Media publikasi karya ilmiah lulusan S1 Prodi Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro yang memuat berbagai hasil penelitian maupun kajian di bidang akuntansi.
PENGARUH ENTERPRISE RISK MANAGEMENT DAN PENGUNGKAPAN ESG TERHADAP NILAI PERUSAHAAN
This study aims to analyze the effect of Enterprise Risk Management (ERM) and Environmental, Social, and Governance (ESG) disclosure on firm value. The dependent variable in this research is firm value, which is proxied by Tobin’s Q ratio, while the independent variables consist of ERM and ESG disclosure, including environmental, social, and governance aspects. ERM is measured using a dummy variable based on the fulfillment of at least four out of seven implementation criteria, while ESG disclosure data are obtained from ESG disclosure scores available in the Bloomberg database. The study uses secondary data derived from annual reports, sustainability reports, financial statements, and the Bloomberg database of 119 companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Data analysis was conducted through classical assumption tests and multiple linear regression using Microsoft Excel and SPSS 26. The results indicate that social disclosure has a significant effect on firm value, while ERM, environmental disclosure, and governance disclosure do not show significant effects. Furthermore, the analysis results do not provide sufficient evidence that the influence of ERM and ESG on firm value is stronger in sensitive industries compared to non-sensitive industries. These findings suggest that social disclosure is an aspect of ESG that attracts greater attention from investors, while the implementation of ERM and the disclosure of environmental and governance aspects still need to be improved to create a more tangible impact on firm value.
Copyright 2026 Diponegoro Journal of Accounting
PENGARUH PROPORSI KOMISARIS INDEPENDEN, KEPEMILIKAN MANAJERIAL, AUDIT TENURE, REPUTASI KAP, DAN SPESIALISASI AUDITOR TERHADAP KUALITAS AUDIT (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2021 – 2024)
This study aims to analyze the effect of the proportion of independent commissioners, managerial ownership, audit tenure, public accounting firm (KAP) reputation, and auditor specialization on audit quality. The independent variables in this study include the proportion of independent commissioners, managerial ownership, audit tenure, KAP size, and auditor specialization. Meanwhile, the dependent variable in this study is audit quality. The population used in this study were manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period, with sampling using a purposive sampling technique. Data analysis in this study was conducted using multiple linear regression analysis with the assistance of IBM SPSS Statistics software version 29.0. The results show that the proportion of independent commissioners and KAP reputation have a significant negative effect on audit quality. Meanwhile, managerial ownership has a significant positive effect on audit quality, and audit tenure and auditor specialization have no significant effect on audit quality.
THE IMPACT OF ESG ON STOCK PRICE VOLATILITY: FIRM SIZE AS MODERATING VARIABLE (An Empirical Study on Indonesian Manufacturing Companies Listed on the IDX during the Year 2021-2024)
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on stock price volatility and examine the role of firm size as a moderating variable. The independent variable in this study is ESG disclosure, measured using content analysis methods, and the dependent variable is stock price volatility. Return on Assets (ROA) and leverage, measured using the Debt to Equity Ratio (DER), serve as control variables. The population of this study was manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. The sample selection used a purposive sampling method, with a total of 288 observations meeting the research criteria. The research approach used a quantitative method with panel data regression using the Random Effects model, and MRA to test the moderating role of firm size. A sensitivity analysis is also carried out by decomposing the ESG score into its environmental, social, and governance dimensions. The results show that although the coefficient for ESG disclosure on stock price volatility is negative, the effect is not statistically significant. This indicates that higher ESG disclosure, when aggregated, does not consistently lead to lower stock price volatility. Firm size also does not strengthen the negative relationship between ESG disclosure and stock price volatility; instead, the interaction terms suggest that any potential risk-reducing effect of ESG tends to weaken as firm size increases. The sensitivity analysis further reveals that only social disclosure has a negative and significant impact on volatility, while environmental and governance disclosures are not significant. These findings imply that investors respond more social-related information than to ESG performance as a whole.
PENGARUH CSR TERHADAP KINERJA KEUANGAN PERUSAHAAN DENGAN LEVERAGE SEBAGAI VARIABEL MODERASI (STUDI EMPIRIS PERUSAHAAN MANUFAKTUR SUB SEKTOR CONSUMER NON CYCLICALS BEI 2021-2024)
Financial performance is a critical indicator in evaluating the health and competitiveness of companies, particularly in the consumer non-cyclicals sector, which is essential for meeting the basic needs of the community. One significant factor influencing financial performance is the implementation of Corporate Social Responsibility (CSR). CSR not only serves as a form of social and environmental responsibility but also acts as a corporate strategy to enhance legitimacy and garner stakeholder support. This study aims to analyze the impact of CSR on financial performance, with leverage as a moderating variable, in consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) for the period 2021-2024. The research focuses on understanding how CSR activities influence financial outcomes and whether leverage can amplify or moderate this effect. The study employs a quantitative approach, using secondary data from annual reports and sustainability reports. Data analysis was conducted using multiple linear regression with SPSS version 27, utilizing a sample of 39 companies over a four-year observation period, resulting in 156 observations. The findings indicate that CSR positively affects financial performance. Furthermore, leverage is found to strengthen the relationship between CSR and financial performance, suggesting that the use of debt can motivate companies to optimize CSR activities, thereby improving their financial performance
PENGARUH DIGITALISASI ADMINISTRASI PERPAJAKAN TERHADAP KEPATUHAN WAJIB PAJAK ORANG PRIBADI DENGAN SIKAP WAJIB PAJAK SEBAGAI VARIABEL MEDIASI (Studi Pada KPP Pratama Semarang Gayamsari)
Taxpayer compliance is one of the main factors in the success of the tax system in Indonesia. Although various digital systems such as e-Filing, e-Billing, and DJP Online have been implemented, the level of compliance of individual taxpayers is still not optimal. This study aims to analyze the influence of digitization of tax administration on the compliance of individual taxpayers with taxpayer attitudes as a mediation variable. This study uses a survey method with the distribution of questionnaires to 100 individual taxpayers registered at KPP Pratama Semarang Gayamasari. The sampling technique was carried out by random sampling method, while the data analysis used multiple linear regression and mediation tests. Based on the results of this study, it is shown that the digitization of tax administration has a positive and significant effect on the compliance of individual taxpayers. Taxpayers' attitudes also have a positive effect and mediate the relationship between the digitization of tax administration and taxpayer compliance.
PENGARUH CORPORATE GOVERNANCE DAN PROFITABILITAS TERHADAP CORPORATE VALUE DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL INTERVENING (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2020-2022)
For investors, in assessing the long-term prospects of a business entity, company value is a crucial indicator. Profitability and corporate governance are seen as key factors in increasing this value, while corporate social responsibility supports the relationship between variables. The analysis focused on 108 manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2022 period, considering that this sector has a strategic contribution to the national economy and demonstrates consistency in corporate governance and social responsibility reporting practices. In this study, a quantitative approach was applied by conducting an analysis of public companies. Regression tests were used to examine the indirect and direct effects between variables. The results of the test show that there is a significant influence between corporate governance and the level of CSR disclosure, but corporate governance is positioned as a measure of the audit committee. Profitability, in further testing, has a positive effect on Corporate Value, while CSR disclosure and corporate governance do not have a positive effect in part. The Sobel method used for mediation testing shows that CSR disclosure is not yet capable of being an intervening variable in the relationship between profitability or corporate governance and Corporate Value. These findings indicate that the market does not prioritize social responsibility and corporate governance in assessing corporate value. As a result, for investors, the effectiveness of CSR is still relatively limited.
ANALISIS PENGARUH REPUTASI KAP, AUDIT TENURE, KOMISARIS INDEPENDEN, KOMITE AUDIT DAN UKURAN PERUSAHAAN TERHADAP AUDIT REPORT LAG (Studi Empiris Pada Perusahaan Sektor Teknologi yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2024)
This research aims to analyze and provide empirical evidence regarding the effect of public accounting firm reputation, audit tenure, the proportion of independent commissioners, the educational background of audit committee members, and firm size on audit report lag. The research utilizes secondary data obtained from financial statements, independent auditor reports, and annual reports published on the official website of the Indonesia Stock Exchange (www.idx.co.id). The population of this study consists of 47 technology companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Using a purposive sampling method, 31 companies were selected as the research sample. The analytical method employed in this study is multiple linear regression analysis to examine the extent to which the independent variables public accounting firm reputation, audit tenure, proportion of independent commissioners, educational background of audit committee members, and firm size affect audit report lag. The results indicate that audit tenure has a significant influence on audit report lag, whereas public accounting firm reputation, the proportion of independent commissioners, the educational background of audit committee members, and firm size do not have a significant effect.
PENGARUH KARAKTERISTIK AUDITOR TERHADAP PENGHINDARAN PAJAK (Studi Empiris Pada Perusahaan Manufaktur dan Energi yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024)
Taxes plays an important role in supporting the national economy. However, for companies, taxes are often perceived as a burden that reduces profits, thereby encouraging tax planning and tax avoidance practices. In the context of corporate governance, external auditors play a role in examining financial statements that may be related to tax avoidance practices. This study aims to examine the effect of auditor characteristics on tax avoidance in manufacturing and energy companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The auditor characteristics analyzed include audit industry specialization, audit fees, audit tenure, and audit opinion. Using purposive sampling, the final sample consists of 372 observations. Tax avoidance is proxied by the Effective Tax Rate (ETR), and multiple linear regression is employed as the analytical method. The results indicate that audit opinion has a positive and significant effect on tax avoidance, while audit industry specialization, audit fees, and audit tenure have no significant effect.
INTEGRASI ARTIFICIAL INTELLIGENCE DAN BLOCKCHAIN DALAM MENINGKATKAN TRANSPARANSI ENVIROMENTAL, SOCIAL, AND GOVERNANCE (ESG) REPORTING: SYSTEMATIC LITERATURE REVIEW
This study aims to analyze the integration of Artificial intelligence (AI) and blockchain in enhancing the transparency of Environmental, Social, and Governance (ESG) reporting. Using a Systematic literature review (SLR) approach across relevant international studies, the findings reveal that the integration of AI and Blockchain can improve the reliability, accuracy, and accountability of ESG data through automated analysis and transparent, immutable data recording. AI plays a role in rapidly and intelligently collecting and processing ESG data, while blockchain ensures data security and authenticity through its distributed ledger system. However, the implementation of this integration also faces several challenges, including high adoption costs, organizational resistance, limited technical expertise, and regulatory barriers. This study contributes by providing a comprehensive understanding of the potential and limitations of integrating these two technologies, while offering direction for future research and policy development aimed at strengthening transparency and Governance in ESG reporting.
Analysis of Post-COVID Hajj Fund Investment Strategy in Indonesia
This study aims to analyze the post-COVID investment strategy implemented by the Hajj Financial Management Agency (Badan Pengelola Keuangan Haji/BPKH) in Indonesia. The COVID-19 pandemic has significantly disrupted global financial systems, affecting Hajj fund management, liquidity, and return stability. BPKH responded by strengthening its governance, focusing on prudence, sharia compliance, and adaptive diversification. This research employs a qualitative approach with a case study design, utilizing interviews and document analysis to examine strategic shifts in investment management. Findings reveal that BPKH’s investment strategy is guided by Dynamic Capabilities Theory, emphasizing sensing, seizing, and transforming capabilities. Post-pandemic strategies include increased allocation to State Sharia Securities (SBSN), portfolio diversification, risk management reinforcement, and enhanced digitalization. Effectiveness is measured through benefit value growth, liquidity fulfillment, and sharia compliance. BPKH achieved 101.02% of its benefit value target in 2024, reflecting stable performance despite global volatility. This study concludes that BPKH’s conservative yet adaptive approach effectively sustains Hajj fund growth, while further diversification into global sharia instruments and ESG sukuk is recommended for future resilience
PENGARUH ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) TERHADAP FINANCIAL DISTRESS PERUSAHAAN DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MODERASI (Studi Empiris pada Perusahaan Sektor Infrastruktur dan Energi yang Terdaftar di Bursa Efek Indonesia Periode 2021-2023)
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) on financial distress with firm value as a moderating variable in infrastructure and energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023. Using a quantitative approach and secondary data from annual reports, sustainability reports, and Bloomberg ESG Scores, 27 companies (81 observations) were analyzed through moderated regression analysis with IBM SPSS 27. The results indicate that ESG has no significant effect on financial distress, as the benefits of ESG practices tend to be long-term and may not immediately reflect a firm’s financial condition. However, firm value significantly moderates this relationship, where higher firm value weakens the negative impact of ESG on the Altman Z-Score, suggesting that financially strong firms can better absorb ESG-related costs and maintain stability.
PENGARUH KINERJA KEUANGAN DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL KONTROL (Studi Empiris pada Perusahaan Barang Konsumen Primer yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2023)
This study examines the influence of profitability, liquidity, leverage, and dividend policy on firm value in Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during the 2021–2023 period. Signaling theory and pecking order theory are used as the conceptual basis of the research. A purposive sampling technique was applied, resulting in 132 firm-year observations. The data were analyzed using multiple linear regression. The results show that profitability and dividend policy positively and significantly affect firm value, while liquidity has a negative and significant impact. Meanwhile, leverage is found to have no significant effect on firm value. These findings suggest that investors place more importance on earnings performance and dividend distribution as primary indicators for assessing firm value.
PENGARUH PENGUNGKAPAN ESG, RISIKO HUTANG, DAN INTENSITAS MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN (Studi Kasus pada Perusahaan BUMN Tahun 2021-2023)
This study aims to examine and analyze the effect of ESG disclosure on the financial performance of state-owned enterprises (SOEs) in 2021–2023, the effect of leverage on the financial performance of state-owned enterprises (SOEs) in 2021–2023, and the effect of capital intensity on the financial performance of state-owned enterprises (SOEs) in 2021–2023. The population of this study was state-owned enterprises (SOEs) in 2021–2023. The sample was selected using a simple random sampling method that met the following criteria: The research subjects were state-owned enterprises (SOEs) in 2021–2023, SOEs that published annual reports and sustainability reports consecutively for the 2021–2023 period, and SOEs that used the Global Reporting Index (GRI) to prepare their sustainability reports for 2021–2023. The data used in this study were secondary data, with Eviews data analysis techniques. Based on the analysis of State-Owned Enterprises (SOEs) consistently from 2021 to 2023, several conclusions can be drawn: (1) The study shows that ESG disclosure does not have a significant impact on financial performance, therefore, hypothesis H1 is rejected. (2) The study shows that leverage has a negative and significant impact, therefore, hypothesis H2 is accepted. (3) The study shows that capital intensity has a positive and significant impact on financial performance, therefore, hypothesis H3 is accepted.
PENGARUH CSR DENGAN DIREKSI WANITA SEBAGAI VARIABEL MODERASI TERHADAP TAX AVOIDANCE (Studi pada Perusahaan Sektor Manufaktur dan Sektor Energi yang Terdaftar di BEI pada Tahun 2019-2023)
This study aims to determine the impact of CSR on tax avoidance and the role of women directors as a moderating variable in manufacturing and energy companies listed on the Indonesia Stock Exchange from 2019 to 2023. The variables used are the dependent variable (tax avoidance), independent variable (CSR), moderating variable (women directors), and control variables (company size, leverage ratio, and return on assets). This study utilizes secondary data. The sample consists of 421 manufacturing and energy sector companies selected through purposive sampling, with data obtained from audited annual reports, sustainability reports, and financial statements published on the IDX and Bloomberg databases. The analytical technique employed is multiple linear regression analysis, with testing conducted using classical assumption tests. The results of this study indicate that CSR has a positive but not significant effect on tax avoidance behavior. Furthermore, the presence of female directors does not moderate the relationship between CSR disclosure and tax avoidance.
PENGARUH INTELLECTUAL CAPITAL DAN STRUKTUR MODAL TERHADAP KINERJA KEUANGAN DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI (Studi Empiris pada Perusahaan Sektor Consumer Cyclicals dan Non-Cyclicals di Bursa Efek Indonesia Tahun 2021-2024)
This study aims to analyze the effect of Intellectual Capital (IC) and Capital Structure on Financial Performance with Good Corporate Governance (GCG) as a moderating variable. The research focuses on companies in the consumer cyclicals and consumer non-cyclicals sectors listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The study employs a quantitative method with a purposive sampling technique. Data were obtained from annual reports and financial statements published on the official IDX website. The independent variables consist of intellectual capital, measured using the Value Added Intellectual Coefficient (VAIC™) method, and capital structure, proxied by the Debt to Asset Ratio (DAR). The dependent variable, financial performance, is measured by Return on Assets (ROA), while Good Corporate Governance (GCG) is proxied by the proportion of independent commissioners and the existence of an audit committee as the moderating variable. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results indicate that intellectual capital has a positive and significant effect on financial performance, while capital structure has a negative and significant effect. Furthermore, Good Corporate Governance shows a significant moderating effect by weakening the relationship between intellectual capital and financial performance, and strengthening the negative influence of capital structure on financial performance. This suggests that a stricter implementation of GCG may limit managerial flexibility in managing intellectual resources and financing policies, thereby reducing the overall impact of these variables on financial performance.
PENGARUH CORPORATE SOCIAL RESPONSIBILITY, GOOD CORPORATE GOVERNANCE, DAN KINERJA LINGKUNGAN TERHADAP PROFITABILITAS PERUSAHAAN (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2024)
This study examines the effect of Corporate Social Responsibility (CSR), Good Corporate Governance (GCG), and Good Corporate Governance on the profitability of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Profitability is measured using Good Corporate Governance (ROA). CSR is measured by the Corporate Social Responsibility Disclosure Index (CSRDI) based on GRI standards, GCG is proxied by independent commissioners, institutional ownership, and audit committees, while Good Corporate Governance is measured using the PROPER rating. This quantitative study uses multiple linear Regression with Agency of manufacturing companies that publish Annual reports, Sustainability reports, and PROPER ratings. Secondary data are obtained from company reports, the IDX, and the Ministry of Environment and Forestry. The results provide empirical evidence on the role of CSR, GCG, and Good Corporate Governance in improving corporate profitability and contribute to accounting and sustainability literature, as well as to managerial and policy decision making.
PENGARUH ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) DISCLOSURE TERHADAP KINERJA KEUANGAN DENGAN FINANCIAL SLACK SEBAGAI VARIABEL MODERASI (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024)
This research refers to previous studies that examine the influence of Environmental, Social, and Governance (ESG) disclosure on financial performance, which show inconsistent results. This research aims to examine the effect of ESG disclosure on financial performance measured by Tobin's Q. In addition, this research also examines the role of financial slack in moderating the relationship between ESG disclosure and financial performance. The variables used in this research are environmental, social, and governance disclosure as the independent variables, financial performance as the dependent variable, and financial slack as the moderating variable. The research also includes ROA, firm size, and leverage as control variables. Secondary data are used in this research and purposive sampling is applied as the sampling technique. The difference between this research and prior studies lies in the data source, sample coverage, and analytical method. This research focuses on manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024, with ESG data obtained from Bloomberg, resulting in 119 selected samples. Data are analyzed using Partial Least Squares – Structural Equation Modeling (PLS-SEM) with SmartPLS 3, including descriptive statistical analysis, measurement model (outer model) and structural model (inner model) evaluation, and hypothesis testing through bootstrapping. The results show that Environmental Disclosure has a positive and significant effect on Financial Performance. Social Disclosure and Governance Disclosure do not have a significant effect. Financial Slack does not moderate the effect of Environmental Disclosure, but it strengthens the effect of Social Disclosure, and weakens the effect of Governance Disclosure at a 10 percent significance level.
PENERAPAN PSAK 46 TENTANG PAJAK TANGGUHAN: STUDI KASUS PADA 4 PERUSAHAAN ASURANSI DI INDONESIA PERIODE 2022-2023
This study was conducted in testing the application of PSAK 46 to the company’s deferred tax using a research sample in the form of company financial statements in the insurance sector. This study uses deferred tax data in the form of deferred tax assets, deferred tax liabilities, income tax expense (benefit) in the form of current and deferred taxes contained in both the financial statements, income statements and notes to the company’s financial statements.This study uses secondary data taken using the judgmental sampling method. By using a sample of 4 insurance companies listed on the Indonesia Stock Exchange with a period range of 2022-2023. The qualitative descriptive analysis method is used in conducting this research which aims to determine the application of PSAK 46 on deferred taxes to companies. The results of this study indicate that these companies have implemented deferred taxes and have a good level of compliance in terms of presentation and application of deferred taxes in the company’s financial statements in accordance with PSAK 46 of applicable tax regulations
PENGARUH KEY AUDIT MATTERS DISCLOSURE TERHADAP STOCK MISPRICING (Studi Empiris pada Perusahaan Sektor Consumer Cyclicals yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024)
This study aims to examine the effect of Key Audit Matters (KAM) disclosure on stock mispricing. KAM disclosure is proxied by three dimensions: KAM Word, KAM Number, and KAM Readability. This study is grounded in the implementation of ISA 701 audit standards, which are expected to reduce information asymmetry and enhance the communicative value of auditor reports in the capital market. The population comprises consumer cyclicals companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. Using purposive sampling, a total of 249 panel data observations were obtained. The results indicate that KAM disclosure, in terms of narrative (Word), quantity (Number), and readability (Readability), has no significant effect on stock mispricing. These findings suggest that investors have not utilized KAM information as a basis for investment decisions affecting stock valuation, presumably because investors focus more on quantitative financial performance indicators than audit risk narratives
PENGARUH KEPEMIMPINAN PEREMPUAN TERHADAP KINERJA KEUANGAN PERUSAHAAN (Studi pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2020-2024)
This study aims to examine the influence of female leadership on financial performance in banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. The dependent variable in this study is the financial performance of banking companies. The variables studied include women on the board of commissioners and women on the board of directors. This study used a sample of 100 from 47 banking companies listed on the Indonesia Stock Exchange (IDX). The sample was selected using a purposive sampling method. The data used were secondary data obtained from the banking companies' annual reports and met the required criteria for this study. The company's financial performance measurement used as the dependent variable was Return on Assets (ROA). Hypothesis testing in this study used multiple regression analysis. The results of this study indicate that the proportion of women on the board of commissioners has a positive and significant effect on company financial performance. Meanwhile, the proportion of women on the board of directors has no significant effect on company financial performance.
PENGARUH KONSERVATISME AKUNTANSI, MANAJEMEN LABA, DAN KETEPATAN PELAPORAN KEUANGAN TERHADAP STRATEGI BISNIS PROSPEKTOR DAN DEFENDER (Studi Empiris pada Perusahaan Sektor Consumer Cyclical yang terdaftar di Bursa Efek Indonesia tahun 2021-2024)
This study aims to analyze the effect of accounting conservatism, earnings management, and financial reporting timeliness on the business strategies of prospectors and defenders in consumer cyclical companies listed on the Indonesia Stock Exchange for the period 2021–2024. This study is based on the Behavioral Agency Model, which explains that managers' strategic decisions are influenced by their perception of risk and the incentives they face. The research method uses a quantitative approach with multiple linear regression analysis (Ordinary Least Squares). The research sample was obtained through non-probability sampling techniques with a total of 258 company observations. Business strategies are classified into prospectors and defenders based on four strategy proxies. Earnings management is measured using the Modified Jones Model, while the timeliness of financial reporting is measured using audit report lag. This study also used control variables in the form of company size, market-to-book ratio, profitability, leverage, sales growth, and liquidity. The results show that accounting conservatism has a positive effect on companies' tendency to choose a defender business strategy. Conversely, earnings management is not proven to have an effect on the selection of a prospector business strategy. In addition, companies that submit their financial reports more timely tend to choose a defender business strategy. These findings indicate that financial reporting characteristics play a role in influencing companies' business strategy orientation.
Green Loans dan Sustainable Profitability: Peran Moderasi Kepemilikan Institusional
This research analyzes the impact of green loans on sustainable profitability within banking companies, while considering institutional ownership as the moderating factor. The research examines the banking sectors in Indonesia, Malaysia, Singapore, Thailand, and Germany from 2020 to 2024 by employing a cross-country approach utilizing purposive sampling. A total of 106 observations were gathered from Bloomberg, financial statements, and sustainability reports, and then examined using Moderated Regression Analysis (MRA). The results indicate that green loans have a notably adverse impact on sustainable profitability, which is opposite to the hypothesis put forward. Additionally, institutional ownership plays a significant and positive role in enhancing the relationship.
PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KUALITAS SUSTAINABILITY REPORT PADA PERUSAHAAN DALAM INDUSTRI BERPROFIL TINGGI (HIGH-PROFILE INDUSTRIES) (Studi Empiris pada Perusahaan dalam Industri Berprofil Tinggi (High-Profile Industries) yang Terdaftar di Bursa Efek Indonesia Periode 2022-2024)
This study aims to analyze the impact of good corporate governance (GCG) on the quality of sustainability reports of high-profile industry (High-Profile Industries) firms listed on the Indonesia Stock Exchange (IDX) over the 2022–2024 period. The dependent variabel is sustainability report quality, measured using Bloomberg’s ESG Disclosure Score. The GCG variabels are proxied by board independence, gender diversity on the board of directors, the audit committee, the sustainability committee, and managerial ownership. This study also applies control variabels, namely industry characteristics and leverage measured by the debt-to-asset ratio (DAR). Using purposive sampling, the study obtained a total of 243 firm-year observations from high-profile industry firms listed on the IDX during the study period. Secondary data were collected from companies’ annual reports and/or sustainability reports, IDX disclosures, and Bloomberg data based on the predetermined criteria. Hypotheses were tested using multiple linear regression analysis. The findings indicate that board independence, the audit committee, and the sustainability committee have a positive and significant effect on sustainability report quality. Gender diversity on the board of directors shows a negative and significant effect on sustainability report quality. In contrast, managerial ownership has a negative but insignificant effect, leverage (DAR) does not have a significant effect, and industry characteristics have a positive and significant effect on sustainability report quality.
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI MINAT PENGGUNAAN QUICK RESPONSE CODE INDONESIAN STANDARD (QRIS) BERKELANJUTAN MENGGUNAKAN METODE UTAUT 2 PADA MAHASISWA UNIVERSITAS DIPONEGORO
This research was conducted with the aim of analyzing the factors that influence the behavioral intention and use behavior of QRIS among students at Diponegoro University. This research uses the Unified Theory of Acceptance and Use of Technology 2 (UTAUT 2) framework introduced by Venkatesh et al. (2012), extended with the Digital Financial Literacy variable. There are 8 constructs that form this research framework, namely performance expectancy, effort expectancy,social influence, facilitating conditions, hedonic motivation, price value, habit, and digital financial literacy, along with 2 other factors, namely behavioral intention and use behavior of QRIS. This research population involves active students of Diponegoro University from the class of 2022-2024 with a research sample of 430 respondents obtained through purposive sampling. Data collection was carried out through an online survey using questionnaires, and the data were analyzed using the Structural Equation Modeling (SEM) with a Partial Least Square (PLS) approach with the help of SmartPLS 4.0 software. The research results show that six hypotheses in this study are accepted. Performance expectancy,facilitating conditions, hedonic motivation, price value, and habit have a significant positive effect on the behavioral intention to use QRIS, and behavioral intention was found to have a significant positive effect on the actual use behavior of QRIS. However, effort expectancy, social influence, and digital financial literacy have no significant effect on the behavioral intention of QRIS users. Furthermore, it is known that habit, hedonic motivation, and behavioral intention are the most significant determinants among other factors, with a p-value of 0.000.
PENGARUH KINERJA ESG DAN KEBERAGAMAN DEWAN KOMISARIS TERHADAP PENGHINDARAN PAJAK (Studi Empiris pada Perusahaan sektor Manufaktur dan Energi yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024)
This study aims to examine the effect of Environmental, Social and Governance (ESG) performance and board of commissioners diversity including gender diversity, expertise diversity, age diversity, and nationality diversity on corporate tax avoidance. In addition, this study incorporates firm size, leverage, and profitability as control variables. The research population consists of all manufacturing and energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. A total of 158 firm-year observations were selected using a non-probability sampling method with a purposive sampling technique. This quantitative study employs panel data regression analysis as the statistical method. Data processing and hypothesis testing were conducted using Eviews version 13. The results indicate that board expertise diversity has a positive and significant effect on tax avoidance, suggesting that a more diverse composition of expertise among board members is associated with higher levels of tax avoidance. However, Environmental, Social and Governance (ESG) performance, board gender diversity, board age diversity, and board nationality diversity do not have a significant effect on tax avoidance.
PARADOKS KEPATUHAN PAJAK UMKM INDONESIA: MODEL INTEGRATIF DAN IMPLIKASI PERGESERAN PARADIGMA KEBIJAKAN - A SYSTEMATIC LITERATURE REVIEW
This study diagnoses the dynamic mechanisms perpetuating tax non-compliance in Micro, Small, and Medium Enterprises (MSMEs) through an integrative conceptual model. Key variables examined include internal (capacity and literacy), external (incentives and administration), and psychosocial factors (tax morale and trust). A Systematic Literature Review (SLR) is employed to evaluate the effectiveness of traditional policies and formulate a novel relationship-centric framework. Methodologically, the SLR follows the PRISMA protocol, utilizing the PICO framework for research questions. Literature searches were conducted in the Scopus database targeting open-access English journal articles published between 2021 and 2025. From an initial 791 records, the screening and data extraction process yielded 35 high-quality articles for in-depth synthesis. The results confirm that MSME non-compliance is driven by a "Vicious Cycle of Non-Compliance", originating from low literacy and complex systems (e.g., utilization problems), which ultimately erodes taxpayer morale and trust. Personalized interventions and behavioral nudges proved significantly more effective than mere coercion. Therefore, sustainable solutions require a paradigm shift by tax authorities from an enforcement-centric to a relationship-centric model, redefining success metrics toward long-term psychological contract health.
DETERMINAN KUALITAS AUDIT: PERAN AUDITOR SWITCHING, AUDIT TENURE, DAN AUDITOR GENDER (Studi Empiris pada Perusahaan Barang Konsumsi Primer yang Terdaftar di Bursa Efek Indonesia Periode 2022-2024)
This study aims to examine the effect of auditor switching, audit tenure, and auditor gender on audit quality in primary consumer goods companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Audit quality is proxied by the affiliation of Public Accounting Firms (PAFs) with the Big Four and non-Big Four. Profitability and firm size are included as control variables to obtain more reliable estimation results. The sample was selected using purposive sampling, resulting in 275 firm-year observations after data screening and outlier removal. The data were analyzed using binary logistic regression due to the dichotomous nature of the dependent variable. The findings indicate that auditor switching, audit tenure, and auditor gender do not have a statistically significant effect on audit quality. In contrast, the control variables—profitability and firm size—show a significant positive effect on audit quality. This suggests that companies with higher profitability and larger asset bases are more likely to engage Big Four audit firms. Overall, firm characteristics play a more dominant role in determining audit quality than auditor-related characteristics within the context of this study.
Environmental, Social, and Governance (ESG), Green Innovation, and Firm Value in Indonesia: A Study of Companies Operating in Energy Sector for The Year 2020 - 2024
This study examines the relationship between Environmental, Social, and Governance (ESG) and firm value, with particular attention to the mediating role of green innovation. The research aims to: (1) analyze the influence of ESG pillars on green innovation, (2) evaluate the impact of ESG pillars on firm value, (3) assess the effect of green innovation on firm value, and (4) investigate whether green innovation mediates the relationship between ESG pillars and firm value. A quantitative approach is employed using panel data from 12 companies observed over the 2020–2024 period, resulting in 60 firm-year observations. The study utilizes secondary data obtained from sustainability reports, ESGi, and Bloomberg databases. ESG performance is measured through environmental, social, and governance scores, while green innovation is proxied by PROPER ratings and firm value is measured using Tobin’s Q. The empirical results indicate that the governance pillar is the only ESG dimension that significantly and positively affects firm value. Moreover, governance performance also influences firm value indirectly through green innovation. The findings further show that green innovation positively contributes to firm value and partially mediates the relationship between governance performance and firm value.
The Influence of Political Connections on Firm Financial Performance: Does Board of Commissioner Efficacy Matter?
This study was conducted to analyze the influence of political connections on firm financial performance and to examine whether commissioner efficacy moderates this relationship among companies listed on the Indonesia Stock Exchange (IDX). The study employs three theoretical perspectives: Political Economy Theory (Gray et al., 1996), Resource Dependence Theory (Pfeffer & Salancik, 1978), and Agency Theory (Jensen & Meckling, 1976), which collectively explain the dual role of political ties as both strategic resources and potential governance risks. The population in this study comprises non-financial companies consistently listed on the IDX during the observation period, excluding state-owned enterprises (BUMN) and firms lacking complete governance data. A total of 50 companies were obtained as the sample. Data collection was carried out using secondary sources, including annual reports and corporate governance disclosures. The collected data was processed and analyzed using panel regression models with EViews software, incorporating descriptive statistics, correlation matrices, and multivariate regression to test the hypotheses. The results indicate that political connections does not significantly affect firm financial performance and commissioner efficacy does not moderate the influence of political ties on firm outcomes, whether positive or negative. This finding suggests that commissioner effectiveness may not be sufficient to neutralize external political pressures in environments with weak institutional enforcement.
PENGARUH ESG DISCLOSURE TERHADAP KINERJA KEUANGAN PERUSAHAAN DENGAN KEPEMILIKAN INSTITUSIONAL DAN KOMPENSASI EKSEKUTIF SEBAGAI VARIABEL MODERASI (Studi Empiris pada Perusahaan Indeks KOMPAS100 Indonesia Selama Tahun 2020-2024)
This study aims to analyze the effect of Environmental, Social, and Governance Disclosure (ESG) on financial performance, with institutional ownership and executive compensation serving as moderating variables. The research is conducted on companies listed in the KOMPAS100 Index during 2020–2024. The selection of this index is based on its characteristics as a general benchmark of Indonesian capital market performance and as a reference for investors in assessing fundamentally strong stocks. The study employs a quantitative approach using secondary data obtained from annual reports and ESG Disclosure Score data sourced from the Bloomberg Terminal. The sample is selected through purposive sampling, resulting in 120 observations from 24 companies that meet the criteria over the observation period. Financial performance is proxied by Return on Assets (ROA). ESG Disclosure is measured using Bloomberg’s ESG Score on a 0–100 scale. Institutional ownership is measured by the proportion of shares held by institutional investors, while executive compensation is measured using the natural logarithm of total executive compensation. Data analysis is performed using simple linear regression and Moderated Regression Analysis (MRA) with the assistance of IBM SPSS 26. The results indicate three main findings. First, ESG Disclosure has a positive but insignificant effect on ROA. Second, institutional ownership significantly moderates the relationship between ESG Disclosure and ROA, suggesting that stronger institutional monitoring enhances the effectiveness of ESG Disclosure in improving financial performance. Third, executive compensation also significantly moderates the relationship between ESG Disclosure and ROA, indicating that incentive alignment at the executive level strengthens the link between ESG Disclosure and financial performance.
PENGARUH SPESIALISASI INDUSTRI AUDITOR, AUDIT FEE, DAN AUDIT TENURE TERHADAP TAX EVASION (Studi Empiris pada Perusahaan Energi yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024)
Tax evasion remains a critical issue in the taxation system as it directly reduces government revenue and undermines the credibility of corporate financial reporting. This study aims to empirically examine the effect of auditor industry specialization, audit fee, and audit tenure on tax evasion in energy sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This study employs secondary data and uses a purposive sampling method, resulting in 105 firm-year observations. The results indicate that auditor industry specialization has a negative and significant effect on tax evasion, suggesting that auditors with industry-specific expertise are more effective in monitoring and reducing tax evasion practices. Meanwhile, audit fee and audit tenure do not have a significant effect on tax evasion. These findings imply that higher audit fees and longer auditor–client relationships do not necessarily enhance auditors’ ability to detect tax evasion.
PENGARUH CORPORATE SOCIAL RESPONSIBILITY DAN FINANCIAL RATIO TERHADAP TAX AVOIDANCE (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di BEI Tahun 2020-2024)
This study aims to examine and analyze the effect of Corporate social responsibility (CSR) and financial ratios, which consist of profitability and leverage, on tax avoidance in mining companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. CSR and financial ratios, including profitability and leverage, are important factors that can influence tax policy and the long-term sustainability of companies. The research method used is quantitative with purposive sampling technique. Data were obtained from the companies' annual reports and sustainability reports, with independent variables including CSR, financial ratios consisting of profitability and leverage, each proxied by Return on Assets (ROA) and Debt to Asset Ratio (DAR), and the dependent variable, tax avoidance, measured by Effective Tax Rate (ETR). The data were analyzed using multiple linear regression. The results indicate that CSR has a significant positive effect on tax avoidance, showing that companies with strong commitments to social responsibility are more likely to engage in aggressive tax avoidance practices, thus hypothesis 1 is rejected. Additionally, profitability, measured by ROA, also has a positive effect on tax avoidance, indicating that companies with higher profit levels tend to be make tax avoidance, thus hypothesis 2 is rejected. In contrast, leverage, measured by Debt to Asset Ratio (DAR), does not have a significant effect on tax avoidance, indicating that a company's debt structure does not influence its tendency to engage in tax avoidance practices, thus hypothesis 3 is rejected.
DATA ANALYTICS UNTUK AKUNTANSI MANAJEMEN DALAM SUPPLY CHAIN MANAGEMENT – A SYSTEMATIC LITERATURE REVIEW
Management accounting practices and the use of Information Technology have changed significantly over the years, especially for those working in Supply Chain Management (SCM). Data analytics is now part of the decision-making process, the controlling of costs, and measuring performance. This research systematically examines the existing literature on the effect of data analytics on management accounting within SCMs, following the PRISMA Protocol and including articles published in the Scopus databases from 2022 through 2025. The systematic review indicates the manner in which data analytics aids in planning, controlling costs, and measuring performance, but also outlines critical success factors, as well as the challenges encountered while implementing data analytics. Further, the Resource-Based View of Data Analytics is presented as an Organizational Capability, which creates a means for improving the effectiveness of Management Accounting by providing valuable firm-specific insights that cannot be easily replicated, particularly when paired with Managerial Expertise, Internal Processes and Decision-Routines across SCMs. Findings are discussed in the context of Contingency Theory, which highlights the need to ensure that technology, organizational structure and the business environment are aligned. The information provided from this systematic review can aid in the creating of digital management accounting, by giving an organization a map of how to implement data analytics against SCM decision making activities.
PENGARUH KINERJA ESG DAN KARAKTERISTIK DEWAN TERHADAP KINERJA KEUANGAN (Studi pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Negara-Negara di Asia Tahun 2022-2024)
Mining companies listed on stock exchanges in Asian countries operate in a sector that is closely associated with environmental exposure, regulatory scrutiny, and growing expectations from stakeholders regarding sustainability and governance practices. In this context, the adoption of Environmental, Social, and Governance (ESG) principles, along with effective board structures, is considered essential in strengthening corporate performance and long-term value creation. This study seeks to investigate empirically the impact of ESG performance and board characteristics—namely board size, board independence, and gender diversity—on the financial performance of mining firms listed on Asian stock exchanges for the 2022–2024 period. This research applies a quantitative research design using secondary data collected from the Refinitiv database and companies’ published financial statements. The sample was determined through purposive sampling based on specific selection criteria. A total of 61 mining companies met the requirements and were observed over three years, resulting in 183 firm-year observations after the removal of outliers. Financial performance is proxied by Return on Assets (ROA). The data are analyzed using multiple linear regression analysis. The empirical findings reveal that ESG performance has a positive and statistically significant relationship with financial performance. Board independence is also found to positively and significantly affect ROA. In contrast, board size and board gender diversity do not demonstrate a significant influence on financial performance. These results imply that sustainability performance and independent oversight play a meaningful role in enhancing profitability, while certain board attributes may not directly translate into short-term financial gains.
PENGARUH KOMPETENSI KERJA, KEPUASAN KERJA, DAN MOTIVASI KERJA APARATUR SIPIL NEGARA TERHADAP KINERJA PENGELOLAAN KEUANGAN DAERAH DI KABUPATEN BOYOLALI (Studi Kasus pada SKPD di Kabupaten Boyolali)
This study aims to analyze the influence of work competence, job satisfaction, and work motivation of Civil Servants (ASN) on the performance of regional financial management in Boyolali Regency. The research was conducted at Regional Government Work Units (SKPD) within the Boyolali Regency Government. The sampling technique used was stratified random sampling, in which the population of ASN was divided into several strata based on SKPD, and respondents were randomly selected from each stratum. The total number of respondents in this study was 50 civil servants who are directly involved in regional financial management activities. The data used were primary data obtained through the distribution of questionnaires. The data analysis method employed multiple linear regression analysis using SPSS version 29. Prior to hypothesis testing, the data were tested using validity and reliability tests, as well as classical assumption tests including normality, multicollinearity, and heteroscedasticity tests to ensure the feasibility of the regression model. The results of the study indicate that work competence and work motivation have a positive and significant effect on the performance of regional financial management, while job satisfaction does not have a significant effect. These findings suggest that improving competence and strengthening the work motivation of civil servants are important factors in enhancing the quality of regional financial management.
Implikasi Artificial Intelligence (AI) Pada Profesi Auditor : A Systematic Literature Review
The advancement of Artificial Intelligence (AI) has driven significant transformation in auditing practices. AI's ability to process large-scale data, detect anomalies, and perform predictive analysis offers opportunities to enhance audit efficiency, accuracy, and quality. However, AI adoption also introduces new challenges related to the professionalism and ethics of the auditing profession, such as algorithmic bias, competency limitations, and potential reductions in accountability. This study aims to analyze the implications of AI use on audit process efficiency, auditor professionalism, and audit ethics. The research method used is a Systematic Literature Review (SLR) of scientific articles published between 2020 and 2025 through the Scopus database. The results indicate that AI can improve the efficiency of audit procedures through automated data testing and real-time risk detection, while also requiring auditors to develop technological competencies and higher professional skepticism. On the other hand, risks such as algorithmic bias, lack of system transparency (black box), and unclear accountability pose ethical challenges that need to be anticipated. These findings underscore the need for regulatory frameworks, ethical guidelines, and specialized training programs to ensure that the use of AI supports audit quality without compromising fundamental professional values such as integrity, objectivity, and independence. This study is expected to serve as a reference for academics, audit practitioners, and policymakers in formulating technology adaptation strategies and future research directions.
PENGARUH ESG DISCLOSURE DAN KUALITAS LAPORAN KEUANGAN TERHADAP EFISIENSI INVESTASI
This study aims to examine the effect of ESG disclosure and financial reporting quality on investment efficiency in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2021-2023. This study uses a quantitative approach with secondary data obtained from Bloomberg Terminal and company annual reports. The research sample was determined using purposive sampling, resulting in 65 observation samples. The analysis method used was multiple linear regression. The results show that ESG disclosure and financial reporting quality do not significantly affect investment efficiency. These findings indicate that sustainability information and financial reporting quality are not yet major factors in determining the level of investment efficiency of companies during the research period.
PENGARUH VARIABEL KEUANGAN DAN NON KEUANGAN TERHADAP UNDERPRICING SAHAM PADA SAAT IPO DI BURSA EFEK INDONESIA (PERIODE 2021-2023)
The phenomenon of underpricing remains a dominant characteristic in Initial Public Offerings (IPOs) in the Indonesian capital market. Underpricing occurs when the offering price in the primary market is lower than the closing price on the first trading day in the secondary market. While this condition benefits short-term investors, it may disadvantage issuers due to suboptimal capital raised. This study aims to examine the influence of financial and non-financial factors on the level of IPO underpricing on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The independent variables include Return on Assets (ROA), Debt to Equity Ratio (DER), firm size, and auditor reputation, with underpricing as the dependent variable. This research employs a quantitative approach using multiple linear regression analysis on non-financial companies that conducted IPOs during the observation period. The results indicate that ROA, DER, firm size, and auditor reputation simultaneously affect the level of underpricing. Partially, ROA and firm size have a negative effect on underpricing, DER has a positive effect, while auditor reputation shows a negative but not consistently significant effect. These findings suggest that both financial fundamentals and non-financial signals play an important role in determining IPO pricing in the Indonesian capital market.
PENGARUH ENVIRONMENTAL, SOCIAL, AND GOVERNANCE TERHADAP PRAKTIK MANAJEMEN LABA DENGAN FIRM SIZE SEBAGAI VARIABEL MODERASI
This study aims to determine the relationship between Environmental, Social, and Governance (ESG) disclosure and earnings management practices moderated by firm size. Sustainability reporting disclosure can be a corporate strategy to attract the attention of stakeholders and gain legitimacy from the public, thereby suppressing earnings management practices. This study involves Environmental, Social, and Governance (ESG)as the independent variable, earnings management as the dependent variable, firm size as the moderating variable, and return n assets as the control variable. The population in this study consisted of companies in the manufacturing and energy sectors listed on the Indonesia Stock Exchange in 2021-2024. Sampling was conducted using purposive sampling, resulting in a total of 186 research samples. The analysis method used in this study was panel data regression analysis processed using Eviews 12. The findings of this study indicate that ESG disclosure is unable to suppress earnings management practices and that firm size has a positive effect on earnings management when controlled by return on assets. In addition, this study also proves that firm size cannot moderate the relationship between ESG and earning management.
ANALISIS PENERIMAAN PAJAK DAERAH DAN HASIL PENGELOLAAN KEKAYAAN DAERAH YANG DIPISAHKAN TERHADAP PENDAPATAN ASLI DAERAH PADA MASA PANDEMI, TRANSISI, DAN PASCA-PANDEMI COVID-19 (Studi pada Kabupaten dan Kota di Provinsi Jawa Tengah Tahun 2021–2023)
This study aims to analyze the effect of local tax revenue and revenue from separated regional asset management on Local Own-Source Revenue (PAD) during the COVID-19 pandemic, transition, and post-pandemic periods. The research covers 35 regencies and municipalities in Central Java for 2021–2023 using a quantitative approach with secondary data from BPK Audit Reports and BPS publications. The analysis applies panel data regression, preceded by descriptive statistics and model selection through the Chow, Hausman, and Lagrange Multiplier tests. The results show that local tax revenue has a positive and significant effect on PAD, while revenue from separated regional asset management has no significant impact. These findings indicate that although the performance of Region-Owned Enterprises (BUMD) improved in the post-pandemic period, their contribution to PAD remains limited compared to local taxes. The study also reveals differences in PAD dynamics across the pandemic, transition, and post-pandemic periods, reflecting variations in regional fiscal adaptability.
ANALISIS PENGARUH ESG DAN GCG TERHADAP VALUE RELEVANCE DENGAN UKURAN PERUSAHAAN SEBAGAI PEMODERASI
This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure and Good Corporate Governance (GCG) implementation on corporate Value Relevance, as well as to examine the role of firm size as a moderating variable in these relationships. The background of this research is based on the inconsistency of previous research findings and the importance of non-financial information for investors, particularly in the mining sector which carries high environmental and social risks as well as a need for governance transparency. This study employs a quantitative approach with a population of mining sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022-2024 period. The sampling technique used was purposive sampling, resulting in 26 companies as samples with a total of 78 observations. Data were analyzed using Moderated Regression Analysis (MRA) with the Random Effect Model (REM) estimation method using EViews 12 software. The independent variable ESG is measured using GRI standards, GCG is measured using ACGS guidelines, while the dependent variable value relevance is proxied by Tobin’s Q, and firm size is proxied by the Natural Logarithm of Total Assets. The results of this study indicate that ESG disclosure has no significant effect on value relevance, suggesting that investors tend to respond neutrally to ESG information. GCG implementation was found to have a significant negative effect on value relevance, indicating a market perception regarding over-compliance costs. Regarding the moderating variable, the test results prove that firm size is unable to moderate the relationship between ESG and value relevance. However, firm size is proven to positively moderate (strengthen) the effect of GCG on value relevance. These findings imply that good corporate governance is only effective in increasing firm value if implemented by large-scale companies that have sufficient resources and high visibility.
PENGGUNAAN REINFORCEMENT LEARNING DALAM KEPUTUSAN INVESTASI – A SYSTEMATIC LITERATURE REVIEW
This study aims to systematically synthesize the development, mechanisms, benefits, and challenges of applying reinforcement learning (RL) in investment decisions. Although the use of RL in investment contexts has grown rapidly, existing studies remain fragmented and exhibit substantial methodological variation, highlighting the need for a structured mapping of the role of RL in investment decisions. This study employs a systematic literature review following the PRISMA protocol by searching the Scopus database for publications from 2021 to 2025. Out of 2,309 articles initially identified, 30 articles met the inclusion criteria and were analyzed further. The synthesis results indicate that reinforcement learning is applied through adaptive learning mechanisms based on market condition representations and reward functions that account for risk and portfolio performance. The application of RL contributes to improved investment performance and stability as well as enhanced risk management; however, it still faces challenges related to overfitting risk, data limitations, structural market changes, and low model transparency. This study provides a comprehensive mapping of the literature and identifies research gaps for the development of more robust models in the future.
PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KUALITAS AUDIT SEBAGAI VARIABEL MODERASI (Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Indeks SRI-KEHATI Periode 2021-2023)
This study addresses the inconsistency in prior research and the limited flow of sustainable investments in developing nations like Indonesia. Its primary objective is to examine the impact of Environmental, Social, and Governance (ESG) disclosures—both holistically and individually—on firm value, while also analyzing the role of audit quality as a moderating variable. The research focuses on non-financial companies consistently listed on the Indonesia Stock Exchange’s (IDX) SRI-KEHATI index from 2021 to 2023. Utilizing a purposive sampling method, a total of 54 observations were analyzed. The hypothesis testing was conducted using panel data regression with a Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA) via EViews 13 software. The findings reveal that holistic ESG disclosures, alongside specific environmental and social disclosures, significantly and negatively impact firm value, whereas governance disclosure shows no effect. Furthermore, audit quality fails to moderate this relationship, concluding that stakeholders in the Indonesian capital market remain predominantly driven by short-term financial metrics rather than recognizing sustainability practices as strategic added value
TATA KELOLA PERUSAHAAN DAN PENGUNGKAPAN RISIKO: BUKTI DARI PARA PENGADOPSI PELAPORAN TERINTEGRASI (Studi empiris pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia tahun 2024)
This study was designed to explore the extent to which corporate governance quality moderates or influences the breadth and depth of risk information disclosure in integrated reports among Indonesian non-financial issuers. The variables utilized in this research are Board of Commissioner Size (UDK), Board of Commissioner Gender Diversity (KGDK), Board of Commissioner Independency (IDK), and Board of Commissioner Meeting Frequency (FRDK) as independent variables, the Risk Disclosure Indeks (IPR) as the dependent variable, as well as Profitability (PROF), Company Size (UkP), Company Age (UmP), High-Technology Industry (ITT), Environmental Sensitivity (SL), and Audit Committee Size (UKA) as control variables. This study observed the population of non-financial companies listed on the Indonesia Stock Exchange (IDX) during 2024. Through the application of purposive sampling techniques, 153 observations relevant to the research criteria were obtained. Furthermore, hypothesis verification was carried out using multiple linear regression analysis with computational support from SPSS (Statistical Product and Service Solutions) software. Research findings indicate that the size of the Board of Commissioners and gender diversity on the Board of Commissioners have a significant negative impact on the extent of risk disclosure in integrated reports. Meanwhile, Board of Commissioner Independency and Board of Commissioner Meeting Frequency were found to have no significant impact on the extent of risk disclosre in integrated reports.
ANALISIS PENGARUH PROFITABILITAS, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP TINGKAT PENGHINDARAN PAJAK (Studi pada Perusahaan Sektor Barang Baku dan Barang Konsumen Primer yang terdaftar di Bursa Efek Indonesia Tahun 2019-2023)
The manufacturing sector, specifically Basic Materials and Consumer Non Cyclicals, recorded a performance slowdown amidst a surplus in national tax revenue targets during the 2019-2023 period. This anomaly indicates a risk of tax avoidance behavior when companies face financial pressure. Furthermore, previous research findings regarding financial determinants of tax aggressiveness remain highly inconsistent. Therefore, this study aims to empirically analyze and examine the effect of profitability, leverage, and firm size on tax avoidance practices within these sectors. This research employs a quantitative approach utilizing secondary data from audited annual financial statements. The population includes all Basic Materials and Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Sample selection applied a purposive sampling technique based on positive earnings and data completeness criteria, yielding 230 observation units. Tax avoidance is proxied by the Cash Effective Tax Rate (CETR), profitability by Return on Assets (ROA), leverage by the Debt to Equity Ratio (DER), and firm size by the natural logarithm of total assets. Data analysis was conducted using multiple linear regression methods processed via SPSS after fulfilling classical assumption tests. Statistical testing results demonstrate that profitability, leverage, and firm size simultaneously do not affect the level of tax avoidance. Partial testing indicates that profitability has no significant effect, signifying that entities did not experience extreme profit spikes that typically trigger the need to practice aggressive tax planning. Leverage also proves to have no significant effect because the majority of companies utilize debt purely for operational expansion and working capital rather than engineering it as a tax shield scheme. Firm size similarly shows an insignificant result, indicating that large-scale entities tend to maintain tax compliance levels due to strict public scrutiny and high penalty risks from regulatory authorities.
ANALISIS KINERJA KEUANGAN DAERAH MENGGUNAKAN RASIO KEUANGAN PADA ANGGARAN PENDAPATAN, BELANJA, DAN PEMBIAYAAN DAERAH (APBD) (Studi Pada Laporan Keuangan Pemerintah Daerah (LKPD) Kabupaten Sukoharjo Periode 2015-2024)
This research aims to evaluate the regional financial performance of Sukoharjo Regency over ten years (2015–2024) using a financial ratio approach across revenue, expenditure, and financing sectors. The research methodology uses secondary data from BPKPAD financial reports, processed using a descriptive-quantitative approach with analytical instruments, including variance, growth, effectiveness, efficiency, and harmony ratios, along with a financing analysis of SiLPA and Reserve Funds. The results indicate that Sukoharjo Regency maintains a high level of fiscal dependency on the central government, characterized by the dominance of Transfer Revenues in the regional budget (APBD) structure, averaging 74.49% relative to the contribution of Regional Original Revenue (PAD), with a fiscal independence ratio of only 30.21%. In terms of expenditure, the study identifies fiscal rigidity, marked by a massive dominance of Operating Expenditure, which reached a peak of 87.91% in 2024, while Capital Expenditure was at its lowest point at 12.07%. Although budget absorption is considered highly efficient, with a 94.44% ratio, the excessive volume of routine spending has created liquidity pressures in the financing sector. This is empirically supported by a negative growth trend in SiLPA of -25.15% and a consistent year-over-year decline in the Reserve Fund balance. Furthermore, the impact of the COVID-19 pandemic during 2020–2022 exacerbated this structural imbalance through refocusing policies that hindered long-term infrastructure investment. This research concludes that a structural reform of expenditure and the optimization of fiscal independence are imperative to ensure the sustainability of regional development.
MENAKAR KEPERCAYAAN MASYARAKAT PADA PEMERINTAH DESA: GOOD GOVERNANCE SEBAGAI FAKTOR PENENTU
Penelitian ini bertujuan untuk menganalisis pengaruh terhadap kepercayaan masyarakat pada pemerintah desa. Berdasarkan prinsip akuntabilitas, transparansi, daya tanggap, partisipasi masyarakat, rule og law, dan keadilan. Penelitian ini menggunakan pendekatan kuantitatif dengan metode analisis yang digunakan adalah regresi linear berganda dengan menggunakan aplikasi SPSS. Penelitian ini menggunakan data primer yang diperoleh dari 204 mahasiswa aktif Universitas Diponegoro yang berdomisili di desa melalui penyebaran kuesioner. Hasil penelitian menunjukkan bahwa partisipasi masyarakat, keadilan, dan daya tanggap yang terbukti berpengaruh positif dan signifikan terhadap kepercayaan masyarakat pada pemerintah desa. Sementara itu, akuntabilitas, transparansi, dan tidak berpengaruh signifikan terhadap kepercayaan masyarakat pada pemerintah desa.