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INDONESIA
Journal of Accounting and Investment
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 20 Documents
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Search results for , issue "Vol. 24 No. 2: May 2023" : 20 Documents clear
The effect of intellectual capital on market performance with bank efficiency as a mediation variable Siti Rachmah; Bambang Subroto; Imam Subekti
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.17394

Abstract

Research aims: The COVID-19 pandemic caused capital market conditions, especially the banking sector, to decline. Therefore, a strategy is needed to help increase the market value of banking companies so that capital market conditions for the banking sector can be stable. The plan that can be implemented is to properly improve the management of the company's intellectual capital and improve efficiency in these banking companies so that the banking industry can develop and regain its existence in the capital market. This study aims to empirically test and prove the effect of intellectual capital on market performance mediated by banking efficiency.Design/Methodology/Approach: This study used a quantitative approach with a sample of banking sector companies on the Indonesia Stock Exchange in 2017-2021. The data met the criteria of 37 companies with a total of 117 observations. The banking efficiency testing method used Data Envelopment Analysis (DEA). Furthermore, the analysis of the hypothesis testing phase utilized multiple linear regression methods.Research findings: The study revealed that intellectual capital positively affected market performance. Second, intellectual capital had a positive impact on banking efficiency. Third, banking efficiency had a positive effect on market performance. Fourth, banking efficiency could fully mediate the relationship between intellectual capital and market performance.Practical and Theoretical Contribution/Originality: This study can provide input to companies to obtain high corporate value and competitive advantage. Thus, companies must pay attention to their intellectual capital. The results of this study were empirical evidence of the resource-based view theory in the utilization of intellectual capital and provided empirical evidence regarding the effect of intellectual capital on market performance through bank efficiency as a mediating variable.Research limitation: Business efficiency measurement utilized a non-parametric approach using Data Envelopment Analysis which has the limitation that each input and output unit is identical to other units of the same type.
The effect of real earnings management, fraud, and earnings informativeness, as the moderating variable, on investment efficiency Giovani Priscilia; Estralita Trisnawati
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.17424

Abstract

Research aims: This study aims to analyze the relationship between real earnings management, fraud, and earnings informativeness, as the moderating variable, on investment efficiency.Design/Methodology/Approach: The samples tested consisted of 333 observations in manufacturing companies during 2018-2020. The hypothesis testing used moderated regression analysis through Eviews-12.Research findings: The results uncovered that real earnings management with cash flow (EM_CFO), production (EM_PROD), and discretionary costs (EM_DISEXP) had a negative effect on investment efficiency, while fraud had a positive effect. Besides, earnings informativeness as the moderation variable only affected fraud on the investment efficiency. Theoretical contribution/Originality: This study used real earnings management with EM_CFO, EM_PROD, and EM_DISEXP as a transition approach from accrual earnings management. In previous studies, fraud was not directly examined on investment efficiency. Adding earnings informativeness as a moderation variable thus gives another perspective on the relationship between independent and dependent variables.Practitioner/Policy implication: The implication for the practitioner is to provide consideration for earnings management, fraud, earnings informativeness, and investment efficiency. From a policy’s view, this study can give an overview to Financial Services Authority (“OJK”) and Investment Coordinating Board (“BKPM”) to consider and know the important elements in the financial statements and encourage investment efficiency.Research limitation/Implication: The limitation is that the coverage of samples was only from the manufacturing industry. Exploring other sectors, extending the period, and deepening analysis is open for better research, including using other proxies in each variable. The implication is not only as additional literature but also can give the shareholders and management an overview of the investment’s decision-making.
Lecturers’ financial wellness: The role of religiosity, financial literacy, behavior, and stress with gender as the moderating variable Susnaningsih Muat; Khairil Henry
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.17428

Abstract

Research aims: The study’s objective is to propose and empirically test a model encompassing financial literacy, financial behavior, financial stress, religiosity, and the role of gender as moderating variable on financial wellness.Design/Methodology/Approach: Using a convenience sampling technique, an online survey was conducted to collect data from lecturers in Pekanbaru, yielding 116 usable responses that were analyzed using partial least squares structural equation modeling (PLS-SEM).Research findings: The study findings highlighted that financial behavior and religiosity positively impacted financial wellness, while financial stress significantly negatively influenced financial wellness. The study also confirmed the moderation role of gender in the relationship between financial literacy and financial wellness.Theoretical contribution/Originality: This study’s findings contribute to the literature by examining the role of religiosity as the determinant of financial wellness among lecturers. Specifically, this study provides new insight into lecturers’ financial wellness because most previous studies focus on employeesResearch limitation/Implication: This cross-sectional study was conducted at a specific time, so the causal relationships could not be established. Hence, researchers in the future may employ a longitudinal strategy to analyze changes in financial behavior and their effects across time
Analysis of local government accounting disclosure based on international public sector accounting standards (IPSAS) Ahmad Juanda; Setu Setyawan; Lia Candra Inata
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.17507

Abstract

Research aims: This study aims to test and analyze whether there is an effect of government openness, government financing, economic growth, audit opinion, and prior experience with IFRS in the public sector on the level of local government accounting disclosure based on IPSAS.Design/Methodology/Approach: The population in this study was all local governments in Indonesia in 2016-2020. The samples selected for use in this study were 64 local governments, following the sample criteria. The data type was secondary, which was then analyzed using multiple regression analysis.Research Findings: The results of this study exposed that government openness, prior experience with IFRS in the public sector, and audit opinion affected the level of local government accounting disclosure based on international public sector accounting standards (IPSAS). In contrast, government financing and economic growth did not support disclosing financial statements based on IPSAS.Implication: This research can potentially be relevant to the Government Accounting Standards Committee, the central government, local governments, and the community. By assessing the factors influencing the disclosure of local government accounting based on IPSAS, this research can be used as a consideration for Government Accounting Standards Committee in improving related standard regulations and encouraging local governments to implement an accrual-based IPSAS Public Accountant Standard Implementation Strategy.Originality/Value: Research on analyzing factors affecting local government accounting disclosure based on IPSAS, in particular, has not been widely studied in Indonesia, especially using local government objects. Hence, this research in Indonesia is an interesting thing to study further.
Value relevance of IFRS 9 adoption: A case study of Indonesian banking companies Amrie Firmansyah; Lestari Kurniawati; Desrir Miftah; Tjahjo Winarto
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.17574

Abstract

Research aims: This study examines the effect of allowance for impairment losses (CKPN) on value relevance.Design/Methodology/Approach: This research employed quantitative data using secondary data from banking financial reports derived from www.idx.co.id during 2019-2021. Also, this study used stock price data sourced from www.finance.yahoo.co.id. The use of data for 2020 was due to the first year of PSAK 71 implementation. While data for 2019 were employed to compare the year before the PSAK 71 implementation, and data for 2021 were used to compare the PSAK 71 implementation in the second year. Data testing was then performed utilizing multiple linear regression analysis for cross-section data.Research findings: This study suggests that CKPN was positively associated with the value relevance of earnings in the first year of PSAK 71 implementation.Theoretical contribution/Originality: This research is expected to complement the financial accounting literature on adopting IFRS 9, especially in Indonesia, which is rarely discussed in previous studies.Practitioner/Policy implication: This study is expected to be employed by the Indonesian Financial Services Authority in improving policies on financial stability in the capital market based on applying financial accounting standards.Research limitation/Implication: This study only employed data on banking sub-sector companies listed on the Indonesia Stock Exchange, which were relatively small in number. Future research can therefore use data from all financial companies in Indonesia or banking companies in other countries related to IFRS 9 implementation to compare the test results with this study.
Islamic bank spin-off: a systematic literature review Mahmud Yusuf; Muhamad Rahmani Abduh; Hafiez Sofyani
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.17736

Abstract

Research aims: This study aims to explore the extent of studies related to Islamic bank spin-offs in reputable journals indexed by Sinta and Scopus to map important findings regarding Islamic bank spin-offs.Design/Methodology/Approach: This study employed a systematic literature review method consisting of three stages: collection, assessment, and presentation. The collection stage was conducted using the Publish or Perish search engine with the Google Scholar and Scopus databases. The assessment stage was performed using the websites https://sinta.kemdikbud.go.id and https://www.scimagojr.com/. The presentation stage was carried out to find three objectives: research background, methods, and findings related to the Islamic bank spin-off.Research findings: Since 2010, at least 24 papers indexed by Sinta and ten papers indexed by Scopus have discussed the issue of the Islamic bank spin-off. These studies were oriented toward two disciplines: law and economics. The most widely used method was quantitative. Broadly speaking, the findings from the spin-off study of Islamic banks can be generalized into four discourses: policy, the market for Islamic banks, performance/efficiency of Islamic banks, and several other matters. Lastly, from the four discourses above, the authors suggest eight future studies that are still interesting to study.Theoretical contribution/Originality: By mapping important findings related to the Islamic bank spin-off along with eight suggested future studies, this research’s results are expected to be a reference and inspiration for scholars in conducting further research related to the Islamic bank spin-off.
Ensemble learning with imbalanced data handling in the early detection of capital markets Putri Auliana Rifqi Mukhlashin; Anwar Fitrianto; Agus M Soleh; Wan Zuki Azman Wan Muhamad
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.17970

Abstract

Research aims: This study aims to create an early detection model to predict events in the Indonesian capital market.Design/Methodology/Approach: A quantitative study comparing ensemble learning models with imbalanced data handling detected early capital market events. This study used five ensemble learning models—Random Forest, ExtraTrees, CatBoost, XGBoost, and LightGBM—to detect early events in the Indonesian capital market by handling imbalanced data, such as under sampling (RUS), oversampling (SMOTE, SMOTE-Broder, ADASYN), and over-under sampling (SMOTE-Tomek, SMOTE-ENN), weighted (class weight). Global and regional stock markets, commodities, exchange rates, technical indicators, sectoral indices, JCI leaders, MSCI, net buys of foreign stocks, national securities, and national share ownership all predicted the lowest return of Crisis Management Protocol (CMP) binary responses.Research findings: Hyperparameters and thresholds were tuned to produce the optimum model. The best model had the highest G-mean. ExtraTrees with SMOTE-ENN predicted the highest number of one-day events, with a G-Mean of 96.88%. LightGBM with SMOTE handling best predicted five-day events with an 89.21% G-Mean. With a G-Mean of 89.49%, CatBoost with SMOTE-Border handling was the best for a 15-day event. In addition, LightGBM with SMOTE-Tomek handling and 68.02% G-Mean was best for 30-day events. Further, performance evaluation scores decreased with increased prediction time.Theoretical contribution/Originality: This work relates more imbalance handling methods and ensemble learning to capital market early detection cases.Practitioner/Policy implication: Capital markets can indicate economic stability. Maintaining capital market efficacy and economic value requires a system to detect pressure.Research limitation/Implication: This study used ensemble learning models to predict capital market events 1, 5, 15, and 30 days ahead, assuming Indonesian working days. The model's forecast results are expected to be utilized to monitor the capital market and take precautions.
Does the income of the chief executive officer affect the quality of corporate financial statements? An evidence from industrial firms in Vietnam Quyen Thuc Doan; Tran Thi Nguyet Nga; Le Thi Men; Susilo Nur Aji Cokro Darsono
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.18140

Abstract

Research aims: This study examines the relationship between the CEOs’ income and the quality of financial statements of industrial firms listed on the Ho Chi Minh Stock Exchange (HSX) during the three years from 2018 to 2020.Design/Methodology/Approach: This study investigated the influence of CEOs’ characteristics, particularly their income, on the quality of financial statements of listed firms in the Vietnamese industry by using features of information quality proposed by the International Accounting Standards Board (IASB). Ordinary Least Squares (OLS), Random Effects model (REM), Fixed Effects model (FEM), and Feasible Generalized Least Squares (FGLS) regressions were applied for empirical examinations.Research findings: The results of this study demonstrated that a CEO’s income positively affected the quality of corporate financial statements. Additionally, the analysis results confirmed the positive correlation between the firm’s size and the quality of disclosed reports, consistent with prior studies. However, this study uncovered that Big4 auditors did not influence the quality of financial statements.Theoretical contribution/Originality: This study contributes to the literature by providing a comprehensive perspective on the assessment of corporate financial statements quality and examining its association with the CEO’s income in the context of an emerging economy.Practitioner/Policy implication: The study is useful for investors and other financial statement users to assess the quality of corporate financial statements through the CEO’s profile; it also contributes as a scientific basis for firms to adjust the compensations offered to their CEOs.Research limitation: This study was limited by looking at the mono-directional impact of the CEO’s income on the financial statement quality. The following studies need a larger sample of industries and countries to strengthen the research findings. Also, further studies can broaden their perspectives to investigate the multidimensionality of this relation.
The influence of Indonesia’s macroeconomic factors: Inflation and interest rate on large-cap cryptocurrency herding behavior Muhamad Rizky Ramadhan; Wita Juwita Ermawati; Anna Fariyanti
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.18146

Abstract

Research aims: This study aims to investigate herding behavior in the large-capitalization cryptocurrency market and analyze the role/influence of Indonesia's macroeconomic factors, namely inflation and interest rates, on herding behavior in the large-cap cryptocurrency market.Design/Methodology/Approach: This study used secondary data from the daily closing prices of five large-cap cryptocurrencies and Indonesia's macroeconomic data (inflation and interest rates) from April 2019 to December 2022 by using the Cross-Sectional Absolute Deviation (CSAD) model and Newey-West estimator regression approach to detect herding behavior with a modified independent variable model involving factors influencing herding behavior.Research findings: Based on the results using the Newey-West estimator, three main results were obtained. First, large-cap cryptocurrency investors tend to be irrational in their decisions and follow the decisions of others without reference to their beliefs or herding during the sample period. Second of the two macroeconomic factors studied, i.e., inflation and interest rates, only changes in inflation rates influence investor herding behavior. Third, the market is inefficient with the proven tendency of herding behavior in large-cap cryptocurrencies.Practical and Theoretical contribution/Originality: This study narrows down the research of previous studies by using cryptocurrency research objects with a large market capitalization (large cap). In addition, this research extends the research of previous studies by considering external factors related to macroeconomic conditions in Indonesia in general, such as the inflation rate and the interest rate. This study can provide information about financial behavior in the cryptocurrency market, especially herding behavior, so that investors and policymakers can be assisted in formulating investment strategies and regulating cryptocurrencies.Research limitation: This research was limited to using only cryptocurrency assets by not using crypto-tokens, non-fungible tokens (NFT), and other crypto-assets.
Does employee trust matter? Measuring the effect of work engagement on turnover intention in the banking sector Nazaruddin Malik
Journal of Accounting and Investment Vol. 24 No. 2: May 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i2.18398

Abstract

Research aims: This study examines the effect of work engagement on the turnover intention with employee trust as a mediating variable in the banking sector in Malang, IndonesiaDesign/Methodology/Approach: This study uses a quantitative approach with data collection methods using questionnaires that were distributed online and processed using Partial Least Square (PLS) using a 119 response data.Research findings:  The findings of this study show that work engagement has a negative effect on turnover intention. Employee trust mediated the effect between work engagement and turnover intention.Theoretical contribution/Originality: This study examined the role of employee trust as a mediating variable. Employee trust plays a vital role in maintaining people’s engagement on an organization, affecting low workers' intention to quit from their jobs. The results of this study confirm Maslow's motivational theory if employees are more involved in work and feel fulfilled. Employees will feel comfortable and reduce the level of turnover intention.Practitioner/Policy implication: These findings suggested leaders encourage engagement programs to increase employee trust to reduce turnover intention.Research limitation/Implication: The study had limitations, such as the few samples used and the fact that only Malang's banking industry employees were included.

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