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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 697 Documents
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CEO age and corporate risk-taking in South Africa: A curvilinear relationship Zvinowanda, Douglas; Odendaal, Elza
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.v27i2.29529

Abstract

Research aims: This study examines the relationship between Chief Executive Officer (CEO) age and corporate risk-taking (CRT) of non-financial companies listed on the Johannesburg Stock Exchange (JSE) from 2014 to 2023. Design/Methodology/Approach: The study uses a quantitative method and a post-facto design. The data collection sources included integrated annual reports and the Who Owns Whom and Osiris databases. The study measures CEO age (CEOAGE), the number of years from the CEO’s date of birth to the end of the accounting period, and its square (CEOAGE2). On the other hand, CRT measures include financial leverage ratios, namely, debt-to-equity (DE) and debt-to-asset (DA) ratios. A curvilinear fixed-effects model (FEM) and two-stage least squares (2SLS) were used to test the hypothesis. Research findings: The curvilinear FEM regression results reveal that CEOAGE has a significant positive impact on DE and DA, and CEOAGE2 has a significant negative impact on DE and DA, highlighting an inverted U-shaped relationship. Graphically, the results indicate that DE and DA attain their maximum values at approximately 50 years of CEOAGE. Beyond this point, an increase in CEOAGE results in a decrease in DE and DE. Theoretical contribution/Originality: This study contributes to corporate governance research by examining the relationship between CEO age and CRT, measured by financial leverage ratios, using curvilinear models, and applying the upper echelons theory. Practitioner/Policy implication: The boards should not treat CEO age as a simple “older means more conservative” rule. Instead, the inverted U-shape suggests that leverage appetite changes across the CEO’s life cycle. Therefore, companies may face the highest debt-related risk when CEOs are at the middle stage of their careers. Accordingly, age should be considered in succession planning, risk monitoring, and capital structure oversight, but it should not be used in isolation as a decision rule. Research limitation/Implication: This study is limited to non-financial companies listed on the JSE from 2014 to 2023. Future research is recommended to extend the analysis to financial companies. Also, future research should use a longer observation period in order to obtain more robust and comprehensive findings. Finally, the current study applied curvilinear quadratic regression models. However, future study should attempt to use cubic regression models rarely used in corporate governance research.
The mediating role of sustainability reports in the influence of ceo power and corporate reputation on firm value: A study in Indonesia and Malaysia Lestari, Alfiana Wanda; Widiastuti, Harjanti
Journal of Accounting and Investment Vol. 27 No. 3: September 2026
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v27i3.29706

Abstract

Research aims: This study analyzes the mediating role of sustainability reports in the influence of CEO Power and corporate reputation on firm value in the energy sectors of Indonesia and Malaysia. Design/Methodology/Approach: This study employs a quantitative approach using secondary data from energy companies listed on the Indonesia Stock Exchange (IDX) and Bursa Malaysia (BM) for the period 2022–2024. Research findings: CEO Power and corporate reputation positively influence firm value, whereas only corporate reputation increases sustainability reporting. Sustainability Reports negatively affect firm value. As a result, Sustainability Reports do not mediate the relationship between CEO Power or corporate reputation and firm value. Theoretical contribution/Originality: This study reinforces Signaling and Stakeholder theories by showing how CEO Power and corporate reputation affect firm value, while Agency Theory explains the negative impact of Sustainability Reports. Practitioner/Policy implication: The practical contribution of this study is to provide companies, regulators, and investors with insights into the importance of CEO characteristics, corporate reputation, and the quality of Sustainability Reports in enhancing firm value. Research Limitations/Implications: This study has several limitations. The sample is restricted to energy companies in Indonesia and Malaysia during 2022–2024. Future studies are encouraged to expand the scope across sectors and countries and consider additional variables or mixed-method approaches for deeper insights.
The influence of felt financial accountability, religiosity, and morality on fraud prevention in faith-based non-governmental organizations: Whistleblowing as a moderator Sasmoko, Ari; Sofyani, Hafiez
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.v27i2.29740

Abstract

Research aims: This study examines the influence of felt financial accountability, religiosity, and morality on fraud prevention with whistleblowing as a moderating variable in faith-based non-governmental organizations. Design/Methodology/Approach: This study employs a quantitative, survey-based approach involving individuals directly engaged in financial management. The sampling technique used was accidental sampling, resulting in 95 completed responses. Data were analyzed using statistical procedures to examine the relationships among the proposed variables. Research findings: The results indicate that felt financial accountability and religiosity have a positive effect on fraud prevention, whereas morality does not. Moreover, whistleblowing strengthens the relationship between morality and fraud prevention but weakens the relationship between religiosity and fraud prevention. However, whistleblowing does not moderate the relationship between felt financial accountability and fraud prevention. Theoretical contribution/Originality: This study contributes to the fraud prevention literature by examining the role of individual ethical and psychological factors, including felt financial accountability, religiosity, and morality, while incorporating whistleblowing as a moderating mechanism. This study also provides new insights by investigating fraud prevention within the underexplored context of faith-based non-governmental organizations. Practitioner/Policy implication: This study highlights the importance of strengthening accountability systems, ethical values, and whistleblowing mechanisms for non-governmental organizations. Effective oversight and reporting channels can enhance the role of internal factors in preventing fraudulent behavior. Research Limitations/Implications: This study is limited to faith-based non-governmental organizations in Indonesia, with data collected from organizations located in a specific geographical area. Future research may extend the investigation to broader non-profit contexts and different organizational settings.
Politically connected CEO in shaping climate change disclosure: Do political ties matter? Chandra, Budi; Septiany, Sheila; Dewi, Sari; Cruz, Roque B; Hardi, Tan
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.v27i2.29915

Abstract

Research aims: This study examines the effect of CEO political connections (CEOPC) on climate change disclosure (CCD) among Indonesian manufacturing firms. While political ties may provide firms with access to resources and regulatory support, they can also increase public scrutiny and expectations for corporate accountability. This creates competing incentives regarding environmental transparency. Focusing on the CEO is important because they play a central role in shaping strategic disclosure decisions. Indonesia provides a relevant institutional setting due to its increasing climate-related regulations and the continued importance of political networks in business activities. Design/Methodology/Approach: Using 1,093 firm-year observations from manufacturing companies listed on the Indonesia Stock Exchange during 2020–2023, CCD is measured based on the Task Force on Climate-related Financial Disclosures (TCFD) framework, while CEOPC is identified through political affiliations. Coarsened Exact Matching (CEM) and Generalized Least Squares (GLS) methods assess the robustness of the results. Research findings: The results show that CEO political connection demonstrates a significantly positive effect on climate change disclosure (CCD), suggesting that politically connected CEO tend to promote greater environmental transparency. Theoretical contribution/ Originality: This study contributes to the literature by highlighting the CEO as a key actor linking political capital and climate-related disclosure in an emerging economy. Practitioner/Policy implication: The findings provide insights for regulators, boards, and investors in strengthening governance mechanisms that support transparent climate reporting. Research limitation/Implication: The study focuses on Indonesian manufacturing firms and may not be generalizable to other sectors or countries.
Audit judgment from a behavioral auditing perspective: The mediating role of cognitive bias Febriani, Sinta; Jatmiko, Bambang
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.v27i2.30843

Abstract

Research aims: This study aims to empirically examine the effects of auditor competence, independence, accountability, and professional skepticism on audit judgment, with cognitive bias as a mediating variable. Design/Methodology/Approach: A quantitative survey was conducted by distributing questionnaires to 96 auditors working in Public Accounting Firms across Java Island using purposive sampling. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to examine both the direct and indirect relationships among the variables. Research findings: The findings reveal that auditor competence and independence positively and sigificantly influence audit judgment. In contrast, accountability and professional skepticism do not significantly influence audit judgment directly. Furthermore, cognitive bias negatively and significantly influences audit judgment and serves as a mediating variable in the relationships between auditor competence, independence, and professional skepticism and audit judgment. Theoretical contribution/Originality: This study contributes to the behavioral auditing literature by confirming cognitive bias as a key psychological mechanism influencing audit judgment. The originality lies in providing empirical evidence of the mediating role of cognitive bias, particularly in the relationship between professional skepticism and audit judgment within the Indonesian audit context. Practitioner/Policy implication: The findings underscore the importance of strengthening auditor competence and independence while managing cognitive bias through professional training, supervision, and audit quality control systems to enhance decision quality. Research limitation/Implication: The study relies on perception-based questionnaire data and a limited sample, which may constrain generalizability. Future research is encouraged to adopt mixed methods and incorporate organizational or environmental factors for broader insights.
Budget performance information use: Institutional theory perspectives in indonesia’s ministry of finance Purnamasuri, Rinai; Akbar, Rusdi
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.v27i2.30982

Abstract

Research Aims: This study examines how Budget Performance Evaluation (Evaluasi Kinerja Anggaran, BPE) results are utilized within the Ministry of Finance and explains the institutional mechanisms that drive or constrain their use in performance-based budgeting. Specifically, the study examines how institutional pressures, organizational logics, and actors' agency shape the use of BPE in budget management practices. Research Design and Methods: This study employs a qualitative single-case study design focusing on the Ministry of Finance of the Republic of Indonesia as a critical case in the national budgeting system. Primary data were collected through in-depth semi-structured interviews with 11 informants involved in planning, budgeting, budget implementation, monitoring and evaluation, and budget review. The data were analyzed using thematic analysis supported by document analysis. Research Findings: The findings show that BPE results are used in two main forms: symbolic or accountability-oriented use and instrumental or improvement-oriented use. However, the utilization remains uneven and only partially institutionalized. BPE results are used more extensively for accountability, reporting, implementation monitoring, planning, budgeting, and budget review, while benefit and context evaluation results remain underused. The use of BPE results is shaped by coercive and normative isomorphic pressures, the coexistence of public administration and performance-oriented logics, and the Bureau of Planning and Finance's emergence as a collective institutional entrepreneur. The study also finds that perceived usefulness and information-system quality condition the extent to which BPE results are substantively used. Theoretical Contribution: This study contributes to the literature on performance information use and performance-based budgeting by integrating institutional isomorphism, institutional logic, and institutional entrepreneurship within a single analytical framework. It shows that the use of performance information is shaped by the interaction among institutional pressure, organizational meaning, and actor agency, rather than by formal regulation alone. Practitioner Implication: The findings suggest the need for clearer regulatory guidance on how BPE results should be used in planning, budgeting, budget review, and performance improvement. They also highlight the importance of improving the relevance, actionability, quality, and dissemination of BPE results, particularly for benefit and context evaluation, so that performance information can better support organizational learning and budget decision-making.
Enhancing MSMEs performance through mediating role of accounting information system quality in the influence business strategy, AI, and organizational culture Supriyati, Supriyati; Suharman, Harry
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.v27i2.31117

Abstract

Research aims: This study examines the mediating role of accounting information systems (AIS) quality on the relationship between business strategies, artificial intelligence (AI), and organizational culture and MSMEs' performance during digital disruption. Design/Methodology/Approach: This study employed a quantitative approach, including survey data collected from 175 MSMEs in West Java, Indonesia. The structural relationships among the variables were examined simultaneously using CB-SEM. Research findings: Digital business strategies and AI substantially improve the quality of AIS, whereas organizational culture has no influence on it. While business strategies and organizational culture directly influence MSMEs' performance, neither AI nor quality of AIS has a substantial direct impact. However, the quality of AIS significantly mediates the effect of business strategy on MSME performance. Theoretical contribution/Originality: This study makes a theoretical contribution by proposing a comprehensive model that integrates strategic, cultural, and technological considerations. The results of the statistical analysis indicate that Business Strategy and Organizational Culture have a significant impact on improving MSME performance, both directly and indirectly through the mediating effect of the Quality of AIS, whereas AI was found to improve QAIS only directly, without having a significant impact on MSME performance, either directly or indirectly. Practitioner/Policy implication: These findings encourage MSMEs to strategically coordinate their operations by maximizing AI, developing digital-based business strategies, and fostering a creative organizational culture. Research limitation/Implication: This study covers only a sample of MSMEs in West Java, Indonesia, and paves the way for further research outside West Java.

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