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INDONESIA
KEUNIS
Published by Politeknik Negeri Semarang
ISSN : 23029315     EISSN : 27147274     DOI : https://doi.org/10.324497/keunis
Core Subject : Economy,
Economics, Econometrics & Finance
Pemahaman tentang keuangan dan atau yang bersinggungan atau berkaitan dengan arus dana dan kegiatan yang berhubungan dengan bisnis.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 115 Documents
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Analysis of The Quality of Financial Statements: a Case Study of Rutong Village in 2019-2023 Ardiansyah, Ardiansyah; Umarella, Barus; Salis, M. Rizkoni
KEUNIS Vol. 13 No. 1 (2025): JANUARY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i1.6104

Abstract

This study analyzes the quality of financial statements against the report on the realization of the APBDes in Rutong Country for the 2019”“2023 period. Data collection techniques are in the form of interviews and documentation. The analysis was carried out qualitatively with an evaluation approach on four aspects of financial report quality, namely relevance, reliability, ability to compare, and ease of understanding. The results of the study show that the Rutong State financial statements have fulfilled their relevance by providing useful information for decision-making, and reliability through the presentation of accurate figures. The ability to compare is reflected in the consistency of the report format from year to year, while the ease of understanding still needs to be improved through the simplification of technical terms. The study also identifies key challenges in managing financial statements, such as limitations in human resource competence and information technology implementation. This study provides recommendations for optimizing budget planning based on priority needs to reduce the deviation between budget and realization, especially in the field of development and community empowerment. Financial statements should be equipped with historical data to make it easier to analyze trends and evaluate performance. To increase participation, reports are presented with a glossary or executive summary in plain language. Regular evaluations and continuous training for village officials need to be carried out so that financial management is in accordance with standards. In addition, a focus on program efficiency and effectiveness is needed to ensure that budget allocations provide optimal benefits, especially in the areas of development and health, in order to support sustainable development.
Sales Growth, Profitability, Inventory Intensity and Capital Structure on Tax Aggressiveness in Energy Sector in Indonesia Irawati, Wiwit; Kurniasih, Lisna; Barli, Harry
KEUNIS Vol. 13 No. 1 (2025): JANUARY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i1.5790

Abstract

This study examines the effect of Sales Growth, Profitability, Inventory Intensity, and Capital Structure on Tax Aggressiveness. The results indicate that, simultaneously, Sales Growth, Profitability, Inventory Intensity, and Capital Structure have a significant impact on Tax Aggressiveness. However, when analyzed individually, Sales Growth, Profitability, and Inventory Intensity do not significantly affect Tax Aggressiveness. In contrast, Capital Structure has a positive and significant effect on Tax Aggressiveness. The population for this study consists of 74 companies, with a sample size of 105 data points from 21 energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018-2022 period, using a purposive sampling technique. The data analysis was conducted using descriptive statistics and panel data regression analysis through the EViews application.
Innovation's Mediating Contribution To The Relationship Between Financial Flexibility And Sustainability Performance Rahmadhani, Sari; Praptitorini, Mirna Dyah; Shobandiyah, Siti; Laila, Nazil Rizki
KEUNIS Vol. 13 No. 1 (2025): JANUARY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i1.6111

Abstract

This study explores the impact of debt and cash combination arrangements as financial flexibility that can improve sustainable performance in companies. This research also examines how innovation mediates the relationship between a company's financial flexibility and future sustainability achievements. Utilizing a resource-based view and path analysis, we analyze data from sustainability reports of basic and chemical industry firms listed on the IDX from 2020 to 2023. These findings provide empirical evidence that contingency theory can adapt by controlling the effect of financial flexibility on sustainability performance. As tested through debt and cash flexibility, financial flexibility has no direct impact on sustainability performance. Meanwhile, innovation is proven to depend on sustainability achievement. Empirical evidence of resource-based theory, where financial flexibility is a potential competitive advantage over the development and research process in innovation. Likewise, innovation holds a significant role in linking financial flexibility to sustainability performance. Companies with flexible finances can more easily allocate resources to innovate, increasing the company's ability to carry out activities that pay attention to the social and environmental impacts of sustainable business activities.
Audit Quality: Fees, Tenure, and The Role of Firm Size Moderation Shabira, Adelia Rahma; Aviyanti, Richo Diana; Alghizzawi, Moawiah
KEUNIS Vol. 13 No. 1 (2025): JANUARY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i1.6056

Abstract

The audit aims to assurance of financial statements made by management. Agency theory states that management as a party that has more information than the principal is considered able to carry out moral hazard actions. Therefore, the audit results can be used by the principal to help assess the performance of the agent. The audit results are also considered as a positive information signal for the financial statements.Audit quality can be positive information for shareholders regarding management performance and integrity. Therefore, This study is credited with determining the influence of audit fees and tenure audits on audit quality by moderating by company size. The research uses a positive paradigm quantitative method. The research population is real estate companies listed on the IDX in 2018-2023, a total of 85 sampling techniques using purposive sampling, a sample of 45 was obtained with 225 observation data. Data analysis uses logistic regression. The results showed that audit fees had a positive effect on audit quality, audit tenure had no effect on audit quality and company size did not modify the influence of audit fees on audit quality and did not moderate the influence of audit tenure on audit quality.Quality audits can be the basis for decisions to assess management performance and reduce conflicts of interest.
Fintech User Satisfaction as an Intermediary: Analysis of The Influence of Financial Literacy, Ease of Use, and Trust on User Loyalty in MSMEs Solihati, Garin Pratiwi; Anah, Sri; Anggraini, Wahyu
KEUNIS Vol. 13 No. 1 (2025): JANUARY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i1.6120

Abstract

The growth of financial technology (fintech) has transformed MSME operations, particularly in accessing financial services. This study analyzes the impact of financial literacy, ease of use, and trust on fintech user satisfaction and their role as mediating variables in fostering user loyalty among MSMEs. Using a quantitative approach, data were collected via an online questionnaire from 100 SME respondents in Yogyakarta. Structural Equation Modeling-Partial Least Squares (SEM-PLS) was employed to examine the relationships between variables. The findings reveal that financial literacy, ease of use, and trust have a positive and significant influence on user satisfaction. Moreover, user satisfaction has a positive and significant mediating effect on the relationship between financial literacy, ease of use, trust, and user loyalty. This indicates that improving these factors enhances user satisfaction, which subsequently strengthens user loyalty to fintech platforms. This study underscores practical implications, urging fintech providers to enhance accessibility, security, and transparency to boost user satisfaction. It also recommends that governments and educational institutions implement inclusive financial literacy programs to encourage broader fintech adoption among MSMEs. The study contributes to technology adoption literature by emphasizing user satisfaction as a critical mediator in establishing long-term loyalty. Future research should explore broader regions, larger sample sizes, and additional variables such as digital competence for deeper insights into fintech adoption dynamics.
MSME Growth in a Learning Perspective: an Examination of Work Experience, Self-Efficacy, and Financial Literacy Diawati, Prety
KEUNIS Vol. 13 No. 2 (2025): JULY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i2.6262

Abstract

This study aims to analyse the influence of work experience, self-efficacy, access to financing, financial management skills, and financial literacy on MSME growth in Karawang Regency with entrepreneurial learning as a mediating variable. This research uses a quantitative approach with a survey method of 120 MSME actors selected through purposive sampling technique. The data were analysed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with the help of SmartPLS 3 software. The results show that work experience and self-efficacy have a positive and significant direct effect on MSME growth, while access to financing, financial management skills, and financial literacy do not show a significant direct effect. However, all of the exogenous variables were shown to have significant indirect effects on business growth through entrepreneurial learning as a mediator. This finding reinforces the strategic role of Entrepreneurial Learning in bridging the influence of human and financial resources on business growth. This research provides a theoretical contribution to the development of Human Capital Theory and Entrepreneurial Learning Theory and suggests the need for MSME empowerment programme design that focuses on strengthening the entrepreneurial learning process in a practical, contextual, and sustainable manner.
Factors Affecting The Level Of Financial Inclusion: A Comparative Study Of Tanzania, Kenya And Uganda Derefa, Moshi James; Swai, Janeth Patrick; Ngollo, Magwana Ibrahim
KEUNIS Vol. 13 No. 2 (2025): JULY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i2.6284

Abstract

This research examined the comparative characteristics affecting financial inclusion in Tanzania, Kenya, and Uganda. Despite Tanzania's robust economic development, its degree of financial inclusion remains inferior to that of its neighboring nations, Kenya and Uganda. The provision of accessible financial services to underrepresented people is essential for poverty alleviation and economic growth. This study used cross-sectional micro-level data from the Global Findex Database survey waves conducted in 2011, 2014, 2017, and 2021. The Least Absolute Shrinkage and Selection Operator (LASSO) post-selection inference technique was used in the research to address issues arising from high-dimensional data and model selection bias. The results indicate that Kenya excels in financial inclusion, propelled by sophisticated digital financial institutions, whilst Tanzania lags behind. The significant primary drivers of financial inclusion were debit card utilization, bank borrowing, and demographic characteristics such as gender and education level while the use of credit cards amongst women had a negative influence on financial inclusion. The research underscores the significance of access to financial services and the contribution of digital finance to improving inclusion. It underscores the need for focused strategies to tackle obstacles such as inadequate infrastructure, insufficient financial literacy, and gender inequities. Research indicates that enhancing mobile money systems and advancing financial literacy, particularly for women and low-income populations, may close the financial inclusion gap. The report emphasizes the need for a more inclusive financial environment to guarantee fair economic growth
Loss Aversion, Regret Aversion, Herding in Fraudulent Investment Decisions Moderated by Financial Literacy Nugraha, Muhammad Ardian Satya; Wahyuni, Asri Nur
KEUNIS Vol. 13 No. 2 (2025): JULY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i2.6302

Abstract

Fraudulent investment schemes continue to deceive the public despite ongoing improvements in financial literacy across Indonesia. This phenomenon presents a serious threat to personal financial management, as many individuals are still lured by promises of unrealistic profits and pressured into high-risk financial traps. These schemes exploit specific psychological vulnerabilities that influence decision-making. This study aims to examine the influence of three behavioral loss aversion, regret aversion, and herding on fraudulent investment decisions, with financial literacy analyzed as a moderating variable. Total of 100 respondents in Semarang who had experienced financial losses due to fraudulent investment practices were selected using purposive and snowball sampling methods. Data were analyzed using feasibility tests, classical assumption testing, multiple regression analysis, and moderated regression analysis (MRA). The findings reveal that loss aversion and regret aversion both have a significant negative effect on fraudulent investment decisions, while herding has a positive influence. Additionally, financial literacy plays a quasi-moderating role, effectively weakening the impact of these psychological traits. These findings underscore the importance of psychological factors in irrational financial behaviors and highlight the critical need for improved financial literacy education. Strengthening financial awareness may help reduce vulnerability to deceptive investment offers and promote healthier financial decision-making.
Does Managerial Ability Reduce Firms Cost of Debt? The Mediating Role of Earnings Quality and The Moderating Effect of Independent Commissioners Yuliana, Nurul; Anies Lastiati
KEUNIS Vol. 13 No. 2 (2025): JULY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i2.6306

Abstract

This study examines the impact of managerial ability on the cost of debt (COD). It also evaluates the role of earnings quality as a mediator between managerial ability and COD. It further explores the moderating role of the independent board of commissioners in the relationship between managerial ability and earnings quality. Using the path analysis method, this study analyzes data from the financial statements of manufacturing companies listed on the Indonesian Stock Exchange (IDX) from 2021 to 2023. This study finds that higher managerial ability will result in lower cost of debt. Furthermore, it indicates that managerial ability will increase firms’ earnings quality. This study also finds no evidence of a mediating effect in the relationship between managerial ability and the cost of debt. In addition, the independent board of commissioners fails to moderate the positive relationship between managerial ability and earnings quality. This study implies that managerial ability plays a key role in lowering cost of debt and improving earnings quality. It also suggests the need to enhance the effectiveness of independent commissioners and strengthen corporate governance practices.
Do Corporate Governance, Sustainability Reporting, and Gender Diversity Have a Financial Performance Impact? Evidence Indonesia and Malaysia Bank Sanulika, Aris; Hidayati, Wahyu Nurul
KEUNIS Vol. 13 No. 2 (2025): JULY 2025
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v13i2.6319

Abstract

Many studies state that governance and sustainability affect financial performance, and transparent disclosure is considered capable of increasing stakeholder trust in corporate responsibility towards the environment, however, some researchers assume that governance and sustainability reports do not have a positive impact on financial performance and are considered only a burden and only to comply with regulations. This study attempts to fill this gap in the literature by testing the impact of governance disclosure and sustainability reporting by adding gender diversity variables as a moderation, female directors are believed to be more critical and able to increase stakeholder trust. This study uses a panel regression model on a sample of 54 banks registered in Indonesia and Malaysia in 2022. Effective governance can overcome the agency theory and moral hazard problems that commonly occur in the banking industry, such that bank performance, as measured by Tobin's q, increases because stakeholders feel that greater disclosure of governance can have a positive effect on financial performance. Disclosure of sustainability reporting in the banking industry not only complies with regulations but also has a positive effect on financial performance. Sustainability reporting integration into core business strategies is likely to play an important role in driving long-term financial success and increasing stakeholder confidence in bank performance. Gender diversity positively moderates corporate governance practices, sustainability reporting, and, ultimately, superior financial performance. Gender diversity in the ranks of company directors is an important factor in improving corporate governance, sustainability reporting practices, and financial performance. The benefits of gender diversity extend to various organizational dimensions, underscoring its significance as a strategic asset in the contemporary corporate governance paradigm.

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