JAKA (Jurnal Akuntansi, Keuangan, dan Auditing)

The The Effect of Green Economy and Price Limits on Stock Volatility and Capital Costs

2026-07-29T07:58:04+00:00

This study examines the impact of green finance adoption and price limit mechanisms on stock price volatility and corporate Cost of Capital. The sample comprises companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2025. Employing panel data regression analysis via EViews software, the findings reveal that green finance exerts a statistically significant negative influence on both stock price volatility and the Cost of Capital. Concurrently, the price limit mechanism is demonstrated to be effective in mitigating volatility; however, it exhibits no significant effect on the Cost of Capital. In conclusion, this research affirms that sustainable finance practices enhance market stability and lower corporate financing expenses, whereas price limit policies function as short-term stabilizers for market volatility. These findings offer pertinent implications for financial regulators and market participants in advancing green economic initiatives and fostering capital market stability.

PROFITABILITY AND LIQUIDITY AS DETERMINANTS OF FIRM VALUE: THE MODERATING ROLE OF DIVIDEND POLICY

2026-08-13T08:49:56+00:00

This research identifies instability in firm value among various consumer non-cyclical issuers listed on the Indonesia Stock Exchange (IDX) over the 2020–2024 period. This research is designed to test the contribution of profitability and liquidity in affecting firm value. Furthermore, it also tests the extent to which dividend policy can moderate the intervariable relationship among consumer non-cyclical entities listed on the IDX throughout the observation period. Using a quantitative approach of the explanatory research type, secondary data were gathered directly from the annual financial reports of the objects under study. A total of 150 observational data points serving as the sample were analyzed using the PLS-SEM technique with WarpPLS 7.0. The empirical results indicate that an increase in profitability significantly encourages a rise in firm value. Meanwhile, the level of liquidity instead has a significant negative effect on firm value. On the other hand, dividend policy is not proven to moderate the effect of either profitability or liquidity on firm value. Overall, profitability emerges as the dominant factor driving the increase in firm value, whereas dividend policy fails to perform an effective moderating function in this relationship.

EARNINGS MANIPULATION AND TAX AVOIDANCE: DOES POLITICAL CONNECTION MATTER?

2026-07-30T15:42:06+00:00

This study aims to analyze the effect of accrual earnings management on tax avoidance with political connection as a moderation variable in companies in the basic and chemical industry sectors listed on the Indonesia Stock Exchange (IDX) in 2019-2023. This study uses a quantitative approach method with secondary data obtained from the annual report. The population of this study is companies in the Basic Industry and Chemical sectors listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period which amounted to 475 observations. The research sample was selected using the purposive sampling method with a total of 205 observational data. The data analysis technique used was panel data regression with the Common Effect Model (CEM) approach processed using STATA software. The results of this study show that accrual earnings management has no effect on tax avoidance. In addition, political connections cannot moderate the relationship between accrual earnings management and tax avoidance. This states that accrual earnings management is more focused on financial reporting purposes and political connections are not always used by companies to support tax avoidance practices through Accrual Earnings Management.

PENGARUH FAKTOR AKUNTANSI DAN NON-AKUNTANSI DALAM PROSPEKTUS TERHADAP RETURN JANGKA PENDEK SAHAM IPO

2026-09-07T01:06:13+00:00

Short-term Initial Public Offering (IPO) stock returns have attracted considerable attention from investors, yet empirical evidence regarding the influence of prospectus information remains inconclusive. This study examines the effects of accounting and non-accounting factors disclosed in IPO prospectuses on first-day and fifth-day stock returns listed on the Indonesia Stock Exchange. A quantitative approach was employed using secondary data from 190 IPO firms during 2021-2025 selected through purposive sampling. The data were analyzed using multiple linear regression with two models in EViews 13. The results indicate that Free Float has a significant positive effect on first-day returns, while Underwriter Reputation has a significant negative effect on fifth-day returns. The remaining variables are not statistically significant. These findings suggest that prospectus information has limited explanatory power for short-term IPO returns; therefore, investors should also consider market conditions and other external factors when making investment decisions.

The Influence of Environmental Accounting and Green Intellectual Capital on the Quality of Sustainability Reports

2026-04-13T16:35:44+00:00

This study investigates the impact of environmental accounting and green intellectual capital on the quality of sustainability reports from Indonesia mining companies between 2021 and 2024. Using a quantitative causal associative approach and panel data from 38 companies, a fixed effects model regression analysis (FEM) was performed using the Chow Hausman test. The results show that environmental accounting and green intellectual capital have a positive and significant impact on the quality of sustainability reports, both partially and simultaneously. Environmental accounting improves the completeness of reporting, while green intellectual capital reflects internal capabilities for producing transparent reports. The model exhibits very high explanatory power, with a coefficient of determination (R2) of 98.70%. These findings underscore the importance of integrating environmental practices and green intellectual capital to enhance the credibility of sustainability reporting.

Uncovering Corporate Governance Relationships, Financial Reporting Compliance, and Stock Returns: An Investor's Perspective

2026-07-29T09:17:16+00:00

The business sector realizes that long-term business sustainability does not rely solely on financial strength; it also requires a system that ensures proper and effective corporate governance. Relevant characteristics must have predictive value and be presented in a timely manner. Therefore, the timeliness of financial reporting is an essential element for information users. The object of this research is manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2021, totaling 139 companies. The study uses EViews 12 for data analysis to examine both direct effects and moderating effects within the research model. In good GCG (Good Corporate Governance) practices, transparency in information disclosure is crucial because transparency and accountability increase the likelihood of timely financial reporting. Transparency includes providing complete, clear, and easily accessible information, which facilitates the timely delivery of financial reports. In the context of GCG implementation and timeliness of financial reporting associated with stock returns, when stock returns are high and supported by strong GCG practices, management has greater incentives to disclose information quickly and accurately to maintain investor trust and strengthen stock performance. This study uses only one primary factor to examine the effect; therefore, future research should include control variables such as the impact of COVID-19, as this factor affected all publicly listed companies. This study introduces stock returns as a moderating variable, based on the assumption that good GCG implementation is not only important for internal stakeholders but also essential for external parties, including investors who rely on such information when making investment decisions.

Dampak Kinerja Environmental, Social, and Governance (ESG) Terhadap Nilai Perusahaan: Peran Kepemilikan Kas Dan Kualitas Audit

2026-08-26T04:01:32+00:00

This study examines the effect of Environmental, Social, and Governance (ESG) performance on firm value, with cash holding and audit quality as moderating variables. The research object comprises non-financial companies listed on the Indonesia Stock Exchange during 2021–2024, selected through purposive sampling and yielding 1,264 firm-year observations. Data were analyzed using Structural Equation Modeling–Partial Least Square (SEM-PLS) with SmartPLS 4. The results show that ESG performance has a positive and significant effect on firm value. Cash holding significantly strengthens the effect of ESG performance on firm value, whereas audit quality does not moderate this relationship. These findings imply that financial flexibility, rather than external audit reputation, plays a more decisive role in translating ESG performance into firm value

Peran Profitabilitas dalam Memediasi Pengaruh Struktur Modal Terhadap Pertumbuhan Laba Perusahaan Energi

2026-08-26T03:58:40+00:00

This study aims to analyze the role of profitability in mediating the effect of capital structure on earnings growth in energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2025. The data used are secondary data obtained from annual financial statements, with a sample of 10 companies resulting in 40 observations. The analytical method employed is panel data regression using the Fixed Effect Model (FEM) and mediation testing using the Sobel test. The results show that capital structure has a positive and significant effect on profitability, capital structure has a positive and significant effect on earnings growth, and profitability has a positive and significant effect on earnings growth. Furthermore, profitability is proven to mediate the relationship between capital structure and earnings growth. In conclusion, an optimal capital structure through improved profitability enhances earnings growth in energy sector companies.

Keywords: capital structure, profitability, earnings growth

Pengaruh Kepemilikan Institusional, Ukuran Komite Audit, Profitabilitas, Capital Intensity, dan Leverage Terhadap Penghindaran Pajak

2026-07-22T07:43:42+00:00

Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan institusional, komite audit, profitabilitas, capital intensity, dan leverage terhadap penghindaran pajak pada perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan perusahaan. Teknik pengambilan sampel menggunakan purposive sampling sehingga diperoleh 235 data observasi. Analisis data dilakukan menggunakan regresi berganda untuk menguji pengaruh masing-masing variabel independen terhadap penghindaran pajak. Teori keagenan digunakan sebagai rujukan teori dasar. Hasil penelitian menunjukkan bahwa capital intensity dan leverage berpengaruh signifikan terhadap penghindaran pajak. Hal ini mengindikasikan bahwa tingginya proporsi aset tetap dan penggunaan utang mendorong perusahaan melakukan strategi efisiensi pajak. Sementara itu, kepemilikan institusional, komite audit, dan profitabilitas tidak berpengaruh terhadap penghindaran pajak. Penelitian ini diharapkan dapat memberikan kontribusi bagi pengembangan kajian perpajakan serta menjadi bahan pertimbangan bagi investor dan regulator dalam pengawasan praktik penghindaran pajak perusahaan.