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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.
Arjuna Subject : -
Articles 674 Documents
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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.
Basel III Compliance and Bank Resilience: An Analysis of the Effects of Macroeconomic Factors and Profitability on the Performance of Indonesian Banks Hayati, Restu; Nuraini Rachmawati, Eka; Hetri Suriyanti, Linda
Journal of Accounting and Investment Vol. 27 No. 1 (2026): January 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i1.26636

Abstract

Research aims: This study examines the impact of Basel III prudential ratios (Tier 1 capital ratio, Liquidity Coverage Ratio proxy, and Net Stable Funding Ratio proxy) on bank profitability in Indonesia, as well as the moderating role of macroeconomic factors (GDP growth and inflation). Design/Methodology/Approach: The study utilises panel data from 63 Indonesian commercial banks over the period 2011–2022. A bank fixed effects regression model with robust standard errors clustered at the bank level is employed. Four progressive specifications are tested to assess the direct effects of prudential ratios, bank-specific controls, macroeconomic variables, and their interactions. Research findings:   The Tier 1 capital ratio consistently exerts a positive and significant effect on Return on Assets (ROA), indicating that higher capital adequacy supports profitability. Liquidity proxies show limited direct impact, consistent with evidence that the NSFR often acts as a non-binding constraint in Indonesia. Macroeconomic factors play a moderating role, with GDP growth attenuating the capital-profitability relationship and inflation reinforcing it. Robustness checks excluding the NSFR proxy or the COVID-19 period confirm the stability of these results. Theoretical contribution/ Originality:. This study extends the Basel III literature by demonstrating that regulatory effects on bank profitability are conditional on macroeconomic conditions in an emerging market context. It provides evidence of asymmetric moderation, where growth cycles may encourage risk-shifting while inflation enhances capital benefits. Practitioner/Policy implication: Regulators should prioritize capital adequacy enforcement while calibrating liquidity requirements to avoid undue profitability costs. Banks can optimize performance by maintaining flexible capital buffers in response to macroeconomic fluctuations. Policymakers may consider countercyclical adjustments to enhance resilience without compromising earnings. Research limitation/Implication: The analysis relies on proxies for LCR and NSFR due to limited direct disclosure, and the sample is restricted to commercial banks. Future research could incorporate direct regulatory data, broader resilience indicators (e.g., loan loss provisions or Z-scores), and emerging risks such as climate change.
Financial Strategy of SOEs: Mediating Role of Accounting Conservatism in Gender Diversity and Performance Rodiah, Siti; Samsiah, Siti; Nik Maheran Nik Muhammad; Mairoza
Journal of Accounting and Investment Vol. 27 No. 1 (2026): January 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Research aims: This study aims to examine the influence of board gender diversity on the financial performance of state-owned enterprises (SOEs) in Indonesia and to investigate the mediating role of accounting conservatism in this relationship. Design/Methodology/Approach: The population of this study includes SOEs listed on the Indonesia Stock Exchange (IDX) and their annual reports. Purposive sampling was used, resulting in 135 observations from 27 SOEs over the period 2019 to 2023. Data were analyzed using multiple regression analysis and mediation testing with the Sobel test, conducted via STATA software. Research findings: The findings show that accounting conservatism positively contributes to improving SOEs' financial performance. However, gender diversity does not significantly affect financial performance, and accounting conservatism does not mediate the relationship between gender diversity and financial performance. Theoretical contribution/Originality: This study contributes to the literature on the role of gender diversity in SOE performance with accounting conservatism as a mediator, a topic not extensively explored in developing countries like Indonesia. Its originality lies in the mediation model, which is underexplored in the context of SOEs. Practitioner/Policy implication: The results provide valuable insights for policymakers and SOE managers in developing inclusive HR strategies and implementing accounting conservatism principles to enhance financial performance and transparency. Research limitation/Implication: The study is limited by the sample size and exclusion of other potential control variables. Future research should include more companies and external factors, such as regulations and macroeconomic conditions.
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.
Assessing the moderating role of geopolitical risk in the nexus between ESG performance and stock price crash risk: a GMM approach Agustin, Isnaini Nuzula; Tan, Michelle; Marheni, Dewi Khornida
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.v26i3.26923

Abstract

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.
The The determinants of accounting student perceptions of earnings management in Indonesia Suwadji, Sukma Annisa; Lestari, Rahayu; Muthmainnah, Dewi Refianingrum; Na'im, Ainun
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.v26i3.27006

Abstract

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.

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