Jurnal Bisnis dan Akuntansi or Journal of Business and Accounting (JBA) is biannual publication issued in the month of June and December. Jurnal Bisnis dan Akuntansi is 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). JBA is a scientific journal which prioritizes the publication of articles (research and non-research based) regarding to business and accounting issues that deal with social issues such as management (financial, human resources, marketing), accounting (financial accounting, management accounting, accounting information systems, taxation), economic 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 This is an opened-journal where everyone can submit their articles, as long as they are original, unpublished and not under review for possible publication in other journals.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 JBA ISSN Print (ISSN 1410-9875) ISSN Online (E-ISSN 2656-9124). JBA has obtained a SINTA 2 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. 72/E/KPT/2024 for the period JBA 25(1), June 2023 to JBA 29(2), December 2027.
Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti
THE INFLUENCE OF RELEASING CARBON EMISSIONS ON ACCOUNTING RETURNS: THE MODERATING ROLE OF BUSINESS STRATEGY
This study uses 1856 data from non-financial companies listed on the Indonesia Stock Exchange between 2015 and 2023 to examine business strategy as a modulator of the impact of carbon emissions disclosure on accounting returns. The relationship between creative business tactics and the disclosure of carbon emissions on accounting returns is what makes this study distinctive. Principal component analysis (PCA) is used for determining the value of the accounting functions. The study's findings suggest that business techniques mitigate the impact of disclosing carbon emissions on a company's accounting returns. This study contributes to regulations by showing that most non-financial companies are still not fully aware of the impact of climate change and that carbon emission disclosure is closely related to environmental pollution. As a result, the government needs to pay close attention to this issue. Companies must implement innovative business strategies by making carbon emissions disclosure a competitive advantage to increase the company's accounting return. In addition, this can also provide positive information to investors, thereby assisting investors in making investment decisions.
Business strategy, carbon emission disclosure, accounting return
Copyright (c) 2025 Jurnal Bisnis dan Akuntansi https://creativecommons.org/licenses/by-sa/4.0
DOES BOARD STRUCTURE FOSTER ENVIRONMENTAL INITIATIVE AND MITIGATE FINANCIAL RISK?
This study examines whether board structure serves as an effective governance mechanism in promoting environmental initiatives and mitigating financial risk among publicly listed firms in Indonesia. Drawing on Agency Theory and Stakeholder Theory, it explores how board independence, size, and gender diversity shape sustainability-oriented decisions and financial outcomes. A quantitative research design is employed using secondary panel data from 161 firm-year observations over the period 2013–2024. The study analyzes the impact of board characteristics on the adoption of emission-reduction initiatives and financial risk, proxied by leverage, using empirical regression. Results show that board independence and size are associated with greater emission reductions, suggesting that better governance enhances accountability. However, there is no clear, direct link between board traits and financial risk, implying that board structure alone does not drive stability. This study extends ESG research in emerging markets by showing that governance has different roles in environmental and financial matters. It suggests boards should be strengthened to support sustainability, while financial results may depend on broader factors.
INVESTMENT COMPONENTS EMBEDDED IN SG&A EXPENSES: COST STICKINESS AND MARKET REACTIONS
This study examines differences in the degree of cost stickiness between investment and operating selling, general, and administrative (SG&A) expenses and market reactions from each component in Indonesian technology firms. The sample comprises 167 firm-year observations over the 2020–2024 period. Hypotheses are tested using multiple linear regression based on the cost stickiness model of Anderson and the market reaction model of Weiss. The results indicate that SG&A expenses exhibit cost stickiness, whereby costs adjust more slowly when revenues decline than when revenues increase. Furthermore, investment SG&A demonstrates a significantly higher degree of cost stickiness than operating SG&A. In addition, cost stickiness arising from investment SG&A significantly moderates the relationship between earnings forecast errors and market reactions, whereas cost stickiness associated with operating SG&A does not exhibit a significant moderating effect. These findings suggest that although the market partially recognizes the investment component of SG&A as intangible assets, information limitations reduce market responsiveness to the long-term implications of investment cost stickiness. This study provides implications for investors and analysts in evaluating the performance of technology-based firms in Indonesia.
Cost stickiness, Investment SG&A, intangible assets, market reaction, technology firms
MEASURING CUSTOMER LOYALTY ANTECEDENTS: THE ROLE OF SATISFACTION AMONG GEN Z COFFEE CONSUMERS
Indonesia, with a Generation Z population exceeding 66 million in 2023, represents a significant market segment for the food and beverage (F&B) industry. Generation Z exhibits high consumption of food and beverages, making customer loyalty a critical concern for businesses. This study investigates how Corporate Social Responsibility (CSR), product quality, service quality, and price fairness affect customer loyalty, while positioning customer satisfaction as an intervening variable. Data were obtained from 550 purposively selected respondents and processed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings reveal that product quality, service quality, and price fairness significantly affect customer satisfaction, which in turn significantly influences customer loyalty. Price fairness not only directly influences customer loyalty but also produces the strongest indirect effect through customer satisfaction (? = 0.189). Meanwhile, CSR significantly affects customer loyalty through a direct path, whereas its impact on customer satisfaction and its indirect influence through satisfaction are not supported. In addition, product quality and service quality do not directly affect customer loyalty but influence it indirectly through customer satisfaction. These findings highlight the role of customer satisfaction as an intervening mechanism linking the key antecedent variables to customer loyalty and provide a context-specific explanation of loyalty formation among Generation Z consumers in the F&B industry.
THE MEDIATING ROLE OF INCOME LEVEL IN THE RELATIONSHIP BETWEEN FINANCIAL LITERACY, FINANCIAL GOALS, AND RETIREMENT PLANNING
This study aims to gather concrete evidence on how financial literacy and financial goals influence retirement planning, with income level as a mediator. This research is driven by the public's need to manage their finances wisely and plan for retirement, especially as the economy becomes increasingly unstable and many people in Indonesia are not actively involved in retirement programs. Unlike previous research that typically focuses only on the direct relationship between variables, this study adds new insights by including income level as a mediator, demonstrating how financial literacy and financial goals can influence retirement planning, especially in developing countries. Data were collected using questionnaires administered to 106 working-age individuals in Indonesia. This study used the Structural Equation Modeling (SEM-PLS) method to test the direct and indirect relationships between the various variables. The findings indicate that having good financial knowledge and clear financial goals leads to better retirement planning, both directly and by influencing one's income. These results suggest that people who are more knowledgeable about money and have a clear financial plan are more likely to plan well for retirement, as greater financial knowledge and a clear direction can help them earn a higher income. This research adds to existing research on retirement planning by demonstrating how income level plays a key role in linking financial capability to long-term financial actions. This research suggests that governments and financial institutions should improve financial education programs to help people set and achieve financial goals, thereby strengthening financial skills and increasing readiness for retirement.
DO INVESTORS PAY FOR PURPOSE? A BIBLIOMETRIC ANALYSIS OF SUSTAINABLE BOND PREMIUMS
This study maps research on sustainable bond pricing, focusing on greenium, socium, and sustainium. Using bibliometric and systematic analyses following PRISMA guidelines, 82 Scopus-indexed articles published between 2019 and 2025 were reviewed. RStudio with Bibliometrix and VOSviewer was used to visualize publication trends and thematic clusters. Results show rapid growth in research since 2019, along with an increase in the ESG market. Most studies identify a small but consistent greenium, while evidence on socium and sustainium remains limited and mixed due to emerging data and market maturity. Environmental factors are the main drivers of bond pricing, while social and governance factors strengthen transparency and investor trust. This study consolidates fragmented literature and outlines ESG-related determinants of sustainable bond premiums. Future research should examine emerging markets and innovative instruments, such as sustainability-linked bonds, to better understand market incentives for sustainable finance.
Copyright (c) 2026 Jurnal Bisnis dan Akuntansi https://creativecommons.org/licenses/by-sa/4.0
REDEFINING REAL-EARNINGS MANAGEMENT: A CONSTRUCTIVE PERSPECTIVE OF A NON-OPPORTUNISTIC STRATEGY
This research investigates the hidden characteristics of real-earnings management (REM) as a competitive strategy, challenging the mainstream view of it as an opportunistic practice. This work employs a dynamic panel data two-step generalised method of moments (GMM). The sample comprises companies listed on the Indonesia Stock Exchange from 2009 to 2024. This paper presents crucial theoretical implications for real-earnings management as an efficient practice that challenges the mainstream view of opportunistic financial reporting. Firstly, the persistence of real-earnings management practice is evidence of a violation of the temporary or abnormal practice. Secondly, the interrelationships among the components form an internal supply chain. Third, the effects of real-earnings management on income sustainability are evident. Finally, the positive influence of the macroeconomic situation on the abnormal operating cash flow arrangement affirms the non-opportunistic nature of the practice. However, this paper also admits that ex post analysis is limited in its ability to characterise current REM. This paper provides a framework for future research to incorporate the still-unexplored potential determinants of each REM criterion, and the urgent need to complement these measurements with a regression residual model is clear.
STRATEGIC TYPOLOGY AND ITS CONTEXTUAL ROLE IN SHAPING THE ESG-FIRM VALUE NEXUS
In the pursuit of long-term survival and growth, firms must strengthen investor relations and secure stakeholder trust to enhance share prices, thereby reflecting greater firm value. Investment decisions today extend beyond financial metrics, incorporating sustainability considerations through the Environmental, Social, and Governance (ESG) framework. To fully capture ESG’s value-creating potential, firms operate within distinct strategic typologies that shape their competitive responses. The prospector typology emphasizes innovation and market exploration, whereas the defender typology focuses on efficiency and market stability. This study examines the influence of ESG performance on firm value, while recognizing strategic typology as a contextual factor in this relationship. Using 639 firm-year observations from Indonesian Stock Exchange–listed firms with ESG scores from Refinitiv Eikon (2014–2024), regression results reveal that ESG performance significantly enhances firm value. This positive association persists across both prospector and defender strategies, highlighting ESG’s universal relevance as a driver of firm value. This research underscores ESG performance as a sources of value creation for firms and highlights the importance of aligning sustainability practices with firms' strategic characteristics, particularly within the context of emerging markets.
IMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY IN ACCOUNTING INFORMATION SYSTEMS: A SURVEY STUDY OF LOCAL GOVERNMENTS IN YOGYAKARTA
This study examines the adoption of Blockchain Technology in Accounting Information Systems (AIS) within local governments in Yogyakarta using the Unified Theory of Acceptance and Use of Technology (UTAUT) framework. Specifically, it investigates the effects of performance expectancy, effort expectancy, social influence, and facilitating conditions, along with trust and regulatory support, on behavioral intention and actual usage. A quantitative survey was conducted among accounting and IT personnel in local government agencies, and data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that performance expectancy, trust, and regulatory support significantly and positively influence the intention to adopt blockchain-based AIS, while facilitating conditions are more closely associated with actual usage. Trust mediates the relationship between effort expectancy and intention, and regulatory support strengthens the effect of performance expectancy. The study contributes to the extension of the UTAUT model by incorporating trust and regulatory support in a public sector context, offering theoretical and practical implications for enhancing blockchain adoption. Findings suggest that improving system reliability, digital infrastructure, and regulatory clarity can increase the likelihood of successful implementation in local governments.
UNCOVERING THE KEY DETERMINANTS SHAPING ELECTRIC VEHICLES ADOPTION IN INDONESIA
Fossil fuel-powered vehicles are among the major causes of Green House Gas (GHG) output, with Indonesia ranking in the top ten globally. The transition to Electric Vehicles (EVs) in Indonesia is progressing at a modest pace. To support EVs adoption and its environmental benefits, this analysis aims to understand predictors of EVs buying behavior. A survey targeting people domiciled in Jabodetabek, who use EVs or want to purchase EVs, was conducted via questionnaires. Subsequently, Partial Least Square Structural Equation Modeling was employed. On a 5-point Likert scale, 121 respondents were collected. The outcomes showed that price value, subjective norms, perceived ease of use and attitude can predict purchase intention positively and significantly. Furthermore, price value, perceived usefulness and perceived ease of use can predict attitude positively and significantly. Meanwhile, perceived usefulness and perceived behavioral control can’t predict purchase intention significantly. Attitude fully mediates the relationship between perceived usefulness and purchase intention, also partially mediates the relationship between price value and purchase intention and perceived ease of use and purchase intention. These findings imply that emphasizing value, usability, and social influence can strengthen attitudes and purchase intention toward EVs. By identifying key behavioral and technological determinants of EV adoption, this study offers empirical insights for policymakers in supporting environmentally sustainable transportation in Indonesia.
ENVIRONMENTAL ADAPTATION AND SUSTAINABILITY OF BUMDES IN INDONESIA: FUTURE RESEARCH DIRECTIONS AND OPPORTUNITIES
Over the past decade, research on Village-Owned Enterprises (BUMDes) in Indonesia has grown substantially, yet its contribution to strengthening village economies and institutional practices remains limited. Many studies remain repetitive, focusing on governance, accountability, and performance, while neglecting innovation, paradigm shifts, and broader theoretical development. Research replication without deeper interpretation has led to minimal practical and theoretical contributions. This study addresses the need for a richer research direction by systematically reviewing 19 articles published between 2015 and 2025, each examining strategic issues related to BUMDes in Indonesia. Tranfield’s systematic review methodology maps trends, research gaps, and challenges in BUMDes studies. The analysis identifies three directions for future research: exploration of emerging topical issues, diversification of research paradigms, and application of relevant theories contextualized to the BUMDes setting. These findings underscore moving beyond traditional themes towards more adaptive and innovative approaches. The study is expected to provide a valuable reference for researchers and practitioners in developing research strategies that enhance the role of BUMDes in sustainable village development.
TAX AVOIDANCE & CORPORATE RISK: MODERATION BY EXECUTIVE CHARACTERISTICS AND GENDER DIVERSITY
This study examines the effect of tax avoidance on corporate risk. Next, the moderating effect of executive characteristics and gender diversity is investigated in this association. The study examined Indonesia’s nonfinancial listed companies, collecting a sample of 265 observations during 2020-2024. Hypotheses were tested using moderated regression with panel data. It was found that companies that avoid taxes aggressively have a higher level of corporate risk. The presence of risk-averse executive characteristics and women weakens the effect of tax avoidance on corporate risk. This research contributes by providing the latest references regarding Indonesian tax avoidance behavior that poses risks to companies and encouraging companies in Indonesia to be aware of the importance of executive characteristics and gender diversity.
WOMEN DIRECTORS AND CORPORATE SUSTAINABILITY: BIBLIOMETRIC AND GAP ANALYSIS INSIGHTS
This research explores the connections between gender diversity on corporate boards and corporate sustainability via bibliometric analysis, gap analysis, and a future research agenda. Employing the SPAR-4-SLR based Systematic Literature Review (SLR) protocol, the research examines 43 articles indexed in Scopus that were published from 2014 to 2024. The findings indicate that gender diversity on boards has a positive effect on sustainability performance, especially in the social and governance areas. Main themes encompass stakeholder theory, corporate sustainability, and additional board attributes. Nevertheless, co-authorship analysis reveals restricted cooperation between research teams. The findings emphasize the necessity of varied board compositions for attaining sustainability objectives and aligning with international agendas. Decision-makers are urged to adopt gender diversity programs, whereas business executives ought to cultivate inclusive environments and form sustainability teams. Researchers are encouraged to determine the long-term effects of gender diversity, its relationship with digital transformation, and other aspects of diversity. Upcoming studies should tackle recognized gaps and promote interdisciplinary cooperation to improve comprehension and practices in this area.
GREEN INTELLECTUAL CAPITAL AND RICH DIGITAL ECO-DYNAMIC TO IMPROVE E-BUSINESS SMES’ INNOVATION PERFORMANCE
This research investigates the impact of green intellectual capital, dynamic capability, IT ambidexterity, environmental uncertainty, and RICH on the innovation performance of entrepreneurial small and medium-sized enterprises (SMEs). Focusing on Indonesian e-business SMEs, this study aims to deepen comprehension of the elements fostering innovation within SME entrepreneurship. Data were gathered from 313 SME entrepreneurs via online questionnaires and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The study identifies key determinants influencing the improvement of innovation performance among Indonesian e business SMEs and offers recommendations for its enhancement. Findings indicate that IT ambidexterity, environmental uncertainty, RICH, and green intellectual capital exert a significant positive effect on dynamic capability. Furthermore, dynamic capability, IT ambidexterity, environmental uncertainty, RICH, and green intellectual capital all demonstrate a substantial positive influence on innovation performance, with green intellectual capital emerging as the most impactful contributor. Ultimately, these insights can empower businesses to develop novel products and implement innovative marketing strategies, thereby expanding their market reach and customer base.
THE INTERPLAY BETWEEN ESG CONTROVERSIES AND INNOVATION ON FIRM FINANCIAL PERFORMANCE: EVIDENCE FROM INDONESIA
This study aims to examine the impact of Environmental, Social, and Governance (ESG) controversies and innovations on firm financial performance. A total of 522 firm-year observations of Indonesia’s publicly listed non-financial companies from 2019 to 2023 were collected using purposive sampling. Data is generated from Refinitiv Eikon Database and analyzed through multiple linear regression (ordinary least squares). The findings reveal that ESG non-controversy has a consistent and significant positive effect on firm value, underscoring its role in preserving legitimacy and signaling firm’s quality. ESG innovation also shows a positive association with firm value in the full sample but loses statistical significance in sub-sample analyses split by firm size, suggesting its signaling value may be context-dependent. Firms are advised to actively minimize controversies while fostering innovative approaches to ESG initiatives, as these factors are shown to play a critical role in increasing financial performance. In contrast to existing Indonesian ESG research that aggregates ESG metrics into a single score, this study examines ESG controversies and ESG innovation as separate dimensions and concurrently exploring their impacts on firm value through the frameworks of signalling and legitimacy theory. The results offer practical insights for managers aiming to integrate ESG into corporate strategy and for investors evaluating ESG signals in valuation decisions.
UNDERSTANDING THE ROLE OF PURCHASE INTENTION IN AFFECTING BUYING BEHAVIOR TOWARD GREEN PRODUCT FROM THE TPB PERSPECTIVE
This research explores how social media marketing strategies—guided by the Theory of Planned Behavior (TPB) and principles of Green Marketing—affect consumers' intentions and purchasing behaviors toward environmentally friendly products. With growing concerns about plastic waste, especially in densely populated and rapidly developing countries like Indonesia, this research aims to address the significant environmental challenges posed by high plastic consumption. This survey has been conducted toward 456 respondents. This study utilized nonprobability sampling by purposive sampling. Smart PLS 3 software used for structural equation modeling This approach allows for the collection of extensive data on consumer behavior and sentiments. The results reveal that Attitude, Subjective Norms, and Perceived Behavioral Control have a significant and positive impact on consumers' intentions to purchase eco-friendly products. Additionally, green advertising and eco-labeling play a crucial role in shaping actual buying behavior toward such products. The intention to purchase also significantly drives environmentally conscious buying behavior. However, green branding does not exhibit a positive influence on consumer purchasing decisions. This suggests that consumers are more likely to develop purchase intentions when companies effectively communicate their environmental commitment.
Theory Planned Behavior, Environmentally Friendly Products, Green Marketing, Purchase Intention, and Consumer Buying Behavior
CORPORATE TAX AVOIDANCE: HOW FINANCIAL HEALTH RESHAPES THE GAME
Corporate tax avoidance has long been an ethical and social concern. Understanding what motivates firms to engage in such practices is crucial to maximizing national tax revenues. However, research on financial distress and corporate tax avoidance is commonly seen from the perspective of conventional theories, with the financial distress proxy being less accurate in the context of developing economies. Therefore, this research aims to gather empirical evidence regarding the effect of financial distress on corporate tax avoidance in Indonesia, specifically emphasizing the consumer cyclical sector. This study utilizes secondary data obtained from firms’ audited financial statements for the years 2019 to 2023, analyzed with the panel data regression approach. The results of this study indicate that financial distress significantly and negatively affects corporate tax avoidance. From the perspective of the risk compensation theory, financially distressed firms must respond to their dire situation by changing their behaviour, such as not committing to implementing risky tax avoidance activities. On the other hand, since financially healthy firms have a higher target level of risk, they would be more willing to engage in more tax since they have a ‘financial cushion’. Theoretically, the findings contribute to the accounting and taxation literature by integrating with the risk compensation theory. Practically, the results indicate that tax authorities are advised to scrutinize financially healthy firms more closely, as they tend to have a greater propensity to engage in corporate tax avoidance practices.
THE MODERATING ROLE OF MANAGERIAL OVERCONFIDENCE IN THE NEXUS OF MANAGERIAL ABILITY AND FIRMS LEVERAGE
This study aimed to investigate the impact of managerial ability on corporate financial leverage and examine the moderating role of managerial overconfidence in Indonesian publicly listed firms. The analysis was based on 1,440 firm-year observations from 2017 to 2020 and used fixed-effects regression models with firm clustered standard errors. The results showed that higher managerial ability was positively associated with greater financial leverage. Furthermore, it was found that managerial overconfidence increased this effect, suggesting that highly capable yet overconfident managers were more inclined to increase debt levels, potentially due to greater risk tolerance. This study contributed to the corporate finance literature by showing how cognitive biases interacted with managerial competence to influence leverage decisions, an interaction largely overlooked in traditional capital structure theories. These results offered practical implications for corporate governance, emphasizing the importance of complementing evaluations of managerial ability with behavioral assessments to minimize excessive risk-taking. In the context of emerging markets, this study emphasized the need for institutional reforms that consider both managerial skills and psychological traits in executive decision-making.
HOW DO GOVERNMENT DIGITAL CONTENT, THEORY OF PLANNED BEHAVIOUR, AND TAX AWARENESS AFFECT TAX COMPLIANCE?
In the digital era, the utilization of technology by the government is crucial in improving tax compliance, especially for the younger generation as prospective taxpayers. This study examines the effect of tax digital content disseminated through the official social media of the Directorate General of Taxes on students' attitudes, subjective norms, perceived behavioral control, tax awareness, and tax compliance. The Theory of Planned Behavior approach is used as a theoretical basis to analyze changes in tax behavior. The research also examines the factors that attract students' attention to the digital content, by considering the attention span aspect. The sample in this study were active accounting students at one of the universities in Bandung City, who were selected through purposive sampling method. The method used is descriptive and explanatory research, with hypothesis testing using the PLS-SEM test. The novelty of this study lies in the integration of government digital content analysis with a behavioral psychology approach as well as attention to the attentional aspects of young audiences, which have not been widely discussed in previous tax compliance studies. This study found a positive relationship between government social media usage and elements of theory of planned behavior, tax awareness, and tax compliance. The results of this study provide practical implications for the government in designing more effective and sustainable digital communication strategies to increase young people's tax awareness and compliance.
Government Digital Content, Social Media, Tax Awareness, Tax Compliance
CAN GREEN HRM AND HEALTH & SAFETY PAVE THE WAY FOR BETTER PERFORMANCE?
This research aims to analyze the influence of Green Hiring, Green Training, Green Empowerment and Green Participation on Environmental Performance, Health and Safety as mediating variables. This research was conducted on employees of manufacturing companies that have ISO 14001 and ISO 45001 in Batam City with 381 respondents. The data management method is PLS-SEM. Results showed that nine hypotheses were accepted and four hypotheses were not accepted. The research results show that Green Hiring, Green Training, Green Empowerment, and Green Participation positively affects on Health and Safety. Green Empowerment and Green Participation positively affects on Environmental Performance. Green Hiring and Green Training do not show a significant influence on Environmental Performance. Health and Safety positively affects on Environmental Performance. Mediating role occurs in Green Empowerment, and Green Participation in Environmental Performance by Health and Safety. However, Green Hiring and Green Training were not successfully mediated by Health and Safety.
Green Human Resources Management Practices
INTERNSHIP, SOCIAL VALUATION, AND SELF-EFFICACY AS DRIVERS OF ENTREPRENEURIAL INTENTION AMONG VOCATIONAL STUDENTS: A STRUCTURAL MODEL APPROACH
High unemployment among Indonesian Vocational High School (VHS) graduates highlights a persistent gap between school-acquired competencies and labour market demands. To address this, fostering entrepreneurial intention during early education is essential. This study research expands the entrepreneurial intention framework to the vocational education context in Indonesia, where empirical evidence on the psychological and contextual factors influencing entrepreneurial intention among VHS students remains limited. Specifically, the study examines how internship experience and social valuation influence entrepreneurial intention, with self-efficacy as a mediating variable and entrepreneur education support as a moderating variable. Employing a quantitative design, data were obtained from 160 VHS students in DKI Jakarta who had completed internship programs. The analysis usedPartial Least Squares-Structural Equation Modelling (PLS-SEM) with SmartPLS 4.0. The results show that internship experience and social valuation both increase self-efficacy, which has a strong effect on entrepreneurial intention. While internship experience does not directly lead to entrepreneurial intention, it influences it indirectly through self efficacy. Social valuation affects entrepreneurial intention both directly and indirectly. The study also finds that entrepreneurial education support strengthens the effect of social valuation on entrepreneurial intention, but not the effect of internship experience or self-efficacy. The findings underscore the significance of social support and practical experience as essential components of entrepreneurial learning in vocational education to strengthen entrepreneurial intention among students.
BOOSTING DIGITAL MARKETING IN ASIAN SMES THROUGH CULTURAL SENSITIVITY: SYSTEMATIC INSIGHTS AND FUTURE DIRECTIONS
This study presents a systematic literature review on the impact of culture on digital marketing, addressing a crucial gap in understanding how cultural differences shape consumer interactions with brands. Given the increasing globalization of markets and the diverse cultural backgrounds of consumers, understanding culture’s impact on marketing is critical for developing effective strategies that resonate across different regions. The study employs the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) model to systematically filter articles indexed by Scopus, utilizing the Publish or Perish tool for initial identification. Out of 1222 articles collected, 62 articles were selected after eliminating those that were not relevant to the research scope. The findings demonstrate that cultural factors significantly influence in digital marketing strategies, consumer behavior, consumer involvement, and the establishment of consumer loyalty. Theoretically, this study expands on existing marketing theories by integrating cultural dimensions into models of consumer behavior and brand engagement, emphasizing the need for culturally adaptive marketing frameworks. Practically, these findings provide marketers with insights into tailoring their strategies to accommodate cultural differences, thereby enhancing brand relevance and fostering long-term consumer loyalty. Additionally, a model framework for a future research agenda is proposed, focusing on integrating cultural variables into marketing decision-making processes. This framework aims to examine specific cultural factors and their impact on marketing at various levels, including strategy formulation, consumer engagement, and loyalty development. By understanding these relationships, marketers can develop more precise strategies that effectively connect with culturally diverse consumer groups, thereby enhancing marketing performance
ETHICAL AWARENESS, PERCEIVED SERIOUSNESS OF WRONGDOING, RATIONALISATION, AND WHISTLEBLOWING INTENTION
This study examines the impacts of employees’ perceived seriousness of wrongdoing, ethical awareness, and rationalisation on whistleblowing intention. Early research emphasising the effect of outside variables, including opportunity, pressure, and incentive, on the intention to whistleblowing, serves as the driving force of this study. The individual’s internal elements, crucial in determining the intention to whistleblowing, were not disclosed in depth in these earlier studies. The internal employee characteristics that promote whistleblowing are measured by considering the rationalisation, ethical awareness, and perceived seriousness of wrongdoing. A quantitative approach using case scenario questionnaires is used to examine this study. Structural equation modelling (SEM) and partial least squares (PLS)4 assess data from 164 respondents from six government officers in Jakarta, Indonesia. This study indicates that employees’ intentions to report unethical situations and actions are not influenced by the perceived seriousness of the wrongdoing; however, when ethical awareness is present, it can be used to rationalise whistleblowing intentions and actions, thereby mitigating the negative effects of the unethical situation on businesses.
Perceived Seriousness of Wrongdoing, Ethical Awareness, Rationalisation, Public Sector Officers
RISK MANAGEMENT, COMPANY RISK, MODERATING ROLE OF BOARD GENDER DIVERSITY
The research has intention to observe the impact of corporate board risk management on the risks faced by the company moderated by board gender diversity in non-financial corporations indexed on the Indonesian stock index during 2023. This research sample consist of 704 non-financial corporations indexed on the Indonesian stock exchange during 2023 and issued 2023 annual reports. This research finding that management of risk conducted by the board negatively affects the risks faced by the company. Gender diversity moderates this relationship with mixed results where the presence of women has positive result while moderate the relationship between risk management and firm risk while gender diversity in corporations board has negative result while moderates the relationship betwixt risk management and firm risk. Contribution of this study is to enrich the literature related to risk management and gender diversity in corporation board in the Indonesian context and provides an overview of the impacts of implementing policies to promote diversity in gender in Indonesian companies
FROM INNOVATION TO MARKET: INVESTIGATING THE SCALABILITY OF FOOD SMEs IN EMERGING ECONOMIES THROUGH CREATIVE DESTRUCTION
This study examines the role of creative destruction in driving the scalability of food SMEs in emerging economies, with a focus on mediating effect of innovation speed and moderating roles of local market adaptation and financial and technical assistance. Data were collected from 373 food SMEs in the Minasamaupata Metropolitan Area of South Sulawesi, Indonesia. The analysis, conducted using PLS-SEM (Partial Least Squares-Structural Equation Modelling), reveals that creative destruction positively impacts both innovation speed and scalability. Moreover, innovation speed mediates relationship between creative destruction and scalability. However, neither local market adaptation nor financial and technical assistance significantly moderated the relationship between creative destruction and scalability. These findings underscore the importance of fostering creative destruction and innovation speed to enhance the growth potential of SMEs in emerging economies. The study contributes to the literature by extending creative destruction and innovation theories to traditional industries in developing regions, with implications for policy and practice
Copyright (c) 2024 Jurnal Bisnis dan Akuntansi https://creativecommons.org/licenses/by-sa/4.0
EXPERTISE ON POLITICALLY CONNECTED BOARD AND FIRM PERFORMANCE
Political connections have become a prevalent practice in both developing and developed countries, often involving close relationships between company owners, Boards of Commissioners (BOC), and Boards of Directors (BOD) with government leaders, legislators, politicians, and former high-ranking officials. This practice aims to leverage resources derived from these political connections, in line with resource dependence theory. However, the impact of political connections on companies can be both positive and negative. Potential benefits include access to resources, favorable policies, financial aid, and valuable information, but there are also risks of poor accounting performance and exploitation. Research indicates that politically connected boards tend to be less professional and face higher bureaucratic influence. From an agency theory perspective, lower board expertise may reduce monitoring effectiveness and company performance. The role of political connections in financial performance might be influenced by the lack of expertise among boards with political ties. These boards may have varying professional backgrounds, including politicians, professionals, scientists, bureaucrats, or business practitioners, and may simultaneously provide network and resource benefits while performing effective monitoring and management. This study aims to evaluate whether boards with both political connections and expertise have an impact on company performance and to investigate the interaction between board expertise and political connections on firm performance. The research uses data from companies listed on the Indonesia Stock Exchange to provide evidence on the influence of board expertise and political connections at both the individual board member and company levels.
Political Connections, Expertise Board, Firm Performance
THE EFFECT OF THE PRESENCE OF FOREIGN BOARD MEMBERS ON CORPORATE ESG SCORES IN INDONESIA
The purpose of this study is to examine the impact of foreign boards and board commissioners on ESG scores in Indonesia from 2019-2023. Drawing upon the resource dependency theory, this paper applies multiple linear regression to investigate whether foreign boards and ESG performance of firms listed on Indonesia Stock Exchange (IDX) are related. The results indicate that foreign boards presence impacts ESG scores positively at 10%. Although this highlights that oversea boards can have a positive impact in such ways through expertise and global connections, the regulatory setting will remain just as important even if it is under reform. Instead, foreign boards have an insignificant negative impact on the ESG scores both for overall governance and all sub-dimensions suggesting that it may not be appropriate to use a more diversified board in terms of origin as panacea especially when it comes to advancing ESG practices. This study also has several limitations in that it explored companies from Indonesia, the period of research took place in a limited time frame and board demographics were not considered. Based on this study, one may argue part of the solution is to rely more heavily on foreign boards with greater familiarity and experience in implementing ESG appropriately for local conditions. The results are expected to provide implications for firms and regulators about the significance of board composition which enhances ESG performance, and corporate sustainability.
Foreign Board, Foreign Board of Directors, Foreign Board of Commisioners, ESG Score
THE IMPACT OF CULTURE IN SHAPING ESG DISCLOSURE: A SYSTEMATIC REVIEW OF MULTINATIONAL PRACTICES
The goal of this study is to comprehend how local culture affects ESG (Environmental, Social, and Governance) disclosure and how culture-influenced ESG innovation can enhance corporate sustainability performance. This study uses a systematic literature review (SLR) approach with the PRISMA method to consolidate relevant studies related to the impact of culture on ESG disclosure. The results show that local culture influences ESG disclosure through social and ethical values. Aligning ESG innovation with culture and institutional support enhances sustainability performance, thereby enhancing the effectiveness of the contextual ESG framework in achieving corporate sustainability. This study emphasizes the importance of a local, culture-based ESG framework and encourages the integration of cultural values in ESG reporting and innovation to support global sustainability. This research offers a new perspective on the impact of local culture on ESG transparency, enriching the literature with a cultural approach to build a more inclusive ESG framework
Environmental, Social, and Governance Performance
HOW CEO NARCISSISM SHAPES FIRM PERFORMANCE OVER TIME: EVIDENCE FROM INDONESIA
This study examined the impact of CEO narcissism and long-term firm performance in Indonesia. We utilized data from 2,618 observations of listed companies registered on the Indonesia Stock Exchange between 2017 and 2021, employing Ordinary Least Squares (OLS) regression analysis. The findings revealed a positive and significant impact of CEO narcissism on the current and future firm performance. These results are further validated through robust coarsened exact matching (CEM) tests. Furthermore, the study investigated the moderating effect of CEO tenure, revealing a weakening association between narcissism and performance over extended CEO leadership. In addition, CEO ownership and board size do not moderate this relationship. Our study offers valuable insights for Indonesian companies. While the study highlights a positive impact on performance, the moderating effect of CEO tenure suggests potential downsides to narcissism in the long run. This study offers valuable considerations on the impact of CEO narcissism and long-term firm performance in Indonesia. While narcissism appears beneficial for short- and medium-term performance, the moderating effect suggests potential long-term drawbacks that warrant further investigation.
HOW CEO GLOBAL EXPOSURE AND GENDER DIVERSITY SHAPE MANAGERIAL ABILITY - INVESTMENT EFFICIENCY RELATIONSHIP IN STATE-OWNED ENTERPRISES
This study aims to evaluate the impact of managerial ability (MA) on investment efficiency (IE) on state-owned companies (SOEs) in Indonesia. Using 169 data of SOEs in Indonesia from 2019-2021. This paper also assesses the impact of the CEOs’ global exposure and gender diversity board of directors on the MA-IE relationship. The result reveals that competent management links to higher knowledge and understanding on investment decision and its impact to the company in the long run. Hence, the more capable management is, the lower investment inefficiency will be. This study further finds that management who exposes to the global access and network through CEOs’ experiences in multinational companies will lessen the negative impact of managerial ability on company’s investment inefficiency. Further finding, however, could not prove that female presence in the SOEs board of directors has any impact on the managerial ability – investment efficiency relationship.