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[Assessing the moderating role of geopolitical risk in the nexus between ESG performance and stock price crash risk: a GMM approach ]]>
<![CDATA[Agustin, Isnaini Nuzula]]>;
<![CDATA[Tan, Michelle]]>;
<![CDATA[Marheni, Dewi Khornida]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.26923
<![CDATA[Research aims: Amid rising global geopolitical upheaval, geopolitical risks progressively influence market volatility, particularly in Indonesia. This study examined the relationship between sustainable performance and stock price crash risk (SPCR), with geopolitical risk as a moderating variable.Design/Methodology/Approach: Data were collected from companies with environment, social, and governance (ESG) scores in the Refinitiv database over 2019-2023, resulting in 236 observations. Data analysis was conducted using the system generalized method of moments (GMM) approach, effectively addressing small sample size and endogeneity.Research findings: ESG performance imposed a negative and significant impact on SPCR. Furthermore, integrating ESG and geopolitical risk could reduce a stock market crash risk. A robustness test using coarsened exact matching provided consistency in these results.Theoretical contribution/Originality: This study introduces geopolitical risk as a moderating variable in the ESG-SPCR relationship, an area underexplored in current literature, particularly within Indonesia’s stock market. The results support the buffering hypothesis, reinforcing the need to incorporate geopolitical risk assessment while mitigating market crashes through ESG practices.Practitioner/Policy implication: Insights from this study guide policymakers and investors in mitigating market risks by integrating ESG performance and geopolitical risk assessment, particularly in environmental management,Research limitation/Implication: Reliance on a single ESG rating source may limit generalizability. Future research should incorporate multisource databases to capture measurement divergence.]]>
<![CDATA[The The determinants of accounting student perceptions of earnings management in Indonesia ]]>
<![CDATA[Suwadji, Sukma Annisa]]>;
<![CDATA[Lestari, Rahayu]]>;
<![CDATA[Muthmainnah, Dewi Refianingrum]]>;
<![CDATA[Na'im, Ainun]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.27006
<![CDATA[Research aims: This study aims to investigate the influence of religiosity, gender, ethical orientation (idealism and relativism), and professional commitment on accounting students’ perceptions of earnings management.Design/Methodology/Approach: A quantitative approach was employed through the distribution of structured questionnaires to accounting students from several universities in Indonesia. The collected data were analyzed using multiple linear regression analysis to determine the relationship between the independent variables and perceptions of earnings management.Research findings: The findings show that religiosity has a influence on perceptions of earnings management, meaning students with higher religious values tend to view earnings management as unethical. Gender differences also play a significant role, where female students demonstrate stricter ethical views compared to male students. Idealistic ethical orientation is positively associated with ethical perceptions, whereas relativistic orientation does not have a significant effect. Moreover, professional commitment negatively affects the acceptance of earnings management practices.Theoretical contribution/ Originality: This study contributes to the literature on accounting ethics by providing empirical evidence of how individual characteristics and ethical values influence the ethical judgment of future accounting professionals regarding earnings management.Practitioner/Policy implication: The findings suggest that ethical training in accounting education should consider personal values and ethical orientations. Gender-responsive and value-based ethics education may enhance ethical standards in the profession.Research Limitations/Implications: The study is limited to accounting students and may not fully reflect the perceptions of practitioners in the field. Future research could expand the sample to include professionals for broader generalizability.]]>
<![CDATA[Does auditor religiosity moderate the effect of auditor expertise on audit quality? ]]>
<![CDATA[Anwar, Achmad Syaiful Hidayat]]>;
<![CDATA[Ardianto, Ardianto]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.27151
<![CDATA[Research aims: This study examines the role of religiosity in the relationship between auditor expertise and audit quality.Design/Methodology/Approach: This research employs a survey design with a census study approach. The research sample consisted of 288 audit firm leaders in Indonesia. Hypothesis testing was carried out using SEM-AMOS.Research findings: The analysis results revealed that auditor religiosity moderates the relationship between auditor expertise and audit quality. Religiosity motivates auditors to utilize their expertise optimally, conduct audits more responsibly, objectively, and independently, thereby preventing fraudulent behavior and ensuring the achievement of quality audits.Theoretical contribution/Originality: This study is the first to examine the role of audit religiosity as a moderator in the relationship between auditor expertise and audit quality. The selection of audit religiosity as a moderating variable is based on the inconsistency of previous audit quality literature and the finding that the accounting profession is becoming increasingly secular.Practitioner/Policy implication: This research extends the RBV theory and insights into the significance of auditor religiosity within the broader audit process. This research also helps audit leaders to develop auditor expertise to support quality audits.Research limitation/Implication: Further research is recommended to explore other variables that may influence audit quality. These variables could be explored in relation to factors such as gender, region, culture, age, education level, or ethnicity. The goal is to expand or enrich research findings related to various aspects that determine audit quality.]]>
<![CDATA[Enhancing organizational performance through performance management systems and managerial accountability: The role of managerial competence ]]>
<![CDATA[Thamrin, Dara Alifa Fajriati]]>;
<![CDATA[Pratolo, Suryo]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.27213
<![CDATA[Research aims: This study aims to explore whether performance management systems (PMS) and managerial accountability (MA) affect organizational performance. It also considers managerial competence (MC) as a key factor in private higher education institutions (PHEIs) in Indonesia.Design/Methodology/Approach: The survey design employed a quantitative approach, utilizing questionnaires to collect data from 270 higher-ups in PHEIs in Indonesia. The relationships between the factors were determined using structural equation modeling (SEM) analysis to test direct and indirect effects.Research findings: The results unveiled that MC had a substantial influence on PMS, yet it did not directly affect MA or organizational performance. PMS enhanced both MA and organizational performance, and MA further improved performance. A serial mediation demonstrated that PMS and MA worked together to affect organizational performance, indicating that competence improved performance indirectly through better PMS and stronger accountability.Theoretical contribution/Originality: The current research proposes an extensive integration of theories, utilizing concepts from the resource-based view, goal setting, stewardship, resource orchestration, and equity theories, to examine how management capability influences organizational performance through PMS and MA.Practitioner/Policy implication: The study only considered PHEIs within Indonesia. Future studies could broaden their focus to include public universities or employ qualitative techniques to explore the causal processes underlying the observed patterns more thoroughly.Research limitation/Implication: The study only covers Indonesian companies; thus, future research should expand or add qualitative perspectives to acquire deeper insights.]]>
<![CDATA[Determining accounting students' design thinking skills: The role of artificial intelligence usage and digital literacy ]]>
<![CDATA[Darmawan, Rahmat]]>;
<![CDATA[Widiastuti, Harjanti]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.27220
<![CDATA[Research aims: This study aims to examine the influence of Artificial Intelligence (AI) usage and digital literacy on the design thinking skills of accounting students, as well as examine the role of digital literacy as a mediating variable in the relationship between AI usage and design thinking skills.Design/Methodology/Approach: A quantitative approach was used through a survey of 323 accounting students from various universities in Indonesia. Data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) to test the direct and indirect influences between variables.Research findings show that AI usage and digital literacy directly and positively influence design thinking skills. Furthermore, digital literacy mediates the positive influence of AI usage on design thinking skills. Variations in relationships were also found based on the type of institution and the student's semester level.Theoretical contribution/Originality: This study expands the application of Social Cognitive Theory (SCT) by placing digital literacy as a personal factor that mediates the influence of technology on complex thinking skills. These findings also emphasize the importance of considering institutional context and learning experiences in using accounting education technology.Practitioner/Policy implication: The study's results confirm the importance of a learning strategy focusing on AI integration and strengthening digital literacy to support the development of 21st-century skills.Research limitation/Implication: Variations in institutional readiness and access to technology become external factors that cannot be controlled. Future research needs to include learning experiences and institutional environment as contextual variables.]]>
<![CDATA[Risk management practices and their impact on the performance of Islamic banking institutions: A systematic literature review ]]>
<![CDATA[Abdiriva, Budi]]>;
<![CDATA[Yaya, Rizal]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.27342
<![CDATA[Research aims: This study aims to explore the role of risk management in enhancing the performance of Islamic banking institutions through a systematic literature review of 49 Scopus-indexed articles published between 2008 and 2023.Design/Methodology/Approach: Employing a structured review methodology, including bibliometric and thematic analysis using VOSviewer, the study categorizes existing literature into three key research clusters: banking regulation, bank management, and risk perception.Research findings: The findings reveal that risk management practices grounded in Sharia principles such as profit and loss sharing and equity financing, significantly influence Islamic banks’ financial performance and stability. Theoretical contribution/Originality: Theoretically, this review contributes to the body of knowledge by identifying 32 theories frequently employed in Islamic banking risk research, notably agency theory, signalling theory, and stakeholder governance.Practitioner/Policy implication: Practically, the study offers insights for policymakers to strengthen regulatory frameworks aligned with Islamic finance principles.Research limitation/Implication: Future research is encouraged to apply mixed-method approaches and further expand investigations into underexplored regions, such as Turkey, to contextualize risk management dynamics in Islamic banking environments.]]>
<![CDATA[Exploring financial reporting quality: Evidence from Indonesian local governments ]]>
<![CDATA[Nuswantoro, Muhammad Adjie]]>;
<![CDATA[Rahmawati, Evi]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.27667
<![CDATA[Research aims: This study examines the influence of government personnel competence, goods and services expenditure, and infrastructure availability on the quality of local government financial reporting in Indonesia, with local government size as a moderating variable.Design/Methodology/Approach: This quantitative study uses secondary data from local government financial statements in 2020. The sample consisted of 537 local governments selected through purposive sampling. Data were analyzed using Moderated Regression Analysis (MRA).Research findings: The finding show that government personnel's competence positively affects financial reporting quality. Goods and services expenditure has an adverse effect, while infrastructure availability has no significant effect. Local government size weakens the effect of personnel competence, strengthens the effect of goods and services expenditure, and does not moderate the relationship between infrastructure and reporting quality.Theoretical Contribution/Originality: This study offers a novel perspective by empirically examining the interaction between organizational size and key internal factors (human competence, goods and services expenditure, and infrastructure) that influence the quality of local government financial reporting. It extends agency theory by showing that in decentralized public institutions, the effectiveness of internal mechanisms is contingent upon the scale and complexity of the organization.]]>
<![CDATA[Determining Islamic banks’ reputation: Do Islamic CSR, zakat, non-halal fund, and Islamic corporate governance matter? ]]>
<![CDATA[Wardiwiyono, Sartini]]>;
<![CDATA[Hamdun, Nabil Ghazy]]>;
<![CDATA[Pambudi, Dwi Santosa]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.27686
<![CDATA[Research aims: This study investigates the significance of Islamic Corporate Social Responsibility (ICSR), zakat, non-halal funds, and corporate governance in shaping the reputation of Islamic banks in Indonesia.Design/Methodology/Approach: It utilizes secondary data from various sources through documentation and content analysis methods. A sample of 106 observations was selected using purposive sampling from Islamic commercial banks registered by the Financial Services Authority from 2016 to 2023. Four research hypotheses were formulated and tested using multiple regression analysis.Research findings: The analysis results indicate that ICSR and zakat positively impact the reputation of Islamic commercial banks, whereas the involvement of non-halal funds may diminish their reputation. Insufficient evidence supported the fourth hypothesis, stating that Islamic corporate governance positively affects the reputation of Islamic banks.Theoretical contribution/Originality: This study advances Islamic and sustainable finance by employing eight years of data (2016 to 2023), surpassing prior works with older data and shorter coverage. It also applies a multidimensional approach that captures both positive drivers and reputational risks in Islamic banks. Furthermore, integrating multiple theoretical perspectives offers a novel triangulation, enhancing originality and enriching the scholarly discourse in this domain.Practitioner/Policy implication: The findings of this study provide current empirical insights that can assist Islamic banking practitioners in strengthening their institutions' credibility and public image by optimizing the positive drivers and managing reputational risks. Policymakers can utilize these findings to develop strategic initiatives to enhance Islamic banks' reputation, which may, in turn, contribute to expanding their market share.Research limitation/Implication: This study is limited by the reliance on Islamic corporate governance indicators that may not be sufficiently visible to stakeholders, constraining their observable impact on Islamic bank reputation. Future research should adopt measures such as governance disclosure quality, stakeholder awareness, or perception-based approaches such as surveys and content analysis to better capture how governance influences reputation.]]>
<![CDATA[The dramaturgy of sustainability reporting: Environmental and humanitarian responsibility context ]]>
<![CDATA[Andajani, Andajani]]>;
<![CDATA[Riduwan, Akhmad]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.28009
<![CDATA[Research aims: This study aims to explore and reveal the drama of sustainability report presentation in the context of environmental and humanitarian responsibility. The study focuses on the presentation of sustainability reports and actual actions taken by companies. Design/Methodology/Approach: This study employs a literature review, drawing on data from the sustainability report of a public company in Indonesia, online journalistic news, national television, and environmental activist websites. Data are analyzed by reflecting on Erving Goffman's concept of dramaturgy. Research findings: This study reveals a five-act drama related to the presentation of sustainability reports. Companies traverse the path to presenting an honest and responsible sustainability report through five stages that are analogous to the acts of a drama performance, namely exposition, character development, action, error, solution, and resolution. Theoretical contribution/Originality: The data in this study were analyzed by reflecting on Erving Goffman's concept of dramaturgy.Practitioner/Policy implication: The theoretical and practical implications of this study suggest that sustainability reports are a key source of stakeholder legitimacy, and therefore, stakeholder trust must be maintained through the honest and responsible presentation of sustainability reports. This study opens stakeholders' insights in conducting critical readings of sustainability reports published by companies.Research limitation/Implication: The limitations of this research lie in the data sources, which are all secondary data obtained from various media. Primary data collection was not possible because the sustainability reporting dramaturgy, the theme and focus of this research, encompasses past events the company has experienced.]]>
<![CDATA[Management compensation and performance: The role of clawback-holdback provisions in mitigating management risk-taking behavior ]]>
<![CDATA[Septianis, Aulia]]>;
<![CDATA[Kresnawati, Etik]]>
<![CDATA[ Journal of Accounting and Investment Vol. 26 No. 3: September 2025 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v26i3.28624
<![CDATA[Research aims: This study aims to examine the mediating effect of management risk-taking behavior on the relationship between compensation of management as a material risk taker (MRT) and bank performance. It also examines how clawback-holdback provisions moderate this relationship. Design/Methodology/Approach: This study employs a quantitative approach, drawing on secondary data from the annual reports of 18 Indonesian banks listed on the Indonesia Stock Exchange (IDX) between 2018-2023. Hypothesis testing was conducted using the mediation moderation model with PROCESS Macro Model 7.Research findings: The results show that management compensation does not directly affect bank performance, but rather indirectly affects it through the risk-taking behavior of MRT. Meanwhile, this study cannot prove the role of clawback-holdback provisions in mitigating the risk-taking behavior of MRT, as expected by the Indonesian Financial Services Authority.Theoretical contribution/ Originality: This study provides evidence that incentive and performance mechanisms in the banking industry are indirect. These results expand our understanding of the importance of behavioral factors, specifically risk-taking by MRT, as a key channel through which incentives translate into performance outcomes. Practitioner/Policy implication: These findings underscore the need for balanced compensation schemes that integrat compensation with risk control. Bank should adopt transparent clawback-holdback provisions aligned with PJOK No.45/PJOK.03/2015.Research limitation/Implication: This study focuses only on banks listed on the IDX, which limits the generalization of its findings to the banking industry as a whole, including private banks and state-owned banks that are not publicly listed. The results of the study highlight the need to enforce clawback-holdback provisions as a mechanism to reduce excessive risk-taking by banking MRTs.]]>
