Reviu Akuntansi, Manajemen, dan Bisnis

The Value Relevance of Green Strategies: Intellectual Capital, Innovation, and Accounting Disclosure Under Board Oversight

Friska Firnanti — 2026-09-03

Purpose: This study investigates the direct effects of Green Intellectual Capital, Green Innovation, and Green Accounting on Firm Value in the Indonesian manufacturing sector. Moreover, this study examines the moderating role of Board Size based on Agency Theory and Board Size Paradox.
Research Methodology: This study uses a quantitative panel data regression approach to analyze 276 observations from 92 publicly listed Indonesian manufacturing firms during 2022-2024, with data processed using Stata software.
Results: Green Intellectual Capital positively affects Firm Value, Green Innovation does not significantly affect Firm Value, and Green Accounting negatively affects Firm Value. Board Size negatively moderates the relationship between Green Intellectual Capital and Firm Value and positively moderates the relationship between Green Accounting and Firm Value, but shows no moderating effect on the relationship between Green Innovation and Firm Value.
Conclusions: Green Intellectual Capital enhances firm value, in line with Agency Theory. However, large boards weaken this effect due to administrative and coordination frictions, known as the board size paradox.
Limitations: The study sample is limited to publicly listed manufacturing firms in Indonesia over a three-year observation period.
Contributions: This study provides managerial insights into the board expansion effect on sustainable value creation for environmental strategies in emerging markets.

The Effect of Environmental and Bio-Accounting on Food System Resilience with Sustainable Business Moderating Variable

Ade Manggala Hardianto — 2026-09-01

Purpose: This study examines how environmental and bio-accounting strengthen livestock governance to enhance food system resilience and sustainable business practices.
Research Methodology: This study employs a mixed-methods design, combining quantitative analysis and qualitative case studies in Kabupaten Bekasi, Indonesia, a strategic livestock production area facing environmental and governance challenges. Environmental accounting integrates environmental costs and performance indicators into organizational decision-making, whereas bio-accounting values biological assets based on their ecological contributions and impacts.
Results: This study makes a novel contribution by reconceptualizing environmental and bio-accounting practices. The findings indicate that integrating environmental and bio-accounting improves transparency, accountability, and sustainability-oriented management. These mechanisms enhance resource efficiency, support informed decision-making, and strengthen the resilience of livestock-based food systems.
Conclusions: This study confirms that integrating environmental and bio-accounting practices strengthens governance capacity and promotes adaptive management aligned with sustainable business principles and long-term value creation.
Limitations: This study focused on a single regional case, which may limit its generalizability. Future research should expand coverage across regions and apply longitudinal approaches to examine the long-term impacts.
Contributions: This study contributes to sustainability accounting literature and provides practical insights for policymakers and managers implementing Environmental, Social, And Governance (ESG)-oriented livestock governance strategies.

Digital Transformation and Firm Performance: The Moderating Role of CFO co-optation

Astrid Rudyanto — 2026-09-03

Abstract

Purpose: This study tests whether digital transformation affects firm accounting performance in Indonesian manufacturing firms, and whether CFO co-optation moderates that effect.

Research Methodology: The study draws a panel of 285 firm-year observations from 95 manufacturing firms listed on the Indonesia Stock Exchange between 2022 and 2024, sourced from audited annual reports and financial statements. The study measures digital transformation through text-mining keyword frequency in annual reports and codes CFO co-optation as a binary indicator for CFO appointment during the sitting CEO's tenure. The study estimates a Fixed Effects panel regression in Stata 17, selected through Chow and Hausman tests, with Moderated Multiple Regression testing the interaction effect.

Results: Digital transformation lowers Return on Assets at the 10% significance level. CFO co-optation lowers ROA at the 5% level, but the interaction between digital transformation and CFO co-optation raises ROA at the 5% level, offsetting and reversing the direct penalty.

Conclusions: Executive alignment through CFO co-optation buffers the short-term cost digital transformation imposes on profitability, consistent with Resource Orchestration Theory operating alongside Agency Theory rather than replacing it.

Limitations: The sample covers manufacturing firms only, over a three-year window, using a keyword-based digital transformation proxy.

Contributions: The findings extend Agency Theory and Resource Orchestration Theory into a joint governance-technology model and offer Indonesian regulators, boards, and CFOs concrete guidance on staffing and timing digital transformation initiatives.

Ego Depletion versus Professional Commitment: The Auditor’s Role in Judgment Decision Making and Skepticism

Deasy Ariyanti Rahayuningsih — 2026-09-03

Purpose: This study examines the effect of ego depletion on professional commitment, with Judgment Decision-Making (JDM) and professional skepticism as mediating variables.
Research Methodology: A quantitative explanatory design was employed. Using convenience sampling, data were collected from 113 active external auditors in public accounting firms (Kantor Akuntan Publik/KAP) in Jakarta and parts of Java Island through an online survey. The hypotheses were tested using Partial Least Squares Structural Equation Modeling (PLS-SEM).
Results: Ego depletion significantly and negatively affects JDM and professional skepticism. However, its direct effect on professional commitment is not significant. JDM and professional skepticism fully mediate the relationship between ego depletion and professional commitment.
Conclusions: Cognitive resource depletion weakens auditors’ judgment quality and professional skepticism, which subsequently undermines professional commitment. The findings support the Strength Model of Self-Regulation by demonstrating that depleted cognitive resources can hinder the manifestation of professional values.
Limitations: The cross-sectional design limits causal inference, while self-reported data may involve social desirability bias. The sample is also limited to accounting professionals, restricting generalizability.
Contributions: This study extends ego depletion literature by identifying JDM and professional skepticism as full mediators. Practically, audit firms should manage workloads and cognitive overload to protect auditors’ judgment, skepticism, and professional commitment. Future research should use longitudinal or experimental designs and examine the moderating role of character traits such as courage.

Sales Growth as a Boundary Condition: The Moderating Role of Operating Cash Flow Intensity on Future Return on Equity in Indonesia

Stella Stella — 2026-09-02

Abstract

Purpose: This study examines whether current sales growth conditions the relationship between prior operating cash-flow intensity and subsequent return on equity among Indonesian non-financial companies.

Research Methodology: A quantitative balanced panel comprising 163 consistently profitable companies and 652 temporally aligned firm-year observations from 2020-2025 was analyzed. Operating cash-flow intensity and controls preceded sales growth, while return on equity was measured subsequently. Two-way fixed-effects regression, firm-clustered standard errors, mean-centered interaction terms, simple-slope analysis, and cluster bootstrap estimation were applied.

Results: Prior operating cash-flow intensity was negatively associated with subsequent return on equity at average sales growth, whereas sales growth was positively associated with subsequent profitability at average cash-flow intensity. Higher sales growth weakened the negative cash flow-profitability relationship, which became statistically indistinguishable from zero under high-growth conditions. However, the moderation result was sensitive to extreme-value treatment.

Conclusions: Operating cash generation does not automatically enhance shareholder profitability. Its economic value depends on whether firms possess productive opportunities to convert internal liquidity into commercially meaningful sales expansion.

Limitations: The short pandemic-to-recovery window, restriction to consistently profitable firms, reliance on accounting disclosures, residual cross-sectional dependence, and sensitivity to winsorization limit causal interpretation and generalizability.

Contributions: The study introduces a temporal moderation framework and identifies sales growth as an operating boundary condition. It extends the Agency Theory-Free Cash Flow Hypothesis and Contingency Theory while providing cross-sector evidence from an emerging market.

Keywords: Agency theory, Indonesia, Operating cash flow, Return on equity, Sales growth

How to Cite: Stella, Destriana, N., & Febriantaka, D. S. (2026). Sales Growth as a Boundary Condition: The Moderating Role of Operating Cash Flow Intensity on Future Return on Equity in

Executive Risk Asymmetry: CFO Equity Ownership, CEO Education, and Firm Risk

Aan Marlinah — 2026-09-03

Purpose: This study examines whether Chief Executive Officer (CEO) and Chief Financial Officer (CFO) characteristics relate to firm risk asymmetrically and identifies which attribute holds the most robust association.
Research Methodology: We analyze 372 firm-year observations of non-financial firms listed on the Indonesia Stock Exchange between 2022 and 2024. CEO financial education, CFO positional diversity, CFO stock ownership, and CFO gender are the variables of interest in this study. Idiosyncratic risk is regressed with firm and year fixed effects, with total volatility as a robustness check.
Results: CFO stock ownership is negatively related to both risk measures (p < 0.01), while CEO financial education is positively related to idiosyncratic risk alone. Female CFOs are associated with higher total volatility only, and CFO positional diversity remains insignificant.
Conclusions: Executive attributes have different empirical signatures. CFO equity exposure is associated with lower risk across all measures, whereas CEO financial education is associated with firm-specific risk alone.
Limitations: The design identifies conditional associations rather than causal effects, and the binary executive indicators draw identification from executive turnover within the firms.
Contributions: Whereas prior work examines CEO and CFO attributes in isolation, this study allows four characteristics to compete for explanatory power over firm risk in an emerging market, isolating CFO equity exposure as the most robust executive correlate. This extends the CEO versus CFO literature from financial policy to firm risk and positions CFO incentive design as a governance lever in its own right.