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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 126 Documents
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Determinants of ESG Disclosure in ASEAN-5 Countries: A Legitimacy and Institutional Theory Approach Kallisia, Maria Putri; Mukhibad, Hasan; Ali, Wanamina Bostan
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.v13i2.6392

Abstract

ESG disclosure among basic materials firms in the ASEAN-5 countries remains uneven, with notable implementation gaps. Drawing on legitimacy and institutional theories, this study employs moderated regression analysis on 185 firms from a population of 2.110 during 2019–2023 to identify key determinants of ESG reporting. Results reveal that carbon emission intensity and product disclosure. Results show that higher carbon emission intensity leads to greater ESG disclosure, suggesting firms seek legitimacy by providing extensive ESG information despite higher emissions. Firms with more diversified products also exhibit higher ESG disclosure, as complexity requires transparency to manage environmental and social risks. Contrary to expectations, business environmental uncertainty does not significantly influence ESG disclosure, supporting contingency theory’s view that no single strategy fits all firms in navigating uncertainty. Geographic location negatively affects ESG disclosure, highlighting resource constraints and underdeveloped ESG infrastructure, particularly in Indonesia. Gender diversity significantly moderates the effects of environmental uncertainty and geographic location, strengthening their impact on ESG disclosure. However, its interaction with carbon emission intensity and product diversification is not significant. These findings deepen understanding of the institutional and legitimacy factors influencing ESG disclosure in emerging markets.
How Does Financial Inclusion Mediate the Impact of Fintech Usage on Consumer Behavior? Dewi, Nurmila; Furqan, Rasyidusman Hannamara
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.v13i2.6423

Abstract

This study explores the impact of financial technology (fintech) adoption on financial inclusion, its influence on consumer behavior, and the mediating role of financial inclusion. Employing a quantitative approach through structural equation modeling, data were collected via surveys to examine both direct and indirect relationships among the variables. The results indicate that fintech usage plays a key role in enhancing financial inclusion. In turn, financial inclusion contributes significantly to shaping consumer behavior. However, the direct influence of fintech usage on consumer behavior is moderate and statistically inconclusive. The findings confirm that financial inclusion mediates the relationship between fintech usage and consumer behavior, supporting greater financial access and fostering new financial habits. The study concludes that financial inclusion is essential in translating fintech adoption into meaningful behavioral shifts, underscoring the importance of broader financial access initiatives to fully realize the potential of fintech.
Moderating Role of Community Participation in the Relationship between Organizational Commitment, Good Corporate Governance, and Apparatus Performance Setiyowati, Supami Wahyu; Indiraswari, Susmita Dian
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.v13i2.6432

Abstract

This study aims to analyze the influence of organizational commitment and Good Corporate Governance (GCG) on the performance of village officials, and to test the moderating role of community participation in the relationship. This study uses a quantitative approach with a survey method, involving 72 respondents consisting of officials and the community in Pakisaji District, Malang Regency. The data analysis technique uses Moderated Regression Analysis (MRA). The results of the study indicate that organizational commitment and the implementation of GCG principles have a significant effect on improving the performance of officials. Community participation also has a positive effect on the performance of officials, and significantly moderates the relationship between organizational commitment and official performance. However, community participation does not significantly moderate the relationship between GCG and official performance, indicating that the effectiveness of participation depends on the quality and structure of community involvement. These findings provide empirical contributions to the development of participatory and accountable village governance, as well as strengthening the role of internal and external factors in driving official performance.
The Quest for Equilibrium: Navigating Hybrid Logics in Indonesian Islamic Microfinance Bank (BPRS). Akbar, Taufik
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.v13i2.6503

Abstract

This research explore the unique hybrid logic that defines BPRS, institutions navigating the complex interplay of market, social, religious, and accountability logics. These logics, encompassing both material and symbolic aspects, are interconnected yet analytically distinct, offering nuanced perspectives on the dynamics within Islamic microfinance. Adopting a qualitative approach, this study focuses on two BPRS institutions, strategically selected to represent rural (R) and urban (U) contexts. Data was gathered through interviews with key personnel, including board members, Shariah Supervisory Board members, and branch heads, totaling nine (9) respondents. The findings reveal that market logic drives profit generation and the development of Shariah-compliant products, while social logic shapes customer selection and community development initiatives. Religious logic influences all material facets, from product structuring to customer relationships. Accountability logic encompasses regulatory compliance, ethical responsibility, and a divine dimension. This hybrid logic framework elucidates the paradoxical practices observed in Islamic microfinance, such as balancing profit with social impact and religious compliance with market competitiveness. Ultimately, this research contributes to a deeper understanding of the institutional environment of Islamic microfinance, where organizations negotiate competing demands to achieve financial sustainability, social welfare, religious adherence, and accountability.
Determinants of Environmental Quality Index (EQI) in Indonesia in 2018-2022 Sihombing, Pardomuan Robinson; Erfiani, Erfiani; Notodiputro, Khairil Anwar; Kurnia, Anang
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.v13i2.6559

Abstract

The environment is a critical issue in sustainable development in Indonesia, with significant variations in environmental quality between regions. This study seeks to examine the influence of the Regional Government Budget, COVID-19 (as a dummy variable), Gross Regional Domestic Product (GRDP), and the Human Development Index (HDI) on the Environmental Quality Index (EQI) in Indonesia. The data for this study were obtained from BPS–Statistics Indonesia and the Ministry of Environment and Forestry, covering the period from 2018 to 2022. The analysis employs multiple linear regression using panel data. Panel model testing indicates that the fixed effects model with cross-sectional lag provides the best fit. The results show that, collectively, all variables have a significant influence on Indonesia's Environmental Quality Index (EQI). Individually, the Regional Government Budget for environmental purposes, the COVID-19 dummy variable, and the Human Development Index (HDI) have a significant positive impact on EQI. In contrast, Gross Regional Domestic Product (GRDP) has a significant negative effect. These findings highlight the need for comprehensive macro-socioeconomic policies to sustain and enhance environmental quality in Indonesia.
Fintech Adoption and its Impact on Financial Inclusion: a Survey-Based Analysis of Rural Entrepreneurs in Tanzania Nathanael, Abraham Charles; Ngollo, Magwana Ibrahim
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6376

Abstract

This study explores the impact of fintech adoption on financial inclusion among rural entrepreneurs in Tanzania, with a focus on the roles of digital literacy and financial awareness. The study employed Partial Least Squares Structural Equation Modeling (PLS SEM). Employing a quantitative research design, data was collected from rural business owners to assess the impact of technological engagement on access to financial services. The findings indicate a strong, statistically significant correlation between fintech adoption and enhanced financial inclusion, highlighting fintech's potential to address existing financial access disparities. Importantly, digital literacy was found to have a statistically significant moderating effect, enhancing the impact of fintech adoption on financial inclusion. Furthermore, digital literacy and financial awareness were identified as critical enablers, significantly affecting the effective utilization of fintech platforms. However, the benefits of fintech adoption are not uniformly experienced, varying according to socioeconomic and contextual factors. The study underscores the necessity for a comprehensive strategy that integrates technological access with tailored educational initiatives and inclusive policy interventions. This research enriches the existing literature on digital finance and provides valuable insights for policymakers, fintech providers, and development practitioners dedicated to promoting inclusive economic growth in underserved communities.
Does Environmental, Social, and Governance (ESG) Disclosure Lead to Greater Firm Value? Unveiling the Mediating Role of Financial Performance Rohendi, Hendi; Apriliawati, Yeti
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6523

Abstract

Previous empirical findings on the relationship between ESG disclosure and firm value have shown inconsistent results. Some studies suggest that ESG disclosure enhances firm value, while others view it as a cost burden or a managerial tool used for personal gain. These inconsistencies create uncertainty for stakeholders in making economic decisions and indicate that previous theoretical models may be incomplete. Addressing this gap, the current study introduces a new approach by incorporating financial performance as a mediating variable in the relationship between ESG disclosure and firm value. This study utilized panel data from 51 companies listed on the Indonesia Stock Exchange, covering the period from 2015 to 2022, with a total of 357 firm-year observations. Hypothesis testing was conducted using the PLS–SEM methodology through the WarpPLS 8.0 software. The results indicate that ESG disclosure does not have a significant direct effect on firm value. This study has three contributions. First, it provides an answer to previous studies showing inconsistent directions. Second, the outcomes lend support to the proposition that financial performance bridges the influence of ESG disclosure on firm value. Third, it provides an understanding to company managers that ESG disclosure is important to improving financial performance. The implications of this research indicate that ESG disclosure can be incorporated as a strategy to improve financial performance and indirectly strengthen firm value.
Effects of Real Earnings Management and ESG Disclosure on the Cost of Debt with Political Connections as a Moderating Variable: Evidence from Listed Firms in Indonesia Firas, Ramiz; Kuncoro, Antonius Ragil
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6562

Abstract

As a crucial financial metric, the cost of debt measures the economic burden that a firm bears when using loans to fund its operations. Using a regression model, this study examines how real earnings management, ESG disclosure, political connections, and several control variables affect the cost of debt within the context of non-financial firms listed on the Indonesia Stock Exchange during the observation period from 2018 to 2021. The results reveal that real earnings management has a significant positive connection with the cost of debt, while ESG Disclosure does not have a significant negative relationship with the cost of debt. As a moderating variable, political connections have been shown to strengthen the positive relationship between real earnings management and the cost of debt. Similarly, political connections also strengthen the negative relationship between ESG Disclosure and the cost of debt. This study highlights the importance of using ethical and transparent financial practices and robust ESG disclosure in managing debt costs. The findings provide insight into the potential benefits of aligning financial and sustainability practices, which may result in improved financial performance, enhanced investor confidence, and reduced business financing costs.
The Role of Corporate Governance Attributes in Moderating the Impact of Dividend Policy on Firm Value: Evidence from the Indonesian Manufacturing Sector Gymnastiar, Hamzah; Mukhibad, Hasan; Jafar, Noor Ismawati
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6638

Abstract

To date, empirical findings on the relationship between dividend policy and firm value remain inconsistent, particularly in emerging markets with relatively weak governance quality and investor protection. Unlike other studies that only examine the direct effects, this study includes several indicators of good corporate governance (GCG), namely the proportion of independent commissioners, board meeting frequency, board busyness, and board size, as moderating variables. Panel data regression was performed to analyze a sample of 45 manufacturing companies in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The results indicate that dividend policy has no significant direct impact on firm value. However, board independence and board size magnify the effect of dividend policy on firm value, while board busyness weakens it. Board meeting frequency, on the other hand, exerts no effect on this relationship. These findings suggest that the effectiveness of dividend policy depends on the quality of governance. This study provides new evidence from Indonesia and has practical implications for companies and regulators seeking to improve the credibility of governance in dividend policy decision-making.
Islamic Financial Inclusion Determines Strategic Agility Diversification Investment to Improve the Financial Performance of BMT in Central Java Hartono, Setyo Budi; Ristianawati, Yuyun
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6639

Abstract

In Indonesia, the efforts of BMT to improve its financial performance are hindered by Islamic Financial Inclusion (IFI), whose main provision—namely collateral—can prevent customers from applying for financing. Therefore, managers must adopt a novel non-financial approach, namely Strategic Agility Diversification Investment (SADI), which is developed through measurements of investment alignment, risk innovation, and data growth using the Markowitz theory and physical aptitude. This study tests the SADI indicators on 116 BMT managers in Central Java using AMOs 20.0. The results reveal that the variables of IFI—i.e., FI challenges, benefits, and realization—influence how SADI improves BMT’s financial performance. Furthermore, the direct effect of IFI on BMT’s financial performance is also tested, and the result shows a negative relationship. Thus, it can be concluded that the intervention of SADI in non-financial aspects is highly decisive in achieving IFI for BMT’s financial performance enhancement.

Page 12 of 13 | Total Record : 126

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