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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. 3: September 2023" : 20 Documents clear
Can financial literacy and asset ownership affect retirement planning? Insights from the Indonesian family life survey Novita Kusuma Maharani; Intan Mayang Sari
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.16112

Abstract

Research aims: In today's world, financial literacy plays a crucial role in planning for retirement. This study, therefore, investigates the connection between financial knowledge, household asset ownership, and retirement planning.Design/Methodology/Approach: The study considered variables, such as education level, age, gender, marital status, and household location, using data from the Indonesian Family Life Survey (IFLS)-5 at the household level. This study used a sample of 18,627 households spread across 13 provinces in Indonesia to represent the relationship between the variables. The Logit estimation model then examined the impact of financial literacy and household asset ownership on retirement planning.Research findings: The results suggest that individuals with higher financial knowledge are better equipped to plan for their retirement needs. Furthermore, significant asset ownership is also positively linked to retirement planning, as it indicates that an individual is better prepared to face the challenges of old age. Theoretical contribution/Originality: This study contributes to the Life Cycle Hypothesis, which states that individuals will try to keep consumption patterns/needs expenditures and ensure that individual consumption trends remain consistent/constant.Practitioner/Policy implication: This research is expected to be useful as additional information for policy actors, practitioners, and academics in the financial sector to continue actively introducing and disseminating the importance of financial knowledge to the public. Thus, people have alternative and passive income in their old age that does not require working.Research limitation/Implication: The descriptive results found a reasonably large gap between households where there are households with no savings or assets at all. The discrepancy is expected to affect the outcomes of the research.
Predicting whistleblowing intention using the whistleblowing triangle Putu Wenny Saitri; I Wayan Suartana; Eka Ardhani Sisdyani; I Ketut Sujana
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.17030

Abstract

Research aims: The increasing number of fraud cases has significantly raised the whistleblower mechanism's role. Therefore, this study investigates the impact of the whistleblowing triangle on whistleblowing intention. The whistleblowing triangle combines the theory of fraud triangle and the theory of planned behavior to predict whistleblowing intention. The reporting system is required in an organization expected to strengthen the fraud prevention system related to increasing fraud cases.Design/Methodology/Approach: This research was conducted in the village credit institution listed in Denpasar. This selection was due to Denpasar having become Bali's second-highest number of fraud cases. Thus, it is necessary to understand whether the whistleblowing triangle can deter fraud. The research sample was selected among Village Credit Institution (VCI) employees in Denpasar using accidental sampling and generating 80 employees as respondents. This study used multiple regression analysis to test the hypotheses.Research findings: The results revealed that the whistleblowing triangle's components impacted whistleblowing intention. The intention to report fraudulent behavior was negatively impacted by pressure, while it was positively affected by opportunity and rationalization.Theoretical contribution/Originality: Most previous studies have investigated whistleblowing intention using the fraud triangle and theory of planned behavior separately. Meanwhile, this study used the whistleblowing triangle, combining fraud and planned behavior theory to predict whistleblowing intention.Research limitation: This study omitted financial incentives included in the previous research.
The effect of corporate governance on earnings management moderated by political connection Rini Adriani Auliana; Bambang Subroto; Imam Subekti
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.17390

Abstract

Research aims: This research aims to prove the effect of independent commissioner performance and audit committee expertise on earnings management to avoid earnings decreases and political connections to strengthen independent commissioner performance and audit committee expertise to limit earnings management.Design/Methodology/Approach: The population was manufacturing firms listed on Indonesian Stock Exchange during 2017-2020. The sampling technique used purposive sampling with a sample of 102 firms for four years or 408 observations. Then, hypothesis testing employed multiple regression analysis and hierarchical regression analysis.Research findings: The results showcased that accrual earnings management and abnormal discretionary expenses were used by managers to avoid decreases in earnings. On the other hand, corporate governance, like audit committee expertise, could be used to limit earnings management. While the political connection could strengthen and weaken the effect of independent commissioner performances in limiting earning management, political connections could not strengthen audit committee expertise in limiting real and accrual earnings management.Theoretical contribution/Originality: This research contributes to the political connection and earning management literature and provides empirical evidence of agency theory, positive accounting theory, prospect theory, and resource dependence theory.Practitioner/Policy implication: This research contributes to investors in determining investment decisions.Research limitation/Implication: The limitation of this research is that independent variables only used two components of corporate governance, i.e., the independent commissioner performances and audit committee expertise, so the level of influence of the independent variables on the dependent was small.
Political turnover and business decision: A study of Indonesian public companies Dzakiyyah Saniyyah Rahmah; Yulianti Abbas
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.17565

Abstract

Research aims: This study aims to explore whether and to what extent political turnover (a change of local government head) is associated with a firm’s business decisions, such as tax avoidance and corporate investment.Design/Methodology/Approach: Using a sample of companies listed in the Indonesia Stock Exchange from 2012-2021, the authors measured the association between changes in local government leaders and business decisions using panel data regression with Driscoll & Kraay’s Standard Error. The authors hand-collected data on changes in local government leaders in 183 Indonesian cities to measure political turnover and merged the data with financial variables collected from the Eikon database.Research findings: This study uncovered that local political turnover in the region of companies' headquarters was negatively associated with tax avoidance decisions. This study also found that local political turnover negatively affected corporate investment decisions during normal/non-crisis periods. Consistent with the Resource Dependence Theory, the results of this study suggest that firms treat relationships with local government as an important resource. Political turnover thus creates uncertainty on the sustainability of the resources, causing firms to adjust their business decisions.Theoretical contribution/Originality: This study provides an understanding of how changes in political conditions in Indonesia change business strategy decisions. Besides, this research area is still under-studied in Indonesia.Research limitation: Since this study focused on the uncertainty caused by political turnover, this study did not measure firms’ political connections.
Exploring illiquidity risk pre and during the COVID-19 pandemic era: Evidence from international financial markets Samuel Tabot Enow
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.18139

Abstract

Research aims: Illiquidity risk is one of the complex issues that institutional investors and market participants continually face over time. It is because the constructs of illiquidity risk are sometimes complicated, robust, and not so evident in secondary markets. Hence, this study aims to empirically explore illiquidity risk before and during the COVID-19 pandemic to understand how much investors were expected to lose if they invested in stock markets during these periods.Design/Methodology/Approach: This study used a GARCH model and the Amihud illiquidity ratio to achieve its objective. Trading volumes and price returns for the JSE, CAC 40, DAX, Nasdaq, BIST 100, and SSE were from June 30, 2017, to June 30, 2019, and January 1, 2020, to December 31, 2021.Research findings: As expected, the findings revealed higher illiquidity risk during periods of financial distress, such as the COVID-19 pandemic. During the financial crisis, investors could lose up to $22268.44 a day in less developed markets, such as the JSE, while the average loss in developed markets ranged between $0.22 to $11.53 in the Nasdaq and DAX, respectively. On average, a much lower figure was observed before the financial crisis. The BIST100, CAC 40, DAX, and Nasdaq are excellent options for those seeking lower-risk premiums.Theoretical and Practitioner/Policy implication: Policies such as adequate market microstructure and greater transparency in trading are strongly recommended for less developed markets, especially during periods of financial distress. Also, the findings of this study provide valuable insight into short-term traders and market participants attracted to liquid markets, where they can easily enter and exit their positions with minimal transaction costs. To the author's knowledge, this paper is the first to model illiquidity risk in stock markets.Research limitation/Implication: It is possible that the current study did not accurately capture the cost of illiquidity in the sampled financial markets and cannot be applied to other financial markets.
The determinants of China’s outward foreign direct investment in ASEAN: A panel ARDL approach Unggul Heriqbaldi; Naufira Deilya Mufiidah
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.18256

Abstract

Research aims: This paper aims to examine factors influencing China's outward foreign direct investment (FDI) in ASEAN economies.Design/Methodology/Approach: The Kao panel cointegration approach and the Panel ARDL model were used in this study to estimate the long-run and short-run relationship between variables. This method is deemed superior to other panel models since it is advantageous when dealing with non-stationary variables at the level or I(1).Research findings: The estimation results provide empirical evidence that in the long run, ASEAN market size, exchange rate, import and export levels between China and ASEAN countries, inflation rate, and institutional factors such as the index of corruption control and political stability are the primary determinants of the flow of outward foreign direct investments from China to ASEAN economies. Theoretical contribution/Originality: This study provides additional evidence regarding the factors influencing direct investment flow from the home country to the host country, known as an outward foreign direct investment (OFDI). Previous studies have robustly proven that OFDI flows are influenced by factors such as the resources and market size of the host country, as predicted by location theory. This study further provides evidence that host country trade policy, the level of competitiveness demonstrated by favorable exchange rates, and institutional factors like corruption control and political stability are other important determinants in the context of China’s OFDI in ASEAN countries.Practitioner/Policy implication: Maintaining open trade policy, a competitive exchange rate and significant improvement in law and order would be suitable policies for ASEAN economies to attract more investment from China and other countries.Research limitation/Implication: This study did not cover other variables, such as investment facilities provided by the host government. In addition, economic packages like tax holidays and import-tariff discounts are common policies ASEAN countries provide. Hence, this variable can be considered in future research. 
The role of financial distress and fraudulent financial reporting: A mediation effect testing Reskino Reskino; Aditia Darma
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.18397

Abstract

Research aims: This study examines the determinants of fraudulent financial reporting with financial distress as an intervening agent.Design/Methodology/Approach: The banking companies listed on the Indonesia Stock Exchange (IDX) between 2017 and 2020 comprised the study's population. One hundred-four companies comprised the entire sample, which was chosen using purposive sampling. The approach employed in this study was partial least squares (PLS)-SEM.Research findings: The results of this study found that financial targets and audit quality significantly affected financial distress. Financial distress had a significant effect on fraudulent financial reporting. Financial targets and audit quality had no significant effect on fraudulent financial reporting. Furthermore, audit quality significantly affected fraudulent financial reporting through financial distress. Financial targets did not significantly influence fraudulent financial reporting through financial distress.Theoretical contribution/Originality: This study provides literature on the role of financial conditions and good corporate governance in preventing fraudulent financial reporting in banking companies. This study can be an insight for practitioners and academics in Indonesia and internationally. Apart from that, this study contributes to the literature on the occurrence of fraudulent financial statements mediated by financial distress, which is not widely discussed, specifically in the context of the banking industry in developing countries.Practitioner/Policy implication: The practical implication in this research is the importance for investors and creditors to be more vigilant and pay attention to corporate governance and financial conditions to reduce errors in decisions based on financial reports. In addition, the strength of good corporate governance indicates that the supervision carried out by management will take the information conveyed to stakeholders free from material misstatement so that the implementation of good corporate governance can prevent fraud. Research limitation/Implication: This study exclusively includes companies in the banking sector listed on the Indonesia Stock Exchange (BEI) between 2017 and 2020. Out of 46 companies, only 26 may be used as research objects according to the purposive sampling method.
Pranatamangsa agricultural accounting: Regulated fees as guarantees for farmers' income at cost-revenue exchange rates Whedy Prasetyo; Yosefa Sayekti
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.18458

Abstract

Research aims: Pranatamangsa calendar serves as a local wisdom genius to determine agricultural accounting for farmers' income.Design/Methodology/Approach: A qualitative method with an eco-phenomenology approach was used to reveal season markers.Research findings: Agricultural accounting presence through yield calculation embodies Farmer Exchange Value as income, with the use of pranatamangsa to increase harvest. This calculation is based on the calculation of planting costs to make the cost components that can be calculated, namely input and output costs to be managed by farmers as a formulation of farmer income, which is about costs paid (Ib) with prices received (It) added to the season factor as cost-revenue exchange rate determinants.Theoretical contribution/Originality: Agricultural accounting becomes an aspect based on concern for setting seasons. Disclosure or reporting of seasons through pranatamangsa agricultural accounting reports is the cost-revenue exchange rate as farmer income.Practitioner/Policy implication: The formulation that becomes farming income is multiplying the paddy production amount by the selling price of paddy per ton. The formulation considers the season factor as a determinant of harvest production. This formulation produces integrated, relevant agricultural accounting information based on season markers.Research limitation/Implication: It is necessary to further develop the results of public awareness as a form of the presence of agricultural accounting. Furthermore, research methods can use a positivist approach with harvest variable determinants. In addition, descriptive, causal, and qualitative studies can use ethnomethodology or phenomenology based on participant observation as a complete source.
The organizational climate in Indonesian Islamic banks: A conceptual determination for organizational growth Muhammad Bahrul Ilmi
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.18522

Abstract

Research aims: This study aims to investigate the growth of Indonesian Islamic banks and explore the determinants of organizational growth from different perspectives through climate factors, namely clarity, standard, commitment, communication, responsibility and teamwork, and support. The study also attempts to develop a model to measure the growth of Islamic banking institutions. Only limited studies have thus far explored this issue, with this study trying to fill the gap.Design/Methodology/Approach: This paper drew upon theories and arguments from the “climate” and “growth” areas and identified organizational climate as one of the main topics affecting Islamic banks. Grounded in a review of the mutual impact of organizational climate and growth constructs, the authors developed research propositions and discussed the implications of the proposed relationships for both.Research findings: Despite Islamic banks having been established and prospered for 28 years, supported by Indonesia having the largest Muslim population of any country in the world, the development of Islamic banks in Indonesia has been inferior to that of conventional banks. This paper argues that organizational climate must be considered an important factor in enhancing Indonesian Islamic banks' quality. It is because the essence of its climate may help an organization become more effective and generate a better perception, with the climate being used to improve the organization’s quality of management.Theoretical contribution/Originality: By combining the aspects of “climate” and “growth” from earlier studies and categorizing them by organizational studies and a comprehensive literature review, this study proposes a model specific to the banking institution. The study offers a conceptual model for the organizational climate in Islamic banking institutions and argues that organizational climate can be used to determine organizational growth in Indonesian Islamic banks.Practitioner/Policy implication: Based on its proposed conceptual model, this study is expected to contribute knowledge of Indonesian Islamic banks, policies, stakeholders, regulators, and government. The research explores various related studies in organizational growth from a climate perspective. Further, this study's results will be of significant practical assistance to the managers of Islamic banks and policymakers in developing climate mechanisms for Islamic banking growth. Moreover, this study significantly contributes to economic growth's sustainability and enhances banks’ growth.Research limitation/Implication: While several factors may be used to predict and determine growth, this study used climate factors to determine the growth of Islamic banking institutions. Thus, it is necessary to explore various factors to develop further studies and add new insight to determine organizational growth.
Social and environmental disclosure in Indonesia: Does ownership matter? Nurnika Asri Dewi; Setianingtyas Honggowati
Journal of Accounting and Investment Vol. 24 No. 3: September 2023
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v24i3.18740

Abstract

Research aims: This study aims to analyze the effect of ownership structure on social and environmental disclosure in the annual reports of companies in Indonesia.Design/Methodology/Approach: This study used 208 panel data from 52 companies in the mining and real estate and building construction sectors. The dependent variable in this study was obtained by analyzing the content of the company's annual report. The hypothesis in this study was then tested using multiple linear regression.Research findings: The regression test results revealed that institutional ownership and managerial ownership had a significant effect on social and environmental disclosure. In contrast, multiple large shareholder structures (MLSS) had an insignificant effect on social and environmental disclosure.Theoretical contribution/Originality: This study enriches the literature about social and environmental disclosure with a new approach named SEDI. In addition, this research contributes to the scrutiny of the effect of MLSS on social and environmental disclosure, especially in the Indonesian context. This study also provides empirical evidence on the influence of ownership structure on social and environmental disclosure.Research limitation/Implication: This research was only limited to companies with many contacts with social and environmental issues, namely mining, agriculture, and real estate and building construction. Meanwhile, other companies are expected to be scrutinized in future research.

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