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AFRE Accounting Financial Review
Published by Universitas Merdeka Malang
ISSN : 25987763     EISSN : 25987771     DOI : https://doi.org/10.26905/afr
Core Subject : Economy,
Economics, Econometrics & Finance
Accounting and Financial Review (AFRe), is a publication of Graduate School Program, University of Merdeka Malang. The journal is an article published continuously which is intended not only as a place to share ideas, study, and analysis but also as an information channel to improve and develop accounting and finance science. This publication consists of scientific writings in the form of research finding, analysis, and application theory, conceptual idea, new book review, bibliography, practical writing from experts, academics, and practitioners. The published writings have been in the process of editing needed by the publisher without changing the substance as the original script. The writing in each publication is the personal responsibility of the author and it does not reflect the publisher’s idea.
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Articles 16 Documents
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Search results for , issue "Vol 4, No 1 (2021): July" : 16 Documents clear
Leverage, Ukuran Perusahaan, dan Siklus Hidup Perusahaan terhadap Manajemen Laba Ulderike Eva Kristiana; Maria Rio Rita
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5802

Abstract

Earnings information as part of the financial statements is usually the target of engineering using opportunistic steps from management in maximizing its interests, which can cause loss to shareholders and investors. Management behavior that is used to adjust earnings to suit what is desired is known as earnings management. The purpose of this study is to determine the effect of leverage, firm size and company life cycle on earnings management in mining sector companies. The population used in this study are mining sector companies listed on the Indonesia Stock Exchange that have published annual and financial reports in the 2015-2019 period. The data collection technique used in this study is the purposive sampling method which aims to obtain samples in accordance with defined criteria. Based on the predetermined criteria, there were 29 companies in this study that were used as research samples with a total of 145 observations for 5 periods. In this study, the company's life cycle is divided into 4 stages, namely introduction, growth, mature and decline. The data analysis used is dummy regression analysis. The results of this study indicate that leverage and firm size do not affect earnings management, but the company's life cycle has a positive and significant effect on earnings management in mining sector companies. Informasi laba sebagai bagian dari laporan keuangan biasanya menjadi sasaran rekayasa dengan menggunakan langkah-langkah oportunistik dari manajemen dalam memaksimalkan kepentingannya, yang dapat merugikan pemegang saham dan investor. Perilaku manajemen yang digunakan untuk hanya mengiklankan pendapatan agar sesuai dengan apa yang diinginkan dikenal sebagai manajemen laba. Tujuan penelitian adalah untuk mengetahui pengaruh leverage, ukuran perusahaan dan siklus hidup perusahaan terhadap manajemen laba pada perusahaan sektor pertambangan. Populasi penelitian adalah perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia yang telah mempublikasikan laporan keuangan dan tahunan periode 2015-2019. Teknik pengumpulan data digunakan metode purposive sampling. Berdasarkan kriteria yang telah ditentukan, terdapat 29 perusahaan yang kemudian dijadikan sampel penelitian dengan total 145 observasi selama 5 periode. Analisis data yang digunakan adalah analisis regresi dummy. Hasil penelitian ini menunjukkan bahwa leverage dan ukuran perusahaan tidak berpengaruh terhadap manajemen laba, tetapi siklus hidup perusahaan berpengaruh positif terhadap manajemen laba pada perusahaan sektor pertambangan. 
Day of the Week Effect dan Volatilitas Cryptocurrency pada Masa Pandemi Covid-19 Robiyanto Robiyanto; Yahya Rechtiawan Djari
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5713

Abstract

The cryptocurrency market is a market that attracts researchers and investors because it is open every day. This can be seen by the anomalies that occur in the cryptocurrency market. This research uses cryptocurrencies with the largest market cap in 2020, namely Bitcoin, Ethereum, Tether, XRP, and Bitcoin cash as research objects. The data in this study uses daily returns for testing the day of the week effect and daily volatility on the cryptocurrencies under study. This study uses GARCH (1,1) to determine the day of the week effect and daily volatility in the cryptocurrency under study. The results of this study indicate that there is a day of the week effect and daily volatility in the cryptocurrency under study, and it does not move freely. This causes the cryptocurrency market to become an inefficient market. The patterns that occur can be exploited by investors as well as other research on the cryptocurrency under study. Investors can avoid days that have high volatility for example in Bitcoin which experiences high volatility on Fridays and Saturdays because it has a high risk as well. Investors are advised to be able to trade on Thursday for high returns and less risk. 
Can Good Corporate Governance Influence the Firm Performance? Empirical Study from Indonesia Transportation Firms Muhammad Fakhri Musyaffa Budiman; Astrie Krisnawati
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.6017

Abstract

Good corporate governance is one factor for the company to improve its performance and maximize shareholder value. The principles of transparency, accountability, responsibility, independence, and fairness are guidelines that must be used by all corporate entities in every company activities; therefore, they can run effectively and efficiently. However, the data shows that the implementation of good corporate governance in Indonesia is still low. Policies and regulations made by the government and companies can improve the low level of good corporate governance. Hence it can improve company performance, especially in terms of financial performance. This study aims to determine the effect of good corporate governance through managerial ownership, independent commissioners, and the board of directors on the company's financial performance through Return on Assets in transportation sub-sector companies listed on the Indonesia Stock Exchange. The data collection method uses secondary data in the form of company annual reports from 2017-2019. The The data analysis technique used regression analysis with panel data. The research findings show that managerial ownership, independent commissioners, and the board have no effect on financial performance as proxied by Return on Assets.Good corporate governance merupakan salah satu faktor bagi perusahaan untuk meningkatkan kinerja perusahaan dan memaksimalkan nilai pemegang saham. Prinsip transparansi, akuntabilitas, responsibilitas, independensi, dan fairness merupakan pedoman yang harus digunakan oleh seluruh entitas perusahaan dalam setiap aktivitas perusahaan, agar dapat berjalan secara efektif dan efisien. Namun data menunjukkan bahwa penerapan good corporate governance di Indonesia masih rendah. Tingkat good corporate governance yang rendah dapat diperbaiki melalui kebijakan dan regulasi yang dibuat oleh pemerintah dan perusahaan sehingga dapat meningkatkan kinerja perusahaan terutama dalam hal kinerja keuangan. Penelitian ini bertujuan untuk  mengetahui pengaruh good corporate governance melalui kepemilikan manajerial, komisaris independen, dan dewan direksi terhadap kinerja keuangan perusahaan melalui Return on Asset pada perusahaan sub sektor transportasi yang terdaftar di Bursa Efek Indonesia. Metode pengumpulan data menggunakan data sekunder berupa laporan tahunan perusahaan dari tahun 2017-2019.  Teknik analisis data menggunakan analisis regersi dengan data panel. Temuan penelitian menunjukkan kepemilikan manajerial, komisaris independen, dan dewan direksi tidak berpengaruh terhadap kinerja keuangan yang diproksikan dengan Return on Assets DOI: https://doi.org/10.26905/afr.v4i1.6017
The Moderating Role of Corporate Governance on the Relationship between Tax Avoidance and Firm Value Shelly Eka P. Budiman; Vita Elisa Fitriana
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5973

Abstract

This study aimed to examine the moderating role of corporate governance on the relationship between tax avoidance and firm value. In this study, the data sample used are manufacturinglisted in Indonesia Stock Exchange. Data collection method using purposive sampling and collected 188 samples from 2016-2019. The data was analyzed using multiple linier regression. Statistical result indicates that tax avoidance has a negative effect on firm value. While the corporate governance is not able to influence the relationship between tax avoidance and firm value. Tax avoidance will be more relates to accounting policy, while corporate governance in this study is in shed of non-accounting scope. Therefore, it cannot be the moderation between tax avoidance and firm value.Penelitian ini bertujuan untuk menguji peran moderasi tata kelola perusahaan terhadap hubungan antara penghindaran pajak dan nilai perusahaan. Dalam penelitian ini, sampel yang digunakan berupa perusahaan manufaktur yang terdaftar dalam Bursa Efek Indonesia. Pengumpulan data menggunakan metode purposive. Hasil seleksi sampel memperoleh 188 sampel dari tahun 2016-2019, selanjutnya data dianalisis menggunakan regresi linier berganda Hasil pengujian menunjukkan bahwa penghindaran pajak berpengaruh negatif terhadap nilai perusahaan. Di sisi lain, tata kelola perusahaan tidak mampu mempe-ngaruhi hubungan antara penghindaran pajak terhadap nilai perusahaan tersebut. Penghindaran pajak lebih berkaitan dengan kebijakan akuntansi, sedangkan tata kelola perusahaan justru berkaitan dengan lingkup non-akuntansi. Oleh karena itu, tata kelola perusahaan tidak dapat berperan sebagai moderasi antara penghindaran pajak dan nilai perusahaan 
Penerapan Akuntansi Akrual pada Perguruan Tinggi Keagamaan Islam Negeri Berstatus Badan Layanan Umum Dwi Sulistiani
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5958

Abstract

This study aims to determine the extent to which the accrual basis of PTKIN has BLU status. The object of this case study research with an interpretive paradigm is one of the best UINs in Indonesia. This research contributes to accounting standard setters and poli-cy makers in government in the preparation of accounting standards. The results showed that PTKIN with BLU status had not yet fully implemented accrual accounting. In terms of definition and presentation, it has been carried out in accordance with SAP and SAK. However, the recognition, measurement, recording and disclosure still use a combination of cash basis and accrual basis. The use of accounting software "SAIBA" is proven to help in the application of accrual accounting. However, there are obstacles in the application of accrual accounting, namely: lack of competence of human resources who understand ac-counting, preparation of financial statements based on SAK that still uses excel applica-tions and financial rules that change frequently. Therefore it is necessary to conduct accru-al accounting training, create accounting applications based on SAK and always upgrade the rules of the ministry of finance.
Margin Laba Bersih dan Perilaku Pemegang Saham Mayoritas terhadap Pergerakan Harga Saham pada Ex-Dividend Date Deni Ramdani
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.6079

Abstract

This study aims to analyze how long the duration of the increase in stock prices in order to return to a minimum, such as stock prices on the cum-dividend date, whether changes in net profit margin affect stock prices ex-dividend date. movement, then whether the majority shareholder influences the price movement. The ex-dividend date of the current stock. The research sample used a purposive sampling method, namely the determination of samples with special criteria referring to companies registered in LQ 45 for the 2017-2019 period. Thus it can be interpreted that the Net Profit Margin and the majority shareholder together have no significant effect on stock price movements on the ex-dividend date. From the results of the study it was concluded that the net profit margin and the majority shareholder had no significant effect on stock price movements on the ex-dividend date.Penelitian ini bertujuan untuk menganalisis berapa lama durasi kenaikan harga saham agar kembali seminimal mungkin, seperti harga saham pada cum-dividend date, apakah perubahan net profit margin mempengaruhi harga saham ex-dividend date. pergerakan, lalu apakah pemegang saham mayoritas mempengaruhi pergerakan harga. Tanggal ex-dividend saham saat ini. Sampel penelitian menggunakan metode purposive sampling yaitu penentuan sampel dengan kriteria khusus mengacu pada perusahaan yang terdaftar di LQ 45 periode 2017-2019. Dengan demikian dapat diartikan bahwa Net Profit Margin dan pemegang saham mayoritas secara bersama-sama tidak berpengaruh signifikan terhadap pergerakan harga saham pada ex-dividend date. Dari hasil penelitian disimpulkan bahwa net profit margin dan pemegang saham mayoritas tidak berpengaruh signifikan terhadap pergerakan harga saham pada ex-dividend date. 
The Optimal Portofolio Creation using Markowitz Model Muis, Muhammad Abdul; Adhitama, Satria
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5959

Abstract

The research intends at analyzing the optimal portfolio creation using the Markowitz model (Mean variance) in the Chevron Pacific Indonesia pension fund.The research methodology used is qualitative descriptive method with panel and secondary data obtained from the Chevron Pacific Indonesia pension fund. The sampling technical method used the monthly data during the period January 2016 to December 2018. The data analysis technique used is a portfolio analysis using Markowitz model.In the analysis it was found that during the period. The writer considers investment activities Chevron Pacific Indonesia pension fund hasn't formed efficient portfolio and optimal, only produces an average realization return of 7.93% with a risk 3.50%. While efficient portfolio alternatives by using the mean variance model are: in GMV portfolio produces an expected return 7.93% with a risk 1.45%, while in Tangency portfolio an expected return is 8.07% with a risk 3.73%, while the maximum portfolio return produces an expected return of 10.24% with the highest level risk of 12.24%.Penelitian ini bertujuan untuk menganalisis penciptaan portofolio optimal dengan menggunakan model Markowitz (Mean variance) pada dana pensiun Chevron Pacific Indonesia. Metodologi penelitian yang digunakan adalah metode deskriptif kualitatif dengan panel dan data sekunder yang diperoleh dari dana pensiun Chevron Pacific Indonesia. Teknik pengambilan sampel menggunakan data bulanan selama periode Januari 2016 sampai dengan Desember 2018. Teknik analisis data yang digunakan adalah analisis portofolio dengan menggunakan model Markowitz. Dalam analisis ditemukan bahwa selama periode tersebut. Penulis menilai kegiatan investasi dana pensiun Chevron Pacific Indonesia belum membentuk prtfolio yang efisien dan optimal, hanya menghasilkan realisasi retun rata-rata sebesar 7,93% dengan risiko 3,50%. Sedangkan alternatif portofolio yang efisien dengan menggunakan mean variance model adalah: pada portofolio GMV menghasilkan expected return 7,93% dengan risiko 1,45%, sedangkan pada Tangency portfolio return yang diharapkan adalah 8,07% dengan risiko 3,73%, sedangkan return portofolio maksimum menghasilkan pengembalian yang diharapkan sebesar 10,24% dengan tingkat risiko tertinggi sebesar 12,24%. 
Pembiayaan Mudharabah, Musyarakah, Murabahah, dan Tingkat Profitabilitas Bank Syariah di Indonesia Sri Indah Istiowati; Muslichah Muslichah
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5476

Abstract

The purpose of this study is to examine the effect of mudharabah, musharakah and murabahah financing on profitability. The population of this research is Islamic Banks in Indonesia that registered for five consecutive years (2015–2019). The sample of this research are 7 sharia banks, and 5 years periods resulted in 35 observation data. The multiple regression analysis model in used to test the hypothesis. The results of this study indicate that mudharabah, musharakah and murabahah financing have different influence on profitability. Musharakah and murabahah financing risk have negative influances on profitability. In contrast, mudharabah financing risk have positive influence on profitability of Sharia Banks in Indonesia.DOI: https://doi.org/10.26905/afr.v4i1.5476 
Audit Syariah dan Audit Konvensional: Bukti Empiris di Indonesia Normalita Indah Fitriyani; Yefta Andi Kusnugroho
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5642

Abstract

This study aims to identify and examine the differences between the practice of shariah auditing and conventional auditing. In theory, the practice of shariah auditing and conventional auditing is very different. There is added value regarding Sharia principles in the examination of sharia audit reports. The research method used is quantitative with primary data collection using a questionnaire. This research was conducted to test the data using the Mann Whitney Test. The results of the study indicate that respondents still think that the practice of sharia auditing and conventional auditing is the same and no different. It is hoped that the research can provide an overview of the practice of sharia auditing and conventional auditing.Penelitian ini bertujuan untuk mengetahui dan menguji perbedaan antara praktik audit syariah dan audit konvensional.Secara teori praktik audit syariah dan audit konvensional ini sangatlah berbeda. Adanya nilai tambah mengenai prinsip-prinsip Syariah dalam pemeriksaan laporan audit syariah. Metode penelitian yang digunakan kuantitatif dengan pengambilan data primer yaitu menggunakan kuisoner. Penelitian ini dilakukan pengujian data menggunakan Uji Mann Whitney. Hasil penelitian menunjukkan bahwa responden masih menganggap jika praktik audit syariah dan audit konvensional adalah sama tidak berbeda. DIharapkan dengan adanya penelitian dapat memberi gambaran mengenai praktik audit syariah dan audit konvensional. 
Fraudlent Financial Reporting: Menguji Potensi Kecurangan Pelaporan Keuangan dengan Menggunakan Teori Fraud Hexagon Kordi Larum; Diana Zuhroh; Edi Subiyantoro
AFRE (Accounting and Financial Review) Vol 4, No 1 (2021): July
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i1.5818

Abstract

The purpose of this study was to analyze the effect of Pressure, Capability, Rationalization, Opportunity, Arogance/Ego and Collusion on the potential for fraudlent financial reporting. The research sample is State-Owned Enterprises (BUMN) listed on the Indonesia Stok Exchange for the 2016-2019 period. By using the purposive sampling method, 86 samples were obtained. Multiple Linear Regression was used to analyze the data. The novelty in this study is the use of fraud hexagon theory has not been widely used because it is a renewable theory developed by Vousinas in 2019. Besides, ihe measurment of the collusion variabel in this study used multyple independen Commissioners with other position where no has used this measurement in measuring the potential for fraudlent financial reporting.The results showed that pressure, Capanility and Ego influace the potential for fraudlent financial reporting, while Rationalization, Opportunity adn Collusion did not influance. Tujuan penelitian ini untuk menganalisis pengaruh Tekanan, Kemampuan, Rasionalisasi, Peluang, Ego dan Kolusi terhadap potensi Kecurangan Pelaporan Keuangan. Sampel penelitan adalah Badan Usaha Milik Negara (BUMN) yang terdaftar di Bursa Efek Indonesia periode 2016-2019. Total sampel yang digunakan 86 dengan menggunakan metode purposive sampling. Metode analisis menggunakan Regresi Linear Berganda. Terdapat kebaruan dalam penelitian ini dimana fraud hexagon dalam mendeteksi potensi kecurangan pelaoporan keuangan belum banyak digunakan karena teori ini merupakan teori terbarukan yang dikembangan Vousinas tahun 2019. Selain itu pengukuran variabel kolusi dalam penelitian ini menggunakan rangkap jabatan Dewan Komisaris Independen dinama pengukuran ini belum ada yang mengunakan dalam mengukur potensi kecurangan laporan keuangan. Hasil penelitian menunjukan Tekanan, Kemampuan dan Ego berpengaruh terhadap potensi kecurangan pelaporan keuangan, sedangkan Rasionalisasi, Peluang dan Kolusi tidak berpengaruh terhadap potensi kecurangan pelpaoran keuanganDOI: https://doi.org/10.26905/afr.v4i1.5957

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