ARBITRASE: Journal of Economics and Accounting

Pengaruh Return on Asset, Debt to Equity Ratio, Earnings per Share terhadap Harga Saham Perbankan

Firdianti Permata Putri — 2026-03-03

This study aims to examine the effect of financial performance proxied by Return on Assets (ROA), Debt to Equity Ratio (DER), and Earnings per Share (EPS) on stock prices of banking companies included in the IDX80 index for the 2020–2024 period. This research employs a quantitative approach using multiple linear regression analysis. The sample consists of seven banking companies selected through purposive sampling, resulting in 35 observations. Secondary data were obtained from annual financial statements and stock price data published by the Indonesia Stock Exchange and analyzed using SPSS version 25. The results indicate that ROA and DER do not have a significant effect on stock prices, while EPS has a significant negative effect. Simultaneously, ROA, DER, and EPS do not significantly affect stock prices. The coefficient of determination shows that the model explains a relatively small portion of stock price variation, suggesting that other factors outside the model influence IDX80 banking stock price.

Determinan Faktor-Faktor yang Mempengaruhi Capaian Standar Pelayanan Minimal Kesehatan

Fitri Giyanti — 2026-03-03

Public policy in the health sector plays an important role in ensuring the fulfillment of basic services for the community through the implementation of Minimum Service Standards (SPM) for Health. The achievement of SPM for Health is an indicator of the performance of local governments in carrying out their mandatory duties in the health sector. Although the SPM policy has been implemented nationally, the achievement of SPM for Health at the community health center (Puskesmas) level still shows variations between regions. This study aims to analyze the factors that influence the achievement of the Minimum Health Service Standards in Gunungkidul Regency for the period 2020–2024 from the perspective of performance-based public policy. The study used a quantitative approach with panel data from 30 Puskesmas over five years. The independent variables included human resources, facilities, medical equipment, medicines, service targets, and budget, while the dependent variable was the achievement of the Minimum Service Standards for Health. The analysis was conducted using panel data regression with the Fixed Effect model as the best model. The results of the study indicate that simultaneously, all variables have a significant effect on the achievement of Health SPM. Partially, facilities, medical equipment, service targets, and budget have a significant effect, while human resources and medicines do not have a significant effect. The results of the budget efficiency analysis show that the highest realization of BOK funds was at the Ponjong I Community Health Center, amounting to Rp796,207,009, and the lowest was at Ngawen I, amounting to Rp369,157,623, while the highest SPM achievement was achieved by the Patuk II Community Health Center (82.44%) and the lowest was by Semin II (71.84%). These findings confirm that the effectiveness of Health SPM policies is largely determined by infrastructure support and performance-based public budget management.

Unveiling Tax Avoidance: The Mediating Role of Sustainability Reporting Quality in Board Influence

Abraham Romamti Ezar — 2026-03-03

This study investigates the effect of board size on tax avoidance in Indonesian public companies, with sustainability reporting quality (SRQ) as a mediating variable. Using panel data from 48 energy sector firms listed on the Indonesia Stock Exchange from 2017 to 2023, multiple linear regression analysis is employed. Drawing on agency theory, this study examines whether board size enhances monitoring effectiveness and reduces information asymmetry, thereby constraining managerial tax behavior. The results show that board size does not have a significant direct effect on tax avoidance, indicating that governance structure alone is insufficient to influence complex tax decisions in capital-intensive industries. However, board size has a significant positive effect on sustainability reporting quality, suggesting stronger oversight and improved disclosure quality. Despite this, sustainability reporting quality does not have a significant effect on book–tax differences, and its mediating role in the relationship between board size and tax avoidance is rejected. Among control variables, only profitability ROA significantly affects tax avoidance, highlighting financial performance as the dominant agency-related driver of managerial tax decisions. Overall, the findings suggest that agency pressures arising from profitability outweigh governance and sustainability disclosure mechanisms in shaping corporate tax behavior.

Direksi Wanita, Biaya Lingkungan dan Tata Kelola Iklim terhadap Pengungkapan Emisi Karbon: Moderasi Kepemilikan Institusional

Alyafira Salsabila Puteri — 2026-03-03

This study aims to analyze the effect of female directors, environmental costs, and climate governance on carbon emissions disclosure, as well as to examine the moderating role of institutional ownership. The novelty of this study lies in the empirical testing of the effectiveness of institutional ownership as an external monitoring mechanism in strengthening the relationship between board characteristics, environmental cost commitments, and climate governance on carbon emissions disclosure in high-emission energy companies in Indonesia. This study uses a quantitative approach with secondary data from energy sector companies listed on the IDX for the period 2022–2024, analyzed using multiple linear regression with a moderation approach. The results show that female directors have a coefficient of 0.0869 with a significance value of 0.2880, thus having no significant effect on carbon emissions disclosure. Conversely, environmental costs have a positive and significant effect with a coefficient of 0.0330 and a significance of 0.0000, while climate governance has a positive and significant effect with a coefficient of 0.4460 and a significance of 0.0000. In addition, institutional ownership was not proven to moderate the relationship between independent variables and carbon emissions disclosure, as indicated by all moderation significance values being greater than 0.05. This study makes a theoretical contribution by showing that legitimacy theory is supported by the influence of environmental costs on carbon emissions disclosure, agency theory is supported in the direct relationship between climate governance but not in the role of institutional ownership as a moderating variable, while top-level theory does not obtain empirical support from the influence of female directors. This study provides empirical contributions by expanding the evidence on the role of internal corporate mechanisms and institutional ownership in carbon emissions disclosure practices, particularly among energy sector companies in Indonesia. Conceptually, the results of this study confirm that carbon emissions disclosure is more influenced by internal corporate commitments and policies. Further research is recommended to expand the scope of sectors, extend the observation period, and develop indicators that better reflect the quality of climate governance implementation and carbon emissions disclosure.

Pengaruh Corporate Governance terhadap Sustainability Report Disclosure dengan Ukuran Dewan Komisaris Sebagai Variabel Moderasi

Cetta Aptada — 2026-03-03

This study aims to analyze the effect of corporate governance on sustainability report disclosure with board size as a moderating variable in non-cyclical manufacturing sector companies listed on the Indonesia Stock Exchange for the period 2021-2024. This quantitative research uses secondary data in the form of annual reports and sustainability reports from 32 companies with a total of 128 observations. Data analysis techniques using panel data regression with Random Effect Model selected based on Chow Test, Hausman Test, and Lagrange Multiplier Test. The novelty of this research lies in adding board size moderation variable that examines the role of board size in strengthening or weakening the relationship between corporate governance mechanisms and sustainability reporting quality in the Indonesian context which has only implemented full sustainability reporting obligations since 2021 according to POJK No. 51/POJK.03/2017. The results showed that foreign ownership has no significant effect on sustainability report disclosure (p=0.689>0.05), while majority ownership (p=0.009<0.05) and gender diversity (p=0.000<0.05) have a significant positive effect on sustainability report disclosure. Board size is proven to moderate by strengthening the effect of foreign ownership on sustainability report disclosure (p=0.031<0.05), but does not moderate the effect of majority ownership (p=0.149>0.05) and gender diversity (p=0.423>0.05). Adjusted R-squared value increased from 29.6% in Model 1 to 37.2% in Model 2 after including moderation variables. The contribution of this research provides practical implications for companies in designing optimal governance structures, for investors in assessing sustainability commitments, and for regulators in evaluating the implementation effectiveness of POJK No. 51/POJK.03/2017.

Pengaruh Karakteristik Perusahaan, Tata Kelola, dan Faktor Lingkungan terhadap Pengungkapan Lingkungan

Tara Adelia — 2026-03-03

This study aims to examine the effect of firm size, environmental audit, gender diversity, board independence, environmental performance, and pollution level on environmental disclosure. The research problem is motivated by the persistent variation in the level of environmental information disclosure among firms, despite increasing regulatory pressure and growing stakeholder demands. The theories used in this study are legitimacy theory and stakeholder theory. The novelty of this study lies in the inclusion of profitability and leverage as control variables and its focus on specific manufacturing subsectors, namely basic materials, industrials, consumer cyclicals, and consumer non-cyclicals, within the context of an emerging market. This study employs secondary data obtained from the annual reports and sustainability reports of manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Panel data regression with a fixed effect model is applied as the analytical method. The research population consists of 150 firms, with a final sample of 18 companies and a total of 54 firm-year observations selected using purposive sampling. The indicators used to measure environmental disclosure are the GRI 300 standards, consisting of 20 items. The results indicate that firm size has a positive and significant effect on environmental disclosure, a coefficient value of 0.945 with a probability value of 0.019 (< 0.05), while the other variables do not exhibit significant effects. This study is subject to limitations related to the relatively small sample size, therefore, future research is recommended to expand the sample coverage, include additional industry sectors, and apply more comprehensive measurement methods.

Pengaruh Human Capital, Pemanfaatan Teknologi Informasi Terhadap Efektivitas Sistem Informasi Akuntansi

Putu Sri Devina Constantia U — 2026-03-03

This study aims to test and analyze the influence of human capital and information technology utilization on the effectiveness of Accounting Information Systems (AIS) at Village Credit Institutions (LPD) North Denpasar District. This research employs a quantitative approach using a survey method. Data were collected through questionnaires distributed to all LPD employees in North Denpasar District, totaling 118 respondents, using a census sampling technique. Data analysis was conducted using the Partial Least Squares (PLS) method with SmartPLS software. The results indicate that human capital has a positive and significant effect on the effectiveness of Accounting Information Systems, with a path coefficient of 0.590 and a p-value of 0.000. In addition, information technology utilization also has a positive and significant effect on AIS effectiveness, with a path coefficient of 0.535 and a p-value of 0.000. The coefficient of determination (R-square) value of 0.699 indicates that human capital and information technology utilization explain 69.9% of the variation in Accounting Information System effectiveness, while the remaining percentage is influenced by other factors outside the research model. These findings suggest that improving the quality of human resources and optimizing information technology utilization are essential to enhance the effectiveness of Accounting Information Systems in Village Credit Institutions.

Pengaruh Profitabilitas, Sales Growth, dan Leverage terhadap Financial Distress dengan Pendekatan Springate S-score

Kadek Yuntini — 2026-03-03

This study is motivated by the decline in financial performance accompanied by the disclosure of fraud cases at PT Kimia Farma Tbk and PT Indofarma Tbk, as well as indications of deteriorating financial conditions among pharmaceutical sub-sector companies during the 2021–2024 period. These conditions highlight the importance of early detection of financial distress to prevent more severe financial problems. This study aims to empirically examine the effect of profitability, sales growth, and leverage on financial distress measured using the Springate s-score model in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange. This research employs a quantitative approach using multiple linear regression analysis and purposive sampling technique, resulting in 40 firm-year observations during the research period. The F-test results indicate that profitability, sales growth, and leverage simultaneously affect financial distress (F = 114.129; p < 0.001), indicating strong model feasibility. Partially, profitability has a significant positive effect on the S-Score (coefficient = 2.530; p < 0.001), indicating that higher profitability reflects healthier financial conditions. Leverage also has a significant negative effect on the S-Score (coefficient = ?1.720; p < 0.001), implying that higher leverage increases the risk of financial distress. Meanwhile, sales growth does not have a significant effect on financial distress (coefficient = ?0.226; p = 0.241). The findings of this study are expected to contribute to early detection of financial distress risk and serve as a consideration for management and investors in decision-making and strengthening corporate governance.

Strengthening Institutional Image in the Public Sector: The Role of Service Quality, e-WOM, and Public Trust

Budi Sahputra Ketaren — 2026-03-09

This study aims to examine the influence of public service quality and electronic word of mouth (e-WOM) on institutional image, with public trust as a moderating variable, at the Office of State Assets and Auction Services (KPKNL) Pekanbaru. Data were collected from 183 stakeholders and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results show that public service quality (? = 0.474; p < 0.001) and e-WOM (? = 0.233; p < 0.001) have a positive and significant effect on institutional image. The model explains 81.1% of the variance in institutional image (R² = 0.811), indicating strong predictive power. Furthermore, public trust significantly moderates the relationship between public service quality and institutional image (? = 0.201; p = 0.006), but does not moderate the relationship between e-WOM and institutional image (? = 0.072; p = 0.372). These findings highlight the differentiated role of trust in strengthening service-based reputation formation in the public sector.

Peran Disiplin Kerja Dan Keamanan Kerja Non Fisik Terhadap Kinerja Tenaga Harian Lepas Melalui Semangat Kerja Pada Dinas Pemerintah

Thohap Gayatri Puspa Kirana Br Sianturi — 2026-03-11

This study aims to analyze the effect of Work Discipline and Non-Physical Job Security on the Performance of Daily Casual Workers (THL) with Work Spirit (Morale) as a mediating variable at the Environmental Agency of Binjai City. The background of this research is based on the importance of managing non-civil servant human resources, particularly daily casual workers, in maintaining the effectiveness and quality of public services amid the limited number of permanent staff positions. The research method used is a quantitative approach with the PLS-SEM technique. The population of this study consists of all active Daily Casual Workers (THL) at the Environmental Agency of Binjai City, totaling 92 individuals. Data were collected through questionnaires and analyzed using SmartPLS 4.0 software. The results show that Work Discipline has a negative and significant effect on THL Performance, but does not have a significant effect on Work Spirit. Conversely, Non-Physical Job Security has a positive and significant effect on both THL Performance and Work Spirit, while Work Spirit has a positive and significant effect on THL Performance. The mediation results indicate that Work Spirit significantly mediates the relationship between Non-Physical Job Security and THL Performance, but does not mediate the relationship between Work Discipline and THL Performance. The R² value for Performance is 0.823 and the R² value for Work Spirit is 0.715. This study emphasizes that improving Non-Physical Job Security, including a sense of safety, procedural fairness, and certainty of employment status, plays an important role in building Work Spirit, which ultimately contributes to improving the performance of (THL).

The Islamic Marketing Ethics Scale (IMES): A Conceptual Review of Components, Principles, and Practical Implications

Arsyaf Tampubolon — 2026-03-20

This paper aims to provide a comprehensive conceptual review of the Islamic Marketing Ethics Scale (IMES) by analyzing its core components, underlying Shariah principles, and practical implications for the halal industry and Islamic financial institutions. The study employs a qualitative systematic literature review approach, synthesizing peer-reviewed articles indexed in Scopus from 2021 to 2025 that discuss the development, conceptual foundations, and implementation of IMES across various sectors. The review reveals that IMES is constructed upon four interrelated pillars (spiritualistic, ethical, realistic, and humanistic) operationalizing Shariah values such as As-Sidq (truthfulness), Amanah (trustworthiness), Al-‘Adl (justice), and Maslahah (social benefit). The implementation of IMES enhances sustainable competitive advantage, customer loyalty, and brand credibility in Islamic business contexts. However, challenges remain regarding cross-sectoral empirical validation, theoretical–practical gaps, and the complexity of measuring spiritual dimensions. This study contributes to the theoretical development of Islamic marketing by positioning IMES not merely as a measurement tool but as an alternative ethical paradigm that integrates spiritual, social, and economic dimensions. It enriches the literature by offering a holistic Shariah-based ethical framework aligned with maqasid al-shariah to guide ethical marketing practices.

Model Optimalisasi Proses Bisnis Jasa Pengiriman Ekspres Berbasis Lean Logistics untuk Meningkatkan Keunggulan Kompetitif

Denies Susanto — 2026-03-20

This study aims to optimize the business process of express delivery services by applying a lean logistics approach at Gerai Multiekspres. The research employs a case study method with a triangulation approach. Data collection techniques include document review, interviews, and direct observation. The business process in the express delivery industry consists of collecting, processing, transporting, and delivery (C-P-T-D). In practice, express delivery services often face problems related to long delivery times, which can reduce customer satisfaction and decrease shipment volume, ultimately affecting the company’s competitiveness and competitive advantage. One approach to improving efficiency, reducing waste, and enhancing service quality with a focus on customer satisfaction is the implementation of lean logistics principles using tools such as Value Stream Mapping (VSM) and Process Activity Mapping (PAM). This study identifies waste within the existing business processes and proposes improvements to reduce lead time and enhance operational efficiency. The results of the Current State Value Stream Mapping (VSM) indicate a lead time of 12 hours (720 minutes) with a Value Added Time of 1,440 minutes and a total process time based on Current Process Activity Mapping (PAM) of 2,160 minutes. The optimization of the express delivery business process using the lean logistics approach shows a significant reduction in processing time. The Future State Value Stream Mapping (VSM) shows a lead time of 9 hours (540 minutes) with a Value Added Time of 1,200 minutes and a total process time based on Future Process Activity Mapping (PAM) of 1,740 minutes. Based on the calculation results, the overall efficiency improvement between the current state and future state indicates a process optimization of 420 minutes. This study contributes to the development of lean logistics implementation in the express delivery service industry through the integration of Value Stream Mapping (VSM) and Process Activity Mapping (PAM) to identify waste and design more efficient business process improvements.

Pengaruh Overconfidence, Herding Bias, Loss Aversion dan Regret Aversion terhadap Keputusan Investasi di Pasar Modal pada Mahasiswa Gen Z

Anisah Miftahul Zanah — 2026-03-20

The development of student participation in capital market activities highlights the importance of understanding the psychological factors that influence investment decisions. The purpose of this study is to analyse the extent to which behavioural biases consisting of overconfidence, herding bias, loss aversion, and regret aversion influence the investment decisions of students in Karawang. This study involved Karawang students who already had investment experience in the capital market, with a sample size of 96 respondents selected using the Lemeshow formula with purposive sampling according to specific criteria. Data was obtained through an online questionnaire using a Likert scale, which was then processed using the Partial Least Squares–Structural Equation Modelling (PLS-SEM) approach using the SmartPLS4 application. The results of the study indicate that the four behavioural biases have a positive and significant influence on the investment decisions of Karawang students. The research model is able to explain 85.8% of the variation in investment decisions, while the remaining 14.2% is influenced by other variables outside the research model. This research provides a theoretical contribution by supporting behavioural finance theory in the context of students as novice investors in the region. Practically, this research provides a basis for young investors to evaluate their own tendencies towards bias in decision-making, thereby minimising the potential for investment errors influenced by psychological factors.

Diversifikasi Perbankan terhadap Stabilitas Keuangan: Modal Intelektual sebagai Moderator

Mariska Ramadana — 2026-03-20

Banking stability is a fundamental pillar of the financial system; however, empirical evidence on the impact of bank diversification on stability remains inconclusive. This study aims to examine the effects of income diversification, asset diversification, and loan diversification on banking stability, with intellectual capital serving as a moderating variable. The study employs panel data from 42 commercial banks listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023 and applies panel data regression using a fixed effects approach. The results indicate that income diversification has a negative and significant effect on non-performing loans (NPLs), with a coefficient of ?1.680 (p < 0.01), indicating an improvement in banking stability. In contrast, loan diversification has a positive and significant effect on NPLs, with a coefficient of 7.087 (p < 0.01), thereby weakening banking stability. Meanwhile, asset diversification does not exhibit a significant direct effect on NPLs. The key finding of this study lies in the role of intellectual capital, measured using the Value Added Intellectual Coefficient (VAIC), which significantly moderates the relationship between asset diversification and banking stability, with an interaction coefficient of ?2.995 (p < 0.01). However, intellectual capital does not moderate the relationships between income diversification or loan diversification and banking stability. Overall, the findings underscore that the effectiveness of bank diversification strategies critically depends on the quality of intellectual capital management, particularly in addressing the complexity of asset portfolio diversification. These findings provide important implications for bank management and policymakers in designing sustainable diversification strategies to maintain financial system stability.

Model Mediasi Work Engagement dalam Hubungan Job Crafting dan Organizational Citizenship Behavior pada Industri Manufaktur

Ilham Wiliansyah — 2026-03-20

This study aims to elaborate the psychological mechanisms underlying the relationship between job crafting and Organizational Citizenship Behavior (OCB) by positioning work engagement as a mediating variable, particularly within the context of labor-intensive manufacturing sectors. Using an explanatory quantitative design, a survey was conducted among 155 employees of PT X selected through convenience sampling. Data were collected using adapted versions of the Job Crafting Scale, OCB Scale, and the Utrecht Work Engagement Scale (UWES-17). Data analysis employing multiple regression and path analysis revealed empirical findings that job crafting contributes significantly to OCB, both directly and through the partial mediation of work engagement. These findings indicate that employees who proactively modify aspects of their jobs especially by seeking challenges tend to exhibit higher levels of absorption and dedication, which in turn stimulate voluntary behaviors that benefit organizational effectiveness. The study concludes that providing employees with controlled autonomy to engage in job crafting is a vital strategy for enhancing extra-role performance in industrial environments.

Faktor-Faktor yang Memengaruhi Keputusan Pembelian Produk Asuransi Syariah: Perspektif Marketing Mix Dimoderasi Perilaku Rasulullah

Saiful Ali — 2026-03-23

Islamic insurance is one of the financial products that is becoming increasingly popular in Indonesia, especially among communities that prioritize Sharia principles in every aspect of their lives. This study aims to analyze the influence of the marketing mix comprising product, price, promotion, and place on purchasing decisions for Islamic insurance products, as well as to examine the role of the implementation of the Prophet Muhammad’s (Rasulullah’s) behavior as a moderating variable in strengthening these relationships. The research method employs a quantitative approach using primary data obtained through questionnaires distributed to customers of PT Asuransi Askrida Syariah in the Jakarta metropolitan area. This study employs a quantitative research approach with proportional random sampling. Based on the predetermined criteria, 265 respondents were obtained, and data analysis was conducted using SmartPLS 4.0 software. The results indicate that the marketing mix variables product, price, place, and promotion have a positive and significant effect on purchasing decisions for Islamic insurance products. Among these variables, price has the largest path coefficient and is therefore identified as the most dominant factor influencing purchasing decisions. Furthermore, the implementation of Rasulullah’s behavior is proven to significantly moderate the effects of product and price on purchasing decisions, indicating that values of honesty, trustworthiness, and fairness strengthen consumers’ perceptions of product quality and price fairness. However, the implementation of Rasulullah’s behavior does not significantly moderate the effects of place and promotion on purchasing decisions, suggesting that these relationships are more influenced by consumers’ practical and functional considerations.

Keadilan Fiskal Islam Dalam Penganggaran APBDes: Interaksi Amanah, Transparansi dan Maslahah

Ayu Nurrohmah — 2026-03-31

This study aims to analyze how Islamic fiscal justice is realized in Village Revenue and Expenditure Budgets (APBDes). To date, studies on village fund management have tended to focus on administrative aspects such as transparency and accountability, thus failing to comprehensively explain the role of moral values in shaping fiscal justice. This study specifically examines the interaction between the values of amanah (trust), transparency, and maslahah (benefit for the benefit of the community) in APBDes management. The method used was a qualitative approach, with data collection techniques through interviews, observation, and analysis of APBDes documents. The data obtained were then analyzed using thematic analysis.The results indicate that the values of amanah (trust) and transparency have been internalized in village budget management practices. However, the implementation of maslahah values as a basis for determining budget priorities still faces limitations, primarily due to mandatory central fiscal policies. Therefore, Islamic fiscal justice in APBDes budgeting is not solely determined by administrative aspects but is also formed through the interaction between the moral values of village officials, community participatory mechanisms, and the prevailing fiscal policy structure.This research contributes to enriching the study of public finance based on Islamic values, particularly in the context of village financial management, and serves as a reference for formulating policies that are more equitable and oriented towards the welfare of the community.

Analisis Z-Score dalam Memprediksi Financial Distress dan Dampaknya terhadap Value of the Firm

Erlita Maulida Rosalina — 2026-03-31

This study aims to analyze the ability of Z-Score in predicting financial distress and to examine its effect on the value of the firm in consumer cyclicals companies listed on the Indonesia Stock Exchange in 2022-2024. Financial distress is measured using the Altman Z-Score model and the value of the firm is measured using Tobin’s Q. This study uses a quantitative approach with multiple linear regression tested based on the categories of distress zone, grey zone, and safe zone. The data used is secondary data in the form of company annual reports. The results show that the Z-Score is capable of measuring and classifying the level of financial health of companies into three categories of zones. A total of 26 companies are in the safe zone, while 11 are in the distress zone, and 3 are in the grey zone, indicating that their financial condition requires monitoring and improvement. For companies in the distress zone, the Z-Score has no effect on the value of the firm because the risk of bankruptcy has already been anticipated by the market. For companies in the grey zone, the Z-Score has a negative effect on the value of the firm, indicating that even though the score has improved, the still-unstable financial condition is perceived as carrying risk. Meanwhile, for companies in the safe zone, the Z-Score has a positive effect on the value of the firm because a healthy financial condition is viewed as a positive signal that can boost market confidence.

Financial Distress Dan Profitabilitas Terhadap Sustainability Report Disclosure Dengan Moderasi GCG Perusahaan Properti Indonesia

Rizqi Fahmi Fadillah — 2026-03-31

This study is motivated by the relatively low consistency of companies in disclosing sustainability report disclosure despite increasing demands for transparency and accountability. Differences in corporate financial conditions, such as financial distress and profitability levels, are assumed to influence the quality of sustainability reporting. This study aims to analyze the effect of financial distress and profitability on sustainability report disclosure with Good Corporate Governance as a moderating variable. The research employs a quantitative approach with an associative research design. The data used are secondary data obtained from annual reports and sustainability reports of six property companies during the 2020–2024 period, resulting in 30 firm-year observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis. The results indicate that financial distress has a significant effect on sustainability report disclosure, while profitability does not have a significant effect. Descriptively, the average level of sustainability report disclosure in the sample companies reaches 58.67%, with an average financial distress level of 2.73. The Good Corporate Governance variable, proxied by institutional ownership, strengthens the relationship between financial distress and sustainability report disclosure. These findings indicate that financial conditions and corporate governance mechanisms play an important role in encouraging transparency in sustainability reporting.

Model Mediasi Surplus Underwriting pada Pengaruh Pendapatan dan Biaya terhadap Laba Asuransi Syariah

Teguh Supriyadi — 2026-03-31

This study aims to analyze the effect of Contribution Income, Claim Expenses, and Operating Expenses on Islamic Insurance Profit, with Underwriting Surplus as a mediating variable. This research is motivated by the importance of financial performance and risk management in improving the profitability of Islamic insurance companies. Therefore, this study is conducted to examine both the direct and indirect effects among variables and to assess the role of underwriting surplus in shaping Islamic insurance profits. The research method employed is a quantitative approach using Structural Equation Modeling–Partial Least Square (SEM-PLS) analysis with the SmartPLS 4 application. The data used are secondary data obtained from the annual financial statements of Islamic insurance companies in Indonesia during the research period. The research variables include Contribution Income, Claim Expenses, and Operating Expenses as independent variables, Islamic Insurance Profit as the dependent variable, and Underwriting Surplus as the mediating variable. Model testing is carried out through the evaluation of path coefficients and R-square values to assess the simultaneous contribution of the variables. The results indicate that Contribution Income and Operating Expenses do not have a significant effect on Underwriting Surplus, while Claim Expenses have a positive and significant effect on Underwriting Surplus. Furthermore, with respect to Islamic Insurance Profit, Contribution Income and Claim Expenses have a positive and significant effect, whereas Operating Expenses and Underwriting Surplus do not have a significant effect. In addition, the mediation test results show that Underwriting Surplus does not play a significant mediating role in the relationship between Contribution Income, Claim Expenses, and Operating Expenses on Islamic Insurance Profit. These findings suggest that the profits of Islamic insurance companies are more directly influenced by contribution income and effective claim management.

Peran Mediasi Financial Well-Being Dalam Pengaruh Work-Life Balance dan Digital Burnout Terhadap Financial behavior Generasi Z

Rizka Cintya Edwar — 2026-03-31

This study aims to analyze the effect of work-life balance and digital burnout on financial well-being and its implications for the financial behavior of Generation Z in Papua. This research employs a quantitative approach with an explanatory design based on the conservation of resources theory. The sample consists of 105 Generation Z respondents from six provinces in Papua. Data were collected through structured questionnaires and analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS. The results indicate that work-life balance has a positive and significant effect on financial well-being (? = 0.513; p < 0.001) and financial behavior (? = 0.398; p < 0.001). Digital burnout also has a positive and significant effect on financial well-being (? = 0.235; p = 0.029), but it does not significantly affect financial behavior (? = 0.122; p = 0.230). Furthermore, financial well-being has a positive and significant effect on financial behavior (? = 0.413; p < 0.001). Mediation analysis shows that financial well-being significantly mediates the relationship between work-life balance and financial behavior (? = 0.212; p < 0.001), but it does not mediate the relationship between digital burnout and financial behavior (? = 0.097; p = 0.088). These findings suggest that work-life balance plays a more dominant role in enhancing financial well-being and shaping financial behavior than digital pressure. This study contributes to the literature by integrating life balance and digital pressure in explaining the financial behavior of Generation Z through the mediating role of financial well-being, while also providing empirical evidence from Papua, a region that remains underrepresented in financial behavior research.

Membedah Kecurangan Laporan Keuangan BUMN Melalui Lensa Fraud Hexagon: Studi Empiris di BEI

Muhammad Ainul Khakim — 2026-03-31

Financial reporting fraud can erode stakeholder trust and result in significant losses. This study aims to analyze the influence of the fraud hexagon elements on financial reporting fraud in state-owned enterprises listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period, using several proxies acknowledged to have theoretical limitations, such as change in director for capability, audit fee for collusion, change in auditor for rationalization, and frequency of CEO’s picture for arrogance. The independent variables used include financial targets (pressure), changes in directors (capability), audit fees (collusion), nature of industry (opportunity), changes in auditors (rationalization), and the frequency of CEO’s photos (arrogance). This study employs a quantitative approach using secondary data obtained from financial statements and annual reports, analyzed via multiple linear regression on 81 observations selected through purposive sampling. The results of the study indicate that financial targets (? = 1.585; p < 0.001), change in auditor (? = 0.236; p < 0.001), and frequency of the CEO’s photo (? = 0.014; p = 0.003) have a positive and significant effect on financial statement fraud, whereas the nature of the industry has a negative and significant effect (? = ?0.354; p < 0.001). Meanwhile, change in director (? = ?0.108; p = 0.419) and audit fee (? = ?0.081; p = 0.051) did not show a significant effect. These findings indicate that financial distress, auditor turnover, and CEO exposure are associated with an increased risk of fraud, while taking into account the limitations of the proxies used.

Pengaruh Trading Volume, PER, Firm Size dan Kebijakan Dividen Terhadap Volatilitas Harga Saham Perbankan Periode 2020-2024

Dian Kartika — 2026-03-31

The objective of this scientific study is to examine how trading volume, Price-Earnings Ratio (PER), firm size, and dividend policy influence stock price volatility among banking companies listed on the Indonesia Stock Exchange during the 2020–2024 period, which spans the pandemic era through the economic recovery phase. Secondary data was used as the basis for the analysis, with information sourced from financial statements, annual reports, and stock trading data. Through the application of purposive sampling, 12 companies were selected as the sample, with a total of 60 observations. The Fixed Effects Model (FEM) approach in panel data regression was applied as the technique to analyze the research data. The analysis results reveal a positive and significant effect of trading volume on stock price volatility (? = 0.110482; p = 0.0419). A positive and significant effect was also found for the Price-Earnings Ratio (? = 0.004443; p = 0.0104). Conversely, firm size has a significant negative effect (? = -0.332046; p = 0.0000). However, dividend policy does not show a significant effect on stock price volatility (? = 0.021583; p = 0.8222). These findings indicate that during the period from the pandemic to economic recovery, the volatility of banking stock prices was influenced by trading activity, market expectations, and internal company characteristics, while dividend policy was not a significant factor. The results of this study have implications for investors in evaluating stock investment risks by taking into account market conditions and company characteristics.

Determinants of Accounting Conservatism: The Moderating Role of State Ownership in Indonesian Banking

Ika Chandra Lukitasari — 2026-03-31

This study aims to analyse the effect of leverage and profitability on accounting conservatism, with state ownership serving as a moderating variable in Indonesian banks during the 2022–2024 period. The research employs a quantitative approach using panel data regression based on Robust Least Squares (M-estimation) with EViews 12. The sample consists of 147 bank-year observations from banks listed on the Indonesia Stock Exchange (IDX). The empirical results indicate that leverage has a negative and significant effect on accounting conservatism (? = ?0.3757; p < 0.01), suggesting that higher debt levels are associated with lower levels of conservative reporting. Profitability also shows a negative and statistically significant effect (? = ?71,392.95; p < 0.01), indicating that more profitable banks tend to adopt less conservative accounting practices. The coefficient of determination (Adjusted R² = 0.8009) suggests that approximately 80.09% of the variation in accounting conservatism is explained by the model. Regarding moderation, state ownership does not significantly moderate the relationship between leverage and conservatism (p > 0.05). However, it significantly moderates the effect of profitability (? = ?128,739.8; p < 0.05), strengthening the negative relationship, while its direct effect remains insignificant. This study contributes to the literature by providing firm-year evidence using the C-Score measure in a highly regulated and state-influenced banking sector. The findings offer policy implications for the Financial Services Authority and the Indonesia Stock Exchange in enhancing governance quality, transparency, and financial reporting standards.