant effect on firm value. However, profitability had a positive and insignificant effect on firm value. Besides, carbon emission disclosure moderated the effect of firm size and profitability on firm value. However, carbon emission disclosure did not moderate the effect of liquidity on firm value.Theoretical contribution/ Originality: This study provides insight that carbon emission disclosure can moderate the effect of firm size and profitability variables on firm value.Practitioner/Policy implication: This study is expected to encourage firms to be more concerned about the environment. Furthermore, the political contribution that can be provided by the results of this study is expected to motivate the government to apply more stringent regulations to firms that have the potential to generate carbon emissions.Research limitation/Implication: Limitation in this study is the amount of data from oil firms, gas, and coal contained in the Osiris database in 2015 until 2018 was very limited.

Code of Ethics, Clawback Incentive Schemes, and Personal Value to Mitigate Earnings Management Intention Erlinda Nur Khasanah; Mahfud Sholihin
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aimed to examine the role of a code of ethics and clawback incentive schemes to mitigate earnings management intention. This study also examined the effect of personal value on the relationship between the code of ethics and incentive schemes with earnings management intention.Design/Methodology/Approach: The research method used in this study was an experimental approach with a factorial design of 2x3 between-subjects. The subjects were 83 students from the undergraduate and postgraduate of Accounting Program from a public university in Yogyakarta, Indonesia. To test the hypotheses, two-way ANOVA was used.Research findings: This study discovered that the code of ethics was able to mitigate earnings management intention. However, it should be completed by clear and strict sanctions for ethical violations. The results, however, showed that there were no significant different effects between clawback and bonus-only incentive schemes on earnings management intention. Additionally, this study provided empirical evidence that personal value did not moderate the relationship between the code of ethics and incentive schemes on earnings management intention.Theoretical contribution/Originality: This study showed the causality relationship between the code of ethics and incentive scheme with earnings management intention through the use of experimental methods.Practitioner/Policy implication: This study has important implications for company management in designing and implementing a code of ethics effectively, namely the company should provide sanctions for those who violate the code of ethics.Research limitation/Implication: First, this study only examined earnings management in the form of real earnings management as the operating decisions. Second, most of the data collection was carried out after class, causing participants to lack concentration as they were tired of the lessons in class.Keywords: Earnings Management Intention, Code of Ethics, Clawback Incentive Schemes, Personal Value

Factors Affecting Capital Expenditure Allocation: Empirical Evidence from Regency/City Government in Indonesia Ilham Maulana Saud; Eka Asterina; Gisti Fairuz Trisha
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: To analyze the effect of local taxes, regional retribution, special allocation fund, and area size on the allocation of capital expenditure with economic growth as a moderating variable in the regency/city Governments in Indonesia from 2016 to 2017.Design/Methodology/Approach: This study used secondary data obtained through the website of the Ministry of Home Affairs, Ministry of Finance, and Audit Board of the Republic of Indonesia. Based on the purposive sampling method, a sample of 565 regencies/cities in Indonesia was obtained. The hypothesis testing in this study used Moderated Regression Analysis.Research findings: Based on the results of the study, it could be concluded that partially the local tax variables, special allocation fund, and area had a positive and significant effect on capital expenditure allocation. In contrast, regional retribution variables did not affect capital expenditure allocation, and economic growth could moderate the effect of local tax on capital expenditure allocation, but unable to moderate the effect of regional regional on capital expenditure allocations.Theoretical contribution/Originality: This research proved the theory of fiscal federalism in the relationship to fiscal decentralization, such as local taxes, economic conditions, public services, and public welfare. Moreover, this study enriched the literature on the application of the theory of stewardship in government agencies.Practitioner/Policy implication: Regional governments in regencies/cities in Indonesia are expected to explore the potential of their regions better so that they can improve the steward function to the community.Research limitation/Implication: The research period was relatively short; due to the availability of data only from 2016 to 2017, many research data were outliers. Future research is expected to renew the observation period and change the intervening model, as well as add other variables related to capital expenditure, such as General Allocation Funds (DAU), Revenue Sharing Funds (DBH), population numbers, Budget Surplus (SILPA) and others.

The Effects of Organizational and Political Factors on the Development of Performance Measurement System (PMS) of Local Government Institutions Parwoto Parwoto; Abdul Halim
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine the influence of organizational and political factors on the development of performance measurement systems (PMS) based on its development purpose and identify the phenomenon of institutional isomorphism.Design/Methodology/Approach: This research uses mixed methods with sequential explanatory strategies. Quantitative data were obtained by survey using questionnaires and qualitative data collection using semi-structured interviews. Quantitative data analysis uses SEM PLS, and qualitative data analysis uses Content Analysis (CA).Research findings: This research shows that the open attitude of the local government apparatus in accepting change, strong commitment from the leaders, broad enough authority for management, and strong political support from internal and external determine the success of the PMS development process in local government institutions. Furthermore, the phenomenon of institutional isomorphism is also still found in the PMS development process in local government institutions.Theoretical Contribution/ Originality: This study complements previous research on the factors that influence the development of PMS and adds evidence that the phenomenon of institutional isomorphism exists in the PMS development process. Research in this field has not been much researched in public sector accounting, particularly in Indonesia.Practitioner/Policy implication: This research provides input to the local government regarding the factors that need to be considered in the PMS development process, so that the PMS development policy is successful and can improve the performance of the local government.Research limitation/Implication: The minimum number of respondents who are willing to be interviewed and the research sample is only limited in the DIY region is a limitation in this study that might affect the results. Further research is recommended to continue using the mixed methods by expanding the distribution area of the sample used and adding other variables that are considered influential and able to capture the phenomenon of institutional isomorphism in the PMS development process.

Corporate Governance Strength, Firm’s Characteristics, and Islamic Social Report: Evidence from Jakarta Islamic Index Wahyono Wahyono; Eskasari Putri; Bayu Tri Cahya
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: The purpose of this study is to analyze the effect of corporate governance strength, company size, profitability, company age, and industry type on Islamic social reports of Indonesian Companies that are listed in Jakarta Islamic Index.Design/Methodology/Approach: The type of data used in this study was secondary data in the form of quantitative data, which included annual financial statements data completed with auditor’s reports from each company listen on JII, especially in 2015-2017. The sampling method used in the study was purposive sampling.Research findings: The results of data processed employing multiple regression test showed that company size, company age, and type of industry had a significant effect on the disclosure of Islamic social reporting. Corporate social strength and profitability had no significant effect on disclosure of Islamic social reporting.Theoretical contribution/Originality: This research has theoretical implications in terms of developing knowledge and confirming theories about Islamic social reporting in IndonesiaPractitioner/Policy implications: This research can be used as a consideration for the company in policy making and as a basis for the company in decision making.Research limitation/Implication: The study’ results are expected to be a consideration in determining policies related to Islamic social reporting, especially law enforcement.

Determinants of Intellectual Capital Disclosure in Non-Vocational Higher Education in Indonesia Indah Cahyani Gobel; Ahmad Juanda; Ihyaul Ulum; Mudrifah Mudrifah
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to how intellectual capital (IC) disclosure has been carried out by Indonesian higher education institutions (HEI). In addition, this study examines the determinants of IC disclosure, namely age, size and accreditation status of HEI.Design/Methodology/Approach: The IC components used in this study refers to Ulum (2019), which modified the research from Leitner and Karl-Heinz (2002). This modification refers to the Study Program Accreditation Instrument (IAPS) 4.0 which has been regulated by the National Accreditation Board for Higher Education. The hypotheses test is conducted using SEM PLS.Research findings: The test results show that the age, size and accreditation status variables have a significant effect on intellectual capital disclosure (ICD).Theoretical contribution/ Originality: This study examines the IC disclosure with IAPS 4.0 that has just been applied in Indonesia.Practitioner/Policy implication: The study results provide an overview of the factors that drive IC disclosure in Indonesian HEI.Research limitation/Implication: This study only involved 86 large Indonesian non-vocational HEI.

The Existence of Accrual Anomaly Phenomena in Indonesia Capital Market Gerrinko Giffari Wurintara; Hamidah Hamidah
Journal of Accounting and Investment Vol 21, No 2: May 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: Sloan (1996) finds that investors mispriced the stock. They could not detect differences in earnings persistence. Such a phenomenon is called an accrual anomaly. This study aims to find out the existence of accrual anomalies in the Indonesian capital market.Design/Methodology/Approach: The accrual anomaly phenomenon is supported by testing whether there is a negative effect between accrual and abnormal returns. The research sample consisted of manufacturing companies from 2014 - 2017, which were tested using the Ordinary Least Square.Research findings: First, the results show that the company’s accrual rate negatively influenced the abnormal returns, both before and after the use of control variables. Second, this article also discovered that companies having low accrual rates were consistent over four years and had greater returns compared to companies with high accrual rates.Theoretical contribution/ Originality: This article contributes to financial literacy and accounting, especially to the theory of efficient market hypotheses. There was evidence of accrual anomalies indicating that the Indonesian capital market was inefficient.Practitioner/Policy implication: Indeed, the results of this study contribute to investors and financial analysis to consider and reevaluate their long-term investment strategies in purpose to avoid mispricing in the earnings component.Research limitation/Implication: This research is inseparable from limitations, one of which is the presence of shares that were not actively traded in the study sample. Second, this article only used a sample of companies that did not experience a loss.

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