Journal of Accounting and Auditing is a peer-reviewed academic journal that serves as a forum for the dissemination of high-quality research results and innovative ideas in the fields of accounting, auditing, and related disciplines. Published periodically through an open access system, Journal of Accounting and Auditing is committed to advancing the boundaries of knowledge by promoting intellectual rigor and encouraging collaboration between researchers, academics, and practitioners worldwide. Articles published in Yayasan Az Zukhruf Cendikia are processed entirely online. Submitted articles will be peer-reviewed by qualified National and international Reviewers. Complete information for article submission and other instructions are available in each issue. Journal of Accounting and Auditing is published annually in October, January, April, July but accepted articles will be queued in the In-Press edition before being published at the specified time. For more information, submissions, or inquiries, please visit our website or contact us. Journal Title : Journal of Accounting and Auditing Initials : JAA Frequency : October, January, April, July E-ISSN : 3090-2401 Chief Editor : Dr. Yusuf Faisal DOI Prefix : 10.65440 Publisher : Yayasan Az Zukhruf Cendikia WhatsApp : +62 8 111 0 543 1 Accreditation : Non Sinta INDEXED : SPONSORS AND PARTNERS : Publication Timeline:
Financial Stability in the Basic Material Sector: The Roles of Capital Structure and Gender Diversity
Purpose – This study aims to examine the effect of capital structure, inventory turnover, capital intensity, and gender diversity on financial distress. Design/methodology/approach – This study employs a quantitative approach using secondary data obtained from the annual financial statements of basic materials sector companies listed on the Indonesia Stock Exchange (IDX). The sample is selected using purposive sampling, and the data are analyzed using multiple linear regression with E-Views software. Financial distress is measured using the Altman Z-Score model, while the independent variables are measured using relevant financial ratios and gender diversity indicators. Findings – Findings – The results show that capital structure have a significant effect on financial distress. In addition, inventory turnover, capital intensity and gender diversity do not have a statistically significant effect on financial distress in basic materials sector companies during the study period Research limitations/implications – This study is limited to basic materials sector companies and the 2021–2024 observation period. Nevertheless, the findings provide insights for corporate management and investors regarding the importance of financial structure and operational efficiency in managing financial distress risk in capital-intensive industries. JEL : G33, G32, J16
Copyright (c) 2026 Arsa Patmah, Tetiana Anatoliivna Bincharovska, Valerie Shanty (Author) https://creativecommons.org/licenses/by-sa/4.0
Sustainability vs. Profitability: Dilemma or Synergy in Real Estate Companies
Purpose – This study aims to analyze and identify the influence of environmental cost, carbon accounting, and corporate social responsibility on profitability. Design/methodology/approach – This study uses secondary data. The data were collected from companies operating in the property and real estate sector listed on the Indonesia Stock Exchange (IDX), with a total of 34 research samples for the period 2022-2024. The hypotheses were tested using a panel data regression model with the assistance of EViews. The research design employs a non-probability sampling method. Findings – The results of this study indicate that environmental cost has no effect no effect on firm value. Carbon accounting has a significant effect on profitability, and corporate social responsibility also has a significant effect on profitability. Research limitations/implications – The research was conducted solely on companies on the property and real estate subsector listed on the Indonesia Stock Exchange during the 2022-2024 period. The study used only financial reports and company sustainability reports. The adjusted R-squared value was 4.98%, indicating that environmental cost and carbon accounting variables could explain profitability. The R-squared value was 7.8%, indicating that the model’s ability to explain variations in profitability is still relatively low, suggesting that company profitability is influenced by many factors beyond environmental cost and carbon accounting. JEL : M41, M14, Q56, G30
Copyright (c) 2026 Shelfy Ananda Rahmatika, Imelda Zahrah Nabilah, Raluca Guse (Author) https://creativecommons.org/licenses/by-sa/4.0
Green, Dividend, and Value: Three Pillars of Corporate Success
Purpose – This study aims to examine the effect of green accounting, dividend policy, and profitability on firm value in energy sector companies listed on the Indonesia Stock Exchange during the period 2022–2024. Design/methodology/approach – This study employs a quantitative approach using panel data analysis. The sample consists of 44 energy sector companies selected through purposive sampling based on the availability of complete annual and sustainability reports, resulting in 132 firm-year observations. Data were analyzed using panel regression techniques, including the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). The most appropriate model was selected using the Chow test and Hausman test. Data processing was conducted using EViews 9 software. Findings – The results indicate that green accounting, dividend policy, and profitability have positive coefficient directions toward firm value. However, based on the selected Random Effect Model, these variables do not have a statistically significant effect on firm value. This finding suggests that sustainability practices and traditional financial indicators have not yet become primary determinants of firm value in the Indonesian energy sector. Research limitations/implications – This study is limited by the relatively small sample size due to incomplete sustainability reporting among energy companies. The findings imply that greater transparency and higher-quality environmental disclosure are needed for sustainability practices to be more fully reflected in firm valuation. Future research is encouraged to extend the observation period, include additional sectors, and apply alternative measurements of green accounting. JEL: G32 , G35, M41 , Q56
Copyright (c) 2026 Sri Ningsih, Fitri Noviyanti, Marwah abdulkareem (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influence of Earnings Manipulation, Strength of Financial Position, Financial Distress and Capital Structure on Firm Value
Purpose – This study focuses on the influence of earnings manipulation, financial position strength, financial distress, and capital structure on firm value. Design/methodology/approach – This study uses a quantitative method. By using secondary data. With a population of 166 companies in the non-primary consumer goods sectors listed on the Indonesia Stock Exchange in 2022 and 2024. The sample for this study consists of 45 companies listed on the Indonesia Stock Exchange in 2022 and 2024. The total number of observations is 135. The total number of observations in this study is 135. The analysis technique used to test the hypotheses is multiple regression analysis using Eviews9 software Findings – The results of this study indicate that earnings management variables have a negative and insignificant effect on firm value. Financial position strength variables have a negative and insignificant effect on firm value. Financial distress variables have a positive and significant effect on firm value. Capital structure variables have a positive and significant effect on firm value. Research limitations/implications – This study aims to provide information about company value and can be beneficial for decision-making as well as serve as a reference for further research. JEL : G30, G32, G33, M41
Copyright (c) 2026 Destiya Nurmala Putri, Dina Novriyana (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Accounting Information System Effectiveness, Intellectual Capital, Financial Distress, and Profitability on Financial Performance
Purpose – This study aims to obtain empirical evidence on the Influence of Accounting Information System Effectiveness, Intellectual Capital, Financial Distress and Profitability on Financial Performance. Design/methodology/approach – This study uses a type of quantitative research. The sample in this study is 64 companies in the Health and Non-Primary Consumer Goods sectors listed on the Indonesia Stock Exchange in 2022-2024. The analysis technique used to test the hypothesis was panel data regression analysis using the Eviews 9 software. Findings – The results of the study show that the Effectiveness of the Accounting Information System has a positive effect on Financial Performance. Intellectual Capital has a positive effect on Financial Performance. And Financial Distress has a positive effect on Financial Performance. Then, the Effectiveness of Accounting Information Systems strengthens the influence of profitability on Financial Performance. Intellectual Capital strengthens the influence of profitability on Financial Performance. Financial Distress strengthens the influence of profitability on Financial Performance. Research limitations/implications – The first limitation of this research is the type of data used in this study, namely secondary data obtained from the annual report published by the company. However, the data listed is incomplete even though it is mandatory to upload financial statements every year. Furthermore, the content of the formula is confusing or incomplete, the number is not stated in the financial statements for the formula. Furthermore, this study has limitations on the sample from only 204 to 63 samples, while the rest is because the annual report data is incomplete and the company suffers losses. And finally, this study was conducted over a certain period of time, namely 2022-2024, which may not be for long-term analysis. JEL : Q56, M14, and G34
Effectiveness of Accounting Information Systems
Copyright (c) 2026 Adristi Ardelia Hanifah, Abdullah Rifqi Zahron, Dabbay (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Auditor Experience And Professional Skepticism On Fraud Detection With Workload As A Moderating Variable
Purpose – This study aims to determine the effect of auditor experience and professional skepticism on fraud detection with workload as a moderating variable. Design/methodology/approach – This research uses quantitative research. This research was conducted using a questionnaire distributed to project admins, staff and PIC projects at PT. Deksha Orla Tranggana, namely 39 questionnaires distributed via social media in the form of whatsapp. Each questionnaire distributed has 35 questions to be answered by respondents. From the distribution of questionnaires carried out, 30 respondents were obtained. To get the results of this study, this researcher used PLS SEM Version 3.0 Findings – The results of this study indicate that the auditor experience variable has a positive and insignificant effect on fraud detection, professional skepticism has a positive and significant effect on fraud detection, workload does not strengthen the effect of auditor experience on fraud detection, and workload strengthens the effect of professional skepticism on fraud detection. Research limitations/implications – This research focuses on fraud detection, which is to see how the right way to deal with fraud when you already have work experience and relate it to the workload given but must maintain a skeptical attitude towards an examination.
Copyright (c) 2025 Nicholla Anggelita Adinda Elta, Margareta Yosefa Meilani (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Internal Control and human Resource Competence on Fraud Prevention with Wisthleblowing System as a Moderating Variable
Purpose – This research aims to obtain emprocal evidence about the effect of internal control and human resource competence on fraud prevention with the Whistleblowing sytem as a moderating variable. Design/methodology/approach – This research uses quantitative research. This research was conducted using a questionnaire distributed to employees who are members of PT. Bank Pembangunan Daerah Jawa Barat dan Banten, Tbk Bekasi Branch Office, namely ass 110 questionnaire distributed via email and social media. Each questionnaire distributed contaned 54 statements to be answered by respondents. From the distirbution of questionnaire conducted, 110 respondents were obtained who provided answer to get the results of this study, the researcher used PLS SEM Vresion 3.0. Findings – The results of study found that internal control has a positive and significant on fraud prevention, human resource competence has a positive and significant on fraud prevention, the whistleblowing system can strengthen the relationship between internal control and fraud prevention, the whistleblowing system cannot strengthen the relationship between human resource competence and fraud prevention. Research limitations/implications – This research introduces innovative variables in fraud prevention including internal control, human resource competence, and whistleblowing system.
Copyright (c) 2025 Mutiara Ilmiana Nur Isfani, Azkia Nur Intan Fadhilah (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Foreign Liability, Interest Coverage Ratio and Growth Opportunity on Hedging Decisions with Leverage as a Moderating Variable
Objective – This study aims to examine the effect of Foreign Liability, Interest Coverage Ratio, and Growth Opportunity on hedging decisions, with Leverage as a moderating variable. Design/methodology/approach – This study employs a quantitative approach using logistic regression analysis. The sample consists of 44 non-primary consumer goods sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Findings – The results show that Foreign Liability has a negative and statistically significant effect on hedging decisions, indicating that companies with higher foreign currency liabilities tend to reduce their hedging activities. This finding contrasts with the initial hypothesis that predicted a positive relationship and represents a unique empirical result. The Interest Coverage Ratio has a negative but insignificant effect, while Growth Opportunity has a positive and significant effect on hedging decisions. Furthermore, Leverage significantly strengthens the relationship between Foreign Liability and hedging decisions but does not moderate the effects of Interest Coverage Ratio and Growth Opportunity. Originality/value – This study contributes to the hedging and risk management literature by providing empirical evidence from the non-primary consumer goods sector in Indonesia during the most recent period and highlighting the contrasting role of Foreign Liability in hedging decisions. JEL : G34, M14, J16, Q56
Copyright (c) 2026 Halimah Miranty Prassida, Tiara Syaharani (Author) https://creativecommons.org/licenses/by-nc/4.0
The Effect of Islamicity Performance Index, Intellectual Capital, Operational Efficiency Ratio, and Non-Performing Financing on Return on Assets
Purpose – This study aims to obtain empirical evidence on the influence of Islamicity Performance Index (proxied by profit sharing ratio), intellectual capital, operational efficiency ratio, and non-performing financing on return on assets. Design/methodology/approach – This study uses quantitative research. It utilizes secondary data. The population is 14 Sharia Commercial Banks listed on the Financial Services Authority in Indonesia between 2022 and 2024. The sample is 11 Sharia Commercial Banks listed on the Financial Services Authority in Indonesia between 2022 and 2024. The total number of observations in this study is 33. The analysis technique used to test the hypotheses is multiple regression analysis using Eviews9 software. Findings – The results of this study indicate that the profit-sharing ratio variable has a negative and significant effect on return on assets. The intellectual capital has a negative and insignificant effect on return on assets. The operational efficiency ratio has a negative and insignificant effect on return on assets. The non-performing financing has a negative and significant effect on return on assets. Research limitations/implications – This study was conducted only on Sharia Commercial Banks in Indonesia during the period 2022-2024. The findings provide insights based on secondary data obtained from the banks’ annual financial statements and are expected to be useful for management, regulators, and future researchers in understanding factors affecting profitability in Sharia banking. JEL: M41, G21, G32
Copyright (c) 2026 Aulia Nurriski, Putri Rizkiyah (Author) https://creativecommons.org/licenses/by-nc/4.0
The Influence of Leadership Style and Independence on Auditor Performance with Professionalism as a Moderation Variable
Purpose – This study aims to obtain empirical evidence about the effect of leadership style and independence on auditor performance with professionalism as a moderating variable. Design/methodology/approach – This study uses a quantitative method of primary data research. This research was conducted using a questionnaire distributed to auditors of public accounting firms (PAF) and accounting students who took audit courses, namely 40 questionnaires distributed via email and social media. Each questionnaire distributed contained 42 statements to be answered by respondents. From the distribution of questionnaires conducted, 30 respondents provided answers. To get the results of this study, researchers used PLS SEM version 3.0. Findings – The results of this study found that leadership style has an affect and is not significant on auditor’s performance, independence has a significant effect on auditor’s performance, professionalism has a significant does not moderate the relationship between leadership style and auditor’s performance, professionalism can moderate the between independence and auditor’s performance. Research limitations/implications – This study has several limitations that should be considered when interpreting the results. First, the sample size is limited to the 10 largest Islamic banks in the world, which may not fully represent the diversity of Islamic banks globally. The implications of these findings suggest that organizations need to focus on developing a supportive leadership style and creating an environment that facilitates auditor independence. Future research is advised not to use the variable professionalism as a mediator and explore other factors that might affect this relationship, in order to gain a more comprehensive understanding of the dynamics of auditor performance.
Copyright (c) 2026 Siti Fauzi Nurhayati, Mia Sipa Sopiatur Rohmah, Khoirun Nuranisa Safitri (Author) https://creativecommons.org/licenses/by-nc/4.0
Determinants of Firm Value in Property and Real Estate Firms: Profitability, Liquidity, Firm Size, and Managerial Ownership (2017–2024)
Purpose – This study aims to determine the effect of profitability, liquidity, firm size, and managerial ownership on firm value. Design/methodology/approach – This study uses quantitative data, the sample in this study is 15 companies in the property and real estate sector the are listed on the Indonesia Stock Exchange in the period 2017-2024. The analytical technique used to test the hypotheses was multiple regression analysis using Eviews 9 software. Findings – The results of this study show that the profitability variable has a positive and statistically significant effect on firm value, the liquidity variable has a negative and statistically insignificant effect on firm value, the firm size variabel has a negative and statistically significant effect on firm value, and the managerial ownership variabel has a positive and significant effect on firm value. Research limitations/implications – This study discusses firm value and other factors such as profitability, liquidity, firm size, and managerial ownership, focusing on companies in the property and real estate. This study uses Price to Book Value (PBV) as a measure of firm value.
Copyright (c) 2026 Cindy Effendy, Nunung Aini Rahmah, Indi Widianingsih (Author) https://creativecommons.org/licenses/by-nc/4.0
The Effect of Green Intellectual Capital Disclosure, Cash Holding, and Foreign Ownership on Firm Financial Performance
Purpose – This study aims to obtain empirical evidence on the The Effect of Green Intellectual Capital Disclosure, Cash Holding, and Foreign Ownership on Firm Financial Performance Design/methodology/approach – This study uses quantitative research. It utilizes secondary data. The population is 127 industrial companies listed on the Indonesia Stock Exchange between 2022 and 2024. The sample is 70 industrial companies listed on the Indonesia Stock Exchange between 2022 and 2024. The total number of observations in this study is 210. The analysis technique used to test the hypotheses is multiple regression analysis using Eviews9 software Findings – The results of this study indicate that the Green Intellectual Capital variable has a negative and significant effect on financial performance. The cash holding variable has a negative and significant effect on financial performance. The foreign ownership variable has a positive and significant effect on financial performance. Research limitations/implications – This study aims to provide information regarding the financial performance of companies in the financial sector and can be useful for decision-making as well as serve as a reference for further research.
Copyright (c) 2026 Avilya Baysta Bheda Wea, Sisilia Rachel Ari Putri (Author) https://creativecommons.org/licenses/by-nc/4.0
The Effect of Cash Holding, Leverage, and Company Size on Profit Quality
Objective – This study aims to obtain empirical evidence on the Influence of Cash Holding, Leverage, and Company Size on Profit Quality. Design/methodology/approach – This study uses a quantitative approach with panel data. The research sample consisted of 42 companies in the technology and industrial sectors listed on the Indonesia Stock Exchange during the 2022–2024 period, resulting in a total of 126 observations (42 companies during the three-year observation period). Data analysis was carried out using panel data regression with a Random Effect Model (REM) approach using EViews 9. Findings – The results of the study show that Cash Holding does not have a negative effect on Profit Quality. Meanwhile, Leverage has a negative effect on the Quality of Profit and Company Size has a positive effect on the Quality of Profit. Limitations/Implications of Research – The first limitation of this research is the type of data used in this study, namely secondary data obtained from the annual report published by the company. However, the data listed is incomplete even though it is mandatory to upload financial statements every year. Furthermore, this study has limitations on the sample from only 112 to 42 samples, while the rest is because the annual report data is incomplete and the company suffers losses. And finally, this study was conducted over a certain period of time, namely 2022-2024, which may not be for long-term analysis. However, the findings of this study are expected to be a consideration for investors and management in assessing the quality of company profits, especially in the technology and industrial sectors which have high levels of volatility. JEL : G34, M14, J16, Q56
Copyright (c) 2026 Adissya Hawalia Husni, Elprina Sarah Azahra (Author) https://creativecommons.org/licenses/by-nc/4.0
The Effect Of Information Asymmetry, Firm Size, Financial Distress And Capital Structure On Firm Value
Purpose – This is study aims to test and analyze the relationship between the influence of Information Asymmetry, Firm Size, Financial Distress and Capital Structure on Firm Value Design/methodology/approach – This study uses a quantitative research approach with secondary data. The sample consists of 57 companies in the primary consumer goods sector (consumer non-cyclical) listed on the Indonesia Stock Exchange between 2022 and 2024. The analysis technique used to test the hypothesis is multiple regression analysis using Eviews 9 software. Findings – The results of this study indicate that information asymmetry affects firm value, firm size variables affect firm value, financial distressand variables affect firm value and capital structure variables do not affect firm value. Research limitations/implications – This is study was conducted only on the primary consumer goods sector (consumer non-cyclical) during the period 2022-2024. The findings provide instights based on secondary data obtained from company annual report and are expected to be useful for company management, investors, capitas market regulator. And future researchers in understanding the factors that affect firm value. JEL : G30,G32,G82
Copyright (c) 2026 Pratiwi Liberti, Sisi Wardani (Author) https://creativecommons.org/licenses/by-nc/4.0
The Effect of Capital Expenditure, Growth Opportunity, Investment Opportunity Set and Dividend Policy on Firm Value
Purpose – This study aims to obtain empirical evidence on the influence of Capital Expenditure, Growth Opportunity, Investment Opportunity Set and Dividend Policy on Firm Value Design/methodology/approach – This study uses quantitative data, and the sample size is quantitative. The sample comprises 79 companies in the industrial and basic materials sectors listed on the Indonesia Stock Exchange between 2022 and 2024. The analysis technique used to test the hypotheses is multiple regression analysis using Eviews 9 software. Findings – The results of this study indicate that capital expenditure has no effect on firm value, growth opportunities have no effect on firm value, investment opportunities have an effect on firm value, and dividend policy has no negative impact on firm value. Research limitations/implications – The data used is secondary data obtained from company annual reports, but there are several companies that do not publish annual reports. The dividend per share figures for 2024 are listed in the 2025 annual report, which has not yet been published. This study has limitations in terms of sample size; out of a total of 177 companies, only 79 companies met the sample criteria. JEL : G31, G32, G35
Copyright (c) 2024 Pradhika Karina Putri, Shella Segara (Author)
Analyzing Financial Vulnerability in Indonesia's Post-Pandemic Tech and Transport Landscape
Purpose – This research aims to determine the effect of sales growth, debt to asset ratio, operating cash flow, and intellectual capital on financial distress in technology as well as transportation and logistics sector companies listed on the Indonesia Stock Exchange during the post-pandemic recovery digital transformation era (2021-2024). Design/methodology/approach – This research uses quantitative data. The sample in this study were technology, transportation and logistics sector companies listed on the Indonesia Stock Exchange as many as 48 companies observed over four years, resulting in 192 firm-year observations. Financial Distress is measured using the Altman Z-Score and analyzed using panel data regression with the Random Effect Model in E-Views 9, grounded in Signaling Theory, Trade Off Theory, and the Resource-Based View. Findings – The results of this study showed that Sales Growth has a positive and statistically insignificant effect on Financial Distress (t = 0.816). Debt to Asset Ratio has a negative and statistically significant effect on Financial Distress (t = -4.322). Operating Cash Flow has a negative and statistically significant effect on Financial Distress (t = -1.897). Meanwhile, Intellectual Capital has a positive and statistically insignificant effect on Financial Distress (t = 0.222). Research limitations/implications – This study implies that companies in the technology, transportation and logistics sectors should prioritize stable operating cash flows and disciplined debt utilization to mitigate Financial Distress during the post-pandemic period. JEL : G30, G32, G33
Copyright (c) 2026 Nayla Salsabila Permata Srikandi, Nisaa Ul Jannah Wahyu Mokti, Jamilah Hj Ahmad (Author) https://creativecommons.org/licenses/by-sa/4.0
Factors Influencing Financial Distress In Indonesian Healthcare and Energy Companies
Purpose – This study aims to examine and analyze the relationship between Total Asset Turnover, Audit Committee Characteristics, Working Capital Turnover, and Market Ratio and the financial distress condition of companies Design/methodology/approach – This study employs a quantitative approach using a sample of healthcare and energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Hypothesis testing is conducted using multiple regression analysis with the assistance of EViews 9 software. Findings – The results indicate that Total Asset Turnover has a positive but statistically insignificant effect on financial distress. Audit Committee Characteristics also show a positive but statistically insignificant effect on financial distress. In contrast, Working Capital Turnover has a negative and statistically significant effect on financial distress. Meanwhile, the Market Ratio has a negative but statistically insignificant effect on financial distress. Research limitations/implications – This research is limited to the observation period of 2022–2024, focusing on companies in the healthcare and energy sectors listed on the Indonesia Stock Exchange (IDX). This study examines total asset turnover, audit committee characteristics, working capital turnover, and market ratio as factors influencing corporate financial distress. The practical implication of this study is that the findings can serve as a reference for management and investors in assessing corporate financial performance and anticipating the risk of financial distress. JEL : G33, G30, M41
Copyright (c) 2026 Bella Dwimare Mamun, Ibeakamma Ugochinyere (Author) https://creativecommons.org/licenses/by-sa/4.0
Financial Health and Operational Risks of Indonesian Energy Corporations:A Post-Pandemic Evaluation
Purpose – This study aims to examine and analyze the relationship between financial ratios, company growth, dividend policy, operating costs, and operating income on financial distress. Design/methodology/approach – This study employs quantitative data. The sample consists of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The hypothesis testing technique used is multiple regression analysis with the assistance of E-Views 9 software. Findings – The results indicate that financial ratios have a positive and statistically significant effect on financial distress. Company growth has a negative but statistically insignificant effect on financial distress. Dividend policy also has a negative and statistically insignificant effect on financial distress. Meanwhile, operating costs and operating income have a positive and statistically significant effect on financial distress. Research limitations/implications – This research is limited to the 2022–2024 observation period and industrial sector companies listed on the Indonesia Stock Exchange (IDX), and only examines receivable turnover, audit committee size, operating capacity, and real interest rate as determinants of corporate financial distress. The practical implication of this research is that the findings may serve as a reference for management and investors in assessing and anticipating corporate financial distress risk. JEL : G33, G32, G35, L25, D24
Copyright (c) 2026 Hanipah Hanipah, Maisarah Nabila, Mayla Nurwahidiah (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Financial Performance, Activity Ratio, Inflation, and Exchanges Rates On Financial Distress
Purpose – This research aims to obtain empirical evidence on the influence of Financial Performance, Activity Ratio, Inflation, and Exchange Rate on Financial Distress. Design/methodology/approach – This research uses a quantitative approach. The sample consists of 92 energy sector companies listed on the Indonesia Stock Exchange between 2022-2024. The analytical technique used to test the hypothesis is logistic regression analysis using Eviews 9 software. Findings – This research of this study found that Financial Performance has a positive and statistically significant effect on Financial Distress, the Activity Ratio Variable has a negative effect on Financial Distress and is statistically insignificant on Financial Distress, the Inflation Variable has a negative effect on Financial Distress and is statistically insignificant on Financial Distress, the Exchange Rate Variable has a negative effect on Financial Distress and is statistically insignificant on Financial Distress. Research limitations/implications – This research is limited to the 2022–2024 observation period and energy sector companies listed on the Indonesia Stock Exchange (IDX), and only examines financial performance, activity ratio, inflation, and exchange rate as determinants of corporate financial distress. The practical implication of this research is that the findings may serve as a reference for management and investors in assessing and anticipating corporate financial distress risk. JEL : G33, G32, E31, F31
Copyright (c) 2026 Risma Amalia, Bayhaqi Muhdava, Ika Amalia (Author) https://creativecommons.org/licenses/by-sa/4.0
Influence of Intellectual Capital, Intangible Assets, Public Ownership, and Institutional Ownership on Financial Distress
Purpose – This study aims to provide empirical evidence on the effect of Intellectual Capital, Intangible Assets, Public Ownership, and Institutional Ownership on Financial Distress in primary consumer sector companies listed on the Indonesia Stock Exchange. Design/methodology/approach – This study employs a quantitative research approach using secondary data from 48 primary consumer sector companies listed on the Indonesia Stock Exchange during the period 2021–2024. Financial Distress is measured using the Altman Z-Score (1995) model for non-manufacturing and emerging market firms. Hypothesis testing is conducted using logistic regression analysis with EViews 9 software. Findings – The results indicate that Intellectual Capital has a negative and statistically significant effect on Financial Distress. Intangible Assets have a positive but statistically insignificant effect on Financial Distress. Furthermore, Public Ownership has a negative and statistically significant effect on Financial Distress. Meanwhile, Institutional Ownership has a positive but statistically insignificant effect on Financial Distress. Research limitations/implications – This study is limited to the 2021–2024 period, during which incomplete financial disclosures and firm losses reduced the sample size. The findings provide practical implications for corporate managers to prioritize effective intellectual capital management and ownership structures that enhance monitoring quality. For investors and regulators, the results suggest that not all governance mechanisms—particularly institutional ownership—function effectively in reducing financial distress within the primary consumer sector, highlighting the need for improved governance practices and transparency. JEL : G32, G33, M41
Copyright (c) 2026 Kania Vera Ayu, Richad Wahyu Pratama, Ngoan Quynh Thi Nguyen (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Tax Planning, Intellectual Capital, Financial Performance, and Good Corporate Governance (GCG) on Earnings Management.
Purpose – This research aims to analyze the influence of tax planning, intellectual capital, financial performance and Good Corporate Governance (GCG) on profit management, in basic materials, consumer non-cyclicals, and infrastructures sector companies listed on the Indonesia Stock Exchange (BEI) for the period 2022-2024. Design/methodology/approach – This research uses a quantitative approach with the panel data regression method. The research sample consists of 44 property and real estate companies that meet the purposive sampling criteria, resulting in 132 observations during the period 2022-2024. Data analysis using Eviews 9 software Findings – The results of the study are expected to show that tax planning, intellectual capital, financial performance and Good Corporate Governance have an influence on earnings management practices. Research limitations/implications – This research has limitations in the relatively short observation period, namely 2022-2024, and is limited to certain industrial sectors. In addition, the research only used quantitative data and did not consider non-financial factors. The implications of this research are expected to be an input for company management in improving the quality of governance as well as for regulators in strengthening supervision of financial reporting practices.
Copyright (c) 2026 Rivaldo Martua, Rifkiansyah al Hafiz (Author) https://creativecommons.org/licenses/by-sa/4.0
Determinants of Financial Distress: A Portrait of the Post-Pandemic Transportation and Logistics Sector
Purpose – This study aims to examine and analyze the relationship between Liquidity, Profitability, Firm Size, and Leverage on Financial Distress. Design/methodology/approach – This study uses quantitative data, with the sample consisting of companies in the energy, transportation, and logistics sectors listed on the Indonesia Stock Exchange (IDX) during the period 2022-2024. The analysis technique used to test the hypothesis is multiple regression analysis using e-views 9 software. Findings – The research results indicate that Liquidity, Profitability, Firm Size, and Leverage have a negative but not statistically significant relationship with financial distress. These findings suggest that increases in Liquidity, Profitability, company scale, and Leverage tend to be followed by a decrease in Financial Distress risk, but this effect is not statistically strong enough during the 2022–2024 period. This indicates that in the post-pandemic recovery period and amid high global energy volatility, conventional financial ratios have limited explanatory power in predicting financial distress in companies in the energy, transportation, and logistics sectors. Research limitations/implications – This study is limited to companies in the energy, transportation, and logistics sectors listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period and examines only Liquidity, Profitability, Firm Size, and Leverage in relation to financial distress. The practical implication of this study is that conventional financial ratios should not be relied upon as standalone indicators for predicting financial distress in these sectors. For management and investors, the findings highlight the importance of complementing financial ratio analysis with external and sector-specific factors when assessing corporate financial resilience. JEL : G32, G33, L91, L94
Copyright (c) 2026 Mario Stevando, Mahardika Shafa Azzumar (Author) https://creativecommons.org/licenses/by-sa/4.0
Analysis of Financial Distress in the Infrastructure Sector through the Altman Z-Score Approach
Purpose – This study aims to obtain empirical evidence regarding the effect of Operating Cash Flow and Solvency on Financial Distress. Design/methodology/approach – This study uses quantitative research. It utilizes secondary data. The population is 71 infrastructure sector companies listed on the Indonesia Stock Exchange between 2022 and 2024. The sample is 37 infrastructure sector companies listed on the Indonesia Stock Exchange between 2022 and 2024. The total number of observations in this study is 111. The analysis technique used to test the hypotheses is multiple regression analysis using Eviews9 software Findings – The results of this study indicate that the operating cash flow variable has a negative and significant effect on financial distress. The solvency variable has a negative and significant effect on financial distress. Research limitations/implications – This study contributes to financial distress literature by providing empirical evidence from the infrastructure sector and highlights the importance of cash flow management and debt control in maintaining financial stability. JEL : M4
Copyright (c) 2026 Brigita Puji Lestari, Nurshafikah Shaffie, Agnes Sulistiyoningsih (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influence of Environtmental Disclosure, Hedging Policy, Capital Structure and Profitability on Firm Value
Objective – This study aims to obtain empirical evidence on the Influence of Environtmental Disclosure, Hedging Policy, and Capital Structure on Firm Value with Profitability as a moderation variable. Design/methodology/approach – This study uses a type of quantitative research. The sample in this study is 42 companies in the Non-Primary Consumer Goods sector listed on the Indonesia Stock Exchange in 2022-2024. The analysis technique used to test the hypothesis was logistic regression analysis using the Eviews 9 software. Findings – The results of the study show that Environtmental Disclosure has a negative effect on Firm Value. Meanwhile, the Hedging Policy has a negative effect on Firm Value. And Capital Structure has a negative effect on Firm Value. Then, Environtmental Disclosure weakens the influence of Profitability on Firm Value. Meanwhile, the hedging policy strengthens the influence of Profitability on Firm Value. Meanwhile, Capital Structure strengthens the influence of Profitability on Firm Value. Limitations/Implications of Research – The first limitation of this research is the type of data used in this study, namely secondary data obtained from the annual report published by the company. However, the data obtained is incomplete because many of the companies do not upload regularly every year. Furthermore, the content of the formula is incomplete or confusing, some numbers are not stated in the financial statements. Furthermore, this study has limitations in the sample from 166 to 42 samples, as for the rest due to incomplete financial statement data and many have suffered losses. And finally, the study was conducted over a specific period of time, namely 2022-2024, so it is not possible for a long-term analysis.
Copyright (c) 2026 Florence Nightingale, Septian Afoan Gunawan, Zangiabadi (Author) https://creativecommons.org/licenses/by-sa/4.0
Beyond the Numbers: How Institutional Ownership and Capital Structure Shape Firm Value
Purpose – This study aims to analyze the relationship between capital structure, institutional ownership, and profitability on firm value in financial sector companies in Indonesia. Design/methodology/approach – This study uses secondary data from the annual reports of financial sector companies listed on the Indonesian Stock Exchanged (IDX) for the period 2022-2024. Through purposive sampling technique, a sample of 70 companies was obtained with a total of 210 observations. Data analysis was carried out using a panel data regression model using EViews9 software, where the Random Effect Model (REM) was selected as the best model based on the results of the Chow, Hausman, and Lagrange Multiplier tests. Findings – These results of the study shows that Capital Structure has a positive and significant effect on Firm Value. In contrast, Institutional Ownership and Profitability do not have a significant influence on Firm Value in the financial sector during the observation period. This indicates that investors in the financial sector place more value on the management of funding structures compared to the proportion of institutional ownership or short-term profit levels. Research limitations/implications – Companies in the financial swctor are advised to optimize the composition of debt and equity to increase investor confidence. For investors, these results provide insight that the value of companies in the financial sector is influenced by funding stability, so investment strategies need to consider fundamental aspects of capital structure in addition to other macroeconomic factors. JEL : G21, G30, G32, M41
Copyright (c) 2026 Gita Christy, Bryan Wilson Hamonangan Hutabarat (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Islamic Corporate Governance, Islamic Corporate Social Responsibility, Corporate Zakat, and Intellectual Capital on Financial Performance
Purpose – This research aims to obtain empirical evidence about the influence of Islamic Corporate Governance (ICG), Islamic Corporate Social Responsibility (ICSR), Corporate Zakat, and Intellectual Capital on Financial Performance. Design/methodology/approach – This study uses a quantitative method with a secondary data obtained from financial reports and annual reports of Islamic commercial banks (ICBs) in Indonesia during the period 2022-2024. Data analysis was performed using EViews Version 9 software. Findings – The study identifies that Islamic Corporate Social Responsibility (ICSR) and Intellectual Capital show positive and significant, results Islamic Corporate Governance (ICG) has a positive but insignificant effect, in contrast to Corporate Zakat, which shows an insignificant effect with negative results of Financial performance. Research limitations/Implications – This study discusses the effect of Islamic Corporate Governance (ICG), Islamic Corporate Social Responsibility (ICSR), corporate Zakat, and Intellectual Capital on the financial performance of Islamic Commercial Banks (ICBs) in the period 2022-2024. The implications of this study are limited to Islamic Commercial banks in 2022-2024, so it is necessary to use a broader sample in the Islamic banking sector and add other variables to be able to describe more comprehensive factors that influence the financial performance of Islamic banking. JEL : G21, G34, M14, Z12, O34.
Copyright (c) 2026 Aminatuzzuhriyeh Aminatuzzuhriyeh, Millatina Hanifah (Author) https://creativecommons.org/licenses/by-nc/4.0
The Effect of Environmental Performance and CEO Gender on Carbon Emission Disclosure in the Basic Materials Sector Listed on the Indonesia Stock Exchange for the 2022 - 2024 Period
Abstract Purpose – This study aims to obtain empirical evidence on the effect of environmental performance and CEO gender on carbon emission disclosure. Design/methodology/approach – This study uses quantitative research. The sample in this study consists of 66 companies in the basic materials sector listed on the Indonesia Stock Exchange from 2022 - 2024. The analysis technique used to test the hypothesis is multiple regression analysis using Eviews9 software. Findings –The results of this study indicate that the environmental performance variable has a positive and is statistically insignificant effect on carbon emissions disclosure. The CEO gender variable has a positive and is statistically insignificant effect on carbon emissions disclosure. These findings suggest that improving environmental performance and CEO gender differences are not sufficient to significantly encourage carbon emission conservation practices, which are largely voluntary in Indonesia. Research limitations/implications – his study aims to provide practical empowerment for regulators such as the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX), highlighting the need for more standardized and mandatory carbon emission regulations, particularly for environmentally sensitive sectors. It also provides information on carbon emission distribution that can be useful in decision-making and serve as a reference for further research. JEL : Q56, M14, and G34
Copyright (c) 2026 Nadia Saputri, Mella A Listia (Author) https://creativecommons.org/licenses/by-nc/4.0
The Effect of Board Characteristics on Environmental, Social, and Governance Disclosure
Purpose – This study aims to obtain empirical evidence on the influence of board gender diversity and independent commissioners on environmental, social, and governance disclosure with board size as a moderation variable. Design/methodology/approach – This study uses a type of quantitative research. The sample in this study is the infrastructure sector companies listed on the Indonesia Stock Exchange in 2022-2024 as many as 48 companies. The analysis technique used to test the hypothesis is multiple regression analysis using the Eviews 9 software. Findings – The results of this study found that board gender diversity had a positive and statistically significant effect on environmental, social, and governance disclosure, while independent commissioners had a positive and statistically insignificant effect on environmental, social, and governance disclosure, and board size had a positive and statistically significant effect on environmental, social, and governance disclosure. Research limitations/implications – This study is limited to the 2022-2024 observation period and uses only three independent variables, so it does not include other factors such as profitability and company size. The practical implication is that management needs to optimize the board structure and oversight functions to support sustainability strategies and long-term value creation. JEL : G34, M14, J16, Q56
Environmental, Social, and Governance Disclosure
Copyright (c) 2026 Raika Dwi Rahayu, Raldyaz Prayogi (Author) https://creativecommons.org/licenses/by-nc/4.0
Determinants of Audit Delay: Evidance from Profitability, Leverage, Firm Size, and Audit Committe
Purpose – This study aims to obtain empirical evidence on the influence of profitability, leverage, company size, and audit committees on audit delay. Design/methodology/approach – This study uses quantitative research. It utilizes secondary data. The population is 67 industrial companies listed on the Indonesia Stock Exchange between 2020 and 2024. The sample is 27 industrial companies listed on the Indonesia Stock Exchange between 2020 and 2024. The total number of observations in this study is 135. The analysis technique used to test the hypotheses is multiple regression analysis using Eviews9 software. Findings – The results of this study indicate that the profitability variable has a negative and significant effect on audit delay. The leverage variable has a positive and insignificant effect on audit delay. The company size variable has a negative and significant effect on audit delay. The audit committee variable has a positive and insignificant effect on audit delay. Research limitations/implications –. This study aims to provide information on audit delay and can be beneficial in decision-making as well as serve as a reference for further research.
Copyright (c) 2025 Nabila Fary Adiyana, R Taufik Hidayat, Keri Boru Hotang (Author)
The Effect Of Liquidity, Asset Management, Sales Growth, And Good Corporate Governance On Company Value In The Automotive And Components Subsector Periode 2017 – 2024
Purpose – This study aims to obtain empirical evidence on the influence of liquidity, asset management, sales growth, and good corporate governance on company value. Design/methodology/approach –This study uses a quantitative research design. The sample consists of six automotive and component companies listed on the Indonesia Stock Exchange from 2017 to 2024. The analysis technique used to test the hypotheses is multiple regression analysis using SEM-Smart PLS. Findings – The results of this study found that Asset Management has a positive effect on Firm Value, as does Good Corporate Governance. Meanwhile, Sales Growth has a negative effect on Firm Value, and Liquidity has no effect on Firm Value. Research limitations/implications – The research discussrs Company Financial Liquidity, Asset Management, Sales Growth, and Good Corporate Governance wich focuses on automotive and componens sub sektor. This research uses an annual report periode 2017-2024.
Copyright (c) 2025 Theresia Aulia Pasaribu, Ramses Pakpahan (Author)