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Journal of Accounting and Investment

ai
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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 646 Documents

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Factors Determining the Perceived Security Dimensions in B2C Electronic Commerce Website Usage: An Indonesian Study Santos Marianus; Syaiful Ali
Journal of Accounting and Investment Vol 22, No 1: January 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to analyze the perceived security dimensions and build a research model using perceived ease of use and perceived usefulness as variables mediating the link between perceived security and the intention to use Indonesia's B2C e-commerce websites. Design/Methodology/Approach: Using a purposive sampling approach, this study conducted an online survey of respondents who had done online transactions, such as business-to-customer (B2C) transactions. Research Findings: The study's results showed that perceived security significantly correlated with buyers' intention to use B2C websites. Theoretical contribution/Originality: This study contributes to developing and validating key dimensions of perceived security and their constructs. Mediation effect test results from TAM, which were perceived ease and perceived use, indicated that only the perceived usefulness variable significantly mediated the relationship between perceived security and intention to use B2C e-commerce websites. Perceived use's mediation was not supported. Practitioner/Policy implication: This research empirically supports the perceived security construct as a second-order construct involving confidentiality, availability, non-repudiation, and privacy. Research limitation/Implication: This study used data from Indonesian individuals, which may differ from other countries' characteristics. It may limit the research' finding generalization. Research aims: This study aims to analyze the perceived security dimensions and build a research model using perceived ease of use and perceived usefulness as variables mediating the link between perceived security and the intention to use Indonesia's B2C e-commerce websites.Design/Methodology/Approach: Using a purposive sampling approach, this study conducted an online survey of respondents who had done online transactions, such as business-to-customer (B2C) transactions.Research Findings: The study's results showed that perceived security significantly correlated with buyers' intention to use B2C websites.Theoretical contribution/Originality: This study contributes to developing and validating key dimensions of perceived security and their constructs. Mediation effect test results from TAM, which were perceived ease and perceived use, indicated that only the perceived usefulness variable significantly mediated the relationship between perceived security and intention to use B2C e-commerce websites. Perceived use's mediation was not supported.Practitioner/Policy implication: This research empirically supports the perceived security construct as a second-order construct involving confidentiality, availability, non-repudiation, and privacy.Research limitation/Implication: This study used data from Indonesian individuals, which may differ from other countries' characteristics. It may limit the research' finding generalization.

The Evaluation of Performance Indicators Development: A Study on Indonesian Financial Transaction Report and Analysis Center (PPATK) Dedy Kurniawan; Rusdi Akbar
Journal of Accounting and Investment Vol 22, No 3: September 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This research aims to evaluate the development of performance indicators using the performance blueprint analysis tools and know what factors are instrumental in the development of performance indicators for public organizations in Indonesia using Institutional Isomorphism point of view.Design/Methodology/Approach: The study comprised qualitative research undertaken at one public organization, the Indonesian Financial Transaction Reports and Analysis Center (PPATK) in Jakarta.Research findings: This study revealed that the PPATK business process was still not optimally aligned with the performance blueprint analysis tools. This study also uncovered eleven factors that play a role in the development of performance indicators: mindset, business process, comfort zone, technical competence, regulation, activity plan, process, drafting, management commitments, monitoring and evaluation, reward and punishment, and performance data management.Theoretical contribution/Originality: This study contributes to knowledge of the institutional isomorphism’s influence, primarily normative isomorphism at a public organization. Also, this research is the first research to use the performance blueprint more thoroughly, with six types of analysis.Practitioner/Policy implication: This study has implications for ministries/institutions and regulatory agencies to implement the performance blueprint in the development process of performance indicators.Research limitation/Implication: The limitations of this study are that the results of the performance blueprint analysis tools did not yet have the criteria as the basis for assessment of findings, and this research only employed a qualitative method; therefore, the resultant conclusions are still minimum.

Fraud Pentagon and Fraudulent Financial Reporting: Evidence from Manufacturing Companies in Indonesia and Malaysia Fathmaningrum, Erni Suryandari; Anggarani, Gupita
Journal of Accounting and Investment Vol 22, No 3: September 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine the influence of fraud pentagon concept on fraudulent financial reporting.Design/Methodology/Approach: This studyâ€™s population was manufacturingcompanies listed in Indonesia Stock Exchange and Malaysia Stock Exchange. 120 manufacturing companies in Indonesia and 118 manufacturing companies in Malaysia were involved as samples. The data analysis method used in this study is multiple linear regression.Research findings: The results showed that financial target, financial stability, quality of external auditor, external pressure, and nature of industry variables influenced fraudulent financial reporting. In contrast, personal financial need, ineffective monitoring, change in auditor, change in director, and frequent number of CEOâ€™s pictures variables had no effect on fraudulent financial reporting. For Indonesia, it was found that financial target, financial stability, and the quality of external auditor influenced fraudulent financial reporting. While, in Malaysia, the results showed that financial stability, external pressure, and nature of industry variables influenced fraudulent financial reporting in Malaysia.Theoretical contribution/Originality: These results support the financial target and quality of external auditor hypothesis in Indonesia, financial stability hypothesis in Indonesia and Malaysia, external pressure and nature of industry hypotheses in Malaysia, stating that fraud pentagon factors affect fraudulent financial reporting. It is also proved that there are different levels of fraudulent financial reporting in Indonesia and Malaysia. Indonesia has fraudulent financial reporting cases higher than Malaysia.

An Analysis of the Scope Variations in Intellectual Capital Disclosure: Perspectives of Indonesian State Universities Ahmad Juanda; Setu Setyawan; Dwi Irawan; Lia Candra Inata
Journal of Accounting and Investment Vol 22, No 3: September 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine and analyze the differences in intellectual capital disclosure between Indonesian state universities.Design/Methodology/Approach: The data comprises all state universities listed in 4ICU (4 International Colleges University) in 2020. To analyze the data, the researchers used content analysis and the independent sample t-test. This study used three indicators (location, number of applicants, and number of study programs) to analyze the differences in intellectual capital disclosure between state universities in Indonesia.Research findings: The study results show scope variation in intellectual capital disclosure based on location and number of applicants. However, based on the number of study programs, no variation was found.Theoretical contribution/Originality: The scope variation in intellectual capital disclosure between Indonesian state universities, especially regarding the indicators such as study programs and locations, is a rare topic of study. It is compelling and requires further study.Practitioner/Policy implication: This study is potentially relevant to academicians, researchers, and stakeholders. By analyzing the scope variation in intellectual capital disclosure between Indonesian state universities using three indicators, this study provides insight on the importance of delivering information about universities to the public to improve credibility and attract more applicants.

The Relationship Between Corporate Governance and Integrated Reporting Hayyin Agustina Mawardani; Iman Harymawan
Journal of Accounting and Investment Vol 22, No 1: January 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: The objective of this research is to investigate the level of integrated reporting information disclosure in the annual reports of non-financial public listed companies in Indonesia Stock Exchange (IDX) during 2017 to 2018, as well as its relationship with corporate governance that measured by the independent board, the board size, board gender diversity, and types of the external audit firm, whether a corporate audited by Big-4 accounting public firm or non-Big-4 accounting public firm.Design/Methodology/Approach: In this research, the authors utilized a total of 936 observations. The analysis used in this research is using the Ordinary Least Square (OLS) Regression.Research findings: This research showed that corporations with a higher number of independent board members and a bigger board size are disclosing a higher level of integrated reporting information. However, the authors did not find a significant correlation between board gender diversity and audit firm types on the level of Integrated Reporting information disclosure.Theoretical contribution/ Originality: This research contributes to adding to the literature of integrated reporting disclosure theory.Practitioner/Policy implication: Hopefully, the findings can give the policy-maker a comprehensive picture of the relationship between corporate governance and integrated reporting disclosure.Research limitation/Implication: The limitation of this paper is the measurement of Integrated Reporting disclosure that was conducted using content analysis by word count was done manually which may contain subjectivity of the authors.

The Implications of Organizational Slack-Resources Heterogeneity toward CSR Expenditures Kadek Weda Noveadjani Tista; Aulia Fuad Rahman; Arum Prastiwi
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to prove the alleged effect of organizational resource slack on corporate social responsibilities (CSR) expenditures. The types of organizational resource slack examined in this study were financial slack, human resource slack, and innovational slack. This research was conducted in the mining sector and basic and chemical industries listed on the Indonesia Stock Exchange during 2015-2019.Design/Methodology/Approach: Non-probability sampling technique with purposive sampling method was as the sampling method. It consisted of 13 companies with a total of 54 samples of observations. Hypothesis testing used multiple linear regression.Research findings: The results showed that financial slack had a negative effect on CSR expenditures. It supports agency theory used as a theoretical basis regarding management's tendency to manage slack over organizational resources. However, this study could not show the effect of human resource slack and innovational slack on CSR expenditures.Theoretical contribution/Originality: This study's results constitute empirical evidence related to agency theory explaining the effect of financial slack on CSR expenditures.Practitioner/Policy implication: This study’s results can illustrate the management’s tendency to allocate funds for CSR by considering the slack of various types of organizational resources. Improvements related to the implementation of Law No. 40 of 2007 about the responsibility of limited liability companies to carry out social and environmental responsibility also need to be concerned by the regulator.Research Limitation/Implication: The limitations in this study that can be considered for future research are related to very limited research data for certain variables. The data’s availability related to CSR costs and research and development costs included in the annual report is very limited, so the number of samples processed was limited.

Internal or External Financing: New Evidence on Investor Reaction in Indonesian Manufacturing Firms Rifki Fikasari; Yustrida Bernawati
Journal of Accounting and Investment Vol 22, No 2: May 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine investor reaction to financing sources due to its pecking order theory hierarchy.Design/Methodology/Approach: This research used a purposive sampling method of manufacturing listed firms on the Indonesia Stock Exchange, which were tested utilizing Ordinary Least Square and SPSS software.Research findings: The results showed that the investor reacted negatively to internal financing measured by the firm's retained earnings. Conversely, this research found that investors reacted positively to external financing in measurement, leverage, and equity issuance. Furthermore, the results revealed that leverage had a more positive reaction than equity issuance.Theoretical contribution/Originality: This research contributes to the pecking order theory literature to test how investor reacts to which source of financing is chosen due to its hierarchy. There is evidence that Indonesian manufacturing firms had inadequate internal financing, which made investors react negatively, and investors tended to choose leverage over equity as external financing.Practitioner/Policy implication: Our study contributes to the firm's management to carefully choose financing sources to fulfill the investor interest. This research also suggests that the firm produces more profit to provide adequate internal source financing as the research results showed that investors preferred internal than external financing. Furthermore, when there is inadequate internal financing, the firm's management should use leverage over equity.Research limitation/Implication: First, our study employed total liability rather than debt to leverage measurement. Second, our study only provided evidence of negative reactions to show that the firm failed to provide adequate internal financing sources rather than examined the level of adequate internal financing sources.

Board Diversity and Its Effects on Performance and Risk: A Study in Banking Firms in Indonesia Maulida Nurul Innayah; Bima Cinintya Pratama; Naelati Tubastuvi
Journal of Accounting and Investment Vol 22, No 1: January 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study examines the effect of board diversity on firm performance and risk in Indonesia's banking firms.Design/Methodology/Approach: The population in this study was the banking industry in Indonesia obtained from the Bloomberg database, OSIRIS database, and company annual reports. The sampling technique used in this study was purposive sampling. The sample in the study consisted of 160 company-years of observation for 40 listed banks in Indonesia. The period of the analysis was from 2014 to 2018.Research findings: The results showed that a woman director had a positive effect on performance. The results also revealed that a woman director had a negative effect on the risk because a woman director could correct bias in important decisions. These results are consistent with resource dependence theory that different types of directors provide additional beneficial resources to the firm. This paper then confirms that in banks, the type of diversity seems to be vital because a more diverse board provides more valuable resources, which should improve firm performance and reduce risk. Otherwise, based on the research data, the small number of foreign directors made their existence not affecting performance and risk.Theoretical contribution /Originality: There is still a lack of previous studies that examined the effect of board diversity on performance and risk, especially regarding the heterogeneity of the directors’ nationality in Indonesia. Based on the explanation, this research is expected to contribute to the knowledge regarding the diversity of directors in Indonesia in managing performance and risk.Practitioner/Policy implication: Based on the empirical evidence, directors' gender diversity had a positive effect on optimizing firm performance and minimizing risk. Thus, the company's policy regarding the diversity of directors can be considered, especially about the existence of a woman director.Research limitation/Implication: This study only took a sample of companies included in the banking industry, so this study's results are not necessarily generalizable to companies with different industry types. This study also looked at the diversity of directors based on the directors' demographic characteristics, namely gender and nationality. Future research may use or add to other types of diversity.

Islamic Financial Literacy and Financial Behavior: The Case of Muhammadiyah Community in Medan City Ade Gunawan; Asmuni Asmuni; Saparuddin Siregar
Journal of Accounting and Investment Vol 22, No 3: September 2021
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to determine and analyze the level of financial behavior, the level of Muhammadiyah community’s Islamic financial literacy in Medan City, and the effect of Islamic financial literacy on financial behavior.Design/Methodology/Approach: This research is descriptive quantitative using primary data through questionnaire. The research sample was 200 members of the Muhammadiyah organization in Medan City. The data analysis technique employed confirmatory factor analysis and structural equation modeling utilizing AMOS.Research findings: The research confirmed that the level of Islamic financial knowledge among the Muhammadiyah community in Medan City was low, 60.56%. In contrast to Islamic finance knowledge, the financial behavior of the Muhammadiyah community in Medan City was classified as good; 69.01% of the Muhammadiyah community showed relatively good financial behavior. These two things make the level of Islamic financial literacy among Muhammadiyah residents in Medan City classified as less literate. This shows that in everyday life, Muhammadiyah community in Medan City had good financial behavior but was more influenced by habits or finance. Meanwhile, as far as Sharia finance was concerned, the Muhammadiyah community in Medan City still did not understand it.Theoretical contribution/Originality: This study provides information about the level of financial literacy and financial behavior of the Muhammadiyah community in Medan. This information becomes the basis for subsequent research to develop strategies to increase financial literacy and financial behavior of Muhammadiyah communities in Medan.Practitioner/Policy implication: Since Muhammadiyah aims to improve the welfare of the people and various studies have shown a link between the level of financial literacy and one's welfare, Muhammadiyah organizers need to pay attention to this, such as organizing a more structured and systematic program to increase Muhammadiyah citizens' knowledge of Islamic finance.Research limitation/Implication: This study still used a limited sample, namely Muhammadiyah communities. A broader sample will further confirm the validity of the literacy measurement instrument in the future.

Model for Calculating Cost of Laundry Services by Considering Environmental Impacts and Costs Elsje Kosasih; Atty Yuniawati; Verawati Suryaputra; Amelia Limijaya
Journal of Accounting and Investment Vol 20, No 2: May 2019
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

This research aims at developing a model for calculating cost of laundry services performed by small-scale laundry businesses which incorporates environmental impact and costs into the model. The activity-based costing method is used to assign indirect costs to the cost object. This research is a continuation of the previous research conducted by the authors. Since environmental impacts and costs are considered, there will be changes in the resources and activity consumed, compared to the original model. The authors identified several environmental costs, such as eco-detergent and plastic, government fines, loss of customers and environmental costs borne by wider society. In analyzing the environmental costs, EPA classification is used. The suggested model is still in the theoretical phase, as some environmental costs arising from laundry business activities are difficult to measure. Some recommendations to laundry businesses and government are provided.

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