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Digitalisasi Akuntansi dan Transformasi Nilai Budaya: Adaptasi Sosial UMKM di Kota Tangerang
Full text linkThis study aims to examine how accounting digitization contributes to cultural value transformation and social adaptation among Micro, Small, and Medium Enterprises (MSMEs) in Tangerang City. The focus of the study lies on the determining factors of adoption, such as financial and digital literacy, perceived benefits, infrastructure availability, and implementation costs. The research method used is a qualitative approach through in-depth interviews with a number of MSME actors from various business sectors. The results show that digital literacy is a key factor in increasing MSME actors' understanding of the use of accounting applications. Overall, this study confirms that the success of accounting digitization in MSMEs does not only depend on technological aspects, but also on social support, cultural adaptability, and policies that support digital inclusiveness. These findings are expected to provide practical contributions to the development of MSME empowerment strategies and enrich the literature on the integration of technology and culture in accounting practices
Accounting Based Determinants of Stock Prices in LQ45 IDX Firms
Full text linkStock prices reflect the market’s assessment of a company’s value and are influenced by fundamental factors, including capital structure, firm size, and profitability. The LQ45 Index represents companies with high liquidity and large market capitalization on the Indonesia Stock Exchange (IDX), making it important to understand the determinants of stock prices during the post-COVID-19 recovery period (2020–2024). This study aims to analyze the effect of the Debt to Equity Ratio (DER), Debt to Asset Ratio (DAR), firm size (SIZE), and Return on Assets (ROA) on the stock prices of LQ45 companies listed on the IDX during 2020–2024. Using a quantitative approach with panel data regression and a fixed effect model, the sample consists of 29 LQ45 companies consistently listed during the study period, yielding 145 firm-year observations. Data were obtained from annual financial reports and analyzed using EViews 13. The results indicate that DER has a positive but insignificant effect on stock prices (? = 0.457, p = 0.0539), DAR has a significantly negative effect (? = –8.235, p = 0.0188), while SIZE (? = 1.568, p = 0.0001) and ROA (? = 45.679, p = 0.0000) both have significantly positive effects. Profitability (ROA) is identified as the most dominant determinant of LQ45 companies’ stock prices, followed by firm size and capital structure (DAR). This study has theoretical implications for strengthening capital market research and opens opportunities for future studies to incorporate new variables, expand the temporal scope, or compare different stock indices to generate more comprehensive insights. Moreover, these findings provide valuable insights for investors and corporate management regarding the factors driving stock valuation in Indonesia’s premier equity index during the post-pandemic era
Integrasi Nilai Religius dan Teori Agensi dalam Akuntabilitas Pengelolaan Dana Desa di Indonesia: Sebuah Kajian Sistematis (Systematic Literature Review 2015-2025)
Full text linkThe management of village funds in Indonesia continues to face significant challenges related to accountability and transparency, as highlighted by repeated findings from the Audit Board of Indonesia (BPK) and the Corruption Eradication Commission (KPK). This study aimed to explore how the integration of religious values within the agency theory framework can strengthen accountability mechanisms and mitigate agency conflicts in village fund management. The results of this systematic literature review (SLR) indicate that religious values such as honesty, trustworthiness (amanah), and spiritual responsibility play a critical role in reinforcing public trust in village governance. These values function as internalized moral standards that limit opportunistic behavior through self-regulation and reduce moral hazard. By embedding such values into the agency framework, village officials are not solely guided by formal control mechanisms, such as regulations, audits, and reporting systems, but also by moral accountability derived from religious and cultural norms. The proposed Moral Accountability Model conceptualizes this dual-control system, aligning formal institutional oversight with informal moral guidance. This model suggests that sustainable accountability is achieved not merely through external enforcement but also through internalized ethical awareness, which fosters holistic, ethical, and legitimate governance. The integration of religiosity into agency mechanisms provides a practical pathway to reduce agency costs and enhance governance quality, particularly in contexts where formal monitoring may be limited or ineffective. Furthermore, the evidence mapping across 22 national and international studies (2015–2025) demonstrates consistent support for the role of moral-religious values in improving transparency, trust, and responsible decision-making. These findings highlight the necessity of harmonizing formal regulatory frameworks with culturally embedded moral norms to achieve accountable and sustainable village fund management. The study contributes theoretically by extending agency theory into the moral-religious domain and practically by offering a model that can guide policymakers and local governments in enhancing governance outcomes
Struktur Modal, Profitabilitas, dan Nilai Perusahaan: Studi Moderasi Oleh Keputusan Investasi dan Kebijakan Dividen
Full text linkIn a competitive business landscape, increasing corporate value becomes crucial. Previous studies has not extensively analyzed the simultaneous moderating roles of investment decisions and its payout procedures, particularly in non- financial businesses within the BISNIS 27 index. Therefore, The present research seeks at analyzing the impact of both capital layout and profitability of the firm’s value influenced by investment decisions and dividend policy. Using the quantitative strategy, secondary Information gathered from accounting records among non-bank business entities in BISNIS 27 index for the period 2022-2024 were analyzed using panel data regression and Moderated Regression Analysis (MRA). The results showed that the equity structure (DER) had a significant positive effect on firm value (PBV), while profitability (ROA) did not have a direct significant influence. Investment decisions (PER) are proven to Highly moderate the influence Structure of capital and the profitability with company priorities, strengthening the relationship. Conversely, Governance of dividends (DPR) does not moderating on profitability, but it can moderate capital structure. Simultaneously, the regression model is significant, explaining 25.8% of the variation in firm value. This insight points out how crucial to debt management and strategic investment in shaping corporate value
Leadership Styles and Employee Performance: A Systematic Literature Review of Empirical Studies (2020-2025)
Full text linkThis systematic literature review comprehensively analyzes the relationship between leadership styles and employee performance based on empirical evidence from 2020-2025. The research population comprises employees and leaders across various organizational sectors including education, healthcare, and industry. Using the PRISMA framework with purposive sampling technique, the selection process from an initial pool of 500 studies identified through database searches yielded 14 high-quality empirical studies as the final sample that met the inclusion criteria. The methodology employed systematic literature review with rigorous quality assessment and analysis. Key findings reveal that the relationship between leadership styles and employee performance is predominantly positive and significant, with three distinct patterns emerging. The majority of studies (8 studies) demonstrated dominant positive influence from transformational and servant leadership, while several studies (3 studies) showed positive but non-dominant influence where organizational factors outweighed leadership effects. Notably, no studies found significant negative impacts from constructive leadership styles. Furthermore, the relationship was frequently mediated by variables including ethical organizational culture, knowledge sharing, and job security. In conclusion, this systematic review substantiates that adaptive, empowerment-focused leadership serves as a crucial driver of employee performance, offering substantial practical value for organizations to develop evidence-based, contextual leadership strategies that foster work environments conducive to sustained productivity and organizational excellence in the modern business landscape
Transformasi Digital Perbankan: Analisis Minat dan Persepsi Gen X Terhadap Penggunaan Mobile Banking di Era Cashless Society
Full text linkThis study aims to understand Generation X's interests and perceptions of mobile banking in the cashless society era. The method used was descriptive qualitative, involving 10 informants aged 45–60 years in Medan who are mobile banking users. Data were collected through in-depth interviews and then analyzed using thematic analysis, encompassing data reduction, data presentation, and conclusion drawing. The analysis results indicate that informants' interest in continuing to use mobile banking is high. This interest is driven not only by technical convenience, but also by repeated positive experiences, a sense of security in the system, and a desire to try new features. Support for security features such as OTP, biometric verification, and PIN further strengthens their level of trust in the application. The perception analysis results indicate that most informants experienced doubt and confusion at the beginning of use. However, as usage increased, these perceptions changed to become more positive. The simple interface, assistance from family members (especially children who are more tech-savvy), and successful transactions convinced them that the application was easy to use (perceived ease of use) and useful (perceived usefulness)
Kinerja ESG, Independensi Komite Audit, dan Biaya Modal: Bukti Moderasi dari Perusahaan Bursa Efek Indonesia
Full text linkThis study investigates the effect of Environmental, Social, and Governance (ESG) performance on firms' cost of capital and examines the moderating role of audit committee independence in an emerging market context. The sample consists of 95 companies listed on the Indonesia Stock Exchange (IDX) during the period 2016–2023, resulting in 760 firm-year observations in a balanced panel dataset. Using panel data regression with a moderating approach, the findings indicate that ESG performance has a negative and significant effect on the cost of capital, with a one-point increase in ESG score reducing the weighted average cost of capital (WACC) by approximately 13.6 basis points. Audit committee independence also exhibits a negative effect on the cost of capital. However, the interaction analysis reveals that audit committee independence significantly weakens the negative relationship between ESG performance and the cost of capital, suggesting that the financial benefits of ESG practices are less pronounced when governance oversight is already strong. Theoretically, this study extends signaling theory by demonstrating that the credibility of ESG signals depends on existing governance structures; empirically, it provides evidence from an emerging market where governance and sustainability disclosures are evolving. The findings offer practical insights for managers and investors in aligning ESG strategies with governance mechanisms to enhance financial efficiency.
Dynamic Capital Structure as Strategic Leverage: Evidence from Garuda Indonesia
Full text linkThe core problem is whether Garuda’s failure to adjust in a timely manner became a strategic disadvantage that intensified avoidable distress. This study addresses gaps in research on SOE adjustment behaviour, leverage dynamics in aviation, and the economic cost of delayed rebalancing, framing capital structure as a strategic capability rather than a static ratio. This study uses a mixed-method design focused on Garuda Indonesia, benchmarked against nine airlines (2015-2024) through a multiple-case comparative panel. . The primary method is System GMM, used to estimate the Speed of Adjustment (SOA) and identify dynamic leverage behaviour, complemented by Random Effects estimation of leverage determinants and Monte Carlo simulation (?10,000 paths) to assess resilience outcomes. Profitability negatively affects leverage (? = ?1.05; p < 0.01), while tangibility positively influences it (? = +0.62; p < 0.01), consistent with pecking order and trade-off theories. The System GMM estimation across ten airlines shows a significant lagged-leverage coefficient (? = 0.316; p < 0.01), implying a Speed of Adjustment (SOA) of 0.684, compared to a firm-level testing of Garuda that shows ? = 0.7493 or SOA of 0.257, and actual cost of capital during distress that was 6.7x higher than it would have been under a balanced capital structure. After homologation, leverage persistence turned negative (? = -0.1464; SOA = 1.15), reflecting an overshooting phase consistent with rapid deleveraging, restored managerial discretion, and materially reduced adjustment frictions. These results verify that homologation substantially improved policy effectiveness. Monte Carlo simulations (10,000 paths) reveal a sharp improvement in resilience: Garuda’s mean DSCR rose from -1.56 pre-homologation (2015-2021) to +0.72 post-homologation (2022-2024), demonstrating reduced tail risk and a structural recovery in solvency without changes in operational volatility. The study contributes to capital structure theory by demonstrating that dynamic adjustment speed itself is a strategic variable, particularly under financial distress
Firm Size as a Moderator in the Relationship Between Leverage, Cash Flow, Profitability, and Cash Holding: Evidence from Indonesia’s Food and Beverage Sector
Full text linkCash holding plays a crucial role in maintaining corporate liquidity and financial flexibility, especially in capital-intensive industries such as food and beverage manufacturing. This study examines whether firm size moderates the relationship between leverage, cash flow, and profitability on cash holding in companies listed on the Indonesia Stock Exchange (IDX) during 2018–2022. The research employed a purposive sampling method, yielding 18 companies (57 firm-year observations). Data were analyzed using Ordinary Least Squares (OLS) and Moderated Regression Analysis (MRA) with SPSS 26. The results show that leverage (t = 3.217; p < 0.01) and cash flow (t = 2.948; p < 0.01) have a significant positive effect on cash holding, while profitability (t = 0.842; p > 0.05) has no significant impact. The R² value of 0.623 indicates that the independent variables explain 62.3% of the variation in cash holding. Furthermore, firm size significantly moderates the effects of leverage and cash flow, but does not moderate the relationship between profitability and cash holding. These findings highlight that larger firms tend to manage cash more effectively when facing leverage pressure or high cash flow, strengthening the understanding of liquidity management behavior in Indonesia’s manufacturing sector
Pengaruh Love of Money, Machiavellianisme dan Penalaran Moral terhadap Persepsi Etis Mahasiswa Akuntansi dengan Sensitivitas Etis sebagai variabel Moderasi
Full text linkThis study aims to examine and analyze the effect of love of money, Machiavellianism, and moral reasoning on accounting students’ ethical perceptions, with ethical sensitivity as a moderating variable. The research involved 90 respondents. Data were collected through questionnaires distributed to accounting students of the 2021 cohort at Khairun University using a five-point Likert scale via Google Forms. The data were analyzed using a quantitative approach with Partial Least Squares–Structural Equation Modeling (PLS-SEM) through SmartPLS 4 software. The results indicate that love of money and Machiavellianism have no significant effect on accounting students’ ethical perceptions. In contrast, moral reasoning has a positive and significant effect on ethical perceptions. Furthermore, the findings reveal that ethical sensitivity does not moderate the relationship between love of money, Machiavellianism, and moral reasoning on accounting students’ ethical perceptions.