Journal of Accounting and Investment
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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<![CDATA[Determinants of Islamic banking value: Financial performance as a mediation ]]>
<![CDATA[Thohari, Imam]]>;
<![CDATA[Sasongko, Noer]]>;
<![CDATA[Bawono, Andy Dwi Bayu]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.25793
<![CDATA[Research aims: The objective of this research is to test and empirically prove what factors have the most influence on the performance of Islamic banking so that they can take appropriate action policies to increase the competitiveness and value of the company in the market.Design/Methodology/Approach: Quantitative methodology with secondary data from 102 data samples is used. The data is panel data and processed with views. Hypothesis testing is used to determine the effect of intellectual capital, corporate governance, maqashid sharia index (MSI), and enterprise risk management (ERM) on financial performance. Mediation tests to determine financial performance mediate intellectual capital, corporate governance, MSI, and corporate risk management on Islamic banking value.Research findings: Financial performance has not been able to mediate the relationship between intellectual capital, corporate governance, MSI, and ERM in relation to the value of Islamic banking.Theoretical contribution/Originality: This study extends previous research on factors that can increase the value of Islamic banking in Indonesia by using ERM, which has not been widely studied in Indonesia.Practitioner/Policy implication: This study provides important insights into which areas need to be improved or further evaluated to enhance future corporate performance and the value of Islamic banking.Research limitations/Implications: There is a possibility that important variables that can affect the results, such as external economic or political factors, are not controlled in this study. It is hoped that further research will use a wider sample and a longer observation period so that research findings can generalize the results of research on financial performance and company value.]]>
<![CDATA[The moderating role of risk preference in advance value-added tax refund implementation ]]>
<![CDATA[Siharini, Dwi]]>;
<![CDATA[Sofyani, Hafiez]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.25873
<![CDATA[Research aims: This research is motivated by the limited studies on Value Added Tax (VAT) refund in advance. This study aims to examine the influence of the variables of ease of use, efficiency, and risk preference on the intention to implement VAT refund in advance and taxpayer compliance. This study also tests the role of risk preference as moderator.Design/Methodology/Approach: This research was conducted using a quantitative approach with an associative study design. The data used are primary data obtained from the distribution of questionnaires to respondents consisting of taxpayers in Yogyakarta, Indonesia. The present study also utilized Partial Least Squares Structural Equation Modelling (PLS-SEM) for data analysis. From the distribution of the questionnaire we obtained 102 taxpayers.Research findings: This study shows that ease of use and efficiency positively influence the intention of corporate taxpayers to carry out VAT refund in advance, while risk preference does not have a significant impact either as independent or moderating variable. Theoretical contribution/Originality: This study provides insights into the factors influencing taxpayers' interest in VAT refund in advance , such as ease, efficiency, and risk preference.Practitioner/Policy implication: This study highlights the need for the government and Yogyakarta Tax Office to simplify tax refund procedures, speed up tax refund processes, and ensure transparency to reduce taxpayer concerns. Research limitation/Implication: This research is limited to the taxpayer population located in the Yogyakarta region. Conditions and demographics in other regions may differ, so this research may not yet be able to depict the situation in those areas.]]>
<![CDATA[Investor sentiment and herding in Islamic stocks: An exploration of the moderating role of market capitalization ]]>
<![CDATA[Pranata, Rengga Madya]]>;
<![CDATA[Jamaludin, Asep]]>;
<![CDATA[Nandang, Nandang]]>;
<![CDATA[Wanta, Wanta]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.25951
<![CDATA[Research aims: This study examines the impact of investor sentiment on herding behavior in the Indonesian Islamic stock market, with market capitalization as a moderating variable.Design/Methodology/Approach: A quantitative approach is used with secondary data from the Indonesian Stock Exchange (IDX) in the period 2022-2023 on 70 Islamic companies. Investor sentiment was measured using the Google Search Volume Index (GSVI), while herding behavior was analyzed using the Lakonishok, Shleifer, and Vishny (LSV) method. Market capitalization is categorized into blue chip, middle chip, and lower chip, and moderated regression analysis (MRA) is applied. The data used meets the criteria of 136 data.Research findings: Investor sentiment significantly influences herding behavior among domestic and foreign investors. Positive sentiment drives stock purchases, while negative sentiment accelerates sell-offs. Market capitalization strengthens the impact of sentiment on herding, especially in small-cap stocks, which are more sensitive to market fluctuations. Theoretical contribution/ Originality: This study highlights the moderating role of market capitalization in sentiment-driven herding, providing new insights into the dynamics of Islamic stock markets.Practitioner/Policy implication: Regulators should monitor sentiment-driven volatility, while investors need to consider market capitalization when making decisions to mitigate risks.Research limitation/Implication: This study is limited to the Indonesian Islamic stock market and uses GSVI as the sole sentiment measure. Future research could explore broader sentiment indicators for deeper insights.]]>
<![CDATA[Factors affecting the intention to donate money for waqf among civil servants in the Ministry of Religious Affairs ]]>
<![CDATA[Widodo, Jennifer Selviana]]>;
<![CDATA[Darma, Emile Satia]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.26088
<![CDATA[Research aims: This study examines the factors that influence the intention of cash waqf for the state civil apparatus of the Ministry of the Religion of the Banjarnegara district by examining the influence of accountability, transparency, crowdfunding platform security, and reputation of the Indonesian waqf agency.Design/Methodology/Approach: This study involved the state civil apparatus of the Ministry of Religion in the Banjarnegara district. Hypotheses were tested using SEM-PLS techniques.Research findings: The results showed that transparency and accountability did not significantly affect state civil servants' intention to endow money. At the same time, the security of the crowdfunding platform and the reputation of the Indonesian waqf agency have a significant positive effect on the intention to endow money.Theoretical contribution/Originality: The novelty of this research is to exploreand comprehensively analyze how the influence of accountability, transparency, and crowdfunding platform security reputation of the Indonesian waqf agency builds cash waqf intentions for state civil apparatus at the Ministry of Religion.Practitioner/Policy implication: Based on this insight, it is hoped that building cash waqf intentions for the state civil apparatus is not only in the Ministry of Religion but is comprehensive for all ministries and city/district governments Indonesian waqf agencies as managers of cash waqf funds can carry out all tasks by considering accountability, transparency, crowdfunding platform security a reputation on.Research limitation/Implication: The implementation of transparency, accountability, and crowdfunding platform security and reputation, the primary purpose of which is to build intention to donate money, is still insufficiently implemented. In addition, the underlying process of how Badan Wakaf Indonesia collects and presents cash waqf information is crucial.]]>
<![CDATA[Digital service quality and mobile banking continuity as drivers of loyalty and bank reputation ]]>
<![CDATA[Rahardjo, Irbawanti Pungky]]>;
<![CDATA[Darma, Emile Satia]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.26102
<![CDATA[Research aims: This study aims to test and obtain empirical evidence of the effect of online service quality measurement scales in the banking sector environment in increasing Continuity of Mobile Banking Service Usage, and can increase customer loyalty and bank reputation. Design/Methodology/Approach: This research is a quantitative study using primary data distributed to Bank Negara Indonesia (BNI) customers as many as 387 respondents were obtained. The data obtained was analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) model. Research findings: The results obtained that Application architecture and user friendliness cannot increase Continuity of Mobile Banking Service Usage. The measurement scale for online service quality in the banking sector that can increase Continuity of Mobile Banking Service Usage is Application efficiency, Reliability, Responsiveness, Security, and Familiarity. And Continuity of Mobile Banking Service Usage can increase customues loyalty and bank reputation. Theoretical contribution/Originality: This research confirms the Theory of Planned Behavior, this research tests the measurement scale of online service quality in the banking sector environment in order to maintain the existence of banks.Practitioner/Policy implication: The results of this study contribute to the banking sector in improving online service quality, especially in a dynamic environment.]]>
<![CDATA[Whistleblowing system and group pressure: Experimental study of fraud intention in governmental internal auditors ]]>
<![CDATA[Hadiwidjadja, Rini Dwiyani]]>;
<![CDATA[Muktiyanto, Ali]]>;
<![CDATA[Perdana, Halim Dedy]]>;
<![CDATA[Yulianto, Krist Setyo]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.26265
<![CDATA[Research aims: The goal of this study is to investigate the causal link between the whistleblowing system and group pressure on whistleblowing intentions.Design/Methodology/Approach: The study technique was carried out using an experimental approach utilising governmental internal auditors in Semarang City, Central Java Province, and Kupang City, East Nusa Tenggara Province, Indonesia, who served as government auditor surrogates.Research findings: The findings revealed that the whistleblowing system and group pressure impacted whistleblowers' intentions. Theoretical contribution/ Originality: The theory of planned behaviour serves as the foundation for examining individual intentions under a variety of scenarios. The independent factors in this study are whistleblowing system channels and group pressure, with whistleblowing intention serving as the dependent variable.Practitioner/Policy implication: The findings of this investigation imply that government auditors should implement a whistleblowing system capability that enhances integrity enforcement in the prevention and detection of fraud in the government sector.]]>
<![CDATA[Exploration of the challenges and benefits of implementing management accounting information systems in private higher education institutions: A case study at University X ]]>
<![CDATA[Mawarti, Anggis]]>;
<![CDATA[Yaya, Rizal]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.26301
<![CDATA[Research aims: This study investigates the implementation of the Management Accounting Information System (MAIS) within Private Higher Education Institutions (PHEIs), emphasizing identifying its advantages, the challenges encountered, and strategies for optimizing its effectiveness. Design/Methodology/Approach: This research adopts a qualitative approach, utilizing in-depth interviews with key stakeholders to gather comprehensive insights. Employing a case study approach, the research focuses on University X to examine the role of MAIS in enhancing operational efficiency and supporting informed financial decision-making. The informants in this study are nine persons, including administrators and academic officials.Research findings: The findings reveal that although the MAIS has notably enhanced financial transparency and operational efficiency, several challenges remain, most notably internal limitations related to inadequate human resource capacity in system utilization and external barriers stemming from rigid regulatory frameworks.Theoretical contribution/Originality: This study offers novel critical and theoretical reasoning on exploring the challenges and benefits of implementing MAIS based on the Resource-Based View (RBV) theory and the Technology Acceptance Model (TAM).Practitioner/Policy Implication: Private Higher Education Institutions (PHEIs) should actively seek opportunities for collaboration with financial institutions and technology partners to enhance access to development financing. Furthermore, a comprehensive assessment of security measures and risk mitigation strategies is necessary for implementing MAIS, given the critical importance of data protection in digital financial environments.Research limitation: This study does not delve deeply into the technological dimensions of system security, particularly the risks associated with cyberattacks and the corresponding mitigation strategies in the context of MAIS implementation.]]>
<![CDATA[Examining the role of religiosity in shaping ethical perceptions of creative accounting among accounting students ]]>
<![CDATA[Putri, Caesar Marga]]>;
<![CDATA[Rahmawati, Novita]]>;
<![CDATA[Bashir, Usman]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.26561
<![CDATA[Research aims: This study examines the role of religiosity in shaping accounting students' ethical views on creative accounting and compares perceptions between students from religious and non-religious universities.Design/Methodology/Approach: The quantitative method is used in this research. Primary data was obtained from the questionnaire. This research was conducted in two universities in Yogyakarta, Indonesia. A total 157 data were analyzed using regression analysis and independent sample t-test.Research findings: The results show that religiosity does not significantly affect accounting students' ethical views on creative accounting, nor is there a notable difference between students from religious and non-religious universities.Theoretical contribution/ Originality: This study contributes to the existing body of knowledge in accounting ethics by challenging the commonly held assumption that religiosity significantly influences ethical perceptions. By demonstrating that students from both religious-based and non-religious-based universities hold similar views on creative accounting it provides new insights into the complex relationship between ethical judgment and institutional or religious backgrounds.Practitioner/Policy implication: The findings suggest that ethics education in accounting should not only depend on religious or institutional identity but instead focus on case-based learning, critical thinking, and real-world dilemmas across all universities. Based on a comparative study of students from religious and non-religious settings, it shows that religiosity alone may not determine ethical perceptions, highlighting the influence of other factors.Research limitation/Implication: Religiosity was not deeply explored in its multidimensional aspects. In this research, religiosity was measured using religious affiliation, which might not fully capture the extent of individual religiosity.]]>
<![CDATA[Sharia compliance and competitive advantage in Small and Medium Enterprises: The mediating role of digital payment usage ]]>
<![CDATA[Ramashar, Wira]]>;
<![CDATA[Khairunnisa, Saskia]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.26654
<![CDATA[Research aims: This study aims to investigate the influence of religious knowledge, religious motivation, and Sharia compliance on competitive advantage among Small and Medium Enterprises (SMEs) in the coffee shop sector in Pekanbaru City, with digital payment system usage as a mediating variable.Design/Methodology/Approach: Using a quantitative approach, data were collected from 147 coffee shop SMEs operating in Pekanbaru, Riau Province. Structural Equation Modeling (SEM-PLS) was employed to analyze the direct and indirect relationships among variables.Research findings: The results indicate that religious knowledge, religious motivation, and Sharia compliance have a significant positive impact on both competitive advantage and the digital payment system usage. Furthermore, the digital payment system usage also significantly enhances competitive advantage. Sharia compliance also exerts an indirect effect on competitive advantage through the mediation of digital payment system usage.Theoretical contribution/ Originality: This research extends the Resource-Based View (RBV) by positioning Sharia compliance as a unique, valuable, and inimitable resource that contributes to sustainable competitive advantage in the Islamic business context. It also highlights the strategic role of digital transformation in religiously motivated business ecosystems. Practitioner/Policy implication: The findings provide valuable insights for policymakers and business practitioners on the importance of embedding religious and ethical values within strategic business practices, particularly in the halal food and beverage sector. Promoting digital adoption within a Sharia-compliant framework can enhance competitiveness among SMEs.Research limitation/Implication: This study is limited to coffee shop SMEs in one city and does not account for variations in business scale or experience. Future research should explore other sectors and regions using mixed methods for deeper insights.]]>
<![CDATA[Effects of cost information, environmental innovation, and gender on new product development performance ]]>
<![CDATA[Pihany, Alvina Windy]]>;
<![CDATA[Jatiningsih, Dyah Ekaari Sekar]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 2: May 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i2.26719
<![CDATA[Research aims: This study aims to examine the influence of cost information,environmental innovation practices, and gender on new product developmentperformance.Design/Methodology/Approach: Experimental methodology with 2x2 factorial design. There were 117 participants consisting of students from the Faculty of Economics and Business who had taken Management Accounting and Cost Management courses.Research findings: The findings indicate that the performance of new product development is not significantly impacted by cost information or environmental innovation techniques. Nonetheless, there are notable relationships between gender and environmental innovation methods and cost information, suggesting that the influence varies depending on the designer's gender. Theoretical contribution/ Originality: This study fills a gap in the literature by investigating the interaction between gender, environmental innovation strategies, and cost information in developing new products. The study adds to our understanding of how these factors could influence the efficacy of product development and decision-making pertaining to sustainability.Practitioner/Policy implication: This study suggests that firms need to considergender differences in environmental innovation practices to optimize newproduct development. In addition, presenting relevant cost informationremains important in supporting strategic decision-making.Research limitation/Implication: Unequal group sizes may reduce statistical sensitivity. Using students limits real-world relevance. Future studies should consider work experience and include professionals to enhance external validity.]]>
