International Journal of Accounting and Finance in Asia Pasific (IJAFAP)
About IJAFAP The International Journal of Accounting and Finance in Asia Pacific (IJAFAP) is a peer-reviewed academic journal dedicated to advancing research in the fields of accounting, auditing, taxation, and financial management. Published by the Association of International Business and Professional Management (AIBPM) in Indonesia, IJAFAP provides a platform for scholars and practitioners to share critical insights and innovative ideas in both theoretical and applied contexts. As an open-access journal published quarterly, IJAFAP invites high-quality submissions that explore pressing issues in financial decision-making and its broader implications on businesses and society. The journal welcomes empirical studies, theoretical contributions, case analyses, and conceptual papers that highlight regional developments with global relevance. IJAFAP also encourages the submission of reflective pieces, student or faculty essays, and book reviews related to the internationalization of accounting and finance education. By combining academic rigor with professional relevance, IJAFAP aims to enrich scholarly conversations and support the continuous development of the accounting and finance community in the Asia Pacific region and beyond.
Copyright to the Author(s): After publication of an article, the Copyright of the article transfers and belongs to the Author(s). This is an Open Access journal distributed under the terms of the Creative Commons Attribution Non-Commercial License which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. IJAFAP and the publisher apply the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0). This license was developed to facilitate open access – namely, free immediate access to, and unrestricted reuse of, original works of all types. Under this license, authors agree to make articles legally available for reuse, without permission or fees, for virtually any purpose. Anyone may copy, distribute, or reuse these articles, as long as the author and original source are properly cited.
The Influence of Artificial Intelligence on Revenue Performance: Evidence from Platform-Based Illustrators
Artificial Intelligence (AI) has reshaped the competitive landscape of the platform-based creative economy and has implications for the sustainability of digital business actors' income. This study empirically examined the influence of AI development on the income performance of illustrators on platform X (Twitter) from an accounting and financial perspective. This study used an explanatory quantitative approach, involving 385 illustrators from the Artist's Base community, selected using simple random sampling. Data analysis was performed using simple linear regression to identify the relationship between AI-based competitive pressures and illustrator income levels. The results showed that AI had a significant effect on illustrators' income (b = 0.330, p < 0.05; R² = 7.4%). These findings indicate that AI serves as a financial risk factor, increasing price pressures, enhancing market transparency, and increasing exposure to revenue volatility. However, its contribution to income variation is relatively limited, so other strategic factors, such as the differentiation of work, digital reputation, and adaptability to the dynamics of the digital creative market, continue to influence illustrators' financial sustainability. This study contributes to the accounting literature by positioning AI as a measurable financial determinant rather than a pure technological innovation.
Copyright (c) 2026 Fitria Ayu Lestari Niu https://creativecommons.org/licenses/by-nc-sa/4.0
Understanding Continuance Intention in E-Wallet Services: Security, Trust, and Technology Factors in Malaysia
The rapid growth of financial technology has increased the adoption of digital payment systems, with the Touch ’n Go (TNG) e-wallet becoming a leading platform in Malaysia. Understanding the factors driving continued usage is essential for sustaining user engagement and competitiveness. This study examines the influence of perceived security, trust, perceived usefulness, and perceived ease of use on users’ intention to continue using the TNG e-wallet. A quantitative research design was employed using a structured online questionnaire administered to active TNG e-wallet users in Malaysia. Data were collected from 104 respondents and analyzed using descriptive statistics, reliability analysis, correlation analysis, and multiple regression analysis. The findings indicate that all four factors positively influence continuance intention, with trust emerging as the strongest predictor (? = 0.409), followed by perceived ease of use (? = 0.245), perceived usefulness (? = 0.221), and perceived security (? = 0.137). The regression model explained 83.6% of the variance in continuance intention (R² = 0.836). The findings highlight the importance of fostering user trust, strengthening security measures, and enhancing the usability and practical value of digital payment platforms. The study provides practical insights for fintech providers seeking to improve customer retention and long-term engagement in the increasingly competitive e-wallet market.
Copyright (c) 2026 Tan Lay Hong https://creativecommons.org/licenses/by-nc-sa/4.0
Antecedents of Financial Management Behavior among Indonesian University Students: The Mediating Role of Perceived Usefulness of Fintech
The rapid growth of financial technology (fintech) among Indonesian university students has reshaped financial transactions, yet it has not always led to prudent financial management practices. This study examines the influence of financial literacy and financial socialization on financial management behavior, with perceived usefulness of fintech as a mediating variable. A quantitative approach was used, with survey data collected from 309 valid responses from undergraduate students in Indonesia who actively use fintech. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The findings show that financial literacy (? = 0.216, p < 0.05) and financial socialization (? = 0.431, p < 0.05) have positive and significant effects on financial management behavior. Perceived usefulness of fintech also has a positive and significant effect on financial management behavior (? = 0.252, p < 0.05), contrary to the hypothesized negative relationship. The mediation analysis further shows that perceived usefulness of fintech partially mediates the relationships between financial literacy and financial management behavior and between financial socialization and financial management behavior. These findings suggest that perceived usefulness of fintech strengthens financial management behavior among Indonesian university students.
Copyright (c) 2026 Indah Desi Sutriani, Willy Abdillah, Chairil Afandy https://creativecommons.org/licenses/by-nc-sa/4.0
Sustainability Risk Diffusion Through Clean Energy, Transition Risk, and ESG Market Connectedness in Malaysia
Climate change and the global low-carbon transition have intensified sustainability-related risks across financial markets, yet evidence on how such risks diffuse into emerging Asian economies remains limited. This study examines the dynamic connectedness and volatility spillovers among the NASDAQ Clean Edge Green Energy Index (CELS), the Transition Risk Index (TRI), and Malaysia's FTSE4Good Bursa Malaysia Index (F4GBM) during 2019-2025. This quantitative econometric study applies a hybrid framework combining the Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model and the Diebold–Yilmaz connectedness index to daily returns. The results show that CELS is a persistent net transmitter of volatility, TRI is a policy-sensitive net receiver, and F4GBM alternates between absorbing and transmitting shocks. The total connectedness index rises from about 4% in late 2023 to above 8% by mid-2025, signaling deeper integration between climate-related risks and ESG market performance. The study concludes that investors should incorporate transition-risk indicators into diversification and hedging strategies, while policymakers should strengthen ESG disclosure, green taxonomies, and macroprudential climate-finance governance.
Copyright (c) 2026 Rinda Siaga Pangestuti https://creativecommons.org/licenses/by-nc-sa/4.0
Technology Adoption and Business Performance: Evidence from Halal MSMEs in Indonesia
Digital transformation is essential for improving the competitiveness of halal MSMEs. This study aims to examine the effect of technology adoption (TA) and halal certification on business performance (BP) and to test whether halal certification moderates the relationship between TA and BP among halal micro, small, and medium enterprises (MSMEs) in Indonesia. This quantitative survey study employed purposive sampling and collected data from 110 halal MSMEs through a structured questionnaire. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS. The results show that TA has a positive and significant effect on BP (b = 0.710, t = 13.168, p < 0.001), halal certification also has a positive and significant effect on BP (b = 0.196, t = 2.458, p = 0.014), the model explains 65.3% of the variance in BP (R² = 0.653), and the moderating effect of halal certification is not significant (b = 0.029, t = 0.886, p = 0.376). The results indicate that halal certification and TA are crucial for improving BP. These findings imply that digital TA is the main driver of halal MSME performance, while halal certification functions as a complementary source of legitimacy and consumer trust.
Copyright (c) 2026 Tikawati Tikawati, Norvadewi Norvadewi, Fitria Rahmah, Arista Wibowo, Salamah Maamor, Shahid Manalundong https://creativecommons.org/licenses/by-nc-sa/4.0
Integrating Digital Entrepreneurship and Economic Education to Enhance Entrepreneurial Competence and Business Innovation among University Students
The digital economy requires universities to develop students’ entrepreneurial competence and business innovation through economic and digital entrepreneurship education. This study examines the effects of economic education and digital entrepreneurship on entrepreneurial competence and business innovation, with entrepreneurial competence as a mediating variable. Using a quantitative explanatory design, data were collected from 340 students in economics-, business-, management-, and economics education-related programs and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that economic education and digital entrepreneurship significantly affect entrepreneurial competence (b = 0.515, p < 0.001; b = 0.450, p < 0.001). Entrepreneurial competence and digital entrepreneurship significantly affect business innovation (b = 0.557, p < 0.001; b = 0.390, p < 0.001), while economic education has no significant direct effect (b = -0.015, p = 0.695). Entrepreneurial competence also mediates both relationships. The findings suggest that universities should integrate economic education, digital entrepreneurship, and competence-based learning to strengthen student business innovation.
Copyright (c) 2026 Syaiful Amri, Yuli Astini, Baiq Desthania Prathama, Dedy Febry Rachman https://creativecommons.org/licenses/by-nc-sa/4.0
Gamification as a Digital Marketing Strategy: Impact on Customer Value, Purchase Decision, and Repurchase Intention
Businesses increasingly use gamification to create interactive digital experiences that strengthen customer engagement and loyalty. This study examines the effects of gamification on customer value, purchase decision, and repurchase intention among Shopee users in Medan City, Indonesia. A quantitative survey was administered to 267 respondents who had used Shopee and made at least two purchases, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that gamification significantly influences purchase decision (b = 0.938, p < 0.001) and repurchase intention (b = 0.934, p < 0.001). Customer value also significantly affects purchase decision (b = 0.551, p < 0.001) and repurchase intention (b = 0.501, p < 0.001). Mediation testing indicates significant indirect effects of gamification on purchase decision through customer value (b = 0.515, p < 0.001), gamification on repurchase intention through purchase decision (b = 0.192, p = 0.003), and customer value on repurchase intention through purchase decision (b = 0.250, p = 0.002). However, customer value does not significantly mediate the effect of gamification on repurchase intention (b = 0.234, p = 0.059). These findings suggest that gamification strengthens digital consumer behavior when it enhances perceived value and facilitates purchase decisions.
Copyright (c) 2026 Siti Alhamra Salqaura https://creativecommons.org/licenses/by-nc-sa/4.0
Environmental Performance, Governance Mechanisms, and Carbon Emission Disclosure: Moderating Role of Leverage
Rising demand for environmental transparency has encouraged companies to improve carbon emission disclosure (CED) in sustainability reporting. However, in Indonesia, evidence on the role of corporate governance and sector-specific factors remains limited and inconsistent. This study examines the effects of environmental performance, institutional ownership, and independent commissioners on CED, with leverage as a moderating variable, among Basic Materials, Industrial, and Consumer Cyclicals firms listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Using panel data regression with the Random Effect Model (REM) on 35 companies and 140 observations, the results show that environmental performance positively and significantly affects CED (? = 0.028, p = 0.039). Institutional ownership and independent commissioners do not show significant effects (p = 0.431 and p = 0.474, respectively). Leverage and all interaction terms are also non-significant, indicating that capital structure does not moderate the examined relationships in this context. These findings suggest that substantive environmental performance remains the primary driver of carbon disclosure transparency among high-emission sector firms in Indonesia.
Copyright (c) 2026 INA - Nusuki https://creativecommons.org/licenses/by-nc-sa/4.0
Behavioral Dynamic Capabilities and Financial Resilience in Digital MSMEs: The Dual Role of Financial Sustainability
Digital micro, small, and medium enterprises (MSMEs) operate in highly volatile environments characterized by platform dependency, income fluctuations, and rapid technological change, making financial resilience a critical strategic concern. This study examines the role of forward-looking financial behavior in shaping financial resilience among digital MSMEs in Indonesia, with financial sustainability positioned as both a mediating mechanism and a moderating condition. Grounded in Dynamic Capability Theory (DCT), a quantitative explanatory design was employed using survey data from 180 digital MSME owners selected through purposive sampling, analyzed via Partial Least Squares-Structural Equation Modeling (PLS-SEM). The results show that forward-looking financial behavior significantly influences financial sustainability (b = 0.737, p < 0.001) and financial resilience directly (b = 0.373, p < 0.001) and indirectly through financial sustainability (b = 0.275, p < 0.001). Financial sustainability also significantly moderates this relationship (b = 0.143, p = 0.007). These findings confirm that financial resilience is built through the interaction of anticipatory behavioral capabilities and sustainable financial conditions, extending DCT into the microfinance domain and underscoring the importance of long-term financial orientation for digital MSME sustainability.
Copyright (c) 2026 Bunyamin Bunyamin, Hanif Mauludin, Kadarusman Kadarusman https://creativecommons.org/licenses/by-nc-sa/4.0
Determinants of Behavioral Intention and Use Behavior in Islamic Mobile Banking Adoption
The rapid growth of digital banking has encouraged Islamic banks to improve mobile banking services, yet the factors driving users’ intention and actual use remain inconsistent across technology adoption studies. This study aims to analyze the determinants of behavioral intention and use behavior in adopting Bank BCA Syariah mobile banking by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) with trust and application quality. A quantitative cross-sectional design was applied using survey data from 139 active BCA Syariah mobile banking users. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) through SmartPLS. The results show that performance expectancy, effort expectancy, social influence, and trust do not significantly affect behavioral intention, with p-values above 0.05. Application quality has a positive and significant effect on behavioral intention (b = 0.406, p = 0.009), while facilitating conditions (b = 0.429, p < 0.001) and behavioral intention (b = 0.410, p < 0.001) significantly influence use behavior. Behavioral intention also partially mediates the relationship between application quality and use behavior. These findings imply that Islamic mobile banking adoption is driven mainly by application quality and facilitating conditions rather than traditional perception-based adoption factors.
Copyright (c) 2026 chandra setiawan, Eko Ganiarto, Pandu Adi Cakranegara https://creativecommons.org/licenses/by-nc-sa/4.0
The Influence of Sales Promotion, FoMO, and Digital Payment on Impulsive Buying in the Digital Era
Digital financial innovations, particularly e-commerce platforms and PayLater services, have significantly reshaped the purchasing habits of Generation Z students by increasing exposure to online shopping convenience, sales promotions, and fear of missing out (FoMO). This study aims to explore the impact of sales promotion and FoMO on impulsive buying behavior, and to analyze the moderating role of PayLater within these relationships. A quantitative approach was employed, using a survey method involving 308 Generation Z students who utilized PayLater services for online purchases. Data were collected using a Likert-scale questionnaire and subsequently analyzed with Structural Equation Modeling (SEM) through SmartPLS. The results reveal that sales promotion (b = 0.201; p = 0.007), FoMO (b = 0.493; p < 0.001), and PayLater (b = 0.207; p = 0.001) each demonstrate a positive and significant effect on impulsive buying behavior. Furthermore, PayLater significantly moderates the connection between FoMO and impulsive buying behavior (b = 0.090; p = 0.045), although its moderating effect on the sales promotion-impulsive buying relationship was not supported (b = ?0.033; p = 0.374). These findings suggest that the convenience of digital payment systems might increase impulsive consumption, emphasizing the necessity for improved financial awareness and responsible promotional strategies.
Copyright (c) 2026 saudah afyana, willy abdillah https://creativecommons.org/licenses/by-nc-sa/4.0
Islamic vs Conventional Market Connectedness under Global Uncertainties: Evidence from GCC Countries
Global uncertainty increasingly shapes financial connectedness in oil-dependent economies, particularly in the Gulf Cooperation Council (GCC), where Islamic and conventional markets operate side by side. This study examines the time-varying and directional spillovers between global uncertainty indicators and GCC Islamic and conventional financial indices during 2014–2024. Using the quantitative empirical approach, Dynamic Conditional Correlation GARCH (DCC-GARCH) model and the Diebold-Yilmaz Spillover Index, the analysis evaluates evolving correlations, directional spillovers, and rolling system-wide connectedness. The results show that Islamic and conventional GCC indices remain strongly correlated throughout the sample, while linkages with uncertainty indicators intensify during the 2014–2016 oil price collapse, the COVID-19 pandemic, and the Russia-Ukraine conflict. The rolling Total Connectedness Index (TCI) ranges from 55% to 80%, indicating substantial and crisis-sensitive interdependence. Oil price uncertainty and the GCC conventional index emerge as the main stock transmitters, with the conventional index occupying a central position through strong two-way spillover links. These findings imply that GCC financial stability is highly exposed to external uncertainty, highlighting the need for crisis-responsive risk management and diversification strategies.
Copyright (c) 2026 Isti Pujihastuti, Rinda Siaga Pangestuti https://creativecommons.org/licenses/by-nc-sa/4.0
Ownership Type and Political Risk Transmission: Evidence from Indonesian Equity Markets
Political shocks can be transmitted asymmetrically across firms, depending on their ownership structure, while aggregate indices, such as the Jakarta Composite Index (JCI), may mask divergent firm-level reactions. This study examines whether ownership type (State-Owned Enterprises (SOEs) versus private firms) moderates political risk transmission to stock returns and conditional volatility in the Indonesian equity market. Employing a quantitative event study with GARCH (1,1) volatility modeling, this study analyzes 46 firms across four political shocks in 2025 using a 2 x 2 framework (domestic vs. international shocks x ownership type). Results show that domestic political shocks generated significant positive CAR for SOEs (mean = 4.67%, t = 1.893, p = 0.036), consistent with mean-reversion. For international shocks, a significant episode x ownership interaction emerged (F = 16.425, p < 0.001, ?² = 0.157), while the ownership main effect on CAR was not significant at the 5% level (p = 0.054). Although international ???? values were positive, the between-group difference was insignificant (p = 0.922), and the overall volatility model showed no ownership, shock-type, or interaction effects (F = 0.222, p = 0.881). These findings suggest that political risk in Indonesia is transmitted primarily through return direction rather than ownership-specific volatility amplification.
Copyright (c) 2026 Priscilia Limadinata https://creativecommons.org/licenses/by-nc-sa/4.0
Spillover Effect of US Monetary Policy on the Indonesian Economy
Post-pandemic monetary tightening in the United States (US) has increased external vulnerabilities for emerging economies, including Indonesia. This study examines the spillover effects of US monetary policy on Indonesia’s financial and real sectors during 2020–2023. Using monthly data, a Vector Autoregression (VAR) model and Forecast Error Variance Decomposition (FEVD) are employed to analyze dynamic shock transmission between US and Indonesian macro-financial variables. The results show that spillovers from US financial variables to Indonesia’s financial sector average 9.23%, exceeding those from US real variables (7.80%). The largest spillovers originate from the Dow Jones Industrial Average (11.62%) and the US 10-year Treasury yield (10.54%). Indonesia’s Jakarta Composite Index (JCI) and exchange rate absorb the strongest external shocks, with spillover values of 10.19% and 9.72%, respectively. In the real sector, the average spillover effect reaches 7.46%, while the Composite Leading Indicator (CLI) records the highest spillover absorption (10.28%). The strongest individual transmission is observed from the US government debt to Indonesia’s CLI, reaching 23.69%. These findings indicate that US monetary policy influences Indonesia mainly through financial-market and expectations channels, highlighting the need to strengthen macro-financial resilience and monitor global forward-looking indicators.
Copyright (c) 2026 Nuning Trihadmini https://creativecommons.org/licenses/by-nc-sa/4.0
The Mediating Role of Environmental Sustainable Development Between Corporate Social Responsibility and Green Innovation
Amid the escalating global climate crisis, recycling firms are increasingly expected to integrate social responsibility with environmentally sustainable practices and green innovation. This study examines the mediating role of environmental sustainable development (ESD) in the relationship between corporate social responsibility (CSR) and green innovation (GI) in Indonesia’s recycling industry. Using a quantitative survey, data were collected from 129 recycling companies and analyzed through SEM-PLS. The results show that CSR positively affects ESD (? = 0.684; p < 0.001) and GI (? = 0.343; p < 0.001), while ESD also positively affects GI (? = 0.401; p < 0.001). The indirect effect of CSR on GI through ESD is significant (? = 0.271; p < 0.001), indicating partial mediation because the direct CSR–GI path remains significant. These findings suggest that CSR contributes to green innovation more effectively when translated into resource-saving, waste-reducing, and environmentally sustainable development practices. The study extends CSR and green innovation literature and offers practical guidance for recycling firms seeking to align sustainability commitments with competitive, low-carbon innovation strategies.
Copyright (c) 2026 Sabihaini Sabihaini, Januar Eko Prasetio, SUYATNO LADIQI, HAMIZAH BINTI ABDUL RAHMAN, Rusdiyanto Rusdiyanto https://creativecommons.org/licenses/by-nc-sa/4.0
Impact of Capital Structure, Firm Size, and Inflation on Profitability: The Moderating Role of Good Corporate Governance in Energy Firms
Profitability in energy sector companies is influenced by financing decisions, firm scale, macroeconomic conditions, and governance quality. This study examines the effects of capital structure, firm size, and inflation on profitability, with good corporate governance (GCG) as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange during 2020–2024. Using a quantitative approach, this study analyzes 47 companies selected through purposive sampling, resulting in 235 firm-year observations. Data were analyzed using panel data regression and Moderated Regression Analysis with EViews 13. The Random Effect Model was selected based on the Hausman test (p = 0.4497) and Breusch-Pagan LM test (p = 0.0000). The results show that capital structure negatively affects profitability (? = -0.011929; p = 0.0174), while firm size (? = 0.019412; p = 0.0133) and inflation (? = 0.023036; p = 0.0001) have positive effects. GCG does not directly affect profitability (p = 0.8948). However, GCG significantly moderates the firm size–profitability relationship (? = -0.057456; p = 0.0323), weakly moderates capital structure–profitability (p = 0.0515), and does not moderate inflation–profitability (p = 0.6020). These findings suggest that energy firms should optimize debt management, scale efficiency, and governance implementation beyond compliance.
Copyright (c) 2026 Ahmad Qodri, Fanji Farman https://creativecommons.org/licenses/by-nc-sa/4.0
Financial Literacy, Inclusion, and Behavior: Impacts on Economic Sustainability of Indonesian Migrant Workers in Sabah
Indonesian Migrant Workers (IMWs) contribute significantly to the national economy through remittances; however, limited financial capability often constrains their long-term economic sustainability. This study aims to examine the effects of financial literacy and financial inclusion on economic sustainability, with financial behavior acting as a mediating variable among IMWs in Sabah, Malaysia. A quantitative survey approach was employed using proportionate cluster random sampling. Data were collected from 398 respondents and analyzed using SPSS and Structural Equation Modeling (SEM) with AMOS. The results reveal that financial literacy significantly influences economic sustainability (b = 0.116; p = 0.037), while financial inclusion shows a stronger direct effect (b = 0.552; p < 0.001). Financial behavior also significantly affects economic sustainability (b = 0.333; p < 0.001). Furthermore, financial behavior significantly mediates the relationships between financial literacy and economic sustainability (b = 0.062; Sobel = 2.466) and between financial inclusion and economic sustainability (b = 0.167; Sobel = 3.470). These findings highlight the importance of strengthening financial capability and inclusive access to financial services to enhance the long-term economic resilience of IMWs.
Copyright (c) 2026 Muhammad Agusalim, Efraim Bavo Priyana https://creativecommons.org/licenses/by-nc-sa/4.0
Future Time Perspective, Risk Appetite, Pension Planning, and Retirement Saving Behavior Among Construction Service Entrepreneurs
Saving and pension funds are effective methods for supporting future life, especially for SMEs that lack access to pension insurance. This study analyzes the impact of future time perspective, risk appetite, and pension planning on retirement saving behavior, with gender as a moderating variable. Data were collected from 102 construction service entrepreneurs in Yogyakarta, Indonesia. Using a quantitative approach, the data were analyzed using moderation regression with SEM-PLS. The results indicate that future time perspective has a positive effect on retirement saving behavior (O = 0.180, p = 0.045). Risk appetite does not affect retirement saving behavior (O = -0.338, p = 0.053). Pension planning has a positive effect on retirement saving behavior (O = 0.696, p = 0.000). Gender significantly moderates the effects of future time perspective (O = 0.781; p = 0.000), risk appetite (O = 0.454; p = 0.022), and pension planning (O = -0.618; p = 0.000) on retirement saving behavior. This model has a high level of suitability in explaining the retirement saving behavior (Q2 = 0.618). The results emphasize the importance of future awareness, risk considerations, and understanding of financial planning and retirement in shaping savings behavior.
Copyright (c) 2026 R Heru Kristanto HC, Nilmawati Nilmawati, R. Hendry Gusaptono https://creativecommons.org/licenses/by-nc-sa/4.0
The Influence of Macroeconomic Variables on the Performance of Sharia-Registered Stock Mutual Funds
Sharia stock mutual funds are increasingly important investment instruments, but their performance remains sensitive to macroeconomic conditions. This study aims to test and analyze how macroeconomic variables, namely the BI rate, inflation, and exchange rate, influence the performance of Sharia stock mutual funds registered with the Financial Services Authority from 2016 to 2023. The sampling technique used purposive sampling, with 13 mutual funds as research samples. This quantitative panel-data study applied panel data regression, and the Random Effect Model was selected as the best model. The results show that the BI rate has a negative and significant effect on net asset value (NAV) (b = -2.352; p = 0.0005), while inflation has a positive and significant effect on NAV (b = 1.147; p = 0.0054). Meanwhile, the exchange rate has no significant effect on NAV (b = 0.769; p = 0.8113). These findings suggest that investors should consider interest-rate and inflation movements when making investment decisions in Sharia stock mutual funds, while future research may include internal fund characteristics, broader economic indicators, and taxation variables.
Copyright (c) 2026 Isnaeni - Rokhayati https://creativecommons.org/licenses/by-nc-sa/4.0
Determinants of Sustainable Profitability in Indonesian Regional Development Banks During COVID-19
Regional Development Banks (BPDs) in Indonesia face the dual responsibility of maintaining profitability while supporting regional economic development, a challenge that intensified during the COVID-19 pandemic. This study aims to examine the financial and governance determinants of sustainable profitability among Indonesian BPDs during the crisis period. Using panel data from 27 BPDs over 2019–2021, this study applies the Fixed Effects Model (FEM) to analyze the effects of capital adequacy ratio (CAR), non-performing loans (NPL), operational efficiency (BOPO), good corporate governance (GCG), and institutional share ownership (ISO) on return on assets (ROA). The results show that CAR has a positive and significant effect on ROA (b = 0.0823; p = 0.001), while NPL (b = -0.2156; p = 0.003) and BOPO (b = -0.0612; p = 0.003) have negative and significant effects. GCG (b = 0.0456; p = 0.019) and ISO (b = 0.0289; p = 0.035) also positively affect ROA. The model explains 72.34% of profitability variation. These findings imply that capital strength, credit risk control, operational efficiency, governance quality, and institutional oversight are essential for sustaining BPD profitability during systemic crises.
Copyright (c) 2026 Devy Mawarnie Puspitasari, Sotarduga Napitupulu https://creativecommons.org/licenses/by-nc-sa/4.0
Managing Operational Risks with ERM to Boost Tea Supply Chain Productivity
Operational risk analysis in the plantation industry remains underexplored, despite its exposure to weather uncertainty and perishable commodities. This study stands out by employing grounded research to identify supply chain risk variables and focus group discussions (FGDs) to develop risk management solutions. It aims to boost tea productivity at Plantation Company (PT XYZ), a state-owned enterprise in West Java, Indonesia, by examining risks across plantations, processing, and distribution. The research addresses low tea yields in plantations, which reduce factory output and fail to meet consumer expectations. Using a survey-based approach with Enterprise Risk Management (ERM) tools, risk variables were derived from grounded research, and a questionnaire assessed risk probabilities and impacts. Involving 70 respondents, the study used FGDs to finalize risk scores and propose mitigation strategies. The findings identify 39 risks: 16 upstream, 12 internal supply, and 11 downstream. Key risks affecting tea production include human resource challenges, such as work accidents, fatigue, and demotivation from repetitive tasks, alongside fertilizer shortages, fraud risks, and high distribution costs. Effective risk mitigation requires government support for price stability, fertilizer supply, and fuel subsidies, along with strong leadership, continuous risk analysis, and operational monitoring.
Copyright (c) 2026 Ayi Tejaningrum https://creativecommons.org/licenses/by-nc-sa/4.0
Improving Tax Audit Quality through Accountability and Professional Experience: The Mediating Role of Information Technology
The central issue addressed in this research is the inconsistent quality of tax audits and the growing demand for accountability and technological capability in modern audit practices. This study examines the influence of information technology use, accountability, and professional experience on tax audit quality in Indonesia, focusing on tax auditors at the Makassar Tax Service Office (KPP). A quantitative approach was employed using Structural Equation Modeling (SEM) based on survey responses from 125 tax auditors. The results show that accountability significantly enhances audit quality (b = 0.491, p < 0.001), while professional experience has no direct effect (b = -0.015, p = 0.890). Accountability and professional experience also significantly influence information technology use (b = 0.244, p = 0.003; b = 0.467, p < 0.001), and information technology improves audit quality (b = 0.355, p < 0.001). Furthermore, information technology mediates the influence of accountability and professional experience on tax audit quality. These findings highlight that high-quality tax audits rely on auditors’ integrity, responsibility, technical skills, and ability to leverage technology as a supporting resource. This research offers empirical insights into determinants of tax audit quality.
Copyright (c) 2026 Ulfa Rabiyah, Dewi Anggraeni, Fitri Fitri, Muh. Ziaul Haq Bakri https://creativecommons.org/licenses/by-nc-sa/4.0
Strategic Human Capital and Academic Performance: The Mediating Role of Work Engagement in Higher Education
Higher education institutions are increasingly relying on the human capital of their faculty to maintain the academic quality of research articles and institutional competitiveness. This study examines the role of strategic human capital which includes individual and psychological capital (PsyCap) in enhancing faculty performance effectiveness, with work engagement serving as a mediating variable. Using a quantitative research design, data were collected from 120 tenured faculty members at private universities in East Java under the jurisdiction of LLDIKTI Region VII, via a structured questionnaire. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that individual development has a significant effect on faculty performance (effect size = 0.307; p < 0.001) and work engagement (effect size = 0.672; p < 0.001). PsyCap also demonstrated a significant influence on performance (r² = 0.243; p = 0.001) and work engagement (r² = 0.198; p = 0.007). Furthermore, work engagement was found to be a significant predictor of faculty performance (? = 0.437; p < 0.001) and acted as a mediator between strategic human capital components and performance outcomes. These findings extend the Job Demands-Resources (JD-R) framework within the context of higher education, emphasizing the strategic value of psychological and developmental resources in fostering work engagement and academic performance.
Copyright (c) 2026 Yuyuk Liana, Rina Irawati, Imama Zuchroh https://creativecommons.org/licenses/by-nc-sa/4.0
Career Orientation, Work-Life Balance, and Resilience on Leather Footwear MSME Performance
Micro, Small, and Medium Enterprises (MSMEs), particularly in the leather footwear sector, face competitive challenges that require strengthening human resources as a key factor of performance. This study aims to analyze the effects of career orientation, work-life balance, and resilience on MSME performance. The research employed a quantitative approach with a cross-sectional design through a survey of 153 MSME owners using a Likert-scale questionnaire. Data were analyzed using multiple linear regression supported by validity, reliability, and classical assumption tests. The results show that career orientation (b = 0.276, p < 0.001), work-life balance (b = 0.183, p = 0.016), and resilience (b = 0.451, p < 0.001) positively and significantly influence MSME performance, with resilience emerging as the strongest predictor. Furthermore, the model explains 61.1% of the variance in MSME performance (R² = 0.611). These findings indicate that psychological resources play an important role in improving MSME performance in a dynamic environment. This study extends the Resource-Based View (RBV) perspective by emphasizing the importance of intangible assets as a source of competitive advantage, particularly in the creative leather footwear industry.
Copyright (c) 2026 Yudi Wahyudin Suwandi, Imas Komariyah, Asep Ghofir Ali, Resti Ismawanti, Vidya Ramadhan Putra Pratama https://creativecommons.org/licenses/by-nc-sa/4.0
The Influence of Financial Literacy and Social Media Exposure on Skincare Product Expenditure Patterns among University Students
University students increasingly allocate funds to skincare products, reflecting the influence of both financial literacy and social media exposure on their spending behavior. This study aims to analyze the individual and combined effects of these factors on skincare product expenditure patterns among students at the University of Muhammadiyah North Sumatra (UMSU). A quantitative associative design was employed, with data collected from 101 purposively sampled UMSU students who actively use social media and purchase skincare products. Multiple linear regression, t-tests, F-tests, and determination coefficients (R²) were applied to examine relationships. Results show that financial literacy significantly influences expenditure patterns (t = 10.296; p < 0.001; b = 0.621), and social media exposure also has a significant positive effect (t = 2.914; p = 0.004; b = 0.170). Simultaneously, both factors significantly predict expenditure behavior (F = 200.217; p < 0.001), explaining 80.4% of the variance (R² = 0.804). The findings highlight the importance of strengthening financial literacy while fostering critical awareness of social media influences to promote responsible consumption behavior among university students. Universities are encouraged to integrate financial literacy programs into student development initiatives to promote rational and responsible consumption in the digital era.
Copyright (c) 2026 Hade Chandra Batu Bara, Baihaqi Ammy https://creativecommons.org/licenses/by-nc-sa/4.0
Profitability, CSR, Institutional Ownership, and Independent Commissioners’ Effect on Firm Value in the Indonesian Food and Beverage Sector
The volatility of firm value in the defensive food and beverage (F&B) industry remains a significant concern for investors, exacerbated by inconsistent findings in prior research. This study aims to investigate the impact of profitability (ROA), corporate social responsibility (CSR), institutional ownership, and independent commissioners on firm value (Tobin’s Q) within the F&B sector listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. 15 businesses were chosen via purposive sampling in a quantitative manner, and panel data regression utilizing the FEM was used for analysis. The numerical results demonstrate that while the variables simultaneously affect firm value significantly (F-statistic = 100.70; p < 0.05), partially, profitability (p = 0.0892), CSR (p = 0.1968), and independent commissioners (p = 0.2603) show no significant impact. Conversely, institutional ownership has a substantial negative impact (b = -13.475; p = 0.0000). These findings imply that investor valuation in the post-pandemic era is driven by concerns over institutional dominance and market sentiment rather than traditional financial metrics. This research provides updated empirical evidence to bridge theoretical gaps regarding valuation determinants in defensive sectors.
Copyright (c) 2026 Muhammad Dhani Raharja, Roy Budiharjo https://creativecommons.org/licenses/by-nc-sa/4.0
Beneish Model for Financial Report Fraud Identification in the Manufacturing Sector During the COVID-19 Pandemic
Financial statement fraud misleads stakeholders’ judgments and erodes market confidence in corporate transparency, and this risk is particularly prominent during the period of high economic uncertainty brought by the COVID-19 pandemic. This study targets basic and chemical manufacturing companies listed on the Indonesia Stock Exchange (IDX), adopts the Beneish M-Score model, and focuses on the window period before and after the COVID-19 outbreak, aiming to analyze the impact of four categories of financial ratios—liquidity, solvency, profitability, and operating capacity—on fraud detection. The study adopts a quantitative explanatory design and processes data through panel data regression and the EViews software. Its sample consists of relevant data from 60 companies covering the period 2019–2022, totaling 240 firm-year observations. The empirical results show that liquidity (b=0.214, p=0.0001) and profitability (b=0.038, p=0.0000) have a significant positive impact, while solvency (b=-0.013, p=0.7128) and operating capacity (b=1.005, p=0.0596) have no significant impact; 89% of the annual reports have no likelihood of manipulation, and 11% carry potential manipulation. The conclusions can assist various stakeholders, including investors and regulators, in identifying early warning signals of fraud.
Copyright (c) 2026 Yanuar Ramadhan https://creativecommons.org/licenses/by-nc-sa/4.0
The Effect of Enterprise Risk Management, Return on Assets, and Firm Size on Firm Value in Indonesian Automotive Companies
Firm value remains an important concern for Indonesian automotive companies because the sector faced post-pandemic recovery pressures, market uncertainty, and increasing investment demands during the 2020–2024 period. This study aims to examine the effects of Enterprise Risk Management (ERM), Return on Assets (ROA), and firm size on firm value in automotive companies listed on the Indonesia Stock Exchange (IDX). A quantitative approach was applied using panel data from 11 companies, resulting in 55 firm-year observations selected through purposive sampling. Firm value was measured by Price-to-Book Value (PBV), ERM by a COSO-based disclosure index, ROA by net income divided by total assets, and firm size by the natural logarithm of total assets. The data were analyzed using panel regression with the Random Effect Model (REM). The results show that ERM, ROA, and firm size simultaneously affect firm value (F = 3.3949; p = 0.0247). Partially, only ROA has a significant positive effect on firm value (b = 14.8417; p = 0.0034), while ERM and firm size have no significant effects. These findings imply that managers should prioritize profitability enhancement while strengthening the strategic integration of risk management and resource utilization to support long-term firm value creation.
Copyright (c) 2026 Muhammad Rafly Aprilyo, Nastiti Rizky Shiyammurti https://creativecommons.org/licenses/by-nc-sa/4.0
Taxpayer Compliance: E-Filing, E-Billing, and the Moderating Role of Tax Awareness Campaigns
Digital tax administration is expected to improve taxpayer compliance; however, compliance challenges remain among taxpayers using electronic tax systems. This study aims to examine the effects of the e-filing and e-billing systems on individual taxpayer compliance and to investigate the moderating role of tax awareness campaigns in these relationships. A quantitative research design was employed using questionnaire data collected from 100 individual taxpayers registered at KP2KP Majalengka, Indonesia. The data were analyzed using Moderated Regression Analysis (MRA). The results indicate that e-filing has a positive and significant effect on taxpayer compliance (b = 0.342, p = 0.012), while e-billing also positively and significantly affects taxpayer compliance (b = 0.385, p = 0.008). Furthermore, tax awareness campaigns significantly strengthen the relationship between e-filing and taxpayer compliance (b = 0.274, p = 0.021) as well as the relationship between e-billing and taxpayer compliance (b = 0.298, p = 0.018). These findings suggest that digital tax systems are more effective when supported by continuous taxpayer education and awareness initiatives. The study highlights the importance of integrating technological innovation with tax socialization programs to improve taxpayer compliance.
Copyright (c) 2026 Melia Wida Rahmayani, Ayub Fahmi, Ita Latifah https://creativecommons.org/licenses/by-nc-sa/4.0
Carbon Accounting: Evidence from Carbon Emission Measurement, Recognition, Recording, and Disclosure of Indonesian Energy Companies
The global climate crisis compels energy firms to enhance their environmental transparency through formalized carbon management systems. This study investigates the effects of carbon emission measurement, recognition, recording, and disclosure on corporate carbon accounting implementation. This quantitative verificative study utilizes secondary panel data from listed energy corporations on the Indonesia Stock Exchange (IDX). Data were collected from 96 firm-year observations during 2021–2023 and analyzed via logistic regression. Descriptive statistics show that 86.46% of firms measure emissions, 41.70% recognize emissions, 47.90% record carbon data, and 51% implement carbon accounting. Logistic regression indicates that carbon emission recognition (b = 2.415, p < 0.001), recording (b = 1.843, p = 0.002), and disclosure (b = 3.106, p = 0.014) significantly influence implementation. Conversely, carbon emission measurement has no significant effect (b = 0.812, p = 0.192), showing technical calculations remain isolated from formal accounting. Practically, regulators must standardize carbon accounting guidelines, and managers should explicitly integrate emission data into formal reporting to enhance corporate transparency.
Copyright (c) 2026 Rosa Fitriana https://creativecommons.org/licenses/by-nc-sa/4.0