Jurnal Proaksi is an Accounting journal published by the Faculty of Economics and Business at Universitas Muhammadiyah Cirebon. The journal operates with dual ISSN identification: print version (ISSN 2089-127X) and electronic version (e-ISSN 2685-9750). Starting from Volume 9, Issue 1, the journal follows a quarterly publication schedule, releasing four issues annually in March, June, September, and December. The journal accepts manuscripts in both Indonesian and English languages, providing broader accessibility for researchers and scholars.
Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon
Determinants of Tax Evasion in Micro Small Medium Enterprises: An Explanation of Ethics Theory
Main Purpose - The purpose of this study was to examine the effect of perceived benefits and moral obligations on tax evasion by Micro, Small, and Medium Enterprises. Method - This research is a quantitative study with a survey method. The population of this research consists of MSMEs in the Special Region of Yogyakarta (DIY), with the sample selected using a convenience sampling technique. The study involved 144 MSMEs. The data was analysed using the Structural Equation Model with the help of SmartPLS software. Main Findings - The results of data analysis show that perceived benefits have a significant positive effect on tax evasion. Meanwhile, moral obligation has a negative effect on tax evasion. This means that it is necessary to reduce the perception of benefits and increase moral obligation to reduce tax evasion. Theory and Practical Implications - The government needs to strive to increase moral obligations and reduce the perception of benefits so that MSMEs do not engage in tax evasion. Socialization programs need to be designed not only to provide technical information on tax calculation and reporting, but also to include knowledge that addresses the ethics of MSME owners and managers. Novelty - This article offers an examination of the factors that influence tax evasion on MSMEs in Indonesia as a developing country, with the framework of Ethical Theory.
Copyright (c) 2025 Selfira Salsabilla https://creativecommons.org/licenses/by/4.0
Corporate and Dividend Tax Effects in Scholarly Literature: A Bibliometric Analysis
Main Purpose - This study employs a bibliometric approach to analyze the evolution of research on corporate and dividend taxation. The analysis elucidates the influence of these topics on corporate behavior, investment decisions, and broader economic outcomes. Method - Data were sourced from 660 Scopus-indexed journal articles published between 1980 and 2025. The bibliographic data were analyzed using the Bibliometrix package in RStudio, employing publication performance, keyword co-occurrence, thematic mapping, and intellectual structure to trace the field’s development over time. Main Findings - The analysis demonstrates a consistent growth in academic interest in corporate and dividend tax research. Thematic clusters reveal that tax avoidance, corporate governance, and dividend policy remain dominant and enduring topics. Emerging themes such as ESG integration, economic policy uncertainty, and digital taxation indicate the field’s expansion toward sustainability and technological adaptation. Theory and Practical Implications - Theoretically, the study enhances the integration of agency theory, stakeholder theory, and institutional economics in explaining how tax systems influence firm behavior and decision-making. Practically, the findings demonstrate that tax policy functions not only as a fiscal instrument but also as a strategic mechanism to enhance transparency, accountability, and corporate resilience in a globalized economy. Novelty - This study presents a comprehensive four-decade mapping of corporate and dividend tax research, elucidating its conceptual transformations and emerging interdisciplinary directions toward sustainability.
Copyright (c) 2025 Nilam Rostyana https://creativecommons.org/licenses/by/4.0
Information Asymmetry and Greenwashing: The Moderating Role of Corporate Social Responsibility
Main Purpose: This study examines how information asymmetry influences greenwashing practices in Indonesian public companies and tests the moderating role of Corporate Social Responsibility performance in this relationship. Method: The research analyzes unbalanced panel data from 95 companies listed on the Indonesia Stock Exchange for the period 2019–2023, comprising 411 observations, as ESG and CSR data for 2024 were not yet available at the time of data collection. A fixed effects regression technique is employed to test the relationships among information asymmetry, CSR, and greenwashing. Main Findings: The results show that information asymmetry has no significant effect on greenwashing, while CSR significantly moderates this relationship. Firms with higher CSR performance exhibit lower greenwashing levels under conditions of information asymmetry. Theory and Practical Implications: Regulators need to strengthen CSR frameworks as effective mechanisms for preventing greenwashing, while investors can use CSR performance as an indicator of genuine environmental commitment. Corporate managers should view CSR investments not merely as obligations, but as protective shields for corporate legitimacy that reduce long-term reputational risks. Novelty: This study introduces a novel contribution by empirically demonstrating that CSR quality moderates the relationship between information asymmetry and greenwashing, a boundary condition that previous studies have not tested, particularly within emerging market environments.
Copyright (c) 2025 Dian Urna Fasihat, Lilis Marlina https://creativecommons.org/licenses/by/4.0
Working Capital Management Review: Bibliometric Analysis and Future Prospects
Main Purpose - The aim of the research is to analyze trends, patterns, and future directions of working capital management using a bibliometric approach. Method - This study employed a bibliometric analysis method utilizing publications obtained from the Scopus database. The search process was conducted based on keywords, field of study, document type, language, and open access, resulting in 88 final publications for analysis. Main Findings - Research on working capital management continues to grow, focusing on business and management, economics, econometrics, and finance. Developing countries like Indonesia and China are leading research contributions, while developed countries like France, Canada, and others are making new contributions. Theory and Practical Implications - Theoretically, this research enriches academic understanding of the evolution of working capital management studies through a bibliometric approach. Practically, it provides direction for academics, practitioners, and policymakers to develop evidence-based, collaborative, and contextualized working capital management strategies addressing global change. Novelty - The novelty of this research lies in the use of bibliometric analysis to comprehensively map the trends, patterns, and directions of global development of working capital management research in the 2009–2025 time period, which has not previously been widely done in financial studies.
Copyright (c) 2025 Khoirotut Tamami, Surya Raharja https://creativecommons.org/licenses/by/4.0
Environmental, Social, and Governance (ESG) dan Implikasinya terhadap Keberlanjutan Keuangan Perusahaan
Main Purpose - This study aims to analyze the effect of the Environmental, Social, and Governance (ESG) Score on financial performance and bankruptcy risk in banking and mining sector companies in Indonesia. Method - This research employs a quantitative approach using simple linear regression analysis to examine the relationship between ESG Score, financial performance, and bankruptcy probability. Secondary data were collected from annual and sustainability reports of companies listed on the IDX 2022–2023 period, with a total population and sample of 206. Main Findings - The ESG Score does not have an effect on any indicators of financial performance or bankruptcy risk. The corporate financial performance and stability are more strongly influenced by factors other than ESG. Theory and Practical Implications - The findings reinforce the Legitimacy Theory and Stakeholder Theory, suggesting that ESG serves primarily as a means of gaining social legitimacy rather than an economic driver. Policymakers, regulators, and corporations should strengthen ESG implementation through enhanced data transparency and sustainability incentives to ensure that ESG practices have a tangible impact on financial and business performance Novelty - This study contributes by integrating a simultaneous examination of ESG Scores, profitability, and bankruptcy risk within the empirical context of Indonesia’s banking and mining sectors, an area that has received limited attention in previous research.
Copyright (c) 2025 Jovan Febriantoko, Kartika Rachma Sari, Indriani Indah Astuti, Selimarsela, Adinda Annisa Avariza, Sabin Prastio https://creativecommons.org/licenses/by/4.0
Remote Audit Intersubjective Experience: During Covid and Post Covid
Main Purpose - to explain interactions (intersubjective) between individual auditors and between auditors and auditees in implementing remote both during pandemic and after the COVID-19 pandemic Method - This research applies a qualitative approach with In-depth interviews. Using Alfred Schutz's intersubjective phenomenology and combined with Interpretative Phenomenological Analysis (IPA) to analyze the data. Main Findings - During the COVID-19 pandemic, intersubjectivity is unavoidable in the daily experiences of each individual auditor and auditee. Even though there are government policies related to social finance, interaction between auditors and auditees is still maintained by implementing alternative remote audit procedures. Meanwhile, interactions between individual auditors occur directly due to the policies of the leadership of the public accounting firm. After the COVID-19 pandemic, the use of hybrid methods resulted in the intensity of direct interaction between audit teams reducing reductions in the planning and implementation stages. Theory and Practical Implications - The effective use of remote audits during the pandemic and post-pandemic has implications for making audit data collection easier, auditors can focus more on examining material accounts and shorten audit time in meeting audit deadlines. Novelty - This study presents a novelty in terms of the data analysis method used, namely Interpretative Phenomenological Analysis (IPA) on this topic.
Interpretative Phenomenological Analysis
Copyright (c) 2025 Risyad Alfiqho Martha, M. Nur Abdullah Birton, M. Adrian Muluk https://creativecommons.org/licenses/by/4.0
Sustainability UMKM Cirebon: Literasi Keuangan, Fintech Lending, Digitalisasi, dan Strategi Pemasaran
Main Purpose - The purpose of this study is to examine and obtain empirical evidence regarding the influence of financial literacy, fintech lending, digitalization, and marketing strategies on the sustainability of MSMEs in Cirebon City, including the moderating role of digitalization and marketing strategies. Method - This research method uses a quantitative approach using Structural Equation Modeling (SEM) analysis tools based on Partial Least Squares (PLS) using SmartPLS software. The analysis was conducted through validity, reliability, multicollinearity, R-square tests, and hypothesis testing to examine the relationships between variables in the research model. Main Findings - The main findings of the study indicate that financial literacy and marketing strategies have a significant influence on the sustainability of MSMEs in Cirebon City. Conversely, fintech lending and digitalization do not have a direct impact on business aspirations, as their utilization is still limited to short-term needs and technical aspects. These results indicate that MSMEs' aspirations are more determined by internal capacity in the form of financial knowledge and adaptive marketing strategies than simply access to financing and adoption of digital technology. Theory and Practical Implications - Theoretically, this study strengthens the literature that financial literacy and marketing strategies are key factors in explaining MSME sustainability, while fintech lending and digitalization are only effective when integrated with the internal capacity of business actors. From a policy perspective, these results suggest the need for local governments and related institutions to prioritize financial education programs and digital marketing strategy assistance to optimize the impact of financing and technology on MSME sustainability. Novelty - The novelty of this research lies in the integration of financial literacy, fintech lending, digitalization, and marketing strategy variables into one model of MSME sustainability in Cirebon City, as well as testing the moderating role of digitalization and marketing strategy, which has rarely been studied in previous studies. Keywords: Financial Literacy, Fintech Lending, Digitalization, Marketing Strategy, MSME Sustainability
Copyright (c) 2025 Gytha Nurhana Dhea Praadha Gitama, Dessy Kumala Dewi, Ilham Hidayat, Ridho Fardani, Adilla Sukma https://creativecommons.org/licenses/by/4.0
Pengaruh Income Smoothing terhadap Agresivitas Pajak dengan Corporate Governance sebagai Variabel Moderasi
Main Purpose - The objective of this study is to analyze the effect of Income Smoothing on Tax Aggressiveness with Corporate Governance as a moderating variable. Method - This study uses a quantitative approach. It uses secondary data in the form of annual reports of manufacturing companies listed on the Indonesia Stock Exchange from 2022 to 2024. The research sample was selected using purposive sampling, resulting in 58 companies with a total of 174 data points. The data was analyzed using IBM SPSS 25 software. Main Findings - The results of this study indicate that corporate governance moderates the effect of income smoothing on tax aggressiveness—where income smoothing lowers the ETR, while more effective governance weakens this effect. Theory and Practical Implications - These findings reinforce the agency framework, whereby strong governance limits managerial opportunism in profit management and tax strategies. From a policy perspective, regulators and issuers need to strengthen the independence of commissioners and increase the transparency of tax policies to reduce tax aggressiveness. Novelty - This study raises the variable of Corporate Governance as a moderating variable in the influence of Income Smoothing on Tax Aggressiveness, which is new and has not been studied before.
Copyright (c) 2025 Servina Nadya, Siti Isnaniati, Rike Selvia Sari https://creativecommons.org/licenses/by/4.0
The Influence of Opportunistic Behavior, Board Diversity, and Financial Distress on Real Earnings Management
Main Purpose – This study examines the effect of opportunistic behavior, board diversity, and financial distress on reall earnings management practices. Method – This study used a population of all manufacturing companies listed on the Indonesia Stock Exchange from 2022 to 2024. The sample size for this study was 537. This study used secondary data from the Indonesia Stock Exchange website. The secondary data were audited financial statements. This study used the main model test, robust test, and additional test on the dependent variable of real earnings management, which was proxied by abnormal discretionary costs, abnormal production costs, and abnormal operating cash flow. Main Findings – Opportunistic behavior has no effect on abnormal discretionary costs; board diversity has no effect on abnormal discretionary costs; and financial distress has a negative effect on abnormal discretionary costs. Theory and Practical Implications – This study’s results develop a relationship between management methods (such as opportunistic behavior, board diversity, and financial distress) and real earnings management practices. Novelty – This study uses robust test and additional test to support the main research model that tests three proxies for real earning management.
Copyright (c) 2025 Albert Irawan, Renna Magdalena https://creativecommons.org/licenses/by/4.0
Green tax and Green Incentive as Efforts to Enhance Tax Revenue Potential and Promote Environmentally Friendly Businesses to Achieve a Sustainable Economy
Main Purpose - The purpose of this study is to analyze how Green Tax and Green Incentive can enchance tax revenues and promote environmentally friendly businesses to achieve a sustainable economy. Method - The research metode used in this study Is a Scooping Review, by the Following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Extension for Scooping Review (PRISMA-ScR) guidelines. Main Findings - The main findings in this research that Green Tax and Green Incentive are Proven can be an effective instruments for environmental protection but also to increase revenue. Theory and Practical Implications - This Study emphasizes that Green Tax and Green Incentive Serve a dual function as instruments for addressing environmental externalities while simultaneously driving rurtainable economic growth. The implication is that government should reinforce green fiscal reforms through more effective tax rates, integrated incentives and revenue allocation to support energy transition and the achievement of SGD’s. Novelty - The Novelty of thiss study lies in its comprehensieve examination of the role of green tax and green incentive in simultaneously enhancing state revenue and fostering green techological innovation to achieve a sustainable economy in Indonesia. Keywords: Green Tax, Green Incentive, State Revenue, Green Technology, Sustainable Economy.
Copyright (c) 2025 Putri Gantine Lestari, Kaca Dian Meila, Suryaningsi Suryaningsi https://creativecommons.org/licenses/by/4.0
Pembiayaan Hijau sebagai Moderator: Literasi Keuangan dan Kebijakan Pemerintah dalam Keberlanjutan UMKM
Main Purpose - The objectives of this study are to examine financial literacy and government policies on the sustainability of MSMEs and the role of green financing as a moderator in West Sulawesi. Method – The research method used quantitative explanatory using a structural equation modelling-partial least square (SEM-PLS) approach. Main Findings – Although green financing has been implemented nationally, at the regional level, such as in West Sulawesi Province, the policy has not been translated into operational guidelines and applicable products for MSME actors. This condition has resulted in low indicators of access and ease of distribution (range restriction), so that direct and moderating effects are not statistically detectable, and the impact of green financing on MSME sustainability has not been empirically identified. Theory and Practical Implications – The results of the study imply the need to strengthen the financial literacy of MSME actors in sustainable business management. Government policies need to focus on simple procedures and easily accessible incentives, while the implementation of green financing in the regions needs to be accelerated through the development of adaptive products and assistance so that its contribution to the sustainability of MSMEs can be measured. Novelty – The novelty of this research is green finance policies for sustainability of green MSMEs in emerging regions such as Province of West Sulawesi in terms of the relationship between the variables related to this research.
Copyright (c) 2025 Nur Fitriani, Ridha Anugerah Putra, Indra Basir https://creativecommons.org/licenses/by/4.0
Penerapan SmartContract Berbasis Blockchain Dalam Keuangan Islam: Tinjauan Sistematis
Main Purpose - This study aims to examine the role of blockchain-based smart contracts in building transparency and accountability in Islamic finance. Method - This research employs a qualitative approach using the Systematic Literature Review (SLR) method based on the PRISMA framework. A total of 25 selected articles published between 2020 and 2025 from reputable databases were systematically reviewed. Main Findings - The findings reveal that blockchain and smart contracts enhance transparency through immutable and distributed transaction records. Smart contracts strengthen accountability by automating Shariah-compliant contracts, thus reducing the risks of moral hazard and administrative errors. Nevertheless, the study also highlights challenges such as regulatory limitations, infrastructure readiness, potential gharar, and technical issues like the oracle problem. Theory and Practical Implications - These results reinforce accountability theory by emphasizing the role of technology in ensuring openness and responsibility within Islamic financial institutions. Practically, the study suggests the urgency of establishing comprehensive regulations and the active involvement of Shariah Supervisory Boards in smart contract design. Novelty - This study contributes novelty by systematically examining the effectiveness of blockchain-based smart contracts not only from a technical perspective but also from regulatory, fiqh, and governance viewpoints within the context of Islamic finance.
Copyright (c) 2025 Riska Ayu Wardani, Sri Luayyi, Putri Awalina https://creativecommons.org/licenses/by/4.0
Penerapan Activity Based Costing untuk Efisiensi Biaya Produksi dan Profitabilitas Petani Ubi Kayu
Main Objective - This study evaluates the application of Activity Based Costing (ABC) to reduce production costs and increase the profitability of cassava farming, while also comparing the disparities between farmers with owned land and leased land. Method - The research employs a descriptive qualitative approach with purposive sampling techniques. Data were obtained through interviews, documentation, and secondary sources. The analysis was carried out by identifying production activities, determining cost drivers, calculating activity costs using the ABC method, and comparing farmer profitability based on land ownership. Main Finding - The results show that the ABC method is able to provide a more detailed and efficient calculation of production costs. Production costs on owned land were recorded at IDR 13,035,000/ha with a cost of production of IDR 434.5/kg, while on leased land they reached IDR 21,035,000/ha with a cost of production of IDR 701/kg. The main difference is due to the significant land rental burden, resulting in a net profit margin of 56% for land-owning farmers, compared to 30% for tenant farmers. Theory and Practical Implications - The application of ABC is relevant for agricultural cost efficiency and can serve as a basis for extension policies. Novelty - This study enriches the agricultural accounting literature by highlighting the disparities in costs and profitability in cassava farming. Keywords: Activity Based Costing, Production Cost Efficiency, Cost of Production, Farmer Profitability, Cassava
Copyright (c) 2025 Diah Agustiana, Berwin Anggara, Carmidah Carmidah https://creativecommons.org/licenses/by/4.0
Peran Perilaku Keuangan dalam Meningkatkan Kesejahteraan Keuangan di Era Digital
Main Purpose - The purpose of this study is to analyze the influence of digital financial literacy and financial inclusion on the financial well-being of female MSME actors, with financial behavior as a mediating variable Method - The method used is a quantitative approach with the SEM-PLS 3 analysis technique. The data was collected through a questionnaire distributed to 100 female MSME actors in three regencies in the Java Tengan region (Cilacap, Purbalingga and Banyumas). Main Findings - This study proves that digital financial literacy has a direct and indirect effect on financial well-being through financial well-being. Direct and mediated effects were not found on the relationship between financial inclusion and financial well-being Theory and Practical Implications -This study has implications for the development of planned behavior theory, especially the financial behavior of MSME owners. The research provides policy implications to stakeholders in the development of women MSMEs Novelty - The novelty of this research lies in testing financial behavior as a mediating variable between digital financial literacy and financial inclusion in financial well-being
Copyright (c) 2025 Dania Febriana, Wida Purwidianti, Sri Wahyuni, Bima Cinintya Pratama https://creativecommons.org/licenses/by/4.0
Cultural Synergy and Sustainability in Improving Tax Compliance of West Sulawesi MSMEs
Main Purpose - This study aims to reveal the role of awareness of sustainable practices, culture, and perceived behavioral control in improving tax compliance as an effort to maintain sustainable business practices for MSMEs in West Sulawesi by internalizing the Pappasang Kalindaqdaq Mandar. Method - The research method used in this study is a mixed method with a concurrent model to analyze quantitatively and qualitatively simultaneously. Main Findings - The results confirmed the theory of planned behavior, whereby awareness of sustainable practices and culture has a significant influence on increasing MSMEs' intention to behave in a compliant manner towards taxation, but perceived behavioral control did not have a significant influence. These findings indicate that aspects of awareness of sustainable practices and internalization of Pappasang Kalindaqdaq Mandar culture have a strong dominance in explaining MSME tax compliance in West Sulawesi. Theory and Practical Implications - The strong dominance of tax awareness and culture, but not accompanied by a significant influence on perceived behavioral control, requires further investigation. Further in-depth interviews are needed to obtain more in-depth information from tax authorities and MSMEs to uncover the actual role of control. Novelty - This research explores non-economic aspects from various perspectives such as awareness of sustainable practices (internal), culture (external), and perceived behavioral control (control belief) in improving tax compliance (external).
Copyright (c) 2025 Abdul Galib, Nurwahyuni Syahrir, Hasnidar Hasnidar https://creativecommons.org/licenses/by/4.0
Pengaruh Sosialisasi PMK 81/2024 dan Modernisasi Coretax terhadap Kepatuhan Wajib Pajak UMKM di Tabanan
Main Purpose - analyzing the factors that influence taxpayer compliance of small, micro, and medium enterprises (MSMEs) at the Tabanan Tax Office. Method - The study employs a quantitative approach using Partial Least Squares–Structural Equation Modeling (PLS-SEM) for data analysis. The population in this research consists of MSME actors registered as individual taxpayers at the Tabanan Pratama Tax Office. The sampling technique utilized is non-probability sampling with incidental and purposive sampling approaches. Main Findings - The study reveals that MSME taxpayers’ compliance in Tabanan can be improved by providing knowledge through the socialization of PMK 81/2024 and the transition to a better system (Coretax). However, the effectiveness depends on the clarity of information and the technical support provided by tax authorities. This phenomenon indicates that education and administrative modernization are more dominant in shaping positive attitudes and compliance intentions compared to cognitive factors alone, while low tax literacy and knowledge did not affect taxpayer compliance in this study. Theory and Practical Implications - The findings reinforce the Theory of Planned Behavior (Ajzen, 1991) by demonstrating that perceived behavioral control through system modernization (Coretax) and the development of positive attitudes through the socialization of PMK 81/2024 are more dominant than cognitive factors in driving MSME compliance (Cipta & Ginting, 2025; Sunaryo, 2024). The results imply that the Directorate General of Taxes needs to expand community-based socialization programs and accelerate the implementation of Coretax with user-friendly guidelines to create a more effective tax compliance ecosystem for MSMEs. Novelty - This study offers novelty by examining the impact of the socialization of PMK 81/2024 and the modernization of the Coretax system, which has just been introduced by the Indonesian government in 2025.
Copyright (c) 2025 I Putu Gde Chandra Artha Aryasa, Cok Istri Ratna Sari Dewi https://creativecommons.org/licenses/by/4.0
The Role of Sibaliparri Harmonization in Promoting Blue Economy Practices among Fisherman in West Sulawesi
Main Purpose – This study aims to examine the role of Sibaliparri harmonization in promoting blue economy practices in the financial management of fishing households in West Sulawesi. Method - This study is a mixed-method study witn an embedded model to analyze quantitatively and qualitatively. Main Findings - The results of this study indicate that attitudes and internalization of Sibaliparriq cultural values are the main determinants of fishermen's intentions to adopt blue economy practices in household financial management. The empirical findings are in line with the theory of planned behavior, which places attitudes and subjective cultural norms as the main sources of intention to behave positively, even though government policies have not yet shown an influence on fishermen's intentions to implement blue economy practices. Theory and Practical Implications - The findings of this study serve as a reference for the government in formulating policies to raise awareness of blue economy practices among fishermen. Future research could focus on identifying government obstacles in implementing policies related to blue economy practices. Novelty - his study integrates economic, social, and environmental perspectives that focus on the behavior of local communities, in this case fishermen.
Copyright (c) 2025 Nurwahyuni Syahrir, Arlistria Muthmainnah, Puspa Dewangga https://creativecommons.org/licenses/by/4.0
Pengaruh Laba dan Struktur Modal Terhadap Nilai Perusahaan dengan Dividen sebagai Pemoderasi
Main Purpose – This study aims to analyze the effect of earnings and capital structure on firm value with dividends as a moderating variable. Method – This study employs a quantitative approach using secondary data from the financial statements of consumer goods subsector companies listed on the Indonesia Stock Exchange for the 2021–2024 period. A purposive sample of 29 companies (116 observations) was analyzed using multiple linear regression and moderated regression analysis (MRA) with IBM SPSS 25. Main Findings –The results show that earnings proxied by ROE and EPS as well as capital structure proxied by DER have a significant positive effect on firm value, while ROA and DAR have no effect. Dividends proxied by the Dividend Payout Ratio (DPR) moderate the effect of ROE, EPS, and DAR on firm value, whereas dividends proxied by the Dividend per Share (DPS) do not moderate the effect of EPS, DAR, and DER Theory and Practical Implications - This study extends signaling theory by demonstrating the dual role of dividends, both in strengthening fundamental information and in concealing performance weaknesses. Practically, companies should align their dividend policies with earnings and capital structure to maintain investor trust and enhance firm value. Novelty –In contrast to earlier research, this study offers a more varied set of measurements by introducing dividends as a moderating variable proxied by DPR and DPS in the relationship between earning and capital structure on firm value. Earnings are measured by ROA, ROE, and EPS, while capital structure is measured by DAR and DER. Keywords:profit, capital structure, dividends, firm value
Copyright (c) 2025 Maeka Sella Agustina, Ahmad Yani, Rike Selviasari https://creativecommons.org/licenses/by/4.0
Akselerasi Pembangunan Berkelanjutan Melalui Kebijakan Anggaran Berkeadilan: Pendekatan Gender di Pemerintah Daerah
This study examines the implementation of Gender-Responsive Budgeting (GRB) as a strategy to accelerate the achievement of the Sustainable Development Goals (SDGs), particularly Goal 5 on gender equality, in Majene Regency, Indonesia. Employing a qualitative approach with policy discourse analysis, the research explores the formulation, implementation, and evaluation processes of GRB through document reviews, in-depth interviews, and source triangulation. Findings reveal that integrating the Gender Analysis Pathway (GAP) and Gender Budget Statement (GBS) into regional planning documents has driven positive shifts toward more inclusive program designs, especially in health and education sectors. However, effectiveness remains constrained by limited sex-disaggregated data, low technical capacity among officials, and weak inter-agency coordination. The novelty of this study lies in applying policy discourse analysis to uncover how GRB is interpreted and practiced locally, a perspective rarely explored in previous studies. These findings highlight the need for institutional capacity strengthening, improved data systems, and evidence-based evaluations to optimize GRB as a fiscal policy instrument for fostering inclusive, equitable, and sustainable development.
Copyright (c) 2025 Muhammad Ihsan Ansari, Indra Basir https://creativecommons.org/licenses/by/4.0
Peran Kepentingan Non Pengendali Dalam Pengaruh Fee Audit dan Ukuran Perusahaan Terhadap Audit Report Lag
Main Purpose - The objective of this study is to investigate and analyze the effects of audit fees, company size, and non-control factors on the quality of auditors' reports for manufacturing companies listed on the Bursa Efek Indonesia (BEI) from 2019 to 2023. Method - The data analysis technique used was moderation regression analysis with SPSS version 25. Main Findings - The study's findings show if audit fees have a detrimental effect on audit report delays. Afterwards, the lateness of the audit report was unaffected by the company's size. While non-pengendali is important for strengthening the association between firm size and audit report lag, non-pengendali is important for strengthening the relationship between audit fees and audit reports. Theory and Practical Implications - In order to build a relationship between the business and the stakeholders, this study examines the compliance and agency theories, which highlight the need of time and attention in writing. Novelty - The novelty lies in the use of non-controlling interest variables as moderation. Keywords: Audit report lag ̧ audit fee, company size, non-controlling interests.
Copyright (c) 2025 Nidita Hafizna, Marhaendra Kusuma, Agus Athori https://creativecommons.org/licenses/by/4.0
CEO Power and ESG: The Moderating Role of Gender Diversity in Indonesia
Main Purpose - The purpose of this study is to examine how CEO power influences ESG performance, taking into account board gender diversity. Method - A total of 82 companies that issued sustainability reports in Indonesia between 2018 and 2022 were selected as the research subjects and were analyzed using Ordinary Least Squares (OLS) regression. Main Findings - The study shows that CEO Power contributes positively and significantly to ESG, and that the level of CEO power is related to the company's ESG performance. Although, gender diversity in the board is expected to strengthen inclusive governance and promote sustainability practices, in the context of Indonesian companies, this moderating influence has not yet been statistically observed. Theory and Practical Implications - This study extends upper echelons theory by showing that excessive CEO power weakens ESG performance, while board gender diversity serves as an effective internal governance mechanism to counterbalance such dominance. Novelty - Unlike prior studies that treat CEO power and board characteristics separately, this research introduces board gender diversity as a moderating mechanism that mitigates the negative impact of CEO power on ESG outcomes.
Copyright (c) 2025 Hesniati Hesniati, Madeline Natasha Arifin, Dewi Khornida Marheni, Tony Chandra https://creativecommons.org/licenses/by/4.0
Internal Control Analysis on Anti-Dumping Duty Exemptions HS 72 in Batam
Main Purpose - This study analyzes the internal control of KPU BC Batam as a Free Trade Zone and Free Port, particularly in relation to Anti-Dumping Duties HS 72. Method - This study provides an in-depth analysis using descriptive qualitative method with NVIVO 15 and literature review. Main Findings - Findings reveal that, despite achieving optimal tax revenue and Organizational Performance Value (NKO), challenges remain, such as limited facilities and infrastructure, low public awareness, competency gaps, particularly in risk management and integrity, system disruptions, increasingly complex smuggling methods and the presence of unregistered ports. Theory and Practical Implications - Strengthened governance, human resources, digital systems and enhanced coordination with relevant authorities are pivotal in mitigating smuggling risks. Novelty - This study extends governance and risk management literature by addressing the oversight challenges related to anti-dumping duty exemptions and proposing solutions to improve inter-agency accountability within Batam Customs and Excise.
Copyright (c) 2025 Kalika Dianti Franconnie https://creativecommons.org/licenses/by/4.0
Value Added Tax And Minimum Wage Influence On Purchasing Power: Maslahah View
Main Purpose - The purpose of this study is to determine the influence of Value Added Tax and the City Minimum Wage on the purchasing power of the community in Medan City during the period 2015–2024. Method - This research employs a quantitative approach utilizing secondary data obtained from the Central Bureau of Statistics (BPS) and other official government sources. The dataset for this study comprises all annual data related to Value Added Tax, City Minimum Wage, and public purchasing power in Medan City from 2015 to 2024, resulting in 10 observations. Data analysis was conducted using EViews software to examine the relationships among the variables. Main Findings - The results show that both VAT and CMW meaningfully influence the community’s purchasing power. Increases in VAT and minimum wage adjustments have been shown to affect people’s ability to meet their consumption needs, emphasizing the strategic role of fiscal and labor policies in sustaining public welfare. Theory and Practical Implications - The results show that VAT, which does not have a significant effect on purchasing power, can be positioned as maslahah ‘ammah, with its revenue managed transparently for public benefit. Meanwhile, the minimum wage has a significant effect on purchasing power, so wage policies should be set fairly to safeguard maslahah dharuriyah in fulfilling basic needs. Novelty - The novelty of this research lies in the use of the maslahah perspective in analyzing the simultaneous influence of VAT and minimum wage on the purchasing power of Medan City’s community, thereby providing a new contribution in examining the linkage between fiscal and labor policies with societal welfare.
Copyright (c) 2025 Riska Amaliah, Muhammad Ikhsan Harahap, Nur Ahmadi Bi Rahmani https://creativecommons.org/licenses/by/4.0
Pengaruh Intellectual Capital, Leverage, Dewan Direksi pada Sustainability Reporting: Moderasi Pengalaman Direktur
Main Objective - To analyze the effect of intellectual capital, leverage, and board characteristics on the quality of sustainability reporting with directors’ experience as a moderating variable. Method - A quantitative explanatory approach using secondary data from 30 companies listed on the IDX during 2021–2024, analyzed with panel data regression (E-Views). Main Findings - Directors’ experience does not moderate the relationship between intellectual capital, leverage, and multiple directorships with sustainability reporting. However, intellectual capital, leverage, and directors’ experience directly affect the quality of reporting. Theoretical and Policy Implications - The results highlight the importance of experienced directors in managing intellectual capital and leverage to improve the quality of sustainability reporting. Research Novelty - This study identifies a gap showing that directors’ experience is more effective when combined with intellectual capital, while its moderating role on leverage and multiple directorships is not significant. The contribution lies in offering a new perspective on the combination of leadership and intellectual assets in fostering corporate legitimacy.
Copyright (c) 2025 Muhhamad Azhari Brian Aristya, Lin Oktris https://creativecommons.org/licenses/by/4.0
Struktur Kepemilikan, Transfer Pricing, dan Penghindaran Pajak pada Industri Sawit Indonesia
Purpose – This study aims to examine the effect of institutional ownership and foreign ownership on tax avoidance with transfer pricing as a mediating variable. Methodology – The research sample includes 18 palm oil companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The analysis was conducted using panel data regression with Common, Fixed, and Random Effect models, followed by Chow, Hausman, and LM tests. Mediation testing was carried out using the Baron–Kenny approach, Sobel test, and wild cluster bootstrap-t procedure. Findings – The results show that institutional ownership has no significant effect on either tax avoidance or transfer pricing. In contrast, foreign ownership has a significant positive effect on transfer pricing, while transfer pricing has a negative effect on tax avoidance. Mediation testing indicates that transfer pricing does not mediate the relationship between institutional ownership and tax avoidance, but the wild cluster bootstrap-t test suggests a marginal negative mediation between foreign ownership and tax avoidance. Theoretical and Policy Implications – The findings indicate that ownership structure can shape the pattern of related-party transactions, and more comprehensive transfer pricing disclosure is aligned with lower levels of tax avoidance. In practical terms, this study encourages strengthening risk-based supervision and the quality of related-party transaction documentation. Novelty – This study provides new empirical evidence in the Indonesian palm oil industry by combining various mediation approaches, showing that transfer pricing disclosure can function as a compliance mechanism rather than merely as a tool for tax avoidance.
Copyright (c) 2025 Ilham Amanah Rangga Kancana, Lin Oktris https://creativecommons.org/licenses/by/4.0
Determinan Initial Return IPO di Indonesia: Pandemi, Pasca-Pandemi dengan Pendekatan Bootstrap
Main Purpose - This study analyzes financial and non-financial factors influencing the initial return of IPO companies listed on the Indonesia Stock Exchange during the pandemic period (2020–2022) and the post-pandemic period (2023–2024). Method - A quantitative approach was employed, utilizing secondary data from IPO prospectuses, IDX publications, and stock prices. The data were analyzed using multiple linear regression with the bootstrap method. Employing a purposive sampling technique, this study obtained a final sample of 131 companies out of a total population of 278 IPO firms. Main Findings - EPS, financial leverage, liquidity, and the percentage of shares offered significantly and positively affect the initial return, while profitability, underwriter reputation, and firm age show no significant effect. Investors tend to respond more strongly to fundamental signals than to underwriter reputation or firm age. Theory and Practical Implications - The findings reinforce Signaling Theory and suggest that issuers should emphasize transparency in EPS, leverage, and liquidity to strengthen investor confidence. Novelty - The novelty of this study lies in its analysis of the determinants of initial return, covering the entire period from the pandemic to the post-pandemic era in Indonesia, while applying the bootstrapping method to address the issue of heteroscedasticity in the data.
Copyright (c) 2025 Moh. Alwi, Muliati Muliati, Muhammad Din, Muhammad Ilham Pakawaru https://creativecommons.org/licenses/by/4.0
Peran Good Governance dan SPIP dalam Mencegah Tindakan Kecurangan
Main Purpose - The purpose of this study is to analyze the influence of good governance and SPIP on fraud prevention efforts at the Blora Regency Inspectorate. Method - Sampling was conducted using saturated sampling techniques on 33 respondents consisting of auditors and internal supervisors. Data analysis was performed using with SmartPLS 4.0 software. Main Findings - The findings of this study indicate that good governance has a significant effect on fraud prevention, while SPIP has no significant effect. This phenomenon shows that transparency and accountability in governance are more effective in reducing the risk of fraud than the mere existence of a formal control system. The low effectiveness of SPIP is due to its implementation, which is still administrative in nature and lacks monitoring and risk evaluation aspects. Theory and Practical Implications - The theoretical implications of this study reinforce the role of good governance and control systems as tools for value-based fraud prevention. Novelty - This study combines good governance and SPIP as independent variables for fraud prevention in the context of local government oversight institutions.
Copyright (c) 2025 Aulia Rahma Az zahra, Oryza Tannar https://creativecommons.org/licenses/by/4.0
Pengaruh Transparansi dan Partisipasi Masyarakat Terhadap Pengelolaan Anggaran Pendapatan dan Belanja Desa
Main Purpose - The purpose of this study is to find out and see the influence of transparency and community participation on the Management of the APBDes. Method - The population of this study is 15 villages in North Indralaya District. The sample consisted of 90 respondents who were selected using saturated sampling techniques and using primary data through questionnaires and analyzed using Partial Least Square Structural Equation Modeling (PLS-SEM). Main Findings - The results of this study state that all independent variables, namely transparency and community participation, have a positive and significant effect on the Management Management of the APBDes. The higher the transparency and also community participation, the better the Management Management of the APBDes. This emphasizes the importance of open village governance and actively involving the community. Theory and Practical Implications - The implications of this research are considered and referenced for village governments in improving the village fund management system to be more open and involve the community Novelty - This study uses PLS-SEM, which allows for a more complex and in-depth analysis of the research results but also adds to the understanding of how Transparency and Community Participation collectively affect the Management of Village Revenue and Expenditure Budgets
Village Revenue and Expenditure Budget Management
Copyright (c) 2025 Ryna Agustina, Rosy Armaini, Desi Indriasari https://creativecommons.org/licenses/by/4.0
Green Accounting, ESG, Komisaris Independen dan Pengaruhnya terhadap Kinerja Keuangan
Main Purpose – This study aims to examine the effect of green accounting, ESG, and independent commissioners on corporate financial performance. Method – This research applies a quantitative approach using multiple linear regression analysis. The studi observes all companies in Indonesia that have PROPER ratings, ESG score from Refinitiv, and independent board structures during the 2020-2024 period. Main Findings – The result indicate that ESG has a positive and significant effect on financial performance. In contrast, green accounting and independent commissioners do not have a significant impact on financial performance. These findings highlight that ESG disclosure serves as an effective sustainability strategy for enhancing profitability. Theory and Practical Implications – Theoretically, the result support legitimacy and stakeholder theories, which emphasize the importance of transparency and responsible corporate governance. Practically, this studi suggest that companies should strengthen ESG practices to increase investor trust and financial outcomes. Novelty – The novelty of this research lies in utilizing all Indonesian companies with ESG scores, as well as using the latest data in the Indonesian context for the period 2020-2024 and adding references from the latest research.
Copyright (c) 2025 Linova Angesti Hartono, Aurora Angela https://creativecommons.org/licenses/by/4.0
Symbolic or Substantive? Greenwashing and Environmental Disclosure Misalignment in Indonesian Banking
Main Purpose - This study investigates whether Environmental Disclosure Scores (EDS) accurately reflect actual environmental performance, as proxied by GHG emissions, in the Indonesian banking sector. Method - The research employs panel data analysis using 16 publicly listed Indonesian banks from 2009 to 2023. A random-effects regression is applied, followed by the construction of a binary Greenwashing Index (GWI) to identify misalignments between EDS and actual greenhouse gas (GHG) emissions. Main Findings - The findings indicate that EDS are not significantly associated with lower GHG emissions, suggesting a symbolic rather than substantive role. Although larger banks tend to emit more GHG, they are less likely to engage in greenwashing, likely due to greater regulatory scrutiny. In contrast, higher profitability increases greenwashing risk, while stronger capital adequacy reduces it. Theory and Practical Implications - The findings suggest that ESG reporting should be based on performance metrics rather than narrative disclosures to ensure accountability. Policymakers are encouraged to enforce independent environmental audits and adopt outcome-based ESG frameworks. Novelty - This study contributes a novel dual-approach Greenwashing Index to identify disclosure–performance misalignment, offering empirical insights for ESG research in emerging markets.
Copyright (c) 2025 Netti Natarida Marpaung, Sugeng Wahyudi, Irene Rini Demi Pangestuti https://creativecommons.org/licenses/by/4.0