Berkala Akuntansi dan Keuangan Indonesia

THE EFFECT OF SHARIA STOCK STATUS AND THE COMPANY'S NON-SHARIA DEBT RATIO ON ESG SCORE

Rumi Raniri — 2025-09-30

Daftar Efek Syariah (DES) does screening to create Indeks Saham Syariah Indonesia (ISSI). Following Sharia values, it is necessary to see whether it can also reflect better non-financial reports. This study examines whether the ESG performance of sharia-compliance companies is higher. Unlike previous studies, this study also tests whether non-sharia debt ratio (that also reflect sharia compiance) affects the ESG score instead of leverage. This study uses Ordinary Least Square (OLS) regression with fixed effect analysis to compare the ESG score among Indonesian companies. The results prove that, while non-sharia debt ratio affects ESG scores especially the environmental and social pillars, DES screening affects ESG scores especially the social pillar only. This finding enriches studies on ESG and sharia compliance. This study broadens the perspective of stakeholders in Indonesia who pay attention to maqashid sharia and provides implications for DES to integrate ESG dimensions in determining sharia-compliant companies.

THE EFFECT OF PAYMENT GATEWAYS, DIGITALIZATION OF MSMEs, FINANCIAL LITERACY, AND VENTURE CAPITAL ON MSME PERFORMANCE.

Diva Firma Ananda — 2025-09-30

MSMEs play an important role in economic development, overcoming the problem of poverty, and are able to provide employment opportunities. This research aims to determine the influence of payment gateways, digitalization of MSMEs, financial literacy, and business capital on the performance of MSMEs. This research uses a quantitative type of research using primary data. The population of this research is 14,410 MSME food and beverage actors in Sidoarjo Regency. Samples were taken using nonprobability sampling with a purposive sampling method and distributing questionnaires to a total of 99 respondents. The data analysis technique used in the research is multiple linear regression analysis with the help of the IBM SPSS version 23 test tool. The results of this research show that payment gateways, digitalization of MSMEs, financial literacy and venture capital have an influence on MSME performance

THE EFFECT OF SLACK RESOURCES, BOARD OF DIRECTORS FEMINISM, MEDIA EXPOSURE AND INDEPENDENT COMMISSIONERS ON CORPORATE SOCIAL RESPONSIBILITY PERFORMANCE IN THE ENVIRONMENTAL SECTOR

Fadia Khairunnisa — 2025-09-30

This research aims to determine the effect surplus assets, female representation in the boardroom, media visibility, and independent board of commissioners on corporate social responsibility performance in Firms registered with the Indonesia Stock Exchange (IDX) that were involved in the PROPER program between 2021 and 2023. The response variable, namely corporate social responsibility performance, is measured using the PROPER rating. The independent variable, namely Surplus resources, is measured using LN Liquid assets, The governing board directors feminism variable is measured using the percentage of female board of directors in the company, the media exposure variable is measured based on CSR disclosure on the company's website and the independent board of commissioners variable is measured using the percentage of independent commissioners in the company. The control variables used are company size, ROE, and DER. The research employed purposive sampling, resulting in as many as 256 companies. Quantitative data were employed in this study, and the analysis method was is panel data regression analysis. Employing regression analysis via the STATA application as the research method, the findings of this study demonstrate that the independent board of commissioners exerts a noteworthy positive influence on CSR performance, while slack resources, board feminism, media exposure have no effect on CSR performance. The results of this study are useful in practice to find out the deeper functions of available capital, female representation on the board, media visibility, and non-executive commissioners, employing these factors to enhance the firm's CSR performance.

DETERMINANTS OF GOVERNMENT INTERNAL AUDIT QUALITY

Laurenza Sitorus — 2025-09-30

This research analyzes the factors influencing the internal audit quality at the BPKP Representative Office of South Sulawesi Province. Using attribution theory, this study explains that the quality of supervision is influenced by both internal and external factors. The internal factors examined are auditor competence and independence, while the external factors include leadership and time budget pressure. This study employed a census sampling method, involving all 105 auditors at the BPKP Representative Office, with 101 auditors returning valid responses. Data were analyzed using SmartPLS 4. The results show that competence, independence, and leadership have a positive and significant influence on internal audit quality, while time budget pressure has no effect. These findings provide valuable insights for improving internal audit quality at BPKP and other APIP agencies, while also contributing to the literature on public sector internal audits in Indonesia

THE TAX BURDEN, TUNNELLING INCENTIVES, FOREIGN OWNERSHIP AND BONUS MECHANISM ON TRANSFER PRICING

Silvia Ananda — 2025-10-21

Transfer pricing refers to the determination of prices for goods, services, and intangible assets traded between related entities, such as affiliated companies or subsidiaries within a multinational corporation. In its implementation, transfer pricing must adhere to the arm’s length principle. This study analyses the effect of tax burden, tunnelling incentives, foreign ownership, and bonus mechanisms on transfer pricing decisions in oil, gas, coal and supporting sub-sector companies listed on the Indonesia Stock Exchange from 2021 to 2023. The sample in this study was selected using purposive sampling with a total of 93 firm year observation. This study used secondary data obtained from the Indonesia Stock Exchange website, the OSIRIS database, and the companies' official websites. This data is analyzed with panel data regression analysis using the EViews v12 program. The results show that tax burden and tunnelling incentives significantly affect transfer pricing. In contrast, foreign ownership and bonus mechanisms do not substantially affect transfer pricing.

MEDIA EXPOSURE AS A GAME CHANGER: PANEL DATA ANALYSIS OF SUSTAINABILITY IMPACT ON FIRM VALUATION

Vanisa Ratna Sari — 2025-09-30

This study analyzes the impact of Carbon Emission Disclosure (CED), Carbon Performance (CP), and Green Intellectual Capital (GIC) on firm value, with Media Exposure (ME) acting as a moderating variable. The research focuses on energy companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. Using panel data analysis, the Random Effect Model (REM) was identified as the most appropriate model after conducting Chow, Hausman, and Lagrange Multiplier tests, as well as classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). The findings indicate that CED, CP, and GIC significantly influence firm value. However, Moderated Regression Analysis (MRA) revealed that ME only moderates the relationship between GIC and firm value, failing to moderate the effects of CED and CP. This suggests that media coverage concerning a company's green innovations and sustainability practices effectively enhances investor visibility and understanding of intangible assets, thereby contributing to positive perception and increased confidence.

CHARACTERISTICS OF FEMALE LEADERS IN PROMOTING ESG PERFORMANCE: A SYSTEMATIC LITERATURE REVIEW

Lisa Angelia — 2025-10-22

This study aims to identify and analyze the unique characteristics of female leaders that contribute to the enhancement of Environmental, Social, and Governance (ESG) performance within firms. Additionally, it seeks to synthesize and critically review existing literature on the topic, examining theoretical frameworks, research themes, methodologies, and settings. Employing a systematic literature review guided by the SPAR-4-SLR protocol, the study utilizes both bibliometric and content analysis techniques. Data were gathered using the Publish or Perish software and visualized through VOSviewer, resulting in a comprehensive review of 52 relevant articles. The findings suggest that female board members exhibit distinct attributes compared to their male counterparts, which can positively impact the implementation of ESG practices. However, many studies emphasize the need for a minimum representation threshold to ensure the effectiveness of women’s participation in boardroom decision-making. The study recommends that both corporate entities and policymakers adopt gender diversity policies to foster more active involvement of female leaders in ESG-related governance. The selection of this research topic addresses a critical gap, recognizing the significant potential of women leaders in promoting balanced and comprehensive decision-making, particularly in relation to ESG considerations. Ultimately, the study maps the current landscape of research on female executive roles and board gender diversity, highlighting trends across theoretical, methodological, and contextual dimensions.