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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. 26 No. 3: September 2025" : 20 Documents clear
The effect of attitude, subjective norm, perceived behavioral control and gender on whistleblowing intention Larasati, Meita; Nugroho, Arif Widodo; Rahayu, Dewi Pudji; Susanti, Susi; Cahyani, Meti Regita
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.25171

Abstract

Research aims: This study aims to investigate the impact of Attitudes, Subjective Norms, Perceived Behavioral Control, and Gender on Whistleblowing Intentions among auditors.Design/Methodology/Approach: The research uses Attitudes, Subjective Norms, Perceived Behavioral Control, and Gender as independent variables, with Whistleblowing Intention as the dependent variable. The sample consists of 202 auditors working at Public Accounting Firms (PAF) in East and South Jakarta. Data were analyzed using SmartPLS version 4.0.93.Research findings: The results show that Attitudes, Subjective Norms, and Perceived Behavioral Control positively influence whistleblowing intentions. However, Gender does not have a significant effect. Collectively, the variables influence whistleblowing intentions, with an adjusted R-square of 32.10%.Theoretical Contribution/Originality: This study expands the limited research on whistleblowing in Indonesia, particularly among external auditors, and provides empirical evidence concerning behavioral factors influencing whistleblowing intentions.Practitioner/Policy implication: The findings offer guidance for organizations in developing effective training, internal policies, and reporting systems to strengthen whistleblowing culture and support fraud prevention.Research limitation/Implication: Whistleblowing intentions are explained by only 32.10% of the tested variables, indicating that 67.90% is influenced by other factors such as religiosity, professionalism, and perceived good governance. Future research should include additional variables and larger samples to capture broader behavioral dynamics.
Disclosing biological assets: A catalytic role in enhancing financial performance of agricultural companies Almas, Maymurita Jihana; Widiyanti, Novi Wulandari; Wardhaningrum, Oktaviani Ari
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.25583

Abstract

Research aims: The study objectively investigates the connection between biological asset intensity and financial performance across businesses, focusing on the mediating role of biological asset disclosure.Design/Methodology/Approach: This study's research design is quantitative and explanatory. Agricultural company listings in the Indonesia Stock Exchange are those that were listed between 2021 and 2023. The sample was chosen using purposive sampling, which was predicated on predetermined criteria. Data were analyzed using Eviews 12 and mediation models were applied using linear regression analysis.Research findings: The findings demonstrate that financial performance is positively impacted by biological asset intensity. Additionally, biological asset intensity has a beneficial effect on biological asset disclosure, which raises the financial performance of the company. Additionally, disclosure of biological assets serves as a partial mediator in the association between financial performance and biological asset intensity. Theoretical contribution/Originality: By proving that this study contributes to the body of evidence showing that the association between biological asset intensity and financial success is mediated by biological asset transparency. Practitioner/Policy implication: Scholars are encouraged by the results to look into how biological assets and financial performance are related. Focusing on the significance of disclosure procedures, the study also provides firms with practical information to assess how biological asset intensity affects financial performance.Research limitation/Implication: Some organizations registered on the IDX have financial report data available, although there is a lack of information on aspects such as biological asset disclosure and biological asset intensity, which are the main limitations.
Determinants of funding sources, profitability, size, and firm value: Empirical evidence on companies in Indonesia Hidayat, Riskin; Wijaya, Adi; Hermuningsih, Sri; Pinjaman, Saizal Bin
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.25681

Abstract

Research aims: This study examines how firm size influences the relationship between internal funding sources, particularly liquidity, and external funding sources, i.e., debt, on firm value, emphasizing profitability’s mediating role.Design/Methodology/Approach: This study examines publicly traded manufacturing companies in the consumer products sector that are listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. A sample of 43 companies and 215 observations was obtained through a targeted sampling approach. The data were analyzed using WarpPLS 7.0 software, which supports mediated regression analysis.Research findings: The findings indicate that while liquidity positively impacts firm value, this impact is statistically insignificant. Conversely, the debt policy significantly enhances firm value. Furthermore, profitability acts as an effective mediator in the relationship between liquidity and debt policy on firm value, with firm size further amplifying the impact of profitability. These results emphasize the crucial role of profitability as a mediating factor and firm size as a moderating factor.Theoretical contribution/Originality: This study is expected to enrich the Agency and Pecking Order theories by clarifying the role of profitability as a mediator in the relationship between debt policy and firm value with the factor of firm size as a moderating relationship between profitability and firm value, as well as providing practical insights for business executives in making strategic decisions related to the management of funding and corporate debt structure.Practitioner/Policy Implications: Indonesian companies, especially those listed on the Indonesia Stock Exchange and involved in consumer products, can use liquidity and debt to improve performance and firm value. This study takes a fresh perspective by directly addressing profitability's mediating effect and company size's moderating influence. This methodology provides deeper insights into funding sources and corporate value.Research limitations/implications: This study has several limitations, including a focus on manufacturing companies in Indonesia and data limited to 2019 to 2023, which may affect the generalizability of the results. In addition, this study only considers debt policy, profitability, and company size. At the same time, other factors such as ownership structure and macroeconomic conditions are not considered, so expanding the coverage of sectors and regions is recommended and using more sophisticated analytical methods for future research.
Board characteristics and sustainability report quality: Profitability as a moderating variable Marfuah, Marfuah; Hamsyah, Erica Mariah Salma
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26153

Abstract

Research aims: This research aims to determine the influence of board characteristics on the quality of sustainability reports and examine the role of profitability as a moderating variable in manufacturing companies in Indonesia.Design/Methodology/Approach: This study uses a quantitative approach. The sample was selected using the purposive sampling method, involving 24 companies and a total of 46 observations. The research hypotheses were tested using Moderated Regression Analysis (MRA).Research findings: The research provides empirical evidence that the size of the board of directors and the size of the audit committee have significant and positive effects on the quality of the sustainability report. However, the proportion of independent commissioners, the age of the members of the board of commissioners, gender diversity in the board of directors, the frequency of board of directors’ meetings, and the size of the audit committee do not significantly and positively affect the quality of the sustainability report. Profitability as a moderating variable was found to strengthen the influence of the proportion of independent commissioners on the quality of sustainability reports. However, profitability did not fortify the influences of the board of directors' size, the age of the board of commissioners, gender diversity in the board of directors, meeting frequency of the board of directors, and the size of the audit committee on the quality of the sustainability report.Theoretical contribution/Originality: This study shows that profitability moderates only the link between board independence and report quality, challenging the notion that financial performance uniformly strengthens governance. It refines Agency Theory by revealing the context-dependent nature of profitability’s moderating effect.Practical/Policy implication: For policymakers, the findings highlight the need to prioritize governance quality, such as audit committee expertise, over size. For companies, profitability should be leveraged by strengthening independent boards rather than expanding their size.Research limitations/Recommendations: This study focuses on Indonesian manufacturing firms, limiting generalizability. Future research should include cross-sector comparisons and examine qualitative aspects of board members, such as expertise.
Audit committee characteristics and earnings quality: The role of audit quality and corporate life cycle Muslim, Resti Yulistia; Minovia, Arie Frinola; Alhaq, Safna Falsafia; Hamdi, Mukhlizul
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26245

Abstract

Research aims: This study investigates the influence of audit committee characteristics (size, expertise, and gender diversity) on earnings quality with audit quality as a moderating factor across various stages of the corporate life cycle. Based on life cycle theory, this study posits that each corporate life cycle stage presents different results.Design/Methodology/Approach: A purposive sampling method was employed, resulting in 395 observations from infrastructure, property, and real estate from 2018 to 2022. The classification of the corporate life cycle relies on Dickinson's (2011) model, resulting in 66, 78, 153, and 98 observations for the introduction, growth, maturity, and decline stages.Research findings: The findings reveal that audit committee expertise and gender positively affect discretionary accruals for the full sample. Audit committee size positively affects discretionary accruals in mature firms, while gender enhances discretionary accruals in both growth and mature firms. Audit quality can moderate the relationship between audit committee expertise and earnings quality in the full sample and growth firms, and also moderate the effect of gender on earnings quality in the full sample, growth, and mature firms.Theoretical contribution/ Originality: This study expands the earnings quality literature by integrating corporate life cycle theory into analyzing the dynamic role of audit committees and audit quality.Practitioner/Policy implication: The results highlight the importance of the corporate life cycle in optimizing the audit committee to enhance earnings quality.Research Limitations/Implications: This research employs a dummy variable for gender due to the limited representation of women on audit committees and limited observations at several life cycle stages.
Corporate makeover for narcissism: The role of the CEO in asset revaluation and acquisition performance Wati, Erna; Itan, Iskandar; Derista, Fanny; Karjantoro, Handoko
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26517

Abstract

Research aims: This study aims to analyze the impact of CEO narcissism on the correlation between asset revaluation and acquisition performance, focusing on how narcissistic traits improve the efficiency of asset revaluation in corporate decision-making.Design/Methodology/Approach: The study employs Partial Least Squares methodology within Structural Equation Modeling to analyze secondary data from Indonesian companies listed on the Indonesia Stock Exchange between 2017 and 2021. The sample is limited to companies engaged in merger and acquisition activities during the observation period. Following the selection criteria, the final sample consists of 51 eligible firms.Research findings: The findings indicate that revaluing assets improves companies’ financial position and market perception. Additionally, the impact is heightened by CEO narcissism, as narcissistic CEOs use their confidence and propensity for risk-taking to capitalize on asset revaluation for aggressive acquisition tactics. It leads to improved company performance, especially in mergers and acquisitions.Theoretical contribution/ Originality: This study contributes theoretically by extending the application of signalling theory and the resource-based view. It positions CEO narcissism as a strategic signal influencing acquisition performance through asset revaluation. The study adds to existing research on corporate leadership and financial strategy, providing valuable perspectives for scholars and professionals in management and corporate finance.Practitioner/Policy implication: The study indicates that corporations gain advantages by choosing CEOs with narcissistic characteristics, as they are more inclined to employ asset revaluation to pursue ambitious acquisition opportunities strategically. The results suggest that firms may benefit from leadership that strategically leverages narcissistic traits to enhance corporate restructuring outcomes.Research Limitations/Implications: The limitation of this study is its focus on Indonesian companies, which potentially restricts the generalizability of the results to different regions or markets.
Audit of sustainability report and sustainable finance: An agriculture case in the Indonesian Stock Exchange Suryatimur, Kartika Pradana; Nurcahya, Yulida Army; Simamora, Alex Johanes; Susilo, Ghina Fitri Ariesta; Muqorobin, Masculine Muhammad; Utami, Martiana Riawati; Dewantara, Ghiyats Furqan
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26596

Abstract

Research aims: This research aims to examine the effect of the audit of sustainability reports on sustainable finance in agriculture companies.Design/Methodology/Approach: This research used 13 agriculture companies listed on the Indonesian Stock Exchange from 2021-2023 as the sample. While the sustainability report audit was measured by a dummy variable, sustainable finance was measured by scoring elements of growth, bankruptcy profile, risk profile, and value creation. Data analysis employed multiple regression.Research findings: Based on data analysis, an audit of sustainability reports improves sustainable finance. The presence of an independent audit functions as a quality certification, increasing the perceived legitimacy and trustworthiness of sustainability disclosures. This can enhance stakeholders' confidence in the firm's governance, risk management, and ethical commitment—factors increasingly linked to financial sustainability (e.g., access to capital, lower cost of financing, and long-term investor trust). Theoretical contribution/Originality: First, this research contributes to the literature by extending the signaling theory framework to the context of sustainability report audits and sustainable finance. Second, the study provides new evidence on the relationship between sustainability report audits and sustainable financial performance. Third, the research introduces a novel perspective in terms of sample selection, focusing on agricultural companies. Fourth, this study provides a comprehensive overview of integrating key regulatory frameworks, namely Regulation of Indonesian Financial Services Authority No. 51/POJK.03/2017, Circular Letter of Indonesian Financial Services Authority No. 16 /SEOJK.04/2021, and Indonesian Law No. 2 of 2019.
Comparative analysis of the financial performance of Bank Riau Kepri Syariah before and after conversion Busyro, Wahyi; Abdullah, Azwan bin; Din, Noormariana binti Mohd
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26746

Abstract

Research aims: This study compares the financial performance of Bank Riau Kepri Syariah before and after its conversion into a fully Islamic bank, focusing on the Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), and Return on Assets (ROA). Using quantitative data from 16 quarterly periods, the results reveal no significant changes in CAR and NPF, but a significant decline in ROA, indicating a decrease in short-term profitability following the conversion.Design/Methodology/Approach: The study employs a quantitative approach by analyzing financial data from 16 quarters (10 before and 6 after the conversion) using SPSS for statistical testing.Research findings: The results show no significant difference in CAR between the pre-conversion (21.733%) and post-conversion (21.69%) periods. Similarly, there is no significant difference between the pre-conversion NPF (2.697%) and the post-conversion NPF (2.39%). However, a significant difference is found in ROA, which declined from 2.611% to 1.55% after conversion, indicating a notable decrease in profitability.Theoretical contribution/Originality: This study contributes to institutional theory by illustrating how regulatory and organizational changes in Islamic banking affect financial performance through coercive, normative, and mimetic pressures.Practitioner/Policy implication: The findings offer valuable insights for regulators, managers, and policymakers in assessing the short-term financial risks of a full conversion to Islamic banking, emphasizing the importance of strategic planning, human resource preparedness, and regulatory compliance during transformation.Research limitation/Implication: This study focuses on a single case—the full conversion of Bank Riau Kepri Syariah—using real-time quarterly data to compare CAR, NPF, and ROA ratios since 2022. As one of Indonesia’s first regionally owned banks to complete a full transformation into an Islamic bank, Bank Riau Kepri provides a unique context for evaluating the financial impact of conversion.
Green product innovation, R&D, and AI adoption: The moderating role of intellectual capital in achieving competitive advantage Wahyudi, Tri; Arisondha, Edy; Bin Bakar, Mohd Hafiz; Soleha, Nurhayati
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26788

Abstract

Research aims: This study investigates the impact of green product innovation, R&D investment, and AI adoption on competitive advantage, with intellectual capital examined as a moderating variable.Design/Methodology/Approach: Data were collected from 150 respondents representing 60 manufacturing firms in Indonesia. The analysis employed Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS 4.0.Research findings: Green product innovation, R&D investment, and AI adoption significantly and positively influence competitive advantage. Intellectual capital strengthens the effects of green innovation and R&D investment but does not significantly moderate the effect of AI adoption.Theoretical contribution/ Originality : This research extends the Resource-Based View (RBV) by integrating green innovation, R&D investment, AI adoption, and intellectual capital into competitive advantage models, while emphasizing management accounting perspectives within emerging market contexts.Practitioner/Policy implication: The study highlights the need for firms to develop not only innovation initiatives but also robust intellectual capital infrastructures to sustain competitive advantage.Research limitation/Implication: The study is limited by its cross-sectional design and traditional conceptualization of intellectual capital, suggesting opportunities for longitudinal studies and digital capability-focused research.
The effect of sustainability report disclosure on corporate financial performance with external assurance as moderation Naibaho, Eduard Ary Binsar; Nabilah, Silvia Gema
Journal of Accounting and Investment Vol. 26 No. 3: September 2025
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v26i3.26885

Abstract

Research aims: This study examines does sustainability report disclosure and external assurance affect Indonesian publicly listed enterprises' financial performance. This study analyses how external assurance moderates sustainability disclosure and business financial performance.Design/Methodology/Approach: This quantitative analysis uses 71 Indonesia Stock Exchange-listed non-financial companies over 5 years. Financial records, company sustainability reports, and the Indonesia Stock Exchange database gave five years of data. Sustainability report disclosure and business financial performance were examined using multiple linear regression with external assurance as a moderating variable.Research findings: Economic and social disclosures in sustainability reports improve firm financial performance. External assurance improves financial outcomes directly and supports the favorable influence of sustainability disclosures on corporate performance. These findings demonstrate the strategic importance of transparent and validated sustainability reporting for financial success.Theoretical contribution/Originality: Results demonstrate that external assurance boosts sustainability disclosure and financial success. Credible reporting supports stakeholder theory by meeting expectations and building trust. It supports legitimacy theory, which says assurance fosters company social norms. Signaling theory says external assurance indicates to investors that the firm is transparent, improving its credibility.Practitioner/Policy implication: According to the findings, practitioners should use external assurance in sustainability reporting to promote transparency, stakeholder trust, and financial performance. According to theory, credible and externally confirmed disclosures boost business sustainability efforts. To encourage accountable and trustworthy corporate reporting, policymakers could incentivize or mandate external assurance.Research limitation/Implication: The study only covers Indonesian companies; thus, future research should expand or add qualitative perspectives to acquire deeper insights.

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