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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 137 Documents
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Does Foreign Ownership Amplify the Impacts of Environmental Management System and Environmental Cost on ASRRAT? Dwi Jayanti; Alya Putri Cellya
KEUNIS Vol. 14 No. 2 (2026): JULY 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.v14i2.7208

Abstract

Nowadays, firms are expected to demonstrate both financial performance and environmental accountability, increasing the importance of sustainability reporting quality. Nevertheless, internal environmental efforts do not necessarily result in better reporting outcomes, and the role of ownership structure remains underexplored. This study examines the effects of Environmental Management System (EMS) and Environmental Cost (EC) on the Asia Sustainability Reporting Rating (ASRRAT), involving Foreign Ownership as a moderating variable. The sample comprises 11 firms that consistently participated in ASRRAT from 2018 to 2024, resulting in 77 firm-year observations. Secondary data were collected from annual reports, sustainability reports, and records from the National Center for Corporate Reporting (NCCR). Ordinal logistic regression was used in the analysis, measuring ASRRAT as an ordered categorical variable. The results show that both EMS and EC positively affect ASRRAT. Similarly, Foreign Ownership also has a positive direct effect on ASRRAT. Furthermore, it strengthens the relationship between EMS and ASRRAT, but it does not significantly moderate the relationship between Environmental Cost and ASRRAT. These findings suggest that effective internal systems, supported by stronger external monitoring, can improve the quality of sustainability reporting.
From Bali to the Gold Coast: A Comparative Study of Digital Transformation in Tourism Taxation of Indonesia and Australia Fatmawati Zahroh; Ranjith Ihalanayake
KEUNIS Vol. 14 No. 2 (2026): JULY 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.v14i2.7251

Abstract

This quantitative study examines how digital transformation, institutional capacity, and monitoring systems drive taxpayer compliance and tourism tax performance in Bali, Indonesia, and the Gold Coast, Australia, also considering the challenges posed by persistent tax leakages and uneven digital infrastructure. Low digital adoption in tourism-related sectors threatens the efficiency of their respective ecosystems and contributes to the issues caused by the consequential rise in tax expenditures for the governments. The analysis employed the Structural Equation Model (SEM), with 200 validated responses from tourism companies from both regions. The constructs’ measurement and structural invariance tests as per the model indicated their reliability and validity with decent fit indexes. Although the estimates show a direct and positive influence of digital transformation on taxpayer compliance, the moderated path of institutional capacity suggests that targeted digital interventions have greater effectiveness when aligned with certain skills, leadership, and infrastructure capabilities. Those with monitoring and anti-leakage systems have considerably lower tax leakages, implying that real-time digital verification tools can add considerable value in combating tax leakage. The increasing compliance of personnel taxpayers exerts a positive influence on tourism tax revenues, enabling a more systematic and administratively efficient tax collection. Furthermore, a multi-group analysis confirms that the Gold Coast is more affected by digital maturity and institutional capacity, compared to Bali. These findings highlight the importance of integrating digital strategies and capabilities to improve tax collection in the tourism sector.
The Role of CSR as a Moderating Variable in Optimizing The Performance of The Halal Cosmetics Industry Warno Warno
KEUNIS Vol. 14 No. 2 (2026): JULY 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.v14i2.7364

Abstract

This quantitative study examines the effects of management, internal control systems (ICS), and QRIS-based digital payments on the performance of MSMEs operating in the Indonesian halal cosmetics industry, involving Corporate Social Responsibility (CSR) as a moderating variable. Data were collected using the survey technique from 300 halal cosmetics MSMEs across various regions in Indonesia and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results reveal that management has a significant positive effect on MSME performance, ICS has no direct effect on MSME performance, while QRIS adoption has a significant negative effect on MSME performance. CSR significantly strengthens the relationship between ICS and MSME performance, but it does not moderate the effects of management or QRIS on MSME performance.
Beyond Financial Metrics: Can ESG Activities Attenuate Financing Anomalies in Sharia-Indexed Firms? Mekani Vestari; Fuad Fuad; Dwi Ratmono
KEUNIS Vol. 14 No. 2 (2026): JULY 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.v14i2.7417

Abstract

When making investment decisions, investors are increasingly taking into account environmental, social, and governance (ESG) elements as non-financial metrics, whose scores indicate a firm’s ESG-related activities. As debt financing rises, stakeholders are putting more pressure on firms to integrate ESG into their business operations. To date, various studies have provided empirical evidence concerning financing anomalies. This study aims to expand the existing literature on this topic by examining the effects of ESG on financing anomalies in non-financial firms included in the Indonesia Sharia Stock Index (ISSI) from 2018 to 2022 using panel data regression. The results confirm the existence of financing anomalies. Furthermore, ESG activities have been found to reduce financing anomalies, thereby mitigating the negative impact of debt financing on long-term stock performance. This demonstrates the moderating role of ESG on financing anomalies. Since ESG standards align with Sharia principles, the issuance of Sharia-compliant stock indices is, therefore, essential to protect investors, particularly those who adhere to these principles.
Do Islamic Rural Banks in West Java Become More Efficient Over Time? A Panel Stochastic Frontier Analysis Mohamad Andri Ibrahim; Alya Naima Siti Najwa; Yayat Rahmat Hidayat; Panji Adam Agus Putra
KEUNIS Vol. 14 No. 2 (2026): JULY 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.v14i2.7433

Abstract

Islamic Rural Banks (BPRS) play a crucial role in Indonesia’s Islamic microfinance sector, specifically in serving underbanked communities in rural areas. Therefore, understanding their efficiency dynamics is essential for ensuring long-term sustainability and assisting evidence-based policy formulation, particularly in the post-pandemic context where operational challenges intensify. This study investigates the efficiency dynamics of BPRS in West Java over the 2020–2023 period, decomposing efficiency into production and revenue components to identify specific sources of inefficiency. Using panel Stochastic Frontier Analysis (SFA) with 108 bank-year observations from 27 BPRS institutions, this study estimates both cost and profit efficiencies while controlling for environmental factors. The time-varying inefficiency model enables systematic assessments of temporal efficiency trends. The results reveal exceptionally high production efficiency (mean = 99.99%), indicating optimal input use. However, revenue efficiency shows substantial variation (mean = 72%) and a slight decline from 72.77% in 2020 to 71.6% in 2023. Contrary to the organisational learning theory, overall technical efficiency does not improve over time; instead, it decreases from 86.38% to 85.79%. This study provides the first evidence on BPRS temporal efficiency dynamics in the post-pandemic period and demonstrates that efficiency challenges stem primarily from revenue generation rather than operational weaknesses.
Audit Committee Characteristics in Driving ESG Performance under ESG Exposure Conditions Alfita Rakhmayani; Rifki Adhi Prasetyo; Maya Aresteria; Dian Kusuma Wardani; Muhammad Agung Syaputera
KEUNIS Vol. 14 No. 2 (2026): JULY 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.v14i2.7568

Abstract

This empirical study is based on Resource Dependence Theory (RDT) and investigates how the presence of the ESG Exposure variable affects the relationship between audit committee meeting attendance, audit committee independence, audit committee expertise and audit committee size with ESG performance. The results are obtained using Fixed Effect Model (FEM) with cluster-robust standard error on 461 firm-year observations of 91 companies listed on the Indonesia Stock Exchange (ISX) during 2016-2025, which is contrary to the traditional governance theory. There is little significant impact on ESG performance from the attendance of the meeting or independence, implying behaviours that are ceremonial in nature, and only expertise is a positive driver. The size of the committee has a strong negative impact as predicted by social loafing and coordination failure. The results of moderation analysis suggest that ESG Exposure, in general, does not strengthen the effectiveness of governance, but it significantly exacerbates the adverse impact of Committee Size in high-risk industries where the bloat of the committee negatively affects agile decision making on sustainability. The results indicate a need for a shift in regulation from quantitative structural indicators to norms of competency in cognition and engagement. Policymakers and shareholders of energy and emission-heavy industries should focus on governance based on "lean" and "competent," and not "social loafers" with too many members that perpetuate "social loafing pathologies" that lead to lower ESG performance and green stock prices.
Do Green Finance and Green Innovation Enhance Sustainable Investment Decisions? Identifying The Pivotal Role of Artificial Intelligence Maya Novitasari; Syaiful Bahri; Dwi Sulistiani; Yona Octiani Lestari; Moawiah Alghizzawi
KEUNIS Vol. 14 No. 2 (2026): JULY 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.v14i2.7440

Abstract

This quantitative study aims to empirically examine the effects of green finance and green innovation on sustainable investment decisions, as well as the role of artificial intelligence in moderating these relationships. The population consisted of non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024. Purposive sampling was employed to select 427 companies for observation. Data were analysed using CEM panel data regression. The results reveal that both green finance and green innovation positively affect sustainable investment decisions, and artificial intelligence can moderate these impacts. The study findings offer valuable insights for companies operating in Indonesia’s non-cyclical consumer sector. Green innovation can be applied as a green finance policy to improve sustainable investment decisions. Furthermore, artificial intelligence can be used to strengthen the influence of green finance on sustainable investment decisions. This study, therefore, supports the triple bottom line and the Sustainable Development Goals, encouraging companies in Indonesia not only to focus on profits but also to increase their environmental awareness.

Page 14 of 14 | Total Record : 137

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