Research of Accounting and Governance

Accounting Information, Digitalization, Intellectual Capital, and Stock Prices: The Moderating Role of CSR

Diego Maret Astrianto — 2026-01-29

This study examines the effects of accounting information value relevance, digitalization disclosure, and intellectual capital on stock prices, with Corporate Social Responsibility (CSR) as a moderating variable. Using panel data from 17 Indonesian banking firms over 2021–2024 (68 firm-year observations), a fixed-effects regression model is employed to control for unobserved firm heterogeneity. The results indicate that earnings per share (EPS), price-to-book value (PBV), digitalization disclosure, and intellectual capital significantly influence stock prices (p < 0.05). Moderation analysis reveals that CSR strengthens the relationship between EPS and stock prices as well as between intellectual capital and stock prices, while the interaction effects of CSR with PBV and digitalization disclosure are not significant. These findings suggest that CSR does not uniformly enhance all value drivers. Model fit varies across specifications, highlighting the importance of robustness checks. Overall, the study shows that CSR enhances the market impact of profitability and intellectual resources, but not all accounting or digital signals. From a managerial perspective, firms should focus on sustaining high-quality earnings, developing intellectual capital, and integrating CSR strategically to improve market valuation.

Employee Perception, Accounting Knowledge, JKP Contribution Management, BPJS Employment, Public Agency

Ratnasari — 2026-01-29

The Job Loss Guarantee (JKP) Program of the Social Security Administering Agency for Employment (BPJS Ketenagakerjaan) aims to provide social security to workers who lose their jobs. The purpose of this study was to examine the effect of accounting knowledge and workers' attitudes on JKP contribution management. The quantitative research methodology included a survey with 102 participants and the use of multiple linear regression and descriptive statistics. The results showed that Accounting Knowledge and Worker Perception had a significant and positive effect on JKP Contribution Management. Compared to accounting knowledge, worker perception had a greater influence. This enhances the effectiveness of the JKP program management and provides recommendations for the Social Security Agency for Workers (BPJS Ketenagakerjaan) in optimising social protection services for workers.

How Company Growth Moderates the Determinants of Firm Value: A Panel MRA Study of Indonesian Banks, 2020–2024

Atik Kusuma Wardana — 2026-01-30

This study examines the effects of managerial ownership, firm size, and dividend policy on firm value, with company growth as a moderating variable, using panel data from banking firms listed on the Indonesia Stock Exchange during 2020–2024. Adopting a quantitative approach, secondary data from annual reports are analyzed using fixed-effects panel regression and Moderated Regression Analysis (MRA). Firm value is measured using a market-based valuation proxy, while managerial ownership, firm size, dividend policy, and company growth reflect governance structure, organizational scale, financial policy, and growth dynamics. The results show that managerial ownership and firm size have a positive and significant impact on firm value, whereas dividend policy has no significant effect. Moderation analysis indicates that company growth strengthens the relationship between managerial ownership and firm value and moderates the effect of firm size on firm value, but does not moderate the relationship between dividend policy and firm value. These findings suggest that growth-oriented banks are more effective in translating ownership alignment and organizational scale into higher market valuation and highlight the importance of ownership alignment, scale optimization, and sustainable growth strategies over dividend signaling.

Applied Value at Risk in the South East Asia Stock Market, Does it Work?

Riko Hendrawan — 2026-01-30

This study uses historical data to calculate VaR, a widely accepted approach due to its simplicity and empirical basis (Olson & Wu, 2017), in the Southeast Asian stock market. The results show that the index with the highest VaR value at the 1% confidence level is the Hanoi Stock Exchange Index from Vietnam. High VaR values in these indices reflect the potential for significant losses in a worst-case scenario. The study also shows that the VaR value increases with the confidence level. This means that, at a higher confidence level, for example, 1%, the VaR value will be greater than at 5% or 10%. A higher confidence level reflects a desire to account for more extreme and rare scenarios. By considering the study period, which includes financial crises such as the 2008 crisis and the COVID-19 pandemic, this study provides relevant insights for investors on the dynamics of risk and return in Southeast Asian stock markets. This study emphasizes the importance of using VaR as a risk management tool to help investors make more informed, prudent investment decisions.

Environmental Management Systems, Firm Size, and Corporate Governance as Determinants of Carbon Emission Disclosure

Fina Ayushabrina — 2026-01-31

This study examines the effects of Environmental Management System (EMS), firm size, institutional ownership, and the audit committee on carbon emission disclosure among energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. Using a quantitative associative approach, secondary data from 33 firms selected through purposive sampling are analyzed, yielding 132 firm-year observations. Carbon emission disclosure is measured using a disclosure index; EMS is proxied by ISO 14001 certification; firm size by the natural logarithm of total assets; institutional ownership by the proportion of institutional shareholding; and the audit committee by the frequency of audit committee meetings. Panel data regression is conducted using EViews, with the fixed-effects model chosen based on model selection tests. The results indicate that EMS has a significant positive effect on carbon emission disclosure, suggesting greater transparency among firms with structured environmental management systems. Firm size also positively influences disclosure, reflecting higher public visibility and accountability. Institutional ownership significantly enhances disclosure through effective monitoring, while audit committee activity strengthens disclosure practices via improved oversight and governance. Overall, the findings highlight the importance of environmental management and corporate governance in improving sustainability reporting and supporting Indonesia’s transition toward a low-carbon economy.

The Role of Good Corporate Governance in Moderating the Impact of Capital and Credit on Firm Value: Evidence from Indonesian Banks

Asri Zaldin — 2026-02-03

This study investigates the effect of credit and capital on firm value, with corporate governance (CG) disclosure as a moderating variable, in banking companies listed on the Indonesia Stock Exchange (IDX). Using secondary data from Banks’ published financial statements over the period 2016–2021, this research applies Moderated Regression Analysis (MRA) to test the proposed hypotheses. The results show that capital has a positive and significant effect on firm value, while the loan-to-deposit ratio (LDR) does not significantly influence firm value. Furthermore, CG disclosure strengthens the relationship between capital and firm value, indicating that governance transparency enhances the signaling effect of capital to the market. However, CG disclosure does not moderate the relationship between LDR and firm value. This study is subject to certain limitations. Although the inclusion of 2022 financial statements was initially planned, incomplete reporting restricted the sample to banks with available data for the 2016–2021 period. In addition, the analysis is limited to banking firms listed on the IDX. CG disclosure data were obtained through content analysis in accordance with regulations issued by the Indonesian Financial Services Authority (OJK). Despite these limitations, the findings contribute to the literature on banking governance and firm value in emerging markets.

Strengthening Tax Compliance through Good Public Governance

Imelda Sari — 2026-02-03

This study examines the effects of taxpayer knowledge and changes in tax regulations on individual taxpayer compliance, with good public governance as a mediating variable. Despite the widespread implementation of the self-assessment system, taxpayer compliance remains a persistent challenge, particularly amid frequent regulatory changes and varying governance quality. Using a quantitative approach, this study involved 100 individual taxpayers registered at the Kemayoran Pratama Tax Office in Jakarta, selected through incidental sampling. Data were collected via questionnaires and analyzed using Partial Least Squares (PLS) with SmartPLS 4.1.9. The results indicate that taxpayer knowledge has a positive and significant effect on compliance, while changes in tax regulations have a significant negative effect. However, both taxpayer knowledge and regulatory changes positively influence good public governance, which in turn significantly enhances taxpayer compliance. Furthermore, good public governance mediates the relationship between taxpayer knowledge and compliance, as well as between regulatory changes and compliance, mitigating the adverse effects of regulatory complexity. These findings contribute to tax compliance literature by highlighting the critical mediating role of governance quality. From a policy perspective, strengthening transparent, consistent, and well-communicated governance frameworks is essential to improving voluntary tax compliance and supporting sustainable revenue mobilization.

Building Value Through Governance, Responsibility, and Sustainability

Ines Permata Dewi — 2026-02-03

This study aims to examine whether the Independent Board of Commissioners, Board of Directors, CSR, and environmental performance influence company value. This study uses a quantitative research method with an associative approach. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The sample was selected using a purposive sampling method and comprised 31 companies, yielding 124 observations. The results of this study show that the Independent Board of Commissioners has a negative influence on company value, as indicated by a negative coefficient. The Board of Directors' influence on company value is accepted. The influence of CSR on company value is accepted. The higher the intensity and quality of a company's CSR activities, the greater the value reflected in investors' and other stakeholders' perceptions. The influence of environmental performance on company value is accepted. The managerial implications of this study indicate that companies need to strengthen substantive implementation of GCG, not just formal compliance.