Media Riset Akuntansi, Auditing & Informasi
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PERFORMANCE ANALYSIS OF VALUE AND GROWTH INVESTING IN THE INDONESIA STOCK EXCHANGE
No full textValue dan growth investing sangat sering diperbandingkan. Penelitian ini bertujuan untuk menganalisa secara mendalam perbedaan kinerja dari indeks IDX Value30 dan IDX Growthh30 yang mewakili value dan growth investing di Indonesia. Membandingkan kinerja sharpe ratio dan model APT untuk menentukan pengaruh dari faktor-faktor seperti stock selection, market timing, inflasi, kurs IDR/USD, dan yield obligasi pemerintah 5 tahun. Perbedaaan rata-rata sharpe ratio diuji menggunakan independence sampe t-test. Model APT dianalisa dengan GARCH(1,1). Data dari IDX Value30 dan IDX Growth30 dalam penelitian ini dibatasi antara 30 Januari 2014 sampai dengan 30 September 2022. Kebaruannya adalah sebuah penelitian komprehensif yang membandingkan kinerja dari value dan growth investing menggunakan sampel IDX Value30 dan IDX Growth30 yang belum pernah dilakukan sebelumnya. Penelitian ini menyimpulkan bahwa sharpe ratio dari IDX value30 dan IDX Growth30 semuanya adalah positif, tetapi tidak berbeda secara signifikan. Baik IDX Value30 dan IDX Growth30 tidak memiliki kemampuan stock selection dan market timing. Kurs IDR/USD memiliki efek negatif yang signifikan dan 5-year Government Bond Yield memiliki efek positif yang signifikan pada IDX value30. Tidak ada faktor-faktor makroekonomi yang memiliki efek yang signifikan terhadap IDX Growth30. Secara umum IDX Value30 lebih unggul dibanding IDX Growth30, namun keduanya dapat digunakan sebagai referensi oleh investor dan Manajer Investasi
THE EFFECT OF CORPORATE GOVERNANCE (CG), PRODUCTION EFFECTIVENESS (PE), AND ENVIRONMENTAL SUSTAINABILITY (ES) ON COMPANY VALUE (CV)
No full textAs a curious in finding out the variables essence on firm value amongst business conditions of global struggle in the influence of Covid-19. The aim of study is to prove whether Good Corporate Governance (GCG) as the ideology and foundation to actualize the production of business will effect to firm value, in which mediated with the effectiveness of production and moderated with the environmental sustainability compliance due to business sector. The research sample is the sector of primary consumer goods of the IDX during 2018-2020. And it special highlight to only those companies whose running the production, excluded distributors nor retailers. The research through purposive sampling, which collecting 93 data by running data system with macro v4.1 PROCESS. The results of empirical research reveal GCG increases the firm value. Though, GCG does not impact to production effectiveness. While production effectiveness has a positive impact to firm value but it does not impact to the mediation relationship between GCG and firm value. The results of the compliance of environmental sustainability is able in moderating the impact of GCG to firm value
HOW \u27BLUE\u27 DO MARINE AND FISHERIES COMPANIES SUPPORTING SDG 14?
No full textThe aim of this study is to identify whether the aquaculture and wild fisheries sector entities in Indonesia have fully disclosed the blue economy report. The utilisation of descriptive analysis and content analysis is employed to quantify the extent of blue economy disclosure in annual reports. The technique used is the scoring technique from the indicators of Law No. 32 of 2014 regarding Maritime which was last amended into Law Number 11 of 2020 regarding Job Creation in the Maritime and Fisheries Sector and GRI 13: Agriculture, Aquaculture and Wild Fisheries. The study result shows that the average disclosure is only in narrative and numerical form. Entities have not presented it using tables, graphs, or trends. The disclosure score, which is still very minimal, indicates that these companies have not based their sustainability report preparation on Law Number 11 of 2020 and GRI 13
THE VALUE RELEVANCE OF FINANCIAL INFORMATION AND NON FINANCIAL INFORMATION: SUSTAINABILITY REPORTING AND GREEN ACCOUNTING IN INDONESIA
No full textThis study examines the value relevance of financial and non-financial information in the Indonesian capital market. Specifically, it aims to: (i) assess the value relevance of financial information represented by earnings and book value; (ii) evaluate whether non-financial information, proxied by sustainability reporting and green accounting practices, is value-relevant; and (iii) investigate the effect of green accounting on earnings sustainability. The sample comprises 69 consumer non-cyclical companies listed on the Indonesia Stock Exchange, covering the Food & Staples Retailing, Beverages, Processed Foods, Agricultural Products, Tobacco, Household Products, and Personal Care Products sectors during the 2018–2022 period. Using a regression-based framework grounded in the Ohlson (1995) valuation model and an earnings persistence approach, this study analyzes the association between accounting information, firm value, and earnings sustainability. The findings indicate that financial information, namely earnings and book value, is value-relevant and significantly explains variations in market value. In contrast, non-financial information in the form of sustainability reporting and green accounting does not exhibit value relevance. However, green accounting is found to have a positive effect on earnings sustainability, suggesting an improvement in earnings quality. These results provide important implications for investors and regulators regarding how the Indonesian capital market evaluates sustainability-related disclosures and green accounting practices, particularly from the perspectives of value relevance and earnings persistence
STRATEGIC LEADERSHIP AND SUSTAINABILITY: THE ROLE OF CEO CELEBRITY IN PROMOTING GREEN INNOVATION
No full textThis study aims to investigate the impact of CEO celebrity status on green innovation (GI) adoption in companies listed on the Indonesia Stock Exchange (IDX) during the period 2018-2022. This study applies empirical analyses to examine the relationship between high-profile leadership and sustainability practices. Regression analyses and robustness tests, including coarsened exact matching (CEM), were used to ensure the validity of the findings. The results show that companies with celebrity CEO celebrity have higher rates of GI adoption compared to companies without CEO celebrity, emphasising the influential role of CEO visibility in advancing corporate sustainability initiatives. The findings support the Upper Echelon Theory (UET) which states that the characteristics of top executives influence strategic decisions. The implication is that companies should utilise the public profile of their leaders to strengthen environmental initiatives and build stakeholder trust. Limitations include the geographical focus on Indonesia and the use of a binary indicator for CEO celebrity status. Future research should look at other markets and use more detailed measurements for a clearer understanding
THE EFFECT OF TRADING DAYS AND SYSTEMATIC RISK ON STOCK RETURN VOLATILITY: STUDY OF LQ-45 COMPANIES ON THE INDONESIAN STOCK EXCHANGE DURING THE COVID-19 PANDEMIC
No full textThis research aims to determine the effect of trading days and systematic risk on stock return volatility. This study is based on the phenomenon of trading day anomalies that often influence market movements, as well as the importance of understanding systematic risk in investment decision-making. This research is quantitative research with a causal design and uses multiple linear regression analysis. The research object is stocks included in the LQ-45 index. The research findings indicate that trading days and systematic risk have a significant effect on stock return volatility. These findings reinforce the growing literature on trading day anomalies and stock return volatility, and provide empirical evidence of the factors that influence stock volatility in different economic and market dynamics. The practical implications of this research suggest the need for risk management strategies tailored to volatile market conditions, as well as the consideration of using derivative financial instruments, portfolio diversification to protect stock value, and enhancing resilience against market fluctuations
ACCOUNTABILITY OF VILLAGE FUND MANAGEMENT IN BANDA ACEH CITY
No full textVillage fund management is both a responsibility and a challenge for village officials in ensuring proper allocation and utilization. The use of these funds must be transparent and accountable to both the government and the community to prevent mismanagement. This study aims to evaluate the village fund accountability by examining the influence of supervision, human resource competence, and community participation. The research surveyed 132 respondents, comprising village heads, secretaries, and finance officers from 44 villages in Banda Aceh. Multiple linear regression analysis was employed. The findings reveal that supervision and community participation positively affect the village fund accountability, whereas the competence of village officials has no significant effect.
DOES GREEN SUPPLY CHAIN INNOVATION HAVE AN IMPACT ON REVISED FIRM VALUATION?
No full textThis study investigates how green supply chain innovation affects corporate value. Accelerated industrial growth has contributed to rising air pollution levels, which in turn exacerbate global warming. As a response, companies can adopt environmental management accounting practices and adjust operational strategies to help address these challenges. However, academic discussions present differing views. Some argue that such initiatives enhance resource efficiency, while others contend that they incur substantial costs. This study employs a quantitative approach, utilizing secondary data sourced from the financial and sustainability reports of companies listed on the SRI-KEHATI index of the Indonesia Stock Exchange, with a sample of 24 companies during 5 year period. The analysis is conducted using multiple linear regression techniques. The research results show that green procurement innovation, green process innovation, and green product innovation have a positive effect on the value of the company that has undergone the latest modifications for not only product base, but service base need to be involve. The theoretical objective of this study is to contribute deeper understanding to the field of environmental accounting, with a particular focus on innovation within the manufacturing, mining, and service sectors. From a practical perspective, findings demonstrate how green practices can impact a company\u27s overall value.
THE EFFECT OF AUDIT TENURE, AUDITOR REPUTATION, FINANCIAL REPORT RESTAURANTS AND AUDIT ROTATION ON AUDIT QUALITY WITH AUDIT FEE AS A MODERATING VARIABLE
No full textPenelitian ini bertujuan untuk menguji pengaruh rotasi audit, restatemen laporan keuangan, audit tenure, dan reputasi auditor terhadap kualitas audit serta pengaruh faktor-faktor tersebut terhadap kualitas audit dengan biaya audit yang dimoderasi dan restatemen laporan. Penelitian ini menggunakan metode kuantitatif dengan populasi dalam penelitian ini meliputi auditor Akuntan Publik Jawa Barat sebanyak 79 responden yang diperoleh dari 47 KAP. Teknik analisis yang digunakan adalah asumsi klasik, regresi berganda, dan analisis regresi moderat dengan variabel moderasi. Hasil analisis data: (1) Audit tenure berpengaruh positif terhadap kualitas audit, (2) Reputasi auditor berpengaruh positif terhadap kualitas audit, (3) Restatemen laporan keuangan berpengaruh positif terhadap kualitas audit, (4) Rotasi audit berpengaruh positif terhadap kualitas audit, (5) Biaya audit memperkuat pengaruh audit tenure terhadap kualitas audit, (6) Biaya audit memperkuat pengaruh reputasi audit terhadap kualitas audit, (7) Biaya audit memperkuat pengaruh restatemen laporan keuangan terhadap kualitas audit, (8) Biaya audit memperkuat pengaruh rotasi audit terhadap kualita
CORPORATE GOVERNANCE AND INTELLECTUAL CAPITAL PERFORMANCE AS DETERMINANTS OF FINANCIAL DISTRESS IN CONSUMER NON-CYCLICALS AND CYCLICAL FIRMS
No full textThis study aims to test and analyze the relationship and influence by using the independent variables, namely corporate governance and performance intellectual capital against financial difficulties. The corporate governance variable is measured by ACGIX, the performance variable intellectual capital is measured by total intangible assets, and financial distress is measured using the Beneish Z-Score. This study uses secondary data, namely annual financial reports. The sample used is the company consumer noncyclical and consumer cyclical listed on the Indonesia Stock Exchange in the period 2016 - 2021. The total sample selected was 260. The sampling technique used was purposive sampling. The method used in this research is panel regression analysis. The results of the analysis of this study indicate that corporate governance variables have a positive effect on financial difficulties, and performance variables intellectual capital have a positive effect on financial distress. It is hoped that this research can become a reference for further research as well as a basis for practitioners in making business decisions and for regulators to become the basis for making regulations in terms of the variables studied.