E-Jurnal Akuntansi Trisakti School of Management (TSM) is quarterly publication issued in the month of March, June, September, and December. E-Jurnal Akuntansi TSM published by Pusat Penelitian dan Pengabdian kepada Masyarakat, Sekolah Tinggi Ilmu Ekonomi Trisakti, Jl. Kyai Tapa No. 20 Grogol, Jakarta 11440, Telp. (021)5666717 ext 138, and cooperate with Ikatan Akuntan Indonesia Kompartemen Akuntan Pendidik (IAI KAPd). E-Jurnal Akuntansi TSM is a scientific journal which prioritizes the publication of articles (research and non-research based) regarding to accounting issues (financial accounting and capital market, auditing, management accounting, accounting information systems, taxation), and others. This is an opened-journal where everyone can submit their articles, as long as they are original, unpublished and not under review for possible publication in other journals. Copyright of E-Jurnal Akuntansi TSM, ISSN Online (E-ISSN 2775-8907). E-Jurnal Akuntansi TSM has obtained a SINTA 4 accreditation from Directorate General of Higher Education, Research and Technology, Ministry of Education, Culture, Research, and Technology of the Republic of Indonesia by SK No. 177/E/KPT/2024 for the period E-Jurnal Akuntansi TSM 1(3), September 2021 to E-Jurnal Akuntansi TSM 6(2), June 2026.
Pusat Penelitian dan Pengabdian kepada Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti
DETERMINASI NIAT E-WALLET GENERASI Z: PERSPEKTIF INTERNAL DAN EKSTERNAL
The use of e-wallets in Indonesia continues to increase alongside government support through the National Non-Cash Movement to promote economic digitalization. However, World Bank data shows that in 2024 only around 42.7% of Indonesians aged 15 and above have used digital payments. This figure remains relatively low compared to other Southeast Asian countries such as Malaysia and Thailand. Therefore, it is necessary to analyze the factors influencing individuals’ intention to use e-wallets, represented by social influence, trust, self-efficacy, and financial literacy. This study employs a quantitative approach using questionnaires distributed to 326 undergraduate Accounting students at Universitas Brawijaya, with analysis conducted using SmartPLS 4.0. The results indicate that social influence and self-efficacy have a significant effect, while trust and financial literacy do not. These findings suggest that, in the context of Generation Z, the decision to use e-wallets is more influenced by social environmental pressures and individuals’ confidence in their ability to use technology, rather than rational considerations such as trust or financial literacy. Practically, these results can serve as a reference for providers and regulators to encourage e-wallet adoption through social-based strategies, ease of use, and the strengthening of digital literacy.
E-wallet, Intention to Use, Social influence, Trust, Self-efficacy, Financial Literacy
Copyright (c) 2026 E-Jurnal Akuntansi TSM https://creativecommons.org/licenses/by-sa/4.0
EFISIENSI PENGELOLAAN SUMBER DAYA DAN PENGARUHNYA TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN SEKTOR KESEHATAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022 – 2024)
This study aims to examine the effect of resource management efficiency on firm value in healthcare sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Based on signaling theory, information on efficiency disclosed through financial statements can serve as a signal to stakeholders regarding a firm’s condition and future prospects. In this study, resource management efficiency is measured using inventory turnover, operating expense ratio, material cost ratio, human resource cost ratio, and cost of goods sold ratio, while firm value is measured using Tobin’s Q ratio. Secondary data in the form of financial statements and annual reports from 26 healthcare companies, resulting in a total of 78 observations, were analyzed using multiple linear regression with IBM SPSS version 25. The results indicate that inventory turnover has a positive effect on firm value. In contrast, the operating expense ratio, human resource cost ratio, and cost of goods sold ratio have a negative effect on firm value, while the material cost ratio does not show a significant effect. These findings suggest that resource management efficiency is associated with firm value in the healthcare sector during the post-pandemic period.
PENGARUH KONEKSI POLITIK, STRUKTUR KEPEMILIKAN DAN FAKTOR LAINNYA TERHADAP PRAKTIK MANAJEMEN LABA
This study aims to examine the effect of political connections, managerial ownership, institutional ownership, audit quality, return on asset, debt to equity, sales growth, and board size on earnings management practices. The object of this research is manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. The sample consists of 95 manufacturing companies with a total of 285 data were selected using purposive sampling method. The results showed that debt to equity has a negative effect on earnings management. In addition, political connections, managerial ownership, institutional ownership, audit quality, return on asset, sales growth, and board size do not have a significant effect on earnings management.
Earnings Management, Debt To Equity, Political Connections, Managerial Ownership, Institutional Ownership, Audit Quality
PERAN KINERJA ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) DAN KEPEMILIKAN INSTITUSIONAL DALAM MENINGKATKAN NILAI PERUSAHAAN
Sustainability has emerged as a central consideration for investors, stakeholders and society, driving firms to balance financial performance with long-term responsibility. The growing integration of the Sustainable Development Goals (SDGs) into investment decision making further amplifies the strategic importance of Environmental, Social, and Governance (ESG) practices. This study examines the effect of ESG performance and institutional ownership on firm value among firms listed on the Indonesia Stock Exchange (IDX). Using a sample of 446 firm-year observations from 2014 to 2022, with ESG score obtained from Refinitiv Eikon, the analysis is conducted using Generalized Least Squares (GLS) method. The findings reveal that ESG performance positively influences firm value, suggesting that firms with stronger ESG practices are better positioned to achieve sustainable growth and mitigate long-term risks. In addition, institutional ownership is found to enhance firm value, highlighting the effective monitoring role of institutional investors in improving corporate performance. These results underscore the strategic importance of ESG integration and ownership structure in driving firm value, particularly in emerging markets.
DARI ALAT DIGITAL KE PRAKTIK AKUNTANSI: AI DALAM KEPUTUSAN KEUANGAN UMKM
This study aims to explore how Artificial Intelligence (AI) is interpreted and integrated into MSME accounting practices and its implications for financial decision-making. The research employs a qualitative approach with a case study design under an interpretive paradigm. Data were collected through in-depth interviews, limited observations, and documentation involving digital MSME owners who utilize accounting applications with AI features. Data analysis was conducted thematically through data reduction, data display, and conclusion drawing, supported by triangulation to ensure credibility. The findings indicate that AI is initially perceived as an automation tool for transaction recording and financial reporting; however, over time, it contributes to the development of more adaptive, real-time, and data-driven accounting practices. The integration of AI enhances the quality of financial information particularly relevance, timeliness, and reliability which subsequently influences cost control, cash flow planning, and business performance evaluation decisions. Nevertheless, the effectiveness of AI utilization is shaped by digital literacy, human resource readiness, and organizational culture.
CEO NARCISSISM, CORPORATE GOVERNANCE, DAN KARAKTERISTIK PERUSAHAAN SEBAGAI DETERMINAN PENGHINDARAN PAJAK
The purpose of this research is to obtain empirical evidence about the effect of CEO narcissism, board of size, female directors, company size, return on assets, leverage, and institutional ownership on tax avoidance. The population of this research consist of manufacturing companies listed in Indonesia Stock Exchange with a research period of 2022-2024. The sampling method used was purposive sampling, resulting in a sample of 130 companies and 390 data. The data was processed and analyzed using multiple regression with Statistical Program for Social Science (SPSS) software. The results of this research indicate that CEO narcissism, board of size, company size, return on assets and leverage have an effect on tax avoidance. However, female directors and institutional ownership have no effect on tax avoidance.
Tax avoidance, CEO narcissism, Leverage, Institutional ownership
PENGARUH HEXAGON’S FRAUD TERHADAP FRAUDULENT FINANCIAL STATEMENT: PERAN AUDIT COMMITTEE SEBAGAI VARIABEL MODERASI
The purpose of this study is to gather empirical evidence on the influence of external pressure, change in auditor, nature of industry, CEO duality, change in director, political connection, and financial stability in relation to fraudulent financial statement. In addition, this study aims to examine the relationship between external pressure, change in auditor, nature of industry, CEO duality, change in director, political connection through the audit committee on fraudulent financial statement. This research utilizes 119 manufacturing companies listed on the Indonesia Stock Exchange over the past three years (2021-2023). The sample was selected using the purposive sampling method, and the data were analyzed using multiple linear regression analysis. The results of this study indicate that the variable nature of industry significantly affect fraudulent financial statement. Additionally, the audit committee is able to moderate the influence of nature of industry on fraudulent financial statement.
REVISITING TRADITIONAL COSTING IN AGRICULTURE: A COMPARATIVE ANALYSIS OF ABC AND CONVENTIONAL METHODS
This study aims to analyze the application of the Activity-Based Costing (ABC) method in calculating the cost of production for leading agricultural commodities in Ketapang Regency and to evaluate the effectiveness of its use through the Google Spreadsheet application. Using a qualitative descriptive approach, data were obtained through interviews, observations, and documentation involving farmers who still use traditional cost-recording systems. The findings reveal that the ABC method provides more accurate cost information compared to the single-rate system, as it considers the varying intensity of production activities such as planting, spraying, and watering. The comparison results indicate cost distortions in the traditional method, manifested as overcost and undercost, which may affect pricing and profitability. The implementation of the ABC method integrated with Google Spreadsheet has been proven to enhance efficiency, transparency, and ease of cost analysis for farmers. This study contributes to strengthening digital-based Islamic management accounting practices that are practical and applicable to the agricultural sector in rural areas.
UNDERSTANDING STOCK RETURN DRIVERS: THE INTERPLAY BETWEEN NET PROFIT, OPERATING CASH FLOW, AND DIVIDEND POLICY IN IDX QUALITY 30 COMPANIES
This study examines the impact of stock price, net profit and operating cash flow on stock return, with the dividend serving as a moderating variable. The research focuses on companies listed on IDX Quality 30 companies over the period 2021 to 2024. The main problem addressed is the lack of comprehensive empirical evidence on how core financial performance indicators influence stock valuation within highly selective and fundamentally strong firms such as those in the IDX Quality 30 Index. Although these companies are considered financially robust and attractive to investors, there remains uncertainty about the relative importance of profitability, liquidity, and dividend policy in driving their market valuation. Recognizing the importance of financial performance indicators in stock valuation, this study seeks to determine whether stock price, net profit, netoperating cash flows significantly influence stock return, and whether dividend policy enhances this relationship. The analysis will employ multiple regression techniques to examine both direct and moderating effects. By incorporating operating cash flow alongside net profit, the study attempts to provide a more comprehensive understanding of the drivers of stock returns. While data collection and analysis are currently in progress, the findings are expected to contribute valuable insights to both investors and corporate decision-makers regarding financial strategy and market perception. Future stages of the research will include empirical testing, interpretation of results, and implications for investment practices and corporate policy.
PENERAPAN ALTMAN Z-SCORE MODIFIKASI UNTUK MEMPREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN TEKNOLOGI DI BURSA EFEK INDONESIA
This study aims to analyze the potential for financial distress and the classification of financial health levels based on the Altman Z-Score model in technology sector companies listed on the Indonesia Stock Exchange (IDX). Using a purposive sampling technique, 24 technology companies were selected as the research sample over the 2021-2024 period. The research findings indicate the presence of potential financial distress in the technology sector, particularly in 2021, when several companies were classified within the distress zone. However, by 2024, an improvement was observed, with most companies maintaining Z-Score values above the safe threshold. Nevertheless, four companies maintained Z-Score values above the safe threshold. Nevertheless, four companies remain in the grey area and are approaching in the distress zone.
THE EFFECT OF ENVIRONMENTAL MANAGEMENT SYSTEM ON FIRM PERFORMANCE WITH CAPITAL STRUCTURE AS MODERATING VARIABLE
This study aims to analyze the effect of Environmental Management Systems (EMS), measured through ISO 14001 certification, on Company Performance, measured by Return on Equity (ROE), with Capital Structure, measured by Debt to Equity Ratio (DER), as a moderating variable. Using secondary data from 36 manufacturing companies listed on the MNC-36 Index of the Indonesia Stock Exchange during the period 2018-2023, the analysis was conducted through moderation regression and a simple slope test. The findings show that SML has a significant positive effect on ROE, where DER moderates this relationship non-linearly: negatively at low DER levels (Estimate = -8.82, p < 0.001), insignificantly at average DER levels (Estimate = 1.36, p = 0.392), and positive at high DER levels (Estimate = 11.54, p< 0.001). These results are in line with Stakeholder Theory and Agency Theory, and provide practical implications for managers to optimize capital structure before implementing EMS.
PENGARUH ENVIRONMENTAL MANAGEMENT SYSTEM TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI
Abstract: This research aims to analyze the influence of implementing the ISO 14001 Environmental Management System on Firm Value, with Corporate Governance as a moderating variable. Stakeholder theory is used as a theoretical foundation and emphasizes the importance for companies to consider the interests of stakeholders thru sustainability initiatives and corporate governance. The research method used is quantitative, with secondary data obtained from annual reports and sustainability reports. The research sample consists of fifteen banks included in the JKBank15 Index during the period from 2018 to 2024. Data analysis was conducted using descriptive statistics, regression with a moderating variable, and simple slope testing with the assistance of Jamovi software. The research results indicate that the Environmental Management System ISO 14001 has a positive and significant effect on Firm Value. Additionally, Corporate Governance also has a significant effect on PBV and is able to strengthen the influence of the Environmental Management System ISO 14001 on Firm Value. This finding suggests that Corporate Governance has a moderating effect that enhances the relationship between the Environmental Management System ISO 14001 and Firm Value. Therefore, high Corporate Governance standards and practices can strengthen the impact of implementing the Environmental Management System ISO 14001 on increasing Firm Value, while when the role of Corporate Governance is low, the influence of the Environmental Management System on Firm Value becomes insignificant.
PROFITABILITY AND MARKET VALUE ON STOCK PRICE: FIRM SIZE MODERATION IN PUBLIC COMPANIES IN INDONESIA
This study aims to analyze the influence of profitability, market value, and firm size on the stock prices of pharmaceutical companies and examine the role of moderating variables in strengthening this relationship. The pharmaceutical industry was chosen as the research object due to its innovation-intensive nature, tight regulation, and stock price dynamics that do not always align with the company's fundamental performance. This study employed a quantitative approach using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method. The research data consisted of secondary data obtained from financial reports and stock price data of pharmaceutical companies listed on the Indonesia Stock Exchange during a specific observation period. The analysis technique involved evaluating the measurement model (outer model) and the structural model (inner model), as well as testing hypotheses using bootstrapping procedures. The results showed that profitability, market value, and firm size had a positive and significant effect on stock prices. Furthermore, the results of the moderating variable test indicated that the moderating variables were able to strengthen the relationship between the company's fundamental variables and stock prices. The research model has strong explanatory power, as demonstrated by a high coefficient of determination and the fulfillment of all validity and reliability criteria. This research provides a theoretical contribution by enriching the capital market literature on stock price formation mechanisms, particularly in the pharmaceutical sector, with an emphasis on the important role of moderating variables. Practically, the results of this study can be used as a consideration by company management and investors when making investment decisions based on fundamental company information
KONTRIBUSI RED FLAGS DALAM PRAKTIK MANAJEMEN LABA DAN DAMPAKNYA PADA KEANDALAN LABA
The rapid growth of an increasingly competitive business climate requires companies to obtain quality financial information as a tool for generating high profits. One of the steps taken is profit management practices that aim to make profits look better and meet expectations. Both accrual and real profit management can reduce the ability of profits to predict future performance and reflect the real economic condition of the company. The integrity of financial statements is compromised when earnings management leads to accounting fraud and does not comply with generally accepted accounting standards, triggering red flags. The purpose of this study is to develop and find empirical evidence of the contribution of red flags in earnings management practices to earnings quality. The research sample consisted of 252 property and real estate companies listed on the Indonesia Stock Exchange for the period 2021-2024. The research data was analyzed using panel data regression methods. The research results provide a different perspective, namely that accrual earnings management can actually increase earnings reliability, while real earnings management can actually reduce earnings quality. Red flags do not contribute to the relationship between both accrual and real earnings management and earnings quality.
PENGARUH INTELLECTUAL CAPITAL, LIKUIDITAS DAN FAKTOR LAINNYA TERHADAP NILAI PERUSAHAAN
Firm value reflects the level of a company’s success and the perception investors have toward the company. The purpose of this study is to examine several factors that can affect firm value such as intellectual capital, managerial ownership, profitability, tax avoidance, leverage, and liquidity. The object of this research includes all manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024. The sample was selected using the purposive sampling method and the data was analyzed using the multiple regression method. There are 91 companies with 273 data used as samples in this study. The results of this research indicate that the variable of profitability has a positive effect on firm value. A high level of profitability shows the company’s ability to manage its resources effectively to generate profit. Meanwhile, intellectual capital, managerial ownership, tax avoidance, leverage, and liquidity have no effect on firm value.
Copyright (c) 2025 E-Jurnal Akuntansi TSM https://creativecommons.org/licenses/by-sa/4.0
THE INFLUENCE OF AI LITERACY, ETHICAL AWARENESS, AND TRUST IN DIGITAL AUDIT TECHNOLOGY ON ACCOUNTING STUDENTS' READINESS TO FACE THE ACCOUNTING PROFESSION IN THE ERA OF ARTIFICIAL INTELLIGENCE (A CASE STUDY ON ACCOUNTING STUDENTS IN LAMONGAN REGENCY)
This study aims to determine the influence of AI literacy, ethical awareness, and trust in digital audit technology on the readiness of accounting students to face the profession in the AI era. The research uses a quantitative approach with a causal associative design. Data were collected through an online questionnaire from 100 accounting students in Lamongan selected using purposive sampling. The data were analyzed using multiple linear regression with SPSS. The results show that AI literacy and trust in digital audit technology have a positive and significant effect on student readiness, while ethical awareness does not have a significant effect. Simultaneously, all three variables contribute to student readiness. These findings indicate the importance of strengthening AI-based learning and building students’ confidence in digital audit tools. This study develops a model of accounting students’ readiness in the Artificial Intelligence era by simultaneously integrating AI literacy, ethical awareness, and trust in digital audit technology.
OPINI AUDIT GOING CONCERN INDUSTRI CONSUMER CYCLICAL: PERAN AUDIT TENURE DAN DEBT DEFAULT
This research aims to examine the influence of audit tenure and debt default on the issuance of going concern audit opinions. A quantitative approach was adopted for the secondary data samples. Previous studies have produced inconsistent findings. In this research, audit tenure is measured as the number of years since 2021, debt default is represented by the debt-to-equity ratio, and the going concern opinion is operationalized as a dummy variable. The company’s financial reports of 115 consumer cyclical corporations listed on IDX during the years 2021 to 2023 were analyzed. These companies were chosen through the application of purposive sampling. The results of the logistic regression test show that audit tenure negatively impacts going concern opinions. Conversely, debt default positively impacts going concern opinions.
INTERNAL CONTROL SYSTEMS EFFECTIVENESS AND THE PREVALENCE OF ACCOUNTING FRAUD
Fraud is defined as the fraudulent manipulation and pursuit of profits for parties who report the assets and financial accounts of a corporation. Fraud can happen in a variety of industries, including the public and commercial sectors. This study aims to identify the partial and simultaneous effects of information asymmetry, religiosity, appropriateness of compensation, and the efficiency of the internal control system on the likelihood of accounting fraud in the Pemalang Regency government sector. Quantitative research is the research technique used. Purposive sampling is the method of selection used in this investigation. 100 employees, particularly those in the finance department, of the SKPD (local and regional government institutions) of Pemalang Regency served as the study's sample population. The study's data analysis methods included multiple linear regression analysis. Unless the variables of compensation suitability have no effect on the propensity of accounting fraud, the variables of knowledge asymmetry, religiosity, and the efficacy of the internal control system partially affect the tendency to accounting fraud. Information asymmetry, religiosity, appropriateness of reward, and the efficiency of the internal control system all work together to influence the likelihood of accounting fraud in Pemalang Regency's public sector.
LOCAL CULTURAL VALUES IN CAPITAL ACCOUNTING OF TRADITIONAL CLOTHING ENTERPRISES
This study addresses the limited research on capital accounting theory in local culture, particularly within the Islamic values of the Gorontalo community. Small business accounting practices are not only technical but also reflect local wisdom that enriches accounting knowledge. This topic is important because it provides new insights into how culture and spirituality shape capital accounting practices. The novelty of this study lies in applying Islamic ethnomethodology to explore the meaning of capital accounting, filling the gap in research on integrating local culture and spiritual values into accounting theory. The research employed a spiritual paradigm with an Islamic ethnomethodological approach. Data were analyzed through five stages: charity, knowledge, faith, revelation information, and courtesy. Findings show that business capital in traditional clothing rentals in Gorontalo comes from personal funds and is recorded only by memory. This practice reflects the value of patience, expressed in “mopo’o tanggalo duhelo” meaning full of patience. In conclusion, capital accounting based on local culture represents not only economic aspects but also Islamic spiritual values. The study contributes to accounting culture theory and offers practical guidance for local entrepreneurs.
ANALISIS TRADING VOLUME ACTIVITY PADA PERISTIWA POLITIK SEBELUM DAN SESUDAH DEMO DPR (EVENT STUDY PADA INDEKS SAHAM LQ45)
The DPR demonstration event triggered reactions in the stock market, particularly in terms of trading volume activity. This study aims to analyze the difference in trading volume activity during the 2025 DPR demonstration political event. The research method is quantitative based on event study with SPSS analysis tools. The sample used in this study is all companies listed in LQ45. The research period was conducted for 10 days before and 10 days after the DPR demonstration event. The analysis technique used the Wilcoxon signed ranks test. The results of this study indicate that there is no significant difference in trading volume activity for LQ45 stocks before and after the 2025 DPR Demonstration. These findings show that information about the 2025 DPR Demonstration did not produce negative or positive signals, thus having no impact on changes in transaction intensity. The implications of these findings indicate that not all political events or social issues automatically have a significant impact on market activity.
PENGARUH RISIKO LITIGASI, FINANCIAL DISTRESS DAN PROFITABILITAS TERHADAP KONSERVATISME AKUNTANSI (STUDI PADA PERUSAHAAN ASURANSI PERIODE 2020 HINGGA 2023)
This study aims to examine and analyze the effect of litigation risk, financial distress, and profitability on accounting conservatism in insurance companies registered with the Financial Services Authority (OJK) for the 2020–2023 period. This research employs a quantitative approach using secondary data in the form of audited financial statements of insurance companies listed on the OJK. The research sample consists of 36 insurance companies selected using purposive sampling, resulting in 144 observations. The analytical method used is multiple linear regression analysis of panel data with E-Views version 12 software, and the selected panel regression model is the Random Effect Model (REM). The results show that litigation risk has a significant positive effect on accounting conservatism in insurance companies, while financial distress and profitability have a significant negative effect on accounting conservatism in insurance companies.
PENGARUH KOMISARIS INDEPENDEN DAN LAINNYA TERHADAP NILAI PERUSAHAAN
This study aims to examine the effect of independent commissioners, institutional ownership, audit committees, managerial ownership, the presence of female board members, and capital structure on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period. The research employed a quantitative approach with a causal design. The sample was selected using purposive sampling, resulting in 61 companies with 183 data observations. Data were analyzed using multiple linear regression with Robust Standard Errors (RSSE) due to the presence of heteroskedasticity. The findings indicate that, simultaneously, the model is not significant. Partially, only the capital structure is found to have a positive and significant impact on firm value, while the other five good corporate governance variables (independent commissioners, institutional ownership, audit committees, managerial ownership, female board members) show no significant effect. These results suggest that in the context of corrected heteroskedasticity, investors tend to prioritize financial structure considerations over GCG mechanisms when assessing a company’s prospects.
ALIGNING TAX PLANNING AND CSR STRATEGY TO BOOST FIRM VALUE: THE MODERATING POWER OF FEMALE BOARD REPRESENTATION
This research examined the effect of tax planning and corporate social responsibility (CSR) strategy on firm value, with board gender diversity (BGD) as a moderating variable. This study used a quantitative approach with secondary data from 43 food and beverages companies listed on the Indonesia Stock Exchange (IDX) during 2020-2024, resulting in 215 firm-year observations. Data were analyzed using multiple linear regression and moderated regression analysis (MRA) with STATA 19 software. The results showed that both tax planning and CSR strategy had a positive and significant effect on firm value, indicating that transparent fiscal management and responsible CSR practices improve market performance. However, board gender diversity did not significantly moderate the relationship between tax planning and firm value but positively moderated the relationship between CSR strategy and firm value. This research contributes to the literature on corporate governance and sustainability by integrating tax behavior, CSR, and board diversity as determinants of firm value, and it provides practical insights for policymakers and corporate leaders to align governance structures with sustainable growth goals.
PENGARUH PENGHINDARAN PAJAK, BIAYA MODAL EKUITAS, DAN TATA KELOLA PERUSAHAAN TERHADAP PENGUNGKAPAN CSR
A fundamental aspect of conducting business is to ensure that a company’s operations are consistent with social standards and community expectations in order to secure social acceptance. To achieve this, organizations often adopt non-financial communication approaches, including the publication of corporate social responsibility (CSR) reports. This study seeks to analyze the effect of tax avoidance, cost of equity, and corporate governance mechanisms particularly family and foreign ownership on CSR disclosure. The research is based on a sample of 50 mining firms listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023, chosen through a purposive sampling technique. The data were processed using panel data regression with the aid of EViews version 12.The results demonstrate that tax avoidance has a significant negative impact on CSR disclosure, while cost of equity, family ownership, and foreign ownership do not show a meaningful influence. These findings suggest that, although tax avoidance tends to reduce corporate social transparency, the ownership composition and shareholder value are not the primary determinants of CSR reporting in the mining sector.
Tax Avoidance, Cost Of Equity Capital, Family Ownership, Foreign Ownership, Corporate Social Responsibility
PENGARUH KEBIJAKAN DIVIDEN, LEVERAGE, DAN PERSISTENSI LABA TERHADAP KINERJA SAHAM DI PASAR MODAL PADA PERUSAHAAN CONSUMER NON-CYCLICALS YANG TERDAFTAR DI BURSA EFEK INDONESIA
This quantitative study aims to provide empirical evidence on the influence of dividend policy, leverage, and earnings persistence on stock performance in consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. This study used secondary data from the companies’ annual financial reports. The sample was selected using a purposive sampling technique, resulting in 98 observational data points from companies that met the research criteria. The data were analyzed using multiple linear regression with the assistance of IBM SPSS Statistics version 25. This study finds that dividend policy and earnings persistence have a negative and significant effect on stock performance, while leverage has no effect. These findings indicate that in relatively stable sectors such as consumer non-cyclicals, investors tend to give more consideration to internal company factors, such as dividend distribution policy and earnings consistency, when assessing stock prospects and performance.
PENGUNGKAPAN KEBERADAAN TOKOH SEMAR DALAM PROFESI AKUNTAN
This research aims to identify the characteristics of Semar's character which are reflected in the character of accountants, with a focus on the application of his professional code of ethics The method used in this research is qualitative using an interpretive paradigm. Data was obtained through interviews with auditors and accounting service office owners. This research found that the characteristics of Semar are reflected in accountants such as Manunggaling budhi, lathi and experti, devotion, role model, sense of awareness and Manunggaling kawula Gusti. This characteristic is inherent in accountants in carrying out their profession. So an accountant is not only called a "scorer", but also has integrity, a sense of intelligence and other things which are reflected in the character Semar. This research connects aspects of Semar's character with the accounting profession, opening new views on the role of accountants in society. This research contributes to increasing understanding of ethics and integrity in the accounting profession, as well as strengthening public trust in this profession.
FIRM SIZE DAN PROFITABILITAS DALAM MENENTUKAN FINANCIAL DISTRESS PADA PERUSAHAAN SUB SEKTOR FOOD AND BEVERAGE YANG TERDAFTAR DI BEI PERIODE 2021 – 2023
This study aims to analyze the effect of Firm Size and Profitability (ROA) on Financial Distress in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research employs a quantitative approach using multiple linear regression analysis. The sample consists of 10 companies selected through the purposive sampling method. Financial distress is measured using the Altman Z-Score model. The results indicate that Profitability (ROA) has a positive and significant effect on Financial Distress, while Firm Size shows no significant effect. However, both variables simultaneously have a significant influence on Financial Distress. These findings suggest that profitability plays a dominant role in determining the financial health of food and beverage companies in Indonesia.
Profitability, Firm Size, Financial Distress, Altman Z-Score
FAKTOR-FAKTOR YANG MEMPENGARUHI TAX AVOIDANCE
This study aims to examine the influence of Return on Assets, Leverage, Firm Size, Sales Growth, Capital Intensity, Transfer Pricing, Audit Committee, and Institutional Ownership on Tax Avoidance. The object of this research is manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2023.The method used in this study is purposive sampling, resulting in a sample of 65 companies with a total of 195 data points. The data analysis method employed is multiple linear regression, using SPSS version 25 as the analytical tool. The results of this study indicate that Return on Assets, Sales Growth, and Capital Intensity have an effect on Tax Avoidance, while Leverage, Size, Transfer Pricing, Institutional Ownership, and Audit Committee do not have an effect on Tax Avoidance.
TAX AVOIDANCE : BOARD CHARACTERISTICS, FINANCIAL DISTRESS, DAN COMPANY SIZE
This study aims to analyze the influence of corporate governance (board independence, board size, female directors) and company characteristics (financial distress, company size) on tax avoidance in energy sector companies in Indonesia. This study uses a quantitative approach with panel data from 44 energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period (176 observations). Tests were conducted using a Random Effects model, with tax avoidance proxied by the Effective Tax Rate (ETR), and financial distress measured using the Altman Z-Score. The results show that financial distress has a significant negative effect on tax avoidance, while company size has a significant positive effect. Corporate governance variables do not show a significant effect. These findings are useful for regulators in increasing oversight of large companies and reviewing governance effectiveness. For companies, these results emphasize the importance of board quality, while for investors, company size can be an indicator of tax avoidance risk.
GREEN WASHING: KECURANGAN NON-LAPORAN KEUANGAN DAN MOTIVASI KECURANGAN
The environment is currently one of the most important things to protect. The government has implemented regulations for environmental preservation, especially for companies. Companies' activities in protecting the environment can be seen in their published sustainability reports. However, these reports sometimes do not reflect what the companies actually do. Most companies only provide a narrative of their activities without accompanying concrete actions. This has given rise to a new form of fraud called greenwashing. This study was conducted to obtain empirical evidence of the influence of motivation to commit fraud in the perspective of the fraud triangle, namely pressure, opportunity, and rationalization. A total of 132 non-financial companies listed on the Indonesia Stock Exchange from 2020 to 2024 were used as research samples. Sample selection was carried out using purposive sampling. Hypothesis testing was conducted using multiple regression through the Stata application. The test results showed that pressure, measured using financial stability, and rationalization had an influence on greenwashing. This indicates that poor financial conditions of a company can increase the likelihood of greenwashing. In addition, the amount of costs incurred for environmental preservation can encourage greenwashing. The results of this study are expected to provide information for investors and regulators regarding the existence of fraud that is exploited in addition to fraud through financial reports, so that more supervision can be carried out through regulations.