Owner : Riset dan Jurnal Akuntansi

Reframing Perilaku Penyalahgunaan Aset dalam Kacamata Fraud Triangle: Sebuah Studi Fenomenologis

Ruri Octari Dinata — 2026-03-31

This study examines a case of asset misappropriation that occurred in a subsidiary of a state-owned enterprise in West Java by exploring behavioral factors as the basis of motives, the perpetrators’ modus operandi, and the resulting losses. A qualitative method with a phenomenological approach is employed to understand the phenomenon of asset misappropriation from the perspective of organizational actors’ lived experiences. This study was conducted in a subsidiary of a state-owned enterprise, referred to as PT Aman Sejahtera (pseudonym), employing interviews and observations within a phenomenological approach. This study contributes by extending fraud theory through a phenomenological lens that emphasizes behavioral memory and motivation as central mechanisms of asset misappropriation. The findings indicate that asset misappropriation at PT. Aman Sejahtera cannot be understood merely as a consequence of procedural weaknesses or deficiencies in internal control, but rather as a behavioral phenomenon shaped by cognitive processes, individual experiences, and motivations within the organization. Employees’ perceptions of deviant behavior are influenced by organizational culture, prior experiences, and social interactions, which subsequently shape judgment and decision-making processes involving ethical considerations, personal risk, and structural relations. Internalized experiences and knowledge form behavioral memories that may either normalize or prevent asset misappropriation, while individual motivation serves as a key link between knowledge and action. These findings emphasize that preventing asset misappropriation requires not only the strengthening of systems and procedures, but also the development of ethical awareness, a healthy organizational culture, and a more humanistic, behavior-oriented accounting approach.

Peran Dividend Policy dalam Memoderasi Pengaruh Investment Opportunity Set Terhadap Stock Return dengan Profitabilitas Sebagai Variabel Kontrol

Fitri Yani — 2026-03-31

This study examines the effect of Investment Opportunity Set (IOS) on stock return, with dividend policy acting as a moderating variable and profitability as a control variable in companies listed in the LQ45 Index during the 2020–2024 period. The sample was selected through purposive sampling, resulting in 23 companies that met the criteria, with a total of 115 observations. Data analysis was conducted using panel data regression with the assistance of EViews 13, including descriptive statistics, classical assumption tests, hypothesis testing, and interaction testing to examine the moderating effect. Based on the results of the model selection tests, the Random Effects Model (REM) was determined to be the most appropriate model. The findings indicate that IOS has a positive and significant effect on stock return, suggesting that firms with greater growth opportunities tend to generate higher returns. Dividend policy is found to weaken the effect of IOS on stock return, indicating that higher dividend distribution may reduce the strength of the positive relationship between growth opportunities and market returns. Furthermore, profitability functions as an effective control variable, as it is able to isolate the pure effect of IOS and dividend policy on stock return without eliminating their statistical significance. These findings are consistent with agency theory, which posits that dividend policy serves as a mechanism to reduce agency conflicts between managers and shareholders by limiting managerial discretion over free cash flow, thereby influencing how investment opportunities are translated into shareholder returns.

Determinanan Kinerja Bisnis pada Sektor UMKM Halal: Studi Empiris Penggunaan Teknologi Digital dan Kapasitas Keuangan Pelaku Usaha dalam Perspektif Model CORTEX

Ika Farida Ulfah — 2026-03-31

This study aims to analyze the influence of digital technology adoption and financial capacity on business performance in the Halal MSME sector in Ponorogo Regency from the perspective of the CORTEX model. The independent variables examined include e-commerce, digital payment, financial literacy, financial inclusion, and accounting knowledge. This research employs a quantitative approach using primary data collected through questionnaires distributed to Halal MSME owners. The population consists of 2,015 Halal MSMEs, with a sample of 89 respondents selected using the cluster sampling technique. Data were analyzed using multiple linear regression with SPSS 25 for Windows, supported by descriptive statistical analysis, data quality tests, classical assumption tests, and hypothesis testing. The results indicate that e-commerce, digital payment, financial literacy, financial inclusion, and accounting knowledge each have a significant partial effect on the performance of Halal MSMEs in Ponorogo Regency. This study contributes by extending the CORTEX model to the context of Halal MSMEs. The regression results indicate that digital adoption and financial capacity jointly explain 51.2% of the variation in business performance (R² = 0.512, p < 0.05). These findings highlight that optimizing digital technology utilization and strengthening the financial capacity of business actors are crucial factors in enhancing competitiveness and ensuring the sustainability of Halal MSMEs in the digital economy era.

Persepsi dan Keterlibatan Auditor Internal terhadap Perilaku Etis Auditor Internal: Peran Mediasi Kolaborasi Three Lines dan Praktik GRC

Novi Kurniawan — 2026-03-31

The study aims to examine how Internal Auditors’ Perception and Internal Auditors’ Engagement influence Three Lines Collaboration and Governance, Risk, and Compliance (GRC) Practices, and how these mechanisms relate to the Ethical Behavior of Internal Auditors in Indonesia. Prior evidence has predominantly positioned the Three Lines Model and GRC as organizational-level structural arrangements, leaving limited understanding of how internal auditors’ individual attributes shape collaborative governance quality and ethical conduct. Distinct from research that emphasizes formal structures and procedures, this study contributes by foregrounding internal auditors as individual actors and by positioning perception and engagement as determinants of Three Lines Collaboration and GRC Practices with implications for ethical behavior in internal auditing. Data were collected using a structured questionnaire from internal auditors directly involved in internal auditing, internal control, risk management, and compliance functions across various organizations, yielding 270 valid responses selected through purposive sampling. The hypotheses were tested using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that Internal Auditors’ Perception and Internal Auditors’ Engagement have positive and significant effects on Three Lines Collaboration and GRC Practices. Furthermore, Three Lines Collaboration and GRC Practices have a positive and significant effect on the Ethical Behavior of Internal Auditors. Overall, the findings suggest that strengthening internal auditors’ role-related perception and sustaining engagement are strategic levers to reinforce collaborative governance and embed ethical standards within organizations.

Fraud Triangle and Financial Statement Fraud: Moderating Role of Audit Committee and Independent Commissioner

Despi Yulia Puspa — 2026-03-31

This research investigates the impact of the fraud triangle on FSF, as well as the moderating roles of the audit committee and independent commissioners in Indonesian state-owned enterprise (SOE). The fraud triangle is proxied by financial targets, nature of industry, and auditor changes. A quantitative research design is employed, utilizing secondary data derived from the annual reports of non-bank state-owned enterprise (SOE) for the 2021–2024 period. A purposive sampling method resulted in 33 companies, yielding 115 firm-year observations after outlier elimination. FSF is assessed by applying the Beneish M-Score, while hypothesis testing is carried out by means of multiple linear regression and MRA. The findings reveal that financial targets positively influence FSF, whereas the nature of the industry is negatively associated with FSF, and auditor changes do not have a significant impact on FSF. Moderation analysis shows that the audit committee is not able to moderate the relationship between the fraud triangle and FSF. Meanwhile, the independent commissioner strengthened the link between financial targets and auditor changes with the FSF. Other variables cannot directly influence FSF. These findings provide practical implications for SOE governance in the post COVID-19 period. Strengthening the independence and monitoring capacity of commissioners is essential, particularly in overseeing financial targets and auditor transitions. In addition, SOEs should reinforce inventory control systems and enhance the effectiveness of audit committees to ensure substantive oversight in mitigating FSF risk.

Sustainability Reporting, Green Accounting, Intellectual Capital, and Firm Size: Evidence on ROA in Basic Materials Sector (2021-2024)

Nur Athiyadina — 2026-03-31

This research aims to analyze the impact of sustainability reports, green accounting, intellectual capital, and firm size on company profitability with sales growth as control variable. The population in this study were basic materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Profitability was measured using the Return on Assets (ROA) indicator as a proxy. The sampling technique employed in this research is purposive sampling, resulting in 69 sample observations that met the criteria. This study adopts a quantitative method with multiple linear regression analysis techniques through the Pooled Ordinary Least Squares (Pooled OLS) approach combined with year effect control. The data used in this research were obtained from secondary sources, including financial reports, sustainability reports, and PROPER ratings from companies listed on the Indonesia Stock Exchange (IDX) in the basic materials sector during the observation period. The empirical results of the analysis show that, sustainability report, green accounting, and firm size have no significant effect on profitability. In the other hand, intellectual capital is found to have a significant positive effect on profitability. This study contributes by combining GRI based sustainability disclosure and PROPER based environmental performance in a single model for a highly carbon-intensive sector. Findings imply that intangible assets dominates profitability, while sustainability disclosure, green accounting, and company size are not yet priced into accounting profitability in the short run.

Dual-Pathway Service Quality dan Pembentukan Kepercayaan Mitra: Peran Mediasi Kepuasan dalam Industri Jasa Pelabuhan

Mario Ricci Mangu — 2026-03-31

This study investigates how trust is formed among business partners in the port service industry, where variability in service performance and coordination complexity may generate relational uncertainty. Addressing the need to better understand relational mechanisms in B2B port services, this research examines the dual-pathway effect of service quality on partner trust formation, with customer satisfaction serving as a mediating mechanism. Grounded in relationship marketing and service quality theory, the study employs a quantitative approach to analyze how the technical and functional dimensions of service quality influence trust both directly and indirectly through satisfaction. Primary data were collected using structured questionnaires from 125 business partners of a major Indonesian port authority, including shipping agents, logistics firms, and cargo operators engaged in ongoing contractual relationships. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings indicate that service quality has a significant positive effect on customer satisfaction and partner trust. Customer satisfaction also exerts a strong positive influence on trust and partially mediates the relationship between service quality and trust. These results demonstrate that trust in port service relationships is shaped through a dual pathway: direct evaluations of service performance and affective responses reflected in satisfaction levels. By positioning satisfaction as a central relational mechanism, this study extends the service quality literature by offering a process-based explanation of trust formation in B2B port services. Practically, the findings suggest that port authorities and service operators should prioritize consistent service reliability, responsiveness, and professionalism while simultaneously managing partner satisfaction to strengthen long-term collaborative relationships.

Analisa Faktor Yang Mempengaruhi Financial Sustainability Ratio Emiten Perbankan Di BEI Periode 2022-2024

Juan Carlos Pangestu — 2026-04-04

The stability of the banking sector has increasingly become a critical concern as a fundamental pillar in sustaining national economic growth. Financial Sustainability is an essential aspect for banks to assess their potential going concern in the future. This study aims to examine and analyze the effect of Operating Expenses to Operating Income (BOPO), firm size, Return on Assets (ROA), and Loan to Deposit Ratio (LDR) on the Financial Sustainability Ratio (FSR). The population of this study consists of banking sector companies listed in IDX-IC during the period 2022–2024. The sampling technique used is purposive sampling, resulting in 75 financial statement samples. This study employs a quantitative method using secondary data in the form of annual financial reports. Multiple linear regression analysis is applied in the data analysis process. The testing procedures have also met classical assumption tests and the F-test. The results indicate that firm size and Loan to Deposit Ratio have a significant effect on the Financial Sustainability Ratio, while Return on Assets and BOPO do not have a significant effect on FSR. Simultaneously, all variables in this study have a significant effect on FSR. Banking sector companies are expected to pay closer attention to the proportion of their assets and liabilities, as these components significantly influence the level of Financial Sustainability Ratio. Future research is recommended to incorporate non-financial factors such as the board of directors and audit committees, which may also affect the Financial Sustainability of banking firms.

Implikasi Adopsi IFRS Sustainability Standards terhadap Peningkatan Non-Audit Fees dan Independensi Auditor: Studi Kualitatif pada KAP di Indonesia

Ary Haritsaning Atmadya — 2026-03-31

The issuance of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures by the International Sustainability Standards Board (ISSB) has fundamentally transformed the landscape of sustainability reporting, shifting it from a voluntary regime toward a framework integrated with general-purpose financial reporting. This transformation has driven a surge in demand for sustainability-related services, including IFRS S1/S2 implementation consulting and sustainability assurance, which are largely classified as non-audit services and have the potential to increase sustainability-related non-audit fees within the revenue structure of Public Accounting Firms (PAFs). This study adopts an interpretive qualitative approach based on literature review and document analysis (including standards, codes of ethics, research reports, and scholarly articles) to identify and categorize auditor independence threats—namely self-interest, self-review, advocacy, familiarity, and management participation—arising from the expansion of sustainability services following IFRS S1/S2. The findings indicate that the joint provision of IFRS S1/S2 consulting and assurance services by the same audit firm may strengthen economic dependence, create self-review and advocacy threats, and blur the boundary between the roles of consultant and independent auditor. On the other hand, the profession and regulators have begun to respond by strengthening safeguards, such as restricting the types of services provided, implementing fee caps, separating advisory and assurance teams, and reinforcing ethical frameworks for sustainability assurance.

Enhancing Financial Reporting Quality Through Good Governance and Fiscal Capacity: Evidence from West Java

Ibnu Nizam Al-Maraghi — 2026-03-31

The quality of local government financial statements is a critical indicator of public accountability and the reliability of information for decision-making. This study examines the factors influencing the issuance of unqualified audit opinions on local government financial statements in West Java Province for the period 2019–2023. Using a binary logistic regression model with random effects on panel data from 27 regencies/cities for five years (135 observations), this study examines the effects of budget capacity, bureaucratic reform, audit recommendation follow-up, and public information disclosure on audit opinions. The estimation results show that budget capacity and public information disclosure have a significantly negative relationship with unqualified opinions, while bureaucratic reform has a significantly positive effect. The follow-up of audit recommendations is not statistically significant. These findings imply that strategies to improve audit opinion quality should prioritize bureaucratic reform and institutional governance strengthening. Fiscal capacity and information transparency must be strategically managed to anticipate excessive audit complexity. This study provides empirical evidence that governance quality, rather than financial resources, plays a more decisive role in determining the quality of local government financial reporting.

Implementing Artificial Intelligence in Auditing: A Systematic Literature Review of Trends, Challenges, and Adoption

Riski Andriyanto — 2026-04-13

This study aims to systematically review and synthesize the application of Artificial Intelligence (AI) in the field of auditing, with a focus on development trends, benefits, challenges, and differences in adoption levels between the global context and Indonesia during the 2020–2025 period. The research population consists of reputable scientific journal articles that discuss the use of AI in financial auditing. This study employs a Systematic Literature Review (SLR) method following the PRISMA 2020 protocol. Article selection was conducted using the Scopus (Q1–Q4) and Sinta (1–2) databases based on predefined inclusion and exclusion criteria, resulting in a final sample of 15 articles. Thematic analysis was applied to identify key patterns and dominant themes within the selected literature. The findings indicate that global auditing practices increasingly utilize machine learning, natural language processing, and robotic process automation to support risk-based auditing, fraud detection, and continuous auditing. AI implementation has been shown to significantly enhance audit efficiency, accuracy, and overall audit quality. Nevertheless, several challenges persist, including high technology investment costs, ethical and data privacy concerns, limitations in auditor competencies, and infrastructure constraints, particularly in developing countries. Comparative analysis reveals that global audit firms are positioned at the innovators and early adopters’ stage, while Indonesia remains at the early majority stage of AI adoption. This study concludes that successful AI implementation in auditing requires an integrated framework that aligns technological readiness, auditor acceptance, and innovation diffusion to sustainably improve audit quality in Indonesia.

Do Audit Committees Strengthen Reporting Quality? Evidence on Profitability, CSR, Liquidity, and Earnings Quality in IDX Firms (2019–2022)

Muhammad Rafi Fachruddin — 2026-03-31

This study investigates how earnings quality (EARNQUAL) is influenced by liquidity, corporate social responsibility (CSR), and profitability, with the audit committee (AC)considered as a moderating factor. This research employs a quantitative design and utilizes secondary data from the Indonesia Stock Exchange (IDX), ESGI database, and public company reports. During the 2019–2022 period, the sample observed 140 companies from industrial and basic materials companies listed on the IDX. Data analysis was performed using SPSS 26.0. This research is based on agency, stakeholder, and legitimacy theories. Despite extensive prior research on earnings quality determinants, empirical evidence on the moderating effectiveness of audit committees in emerging market settings remains inconclusive. The empirical results demonstrate that profitability exerts a positive and statistically significant impact on earnings quality. Conversely, CSR is not found to be significantly associated with earnings quality, while liquidity exhibits a negative effect. Furthermore, the moderation test indicates that the audit committee does not enhance the effects of profitability, CSR, or liquidity on earnings quality. This study contributes to the accounting literature by clarifying the limited governance role of audit committees in enhancing earnings quality when governance structures are homogeneous. The findings imply that strengthening earnings quality in Indonesian firms requires not only formal governance mechanisms but also improvements in the substantive effectiveness of audit committee oversight

Determinasi Audit Report Lag pada Perusahaan Sektor Consumer Cyclicals di Bursa Efek Indonesia

Annisa Dwiransa Salsabila — 2026-03-31

This research investigates the influence of firm operational complexity, auditor specialization, and profitability on the length of audit report lag by focusing on consumer cyclicals sector companies listed on the Indonesia Stock Exchange over the 2021–2024 period. The research population comprises all firms classified under the consumer cyclicals sector that were publicly listed on the Indonesia Stock Exchange throughout the observation period. Samples were selected using a purposive sampling technique based on companies that published complete audited annual financial statements and were not delisted during the research period, resulting in 83 sample companies with a total of 332 observations. This study employs a quantitative approach using secondary data obtained from audited annual financial statements published on the official Indonesia Stock Exchange website. Audit report lag is defined as the time interval, measured in days, between the fiscal year-end and the date on which the audit report is issued. Firm operational complexity is proxied by the natural logarithm of the total number of subsidiaries. Auditor specialization is identified based on the market share held by public accounting firms within the same industry, while profitability is measured using Net Profit Margin. Data analysis is conducted using panel data regression with Random Effect Model approach. The results indicate that firm operational complexity and profitability do not have a significant effect on audit report lag, while auditor specialization has a negative and significant effect. These findings indicate that industry specialized auditors are able to conduct audits more efficiently and reduce audit report lag

Analysis of Sharia Financial Literacy and Trust in Increasing Interest in Digital Sharia Banking Services

Kartina Kartina — 2026-03-31

This study aims to examine the effect of Islamic financial literacy and trust on individuals’ intention to use digital Islamic banking services in Indonesia, given the inconsistencies found in previous empirical studies regarding the roles of these two variables. This research employs a quantitative approach with a survey design, involving 114 respondents who are users and potential users of digital Islamic banking services, selected using a purposive sampling technique. The data were analyzed using multiple linear regression with the assistance of JASP software. The results indicate that both Islamic financial literacy and trust have a positive and significant effect on the intention to use digital Islamic banking services, both partially and simultaneously, with a significance level of p < 0.001. These findings provide empirical evidence that improving individuals’ understanding of Islamic financial principles, accompanied by strengthening trust in banking systems and institutions, plays a crucial role in encouraging the adoption of digital Islamic banking services, particularly among younger generations. The practical implications of this study highlight the importance of developing digital Islamic banking strategies that integrate Islamic financial literacy education, information transparency, and the enhancement of system security and reliability in order to increase public trust and participation.

Literasi Keuangan sebagai Moderator Pelemah: Bukti Empiris Program Kredit Usaha Rakyat pada UMKM Kota Mataram

Ismayadi Armansyah — 2026-03-31

MSMEs are still burdened by limited access to capital and suboptimal financial performance. The People's Business Credit (KUR) program is seen as a policy solution, but evidence of its utilization mechanism is still limited. This quantitative study examines the effect of KUR on the financial performance of MSMEs in Mataram City and the moderating role of financial literacy in a sample of 100 respondents using SEM-PLS analysis. The results show that KUR has a positive and significant effect on financial performance indicators (turnover, profit, and capital capacity). Meanwhile, financial literacy functions as a counterbalancing moderator that reduces the effectiveness of KUR, indicating a mechanism of prudence that restrains credit utilization. These findings not only strengthen empirical evidence on the benefits of access to financing, but also offer a theoretical contribution, namely that financial literacy does not always act as a reinforcer. The financial literacy theory model needs to be expanded to accommodate negative moderation effects through financial behavior mechanisms and fund usage selectivity. Practically, the results emphasize that KUR policies should combine credit distribution with behavioral interventions and operational assistance so that financing programs can encourage productive investment rather than merely increasing fund usage conservatism.

Determinan Pencegahan Kecurangan dalam Pengelolaan Dana Desa di Kecamatan Pelaihari Kabupaten Tanah Laut

Astia Putriana — 2026-03-31

The purpose of this study was to examine how the competence, accountability, and transparency of village officials influence their ability to prevent fraud in village fund management. This study involved village officials in Pelaihari Regency. Purposive sampling resulted in 75 respondents. This study collected data through questionnaires. Data analysis techniques used included descriptive statistical analysis, data quality testing, classical assumption testing, multiple linear regression analysis, and hypothesis testing. The results showed that the competence and transparency of village officials did not influence fraud prevention, while accountability did. This suggests that fraud prevention efforts in village fund management are more effective if implemented through increased accountability of village officials, such as regular reporting, clear accountability, and consistent oversight of every use of village funds. Previous research has emphasized fraud detection, while prevention mechanisms at the village level are still limited. This study contributes by developing a fraud prevention model based on the Fraud Diamond in the context of village fund governance. These findings provide practical implications that local governments and policymakers need to emphasize strengthening accountability and monitoring mechanisms as a primary strategy in preventing fraud and improving the quality of village financial governance.

Pengaruh Perputaran Modal Kerja, Pertumbuhan Penjualan, dan Perputaran Persediaan terhadap Kinerja Keuangan dengan Struktur Modal sebagai Variabel Moderasi

Josephin Kezia — 2026-03-31

This study aims to examine the impact of working capital turnover, sales growth, and inventory turnover on financial performance, with capital structure as a moderating variable, in manufacturing companies listed on the Indonesia Stock Exchange during the 2022-2024 period. The panel data includes 153 companies, resulting in 459 observations, which were then filtered outliers to 359 observations. The analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with a pooled Ordinary Least Squares (OLS) approach. The findings reveal that working capital turnover and inventory turnover have a positive and significant effect on financial performance (p < 0.05), while sales growth is insignificant (p > 0.05). Furthermore, capital structure is not shown to moderate this relationship. These results imply that financial performance is more influenced by operational efficiency than by financing.

Sustainability Signals in Emerging Markets: The Effect of ESG Disclosure and Profitability on Stock Returns with Firm Size as a Moderator (Evidence from LQ45 Index, 2020–2024)

Shita Debby Fardeliah — 2026-03-31

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and Return on Assets (ROA) on stock returns, with firm size as a moderating variable, in companies listed in the LQ45 index during the 2020–2024 period. The research adopts a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample consists of 24 firms selected through purposive sampling. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that ESG disclosure and ROA have a positive and significant effect on stock returns. ROA emerges as the most dominant factor, highlighting that profitability remains a primary signal for investors in the Indonesian capital market. Firm size also has a positive effect on stock returns. In terms of moderation, firm size does not moderate the relationship between ESG disclosure and stock returns, but it strengthens the effect of ROA on stock returns. These findings suggest that profitability signals from larger firms are perceived as more credible by investors, while the impact of ESG disclosure is consistent regardless of firm size. This study contributes to the sustainable finance literature and provides practical implications for investors, corporate management, and capital market regulators.

Determinants of Two-Wheeled Motor Vehicle Taxpayer Compliance at UPPD Samsat Banjarmasin

Nabilla Rizqa Mustafa — 2026-03-31

This study investigates the factors determining motor vehicle tax compliance among owners of two-wheeled vehicles in Banjarmasin, Indonesia, by evaluating both the combined and individual contributions of fiscal policy incentives and behavioral factors. Consistently low compliance rates among registered vehicle owners continue to hinder local tax revenues, highlighting the urgency of identifying the reasons influencing compliance behavior. This study aims to analyze the simultaneous and partial effects of the tax amnesty program, transfer fee exemptions, taxpayer awareness, tax understanding, and service quality on taxpayer compliance at UPPD Samsat Banjarmasin I. Utilizing quantitative methods along with sampling techniques by applying criteria that are in accordance with the purpose of research, namely purposive sampling, grounded in the Theory of Planned Behavior (TPB) and Compliance Theory. Primary data were obtained from 99 registered taxpayers via a structured questionnaire and subsequently analyzed through multiple linear regression using IBM SPSS version 26. The findings demonstrate that the tax amnesty program, taxpayer awareness, tax understanding, and service quality each have a positive and significant effect on taxpayer compliance, while the transfer fee exemption has a negative and significant effect. The overall model explains an adjusted R² of 72.5% of the variance in taxpayer compliance. These results indicate that long-term compliance is influenced more by cognitive and institutional factors than by short-term fiscal incentives. This study extends existing literature by combining tax policy instruments with behavioral determinants within the framework of the Theory of Planned Behavior, specifically in the context of regional taxation.

Sisi Terang dan Gelap Narsisme CEO: Analisis Tinjauan Pustaka Sistematis

Ruth Stephanie Tambun — 2026-03-31

The topic of CEO characteristics that is being discussed is CEO narcissism. This study aims to analyze the impact of CEO narcissism on company performance and reveal the good and bad sides of CEO narcissism through a systematic literature review of 56 articles indexed by Scopus and Sinta. The results of the literature review show that there is still inconsistency in the results of research on the application of narcissistic CEOs to company performance. The good side of CEO narcissism is conservative, innovative, internationalization, and strategic and appropriate decision making. The bad side of CEO narcissism is opportunism, self-oriented and abusive leadership style, which increases tax avoidance, weakens internal supervision, and increases debt financing. Companies need effective and efficient supervision of CEO narcissism and risk management. Companies must also ensure that the company's work culture is not influenced by the bad side of CEO narcissism. Further research is needed to understand the long-term impact of narcissistic leadership styles, the best mitigation mechanisms, and differences in the influence of CEO narcissism across cultural and industrial contexts.

Institutionalizing Sustainable Finance and Carbon Markets: Evidence from an Emerging Economy Stock Exchange

Dwi Nova Wijaya — 2026-03-31

This study examines the role of the Indonesia Stock Exchange (IDX) as an institutional driver of sustainable finance and carbon market development in an emerging economy context. Drawing on longitudinal sustainability report data spanning 2018 to 2024, the study applies institutional theory and qualitative longitudinal content analysis to trace IDX's transformation from a reactive, compliance-oriented organization under POJK No. 51/2017 into a proactive ecosystem builder advancing Environmental, Social, and Governance (ESG) infrastructure across Indonesian capital markets. The findings reveal a progressive institutionalization trajectory unfolding across three distinct phases: regulatory compliance (2018–2019), ecosystem construction (2020–2022), and innovation leadership (2023–2024). Over this period, IDX launched multiple ESG indices including the ESG Leaders Index (ESGL), integrated the Sustainalytics ESG Risk Rating, joined the United Nations Sustainable Stock Exchanges (UN SSE) initiative, established the Bursa Karbon Indonesia as Southeast Asia's first regulated carbon exchange, and introduced the IDX Net Zero Incubator. Quantitative performance data document growing ESG product adoption, with net asset value reaching IDR 7.18 trillion in 2024, alongside early carbon market growth reflected in 100 registered participants and 420,987 tonnes of CO?eq retired. Nevertheless, structural barriers persist, including limited market participant awareness, carbon price discovery challenges, and insufficient ESG data comparability across market actors. Theoretically, this article contributes to the nascent literature on Self-Regulatory Organizations (SROs) as active agents of sustainable finance institutionalization, while extending the application of institutional theory to capital market contexts in developing economies.

Understanding the Impact of FDI, Government Spending, and Inflation on Local Tax Ratio: The Role of Corruption in Indonesia

Lalu Hizby Briliansyah — 2026-03-31

This study analyzes the effects of Foreign Direct Investment (FDI), government expenditure, and inflation on the local tax ratio in Indonesia, while examining whether corruption conditions these relationships. The local tax ratio is employed as a partial indicator of local tax effort, reflecting the effectiveness of subnational governments in mobilizing locally assigned tax revenues within the institutional constraints of fiscal decentralization. Using balanced panel data from 33 Indonesian provinces over the period 2015–2024, the study applies a moderated regression analysis (MRA) to estimate both direct and interaction effects. The results indicate that government expenditure has a positive and statistically significant effect on the local tax ratio, whereas inflation exerts a significant negative effect. The effect of FDI is positive in baseline estimations but loses statistical significance after accounting for institutional interactions. Further analysis shows that corruption significantly moderates the relationship between government expenditure and the local tax ratio by weakening its positive fiscal impact, while its moderating effects on the relationships involving FDI and inflation are not statistically significant. These findings suggest that improvements in governance quality and public financial management are essential to enhance the effectiveness of public spending in strengthening local tax ratio, while also highlighting the structural limitations faced by local governments in translating investment and macroeconomic conditions into higher tax revenues.

Audit Quality and Idiosyncratic Stock Price Volatility: Evidence from Auditor Tenure and Big Four Auditors in Indonesian Non-Financial Firms

Andhita Rosy Febrina — 2026-04-01

This study examines the relationship between auditor tenure, audit firm size, and idiosyncratic stock price volatility. Idiosyncratic volatility reflects firm-specific risk arising from uncertainty related to a company’s future performance. Using a sample of non-financial firms listed on the Indonesia Stock Exchange during the period 2013–2017, this study employs annual financial statements, audit reports, and weekly stock price data. Idiosyncratic stock price volatility is measured using the Stock Price Idiosyncratic Volatility (SPIV) approach derived from the market model. Multiple linier regression is applied to test the hypotheses. The results show that auditor tenure has a significant negative effect on idiosyncratic stock price volatility, indicating that longer auditor–client relationships improve auditors’ understanding of client operations and enhance financial reporting credibility. Furthermore, firms audited by Big Four audit firms exhibit lower idiosyncratic stock price volatility, suggesting that higher audit quality reduces information asymmetry and firm-specific risk perceived by investors. Several control variables, including trading volume, firm size, market-to-book ratio, and business segments, are also found to significantly influence idiosyncratic volatility. These findings highlight the role of audit quality as an important governance mechanism that improves information transparency and contributes to more stable stock prices in the Indonesian capital market.

Literasi Keuangan dan Keberlanjutan UMKM: Mediasi Ketangguhan Kewirausahaan dan Akses terhadap Keuangan

Rani Utrojah — 2026-03-31

This study aims to examine the effect of financial literacy on MSMEs’ business sustainability, with entrepreneurial resilience and access to finance serving as mediating variables among MSMEs in Bengkulu City. The population of this study comprises 34,600 registered and active MSMEs in Bengkulu City. Using purposive sampling with criteria that MSMEs have been operating for at least two years and maintain financial records, a total of 120 respondents were selected. This research adopts a quantitative approach, collecting data through structured questionnaires and analyzing them using Structural Equation Modeling with Partial Least Squares (SEM-PLS). The results demonstrate that financial literacy has a positive and significant effect on entrepreneurial resilience, access to finance, and business sustainability. Furthermore, entrepreneurial resilience and access to finance both exert positive and significant effects on business sustainability. Mediation analysis confirms that entrepreneurial resilience and access to finance significantly mediate the relationship between financial literacy and business sustainability. These findings indicate that financial literacy plays a strategic role not only in strengthening internal entrepreneurial capacity but also in improving MSMEs’ ability to access external financial resources, which collectively enhance business sustainability. Therefore, efforts to improve MSMEs’ sustainability in Bengkulu City should emphasize comprehensive financial literacy development that integrates financial management skills, psychological resilience, and financial inclusion to ensure long-term business viability and competitiveness.

Peran Pelepasan Moral dalam Hubungan antara Kepemimpinan Etis dan Pengambilan Keputusan Tidak Etis pada Akuntan di Indonesia

Lilianawati Lilianawati — 2026-03-31

This study aims to analyze the role of individual moral mechanisms in explaining the relationship between ethical leadership and unethical decision tendencies in professional accountants. This study examines the influence of moral detachment on unethical decisions and the role of such construct mediation in the relationship between ethical leadership and unethical decisions. The research uses a quantitative approach with a causal design. Data was collected through a questionnaire survey of 281 professional accountants in Indonesia who were selected using purposive sampling techniques. Data analysis was carried out using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results of the study show that moral detachment has a positive and significant effect on unethical decisions. Ethical leadership has a negative and significant effect on moral liberation. Moral detachment has been shown to mediate the relationship between ethical leadership and unethical decisions. The direct influence of ethical leadership on unethical decisions is insignificant. These findings confirm that moral mechanisms are the main pathway in explaining accountants' unethical behavior. This study expands on Social Cognitive Theory by demonstrating a full mediation mechanism through moral detachment in linking ethical leadership and unethical decision-making. These findings confirm that internal moral mechanisms play a central role in explaining unethical decisions in the accounting profession. Ethical leadership functions as a shaper of self-regulation and an individual's moral orientation, not as a direct control of behavior. The implications of the study emphasize the importance of strengthening ethical leadership that focuses on preventing moral rationalization and forming ethical awareness in the education, training, and governance of the accounting profession in Indonesia.

Dark Triad and Religiosity: Competing Forces Shaping Ethical Perceptions of Accounting Students

Maylaffayza — 2026-03-31

Ethical breaches involving accountants have emerged as a significant issue in Indonesia, with various financial scandals exposing ongoing flaws in professional ethics. Even though there is conformity with International Education Standards (IES) 4, the way students view the effectiveness of ethics education is still notably low. This research examines how the desire for money, Machiavellian traits, narcissistic tendencies, and religious beliefs impact the ethical outlook of accounting students in Indonesian universities. A quantitative method was employed, gathering primary data via online surveys from 228 undergraduate accounting students who had taken a Professional Ethics course. The analysis utilized Partial Least Squares Structural Equation Modeling (PLS-SEM) through WarpPLS 8. 0 software. Results showed that Machiavellianism and narcissism negatively influence students’ ethical views significantly, while religiosity positively affects them. In contrast, the desire for money did not demonstrate a noteworthy impact on these ethical perceptions. The model designed accounted for 35% of the variance in ethical perceptions. These findings imply that religiosity serves as a protective moral factor that can lessen the harmful impacts of Dark Triad personality characteristics. The research highlights the necessity of incorporating ethical education and spiritual intelligence within accounting programs to enhance ethical awareness and integrity among future accounting professionals.

Pengaruh Risk-Based Internal Auditing dan Kompetensi Auditor terhadap Efektivitas Audit Internal: Peran Moderasi Budaya Organisasi

I Putu Laksmana Narayana — 2026-03-31

This study examines the effects of risk-based internal auditing (RBIA) and internal auditor competence on internal audit effectiveness, as well as the moderating role of organizational culture in the public sector. Despite extensive research on internal audit effectiveness in the public sector, prior studies report inconsistent findings regarding the role of technical factors and organizational context, particularly the moderating effect of organizational culture in highly regulated environments. This study adopted a quantitative approach using a survey method with a saturated sampling technique, involving 59 internal supervisory officials at the Regional Inspectorate of Denpasar City. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with an interaction-based moderation model through SmartPLS to examine both direct and moderating relationships among variables. The results revealed that RBIA and internal auditor competence positively and significantly affect internal audit effectiveness. However, organizational culture does not significantly moderate these relationships, indicating that technical and professional factors operate independently of organizational context. This study extends the public sector auditing literature by providing empirical evidence on the limited role of organizational culture as a moderating variable in highly regulated environments and by reinforcing the relevance of stewardship theory in explaining internal audit effectiveness. Practically, the findings suggest that public sector internal audit institutions should prioritize strengthening RBIA implementation and enhancing auditor competence to improve audit effectiveness.

Determinan Pengungkapan Emisi Karbon pada Perusahaan Sektor Energi di Indonesia: Peran Capital Expenditure, Financial Slack, dan Firm Size (2020–2024)

Aimatul Musyarofah — 2026-03-31

The increasing demand for environmental accountability has encouraged companies to enhance transparency in carbon emission disclosure, particularly following the implementation of mandatory sustainability reporting regulations in Indonesia. However, prior studies on carbon emission disclosure predominantly focus on cross-industry samples and pre-regulation periods, resulting in limited empirical evidence from high-emission and regulation-sensitive sectors. This study examines the influence of capital expenditure, financial slack, and firm size on carbon emission disclosure in energy sector firms listed on the Indonesia Stock Exchange (IDX) during the post-sustainability reporting mandate period (2020–2024). Using a quantitative approach, secondary data from annual and sustainability reports are analyzed through multiple linear regression analysis with classical assumption tests using IBM SPSS 26. The results indicate that capital expenditure and firm size have a significant effect on carbon emission disclosure, while financial slack shows no significant influence. This study extends prior carbon emission disclosure research by providing updated empirical evidence from Indonesian energy companies during the post-sustainability reporting mandate period (2020–2024), providing updated empirical evidence within a high-emission and regulation-sensitive sector. From a theoretical perspective, the findings support legitimacy theory by demonstrating how firms respond to regulatory and societal pressures through enhanced disclosure practices. Practically, the results offer insights for regulators and corporate managers in formulating effective sustainability reporting policies and strengthening environmental transparency in high-emission industries.

Financial Distress and Corporate Tax Avoidance: Does Profitability Matter?

Lady Karlinah — 2026-03-31

This study explores the association between financial crisis and business tax avoidance, utilizing profitability as a moderating variable and audit committee effectiveness as a governance device. There is conflicting evidence in previous research about whether financially troubled companies act aggressively when it comes to taxes. This study uses a random effect regression model to examine the suggested associations using panel data from 121 listed businesses throughout the 2022–2024 period. The effective tax rate measures corporate tax evasion, whereas financial distress indicators and return on assets measure financial distress and profitability. The data show that financial difficulty does not affect corporation tax evasion. However, profitability considerably moderates the link between financial distress and tax avoidance, showing that financially distressed firms with higher profitability are more likely to dodge taxes. Furthermore, tax evasion is significantly impacted negatively by audit committee effectiveness, underscoring the importance of internal governance in preventing opportunistic tax conduct. These data imply that business tax avoidance is driven by financial capacity and governance supervision rather than financial pressure alone.

Kinerja Environmental, Social, dan Governance (ESG) dan Penghindaran Pajak: Peran Moderasi Kualitas Institusi di ASEAN

Rosmaryam Rosmaryam — 2026-03-31

This study aims to examine the effect of Environmental, Social, and Governance (ESG) performance on corporate tax avoidance and to analyze the moderating role of institutional quality in the context of non-financial firms across Southeast Asia (ASEAN), specifically Indonesia, the Philippines, Thailand, and Vietnam during the period 2017–2023. This research employs a quantitative explanatory approach using an unbalanced panel dataset comprising 1,344 firm-year observations. Tax avoidance is proxied by the Effective Tax Rate (ETR) as the primary measure and Book–Tax Difference (BTD) as a robustness check. ESG scores are obtained from the Bloomberg database, while institutional quality is measured using Regulatory Quality and Control of Corruption indicators from the World Governance Indicators. The analysis is conducted using panel data regression with a Random Effect Model (REM) and moderation interaction testing, processed through STATA. The results indicate that ESG performance has a negative and statistically significant effect on tax avoidance, suggesting that firms with stronger sustainability commitments tend to exhibit higher fiscal compliance. Furthermore, institutional quality strengthens this negative relationship, implying that ESG is more effective in constraining tax avoidance practices in countries with stronger institutional environments. Robustness tests using BTD and additional country-level analyses confirm the consistency of the findings, although the magnitude of the effect varies across countries. This study is limited by its reliance on quantitative proxies that may not fully capture the substantive implementation of ESG practices. Theoretically, the findings reinforce the integration of Agency Theory, Legitimacy Theory, and Institutional Theory in explaining corporate tax behavior. Practically, the results highlight the importance of strengthening institutional quality and promoting credible ESG implementation to enhance corporate tax compliance in ASEAN. Future research may explore the individual dimensions of ESG and address potential endogeneity using advanced econometric techniques

Evaluasi Penerapan PSAK 72 dan Implikasinya terhadap Likuiditas, Solvabilitas, dan Profitabilitas PDAM Surya Sembada Surabaya

Noer Khofifah Apriliana — 2026-03-31

The development of accounting standards requires companies to present transparent and reliable financial reports, especially in revenue recognition. The implementation of Statement of Financial Accounting Standards (PSAK) 72 regarding revenue from contracts with customers has the potential to cause changes in the financial performance of companies, including Regionally Owned Enterprises (BUMD) such as the Regional Drinking Water Company (PDAM). This study aims to analyze the impact of the implementation of PSAK 72 on the financial performance of PDAM Surya Sembada Surabaya as measured by liquidity, solvency, and profitability ratios. The research method used is a comparative quantitative approach using secondary data in the form of PDAM Surya Sembada Surabaya's financial statements for the period 2019–2020. The analytical tools used include financial ratio analysis and comparative tests before and after the implementation of PSAK 72. The results of the study indicate that the implementation of PSAK 72 causes changes in the pattern of revenue recognition that impacts liquidity and profitability ratios, while the solvency ratio tends to be relatively stable. These changes reflect the adjustment of accounting policies in financial reporting after the implementation of the new standard. The implications of this research show that the implementation of PSAK 72 can improve the quality of PDAM financial reports by presenting more relevant, transparent and accountable information, and can be used as evaluation material for management and local governments in making financial decisions.

Integration of Shariah Audit and Shariah Governance in Supporting ESG Compliance: A Systematic Literature Review

Susi Astuti — 2026-03-31

The growing global attention to Environmental, Social, and Governance (ESG) practices has prompted Islamic financial institutions to strengthen governance systems and oversight mechanisms oriented toward sustainability. Within the context of Islamic finance, ESG principles exhibit normative alignment with Shariah values, particularly the objectives of maqasid al-shariah, which emphasize justice, public interest (maslahah), and accountability. Nevertheless, studies that comprehensively integrate the roles of Shariah Audit and Shariah Governance in supporting ESG compliance have largely evolved in parallel and have not yet been systematically synthesized in the literature.
This study aims to synthesize the contributions of Shariah audit and Shariah governance in promoting ESG compliance within Islamic financial institutions, while also identifying existing conceptual, methodological, and implementation gaps. A systematic literature review was employed, guided by the PRISMA framework, covering 162 articles retrieved from the Scopus database. The selected studies were analyzed using thematic synthesis combined with bibliometric mapping to identify dominant themes, conceptual patterns, and trajectories of research development.
The findings indicate that Shariah governance serves as a primary foundation for strengthening ESG compliance, particularly through oversight mechanisms, transparency, and accountability that exert a significant influence on the social and governance dimensions. Meanwhile, Shariah audit especially risk-based internal audit and integrated audit models—contributes to enhancing credibility and assurance functions. However, its role in the ESG context remains relatively limited and faces challenges related to auditor competencies and the lack of standardization. The conceptual integration of maqasid al-shariah and ESG principles is also viewed as a promising ethical governance paradigm, yet it has not been fully translated into applicable operational frameworks.
Overall, this study underscores the strategic role of Shariah audit and Shariah governance in advancing ESG compliance within Islamic financial institutions, while revealing regulatory, methodological, and implementation gaps that warrant further attention. The findings highlight the importance of developing more standardized frameworks, strengthening human capital capacity, and expanding empirical validation to optimize the effectiveness of Shariah audit and align Islamic financial practices with global sustainability standards

Determinan Nilai Perusahaan Emiten Manufaktur BEI 2022-2024 Dengan Ukuran Perusahaan Sebagai Variabel Moderasi

Margareta Febe — 2026-04-07

Nilai perusahaan menjadi indikator keberhasilan manajemen dalam mengelola sumber daya Nilai perusahaan yang tinggi mencerminkan risiko gagal bayar yang rendah, sehingga memudahkan perusahaan mendapatkan pinjaman bank dengan suku bunga yang kompetitif. Sektor manufaktur memegang peranan krusial sebagai tulang punggung ekonomi nasional, namun fluktuasi indeks harga saham serta ketatnya persaingan industri menuntut setiap entitas untuk terus meningkatkan nilai perusahaannya sebagai cerminan dari kemakmuran pemegang saham. Penelitian ini bertujuan untuk menguji dan menganalisis faktor – faktor yang mempengaruhi Nilai Perusahaan Emiten Manufaktur BEI 2022-2024 Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Populasi yang digunakan adalah perusahaan Sektor Manufaktur Idx-Ic Periode 2022- 2024. Pengambilan sampel dengan teknik purposive sampling. Metode yang digunakan adalah metode kuantitatif dengan menggunakan data sekunder berupa laporan keuangan tahunan perusahaan. Analisis linier berganda digunakan dalam proses analisis data. Pengujian juga telah memenuhi uji asumsi klasik dan Uji F . Kesimpulan dalam penelitian ini adalah bahwa variabel yang memiliki pengaruh signifikan terhadap nilai perusahaan adalah Pertumbuhan Penjualan (Sales Growth) sedangkan variabel lainnya seperti Profitabilitas dan Leverage tidak memiliki pengaruh yang signifikan . Ukuran perusahaan sebagai variabel moderasi tidak mampu memperkuat maupun memperlemah hubungan pengaruh antara profitabilitas terhadap nilai perusahaaan. Besar kecilnya rasio atau aset dianggap tidak menjamin efisiensi dan keuntungan sehingga tidak memberikan dampak terhadap nilai perusahaan. Sinyal – sinyal seperti peningkatan penjualan antar periode lebih mampu memberikan dampak signifikan terhadap peningkatan Nilai suatu perusahaan. Penelitian selanjutnya disarankan untuk menambahkan variabel non keuangan seperti komite audit atau komisaris independen untuk melihat pengaruhnya terhadap nilai perusahaan

Determinants Determinants of Firm Value in LQ45 Companies Listed on the Indonesia Stock Exchange

Lulu Ayu Afriyani — 2026-03-31

This study aims to analyse the effect of profitability, liabilities, dividend policy, capital structure, and asset turnover on firm value in companies listed on the LQ45 index of the Indonesia Stock Exchange (IDX) for the period 2021–2024. Firm value is measured using the Price to Book Value (PBV) ratio, while the independent variables consist of Return on Assets (ROA), Debt to Asset Ratio (DAR), Dividend Payout Ratio (DPR), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO). This study employs a quantitative approach using secondary data derived from the financial statements of LQ45 companies. Sample selection was conducted through purposive sampling, resulting in 19 companies with a total of 72 observations after excluding 4 outlier data. Data were analysed using multiple linear regression with SPSS version 25, complemented by classical assumption tests, F-test, t-test, and coefficient of determination. The results of the t-test indicate that profitability, liabilities, and asset turnover have a significant effect on firm value, whereas dividend policy and capital structure do not have a significant effect. Furthermore, the F-test results demonstrate that profitability, liabilities, dividend policy, capital structure, and asset turnover simultaneously have a significant effect on firm value. These findings provide empirical evidence that firm value in LQ45 companies is primarily driven by profitability, efficient asset utilisation, and optimal liability management, and are expected to serve as a reference for investors and management in formulating strategies to enhance firm value.

Peran Sustainability Reporting dalam Hubungan Profitabilitas dengan Nilai Perusahaan Sektor Consumer Non-Cyclical

Virginia Yuli Pratama — 2026-03-31

The consumer non-cyclical sector faces a dual challenge in the post-pandemic era in maintaining profit levels in a competitive market while simultaneously meeting the demands of investors who are increasingly critical regarding sustainability issues. This research aims to examine and analyze the role of sustainability reporting as a strategy to strengthen the influence of profitability on firm value. Using a purposive sampling method, 68 observations were obtained from companies listed on the Indonesia Stock Exchange for the 2022-2024 period. Data were analyzed using Hierarchical Moderated Regression Analysis. Profitability is measured through the ratio of net income to total assets, firm value is measured by the price to book value ratio, and sustainability reporting is assessed using a global reporting standard disclosure indeks 2021. The results show that profitability consistently has a positive and significant effect on firm value. However, Sustainability Reporting partially does not have a significant effect. Interestingly, the interaction test proves that Sustainability Reporting acts as a Moderator that significantly strengthens the relationship between profitability and firm value. This implies that in a competitive market, sustainability disclosure serves as a strategic "ethical validation" that captures market trust, thereby increasing the valuation of profitable companies. The results of this study provide input for management to integrate sustainability strategies into financial operations to achieve optimal market valuation.

Auditor Reputation vs Governance: What Drives Audit Quality in Indonesia’s Transportation & Logistics Sector (2020–2024)?

Setyorini Yuliati — 2026-03-31

Audit quality is an essential factor that affects financial reporting, especially among emerging markets, including sectors that belong to risky industries, such as transportation and logistics. This research aims to investigate several factors, such as auditor gender, audit firm reputation, and audit committee activities, that affect audit quality, especially for companies listed on the Indonesia Stock Exchange that belong to the transportation and logistics industry. This research used balanced panel data that includes companies from 2020 to 2024, where audit quality is measured according to discretionary accrual figures from Modified Jones Model regression including control variables for firm sizes, leverage, and profitability. Audit committee is found to have a positive and significant correlation with discretionary accrual figures, indicating lower audit quality while auditor gender and audit firm reputation have no relationship with audit quality. The research also finds profitability to be positively related with audit quality, whereas firm size and leverage were not related to audit quality. The research contributes to audit quality in terms of emerging economies, considering specific studies in Indonesian transportation and logistical companies, utilizing discrete accrual modelling, which represents earnings management signals to proxy audit quality. Practically, the findings imply that regulators, audit firms, and issuers should place greater emphasis on the effectiveness of governance mechanisms rather than relying on audit firm reputation or individual auditor characteristics as signals of better audit quality.

FOMO, Overconfidence, and Influencers: Key Drivers of Cryptocurrency Investment Behavior

Muhammad Akmal At thariq — 2026-03-31

This research examines the psychological and social factors that influence how university students in Malang make investment decisions. This research applied a quantitative approach and engaged 251 participants who were chosen through a purposive sampling method in accordance with established selection criteria. The research utilized a purposive sampling technique to determine the data. Furthermore, it applied Partial Least Squares Structural Equation Modeling (PLS-SEM) to evaluate both direct effects and moderating interactions among the variables. The findings demonstrate that fear of missing out (FOMO) and overconfidence exert a positive and statistically significant influence on investment decisions. Nevertheless, the presence of influencers attenuates the influence of fear of missing out (FOMO) on investment decisions and fails to moderate the relationship between overconfidence and investment decisions. In general, psychological and social factors continue to shape students’ investment decision-making behavior. The research shows the importance of enhancing financial literacy, particularly among students with limited experience in engaging with high-risk instruments such as cryptocurrency. Controlling the level of overconfidence is very important so that decisions are not influenced by emotions but are based on rational analysis. This research advances the literature by incorporating fear of missing out (FOMO), overconfidence, and influencer involvement as explanatory factors in understanding students’ cryptocurrency investment decisions. This research provides additional insight by introducing a practical model that demonstrates the significance of psychological and social elements among university students in the context of investment.

Institutional Ownership Memoderasi Pengaruh Komite Keberlanjutan, Jenis Industri Dan Penghargaan Terhadap Sustainability Reporting

Tabita Novikurniasari Harijanto — 2026-03-31

This study aims to analyze the influence of sustainability committees, industry types, and awards on sustainability reporting, and to examine the role of institutional ownership moderation in non-financial companies listed on the Indonesia Stock Exchange (IDX). The sample consists of 224 companies from 11 major sectors based on the IDX-IC classification, with active criteria registered by the end of 2024 and publishing identifiable sustainability reporting. The analysis method used multiple linear regression and Moderated Regression Analysis (MRA). The results showed that sustainability and awards committees had a positive, significant influence on sustainability reporting, whereas industry type did not. In addition, institutional ownership does not significantly moderate the relationship between sustainability committees, industry types and rewards for sustainability reporting. These findings suggest that institutional investors have not used sectoral characteristics or sustainability awards to assess the strength of a company's ESG signals, thereby failing to strengthen sustainability reporting practices. Theoretically, the study broadens the understanding of the application of signal theory in developing countries, while practically providing implications for management, regulators, and investors to strengthen sustainability governance, drive ESG transparency, and balance financial orientation with long-term sustainability commitments.

Pengaruh Green Finance, Struktur Modal, dan Kinerja Lingkungan Terhadap Profitabilitas Pada Perusahaan Pertambangan

Ni Wayan Indah Mahayani — 2026-03-31

This study investigates the influence of green finance, capital structure, and environmental performance on the profitability of mining sub-sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative research approach was employed using secondary data obtained from annual reports and sustainability reports. The study population consisted of 33 companies, and purposive sampling based on predetermined criteria produced 132 firm-year observations. Data were analyzed using multiple linear regression, preceded by classical assumption tests and hypothesis testing through partial and simultaneous tests. Profitability was measured using Return on Assets (ROA), green finance was proxied by the Green Coin Rating (GCR), capital structure was measured using the Debt to Equity Ratio (DER), and environmental performance was evaluated using the Company Environmental Management Performance Assessment Program (PROPER) rating. The results indicate that green finance has a positive and significant effect on company profitability, while capital structure has a negative and significant effect. In contrast, environmental performance does not show a significant effect on profitability. Simultaneously, green finance, capital structure, and environmental performance significantly influence profitability. These findings suggest that corporate financial performance is shaped not only by financial structure but also by the adoption of sustainable financial practices, highlighting the importance of integrating financial management with sustainability strategies.

Determinants of Financial Behavior among Civil Servants: Evidence from LPP RRI Tarakan (Financial Literacy, Income, and Locus of Control)

Rizki Muhamad Arif — 2026-03-31

The "SK Pawning" phenomenon has become a unique phenomenon that is increasingly being carried out by civil servants at LPP RRI Tarakan. This phenomenon is an easy solution and the safest alternative to meet financial needs. The convenience provided by the banking sector includes fast service, affordable life insurance costs, low interest rates, and status that does not have to be civil servants (PNS), but those who are still CPNS and PPPK can still pawn SK to obtain loans with a tenor of up to 15 years. Having ASN status with a stable income is a privilege to obtain loans easily and quickly. The loan funds obtained are used for various purposes, ranging from consumption, paying debts, consumptive spending to purchasing assets. The amount of income owned by civil servants can influence behavior in managing their finances. A person's locus of control can also influence how individuals manage their money. The study aims to analyze Factors Influencing Financial Conduct of Government Employees: A Case Study at LPP RRI Tarakan. In this study, the researcher applied a quantitative approach with an ex-post facto research nature. The sample used in this study was all ASN as of November 2025. Data were examined using classical assumption procedures followed by multiple regression analysis method. Based on the F-test hypothesis analysis, the results obtained showed that the F_calculated value = 30.564 > F_table = 2.751. While Adj R² = 0.573 (57.3%) and ? Income = 0.725; ? FinLit = 0.495; ? LOC = 0.414. The results the findings demonstrate that financial knowledge, earnings, and self-control orientation significantly enhance financial conduct. The existence of good financial knowledge, income and locus of control can influence ASN at LPP RRI Tarakan enabling better money management, lowering economic pressure, and enhancing quality of life.

Pengaruh Capital Intensity, Inventory Intensity, dan Sales Growth terhadap Tax Avoidance pada Perusahaan Manufaktur

Dwi Fara — 2026-03-31

This study investigates the influence of capital intensity, inventory intensity, and sales growth on tax avoidance among manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange. Tax revenue represents a primary source of government income; however, companies frequently employ tax avoidance mechanisms to reduce their fiscal obligations. Firm characteristics, particularly asset composition and revenue growth, are regarded as important factors that may influence a company’s tendency to engage in tax avoidance practices.

The population of this study consists of 98 companies observed during the 2022–2024 period. Through a purposive sampling technique, 44 companies that met the research criteria were selected as the sample. The data used are secondary data obtained from the companies’ annual financial statements. Data analysis was conducted using descriptive statistics, classical assumption tests, and multiple linear regression analysis with the assistance of SPSS Version 26. The results indicate that capital intensity has a positive effect on tax avoidance, as companies with a higher proportion of fixed assets can utilize depreciation expenses to reduce taxable income. In contrast, inventory intensity does not show a significant effect on tax avoidance. Sales growth has a positive and statistically significant influence, meaning that companies experiencing higher revenue growth are more likely to implement tax management strategies to reduce their increasing tax liabilities.

Selective Auditor Quality Effects on Audit Report Lag: Evidence from Financial Risk and R&D Complexity

Bagas Aditya Putra — 2026-03-31

Prior studies document mixed and inconclusive evidence regarding the determinants of audit report lag (ARL), particularly concerning the role of firm risk and auditor quality in shaping audit timeliness. This study responds to this inconsistency by examining whether auditor quality uniformly enhances audit timeliness or operates conditionally depending on the nature of audit risk. Drawing on agency theory and signaling theory, this study investigates the effects of leverage and research and development (R&D) intensity on ARL, while explicitly testing the contingent role of auditor quality. Using panel data from 17 manufacturing firms listed on the Indonesia Stock Exchange during the 2022–2024 period (51 firm-year observations), this study employs random-effects panel regression with heteroskedasticity-robust standard errors. The results indicate that both leverage and R&D intensity significantly increase audit report lag, reflecting heightened structural financial risk and judgment-intensive audit complexity. However, the moderating analysis reveals a key asymmetry: auditor quality significantly attenuates the positive effect of R&D intensity on ARL, but fails to moderate the relationship between leverage and ARL. These findings demonstrate that the effectiveness of high-quality auditors is selective rather than universal. This study contributes to the audit literature by reconceptualizing auditor quality not merely as a direct determinant of audit timeliness, but as a contingent governance mechanism whose effectiveness depends on the nature of audit risk being more pronounced in mitigating judgment-based complexities arising from innovation activities than structural financial risks.

Faktor-Faktor yang Memengaruhi Kualitas Laporan Keuangan Pemerintah Kabupaten Rokan Hilir

Siska Vadila — 2026-03-31

The quality of local government financial reports reflects the accountability of public financial management. However, the quality of financial reporting in Indonesia is still not optimal, as indicated by the Local Financial Management Index (IPKD) and audit findings issued by the Supreme Audit Agency (BPK), especially in Rokan Hilir Regency. This condition shows the need to identify key factors that affect the quality of local government financial reports. This study aims to test and prove the influence of human resource competence, internal control systems, follow-up on BPK audit results, and the utilization of information technology on the quality of financial reports. This study uses a quantitative approach. The population in this study was all regional apparatus organizations (OPD) in Rokan Hilir Regency. The sampling technique used was purposive sampling, resulting in 26 OPDs as research samples with a total of 78 respondents. The type of data used was primary data obtained through the distribution of questionnaires to respondents. The collected data was then analyzed using SmartPLS software version 4.1.1.4. The results showed that human resource competence, internal control systems, follow-up on BPK audit results, and the utilization of information technology had an effect on the quality of financial reports. This study concluded that internal organizational factors and technological support played an important role in improving the quality of local government financial reports, particularly in OPDs in Rokan Hilir Regency.

When ESG Meets Politics: The Role of Political Connections in Enhancing Firm Value in Indonesia

Al Putri Oktavia — 2026-04-06

The purpose of this study is to examine the effect of ESG performance on firm value. Furthermore, this study also empirically analyzes the moderating role of political connections on the relationship between ESG performance and firm value. This study analyzes non-financial companies listed on the Indonesia Stock Exchange from 2016 to 2023, totaling 1,644. The hypotheses are tested using panel data regression. We also conduct several other tests, such as robustness tests and additional analyses, to deepen the study. This study reveals that ESG performance increases firm value. Furthermore, political connections strengthen the positive effect of ESG performance on firm value. Additional tests align with the main findings. Interestingly, when separating large and small firms, only large firms significantly influence both the direct influence of ESG on firm value and the role of political connections in strengthening this relationship. This study fills an important gap by providing large-sample evidence from an emerging market and demonstrating that political connections are not merely direct value drivers, but institutional mechanisms that amplify the market relevance of ESG practices.

Pengaruh Good Corporate Governance terhadap Integritas Laporan Keuangan dengan Moderasi Kualitas Audit pada Perusahaan Manufaktur di Indonesia

Erma Wulan Sari — 2026-04-01

The integrity of financial statements is a crucial issue due to the potential for manipulation due to conflicts of interest and information asymmetry between management and owners. Research on the influence of Good Corporate Governance on the integrity of financial statements has shown inconsistent results.Most previous studies have focused on the direct influence of GCG on the integrity of financial statements,without considering contingency factors that could potentially strengthen or weaken the relationship. This study aims to examine the influence of corporate governance represented by independent commissioners,audit committees,and institutional ownership on the integrity of financial statements moderated by audit quality in manufacturing companies in the basic industry and chemical sub-sectors listed on the Indonesia Stock Exchange for the 2018-2022 period. This study employed 150 firm-year observations.The sampling method used purposive sampling. The analysis technique used multiple linear regression analysis and the Moderated Regression Analysis (MRA) test with IBM SPSS Statistics 25.The results showed that Independent Commissioners and audit committees influenced the integrity of financial statements,while institutional ownership had no effect.The moderating variable of audit quality moderates the influence of independent commissioners and institutional ownership on financial statement integrity. However,audit quality does not moderate the influence of the audit committee on financial statement integrity.This study strengthens the Good Corporate Governance literature by demonstrating that the effectiveness of GCG mechanisms in enhancing financial statement integrity depends not only on their existence but also on the quality of their implementation. These findings confirm that reducing agency conflicts requires synergy between internal and external mechanisms.

Audit Committee as a Moderator of Audit Report Lag Determinants: Evidence from Indonesian Metal and Mineral Firms (2021–2024)

Ivana Rimba — 2026-03-31

This study empirically examines firm size, audit opinion, audit tenure, and profitability effects on audit report lag (ARL), while exploring audit committee moderating roles. Research concentrates on metal and mineral sector corporations, an industry where financial reporting timeliness is essential for sustaining investor confidence and meeting Indonesia's 90-day regulatory requirement. Study population comprises all metal and mineral corporations listed on Indonesia Stock Exchange during 2021-2024. Employing purposive sampling methodology based on predetermined criteria, 24 corporations were selected, producing 96 firm-year observations. Quantitative research methodology utilized secondary data obtained from published annual financial statements. ARL is measured as the number of days between fiscal year-end and audit report date. Data analysis employed multiple linear regression and Moderated Regression Analysis for evaluating direct and interaction effects. Findings reveal firm size exerts negative yet insignificant effects on ARL, whereas audit opinion, audit tenure, and profitability demonstrate negative and significant influences on audit completion timeliness. Additionally, audit committees strengthen firm size-ARL relationship; nevertheless, they fail moderating audit opinion, audit tenure or profitability-ARL relationships. This study contributes by clarifying the selective role of audit committee monitoring: while it strengthens the firm size-ARL relationship through intensified oversight in large firms, it does not moderate the effects of audit opinion, audit tenure, or profitability on reporting timeliness.Overall, results indicate internal financial performance and external audit characteristics perform critical roles in determining reporting timeliness, emphasizing the importance of optimizing audit committee oversight functions for minimizing audit delays and enhancing financial reporting reliability.

Resiliensi Bisnis Berbasis Digital: Evaluasi Keberlanjutan Praktik Akuntansi Modern pada UMKM di Kota Tangerang

Florencia Irena Lawita — 2026-04-10

Amidst global economic uncertainty, accounting digitalization has become a crucial tool for Micro, Small, and Medium Enterprises (MSMEs) to maintain their existence. However, the transition from traditional accounting to digital systems often faces obstacles in terms of consistency and sustainability of implementation. Tangerang City, as a center of heterogeneous economic activity, provides a unique landscape to evaluate the extent to which modern accounting practices are not only technically adopted but also internalized as a business resilience strategy. This qualitative research aims to explore in-depth the sustainability of modern digital-based accounting practices as a resilience strategy for MSMEs in Tangerang City. The main focus of the research is to understand the dynamics of technology adoption, psychosocial barriers, and long-term use of digital accounting systems. Using a descriptive case study approach, data were collected through in-depth interviews with MSME owners who have integrated accounting applications into their operations, as well as field observations. The research results reveal that business resilience is determined not only by technological sophistication, but by changes in mindset and the integration of financial data into daily decision-making. The sustainability evaluation reveals challenges in the form of digital fatigue and dependence on third-party platform ecosystems. This study concludes that the sustainability of modern accounting practices in MSMEs requires the support of practical communities and ongoing technical assistance from local governments to mitigate the risk of technological discontinuity.

The Impact of Regional Revenue Structures on Regional Financial Independence: Evidence from Banten Province

Lira Diandra — 2026-03-31

This study aims to analyze the regional financial independence. Regional financial independence is measured by the influence of regional revenue structures, which include PAD, DAU, DAK, and DBH. The method used in this study is multiple linear regression data covering 4 regencies and 4 cities in Banten Province over 6 years (2019-2024), yielding a total of 48 observations. The results show that PAD positively influences the regional financial independence. In-depth analysis reveals that this positive influence is driven primarily by Local Tax Revenue, which accounts for most regional revenue, with a sharp disparity in contributions between city and regency areas. Conversely, all transfer revenue components (DAU, DAK, and DBH) negatively affect regional financial independence. These findings indicate that high central government fund flows reduce regional incentives to optimize their independent fiscal potential. Local governments are advised to reduce their dependence on transfer revenue by optimizing Local Taxes through policies that strengthen the local tax base, a crucial step toward achieving sustainable financial independence.

Implementasi Risk-Based Tax Audit dan Digitalisasi Sistem Coretax dalam Meningkatkan Kepatuhan Pajak: Studi Kasus pada KPP Pratama Kebumen

Susi Astuti — 2026-03-31

This study analyzes the implementation of tax audits at the Kebumen Primary Tax Office (KPP Pratama Kebumen) in the context of regulatory reform through Minister of Finance Regulation (PMK) No. 15 of 2025, the adoption of a risk-based audit approach, and the digital transformation of tax administration through the Coretax system. Effective tax audits play an important role in improving taxpayer compliance, ensuring legal certainty, and strengthening accountability in tax administration. Recent regulatory reforms and the digitalization of tax administration have significantly transformed audit procedures, requiring stronger procedural readiness, competent human resources, and integrated data systems to ensure that tax audits are implemented effectively.

This study employs a qualitative phenomenological approach to explore the experiences and perceptions of tax auditors in conducting tax audits following regulatory reform and the implementation of digital tax administration through Coretax. Primary data were obtained through in-depth interviews with informants who have direct experience in the tax audit process. Questionnaires were used as supporting data to capture collective perceptions of tax auditors regarding several dimensions of audit implementation, including regulatory clarity, the application of risk-based audits, auditor competence, and the use of digital technology. Data from interviews and questionnaires were integrated through methodological triangulation to strengthen the credibility of the findings.

The results identify five main themes: procedural consistency and regulatory certainty, the implementation of risk-based audits, data quality as a determinant of audit effectiveness, the dynamics of fiscal corrections and tax disputes, and digital transformation alongside organizational readiness. Overall, tax audits at KPP Pratama Kebumen are aligned with the regulatory framework and are generally perceived as effective. However, the effectiveness of risk-based audit selection and audit outcomes remains highly dependent on data readiness, system integration, and the availability of reliable audit evidence.

Auditor Industry Specialization, Institutional Ownership, and Independent Commissioners on Integrity of Financial Report: The Moderating Role of Audit Quality

Indra Yusuf — 2026-03-31

This study investigates the effect of auditor industry specialization, institutional ownership, and independent commissioners on financial reporting integrity, with audit quality as a moderating variable. The research focuses on consumer goods manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study is motivated by concerns regarding the reliability of financial reporting amid recurring cases of financial statement manipulation that undermine investor and public trust. A quantitative approach is employed using panel data regression and Moderated Regression Analysis (MRA). From a population of 132 firms, 35 companies met the sampling criteria, resulting in 175 firm-year observations. The Fixed Effects Model (FEM) was selected as the most appropriate panel regression model. Financial reporting integrity is treated as the dependent variable, while auditor industry specialization, institutional ownership, and independent commissioners serve as independent variables, with audit quality acting as the moderating variable.

The results show that auditor industry specialization and institutional ownership have a positive and significant effect on financial reporting integrity, whereas independent commissioners do not have a significant effect. Furthermore, audit quality moderates the relationship between auditor industry specialization and financial reporting integrity, strengthening its influence. However, audit quality does not moderate the relationship between institutional ownership or independent commissioners and financial reporting integrity. These findings indicate that external governance mechanisms supported by high audit quality are more effective in improving financial reporting integrity than internal governance mechanisms alone. This study contributes to the accounting and auditing literature and provides insights for regulators, auditors, and corporate management in enhancing the credibility of financial reporting.

Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional terhadap Nilai Perusahaan melalui Kinerja Keuangan pada Perusahaan Indeks LQ45 Pasca Pandemi COVID-19

Raraz Asghari Giffarina — 2026-03-31

This study aims to analyze the effect of managerial ownership and institutional ownership on company value with profitability as an intervening variable in LQ45 index companies listed on the Indonesia Stock Exchange for the period 2021–2023. The study uses a quantitative approach with purposive sampling techniques on 25 companies, resulting in 75 observations. Data analysis was conducted through path analysis and Sobel's test to examine the mediating role of profitability. The results show that managerial ownership and institutional ownership have a significant positive effect on profitability and company value. Profitability was also found to have a positive effect on company value and was able to mediate the relationship between ownership structure and company value. These findings indicate that increased ownership by management and institutions can strengthen oversight mechanisms, improve management efficiency, and encourage an increase in company value. This study provides practical implications for management and investors in designing an optimal ownership structure as part of the implementation of Good Corporate Governance. In addition, the results of this study are expected to serve as a reference for capital market regulators in formulating policies that support corporate transparency and accountability, as well as enriching the academic literature related to the relationship between corporate governance, financial performance, and company value.

Beyond The Green Label : Macro, Structural and ESG Drivers of Global Green Bond Yields

Rine Dewi Mustikasari — 2026-03-31

Evidence on the pricing of green bonds remains mixed across global markets, particularly in emerging economies where macro-financial risks often overshadow sustainability commitments. Existing research rarely integrates sovereign risk, inflation dynamics, and structural market depth into assessments of whether ESG performance lowers financing costs, leaving the mechanisms behind cross-country variation insufficiently understood. This study identifies the key determinants of green bond yields worldwide and evaluates whether strong sustainability performance effectively reduces borrowing costs, with a specific focus on Indonesia as a representative emerging market. The analysis draws on Signaling Theory, which views ESG commitments as credibility-enhancing disclosures, and on the semi-strong Efficient Market Hypothesis, which suggests that markets incorporate sustainability information only after accounting for fundamental macroeconomic risks. Using 1,362 green bonds issued between 2014 -2023, the study applies a two-layer analytical framework combining Extreme Gradient Boosting with Shapley Additive Explanations to capture non-linear yield dynamics and quantify each variable’s marginal contribution. Robust tests examine stability across pre-crisis, crisis, and post-crisis regimes. Structural and macroeconomic factors especially domicile is the dominant driver of yield formation. ESG attributes remain relevant, but the social pillar exerts the strongest influence, while environmental and governance dimensions function largely as baseline compliance indicators. Indonesia displays a distinctive high-yield, high-ESG pattern driven by inflation pressure, sovereign-risk premia, and shallow market depth. ESG advantages reduce yields only after core macro-financial risks are incorporated. Strengthening macro stability and institutional credibility is essential for sustainability performance to translate into lower financing costs in emerging markets. This study provides one of the first large-scale, cross-country assessments using machine learning and explainable AI to reveal how structural constraints moderate the effect of ESG performance on green bond pricing.

The Role of Green Accounting in Enhancing Sustainability Practices in MSMEs in Semarang, Indonesia: Financial Performance Analysis Using the PLS-SEM Approach

Maulana Ihsan Yusufi Suyatno — 2026-03-31

This study investigates the effect of adopting green accounting on sustainability performance and financial performance of micro, small, and medium enterprises (MSMEs) in Semarang, Indonesia. Data from 90 MSMEs across three categories—micro, small, and medium— were examined using structural equation modeling with partial least squares (PLS-SEM). The results show that adopting green accounting significantly improves sustainability performance (? = 0.76), indicating that implementing green accounting practices leads to better environmental, social, and economic outcomes. Additionally, sustainability performance positively affects financial performance (? = 0.27), demonstrating that sustainable practices lead to better profitability through cost efficiency, customer loyalty, and market access. While green accounting adoption also directly impacts financial performance (? = 0.39), the majority of its effect is mediated through sustainability performance. The bootstrapped mediation analysis confirms that sustainability performance fully discusses the connection between financial performance and the implementation of green accounting (Indirect effect = 0.21, p = 0.020). Additionally, 35% of the effect on financial performance is explained by sustainability practices. The study highlights that adopters of green accounting show significantly improved performance, particularly in medium-sized enterprises, where the t-value for sustainability performance was 7.33. These results contribute to the literature by demonstrating that green accounting not only supports environmental sustainability but also enhances financial performance. The results of the study are especially pertinent to policymakers and MSME practitioners in Semarang, providing insights into the importance of green accounting in improving business outcomes.

Determinasi Financial Distress Industri Otomotif Jerman: Rasio Keuangan dan Faktor Makroekonomi

Rahel Sintya Febrianti Simbolon — 2026-04-10

This study aims to analyze the effect of financial ratios and firm size on financial distress conditions in the German automotive industry during the period 2019–2024, while considering macroeconomic pressures represented by the energy price index and inflation. The background of this study is driven by increasing external pressures resulting from the Russia–Ukraine war, which has led to rising energy costs, supply chain disruptions, and global economic instability. This research employs a quantitative approach using secondary data obtained from the annual reports of automotive companies listed in the DAX index. The sampling technique applied is purposive sampling, resulting in 7 companies with a total of 42 observations. The analytical method used is panel data regression with the assistance of EViews 12 software, including the estimation of the Common Effect Model, Fixed Effect Model, and Random Effect Model, along with classical assumption tests and both partial and simultaneous hypothesis testing. The results show that, partially, liquidity ratio, solvability ratio, and firm size do not have a significant effect on financial distress, whereas profitability ratio has a significant effect. However, simultaneously, all variables—including macroeconomic variables—have a significant influence on financial distress. The Adjusted R² value of 0.930369 indicates that the model is able to explain 93.04% of the variation in financial distress conditions. These findings highlight that profitability is a key indicator in predicting financial distress and emphasize the importance of integrating both internal and external factors in understanding corporate financial risk amid geopolitical and global economic dynamics.

Financial Factors Affecting Profitability in the Indonesian Food and Beverage Industry Post-Pandemic

Fitria Fatma — 2026-03-31

This research aims to analyze the influence of liquidity, capital structure, company size, and working capital efficiency on the profitability of food and beverage companies listed on the Indonesia Stock Exchange during the post-pandemic period 2021–2024. This research uses a quantitative approach with panel data regression methods. The selection of the estimation model was carried out through a series of model selection tests, and the Random Effect Model was used as the best model. The research results show that liquidity and capital structure have a significant negative effect on profitability, company size has a significant positive effect, while working capital efficiency has no significant effect. These findings indicate that in the post-pandemic recovery period, the company's financial strategy tends to be defensive, so that the increase in current assets and leverage is not fully able to encourage increased profits. On the other hand, business scale is a relatively consistent factor in increasing company profitability. This research provides an empirical contribution by showing that the relationship between financial indicators and profitability is contextual and influenced by the phase of the economic cycle. It is hoped that the results of this research can be a reference for company management, investors and future researchers in understanding the dynamics of profitability of the food and beverage industry in the post-crisis period.

Uncovering the Values of Balinese Local Wisdom in Household Accounting Practices of Tenant Farmers

Eka Putri Suryantari — 2026-03-31

Previous research has not specifically mapped household accounting practices among tenant farmers in the Subak system, nor derived the value of Balinese local wisdom into operational principles of budgeting, recording, and accountability practices in household financial management. This study aims to identify household accounting practices carried out by tenant farmers in Subak Umadesa and to formulate conceptual propositions regarding the relationship between the values of Tri Hita Karana (THK), pade gelahang, and pang pade payu with budgeting, recording, and household financial accountability practices. The study employs a qualitative approach using the transcendental phenomenology method through field observation, in-depth interviews, and documentation of three tenant farmer informants. The results indicate that farmers have implemented financial planning practices, simple recording, and trust-based debt management, although these have not yet been accompanied by formal reporting and systematic financial performance evaluation. This study produces a conceptual framework that positions THK values as the basis for ecologically harmonious budgeting decision-making (palemahan), the value of pade gelahang as a principle of collective accountability in debt and capital management, and the value of pang pade payu as the foundation of transparency in trust-based recording practices. The limited number of informants (three participants) restricts the generalizability of the findings, so the output of this study is positioned as contextual conceptual propositions in the household accounting practices of tenant farmers.

Pengaruh Struktur kepemilikan terhadap Sustainability Reporting dengan Usia Perusahaan sebagai Moderasi

Mayang Apriliani — 2026-04-18

Sustainability reporting in accordance with the Global Reporting Initiative (GRI) standards has been widely recognized as a common framework for transparently communicating corporate economic, environmental, and social performance. However, concerns remain that such reporting may focus more on disclosure than on the actual implementation of sustainability practices. This study aims to investigate the association between ownership structure, managerial, institutional, and foreign ownership, and the extent of sustainability reporting, with firm age serving as a moderating variable. The scope of this paper is limited to data collected from manufacturing entities registered on the Indonesia Stock Exchange (IDX) over the period of 2022–2024. Employing purposive sampling, 53 firms were selected, resulting in 152 observations. The data were analyzed using moderated regression analysis (MRA) with the assistance of EViews 12 software. The findings reveal that managerial, institutional, and foreign ownership have a statistically significant negative effect on sustainability reporting. While firm age significantly weakens the association between managerial ownership and sustainability reporting, it does not moderate the effects of institutional or foreign ownership. Legitimacy theory helps this study explain sustainability reporting. It shows how ownership structure affects direct and moderating relationships. Theoretically, this research contributes to the existing literature by using Legitimacy Theory to explain the direct and moderating effects on sustainability reporting. In this regard, symbolic legitimacy theory and substantive legitimacy theory explain the factors influencing sustainability reporting. Practically, this research delivers practical implications for corporate managers, investors, and regulators by emphasizing the role of aligning ownership structures and considering firm characteristics, particularly firm age.

When Stakeholders Constrain or Enable Greenwashing: Evidence from Indonesia

Andy Dwiki Iranda — 2026-03-31

This study examines the effect of stakeholder pressure on corporate greenwashing behavior from the perspectives of legitimacy theory and stakeholder theory. The research aims to analyze whether different forms of stakeholder pressure, namely government pressure, environmental pressure, consumer pressure, and creditor pressure, influence firms’ propensity to engage in greenwashing. The population of this study consists of publicly listed non-financial companies, observed over a multi-year period. Using purposive sampling, a total of 238 firm-year observations were obtained based on data availability and completeness of sustainability and financial disclosures. The study employs panel data regression with a random effects model, selected based on model specification tests. Given the presence of non-normal data distribution and autocorrelation, robust standard errors are applied to ensure reliable statistical inference, while diagnostic tests confirm the absence of heteroskedasticity and multicollinearity. The results indicate that government pressure and environmental pressure are negatively and significantly associated with greenwashing, suggesting that stronger regulatory oversight and environmental scrutiny reduce firms’ reliance on symbolic sustainability disclosures. In contrast, consumer pressure exhibits a positive and significant relationship with greenwashing, implying that market-driven sustainability demands may encourage symbolic reporting when verification mechanisms are weak. Creditor pressure shows a negative but statistically insignificant effect on greenwashing. These findings suggest that stakeholder pressure does not uniformly constrain greenwashing; instead, its effectiveness depends on the source and enforcement mechanism of the pressure. Overall, this study concludes that legitimacy-seeking behavior and strategic stakeholder management play a central role in shaping corporate greenwashing practices.

Does Institutional Ownership Moderate the Effects of CAR, Tax Avoidance, and CSR on Firm Value? Evidence from the Indonesian Banking Industry

Muhammad Aimar Gimnastyar — 2026-03-31

This study aims to examine the effects of Capital Adequacy Ratio (CAR), Tax Avoidance, and Corporate Social Responsibility Disclosure (CSRD) on firm value in banks listed on the Indonesia Stock Exchange that meet the eligibility criteria from 2020 to 2024, as well as to evaluate the role of Institutional Ownership (IO) as a moderating variable. The sample was selected using purposive sampling, resulting in 27 banks with a total of 125 observations. Data were analyzed using panel data regression with moderated regression analysis (MRA), employing both Random Effects Model (REM) and Fixed Effects Model (FEM) to investigate the direct and moderating effects among the variables. The results indicate that CAR has a positive and significant effect on firm value, confirming its role as a key indicator of financial stability and market confidence in the banking sector. In contrast, Tax Avoidance does not significantly affect firm value, while CSRD also shows no direct significant impact. Moderation analysis reveals that IO strengthens the positive effect of CAR on firm value, does not significantly moderate the relationship between Tax Avoidance and firm value, and negatively moderates the effect of CSRD on firm value. These findings highlight the importance of capital adequacy as a primary financial signal and suggest that institutional investors are selective in responding to CSR practices. The study provides practical implications for investors, banking management, and regulators in enhancing corporate governance and improving the interpretation of financial signals in the Indonesian banking sector

Do Financial Decisions Enhance Firm Value? The Mediating Role of Performance in Indonesia Consumer Non-Cyclical Firms

Ana Dwi Setyaning — 2026-03-31

This study investigates the effects of investment decisions, capital structure, dividend policy, and institutional ownership on firm value, with firm performance as a mediating variable, in the consumer non-cyclical sector listed on the Indonesia Stock Exchange. The sample comprises 38 firms with 150 panel data observations for the 2020-2024 period, selected using purposive sampling. Data analysis employed panel regression models fixed effect and random effect, chosen based on preliminary tests and the Sobel test to assess mediation effects. The findings reveal that investment decisions and capital structure enhance firm performance, whereas dividend policy reduces performance, and institutional ownership exerts no significant influence. In the firm value model, only capital structure demonstrates a positive and significant effect, while other variables show no direct impact. Mediation analysis confirms that investment decisions and capital structure indirectly strengthen firm value through firm performance, as effective investment allocation and leverage improve productivity and profit, which the market interprets as higher valuation. Conversely, dividend policy and institutional ownership do not exhibit mediating roles.The novelty of this research lies in incorporating institutional ownership into the financial decision firm value framework, thereby extending governance perspectives in corporate finance. Theoretically, the study reinforces firm performance as a key transmission mechanism in corporate finance models, while practically it highlights the importance of performance-oriented strategies and governance-based ownership in sustaining firm value under market uncertainty.

Pengalaman Auditor dan Fee Audit Dalam Meningkatkan Kualitas Audit

R Ait Novatiani — 2026-03-31

The high level of fraud in financial statements causes users of these statements to suffer losses and uncertainty regarding company management. Therefore, high-quality audits are necessary to produce reliable financial statements. The experience of auditors and audit fees can improve the quality of audits. The purpose of this research is to analyze auditor experience and audit fees and to examine the influence of auditor experience and audit fees on audit quality. There were 45 respondents, consisting of 45 auditors from 32 public accounting firms in Bandung. Data collection techniques were carried out through questionnaires distributed to auditors working at public accounting firms (KAP) in Bandung. The analysis tool used in this study was multiple linear regression analysis. The results of the research prove that auditor experience, audit fees, and audit quality at Public Accounting Firms in Bandung City are good based on the results of the questionnaires processed through descriptive analysis. Auditor experience affects audit quality, and audit fees also affect audit quality.

The Influence of Social Media Promotion and Sharia Financial Literacy on the Interest in Saving at Sharia Banks

Yenny April Yanti — 2026-03-31

Although numerous previous studies have examined the role of Islamic financial literacy and digital promotion in influencing saving behavior, most of these studies remain descriptive in nature and have not sufficiently elaborated the conceptual mechanisms underlying the formation of saving intentions within a behavioral theory framework, particularly among generations that grow up within a digital ecosystem. Addressing this gap, the present study aims to investigate the influence of Islamic financial literacy and social media promotion on the intention to save in Islamic banks, both partially and simultaneously, by positioning these variables as determinants of behavioral intention. This study employs a quantitative approach involving 101 respondents who are active social media users in the Province of West Nusa Tenggara and have the potential to become customers of Islamic banks. Data were analyzed using descriptive statistics and multiple linear regression analysis. The results indicate that Islamic financial literacy exerts a more dominant influence (? = 0.481; p < 0.001) compared to social media promotion (? = 0.325; p < 0.001), with a coefficient of determination (R²) of 0.548, suggesting that the two independent variables collectively explain 54.8% of the variance in saving intention.The mean values of variable X1 were 69.87, X2 were 69.86, and Y were 70.20, while the Shapiro–Wilk test results (p > 0.05) indicate that the data are normally distributed. Theoretically, these findings contribute to the development of a behavioral model of Islamic saving by highlighting Islamic financial literacy as a determinant of attitude formation and social media promotion as a social mechanism that strengthens saving intentions in the digital era. Thus, this study enriches the literature on Islamic financial behavior and provides strategic implications for strengthening educational initiatives and technology-based marketing strategies for Islamic banking institutions.

Transisi PSAK 24 ke PSAK 219: Potret Implementasi Akuntansi Imbalan Kerja Tenaga Panen

Hamimah — 2026-03-31

This study aims to analyze the implementation of harvest workers’ wage accounting at PT XYZ based on PSAK 219 on Employee Benefits, following its adoption as an update and new nomenclature of PSAK 24. The focus is on recognizing and measuring harvest workers’ wages as short-term employee benefits, which are vital to company operations. The research applies a qualitative descriptive approach with data collected through observation, interviews, and documentation. Results indicate that PT XYZ uses a performance-based wage system (pure piece rate) for harvest workers, complemented by premiums and incentives. The income tax of harvest workers is recognized as an allowance under the gross-up principle. Wage recognition and measurement follow PSAK 219, recorded as liabilities and expenses after services are rendered, while considering mandatory deductions such as BPJS. However, the treatment of overpayments has not fully complied with PSAK 219. This research contributes to the development of internal accounting information systems for plantation companies in ensuring the accuracy of accrual expenses and wage transparency, while also serving as an empirical reference for the transition of employee benefit standards in Indonesia.

Pengaruh Profitabilitas, Leverage, Sales Growth terhadap Tax Avoidance dengan Ukuran Perusahaan sebagai Variabel Moderasi

Laurensia Josephine — 2026-03-31

This study scrutinizes tax avoidance behaviors within the healthcare sector by probing the interrelations among profitability, leverage, and sales growth, while positing firm size as a moderating determinant. The population encompasses all healthcare firms listed on the Indonesia Stock Exchange from 2021 to 2024. Samples were meticulously selected via purposive sampling according to predefined criteria, yielding 15 firms and a cumulative 60 observations. Employing a quantitative paradigm, the study draws on secondary data sourced from consolidated financial statements. Analytical procedures comprised descriptive statistics, classical assumption diagnostics, and Moderated Regression Analysis (MRA), with mean centering implemented to attenuate multicollinearity concerns. Empirical evidence demonstrates that profitability, debt-oriented capital structure, and sales growth wield substantive influence over tax avoidance, as operationalized by the Cash Effective Tax Rate (CETR). These findings elucidate that enhancements in financial performance and operational dynamism incentivize firms to engage more assiduously in tax management. Nonetheless, firm size does not exert a significant moderating effect on the nexus between profitability and leverage with tax avoidance. In contrast, firm size accentuates the impact of sales growth on tax avoidance. Consequently, large healthcare enterprises are predisposed to intensify tax planning initiatives concomitant with escalating sales.

Visual Disclosure dan Pelaporan Keuangan: Tinjauan Literatur Sistematis atas Studi Empiris (2015–2025)

Amalina Nur Arifah — 2026-03-31

Financial reporting has undergone significant transformation with the integration of visual elements as a means of conveying complex information. This study aims to conduct a systematic literature review of research trends in visual disclosure within the financial reporting context. Following the PRISMA 2020 protocol, 51 empirical articles from the Scopus and Web of Science databases published between 2015 and 2025 were analyzed using systematic content analysis with Nvivo and bibliometric mapping with VOSviewer. The findings reveal a dominance of quantitative and computational approaches, with Graph Theory, Machine Learning, and Statistical Models as the main theoretical foundations. Methodologically, Simulation & Mathematical Modeling and Computational Experiments dominate the research. The study also identifies strong interdisciplinary characteristics involving computer science, statistics, and business, although deep integration among these perspectives remains limited. Furthermore, research tends to focus on tool development (tool-centric) rather than user understanding (user-centric), with a high reliance on secondary data. Bibliometric analysis with VOSviewer confirms these thematic patterns, showing strong keyword co-occurrence networks between graph, model, analysis, and data. In conclusion, the field of visual disclosure research requires better integration between technical innovation and contextual user understanding, the development of more holistic theoretical frameworks, and the expansion of research scope to more diverse organizational contexts through mixed methods and more genuine interdisciplinary collaboration.

Sistem Informasi Akuntansi Sebagai Infrastruktur Berkelanjutan: Analisis Kesiapan dan Tantangan Institusional di Indonesia

Gita Apsari Dewi — 2026-03-31

The growing reliance on ESG reporting exposes a theoretical tension between Accounting Information Systems (AIS), which are designed for financial accountability, and sustainability reporting, which demands multidimensional, forward-looking, and verifiable information. The theoretical problem addressed in this study lies in the insufficient theorization of AIS readiness for ESG reporting within existing accounting and information systems literature. While sustainability studies emphasize disclosure quality, they largely overlook the internal system capacities that produce ESG data, creating a critical conceptual gap. This study investigates how AIS readiness for ESG reporting is shaped by technological, organizational, environmental, and ESG data capability factors in the Indonesian context. Using a qualitative descriptive methodology, the study applies content analysis to sustainability reports, annual reports, regulatory texts, and prior empirical research from 2020–2023. The findings reveal that AIS readiness remains fragmented, as ESG data capabilities are weakly embedded within core systems and lack systematic audit trails. This study contributes by reconceptualizing AIS readiness as a system-level condition for sustainability accountability. This research extends AIS and sustainability reporting literature by modifying the Technology Organization Environment (TOE) framework through the explicit inclusion of ESG data capability as a mediating construct. This study matters because without theoretically grounded system readiness, ESG reporting risks remaining symbolic rather than substantively accountable

Determinan Perilaku Disfungsional Auditor: Peran Emotional Spiritual Quotient Sebagai Variabel Moderasi

Denny Setiawan — 2026-03-31

The purpose of this study is to examine the influence of reward and punishment, audit fees, and time budget pressure on dysfunctional auditor behavior, with Emotional Spiritual Quotient (ESQ) serving as a moderating variable. This study contributes to the behavioral auditing literature in clarifying determinants that shape auditor conduct and professional judgment in audit engagements. The population comprises auditors employed at Public Accounting Firms (KAP) in Banten Province. A purposive sampling technique was applied, initially targeting 28 KAPs to ensure adequate representation. However, due to limited cooperation from several firms in providing official responses and returning questionnaires within the predetermined timeframe, only 15 KAPs were included, resulting in 107 usable responses. Data were analyzed using Moderated Regression Analysis (MRA) with IBM SPSS Statistics 27 to ensure systematic and reliable findings. The results indicate that reward and punishment mechanisms, along with audit fees, have a significant negative effect on dysfunctional auditor behavior, emphasizing the importance of appropriate incentives in fostering ethical conduct. In contrast, time budget pressure exhibits a significant positive effect, suggesting that excessive workload pressure may increase the likelihood of dysfunctional practices. Although ESQ demonstrates a direct negative influence, moderation testing reveals that ESQ does not weaken the relationships between the independent variables and dysfunctional auditor behavior. Overall, effective compensation systems and time management are essential for maintaining auditor integrity.

Inovasi sebagai Mekanisme Strategis Penghubung Financial Technology dan Financial Literacy terhadap Kinerja UMKM

Dinda Ilyatur Rosyidha — 2026-03-31

This study examines the inconsistency of empirical findings regarding the effects of Financial Technology (Fintech) and Financial Literacy on the performance of Micro, Small, and Medium Enterprises (MSMEs) in developing economies. While Financial Literacy is widely recognized as a fundamental capability that consistently enhances firm performance, empirical evidence on Fintech remains mixed and often insignificant. This inconsistency suggests that Fintech adoption does not automatically translate into improved MSME performance. Departing from prior studies that predominantly assume a direct and linear relationship, this study positions innovation as a strategic transmission mechanism that explains how Fintech and Financial Literacy are transformed into performance outcomes. This research employs a quantitative approach using primary data collected from 225 MSME owners in Malang City through purposive sampling. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal a paradoxical result: Fintech does not have a significant direct effect on MSME performance, yet it exerts a significant indirect effect through innovation, indicating full mediation. In contrast, Financial Literacy has a significant positive effect on MSME performance both directly and indirectly through innovation, suggesting partial mediation. The theoretical contribution of this study lies in reconceptualizing innovation not merely as an outcome of digital adoption, but as a strategic mechanism that determines the effectiveness of financial and digital capabilities in generating performance gains. From a practical perspective, the findings imply that MSME development strategies should integrate financial literacy enhancement, effective Fintech utilization, and innovation capability strengthening to achieve sustainable performance improvements.

Credit Growth, Risk, and Liquidity Signals: Effects on ROA and Stock Returns in Indonesian Banks (2020–2024), Moderated by Inflation

Joshua Ringgas Matondang — 2026-03-31

This study examines credit growth, Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), and Loan-to-Deposit Ratio (LDR) impact on Return on Assets (ROA), and ROA's influence on stock returns, with inflation as moderating variable in Indonesian conventional banks from 2020-2024. Using purposive sampling, 39 banks from the Indonesia Stock Exchange yielded 166 unbalanced panel observations analyzed through Fixed and Random Effect Models in EViews 12. Results show varying statistical support. At 5% significance, credit growth positively drives ROA while NPL negatively affects it, confirming asset quality and lending volume as profitability determinants. LDR shows a strong negative influence on stock returns, establishing liquidity ratio as the primary market signal, while CAR shows no significant effect on ROA. At 10% significance, inflation exhibits a weak negative moderating effect on the ROA-stock return relationship, providing marginal statistical evidence. ROA does not significantly impact yearly annual stock returns nor mediate relationships between independent variables and returns. This suggests liquidity metrics may carry greater weight than profitability signals, though constrained by the model's limited explanatory power. Findings indicate bank managers should prioritize NPL control and maintain optimal LDR thresholds to preserve profitability and investor confidence, while emphasizing risk metrics in communications. Regulators should strengthen liquidity oversight through enhanced LDR disclosure requirements. Limitations include post-pandemic focus and limited variables. Future research should examine NPL threshold effects, incorporate macroeconomic and operational efficiency measures, and compare cross-country data between crisis and stable periods.

Thematic Evolution of Digital Accounting Information Systems: A Bibliometric Mapping (2000-2025)

Rahmi Nadiar — 2026-03-31

This study maps the research landscape of Accounting Information Systems in the context of digital transformation by examining three key technological domains: Enterprise Resource Planning, cloud computing, and Artificial Intelligence. The dataset comprises journal articles and conference papers indexed in Google Scholar and published between 2000 and 2025 that address Accounting Information Systems in relation to at least one of these technologies. Records were retrieved using Publish or Perish and screened through purposive sampling with predefined inclusion and exclusion criteria, followed by duplicate removal, bibliographic normalization, and manual term validation, resulting in a final sample of 117 publications. Bibliometric mapping was conducted using VOSviewer to visualize co-authorship networks, keyword co-occurrence patterns, and thematic clusters, while descriptive citation indicators were employed to capture scholarly influence. The analysis identifies three dominant research clusters: Enterprise Resource Planning integration and implementation as a mature and highly cited stream; cloud-based accounting systems as a rapidly expanding stream, particularly after 2018; and Artificial Intelligence, enabled accounting and decision-support applications as an emerging yet comparatively underexplored stream. Across the studied period, publication output exhibits a sustained upward trend, accompanied by a gradual shift from system implementation studies toward platform-based and intelligent accounting applications. However, empirical research explicitly linking these technologies to organizational performance and governance outcomes remains limited. Overall, the findings reveal the evolving knowledge structure of digital Accounting Information Systems research and emphasize the need for future studies employing robust empirical designs, cross-technology integration, and clearly defined performance and accountability measures.

Dimensi Etis dan Spiritual dalam Praktik CSR pada Panti Asuhan: Implikasi terhadap Pengembangan Akuntansi Sosial

Tenriwaru Tenriwaru — 2026-04-10

This study aims to examine the ethical and spiritual dimensions in Corporate Social Responsibility (CSR) practices and their implications for the development of social accounting. Despite the growing literature on CSR, most studies remain focused on corporate perspectives and formal disclosure, with limited attention to how CSR is experienced and interpreted by beneficiary stakeholders, particularly in non-profit contexts such as orphanages. This gap highlights the need to explore CSR beyond compliance and reporting, emphasizing its substantive social meaning. This research employs a qualitative approach using a multi-site case study design on orphanages in Makassar as CSR beneficiaries. Data were collected through in-depth interviews, direct observation, and document analysis, and were analyzed using thematic analysis to identify patterns related to ethical and spiritual values in CSR practices. The findings reveal that CSR practices are still largely dominated by short-term and incidental assistance, indicating a gap between formal CSR recognition and the actual needs of beneficiaries. However, when CSR is implemented in a consistent and need-based manner, ethical values such as responsibility, fairness, and accountability, along with spiritual values defined as moral awareness, empathy, and sincerity, become central in shaping meaningful social impact. These dimensions influence not only how CSR is delivered but also how it is perceived and sustained by beneficiaries. This study contributes theoretically by extending social accounting perspectives through the integration of ethical and spiritual dimensions as core elements of social accountability. It challenges the conventional view of CSR as a reporting mechanism and proposes a value-based approach that emphasizes impact, sustainability, and stakeholder-centered accountability. The findings suggest that social accounting should move beyond formal disclosure toward representing the moral and social significance of CSR practices.