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Daerah istimewa yogyakarta
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 688 Documents
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The portrait of good governance of Islamic philanthropic institutions in achieving the SDGs Kholmi, Masiyah; Jati, Ahmad Waluya; Suhardi, Diding
Journal of Accounting and Investment Vol. 27 No. 1: January 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i1.29624

Abstract

Research aims: This study aims to analyze the governance of Amil Zakat Muhammadiyah (LAZISMU) in East Java in achieving sustainable development goals (SDGs).Design/Methodology/Approach: This study uses a qualitative approach with semi-structural and Focus Group Discussion (FGD) interview techniques with leaders in three LAZISMU regions in the East Java region.Research findings: This study shows that zakat institutions have served as an Islamic philanthropic institution. LAZISMU East Java managed to overcome poverty, community economic impurity and improve welfare. Good governance has a role in encouraging the realization of SDGs, namely, transparency, accountability and trust or integrity. In addition, discipline or obedience, efficiency and effectiveness, independent, innovative, justice, participation, professionalism and responsive. LAZISMU has achieved sustainable development goals (SDGs) as follows: Poverty Alleviation (1), Decent Work and Economic Growth (8), Qualified Education (4), Health Service (3), Social Humanity [Zero Hunger (2), Reduced Inequalities (10) and Climate Action (13)], Welfare of society (ummah) [(peace justice, and strong institutions (16) and partenships for the goals (17)]. The study also found challenges in the application of governance, such as HR limitations, brought together the pattern of governance between institutions in various regions of the research object.Theoretical contribution/Originality: This study contributes to enriching governance literature and the role of Zakat institutions in achieving sustainable development goals (SDGs).Practitioner/Policy implication: This study emphasizes the importance of governance in the management of zakat institutions in achieving SDGs and the need for greater support from the National Amil Zakat (BAZNAS).Research limitation/Implication: This study has limitations, in three LAZISMU in the East Java region. In addition, data collection is only through deep interviews and FGD.
Climate change disclosure, institutional ownership, and firm performance: Evidence from mining industry in Indonesia and Malaysia Aulia, Desta Rahma; Utami, Evy Rahman; Kresnawati, Etik
Journal of Accounting and Investment Vol. 27 No. 2: May 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i2.31555

Abstract

Research aims: This study investigates the effect of climate change disclosure on firm performance and the moderating role of institutional ownership in this relationship in an emerging market. Design/Methodology/Approach: This study employs a quantitative method using secondary data from mining companies in Indonesia and Malaysia for the 2022-2024 period. The sample was selected through a purposive sampling method, and panel-data regression with random effect model (REM) was analyzed using EViews 12.Research findings: The results show that climate change disclosure has a positive effect on firm performance. However, in emerging countries where institutional investors may act passively and show little concern in sustainability issues, this study emphasizes the limited role of institutional ownership on business environmental standards.Theoretical contribution/Originality: This study contributes to the literature on the role of institutional ownership as a corporate governance mechanism in driving improved corporate performance through climate disclosure in mining companies in Indonesia and Malaysia.Practitioner/Policy implication: The findings suggest that firms need to enhance the transparency of their climate change disclosure, as it may contribute positively to firm performance and strengthen investor trust. In addition, regulators are encouraged to promote more comprehensive climate-related disclosure practices in order to support sustainable business development. Research limitation/Implication: This study is limited to mining companies in Indonesia and Malaysia over the 2022–2024 observation period. Future research is recommended to extend the analysis to other industries and countries, as well as to use a longer observation period in order to obtain more robust and comprehensive findings.
ESG disclosure and firm value in southeast asian banking firms: Does board independence matter? Wibowo, Sigit Arie; Wulandari, Susila Tri; Gutiérrez-Ponce, Herenia
Journal of Accounting and Investment Vol. 27 No. 2: May 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i2.31581

Abstract

Research aims: This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on firm value and to analyze the moderating role of board independence in Southeast Asian banking companies.Design/Methodology/Approach: This research employs a quantitative approach using panel data from banking companies in Southeast Asia (Indonesia, Malaysia, Singapore, Thailand, and the Philippines) over the period 2010–2023. ESG data are obtained from Thomson Reuters, while firm value is measured using Tobin’s Q. Panel regression analysis is conducted using EViews.Research findings: The results indicate that ESG disclosure has a positive and significant effect on firm value. However, the individual ESG dimensions show varying results, where social disclosure negatively affects firm value, while environmental and governance disclosures are insignificant. In addition, board independence strengthens the relationship between ESG disclosure and firm value, suggesting that governance quality plays an important role in enhancing the effectiveness of sustainability practices.Theoretical contribution/Originality: This study contributes to the ESG literature with providing evidence from Southeast Asian banking firms, an emerging market context that remains underexplored in prior studies. Furthermore, this study extends the literature by demonstrating that board independence functions as a governance mechanism that determines the value relevance of ESG disclosure.Practitioner/Policy implication: The findings provide important insights for regulators, investors, and banking institutions regarding the importance of strengthening governance structures to ensure that ESG initiatives create long-term firm value. The results also support the development of more effective sustainability reporting and governance policies in the banking sector.Research limitation/Implication: This study is limited to banking sector data and ESG scores from a single database. Future research may expand to other sectors and alternative ESG measurement approaches.
ESG disclosure and sustainable financial performance: The moderating role of corporate reputation Sari, Rafika; Safdar , Muhammad; Sakti, Eklamsia
Journal of Accounting and Investment Vol. 27 No. 2: May 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i2.29610

Abstract

Research aims: This study aims to investigate the impact of ESG disclosure on sustainable financial performance (SFP) and to examine the moderating role of corporate reputation. Design/Methodology/Approach: This study uses quantitative methods and secondary data sources. The study sample comprised 210 data companies reporting ESG on Bloomberg. The analysis technique uses logistic regression with IBM SPSS Statistics 25 as the statistical tool.Research Findings: ESG disclosures are associated with significant negative effects on sustainable financial performance (SFP). The interaction between ESG disclosures and a company's reputation is positive and statistically significant. However, these effects operate in a negative baseline relationship, suggesting that reputation weakens the negative impact of ESG disclosures rather than reinforces its positive impact.Theoretical contribution/Originality: This study explores the under-researched ESG–SFP link in emerging markets, addresses ongoing debates, and introduces corporate reputation as a novel moderating variable, highlighting its role in shaping ESG disclosure’s impact on sustainable financial performance.Practitioner/Policy implication: Practitioners should integrate ESG disclosure with reputation management to enhance sustainable financial performance, while policymakers in emerging markets should design frameworks that encourage transparent ESG reporting and recognize corporate reputation as a strategic driver of financial sustainability. Limitations/Research Implication: This study is limited to one country and sector, limiting generalizability. Sustainable financial performance is simplified as a binary profit–risk measure, while corporate reputation relies on a market-based proxy that may not capture broader reputational dimensions.
Implementation of sustainability accounting in medical waste management: An ethnomethodological approach Mais, Rimi Gusliana; Rahmat, Nur; Wulaningsih, Ririn Widyastuti; Alfiana, Yeni; Oktasari, Erita
Journal of Accounting and Investment Vol. 27 No. 2: May 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i2.29629

Abstract

Research aims: This study explores how sustainability accounting practices improve hospitals’ operational, environmental, and social performance, particularly in medical waste management.Design/Methodology/Approach: Using an ethnomethodological approach, the research incorporates non-participant observation, in-depth interviews, and document analysis to understand how actors in the hospital environment interpret and implement sustainability accounting within daily routines.Research findings: The results show that medical waste management is conducted through systematic segregation, temporary storage, and third-party transportation, all supported by structured documentation, budgeting, and regular internal audits. Sustainability accounting emerges in the form of accountability records, cost reporting, and internal procedures that ensure compliance with environmental standards. However, its implementation tends to be reactive and focused on regulatory fulfillment rather than strategic sustainability enhancement.Theoretical contribution/Originality: This study highlights the role of sustainability accounting in strengthening hospital responsibility and transparency, while integrating ethnomethodology to uncover daily practices typically overlooked by quantitative approaches.Practitioner/Policy implication: The findings provide practical insights for hospitals to improve medical waste governance, strengthen ESG-based accountability, and enhance sustainability performance.Research limitation/Implication: The study is limited to a single hospital case and uses qualitative data, which may not be generalizable to all healthcare settings.
How intellectual capital drives firm value: Corporate governance as an antecedent in Jakarta Islamic Index Rosita, Rosita; Susanto, Heri; Fuady, Misbach
Journal of Accounting and Investment Vol. 27 No. 2: May 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i2.29807

Abstract

Research aims: This study investigates the interplay among Corporate Governance (CG), Intellectual Capital (IC), and firm value for companies indexed in the Jakarta Islamic Index (JII), specifically analyzing how IC acts as a mediating link connecting governance practices to market valuation. Design/Methodology/Approach: Employing a quantitative methodology, the study utilizes Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze Sharia-compliant enterprises over an extended observation period, measuring CG indicators, IC via Value-Added Intellectual Coefficient (VAIC), and company value using Tobin's Q. Research findings: Results indicate that CG and IC are positively correlated, whereas firm value exhibits mixed outcomes. Crucially, intellectual capital successfully mediates the relationship between CG and firm value, demonstrating that effective governance optimizes firm value primarily by enhancing intellectual capital. Theoretical contribution/Originality: This study extends resource-based view (RBV) and agency theories within an Islamic capital market context, offering empirical evidence on how structural governance mechanisms translate into intangible asset optimization (intellectual capital) to drive market value in Sharia-compliant firms. Practitioner/Policy implication: Corporate managers and policymakers of Islamic enterprises should prioritize strategic investments in human, structural, and relational capital, aligning corporate governance frameworks to actively cultivate intellectual capital as a core driver of sustainable firm valuation. Research limitation/Implication: The study's scope is restricted to companies listed on the Jakarta Islamic Index (JII), which may limit the generalizability of findings to conventional markets or other international Islamic indices; future research could incorporate broader market comparisons and dynamic longitudinal variables.
Path modeling and geospatial analysis of ESG implementation among forest-based SMES in Jayapura Pangayow, Bill; Safkaur, Otniel; Matani, Cornelia; Karoma, Yulianti; Salle, Hesti; Mudassir, Annisa Fitriah; Pedroso, Maybelyn
Journal of Accounting and Investment Vol. 27 No. 2: May 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i2.29940

Abstract

Research aims: This study examines the effect of Ownership Commitment (OC) on Environmental, Social, and Governance (ESG) implementation among forest-based SMEs in Jayapura by testing the moderating roles of Stakeholder Expectation (SE) and Regulation Threat (RT), while mapping the spatial distribution of ESG performance.Design/Methodology/Approach: A quantitative, explanatory, cross-sectional design was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with WarpPLS. Primary data were collected through structured questionnaires from 58 forest-based SMEs in Jayapura City and Regency. GPS Map Camera was used to capture firm coordinates, and spatial analysis was conducted in R using the sf and leaflet packages.Research findings: Ownership Commitment significantly enhances ESG implementation. Regulation Threat positively moderates the OC–ESG relationship, whereas Stakeholder Expectation weakens it. The model explains 24% of the variance in ESG implementation. Spatial analysis identifies higher ESG performance along the Abepura–Waena–Sentani corridor, while semi-peripheral and coastal areas such as Holtekamp, Koya Barat, and Koya Timur exhibit relatively lower performance.Theoretical contribution/Originality: The study integrates stewardship, institutional, and stakeholder theories within a spatially informed framework by combining PLS-SEM with geospatial analysis.Practitioner/Policy implication: Findings support location-specific ESG policies, stronger ownership commitment, and balanced regulatory and stakeholder interventions.Research limitations/Implications: Limitations include the cross-sectional design, region-specific sample, and reliance on self-reported ESG measures.
When influential directors meet tax havens: Evidence on conforming tax avoidance Burhan, Annisa Hayatun Nazmi
Journal of Accounting and Investment Vol. 27 No. 2: May 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i2.31058

Abstract

Research aims: This study aims to investigate the correlation of influential director, the interactions with tax havens, and the tendency of firms to engage conforming tax avoidance. Design/Methodology/Approach: This study employs a quantitative method using secondary data, of Indonesian firms. With panel data from the years 2010-2022, this study performs purposive sampling and moderating regression analysis to test the hypotheses. The technique also involves Social Network Analysis (SNA) with Gephin 10 to generate the influential director measurement, and regression analysis using STATA. Research findings: The study found that firms having influential director associates with conforming tax avoidance. The findings further show that interactions of influential directors with tax havens show a higher tendency to avoid tax.Theoretical contribution/ Originality: This study contributes to the literature of social network and taxation by presenting on the role of director networks in tax information spillover, that is amplified by the presence of tax haven affiliates. Practitioner/Policy implication: Network-based perspective enables regulators to identify the most central taxpayers (i.e., multinational corporations) that have high influence on information spillover. With the evidenciary support of tax havens, a tax authority may then be inspired to tighten anti-avoidance regulations targeting firms that utilize tax haven affiliations. Research limitation/Implication: This study focus only on the Social Network Theory concept of centrality and limits the SNA to identify the most influential directors by using proxy of eigenvector centrality. Future research is recommended to extend the analysis to other centrality values and other types of networks for more comprehensive findings.

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