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 This is an opened-journal where everyone can submit their articles, as long as they are original, unpublished and not under review for possible publication in other journals.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
ANALISIS DETERMINASI FAKTOR PENYUSUNAN LAPORAN KEUANGAN UMKM BERBASIS SAK EMKM
The preparation of financial statements based on SAK EMKM remains a challenge for MSMEs, particularly due to limited accounting comprehension, varying business scales, and differing levels of digital technology adoption. This study aims to examine the influence of QRIS implementation, business size, and accounting comprehension on the preparation of financial statements in accordance with SAK EMKM among MSMEs. A quantitative approach was employed by distributing questionnaires to 100 MSME respondents, with data analysed using the SEM-PLS method. The findings indicate that all three independent variables significantly affect the application of SAK EMKM. QRIS contributes to improved transaction recording and accountability, business size influences the extent of compliance with reporting standards, while accounting comprehension emerges as the dominant factor in enhancing the quality of MSMEs’ financial statements. These results underline the importance of integrating digital financial technologies with accounting literacy in encouraging MSMEs to prepare reports in line with standards. The study suggests that government bodies, MSME associations, and educational institutions should strengthen practical accounting literacy programmes alongside digital mentoring to promote broader implementation of SAK EMKM. Future research is recommended to expand the geographical scope, apply a longitudinal approach, and include external variables such as regulatory support and business environment.
Akuntansi, QRIS, SAK EMKM, Ukuran Usaha, UMKM
Copyright (c) 2025 E-Jurnal Akuntansi TSM https://creativecommons.org/licenses/by-sa/4.0
PENGARUH PROFITABILITAS, LIKUIDITAS, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAAHAAN RITEL YANG TERDAFTAR DI BURSA EFEK INDONESIA DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI PEMODERASI
This study aims to assess the extent to which profitability, liquidity, and capital structure influence the value of retail companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, with good corporate governance (GCG) acting as a moderator. The method used in this study is a quantitative approach with panel data regression analysis using Eviews13. The sample consisted of 23 retail companies selected through a purposive sampling method. The study findings indicate that profitability and liquidity do not significantly influence firm value, while capital structure does. Furthermore, GCG is not proven to moderate the effect of profitability and liquidity on firm value, but it can moderate the effect of capital structure on firm value. This study provides important implications for management regarding corporate governance and investment decision-making by investors.
PENGGUNAAN PREDIKSI AKURASI FORECASTING MENGGUNAKAN METODE ARIMA DAN HOLT-WINTERS PADA PENJUALAN (STUDI EMPIRIS PADA PT. KARUNIA ALAM SEGAR TAHUN 2020-2024)
This study aims to compare the forecasting accuracy of the ARIMA and Holt-Winters methods in predicting sales at PT. Karunia Alam Segar for the period 2020–2024. A descriptive quantitative approach was employed using secondary data consisting of monthly sales records. The analysis was carried out using Microsoft Excel, with model accuracy evaluated through MAPE (Mean Absolute Percentage Error), MAD (Mean Absolute Deviation), and RMSE (Root Mean Squared Error). Prior to forecasting, data validity and reliability were tested using SPSS. The results indicated that the data were valid (r > 0.3) and reliable (Cronbach’s Alpha = 0.843). The ARIMA method produced forecasts with a sharp increase trend, but yielded a high error rate (MAPE > 100%), indicating poor accuracy. In contrast, the Holt-Winters method provided more stable and accurate predictions, with MAPE values ranging from 8% to 10%. Therefore, Holt-Winters is considered the more effective forecasting method for supporting PT. Karunia Alam Segar’s sales planning and distribution strategies. This research highlights the importance of selecting appropriate forecasting methods based on data characteristics and demonstrates the practicality of using Microsoft Excel for business data analysis. The results are validated and can serve as a reliable reference for strategic decision-making.
ANALISIS KOMPARATIF PERHITUNGAN PPH 21 SEBELUM DAN SESUDAH TARIF EFEKTIF RATA-RATA
The complexity in calculating Article 21 Income Tax (PPh 21) using the progressive tariff system has raised concerns regarding accuracy, fairness, and efficiency in tax administration, particularly within local government institutions. In response, the Indonesian government introduced the Average Effective Rate (TER) as a simplified alternative to improve tax withholding mechanisms. This study aims to compare the PPh 21 calculation before and after the implementation of TER in the Regional Financial Management Agency of Tangerang City. Using a quantitative approach, the study employs a one-sample t-test to analyse data from 83 employees. The results reveal a statistically significant difference between the PPh 21 amounts before and after TER implementation. The findings indicate that the TER policy contributes to a more streamlined, consistent, and equitable tax withholding process, reducing the risk of miscalculation and administrative burden. This study provides empirical evidence that supports the adoption of TER as an effective fiscal policy tool to enhance the efficiency of income tax management at the local government level. Future studies are encouraged to expand the sample and explore the long-term impact of TER on tax compliance and administrative performance across various public institutions.
BAGAIMANA GAYA KEPEMIMPINAN MEMOTIVASI PARTISIPASI DALAM BADAN USAHA MILIK DESA?
Villagers participation in the growth of the economic village plays an important role. Forms of villager participation can be implemented through Village Owned Enterprises (BUMDes). BUMDes must be able to create a good ecosystem so that it can be trusted by the villagers. Therefore, leaders are needed who can energize the ecosystem optimally. So, this research aims to discuss the influence of leadership style in increasing villagers participation in BUMDes KITA, Central Wologai Village, Ende Regency, East Nusa Tenggara. This research uses primary data obtained by interviews through Forum Group Discussion (FGD). The research shows that a transformational leadership style increases the trust of villagers. So, the villagers participation in managing BUMDes is more optimal. Practically, this research can be used as a reference for other BUMDes management.
PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG), GREEN ACCOUNTING, UKURAN PERUSAHAAN DAN KEPEMILIKAN INSTITUSIONAL TERHADAP NILAI PERUSAHAAN
Firm value is an important indicator for investors in assessing a company's performance. This study analyzes the influence of ESG disclosure, green accounting, firm size, and institutional ownership on firm value in companies listed on the Indonesia Stock Exchange in the Consumer Non-Cyclicals, Basic Materials, Industrials, and Consumer Cyclicals sectors during the 2020–2024 period. The research employs a quantitative method using panel data regression and is processed using EViews 12. The results show that ESG disclosure, green accounting, and institutional ownership have a negative effect on firm value, while firm size has a positive effect. These findings highlight the importance of corporate strategies that balance financial performance and sustainability to attract market attention.
Environmental, Social, and Governance (ESG)
PENGARUH FRAUD TRIANGLE TERHADAP POTENSI KECURANGAN LAPORAN KEUANGAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI
This study aims to analyze the effect of the Fraud Triangle (pressure, Opportunity, and Rationalization) on financial statement fraud, and to examine the moderating role of Good Corporate Governance (GCG). This research was conducted on manufacturing companies in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX) and Bursa Malaysia during the 2021–2024 period. The method used is a quantitative approach with Partial Least Squares–Structural Equation Modeling (PLS-SEM) assisted by SmartPLS software. The results showed that pressure significantly influences financial statement fraud, with a positive direction in Indonesia and a negative direction in Malaysia. Opportunity and Rationalization did not have a significant effect. Furthermore, GCG did not significantly moderate the relationship between pressure and Opportunity toward financial statement fraud in Indonesia. However, GCG significantly moderated the effect of pressure and Rationalization on fraud in Malaysia.
Fraud Triangle, Financial Statement Fraud, Good Corporate Governance, PLS-SEM, Indonesia, Malaysia
ANALISIS PENGARUH E-COMMERCE, PROMOSI, FINANCIAL LITERACY, DAN LIFESTYLE HEDONIS TERHADAP PERILAKU KONSUMTIF MAHASISWA AKUNTANSI
This research aims to analyze the influence of E-commerce, Promotion, Financial Literacy, and Hedonic Lifestyle on the Consumptive Behavior of accounting students at Universitas Kabupaten Lamongan and Universitas Nahdlatul Ulama Surabaya. The method used in this study is quantitative with primary data. Data collection techniques were carried out by distributing questionnaires. The number of respondents in this study was 135 respondents. The data were analyzed using the smartPLS 4 software. Based on the research results, there is a positive and significant influence of E-commerce on Consumptive Behavior. Promotion does not have a significant effect on Consumptive Behavior. Financial Literacy has a positive and significant effect on Consumptive Behavior. Hedonic Lifestyle has a positive and significant effect on Consumptive Behavior. This research can be a source of information related to the variables that influence consumptive behavior. Furthermore other approaches can be used to further explore the motivations for consumer behavior. This research includes promotion as an additional independent variable influencing consumer behavior, allowing for further research.
PENGARUH LOVE OF MONEY, GENDER, DAN MORAL REASONING TERHADAP PERILAKU ETIS MAHASISWA AKUNTANSI DENGAN AKHLAKUL KARIMAH SEBAGAI VARIABEL MODERASI
This study aims to examine the influence of Love of Money, Gender, and Moral Reasoning on the ethical behavior of accounting students, with Akhlakul Karimah as a moderating variable. The research method used a quantitative approach, with a survey of 175 accounting students from the 2021 intake from four universities in Lamongan Regency. Data analysis was conducted using Partial Least Squares-Structural Equation Modeling (PLS-SEM) using the SmartPLS application. The results showed that Love of Money and Moral Reasoning significantly influenced student ethical behavior, while Gender did not. Akhlakul Karimah was shown to negatively moderate the relationship between Moral Reasoning and ethical behavior, but did not moderate the effects of Love of Money or Gender. The implications of this study demonstrate the importance of integrating religious values in accounting education to strengthen students' ethical character. The novelty of this study lies in the use of Akhlakul Karimah as a moderating variable in the context of accounting ethics in Indonesia.
Love of Money, Gender, Moral Reasoning, Ethical Behavior, Akhlakul Karimah
DETERMINASI MAKROEKONOMI, AKSESIBILITAS DAN DEMOGRAFI TERHADAP ADOPSI CENTRAL BANK DIGITAL CURRENCY: STUDI KOMPARATIF INDONESIA, TIONGKOK, DAN BAHAMAS
This study aims to analyze the simultaneous influence of macroeconomic, accessibility, and demographic factors on the adoption level of Central Bank Digital Currency (CBDC) through a comparative study in Indonesia, China, and the Bahamas. The method employed is a mix-method approach with a Sequential Explanatory design. Quantitative analysis was conducted on 34 provinces in Indonesia using panel data regression with a Random Effect Model via EViews 12, while qualitative analysis was carried out through a Systematic Literature Review with the assistance of NVivo 12. The results show that all three variables significantly influence CBDC adoption. Partially, macroeconomic conditions, digital infrastructure accessibility, and the level of bank account ownership each have a positive and significant effect. Simultaneously, these factors form a crucial foundation in supporting the successful implementation of CBDC. These findings indicate that technology readiness, financial literacy, and adaptive policy strategies are key to transforming the financial system through CBDC.
ENTERPRISE RISK MANAGEMENT DALAM MITIGASI KETIDAKSEIMBANGAN SUPPLY-DEMAND DAN RANTAI PASOK TERHADAP KEPAILITAN MELALUI FINANCIAL DISTRESS
The imbalance of supply-demand and supply chain disruptions pose significant challenges to business sustainability, particularly in capital-intensive and export-oriented industries such as textiles. This study aims to analyze the role of Enterprise Risk Management (ERM) in mitigating the impact of supply-demand imbalance and supply chain disruptions on corporate bankruptcy risk through financial distress. Secondary data were collected from the financial reports of PT Sri Rejeki Isman Tbk (Sritex) during 2013–2023 and analyzed using the Ordinary Least Squares (OLS) regression method. The results show that supply, demand, and supply chain disruption variables significantly affect financial distress. Furthermore, financial distress serves as a mediator in the relationship between operational shocks and bankruptcy potential. These findings highlight the necessity of a structured ERM approach to respond to both internal and external pressures, rather than relying solely on historical financial indicators. The study implies that strengthening a company’s risk management system is crucial to enhancing resilience and mitigating bankruptcy potential in volatile environments. A comprehensive ERM framework can offer long-term financial stability.
Enterprise Risk Management, Financial Distress, Supply-Demand, Supply Chain, Bankruptcy
PENGARUH RASIO KEUANGAN DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN MANUFAKTUR DI INDONESIA
This research is conducted to obtain empirical evidence regarding the factors influencing firm value in the manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) during the period from 2021 to 2023. The independent variables examined in this study include liquidity, activity, leverage, profitability, firm size, dividend policy, investment decisions, and firm growth. This study employs purposive sampling as the sampling method, which requires certain criteria until a usable sample size is obtained. Based on the sampling selection process, this research uses 44 companies with 132 data that successfully passed the selection criteria. The hypothesis testing conducted in this study utilizes multiple regression analysis. Based on the analysis results, this study concludes that liquidity, activity, leverage, and profitability have a positive effect on firm value. High profitability will increase the firm value because investors believe that the company is able to utilize its assets effectively to increase profits, which ultimately boosts investor confidence and raises the company's stock price. Meanwhile, firm growth has a negative effect on firm value. Additionally, firm size, dividend policy, and investment decisions do not affect firm value.
Firm Value, Firm Size, Dividend Policy, Investment Decisions, Firm Growth
PENGARUH AUDIT TENURE, AUDIT LAG DAN FINANCIAL DISTRESS TERHADAP OPINI AUDIT GOING CONCERN
This study aims to determine the effect of audit tenure, audit lag and financial distress on going concern audit opinion. The data used is secondary data from the company’s annual financial statements. The sample in this study were energy sector companies listed on the Indonesia Stock Exchage (IDX) in 2019 – 2023. The sampling technique used is purposive sampling technique, obtained a final sample of 19 companies. The analysis technique used is logistic regression analysis technique using the Eviews 12 assistance application. The results showed that partially only the audit lag variable had a significant positive effect on going concern audit opinion and financial distress had a significant negative effect on going concern audit opinion. While the variable of audit tenure have no effect on going concern audit opinion.
PENGARUH BEBAN PAJAK, UKURAN PERUSAHAAN, DEBT COVENANT DAN EXCHAGE RATE TERHADAP TRANSFER PRICING
This study aims to test and analyze the effect of tax burden, firm size, debt covenant and exchange rate on transfer pricing. This type of research is quantitative using secondary data. The population in this study are consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) in 2019-2023. The research sample focused on multinational companies in the sector. The sample selection technique used was purposive sampling, so that from a total of 130 companies, 18 multinational companies were obtained as samples for 5 years, with a total of 90 observation data. The analysis technique used is logistic regression with the help of EViews 13 software. The results showed that simultaneously tax burden, firm size, debt covenant and exchange rate affect transfer pricing. Partially, tax burden and debt covenant affect transfer pricing, while firm size and exchange rate have no effect on transfer pricing.
PENGARUH SISTEM PENJUALAN E-COMMERCE, PENGGUNAAN SISTEM INFORMASI AKUNTANSI, DAN PERILAKU KEUANGAN TERHADAP KINERJA KEUANGAN UMKM DI KOTA MADIUN
The success of MSMEs in their business process can be seen from how good the financial performance of the business is. This study aims to analyze the influence of E-commerce Sales System, the Use of Financial Information Systems and Financial Behavior on Financial Performance in Micro, Small and Medium Enterprises (MSMEs) in Madiun City. This research method uses a quantitative method with primary data obtained through survey techniques. The sample from this study is MSME actors in Madiun City. The data analysis techniques used were multiple linear regression analysis, normality test, multicollinearity test, heteroscedasticity test, and t test. The tool used in this study is the Statistical Package for the Social Science (SPSS) Version 22 software. The results of this study show that the variables of the E-commerce sales system have a positive and significant effect on financial performance, the variables of the use of accounting information systems do not have a significant influence on financial performance, and the variables of financial behavior have a positive and significant influence on financial performance. The author suggests that MSMEs in Madiun City use an E-commerce sales system and good financial behavior so that it can help improve their financial performance.
Sistem Penjualan E-commerce, Penggunaan Sistem Informasi Akuntansi, Perilaku Keuangan, Kinerja keuangan, UMKM.
PENGARUH PERTUMBUHAN PERUSAHAAN DAN FAKTOR LAINNYA TERHADAP NILAI PERUSAHAAN DI INDONESIA
The purpose of this research is to obtain empirical evidence on influence of asset growth and other factors on firm value in Indonesia. This research has seven independent variables, namely profitability, capital structure, firm size, asset growth, dividend policy, liquidity, and sales growth. This research used a sample of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2021 to 2023, with 132 data from 44 companies. This research uses a purposive sampling method for sample selection and multiple regression for data analysis. The results of this research indicate that profitability, capital structure, and liquidity have an effect on firm value. Meanwhile, other independent variables such as company size, asset growth, dividend policy, and sales growth do not affect on firm value.
Firm Value, Profitability, Capital Structure, Liquidity
PENGARUH CAPITAL INTENSITY DAN GOOD CORPORATE GOVERNANCE (GCG) TERHADAP TAX AVOIDANCE DENGAN CORPORATE SOCIAL RESPONSIBILITY (CSR) SEBAGAI VARIABEL MODERASI
This study aims to determine the effect of Capital Intensity and Good Corporate Governance on Tax Avoidance with Corporate Social Responsibility (CSR) as a moderating variable in energy sector companies indexed on the Indonesian Sharia Stock Exchange. This study uses a quantitative approach with a comparative causal method and secondary data from company annual reports on the official IDX website and company websites. The population consists of energy sector companies listed on the IDX and indexed in the Indonesia Sharia Stock Index for the period 2019–2023. The sample was selected using purposive sampling, resulting in 21 companies with 105 observations over five years. Data analysis was conducted using multiple linear regression and moderation tests with SPSS Statistics 25. The results indicate that capital intensity has a positive effect on tax avoidance. Institutional ownership has no effect, while managerial ownership has a negative effect on tax avoidance. CSR does not moderate the relationship between capital intensity or institutional ownership and tax avoidance, but it strengthens the relationship between managerial ownership and tax avoidance.
Capital Intensity, Corporate Social Responsibility, Institutional Ownership, Managerial Ownership, Tax Avoidance
SALES GROWTH AS A MODERATOR OF THE EFFECT OF INVENTORY INTENSITY AND THIN CAPITALIZATION ON TAX AVOIDANCE
The purpose of this research is to determine the effect of Inventory Intensity and Thin Capitalization on Tax Avoidance with Sales Growth as a Moderating Variable. This research uses a sample of Consumer Non-Cyclical sector companies listed on the Indonesia Stock Exchange from 2019 to 2023. The data used in this research includes financial statements and annual reports. The sampling technique applied is purposive sampling, where from 132 companies in the Consumer Non-Cyclical sector, a sample of 36 companies over 5 years is selected, resulting in 180 sample data. The analysis used is panel data regression analysis with the fixed effect regression model for both equation I and equation II. The data was processed using Eviews12 software. The results show that, simultaneously, inventory intensity and thin capitalization have a significant effect on tax avoidance. Partially, both inventory intensity and thin capitalization also have a significant effect on tax avoidance. Furthermore, the results of moderating variable indicate that sales growth does not moderate the effect of inventory intensity on tax avoidance, while sales growth does moderate and weaken the effect of thin capitalization on tax avoidance.
PENGARUH AUDITOR SWITCHING DAN FAKTOR LAINNYA TERHADAP MANAJEMEN LABA
The purpose of this research is to obtain empirical evidence regarding the effect of independent variables on the dependent variable. The independent variables used in this research are firm age, audit quality, leverage, profitability, firm size, and auditor switching. Meanwhile, the dependent variable used is earnings management. The object used in this research is manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2021 until 2023. The sample selection method used purposive sampling with predetermined criteria. There are 80 companies that meet the criteria with a total of 240 data. This research used multiple regression analysis to analyze the data. The results of this research shows that firm age and auditor switching has a negative effect on earnings management. On the other hand, audit quality, leverage, profitability, and firm size has no effect on earnings management.
Earnings Management, Audit Quality, Auditor Switching, Firm Characteristics
PENGARUH LEVERAGE, CAPITAL INTENSITY, SALES GROWTH DAN FAKTOR LAINNYA TERHADAP PENGHINDARAN PAJAK
The purpose of this study is to examine the effect of leverage, capital intensity, sales growth, profitability, institutional ownership, managerial ownership, executive characteristics, and company size on tax avoidance. The population of this study was all manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023. The sample of this study was obtained using a purposive sampling method, where only 48 manufacturing companies listed on the Indonesia Stock Exchange that met all criteria, resulting in 144 data items used as the research sample. The data source in this study was obtained from the Indonesia Stock Exchange website. This study used a Weighted Least Squares (WLS) regression model to examine the effect of each variable on tax avoidance. Empirical evidence shows that the variables leverage (DAR), capital intensity (CIR), sales growth (SAG), profitability (ROA2), institutional ownership (IOW), managerial ownership (MOW), and company size (SZC) have an influence on tax avoidance as indicated by the significance value of the t-test results below 0.05. Meanwhile, the executive character variable (EXC) has no influence on tax avoidance efforts.
ANALISIS PERBANDINGAN HARGA SAHAM DAN VOLUME PERDAGANGAN SAHAM PT UNILEVER INDONESIA TBK SEBELUM DAN SETELAH MUI MENGELUARKAN FATWA MUI NO. 83 TAHUN 2023
Fatwa No. 83 of 2023 issued by the Indonesian Ulema Council (MUI), which urges Muslims to avoid products affiliated with Israel, has generated negative public sentiment, including toward companies such as PT Unilever Indonesia Tbk. This study aims to examine the differences in stock price and trading volume of PT Unilever Indonesia Tbk before and after the issuance of the fatwa. A quantitative approach was employed using an event study methodology, with the Wilcoxon Signed Rank Test applied to data from 100 days before and after the event. The results reveal a significant difference in stock price, but not in trading volume. These findings suggest that socially driven religious information can act as a negative signal to investors, leading to a decline in stock prices, although not necessarily accompanied by changes in trading activity. The implications highlight the importance for companies to recognize the potential impact of socio-religious issues on market perception and encourage further research on market reactions to non-economic information.
PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN AGROINDUSTRI DI INDONESIA
This study aims to analyze the influence of Environmental, Social, and Governance (ESG) on company value in the agro-industrial sector in Indonesia. The background of this study is based on the increasing trend of investor attention to aspects reflected in ESG. Company value is measured using the Price to Book Value (PBV) ratio, while the ESG score is calculated based on the GRI Standards 2021. The method used in this study is a quantitative approach with multiple linear regression analysis techniques. The sample consists of 24 agro-industrial companies listed on the Indonesia Stock Exchange during the 2022–2024 period with a total of 72 observations. The control variables used in this study include Return on Assets (ROA), company size, and Debt to Equity Ratio (DER). The results of the study indicate that ESG closure has a positive and significant effect on company value, which supports the theoretical signal that ESG is a positive signal of long-term commitment to the sustainability of the company. In addition, the DER variable also has a significant positive effect, while ROA and company size have a significant negative effect on company value. The coefficient of determination value of 0.298 indicates that the model can explain about 29.8% of the variation in company value. This finding shows that although ESG is not the only factor, it has an important contribution in shaping market perception and increasing the value of agro-industry companies in Indonesia.
Agro-industry Companies, Company Value, ESG Disclosure
PENGARUH PROFITABILITAS, LEVERAGE DAN EFISIENSI OPERASI TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN RITEL
This study aims to analyze the effect of profitability, leverage, and operational efficiency on financial distress in retail companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Financial distress is a critical financial condition that may lead to bankruptcy, making early identification essential. A quantitative method with a multiple linear regression approach was used. Secondary data were obtained from the annual financial reports of retail companies selected through purposive sampling. The independent variables in this study are Return on Assets (ROA) as a proxy for profitability, Debt to Asset Ratio (DAR) for leverage, and the ratio of operating cash flow to sales for operational efficiency. The results reveal that profitability has a significant negative effect on financial distress, while leverage and operational efficiency show no significant effect. These findings indicate that higher profitability strengthens financial conditions and lowers the risk of distress. This study implies that company management should prioritize net income improvement through effective asset management as a preventive measure against financial distress.
PENGARUH KEPEMILIKAN INSTITUSIONAL, KEBIJAKAN DIVIDEN DAN RASIO KEUANGAN TERHADAP NILAI PERUSAHAAN
This study aims to analyze the effect of dividend policy, investment decisions, leverage, profitability, company size, liquidity, sales growth, institutional ownership, and activity ratio on firm value. This study uses a sample of all manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period with 44 manufacturing sector companies as samples in this study. Through purposive sampling method and analyzed with multiple linear regression. The results showed that leverage, profitability, liquidity, and institutional ownership have a positive effect on firm value. The higher leverage shows that the company is able to manage debt effectively so it can attract shareholder attention. High profitability provides a positive signal to investors regarding the profits generated by the company. A high level of liquidity indicates that the company is able to finance its short-term debt so this may increase the value of the company. Institutional ownership that increases reflects the strict supervision of investors so it can prevent management's opportunistic behavior and increase firm value. On the other hand, dividend policy, investment decisions, firm size, sales growth, and activity ratio have no effect on firm value.
MENGUJI POTENSI KECURANGAN LAPORAN KEUANGAN BERDASARKAN FRAUD HEXAGON
This study investigates the potential for financial statement fraud in Indonesian retail companies using the Fraud Hexagon approach, a theoretical model encompassing six elements: situational pressure, capability, collusion, opportunity, rationalization, and ego. The study utilizes secondary data from the annual financial statements of retail companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2022 period, reflecting conditions during the COVID-19 pandemic, selected through purposive sampling. Data analysis was conducted using SPSS version 26 with a multiple linear regression method. The results reveal that auditor and director turnover significantly influence the potential for financial statement fraud, while other elements, such as financial targets, ineffective oversight, CEO photo frequency, and collusion, show no significant impact. These findings highlight the pandemic as a situational pressure that can amplify fraud risk dynamics while emphasizing the critical role of leadership changes and external oversight in either promoting or mitigating financial statement manipulation. This study provides practical and theoretical contributions to efforts in detecting and preventing financial statement fraud, offering insights to strengthen corporate governance through risk mitigation strategies based on the Fraud Hexagon framework.
Auditor Turnover, Director Turnover, Financial Statement Fraud, Fraud Hexagon
PENGARUH SISTEM PENGENDALIAN INTERN PEMERINTAH TERHADAP EFEKTIVITAS PEMUNGUTAN PENDAPATAN ASLI DAERAH PADA KABUPATEN SUBANG TAHUN 2019-2023
The effectiveness of local revenue (PAD) collection is very important for local governments to finance work programs in their regions and determine the level of regional independence. However, problems related to unachieved PAD are still found in various regions, one of which is Subang Regency. This study aims to measure the influence of the five dimensions of SPIP, both partially and simultaneously, on the effectiveness of PAD collection. The research method used is a quantitative method using a saturated sampling technique consisting of 11 OPDs collecting PAD and 52 respondents. Data collection techniques were carried out by distributing questionnaires, interviews, observations and data analysis and hypothesis testing using the SmartPLS 3 application. The results of this study indicate that partially the control environment, risk assessment, and monitoring influence the effectiveness of PAD collection, while risk assessment, information and communication do not influence the effectiveness of PAD collection. Furthermore, simultaneously SPIP has an influence on the effectiveness of PAD collection in Subang Regency.
Control Activities, Control Environment, Information and Communication, Monitoring, PAD Effectiveness, Risk Assessment
ANALISIS PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SETELAH PANDEMI COVID-19: STUDI KASUS PERUSAHAAN LOGISTIK PADA TOP 50 ALPHALINER
This study aims to provide empirical evidence regarding differences in financial performance, represented by current ratio (CR), return on assets (ROA), debt to equity ratio (DER), and operating expenses ratio (OER), in logistics companies before and after the COVID-19 pandemic. This comparative research applied the Wilcoxon Signed Rank test, with purposive sampling selecting 18 logistics companies listed in the Top 50 Alphaliner as of December 14, 2024, as the research sample. The results show significant differences in CR and ROA, with both being higher after the pandemic, while OER shows lower values after the pandemic. Meanwhile, DER does not exhibit significant differences between the periods before and after the pandemic. These findings indicate that CR, ROA, and OER are more sensitive to external changes compared to DER, which tends to remain stable.
DETERMINAN KEPATUHAN WAJIB PAJAK UMKM GEN-Z DI PROVINSI BANTEN
The low presence of MSME taxpayers, especially from Generation Z in Banten Province, is an important concern in efforts to increase tax revenue. Digital transformation and tax awareness are important factors in encouraging tax participation among young entrepreneurs. This study aims to examine the effect of tax digitalization, tax understanding, tax morality, and financial conditions on MSME taxpayer compliance, as well as the role of financial conditions as a moderating variable. The study was conducted quantitatively with the SEM-PLS approach and involved 100 MSME respondents from Generation Z. The results show that tax understanding and financial conditions have a significant effect on MSME taxpayer compliance, while digitalization and morality have not shown a significant effect. The three independent variables are simultaneously able to explain variations in MSME taxpayer compliance. However, financial conditions have not been shown to significantly moderate the relationship between variables. This finding has implications for the educational aspect of technology utilization, as well as the formation of moral awareness being important for building MSME tax compliance based on the younger generation in the digital era. Recommendations for the Banten Directorate General of Taxes to improve digital tax education that is in accordance with the character of Generation Z. Fiscal literacy needs to be strengthened with a technological and social approach. Further researchers can examine the psychological and cultural factors that influence the existence of taxes.
ANALISIS PENGELOLAAN KEUANGAN DESA BERDASARKAN PERMENDAGRI NOMOR 20 TAHUN 2018 TAHUN ANGGARAN 2024 (STUDI KASUS: DESA SUKOREJO KECAMATAN BANGSALSARI KABUPATEN JEMBER)
This study aims to analyze the compliance of village financial management in Sukorejo Village, Bangsalsari District, Jember Regency for the 2024 fiscal year based on the Ministry of Home Affairs Regulation Number 20 of 2018. The method used is a qualitative descriptive approach with data collection techniques including observation, interviews, and documentation. The results indicate that village financial management in Sukorejo generally complies with applicable regulations, covering the planning, implementation, administration, reporting, and accountability stages. However, several discrepancies were found during the implementation and reporting stages, such as delays in submitting activity realization reports and reliance on the SISKEUDES application network. This study recommends improving the capacity of village officials and enhancing information systems to support transparent and accountable village financial governance.
PERBANDINGAN PENGUNGKAPAN LAPORAN KEBERLANJUTAN INDUSTRI PERKERETAAPIAN DI INDONESIA BERDASARKAN GRI STANDAR 2021
The growing awareness of sustainability has led to increased corporate transparency and accountability, particularly through sustainability reporting. This study aims to analyze the disclosure of sustainability issues in three Indonesian railway companies, PT MRT Jakarta, PT LRT Jakarta, and PT Kereta Commuter Indonesia, based on the GRI 2021 Standards. Using a descriptive qualitative approach, the study examines sustainability reports and related documents. The findings reveal that material issues in the railway industry are closely linked to public service functions as well as environmental and social impacts. Economic and social disclosures are generally more extensive than environmental ones, with notable variations among companies. The ownership structure, operational age, and corporate status all influence the extent and form of sustainability reporting. This study underscores the need to enhance the quality of sustainability disclosures and promote the adoption of more consistent standards to strengthen transparency and accountability in the public transportation sector.