Jurnal Akuntansi, Keuangan, dan Manajemen

Capability Conversion Gap in Accounting Systems and Digital Finance: Evidence from Semi-Urban MSMEs

Esti Saraswati — 2026-09-07

Purpose: Grounded in the Resource-Based View, this study examines the relationships between accounting information systems, financial inclusion, financial literacy, fintech adoption, and MSME performance in a semi-urban Indonesian context. It introduces the capability conversion gap to explain why accounting and digital financial resources do not automatically generate performance improvements.
Research Methodology: A quantitative explanatory survey was conducted with 150 MSME owners and managers in South Purwokerto, Banyumas Regency, Central Java, Indonesia. Data were analyzed using descriptive statistics, instrument validity and reliability tests, Harman's single-factor test, classical assumption tests, and multiple linear regression in SPSS 25.
Results: Financial inclusion and fintech adoption are positively associated with MSME performance, whereas accounting information systems and financial literacy show statistically significant negative coefficients in the multivariate model. Fintech adoption had the largest positive standardized coefficient.
Conclusions: Transaction-oriented digital financial resources are more readily converted into operational benefits, whereas accounting systems and financial knowledge require stronger behavioral implementation, bookkeeping discipline, and managerial routines.
Limitations: The study uses cross-sectional, self-reported data from a sample dominated by microenterprises; therefore, the findings are interpreted as statistical associations rather than causal effects.
Contributions: This study extends the MSME accounting and digital finance literature by explaining the asymmetric relationships between resources and performance from the perspective of the capability conversion gap. By distinguishing resource availability, capability development, and capability conversion, this study offers a context-specific explanation for why theoretically beneficial resources may not produce immediate performance gains.

Financial Reporting Quality: The Mediating Role of Accounting Information Systems in Indonesia's Religious Affairs Ministry

Puspa Riza — 2026-09-07

Purpose: This study aims to examine the effects of Human Resource Competence (HRC) and Top Management Support (TMS) on Financial Reporting Quality (FRQ), while investigating the mediating role of Accounting Information Systems (AIS) in the public sector context.
Research Methodology: This study employed a quantitative approach using a survey method at the Ministry of Religious Affairs of Jambi Province, Indonesia. Primary data were collected through structured questionnaires distributed to financial management personnel. A total of 320 respondents were selected using purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS.
Results: The findings show that HRC (β = 0.418) and TMS (β = 0.465) positively influence AIS. Furthermore, HRC (β = 0.283), TMS (β = 0.258), and AIS (β = 0.444) significantly improve FRQ, with AIS demonstrating the strongest direct effect. AIS also mediates the relationship between HRC and FRQ (β = 0.186) and between TMS and FRQ (β = 0.207).
Conclusions: FRQ is enhanced when competent human resources and strong managerial support are integrated with effective AIS.
Limitations: This study was limited to one public institution and focused only on four variables, restricting broader generalization.
Contributions: This study extends FRQ literature by integrating Institutional Theory and Stakeholder Theory to explain AIS mediation and provides practical insights for strengthening public sector financial management.

Credit, Liquidity, and Pandemic Shock Effects on Indonesian Banking Profitability from 2010-2025

Rousilita Suhendah — 2026-09-01

Purpose: This study examines the determinants of banking profitability in Indonesia by analyzing the effects of credit distribution, capital adequacy, liquidity, monetary policy rates, and the COVID-19 shock using a dynamic time series framework.
Research Methodology: Monthly data from January 2010 to June 2025 were analyzed using the Auto-Regressive Distributed Lag (ARDL) and Error Correction Model (ECM) approaches. HAC/Newey-West robust standard errors were employed to improve estimation reliability.
Results: The findings confirm a long-run relationship between the variables. Credit distribution exhibits dynamic effects on profitability, while liquidity significantly affects profitability in both the short and long runs. The COVID-19 variable negatively affects banking profitability, whereas capital adequacy and monetary policy rates are statistically insignificant. The ECM results indicate a gradual adjustment toward long-run equilibrium.
Conclusions: Banking profitability in Indonesia is primarily influenced by liquidity conditions, credit adjustment mechanisms, and external shocks rather than capital adequacy or monetary policy rates.
Limitations: This study uses aggregate banking industry data and has limited explanatory variables.
Contributions: This study contributes to the banking literature by providing dynamic evidence using high-frequency monthly data and an ARDL-ECM framework incorporating structural pandemic shocks.

Stakeholder Driven Adoption of E-Catalog Mobile in Indonesian Local Government

Mira Erviana — 2026-09-01

Purpose: This research investigates the determinants affecting the intention to adopt mobile e-catalogs within local government institutions, highlighting how stakeholder-driven forces construct user viewpoints.
Research Methodology: A quantitative research design was applied utilizing questionnaire responses from 337 procurement officers in the Indonesian local government. Analysis was conducted through PLS-SEM to evaluate an Integrated Technology Organization Environment (TOE) Framework and Technology Acceptance Model (TAM).
Results: The findings show that perceived usefulness and perceived ease of use strongly affect the Intention to Adopt. Organizational Readiness indirectly contributes to the Intention to Adopt through the mediation of the system’s perceived ease of use. Stakeholder Demand appears as the primary driver influencing both perceptions, showing that external pressure heavily shapes how users access technology.
Conclusions: The study concludes that in established public digital systems, the adoption of complementary technologies is primarily perception-driven rather than readiness-driven.
Limitations: This study focuses only on procurement officials in local governments and predominantly covers respondents from Western Indonesia. It also examines the intention to adopt rather than actual usage behavior.
Contributions: This research adds to the academic discussion by showing that stakeholder demand influences the intention to adopt technology through the formation of user perceptions, broadening TOE–TAM integration within local government digital transformation.

Decoding Ethereum's Brand Personality via YouTube Content Analysis

Janfry Sihite — 2026-09-01

Purpose: This study examines Ethereum’s brand identity as a decentralized blockchain platform, focusing on how its narrative is co-created and negotiated within the YouTube ecosystem and its implications for market positioning and investor behavior.
Research Methodology: A quantitative content analysis and text mining approach was applied to 355 English-language YouTube video descriptions using WordStat software, Brand Personality, sentiment analysis, Term Frequency–Inverse Document Frequency (TF-IDF), Named-Entity Recognition (NER), and hierarchical cluster analysis.
Results: The findings show that competence is the dominant brand personality trait (52.48%), followed by excitement (28.37%). Sentiment analysis reveals balanced polarity, with 50.37% negative and 49.63% positive sentiments. Ethereum’s brand narrative is strongly shaped by financial and institutional adoption discussions.
Conclusions: Ethereum’s co-created brand identity reflects technological competence and speculative excitement. Without centralized marketing control, YouTube intermediaries influence brand narratives by transforming technical blockchain concepts into financial investment narratives.
Limitations: The study focuses only on textual metadata from English-language YouTube videos and does not include visual content or cross-cultural perspectives.
Contributions: This study extends digital marketing and decentralized finance research by applying brand personality theory to Decentralized Autonomous Organizations (DAOs) and digital assets.

Budget Transparency and Internal Control Systems in Enhancing Financial Reporting Quality

Okto Irianto — 2026-09-01

Purpose: This study examines the effects of budget transparency and internal control systems on financial reporting quality in local government, with public accountability as a mediating variable.
Research Methodology: A quantitative explanatory approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) was applied. Data were collected through questionnaires from 150 structural officials across 28 Regional Apparatus Organizations (Organisasi Perangkat Daerah [OPD]) in Merauke Regency, Indonesia, selected using proportional stratified random sampling.
Results: Budget transparency (β = 0.298, p = 0.001) and internal control systems (β = 0.341, p < 0.001) significantly improve public accountability, with internal control systems as the strongest predictor. Public accountability significantly enhances financial reporting quality (β = 0.521, p < 0.001). Mediation analysis confirms that public accountability significantly mediates the relationship between budget transparency (β = 0.155, p = 0.021) and internal control systems (β = 0.178, p = 0.011) with financial reporting quality.
Conclusions: Strengthening budget transparency, internal controls, and public accountability can improve local government financial reporting quality.
Limitations: The study focuses only on structural officials in Merauke Regency, South Papua, limiting broader generalization.
Contributions: This study highlights public accountability as an institutional mechanism linking governance practices and financial reporting quality, provides evidence from Eastern Indonesia, and offers practical insights for public sector governance reform by emphasizing the importance of internal control systems.

Comparing Profitability, Solvency, and Capital Adequacy Effects on Price Earnings Ratio in Indonesian Banks

Agus Maolana Hidayat — 2026-09-01

Purpose: This study examines the effects of profitability, solvency, and capital adequacy on the Price Earnings Ratio (PER) in two distinct ownership segments of the Indonesian banking sector, namely state-owned banks (Himbara) and privately owned conventional commercial banks listed on the Indonesia Stock Exchange (IDX), and compares the differential patterns of influence between the two groups.
Research Methodology: This study employs a quantitative comparative descriptive approach with panel data regression estimated using EViews. The sample comprises four Himbara banks (Bank Mandiri, BRI, BNI, and BTN) and five private banks (BCA, OCBC NISP, CIMB Niaga, Bank Permata, and Bank Danamon), covering the period 2015–2024, and yielding 90 observations in total.
Results: In Himbara banks, ROE has a significant negative effect on the P/E ratio, DAR has a significant positive effect, and CAR has no significant effect. In private banks, ROE has no significant effect, DAR has no significant effect, and CAR has a significant positive effect. Taken together, the three variables jointly have a significant effect on the P/E ratio in both banking groups.
Conclusions: The differences in ownership structures between Himbara and private banks produce different patterns of influence on PER.
Limitations: This study is limited to nine banks over a ten-year period and does not include macroeconomic factors as control variables.
Contributions: This study provides empirical evidence that comparative research based on the bank ownership structure produces richer and more nuanced findings than studies that pool all banks into a single model.

Agency Cost in the Profitability-Financial Sustainability Nexus: Evidence from ASEAN Emerging Markets

Nicken Destriana — 2026-09-03

Purpose: This study examines the effect of profitability on financial sustainability while investigating the dual role of agency cost as a mediator and moderator among publicly listed non-financial companies in Indonesia, Malaysia, and the Philippines from 2020 to 2024.
Research Methodology: This quantitative study employs secondary panel data from 581 publicly listed non-financial companies, producing 2,905 firm-year observations. Financial data were obtained from Bloomberg and analyzed using Stata through fixed-effects panel regression with Driscoll–Kraay robust standard errors.
Results: The findings show that profitability enhances financial sustainability and reduces agency costs. Agency costs negatively affect financial sustainability and partially mediate the relationship between profitability and sustainability. However, agency costs do not moderate this relationship, indicating that it functions as a transmission mechanism rather than a boundary condition.
Conclusions: This study extends agency theory by demonstrating that agency costs primarily explain how profitability contributes to long-term financial sustainability. It also supports Signaling Theory by showing that profitable firms tend to demonstrate stronger governance quality and financial resilience.
Limitations: Agency cost is measured using a single accounting-based proxy, and its relatively small mediation effect (5.66%) and insignificant moderating effect limit the interpretation of its role in the relationship between profitability and financial sustainability.
Contributions: This study contributes to the literature by integrating the mediating and moderating roles of agency costs within the profitability and sustainability framework. Practically, the findings provide insights for managers, investors, and policymakers to strengthen governance practices that support sustainable growth in emerging ASEAN markets.

Financial Characteristics and Accounting Conservatism in Explaining Corporate Tax Avoidance: The Moderating Role of Institutional Ownership

Sugiarto Prajitno — 2026-09-03

Purpose: This study aims to examine the effects of financial characteristics and accounting conservatism on corporate tax avoidance and to analyze the moderating role of institutional ownership in the relationship between accounting conservatism and tax avoidance among Indonesian listed companies.
Research Methodology: This study adopts a quantitative explanatory approach using secondary data from audited annual reports of Indonesian listed companies during 2021–2023. The final sample comprises 204 firm-year observations selected through purposive sampling. Corporate tax avoidance is measured using the Cash Effective Tax Rate (CETR), with independent variables consisting of return on assets, debt-to-equity ratio, firm size, accounting conservatism, sales growth, and capital intensity. Data analysis is performed using Stata through descriptive statistics, diagnostic testing, multiple regression analysis, and moderated regression analysis.
Results: The findings reveal that the debt-to-equity ratio positively affects CETR, while sales growth and capital intensity negatively affect CETR. Meanwhile, return on assets, firm size, accounting conservatism, and institutional ownership show no significant effects. Institutional ownership also fails to moderate the relationship between accounting conservatism and tax avoidance.
Conclusions: Corporate tax behavior appears to be influenced more by financing and operational factors than by accounting conservatism or ownership structures.
Limitations: This study uses a single tax avoidance measure and a limited observation period.
Contribution: This study extends tax avoidance literature by integrating financial characteristics, accounting conservatism, and institutional ownership in an emerging market context.

Strengthening Banking Stability: Green Banking, ESG Performance, Intellectual Capital and CGC as a Moderating Variable

Lasty Agustuty — 2026-09-01

Purpose: This study explores the influence of green banking, Environmental, Social, and Governance (ESG), and intellectual capital on increasing financial stability, with effective corporate governance as a moderating variable, specifically in the context of Indonesian Sharia banks.
Methodology: This study employs a quantitative methodology, focusing on nine Sharia Banks selected through purposive sampling. Data were sourced from annual reports, sustainability reports, and financial statements spanning 2020-2024. Statistical analysis was conducted using multiple linear panel data regression and Moderated Regression Analysis (MRA) with EViews software.
Results: This study finds that green banking, ESG, intellectual capital, and Good Corporate Governance (GCG) significantly and positively influence financial stability. The moderating variable, GCG, considerably influences the relationship between intellectual capital and financial stability. Nonetheless, it fails to reinforce the connections between green banking and financial stability and between ESG and financial stability.
Conclusion: Sharia banks must continually focus on managing intangible assets, including green banking, ESG, and enhancing intellectual capital, as these are interconnected with improving performance, operational efficiency, competitive advantage, maximizing profits, and maintaining the bank's financial stability.
Limitations: The generalizability of the results to other countries or banking contexts may be restricted by the research's emphasis on Indonesian Sharia banks.
Contributions: This study enhances the understanding of Indonesia's green banking policies and corporate governance, providing useful perspectives for regulators and bank management to enhance financial stability.

Does the CEO’s Ego Matter Narcissism’s Moderating Effect on Profitability, Distress, Ownership, and Tax Avoidance

Annisa Kanti — 2026-09-02

Purpose: This study examines how profitability, financial distress, and institutional ownership affect corporate tax avoidance among Indonesian manufacturing firms and tests whether CEO narcissism moderates these relationships rather than directly and uniformly driving tax avoidance.
Research Methodology: This quantitative study applied purposive sampling to analyze 426 firm-year observations from 142 IDX-listed manufacturing firms (2022–2024), measuring tax avoidance, profitability, distress, ownership, and narcissism using the Effective Tax Rate, Return on Assets, debt-to-equity ratio, institutional shareholding, and Photographic Prominence Index. Moderated Regression Analysis used EViews 13 with a Random Effect Model
Results: Profitability significantly restricts tax avoidance, whereas financial distress and institutional ownership show no significant direct effects. CEO narcissism significantly strengthens the profitability-avoidance relationship but does not moderate distress or ownership pathways.
Conclusions: CEO narcissism acts as a selective moderating mechanism, activating only under favorable financial conditions rather than universally.
Limitations: This study is limited to Indonesian manufacturers from 2022 to 2024, relying on secondary corporate data.
Contributions: This study enriches the behavioral accounting and corporate governance literature and helps tax authorities and boards assess executive leadership governance and tax risks. By introducing selective moderation, this study shows that CEO Narcissism amplifies tax avoidance only under specific financial conditions rather than functioning as a uniform driver, a distinction that constitutes the study’s core theoretical novelty.

Drivers of Financial Management Behaviour among Gen-Z in Pasuruan Regency

Ufi Rumefi — 2026-09-01

Purpose: This study aims to examine the influence of financial knowledge on financial management behavior among Generation Z in Pasuruan Regency, Indonesia. It also investigates the mediating roles of emotional intelligence and financial well-being in the relationship between financial knowledge and financial management behaviour
Research Methodology: Data for the study were collected through an online questionnaire and analysed them using SEM based on PLS with WarpPLS, based on 280 valid responses.
Results: The findings indicate that financial knowledge does not significantly directly affect financial management behavior. However, financial knowledge significantly and positively influenced emotional intelligence and financial well-being. In addition, both emotional intelligence and financial well-being significantly and positively affect financial management behaviors. The mediation analysis revealed that emotional intelligence did not significantly mediate the relationship between financial knowledge and financial management behavior, whereas financial well-being served as a significant full mediator.
Conclusions: The study concludes that financial knowledge alone does not directly influence financial management behavior. Financial well-being plays an important mediating role in encouraging responsible financial behaviour among Generation Z.
Limitations: This study is limited to working members of Generation Z in Pasuruan Regency, which may restrict the generalizability of the findings to other regions or demographic groups.
Contributions: This study highlights the important role of financial well-being in strengthening the effect of financial knowledge on financial management behavior among Gen Z. It also emphasizes the influence of psychological factors on financial decision-making.

The Moderating Role of Profitability in the Relationship Between Intellectual Capital and Firm Value

Fanny Anggraeni — 2026-09-02

Purpose: This study examines the effect of intellectual capital on firm value and the moderating role of profitability. Due to inconsistent findings regarding the value-creating role of intellectual capital, this study investigates whether profitability strengthens the relationship between intellectual capital and firm value.
Research Methodology: This study uses secondary data from manufacturing companies listed on the Indonesia Stock Exchange during 2022–2024. Hypotheses were tested using moderated regression analysis with the Hayes test in SPSS version 26.
Results: The findings show that intellectual capital has a significant negative effect on firm value, while profitability has a significant positive effect. Furthermore, the interaction between intellectual capital and profitability positively affects firm value, indicating that profitability strengthens this relationship.
Conclusions: Intellectual capital does not directly create firm value and may initially be perceived as a cost. However, higher profitability enables firms to maximize the value-creating potential of intellectual capital.
Limitations: This study is limited to Indonesian manufacturing companies and measures intellectual capital using only the VAIC method.
Contributions: This study contributes by demonstrating that the effect of intellectual capital on firm value depends on profitability. The findings highlight profitability as an important mechanism that enhances the value relevance of intellectual capital.

Financial and Non-Financial Determinants of Stock Price and Insolvency Risk in Indonesia

Tita Deitiana — 2026-09-03

Purpose: This study investigates the effects of financial ratios and non-financial firm characteristics on stock prices and insolvency risk among Indonesian non-financial firms during 2017–2024.
Research Methodology: A quantitative approach was employed using multiple linear regression to examine the determinants of stock prices and binary logistic regression to evaluate the effects of financial and non-financial variables on insolvency risk.
Results: The findings reveal that profitability, leverage, number of employees, and number of shareholders significantly influence stock prices, indicating that investors consider both financial performance and firm characteristics in market valuation. Insolvency risk is primarily affected by liquidity and inventory turnover, while other variables show limited explanatory power. Stock price does not significantly affect insolvency risk, suggesting that market valuation does not effectively capture early signals of financial distress in Indonesia’s emerging market context.
Conclusion: This study concludes that stock price is not a reliable early-warning indicator of insolvency risk. Effective liquidity management and operational efficiency are essential for reducing financial distress and strengthening firm resilience.
Limitations: The study focuses only on non-financial firms and does not incorporate macroeconomic shocks or dynamic non-linear models. Future research should consider broader contexts and external uncertainty factors.
Contribution: This study contributes to corporate finance literature by highlighting the importance of financial and non-financial signals in predicting insolvency risk. The findings support the development of early warning systems that prioritize solvency and operational indicators over market volatility.

Burnout Among Secretariat Employees: Job Demands, Work-Life Balance and Emotional Pathways

Arman Syarif — 2026-09-01

Purpose: This study examines the effects of job demands and work-life balance on burnout through emotional pathways among secretariat employees. It aims to explain whether emotional pathways mediate the relationship between workplace conditions and burnout in administrative support roles.
Methodology: This study employs a quantitative explanatory design using survey data from 138 valid respondents. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0 to assess the measurement model, structural model, direct effects, and mediation effects.
Results: Job demands significantly increase burnout and emotional pathways, indicating that higher administrative pressure, task urgency, and responsibility intensity contribute to employee strain. Unexpectedly, work-life balance positively affects burnout, suggesting that balance efforts may not reduce burnout when occupational pressure remains unresolved. Emotional pathways do not significantly affect burnout and do not mediate the relationship between job demands, work-life balance, and burnout.
Conclusion: This study concludes that job demands are the most consistent predictor of burnout among secretariat employees. Burnout is primarily driven by persistent workplace demands rather than emotional mechanisms. These findings highlight the importance of managing workload and improving organizational conditions to reduce employee burnout.
Limitations: This cross-sectional study is limited to secretariat employees in a specific organizational context, restricting causal interpretation and generalizability. Future studies should examine broader occupational groups and diverse settings.
Contribution: This study contributes to burnout literature by highlighting secretariat employees as an underexplored occupational group and demonstrating that direct workplace factors explain burnout more strongly than emotional mediation mechanisms.

Does Board Gender Diversity Weaken the Fraud Pentagon-Driven Financial Statement Fraud? Evidence from Indonesian Manufacturing Firms

Novia Wijaya — 2026-09-02

Purpose: This study examines whether financial stability, external pressure, ineffective monitoring, and Chief Executive Officer (CEO) tenure raise financial statement fraud risk among Indonesian manufacturing firms and whether board gender diversity moderates these relationships.
Research Methodology: We built a balanced panel of 109 Indonesia Stock Exchange (IDX)-listed manufacturing firms via purposive sampling, yielding 327 firm-year observations (2022-2024). Fraud was measured using the Beneish M-Score and analyzed in Stata/MP 17 via conditional fixed-effects logistic regression, cross-validated against a pooled logistic regression with robust standard errors.
Results: Financial stability positively and significantly predicted fraud under both estimators. External pressure was significant only in the pooled model, and ineffective monitoring and CEO tenure were not significant. Board gender diversity significantly weakened the ineffective monitoring-fraud link in the primary model; however, this and three other moderations did not survive the robustness check.
Conclusions: Governance-moderation effects found under a single estimator may not survive an alternative specification, underscoring the value of testing governance mechanisms with more than one panel estimator.
Limitations: The three-year window restricted within-firm variation, excluding several sampled firms from the primary estimation and limiting the detection of some effects.
Contributions: To our knowledge, this is the first study to test board gender diversity as a moderator of each Fraud Pentagon mechanism–financial stability, external pressure, ineffective monitoring, and CEO tenure–individually rather than as a single average effect. This study offers Indonesian regulators and audit committees guidance for treating board gender diversity as a fraud-mitigating mechanism rather than an assumed safeguard.

Understanding Creditor Risk: Do Women on Boards Indirectly Escalate the Cost of Debt Through Tax Planning?

Irwanto Handojo — 2026-09-02

Purpose: This study investigates the direct effect of board gender diversity on the cost of debt, and its indirect effect mediated through corporate tax avoidance, during a macroeconomic crisis.
Research Methodology: Utilizing purposive sampling, a balanced panel of 60 manufacturing firms listed on the Indonesia Stock Exchange (180 firm-year observations) from 2021 to 2023 was analyzed using robust Common Effect panel regressions in Stata 18.
Results: The direct effect of board gender diversity on borrowing costs is highly insignificant. However, corporate tax avoidance has a significant positive direct effect on the cost of debt. The indirect pathway is positive and marginally significant, demonstrating that gender-diverse boards increase tax-planning intensity, which creditors subsequently penalize.
Conclusions: Board gender composition does not directly influence creditors. Rather, its effect is fully transmitted through strategic tax choices. During economic shocks, survival-driven cash conservation via tax planning is processed as a negative signal of opacity and audit risk by risk-averse relationship banks, driving up borrowing costs.
Limitations: The study is restricted to Indonesian manufacturing firms during the abnormal COVID-19 shock, with data availability constrained by incomplete corporate interest and debt disclosures.
Contributions: This research provides vital policy insights for the Financial Services Authority (Otoritas Jasa Keuangan-OJK) and commercial banks, showing that boardroom gender diversification mandates must be carefully balanced against strategic financial transparency demands in relationship-based emerging credit markets.

Green Innovation and ESG Performance: Trends, Themes, and Future Directions from a Bibliometric-Systematic Review

Erna Wati — 2026-09-01

Purpose: This study aims to map the evolution, influential sources, dominant themes, mechanisms, and future research directions of Scopus-indexed studies examining the relationship between green innovation and Environmental, Social, and Governance (ESG) performance during 2015–2025.
Research Methodology: This study employed a PRISMA-guided bibliometric systematic review approach using Scopus-indexed journal articles. A total of 22 eligible articles were identified and analyzed through VOSviewer-based bibliometric mapping and thematic synthesis to reveal publication trends, intellectual structures, and emerging research themes.
Results: The findings indicate that GI–ESG research has experienced significant growth after 2022, with increasing attention to the roles of green finance, digital transformation, disclosure quality, governance mechanisms, and institutional support. The synthesis demonstrates that green innovation contributes more effectively to ESG performance when supported by organizational capabilities and contextual factors.
Conclusions: Green innovation has evolved into a strategic mechanism that enables firms to transform sustainability initiatives into measurable ESG outcomes.
Limitations: This study is limited to Scopus-indexed journal articles published between 2015 and 2025 and includes only 22 studies, which may exclude relevant evidence from other sources.
Contributions: This study contributes by integrating bibliometric analysis and thematic synthesis to develop a mechanism-oriented framework explaining how digital capability, governance, disclosure, and green finance strengthen the role of green innovation in improving ESG performance.

The Cognitive Rigidity Trap: Managerial Experience, Firm, Performance, and Evidence from Emerging European Economies

Indra Arifin Djashan — 2026-09-02

Purpose: This study examines the direct impact of managerial characteristics, particularly managerial experience, on firm performance from a behavioral accounting perspective. Additionally, it investigates how internal organizational mechanisms, namely employee training investments and digital technology adoption, mitigate managerial rigidity to optimize corporate financial results.
Research Methodology: Utilizing a quantitative behavioral accounting framework, the empirical analysis evaluates microdata comprising 4,946 firm-level observations from emerging economies in Europe. Ordinary Least Squares (OLS) regression and Generalized Structural Equation Modeling (GSEM) mediation analysis with robust standard errors were executed using Stata software.
Results: Managerial experience and female managerial presence negatively affect firm performance, whereas employee training and digital technology adoption have positive effects. Digital adoption also significantly mediates the effect of employee training on firm performance.
Conclusions: By Integrating Upper Echelons Theory and the Resource-Based View, the findings demonstrate that extensive executive experience can yield an experience trap due to cognitive rigidity and inertia. Combining digital tools with workforce training is a valuable internal resource that counters leadership limitations in dynamic environments.
Limitations: The cross-sectional design constrains the ability to observe long-term temporal dynamics, multi-year adaptation lags, or path-dependent trajectories of human capital investments and digital transformation.
Contributions: Corporate executives and HR policymakers should align employee training directly with digital workflows rather than executing standalone investments while implementing executive upskilling to overcome cognitive inertia.

Does Firm Size Strengthen the Effect of Liquidity on Corporate Cash Holding?

Beny Beny — 2026-09-02

Purpose: This study investigates the direct effect of non-cash working-capital liquidity on corporate cash holdings and evaluates whether firm size acts as a moderating variable within the liquidity-intensive property and real estate sector listed on the Indonesia Stock Exchange.
Research Methodology: A quantitative explanatory approach using panel data was conducted on 42 property and real estate firms (252 firm-year observations) listed from 2018 to 2023. Data were analyzed using regression analysis by EViews 12 software.
Results: Statistical findings demonstrate that liquidity has a significant negative direct effect on cash holdings. Importantly, firm size significantly moderates the relationship between liquidity and cash holding in a positive direction, confirming its role as a pure moderator that attenuates liquidity substitution behavior.
Conclusions: Organizational scale fundamentally alters corporate liquidity management; while smaller firms substitute non-cash liquidity for physical cash, larger enterprises leverage superior credit access and scale advantages to accumulate internal liquid reserves alongside working capital growth.
Limitations: The scope is limited strictly to audited financial disclosures of property and real estate companies in a single emerging market over a six-year period, unobserving qualitative governance factors.
Contributions: The study provides financial managers with insights to optimize cash conversion cycles and offers Investors and Regulators (Otoritas Jasa Keuangan-OJK) a diagnostic scale-adjusted framework for evaluating corporate liquidity risk

Asset Turnover Mediates the Effects of ERM and Sales Growth on the Profitability

Satriyo Wibowo — 2026-09-03

Purpose: This study examines whether asset turnover mediates the effects of Enterprise Risk Management (ERM) and sales growth on profitability, while assessing the role of firm size in influencing this relationship.
Research Methodology: The study analyzes 143 non-financial listed firms on the Indonesia Stock Exchange during 2018–2025, producing a balanced panel of 1,144 observations. The analysis employs a Fixed Effects Model, with mediation tested through causal path analysis and moderation examined using the interaction term between TATO and firm size.
Results: The findings show that ERM and sales growth positively affect Total Asset Turnover (TATO). TATO is the strongest predictor of Return on Assets (ROA) and partially mediates the relationship between ERM, sales growth, and profitability. However, the interaction between TATO and firm size has a negative and significant effect, indicating that larger firms experience reduced efficiency in converting asset utilization into profitability.
Conclusion: Operational efficiency serves as a key channel through which risk management and sales growth enhance profitability. However, increasing firm size may weaken this conversion process due to greater organizational complexity.
Limitations: The study is limited to 143 non-financial firms and uses an aggregate ERM disclosure index, which may not fully capture implementation maturity.
Contribution: This study contributes to the Resource-Based View and Contingency Theory by identifying asset efficiency as an overlooked mechanism in the ERM–performance relationship and demonstrating firm size as a boundary condition that influences efficiency-based value creation.

Profitability, Leverage, and Financial Performance: Evidence from London Stock Exchange Foreign Firms (2020–2024)

Eva Purnamasari — 2026-09-01

Monitoring Mechanisms, Corporate Performance, and Corporate Tax Strategy: An Agency Theory Perspective

Debora Debora — 2026-09-02

Purpose: This study aims to examine whether monitoring mechanisms, alignment mechanism, and firm characteristics influence corporate tax strategy through corporate performance in Indonesian listed manufacturing companies.
Research Methodology: This study employed a quantitative explanatory approach using purposive sampling. The sample consisted of manufacturing companies consistently listed on the Indonesia Stock Exchange during 2022–2024, publishing annual financial statements ending on December 31, presenting financial statements in Rupiah, recording profit before and after tax, and reporting CETR values greater than 0 and less than 1. The final dataset comprised 318 firm-year observations and was analyzed using STATA version 17 through panel data regression.
Results: The findings show that managerial ownership and sales growth influence corporate performance, while corporate performance shapes corporate tax strategy. Other governance and firm-characteristic variables do not show a direct effect on corporate tax strategy after corporate performance is included. These results strengthen the novelty of this study by showing that corporate tax strategy is better explained through a performance-mediated pathway rather than through direct governance effects alone, thereby contributing to agency-based corporate governance and taxation literature.
Conclusions: This study concludes that corporate tax strategy is better explained as a performance-mediated managerial outcome rather than merely as a direct consequence of formal governance mechanisms.
Limitations: This study is limited to Indonesian manufacturing companies during the 2022–2024 period.
Contributions: This study provides practical insight for regulators, investors, and corporate decision-makers in strengthening governance mechanisms that support performance accountability and responsible tax strategy.

Determinants of Financial Performance: The Role of Operating Efficiency in Indonesian Transportation and Logistics Companies

Nila Pusvikasari — 2026-09-02

Purpose: This study examines the effects of sales growth, liquidity, asset tangibility, and operating efficiency on the financial performance of transportation and logistics companies. It also assesses the moderating role of operating efficiency.
Research Methodology: A quantitative explanatory design was applied using panel data from transportation and logistics companies listed on the Indonesia Stock Exchange during 2020–2024. Companies were selected through purposive sampling, and the data were analyzed using panel regression and moderation analysis with EViews 13 software.
Results: Sales growth and operating efficiency have significant positive effects on financial performance, while asset tangibility has a significant negative effect. Liquidity has no significant effect. Operating efficiency does not significantly moderate the relationships between sales growth, liquidity, asset tangibility, and financial performance.
Conclusions: Financial performance is primarily associated with firms’ ability to sustain revenue growth and utilize assets efficiently. Operating efficiency acts as a direct determinant rather than a moderating mechanism.
Limitations: This study is limited to Indonesian transportation and logistics companies, the 2020–2024 period, and selected financial and operational factors. Future studies should examine other industries, countries, periods, and performance measures.
Contributions: This study extends corporate finance literature by providing evidence from an asset-intensive industry and offers practical guidance for improving profitability through effective asset utilization.

Integrating Cue Utilization Theory and SOR Framework for Digital Payment Use Among Jakarta Millennials

Dicky Supriatna — 2026-09-02

Purpose: This study explains why digital payment adoption remains uneven among Jakarta's millennials despite high online shopping activity, by integrating Cue Utilization Theory with the Stimulus–Organism–Response framework and positioning Technology Adoption as a higher-order construct linking extrinsic and intrinsic cues to actual digital payment behaviour.
Research Methodology: Data were collected via a self-administered online questionnaire targeting Jakarta-based millennials. After screening for eligibility and data quality, 162 valid responses were analysed using PLS-SEM with SmartPLS and Jamovi.
Results: Perceived convenience (β=.509, p<.001) and perceived security (β=.309, p<.001) as intrinsic cues positively and significantly affected Technology Adoption, whereas social influence and promotion and discount as extrinsic cues had no significant effects. Technology Adoption significantly predicted Use of Digital Payment (β=.643, p<.001) and mediated the effects of perceived convenience (β=.327, p < .001) and perceived security (β=.199, p<.001), but not those of the extrinsic cues.
Conclusions: Among digitally mature urban millennials, functional and security-related attributes outweigh social pressure or monetary incentives in driving sustained digital payment use, underscoring Technology Adoption's role as the mechanism that translates cue evaluation into actual behaviour.
Limitations: The study is limited to one generational cohort in Jakarta and a cross-sectional design, restricting generalisability and the ability to capture how usage evolves over time.
Contributions: This study integrates CUT with the SOR framework and guides fintech providers and policymakers to prioritise usability and trust over promotional and social-influence strategies.