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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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ESG Score and Cost of Debt: Evidence from Indonesia Siagian, Valentine; Sinaga, Judith Tagal Gallena; Sinaga, Nensy Dwi Putri
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 explores the influence of Environmental, Social, and Governance (ESG) practices on the cost of debt within corporations. The primary objective is to determine whether comprehensive ESG adherence can function as a mechanism to reduce financial liabilities by lowering borrowing costs. Design/Methodology/Approach: The research adopts a quantitative methodology using a dataset of ESG scores. The analytical approach involves comparing corporate debt costs with overall ESG scores and with the disaggregated components—Environmental, Social, and Governance scores—independently. Research findings: The findings indicate that overall ESG scores are associated with a reduction in the cost of debt. However, when the components are analyzed separately, only the Governance score shows a statistically significant negative correlation with debt costs. Environmental and Social scores do not demonstrate a meaningful standalone effect. This suggests creditors place greater emphasis on governance-related factors in credit risk evaluation. Theoretical contribution/ Originality:. This study contributes to the literature on sustainable finance by providing empirical evidence of the differential impact of ESG components on corporate financing costs. It advances understanding of how ESG factors—particularly governance—play a role in shaping firms’ financial outcomes. Practitioner/Policy implication: The results highlight the strategic importance of governance-focused ESG initiatives for firms seeking to lower financing costs. Policymakers and corporate strategists should recognize the value creditors place on governance practices and incorporate this insight into ESG frameworks and disclosure standards. Research limitation/Implication: While the study reveals important insights into ESG’s impact on debt costs, it is limited by its reliance on available ESG score datasets and may not capture qualitative factors or long-term effects. Future research should explore longitudinal impacts, cross-country variations, and sector-specific dynamics to deepen understanding of ESG-financing linkages.
Does auditor religiosity moderate the effect of auditor expertise on audit quality? Anwar, Achmad Syaiful Hidayat; Ardianto, Ardianto
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.v26i3.27151

Abstract

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.
Enhancing organizational performance through performance management systems and managerial accountability: The role of managerial competence Thamrin, Dara Alifa Fajriati; Pratolo, Suryo
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.v26i3.27213

Abstract

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.
Determining accounting students' design thinking skills: The role of artificial intelligence usage and digital literacy Darmawan, Rahmat; Widiastuti, Harjanti
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.v26i3.27220

Abstract

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.
Risk management practices and their impact on the performance of Islamic banking institutions: A systematic literature review Abdiriva, Budi; Yaya, Rizal
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.v26i3.27342

Abstract

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.
Sustainable Practices in Manufacturing: How Green Innovation Drives Financial Performance with Gender Diversity and CSR as Moderators Haryanto, Hery; Jennifer, Fion; Khornida Marheni, Dewi
Journal of Accounting and Investment Vol. 27 No. 1 (2026): January 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

Research aims: This research seeks to analyze how green innovation strategies influence the financial performance of manufacturing firms in Indonesia, with CSR and gender diversity considered as moderator. Design/Methodology/Approach: The study applies a quantitative research method using secondary data from 70 manufacturing firms listed on the Indonesia Stock Exchange (IDX) between 2018 and 2022 Ordinary Least Squares (OLS) regression analysis was conducted using the Stata application. The sample was selected through purposive sampling with specific criteria. Research findings: The results show that green innovation and gender diversity both have a significant positive impact on financial performance. However, CSR does not have a significant direct effect on financial performance, and neither CSR nor gender diversity successfully moderates the relationship between green innovation and financial outcomes. Theoretical contribution/ Originality:. This study contributes to the limited literature exploring the interaction of green innovation, gender diversity, and CSR in the context of financial performance. It highlights that gender diversity is a more influential factor than CSR in enhancing performance and suggests that CSR disclosure alone may not suffice in driving financial gains. Practitioner/Policy implication: Managers and policymakers should prioritize gender diversity as a strategic asset to improve company performance. Meanwhile, CSR programs should be evaluated for substance and consistency to ensure they contribute meaningfully to firm value rather than serving as symbolic gestures. Research limitation/Implication: The study is limited to manufacturing companies listed on the IDX from 2018 to 2022, which may affect the generalizability of the results. Future research should broaden the scope to include other sectors, extend the study period, and integrate additional variables related to green innovation. Keywords: Green Innovation, Gender Diversity, Financial Performance, Manufacturing Companies , Corporate Sosial Responsibility
Exploring financial reporting quality: Evidence from Indonesian local governments Nuswantoro, Muhammad Adjie; Rahmawati, Evi
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.v26i3.27667

Abstract

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.
Determining Islamic banks’ reputation: Do Islamic CSR, zakat, non-halal fund, and Islamic corporate governance matter? Wardiwiyono, Sartini; Hamdun, Nabil Ghazy; Pambudi, Dwi Santosa
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.v26i3.27686

Abstract

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.
The dramaturgy of sustainability reporting: Environmental and humanitarian responsibility context Andajani, Andajani; Riduwan, Akhmad
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.v26i3.28009

Abstract

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.
Formal vs Informal: Public Participation in Village Government Development Planning in Indonesia — Evidence from Bumiwangi Village Syifana, Annisa; Halim, Abdul; Lestari, Sindy Fuji
Journal of Accounting and Investment Vol. 27 No. 1 (2026): January 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

Research aims: This study examines the implementation of public participation in village development planning and explores the underlying factors contributing to its limited effectiveness. Design/Methodology/Approach: A qualitative case study approach was employed, drawing on Miller et al.’s (2019) modes of participation framework to analyze how formal and informal participatory mechanisms operate within village governance. Fieldwork in Bumiwangi Village, West Java, involved semi-structured interviews, participant observations, and document analysis to identify how these engagement processes shape the quality of participation and accountability practices. Research findings: The study identifies two interconnected models of public participation: formal participation through development planning deliberations (Musrenbangdes) and informal participation through community deliberation forums (rembug warga). Informal participation is characterized by openness, inclusivity, and deliberative dialogue that facilitates collective decision-making, whereas formal participation is dominated by select representatives and confirmatory communication aligned with the village head’s agenda. Citizen influence is limited and largely indirect, manifesting primarily in informal spaces. Two major barriers constrain effective participation: (1) village authorities’ narrow perception that representation equates to participation, and (2) limited public access to financial and planning information, which restricts meaningful citizen engagement. Theoretical contribution/Originality: This study extends Miller et al.’s (2019) participation framework to a rural Indonesian context, demonstrating the structural limitations of formal participatory mechanisms and highlighting the overlooked role of informal forums in fostering deliberative accountability. It contributes to the literature on deliberative democracy and public sector accounting by revealing the fragmented nature of citizen involvement in local governance and showing how informal participation sustains social legitimacy beyond procedural compliance. Practitioner/Policy implication: The findings suggest that policymakers should institutionalize informal participatory mechanisms, such as community deliberation forums, within formal decision-making frameworks. Strengthening public access to information and ensuring equitable participation rights can mitigate elite dominance, enhance transparency, and reinforce accountability in rural financial governance. Research limitation/Implication: The study’s insights are drawn from a single village and a specific planning period, limiting generalizability. Future research should adopt comparative and longitudinal designs across diverse regions to assess how informal participation shapes long-term governance, transparency, and fiscal accountability outcomes. Keywords: Public Participation; Development Planning; Village Governance; Accountability; Deliberative Democracy

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