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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 22, No 2: May 2021" : 11 Documents clear

Income Diversification and Financial Performance: The Mediating Effect of Banks’ Size, Ownership Structure, and the Financial Crisis in Vietnam Phan Gia Quyen; Nguyen Tran Thai Ha; Susilo Nur Aji Cokro Darsono; Tran Dang Thanh Minh
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study focuses on the correlation between income diversification and financial performance, taking into account banks’ size, type of ownership, and the financial crisis.Design/Methodology/Approach: This study uses financial data of 29 commercial banks in Vietnam during the period from 2005 to 2018. This research employs a Generalized Method of Moments (GMM) regression.Research findings: The results do not find statistical evidence of a direct effect of banks’ income diversification on their financial performance. However, when considering the classification factors, such as the bank’s size and ownership type, the findings show that big banks and state-owned banks could take advantage of diversification strategies to boost their profitability. Moreover, the study has proven that income diversification generates a significant positive effect on banks’ financial performance during the crisis time.Theoretical contribution/Originality: This study provides a theoretical evidence on the direct effect of income diversification on a bank’s financial performance concerning banks’ size, ownership type, and the financial crisis.Practitioner/Policy implication: Further, this research also offers the bank’s managers, policymakers, and investors an insight of good banks’ financial performance in the context of an unstable economy.Research limitation/Implication: The limitations still exist in this research, such as (1) the number of banks participating in the research sample was a predictable limitation; (2) this research mainly focused on financial variables but ignored the variables representing the managers’ behavior and the banks’ organizational structure; (3) the future studies can focus on these aspects to explore further the hidden picture of diversification strategy and banking performance

The Effect of Ownership Structures on Audit Fees of Listed Firms in Ghana Alhassan Musah; Bismark Okyere; Eric Agyapong Boakye
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: The study examined the effect of ownership structures on audit fees of listed firms in Ghana. The study used four indicators to measure ownership structure: managerial ownership, foreign ownership, government ownership, and substantial (block) ownership.Design/Methodology/Approach: The study sampled 21 listed non-financial firms over ten years, covering the period 2010 to 2019. The study also relied on secondary data extracted from the financial statement of these listed firms. Data were analyzed using descriptive statistics, correlation analysis, and panel regression analysis.Research findings: The study results showed a positive and significant association between foreign ownership and audit fees in Ghana. The study further found a positive and significant relationship between block ownership and audit fees. The results, however, uncovered an insignificant association between government ownership and audit fees. Furthermore, the study reported a positive coefficient between block ownership and audit fees, and the relationship was statistically significant.Theoretical contribution/Originality: The study is among very few studies that have examined ownership structures such as foreign ownership, managerial ownership, government ownership, and block ownership on audit fees in a developing country context and Ghana.Practitioner/Policy implication: This study found that the higher agency conflict through ownership structures will give rise to the higher audit fees paid to external auditors, which managers and auditors should consider in future assignments.Research limitation/implication: The study is limited by geographical area (Ghana), and as such future studies can conduct cross-country analysis of ownership structures on audit fees.

The Influence of Enterprise Resource Planning (ERP) Implementation System on Company Performance Mediated by Organizational Capabilities Defriko Gusma Putra; Rita Rahayu; Anne Putri
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine the effect of Enterprise Resource Planning (ERP) system implementation on company performance with organizational capabilities as a mediating variable.Design/Methodology/Approach: This research is a quantitative study using 117 samples of manufacturing companies listed on the IDX from 2013 to 2018. Analysis and testing in this study employed SEM-PLS to test the effect of Enterprise Resource Planning (ERP) system implementation on company performance with organizational capabilities as a mediating variable.Research findings: The results showed that the ERP system's implementation had a significant positive effect on company performance and organizational capabilities. Organizational capabilities also had a significant positive effect on company performance. Besides, it was found that organizational capabilities mediated the relationship between ERP system implementation and company performance.Theoretical contribution/Originality: This study utilized a cybernetics approach theory, Resource-Based View (RBV) theory, and organizational capabilities theory to investigate the mediating role of organizational capabilities in increasing the impact of ERP systems on company performance.Practitioner/Policy implication: This study provides evidence that ERP implementation makes an integrated operating system and can increase organizational capabilities by utilizing existing resources, and ultimately will also increase company performance.Research limitation/Implication: In this research, it is challenging to find organizational capability measures, such as marketing capability and process improvement. This study only used one intervening variable so that the information obtained from the results is still limited.

The Mediation Role of Productivity in the Effect of Islamic Corporate Governance on Islamic Corporate Social Responsibility Disclosure Ichsan Setiyo Budi
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine the indirect effect of Islamic Corporate Governance (ICG) on Islamic Corporate Social Responsibility Disclosure (ICSR) with productivity as mediation.Design/Methodology/Approach: This study used secondary data sourced from annual reports, corporate governance reports, and financial reports of Islamic banking in Indonesia for the period 2008 to 2019, with the criteria of Islamic banks (IBs) that have not been established for 12 years, and observations carried out since they were established until 2019. The sampling technique was done by convenience sampling and obtained 121 observations, and research testing employed regression analysis.Research findings: The results found that banking productivity fully mediated Islamic corporate governance's effect on Islamic Corporate Social Responsibility Disclosure. Thus, good productivity is an absolute requirement that must be fulfilled to carry out a good social function, as reflected in the Islamic Corporate Social Responsibility disclosure.Theoretical contribution/Originality: This study reaffirms and develops a new model of the relationship between ICG and ICSR disclosure in IBs.Practitioner/Policy implications: This research was conducted based on stakeholder theory, which is later developed into stakeholder theory from an Islamic perspective.Research limitation/Implication: First, this study used the ICG variable and the ICSR disclosure, but the researcher did not discuss the quality of disclosure. Second, this study did not test the reliability of the ICSR disclosure.

Analysis of COVID-19 Impact on Micro, Small, and Medium Enterprises (MSMEs) Credit Distribution in East Java Banks Evita Hayatun Nufus; Idah Zuhroh; Muhammad Sri Wahyudi Suliswanto
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: The purpose of this study was to determine the credit distribution level used as working capital assistance for Micro, Small, and Medium Enterprises (MSMEs) during the COVID-19 pandemic.Design/Methodology/Approach: This study used a sample of 8 cities/regencies in East Java. Meanwhile, the Micro, Small, and Medium Enterprises (MSMEs) credit recipients were the population of the sample areas. This research's analysis model was panel data regression (generalized least square) by considering the emergence of heteroscedasticity in cross-section data between regional objects. The control variables outside the COVID-19 were the BI rate, third-party funds (TPF), and inflation.Research findings: This study’s results showed that the COVID-19 pandemic had a significant negative impact only on medium-sized business loans, while micro and small business loans are more resilient. Besides, Micro, Small, and Medium Enterprises (MSMEs) credit was significantly positively influenced by TPF; inflation did not affect credit; the BI rate only negatively affected medium-sized business credit.Theoretical contribution/Originality: Studies on Micro, Small, and Medium Enterprises (MSMEs) credit-related to economic phenomena and monetary policy have been widely carried out. However, the catastrophic virus that causes long-term economic uncertainty and impacts banks and Micro, Small, and Medium Enterprises (MSMEs) still requires in-depth study. Also, this study employed the GLS model that considers heteroscedasticity, which is still rarely used in previous studies.Practitioner/Policy implication: This research can be essential information for the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or OJK) and Bank Indonesia (BI) in policymaking, both regulatory aspects and bank liquidity provision, in stimulating Micro, Small, and Medium Enterprises (MSMEs) credit, especially in the COVID-19 pandemic era.Research limitation/implication: The impact of COVID-19 on Micro, Small, and Medium Enterprises (MSMEs) loans is still classified based on micro, small and medium. It is still not grouped based on the Micro, Small, and Medium Enterprises (MSMEs) business sector in various cities and regencies in East Java. The analysis has not been clustered based on the spatial concentration of the Micro, Small, and Medium Enterprises (MSMEs) recipient areas.

Moderating Role of Financial Policies on the Relationship between Tax Aggressiveness and Cash Holding Setu Setyawan; Dhaniel Syam; Ahmad Juanda
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine and analyze the effect of tax aggressiveness on cash holding, and financial policies (leverage, capital intensity, inventory intensity) can moderate tax aggressiveness on cash holding.Design/Methodology/Approach: The population in this study was manufacturing companies listed on the Indonesia Stock Exchange for the 2016-2017 period. The sample selected in this study was 106 companies that met the sample criteria. The research data were analyzed using simple regression analysis and multiple regression analysis.Research findings: The results of this study indicated that tax aggressiveness had a negative effect on cash holding, leverage had a significant negative effect in moderating the effect of tax aggressiveness on cash holding, the capital intensity had a significant positive effect in moderating the effect of tax aggressiveness on cash holding and inventory intensity had a positive significant effect in moderating the effect of tax aggressiveness on cash holding.Theoretical contribution/Originality: The inconsistency of previous studies regarding tax aggressiveness towards cash holding. This inconsistency is an important matter for further investigation, one of which is through the use of moderating variables that aim to measure strength. Therefore, this study correlates financial policies, which are the policy of leverage, capital intensity, and inventory intensity in companies conducting tax aggressiveness which determines the level of cash holding as a source of the company’s fund. There is hardly any research that used leverage, capital intensity, and inventory intensity as moderating variables, particularly capital intensity and inventory intensity.Practitioner/Policy implication: This research is potentially relevant to academics, researchers, and management. By examining the factors that affect the level of cash holding given the role of financial policy, this study reveals the way for further investigation of this topic with a set of micro and macro variables. This study provides insight into the principles of financial policy in moderating corporate tax aggressiveness to influence cash holding decisions.

The Effect of Intellectual Capital and Good Corporate Governance on Company Value Mediated by Competitive Advantage Selvia Roos Ana; Agung Budi Sulistiyo; Whedy Prasetyo
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This research aims to analyze the effect of intellectual capital and good corporate governance on company value by using competitive advantage as a mediation on companies listed on the Corporate Governance Perception Index from 2014 to 2018.Design/methodology/approach: This research used nine companies from the Corporate Governance Perception Index as a sample listed during the 2014-2018 period. The analysis methods of this research were Multiple Linear Regression and path analysis.Research findings: The research revealed that the company's competitive advantage could increase the company value but could not mediate company value. However, competitive advantage is inseparable from the role of intellectual capital and good corporate governance.Theoretical contribution/Originality: This study provides a theoretical contribution to determining company value using competitive advantage as mediation. Besides, this research confirms the resource-based theory that the company can win the competition by having a competitive advantage to increase company value. Hopefully, these findings can give a comprehensive picture for the company.Practitioner/Policy implication: The results of this study are expected to provide an overview to management and investors that intellectual capital has not been able to increase company value because intellectual capital is still a hidden value that has not been able to attract investors' attention to how beneficial intellectual capital is for the company. Besides, this study also showed that the implementation of Good Corporate Governance is not just a formality but must become an organizational culture to encourage increased company value.Research limitation/Implication: This study was only conducted on companies listed on the Corporate Governance Perception Index from 2014 to 2018. Therefore, the generalizability of this study is limited

Does Sustainable Banking Disclosure Affect Bank Efficiency? Evidence from Indonesia Wihelmina Dea Kosasih; ‪Aulia Fuad Rahman; Arum Prastiwi
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: In Indonesia, there are regulatory developments that require companies to implement a sustainable manner in business activities. Based on Financial Service Authority Regulation No. 51/2017 regarding sustainable finance, Bank BUKU 3 and 4 are the first parties required to run and publish a sustainability report. Therefore, it is essential to evaluate the performance of a bank implementing sustainable banking. This study aims to examine sustainable banking disclosure on bank efficiency in Indonesia.Design/Methodology/Approach: The researchers used 70 observations of banks listed on the Indonesian stock exchange from 2015 to 2019. The method for testing bank efficiency employed Data Envelopment Analysis (DEA). In the second stage of the analysis, the researchers utilized a panel data regression method.Research findings: First, the results showed that commercial banks BUKU 3, 4 in Indonesia were still inefficient. Second, the article also found that sustainable banking disclosure had a positive effect on bank efficiency.Theoretical contribution/Originality: This study's results constitute empirical evidence related to stakeholder theory and provide empirical evidence regarding the effect of sustainable banking on bank efficiency.Practitioner/Policy implication: This research contributes to bank management to implement sustainable banking because it can increase bank efficiency.

Comparative Study of Financial Reporting Act: The Case Study of Indonesia Michelle Claudia; Lindawati Gani; Rafika Yuniasih
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study evaluates the Indonesian Financial Reporting Bill (hereafter: Bill) and provides a recommendation to the Bill.Design/Methodology/Approach: A comparative study was carried out by comparing the Bill with Financial Reporting Acts and other related statutory from the United States of America, the United Kingdom, and twenty-seven members of the Asian-Oceanian Standard-Setters Group (AOSSG).Research findings: From the total of 24 countries, 60 documents were found, which were then manually analyzed for content and themes. Based on the study results: standard-setting board, accountant certification, and practice monitoring program were proposed to be included in the Bill.Theoretical contribution/Originality: There are few studies on the Financial Reporting Act; therefore, this study seeks to contribute to this gap.Practitioner/Policy implication: This study’s results provide insight for regulators and strengthen the accounting professions as preparers and auditors of financial statements and other related professions.Research limitation/Implication: The limitation of this research is to conduct a comparative study of the Indonesian Financial Reporting Bill with the selected countries’ Financial Reporting Acts and similar statutory.

The Implications of Organizational Slack-Resources Heterogeneity toward CSR Expenditures Kadek Weda Noveadjani Tista; Aulia Fuad Rahman; Arum Prastiwi
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to prove the alleged effect of organizational resource slack on corporate social responsibilities (CSR) expenditures. The types of organizational resource slack examined in this study were financial slack, human resource slack, and innovational slack. This research was conducted in the mining sector and basic and chemical industries listed on the Indonesia Stock Exchange during 2015-2019.Design/Methodology/Approach: Non-probability sampling technique with purposive sampling method was as the sampling method. It consisted of 13 companies with a total of 54 samples of observations. Hypothesis testing used multiple linear regression.Research findings: The results showed that financial slack had a negative effect on CSR expenditures. It supports agency theory used as a theoretical basis regarding management's tendency to manage slack over organizational resources. However, this study could not show the effect of human resource slack and innovational slack on CSR expenditures.Theoretical contribution/Originality: This study's results constitute empirical evidence related to agency theory explaining the effect of financial slack on CSR expenditures.Practitioner/Policy implication: This study’s results can illustrate the management’s tendency to allocate funds for CSR by considering the slack of various types of organizational resources. Improvements related to the implementation of Law No. 40 of 2007 about the responsibility of limited liability companies to carry out social and environmental responsibility also need to be concerned by the regulator.Research Limitation/Implication: The limitations in this study that can be considered for future research are related to very limited research data for certain variables. The data’s availability related to CSR costs and research and development costs included in the annual report is very limited, so the number of samples processed was limited.

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