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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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The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation Rita Rahayu; Syahril Ali; Amalda Aulia; Retnoningrum Hidayah
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to investigate the relationship between the level of digital financial literacy (DFL) and financial behaviors, namely saving behavior, spending behavior, and investment behavior among the millennial generation in Indonesia.Design/Methodology/Approach: A survey method was performed in this study, and 741 millennial generations aged 25–40 years from several cities in Indonesia participated in this study. The Structural Equation Model using SmartPLS was employed to estimate the relationship of the latent variable.Research findings: Based on the data, it was found that DFL had a positive effect on spending behavior, saving behavior, and investment behavior. In addition, this study also revealed that social factors such as income had a significant influence on the DFL.Theoretical contribution/Originality: This research provides a map of the level of digital financial literacy among the millennial generation in Indonesia. In addition, since there is a limited study related to digital financial literacy, this research contributes to the enrichment of literature, especially related to digital financial literacy.Practitioner/Policy implication: It is expected that this result will be used by policymakers to make a policy regarding digital financial literacy, especially for millennial generations.Research limitation/Implication: Most respondents who participated in this study came from West Sumatra, affecting the generalization of the research results.

Analysis of the Eid Al-Fitr Holiday Anomaly on Abnormal Return and Trading Volume Activity: Case Study of Jakarta Islamic Index During 2017-2020 Firman Pribadi; Aldi Abilawa
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This research aims to determine whether there is a significant difference in the average abnormal return on the Jakarta Islamic Index on the Indonesia Stock Exchange in 2017-2020 before and after the Eid al-Fitr holiday and find out whether there is a significant difference in the average trading volume activity on the Jakarta Islamic Index on the Indonesia Stock Exchange in 2017-2020 before and after the Eid al-Fitr holiday.Design/Methodology/Approach: By utilizing an event study, the only significant difference was in the Average Trading Volume Activity (ATVA), showing that trading activity before the holiday was higher, and the opposite occurred in the 2020 period.Research findings: The first research result is that investors could not earn any abnormal return on post- and pre-event windows since the differences between post- and pre-average abnormal returns were insignificant. The second result is a significant Eid al-Fitr anomaly through trading volume activity patterns in companies listed on the Jakarta Islamic Index on the Indonesia Stock Exchange. The results also indicate that the capital market in Indonesia is efficient in a semi-strong form of event in the pandemic era.Theoretical contribution/Originality: The anomalies in the market prove that the market is not always efficient, and it defies the Efficient Market Hypothesis (EMH). These anomalies have addressed non-economic factors, such as religion or culture. As one of the anomalies in the market, this study on holiday had mixed results. In addition, the Jakarta Islamic Index was used since the event studied in this research was the Islamic holiday, and Indonesia has the largest Muslim population in the world.Practitioner/Policy implication: This study is expected to be a reference material and information for companies about how investors respond to the Ramadan effect.Research limitation/Implication: Regarding the sample, this study was still limited to companies listed in the Jakarta Islamic Index, which only consists of 30 companies, so it is advisable to use companies listed on the Indonesian Sharia Stock Index.

The Effect of Corporate Governance Mechanism on Intellectual Capital Disclosure of High IC-Intensive Companies in Indonesia and Malaysia Evi Rahmawati; Naufal Fadlurrahman; Firda Shofia Azzahra
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study examines the effect of corporate governance mechanisms, such as board size, CEO duality, number of the audit committee, board gender, and family ownership, on intellectual capital disclosures.Design/Methodology/Approach: The sample study was high intellectual capital (IC)-intensive companies listed on the Indonesia Stock Exchange and Malaysia Stock during 2017-2018.Research findings: For Indonesia, the results revealed that the number of the audit committee and board size had a positive and significant effect on intellectual capital disclosures. Meanwhile, in Malaysia, the results showed that audit committees had a positive and significant effect on intellectual capital disclosures.Theoretical contribution/Originality: This study adds literature on the effect of corporate governance mechanisms on intellectual capital disclosure of high IC-intensive companies in the development of the country context.

The Impacts of Tax Revenue and Investment on the Economic Growth in Southeast Asian Countries Hoa Thi Nguyen; Susilo Nur Aji Cokro Darsono
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study focuses on the correlation between tax revenue, investment, and economic growth, taking into account the non-linear effects of tax revenue.Design/Methodology/Approach: Macro data of nine countries in ASEAN (including Brunei, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam) in 2000 - 2020 were extracted from the World Bank database. This research employed panel data estimations.Research findings: This study found statistical evidence of a negative effect of tax revenue on economic growth. However, when considering the non-linear effects of tax revenue, the empirical findings showed that higher tax revenue could reduce the disadvantages of tax impacts to boost economic growth. The negative effect of taxes is as obvious as the economic growth theories, but it depends on the taxation revenue. Lower tax revenue may encourage saving and investment, but it also leads to an increased government deficit, reducing economic growth through government debt, spending and investment. Moreover, this study provides consistent evidence of investment’s positive effect on economic growth in ASEAN countries during the research period.Theoretical contribution/Originality: The theoretical contribution provides evidence on the direct effect of tax revenue and investment on economic growth with a broader understanding of the tax’s non-linear effects and investment contributions in the ASEAN. The study confirms the vital role of government activity in regulating the development of the economy through taxation and investment. Practitioner/Policy implication: The severe impact of the COVID-19 pandemic has increased macroeconomic uncertainties, including uncertainty over savings, investment, and spending, potentially leading to tax revenue and investment losses. It, in turn, affects economic activities, so it requires careful consideration. Learned lessons from this study can prepare for future economic shocks and financial crises to reduce negative impacts on economic growth, including their adverse tax revenue effects.Research limitation: This study is limited by looking at the tax revenue ratio overview, which ignores the tax structure due to the lack of data collection. The following studies need to clarify the tax structure of ASEAN countries to determine which tax gives a negative impact/and which tax has a positive effect on economic growth.

Determinants of Investment Decisions in the Capital Market During the COVID-19 Pandemic Erni Suryandari Fathmaningrum; Tiyas Puji Utami
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to determine the effect of herding behavior, accounting information, and information technology on investment decisions through investment interest during the COVID-19 pandemic.Design/Methodology/Approach: Using the purposive sampling method, this study used a sample of investors who had just invested in the Indonesian capital market during the COVID-19 pandemic. This quantitative study employed primary data based on questionnaires distributed to respondents via the internet. Respondents in this study were 241 investors. Hypothesis testing in this study utilized SEM-PLS analysis through the SMART PLS 3.0 application.Research findings: The results showed that herding behavior did not affect investment decisions through investment interest in the capital market during the COVID-19 pandemic. Meanwhile, accounting information and technology information influenced investment decisions through investment interest in the capital market during the COVID-19 pandemic.Theoretical contribution/Originality: The study results contribute to the literature (body of knowledge), especially as additional discussion toward theory and literature related to herding behavior, accounting information, and information technology on investors decisions through investment interest to invest in the capital market, which is still very limited.

IFRS Adoption Research in Indonesia: A Systematic Literature Review Sukmawati Sukmawati; Sri Pujiningsih
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aimed to review the development of IFRS research literature in Indonesia from 2011 to 2020.Design/Methodology/Approach: This study was based on the IFRS research articles from nationally accredited journals. The method in this research was a systematic literature review with a bibliometric approach and content analysis.Research findings: The results showed that the publication of the IFRS articles increased in 2014 with the number of authors dominated by two researchers. The research in Indonesia was dominated by the theme of the effect of IFRS convergence on earnings quality. Thus, it is necessary to develop research on the theme of implementation and development of IFRS convergence since the articles related to this theme are still poor. Compared with existing research abroad, there was a common focus of research on the theme of the IFRS convergence effect. However, there were differences in research theme trends, where the most studied theme in Indonesia was related to the effect of IFRS convergence, while abroad, the most studied theme was related to the implementation of IFRS convergence.Theoretical contribution/originality: This research can provide a historical overview of the development of the IFRS research literature in Indonesia.Research limitation/Implication: Further research is expected to expand the data analysis and sources of data. The research is also expected to expand the sub-themes related to the implementation and development of IFRS convergence, where the theme had not been studied much yet from 2011 to 2020.

Comparing corporate governance practices of state-owned enterprises (SOEs) in South Africa and Singapore Adebayo, Adeyemi; Ackers, Barry
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This paper undertakes a cross-country comparative analysis of corporate governance of state-owned enterprises (SOEs) in South Africa and Singapore, two countries using two different models for organising SOEs, with specific reference to agreement with the themes identified in the World Bankâ€™s Framework for good Corporate Governance practices for SOEs. The aim of this paper is to identify differences and similarities in practice and to document how the states have fared using different models.Design/Methodology/Approach: The paper deploys a pragmatic mixed methods approach conducted in two phases, to understand the practices utilised by South African and Singaporean SOEs. The data emerging from these two phases, were compared to the Framework for good Corporate Governance practices for SOEs issued by the World Bank.Research findings:Â Â Findings suggest although South African SOEs have good corporate governance practices in place, Singaporean SOEs are better organised and governed compared with South African SOEsTheoretical contribution/Originality: This paper contributes to the scholarly discourse on SOEs in by expanding the discourse on public sector entrepreneurship and opening up new debates and research areas corporate governance of SOEs.

A Bibliometric Analysis of Accounting in the Blockchain Era Mia Ika Rahmawati; Anang Subardjo
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to conduct a comprehensive accounting and blockchain analysis with a bibliometric study.Design/Methodology/Approach: The sample consisted of 67 documents published in the 2017-2021 period using the Scopus database with keywords: accounting and blockchain. This study utilized VOSviewer software to provide graphical analysis of bibliometric data and visualization of research results.Research findings: From the visualization, three main groups (colors) of nine clusters were generated. The red area consists of topics related to blockchain technology, ledger technology, and Bitcoin. The green cluster area includes keywords related to the application and the design science research methodology. Lastly, the blue area focuses on accountants and millennial accountants. From the network analysis results, it can be stated that accountants and millennial accountants accepted the presence of blockchain technology. They could integrate blockchain into the company's business model and make their work easier. From these findings, a research methodology emerged, especially in conducting blockchain research, namely the design science research approach.Theoretical contribution/Originality: With the new and hyped topic of blockchain in the accounting sphere, the bibliometric analysis would be able to review multiple studies efficiently and offer a systematic, transparent, and replicable literature review. Also, it guides researchers to the most influential works and maps areas of research with less subjective bias. Besides, it enables analysis more objectively and reliably and improves the quality of the review.

Successful Crowdfunding in Indonesia Based on Financial Projection and Investor Attraction: Empirical Study on Micro, Small and Medium Enterprises (MSMEs) on the Bizhare Platform Anggrian Faulina Permatasari; Ihyaul Ulum; Ike Arisanti
Journal of Accounting and Investment Vol 23, No 2: May 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine the effects of investor attraction and financial projection on successful crowdfunding. Design/Methodology/Approach: A purposive sampling method was used by the researchers. The research sample consisted of 48 projects from the Bizhare platform from 2018 to 2021, with the following criteria: providing data that could be used as an indicator for measuring each variable. In testing the hypotheses, multiple linear regression analysis was employed with a principal component analysis model.Research Findings: The financial projection positively affected successful crowdfunding, while investor attraction negatively affected successful crowdfunding in Indonesia.Theoretical contribution/Originality: This study’s results are an additional discussion toward theory and literature related to crowdfunding.Practitioner/Policy implication: Disclosure of prospectus plays an essential role in preventing information asymmetry that may arise between managers and investors by providing knowledge to external investors. This study is needed to accelerate economic recovery due to the pandemic, which especially causes new projects to be trapped, saves MSMEs from limited capital, and improves business development.Research limitation/Implication: This research only used one platform as an object because not all crowdfunding platforms could be accessed and provided the information needed for research.

Bedukmawa: Marketplace and Fintech Design for Student Entrepreneurship in the Industrial Revolution 4.0 Era Suryo Pratolo
Journal of Accounting and Investment Vol 21, No 1: January 2020
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research Aims: The buying and selling system can no longer be manual instead it must be based on information technology so that it can be accepted by millennials and make them have a strong entrepreneurial spirit. For this reason, the movement of “Belabeli Produk Mahasiswa” (Bedukmawa) offers solutions to millennial generation the entrepreneurial challenges. Bedukmawa is an entrepreneurial movement based on demand-pull or pulling needs with incentives from the campus to encourage the buying movement by students to other students, so that with this transaction movement there will be a producing and selling movement naturally. The producing and marketing actions are the atmosphere that is raised on campus so that the university has a role in making it happen by providing stimulative funds for it. Bedukmutu is a web-based application that uses the concept of IoT (Internet of Things) that upholds convenience and public acceptance for millennial generation students. Hence, the purpose of this study is to obtain direction on entrepreneurship design on the campus that can encourage students to practice entrepreneurship effectively and efficiently in the era of the industrial revolution 4.0.Design/Methodology/Approach: In evaluating the Bedukmawa operation, we involve some users to conduct Focus Group Discussion (FGD), they were academic community groups, namely the lecturer group and the university leadership group.Research Findings: The results of applying this Bedukmawa application for a year at University Muhammadiyah Yogyakarta as an object of research produced an extraordinary output, in which the student entrepreneurship movement has reached billions of rupiahs monthly and with this application, IoT Big Data is presented, in which it provides various measurable information in multiple ways.Theoretical contribution/Originality: This paper is an initial research that discusses how policies in creating a marketplace in campus using a web-based application can be integrated with entrepreneurial learning practices for students.Practitioner/Policy implication: This paper provides a practical overview related to how the marketplace can be formed in a campus environment using a web-based application so that it can support students to learn entrepreneurship in a real way.Research limitation/Implication: This paper only provides a framework based on one of private campus experiences in Indonesia. Replication of this policy on other campuses may require certain adjustments given the environment and culture of each campus is different.

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