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.
Hak Cipta (c) 2025 Selfira Salsabilla https://creativecommons.org/licenses/by/4.0
Corporate and Dividend Tax Effects in Scholarly Literature: A Bibliometric Analysis
Tujuan Utama - Penelitian ini bertujuan untuk menganalisis evolusi penelitian mengenai pajak perusahaan dan pajak dividen melalui pendekatan bibliometrik, dengan menyoroti bagaimana topik-topik tersebut memengaruhi perilaku perusahaan, keputusan investasi, dan hasil ekonomi yang lebih luas. Metode - Data diperoleh dari 660 artikel jurnal yang terindeks Scopus dan diterbitkan antara tahun 1980 hingga 2025. Data bibliografis dianalisis menggunakan paket Bibliometrix dalam RStudio, dengan fokus pada kinerja publikasi, ko-occurence kata kunci, pemetaan tematik, dan struktur intelektual untuk menggambarkan evolusi bidang penelitian dari waktu ke waktu. Temuan Utama - Hasil analisis menunjukkan adanya pertumbuhan yang konsisten dalam minat akademik terhadap penelitian pajak perusahaan dan pajak dividen. Klaster tematik mengindikasikan bahwa penghindaran pajak, tata kelola perusahaan, dan kebijakan dividen merupakan topik yang dominan dan berkelanjutan. Tema-tema baru seperti integrasi ESG, ketidakpastian kebijakan ekonomi, dan pajak digital menyoroti perluasan bidang ini menuju keberlanjutan dan adaptasi terhadap perkembangan teknologi. Implikasi Teori dan Kebijakan - Secara teoretis, penelitian ini memperkuat integrasi teori keagenan, teori pemangku kepentingan, dan ekonomi kelembagaan dalam menjelaskan bagaimana sistem perpajakan membentuk perilaku dan pengambilan keputusan perusahaan. Secara praktis, hasil penelitian menunjukkan bahwa kebijakan pajak berfungsi tidak hanya sebagai alat fiskal, tetapi juga sebagai mekanisme strategis untuk meningkatkan transparansi, akuntabilitas, dan ketahanan perusahaan dalam ekonomi global. Kebaruan Penelitian - Penelitian ini menyajikan pemetaan komprehensif selama empat dekade terhadap riset pajak perusahaan dan pajak dividen, yang mengungkapkan transisi konseptual serta arah interdisipliner baru menuju keberlanjutan.
Hak Cipta (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.
Hak Cipta (c) 2025 Dian Urna Fasihat, Lilis Marlina https://creativecommons.org/licenses/by/4.0
Tinjauan Manajemen Modal Kerja: Analisis Bibliometrik dan Prospek Masa Depan
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.
Hak Cipta (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.
Hak Cipta (c) 2025 Jovan Febriantoko, Kartika Rachma Sari, Indriani Indah Astuti, Selimarsela, Adinda Annisa Avariza, Sabin Prastio https://creativecommons.org/licenses/by/4.0
Pengalaman Intersubyektif Remote Audit: Masa Covid dan 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
Hak Cipta (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 Objective – This study aims to examine and obtain empirical evidence regarding the influence of financial literacy, fintech lending, digitalization, and marketing strategy on the sustainability of MSMEs in Cirebon City, including the moderating roles of digitalization and marketing strategy. Method – This research employs a quantitative approach using Structural Equation Modeling (SEM) with Partial Least Square (PLS) through SmartPLS software. The analysis includes validity, reliability, multicollinearity, R-square, and hypothesis testing to examine the relationships among variables. Main Findings – The results show that financial literacy and marketing strategy have a significant influence on the sustainability of MSMEs in Cirebon City. Conversely, fintech lending and digitalization have no direct effect as their utilization remains limited to short-term needs. MSME sustainability is more influenced by financial knowledge and adaptive marketing strategies than by access to financing or digital technology. Theoretical and Policy Implications – This study emphasizes the importance of financial literacy and marketing strategy as key factors in MSME sustainability. Research Novelty – The novelty of this study lies in the integration of financial literacy, fintech lending, digitalization, and marketing strategy into one MSME sustainability model in Cirebon City, along with testing the moderating roles of digitalization and marketing strategy that have rarely been examined before.
Hak Cipta (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.
Hak Cipta (c) 2025 Servina Nadya, Siti Isnaniati, Rike Selvia Sari https://creativecommons.org/licenses/by/4.0
Pengaruh Pengaruh Perilaku Oportunistik, Board Diversity, dan Financial Distress Terhadap Manajemen Laba Riil
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.
Hak Cipta (c) 2025 Albert Irawan, Renna Magdalena https://creativecommons.org/licenses/by/4.0
Green Tax dan Green Incentive Sebagai Instrumen Menuju Ekonomi Berkelanjutan di Indonesia
Main Purpose - The purpose of this study is to analyze how Green Tax and Green Incentive can enhance tax revenues and promote environmentally friendly businesses to achieve a sustainable economy. Method - The research method used in this study Is a Scoping Review, by the Following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Extension for Scooping Review (PRISMA-ScR) guidelines. Main Findings - From the 25 Selected Articles, it can be concluded that green tax and green incentives are two fiscal instruments that complement each other and have a strategic role encouraging the transition to a green economy. Theory and Practical Implications - This Study emphasizes that Green Tax and Green Incentive Serve a dual function as instruments for addressing environmental externalities while encouraging sustainable 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 this research is to examine the application, potential revenue, opportunities and challenges of Green Tax and Green Incentive in encouraging green technology and supporting a sustainable economy in accordance with the SDGs.
Hak Cipta (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.
Hak Cipta (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.
Hak Cipta (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 - The high production costs resulting from traditional methods that remain inefficient prompted this study to evaluate the application of Activity Based Costing (ABC) in reducing production costs and increasing the profitability of cassava farmers on owned and rented land. Method - This study employs a descriptive qualitative approach with purposive sampling, involving two main farmers and supporting informants. Data were collected through interviews and documentation, then analyzed through identification of production activities, determination of cost drivers, and calculation of activity costs using the ABC method. Main Findings - The production cost on owned land was IDR 13,035,000/ha with a production cost of IDR 434.5/kg, while on rented land it reached IDR 21,035,000/ha with a production cost of IDR 701/kg. The difference was mainly due to land rent expenses, resulting in a Net Profit Margin (NPM) of 56% for owned land and 30% for rented land. Theory and Practical Implications - The application of the ABC method is proven relevant to improving agricultural cost efficiency and can serve as a basis for extension policies and activity-based farm management strategies. Novelty - This study presents novelty by applying the ABC method to cassava production based on land ownership differences and contributes as a reference for agricultural cost accounting policies.
Hak Cipta (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
Tujuan Utama - Tujuan penelitian ini adalah untuk menganalisis pengaruh literasi keuangan digital dan inklusi keuangan terhadap kesejahteraan keuangan pelaku UMKM perempuan, dengan perilaku keuangan sebagai variabel mediasi. Metode - Metode yang digunakan adalah pendekatan kuantitatif dengan teknik analisis SEM-PLS 3. Data dikumpulkan melalui kuesioner yang disebarkan kepada 100 pelaku UMKM perempuan di tiga Kabupaten di Jawa Tengan : Cilacap, Purbalingga dan Banyumas. Temuan Utama - Studi ini membuktikan literasi keuangan digital berpengaruh langsung dan tidak langsung melalui perilau keuangan terhadap kesejahteraan keuangan. Efek langsung dan mediasi tidak ditemukan pada hubungan antara inklusi keuangan dan kesejahteraan keuangan. Implikasi Teori dan Kebijakan - Studi ini memberikan implikasi pada pengembangan teori perilaku terencana khususnya perilaku keuangan pemilik UMKM. Penelitian memberikan implikasi kebijakan kepada pemangku kepentingan dalam pengembangan UMKM perempuan. Kebaruan Penelitian - Novelty penelitian ini terletak pada pengujian perilaku keuangan sebagai variable mediasi antara literasi keuangan digital dan inklusi keuangan pada kesejahteraan keuangan
Hak Cipta (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).
Hak Cipta (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.
Hak Cipta (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.
Hak Cipta (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.
Hak Cipta (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
Main Purpose - This study aims to understand how gender perspectives are integrated into the formulation of the local government budget (APBD) in Majene Regency. Method - The research employs a qualitative approach using policy discourse analysis within a case study design. Data were collected through in-depth interviews and analysis of planning documents with key informants from the local budgeting bureaucracy Main Findings - The findings indicate that, despite formal gender mainstreaming policies, the implementation of gender-responsive budgeting (GRB) in Majene is constrained by institutional resistance and limited capacity and understanding of gender perspectives. Women’s participation in the budgeting process remains low, resulting in budget allocations that are not fully responsive to gender needs. The study further underscores the need to enhance the effectiveness of GRB policies to ensure more inclusive implementation Theory and Practical Implications - The results highlight the necessity of strengthening institutional capacity and gender literacy as strategies to advance GRB implementation at the local level. The study also contributes to the policy literature by offering specific recommendations to improve GRB effectiveness in achieving more inclusive gender equality outcomes Novelty - The novelty of this research lies in its in-depth analysis of the barriers and opportunities of GRB implementation at the subnational (district) level
Hak Cipta (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
Tujuan Utama - Studi ini bertujuan untuk menguji dan menganalisis dampak biaya audit, ukuran perusahaan, serta kepentingan non-kendali terhadap keterlambatan laporan auditor pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019-2023. Metode – Metode analisis data yang diterapkan adalah analisis regresi moderasi menggunakan SPSS versi 25. Temuan Utama - Hasil kajian yang telah dilaksanakan menunjukkan bahwa biaya audit berdampak negatif terhadap keterlambatan laporan audit. Selanjutnya, ukuran perusahaan tidak memengaruhi keterlambatan laporan audit. Kepentingan non pengendali memperkuat hubungan antara biaya audit dan laporan audit, sementara kepentingan non pengendali melemahkan hubungan antara ukuran perusahaan dan keterlambatan laporan audit Implikasi Teori dan Kebijakan – Studi ini mendukung teori kepatuhan dan teori agensi yang menekankan pentingnya ketepatan waktu dan kehati-hatian dalam pelaporan untuk mempertahankan hubungan perusahaan dengan pemangku kepentingan. Kebaruan Penelitian – Kebaruan terletak pada penerapan variabel kepentingan non pengendali sebagai pemoderasi. Kata Kunci: Audit report lag¸ fee audit, ukuran perusahaan, kepentingan non pengendali
Hak Cipta (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
Tujuan Utama - Tujuan dari penelitian ini adalah untuk mengkaji bagaimana kekuasaan CEO mempengaruhi kinerja ESG, dengan mempertimbangkan keberagaman gender dewan. Temuan Utama - Studi ini menunjukkan bahwa Kekuasaan CEO berkontribusi secara positif dan signifikan terhadap ESG, dan bahwa tingkat kekuasaan CEO terkait dengan kinerja ESG perusahaan. Meskipun, keberagaman gender di dewan direksi diharapkan dapat memperkuat tata kelola yang inklusif dan mempromosikan praktik keberlanjutan, dalam konteks perusahaan Indonesia, pengaruh moderasi ini belum diamati secara statistik. Implikasi Teori dan Kebijakan - Kekuasaan CEO secara signifikan meningkatkan kinerja ESG di perusahaan-perusahaan Indonesia, menyoroti pentingnya kepemimpinan yang mampu dalam memajukan langkah-langkah keberlanjutan. Namun, keberagaman gender dewan tidak secara signifikan memoderasi hubungan ini, kemungkinan karena proporsi rendah atau pengaruh terbatas perempuan di dewan direksi perusahaan. Kebaruan Penelitian - Studi ini menawarkan bukti baru dari Indonesia bahwa meskipun kekuasaan CEO secara positif mempengaruhi kinerja ESG, keberagaman gender dewan tidak secara signifikan memoderasi hubungan ini, menunjukkan dampak terbatas karena rendahnya representasi atau pengaruh direktur wanita.
Hak Cipta (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
Tujuan Utama - Penelitian ini menganalisis sistem pengendalian internal pada KPU BC Batam sebagai kawasan pedagangan bebas dan pelabuhan bebas, khususnya berkaitan dengan Bea Masuk Anti-dumping HS 72. Metode - Penelitian ini menggunakan metode kualitatif deskriptif dengan memanfaatkan NVIVO 15 dan kajian literatur untuk analisa mendalam. Temuan Utama - Hasil penelitian menunjukkan bahwa meskipun penerimaan perpajakan dan Nilai Kinerja Organisasi (NKO) optimal, hambatan tetap ada, antara lain keterbatasan sarana dan prasarana, rendahnya kesadaran masyarakat, kesenjangan kompetensi, gangguan sistem, metode penyelundupan yang semakin kompleks, serta keberadaan pelabuhan tidak resmi. Implikasi Teori dan Kebijakan - Penguatan dalam pengelolaan, peningkatan kemampuan sumber daya manusia, penerapan sistem digital dan koordinasi antar lembaga merupakan faktor penting untuk mengurangi risiko penyelundupan. Kebaruan Penelitian - Penelitian ini memberikan pandangan yang berlandaskan pada pengelolaan dan manajemen risiko, yang mengungkapkan masalah struktural mendasar serta menawarkan rekomendasi kebijakan untuk meningkatkan pengawasan dan kerja sama antar pihak. Kata Kunci: Bea Masuk Anti-dumping, Kawasan bebas, HS 72, pengendalian internal, penyelundupan.
Hak Cipta (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.
Hak Cipta (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
Tujuan Utama - Menganalisis pengaruh intellectual capital, leverage, karakteristik dewan direksi (direktur perempuan, rangkap jabatan, dan pengalaman direktur) terhadap kualitas pengungkapan pelaporan berkelanjutan dengan pengalaman direktur sebagai variabel moderator. Metode - Penelitian kuantitatif explanatory ini menggunakan 50 sampel perusahaan BEI periode 2021-2023 yang dipilih secara purposive sampling. Analisis dilakukan menggunakan regresi moderasi berbantuan EViews 12 dengan pengujian hipotesis dua arah untuk menguji pengaruh variabel independen terhadap kualitas pengungkapan laporan keberlanjutan dengan pengalaman direktur sebagai moderator. Temuan Utama - Hasil pengujian menunjukkan bahwa hanya intellectual capital yang berpengaruh positif signifikan (β=0,0269; p=0,0084) terhadap kualitas pengungkapan laporan keberlanjutan, sementara leverage berpengaruh negatif signifikan (β=-0,4959; p=0,0007), dan pengalaman direktur secara mengejutkan juga berpengaruh negatif signifikan (β=-0,2171; p=0,0030), sedangkan direktur perempuan dan rangkap jabatan direktur tidak menunjukkan pengaruh yang signifikan. Pengalaman direktur sama sekali tidak mampu memoderasi pengaruh intellectual capital, leverage, direktur perempuan, maupun rangkap jabatan direktur terhadap kualitas pengungkapan laporan keberlanjutan, dengan seluruh nilai p-value moderasi >0,05. Fenomena ini mengindikasikan bahwa perusahaan dengan modal intelektual tinggi cenderung lebih transparan dalam pelaporan keberlanjutan, namun tingkat leverage yang tinggi dan kehadiran direktur senior justru mengurangi kualitas pengungkapan, kemungkinan karena direktur berpengalaman lebih konservatif dalam mengungkapkan informasi sensitif untuk melindungi reputasi perusahaan. Implikasi Teori dan Kebijakan - Hasil penelitian memperkuat teori legitimasi Suchman (1985) dimana perusahaan dengan intellectual capital tinggi dan leverage rendah cenderung lebih transparan dalam pelaporan keberlanjutan untuk mempertahankan legitimasi, namun bertentangan dengan teori upper echelons Hambrick dan Mason (1984) karena pengalaman direktur justru mengurangi kualitas pengungkapan akibat sikap konservatif yang berlebihan. Oleh karena itu, perusahaan perlu mengimplementasikan kebijakan balanced scorecard yang mengintegrasikan metrik intellectual capital dalam evaluasi kinerja direksi, sementara regulator dapat membuat framework khusus yang memberikan fleksibilitas pengungkapan bagi perusahaan dengan struktur modal optimal namun tetap memastikan akuntabilitas melalui mekanisme audit independen. Kebaruan Penelitian - Penelitian ini mengisi research gap dengan menguji efek gabungan intellectual capital dan leverage terhadap kualitas laporan keberlanjutan melalui peran moderasi pengalaman direktur berdasarkan teori Baron & Kenny (1986), yang melampaui fokus penelitian sebelumnya yang hanya mengkaji karakteristik direksi secara parsial. Kata Kunci: intellectual capital, leverage, rangkap jabatan, kualitas laporan keberlanjutan, pengalaman direktur
Hak Cipta (c) 2025 Muhhamad Azhari Brian Aristya, Lin Oktris https://creativecommons.org/licenses/by/4.0
Pengaruh Institutional Ownership dan Foreign Ownership terhadap Tax Avoidance dengan Transfer Pricing sebagai Variabel Mediasi (Studi Empiris pada Perusahaan Industri Kelapa Sawit di BEI 2020–2024)
This study examines whether institutional ownership and foreign ownership influence corporate tax avoidance, with transfer pricing as a mediating variable. Using panel data on 18 palm-oil companies listed on the Indonesia Stock Exchange during 2020–2024 (90 firm-years), we estimate Common, Fixed, and Random Effect models and select specifications via Chow, Hausman, and LM tests; inference relies on robust standard errors. Mediation is evaluated using the Baron–Kenny steps, Sobel test, and a wild cluster bootstrap-t procedure. The results show that institutional ownership has no significant direct effect on tax avoidance and does not significantly affect transfer pricing. Foreign ownership positively and significantly affects transfer pricing, while transfer pricing is negatively associated with tax avoidance. Transfer pricing does not mediate the institutional-ownership–tax-avoidance link; however, under the wild cluster bootstrap-t check, it provides a negative, marginal mediation between foreign ownership and tax avoidance (not confirmed by Baron–Kenny/Sobel). These findings add evidence from an emerging market with diverse ownership and evolving enforcement. They indicate that ownership structure shapes related-party arrangements, whereas stronger transfer-pricing compliance/disclosure aligns with lower tax avoidance. Practically, the results support risk-based oversight and robust documentation of related-party transactions, and they inform investors’ governance/tax-risk assessments and policymakers’ efforts to strengthen compliance frameworks.
Hak Cipta (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
Tujuan Utama - Penelitian ini menganalisis faktor keuangan dan non-keuangan yang memengaruhi initial return perusahaan IPO di BEI selama pandemi (2020–2022) hingga pasca-pandemi (2023–2024). Metode - Pendekatan kuantitatif dengan data sekunder dari prospektus IPO, publikasi BEI, serta harga saham, dianalisis menggunakan regresi linier berganda dengan metode bootstrap. Temuan Utama - EPS, financial leverage, likuiditas, dan persentase penawaran saham berpengaruh positif signifikan terhadap initial return, sedangkan profitabilitas, reputasi underwriter, dan umur perusahaan tidak berpengaruh. Investor lebih merespons sinyal fundamental dibanding reputasi atau usia perusahaan. Implikasi Teori dan Kebijakan - Hasil penelitian memperkuat Signaling Theory dan memberi masukan agar emiten menekankan transparansi EPS, leverage, dan likuiditas untuk meningkatkan kepercayaan investor. Kebaruan Penelitian - Kebaruan penelitian ini terletak pada analisis determinan initial return yang mencakup keseluruhan periode pandemi hingga pasca-pandemi dalam konteks pasar modal Indonesia.
Hak Cipta (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
Abstrak Tujuan Utama – Tujuan penelitian ini yaitu untuk menguji pengaruh good governance dan SPIP terhadap upaya pencegahanan kecurangan pada Inspektorat Kabupaten Blora. Metode – Pengambilan sampel menggunakan teknik sampel jenuh terhadap 33 responden yang terdiri dari auditor dan pengawas internal. Teknik analisis data dilakukan dengan menggunakan software SmartPLS 4.0. Temuan Utama – Temuan dalam peneltian ini menunjukkan bahwa good governance berpengaruh signifikan terhadap pencegahan fraud, sedangkan SPIP tidak berpengaruh signifikan. Fenomena ini menunjukkan bahwa transparansi dan akuntabilitas dalam tata kelola lebih mampu menekan risiko fraud dibanding sekadar keberadaan sistem formal pengendalian. Rendahnya efektivitas SPIP disebabkan oleh pelaksanaannya yang masih bersifat administratif dan minim pada aspek monitoring serta evaluasi risiko. Implikasi Teori dan Kebijakan - Implikasi teoritis dari penelitian ini memperkuat peran tata kelola pemerintahan yang baik dan sistem pengendalian sebagai alat pencegahan fraud berbasis nilai. Kebaruan Penelitian – Penelitian ini memadukan good governance dan SPIP sebagai variabel independen terhadap pencegahan fraud dalam konteks kelembagaan pengawasan pemerintah daerah. Kata Kunci: Good governance, SPIP, Pencegahan Fraud
Hak Cipta (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
Tujuan Utama - Tujuan penelitian ini untuk mengetahui dan melihat pengaruh transparansi dan partisipasi masyarakat terhadap Pengelolaan APBDes. Metode - Populasi penelitian ini sebanyak 15 desa di Kecamatan Indralaya Utara. Sampel terdiri dari 90 responden yang dipilih menggunakan teknik sampling jenuh dan menggunakan data primer melalui kuesioner dan dianalisis menggunakan Partial Least Square Structural Equation Modeling (PLS-SEM). Temuan Utama - Hasil dari penelitian ini menyatakan bahwa seluruh variabel independen yaitu transparansi dan partisipasi masyarakat berpengaruh positif dan signifikan, terhadap Pengelolaan APBDes Semakin tinggi transparansi dan juga partisipasi semakin baik Pengelolaan APBDes. Hal ini menekankan pentingnya tata kelola pemerintahan desa yang tebuka dan melibatkan masyarakat secara aktif. Implikasi Teori dan Kebijakan – Implikasi dai penelitian ini sebagai bahan pertimbangan dan rujukan bagi pemerintah desa dalam memperbaiki sistem pengelolaan dana desa agar lebih terbuka dan melibatkan masyarakat. Kebaruan Penelitian - Penelitian ini menggunakan PLS-SEM, yang memungkinkan analisis yang lebih kompleks dan mendalam terhadap hasil penelitian tetapi juga menambah pemahaman tentang bagaimana Transparansi dan Partisipasi Masyarakat secara bersama-sama mempengaruhi Pengelolaan Anggaran Pendapatan dan Belanja Desa. Kata Kunci: Transparansi, Partisipasi Masyarakat, Pengelolaan Anggaran Pendapatan dan Belanja Desa
Village Revenue and Expenditure Budget Management
Hak Cipta (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
Tujuan Utama – Penelitian ini bertujuan untuk menguji pengaruh green accounting, ESG, dan komisaris independent terhadap kinerja perusahaan. Metode – Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi linear berganda. Kajian ini mengamati seluruh perusahaan di Indonesia yang memiliki peringkat PROPER, skor ESG dari refinitiv, serta struktur dewan komisaris independent selama periode 2020-2024. Temuan Utama – Hasil penelitian menunjukkan bahwa ESG berpengaruh positif dan signifikan terhadap kinerja keuangan. Sebaliknya, green accounting dan komisaris independent tidak mmeberikan pegaruh signifikan terhadap kinerja keuangan perusahaan. Temuan ini menegaskan bahwa pengungkapan ESG merupakan strategi keberlanjutan yang efektif dalam meningkatkan profitabilitas. Implikasi Teori dan Kebijakan – Secara teoritis, hasil penelitian ini mendukung teori legitimasi dan stakeholder yang menekankan pentingnya transparansi serta tata kelola perusahaan yang bertanggung jawab. Dari sisi praktis, penelitian ini memberikan implikasi bahwa perusahaan perlu memperkuat praktik ESG sebagai upaya strategis dalam menarik kepercayaan investor. Kebaruan Penelitian – Kebaruan penelitian ini terletak pada penggunakan ROA sebagai indikator utama kinerja keuangan serta pemanfaatan seluruh perusahaan Indonesia yang memiliki skor ESG selama periode pengamatan, serta menggunakan data terbaru dalam konteks Indonesia selama periode 2020-2024. Kata Kunci: green accounting, ESG, komisaris independen, kinerja keuangan, ROA
Hak Cipta (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
Tujuan Utama - Penelitian ini bertujuan untuk menguji apakah skor pengungkapan lingkungan (Environmental Disclosure Score/EDS) mencerminkan kinerja lingkungan aktual pada sektor perbankan di Indonesia. Metode - Penelitian ini menggunakan data panel dari 16 bank yang terdaftar di Bursa Efek Indonesia selama periode 2009–2023. Analisis dilakukan dengan regresi efek acak, serta pembangunan Indeks Greenwashing (Greenwashing Index/GWI) berbasis selisih antara EDS dan emisi gas rumah kaca (GRK) aktual. Temuan Utama - Hasil penelitian menunjukkan bahwa EDS tidak berpengaruh signifikan terhadap penurunan emisi GRK, yang mengindikasikan bahwa pengungkapan ESG cenderung bersifat simbolik. Bank dengan ukuran lebih besar cenderung menghasilkan emisi lebih tinggi namun lebih kecil kemungkinannya untuk melakukan greenwashing karena adanya pengawasan publik dan regulasi yang lebih ketat. Sebaliknya, bank dengan profitabilitas tinggi lebih rentan terhadap pengungkapan ESG simbolik, sedangkan rasio kecukupan modal (RBCR) yang tinggi menurunkan kemungkinan terjadinya greenwashing. Implikasi Teori dan Kebijakan - Hasil penelitian ini menunjukkan perlunya pengungkapan ESG berbasis kinerja nyata, bukan hanya narasi atau kepatuhan administratif. Regulator seperti OJK perlu mendorong audit lingkungan independen dan menerapkan kerangka evaluasi ESG berbasis hasil. Kebaruan Penelitian - Penelitian ini memperkenalkan Indeks Greenwashing dengan pendekatan ganda serta memberikan bukti empiris tentang ketidaksesuaian antara pengungkapan ESG dan kinerja lingkungan aktual di sektor perbankan negara berkembang.
Hak Cipta (c) 2025 Netti Natarida Marpaung, Sugeng Wahyudi, Irene Rini Demi Pangestuti https://creativecommons.org/licenses/by/4.0