Journal of Accounting and Investment
JAI receives rigorous articles that have not been offered for publication elsewhere. JAI focuses on the issue related to accounting and investments that are relevant for the development of theory and practices of accounting in Indonesia and southeast asia especially. Therefore, JAI accepts the articles from Indonesia authors and other countries. JAI covered various of research approach, namely: quantitative, qualitative and mixed method.
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<![CDATA[Highlighting Earnings Management from Islam Perspective ]]>
<![CDATA[Rediyanto Putra]]>;
<![CDATA[Inneke Putri Widyani]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003127
<![CDATA[This study aims to assess the behaviour of earnings management from an Islamic perspective. The form of this research is descriptive qualitative research using Islamic paradigm to make ethical judgments of earnings management actions. The analytical method used in this study is divided into two, namely descriptive and content analysis. This study concludes that basically the existing earnings management in conventional accounting is not in accordance with Islamic values. Earnings management is an act of dhazalim, contrary to the value of honesty (siddiq), contrary to itsar value, and contrary to kosher (halal thayyiban). This study also concluded that managers can create good performance with expected profit pattern based on professionalism value in accordance with Islamic shariah (akhlakul karimah) in order to be in accordance with Islamic sharia principles.]]>
<![CDATA[Knowledge Sharing, Organizational Culture, Intellectual Capital, and Organizational Performance ]]>
<![CDATA[Dwi Irawan]]>;
<![CDATA[Elvin Bastian]]>;
<![CDATA[Imam Abu Hanifah]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003128
<![CDATA[This study aims to examine the influence of knowledge sharing and organizational culture toward organizational performance with intellectual capital as an intervening variable. The questionnaire was sent to 71 general managers of manufacturing companies, and 60 questionnaires were returned. The data of this research were analyzed using structural equation modelling (SEM) method, with Partial Least Square (PLS) approach. The results of this study indicated that knowledge sharing had a significant positive effect on human capital, yet no significant effect on structural capital and relational capital. Knowledge sharing also had no significant effect on organizational performance. Meanwhile, the organizational culture had a significant positive effect on human capital, structural capital, and relational capital and also significant effect on organizational performance. The influence of knowledge sharing on organizational performance was only partially mediated by intellectual capital or only mediated by human capital, while the influence of organizational culture on organizational performance was not mediated by intellectual capital which consists of human capital, structural capital, and relational capital. ]]>
<![CDATA[Determinants of Weaknesses in Internal Control of Provincial Government in Indonesia ]]>
<![CDATA[Rizal Yaya]]>;
<![CDATA[Halim Sri Suprobo]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003130
<![CDATA[This study aims at examining and analysing factors that cause weaknesses in internal control system of provincial local government. Population of this study is all 34 provincial governments in Indonesia and the studied object is internal control weaknesses identified in the Provincial Government Audit Reports produced by the Audit Board of the Republic of Indonesia. Eighty three reports were used as sample ranging from 2011 to 2015. The research model of this study indicates adjusted R2 at 86% which is much higher than previous studies on this topic, Based on the multiple regression analysis, it is found that the size of local government and the use of information technology have a significant negative effect on the weaknesses of internal control. This implies that Provincial Government needs to use more information technology and allocate more resources on internal control improvement. On the other hand, the complexity of local government and the quality of human resources have positive effect on the weaknesses of internal control. These findings suggest provincial governments with large number of sub-districts to put more efforts in internal control system improvement than others. The provincial government with higher human development index needs more efforts on ethical conduct. This study contributes in investigating both financial and non-financial factors affecting internal control weaknesses of provincial government for longer period of analysis.]]>
<![CDATA[Transfer Pricing, Agency Costs, and Financial Reporting Aggressiveness: An Empirical Study in Indonesia ]]>
<![CDATA[Eva Herianti]]>;
<![CDATA[Amor Marundha]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003132
<![CDATA[The purpose of this study is to explore the effect of transfer pricing strategy and agency cost on financial reporting aggressiveness. This paper used 61 manufacturing industries listed on the Indonesia Stock Exchange from 2013 to 2017 period among which 305 companies were selected by purposive sampling method to be studied. The research questions were tested using panel data regression analysis. This study found that transfer pricing strategy had no significant effect on financial reporting aggressiveness but agency cost had negative and significant effect on financial reporting aggressiveness. Furthermore, control variables as growth and return on asset had positive and significant effect on financial reporting aggressiveness while size had negative and significant effect on financial reporting aggressiveness. Results of this study indicated that managers did not use transfer pricing strategy in managing earnings because there was regulation of OECD to control manager behaviour in implementing transfer pricing strategy. In addition, agency cost was one of the important factors in reducing manager behaviour to meet their interests.]]>
<![CDATA[Mental Accounting Experiment: Mode of Payment Effect on Treating Money ]]>
<![CDATA[Etik Kresnawati]]>;
<![CDATA[Ahmad Bunyan Wahib]]>;
<![CDATA[Ruspita Rani Pertiwi]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003133
<![CDATA[This study examines the argument of mental accounting theory that individuals will behave differently in treating money. More specifically, this study empirically tests whether the difference in payment mode, cash and debit cards, will affect the amount of money spent by individuals when shopping and donation. The data were collected through a laboratory experimental design involving 76 female students from Muhammadiyah Boarding School and Pondok Pesantren Baitussalam Yogyakarta. Using MANOVA as the analysis tool, the results showed that the mode of payment did not affect the amount of money for shopping, but it affected the amount of donation. Subjects who used a debit card show an average number of donations that were larger compared to the subjects in the cash group. The results implied that debit card users, especially students, in this case, are not proven to behave more consumptively as predicted by the theory. While the positive impact is that debit cards can be a means for students to do more charity through donations. Thus, these results are in line with the objective of a cashless society program launched by Bank Indonesia. The important thing that should not be ignored in Less Cash Society programs at educational institutions is the policy of limiting the amount of money students can spend.]]>
<![CDATA[The Intervening Role of Value Added Intellectual Capital on The Relationship between Corporate Governance and Firm Value ]]>
<![CDATA[Saarce Elsye Hatane]]>;
<![CDATA[Melinda Setiadi]]>;
<![CDATA[Josua Tarigan]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003125
<![CDATA[The purpose of this research is to analyze the direct impact of board structures on intellectual capital and firm value. The intellectual capital has a role as the mediating variable between corporate governance and firm value. Corporate governance is indicated by board size, gender diversity, and managerial ownership. Intellectual capital and firm value are measured by VAICTM and Tobin’s Q approximation respectively. Specifically, this study is conducted in the consumer goods sector during 2010-2015 in Indonesia and Malaysia. Total samples gathered from Indonesia Stock Exchange and Bursa Malaysia are 25 Indonesia companies (150 firm-year) and 106 Malaysia companies (636 firm-year). Partial least square is applied in order to examine the research model. The findings support all the proposed hypothesis, that corporate governance in both Indonesia and Malaysia have a positive significant impact on intellectual capital and value. In both countries, intellectual capital also has a positive significant impact. However, the main driver of significance on intellectual capital is different. Furthermore, intellectual capital in Malaysia is successfully intervening in the relationship between board structures and firm value]]>
<![CDATA[Evaluation of Village Fund Allocation on Indonesia ]]>
<![CDATA[Anik Puji Handayani]]>;
<![CDATA[Rudy Badrudin]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003129
<![CDATA[This study focuses on evaluation on Village Fund Allocation through on examining the effect of the Village Fund Allocation on Capital Expenditure, Economic Growth, Poverty, and Social Welfare. Using secondary data and purposive sampling method, this study has 411 districts as the samples with criteria in 2015. This study used Partial Least Square (PLS) to predict relationships between variables. Before doing the analysis of PLS, Klassen typology analysis was conducted. In Klassen typology, the districts in Indonesia were grouped into 4 quadrants, namely quadrant I (developing area), quadrant II (prime area), quadrant III (potential area), and quadrant IV (backward area). PLS test results (using a sample of districts throughout Indonesia) indicate that all hypotheses are not supported. Whereas in the classification of Klassen typology (using samples in each quadrant) only in certain quadrants a hypothesis is supported. This shows that the Village Fund Allocation has not had a significant impact on the economy of the Indonesian people.]]>
<![CDATA[Intellectual Capital and Firm Performance in ASEAN: The Role of Research and Development ]]>
<![CDATA[Bima Cinintya Pratama]]>;
<![CDATA[Hardiyanto Wibowo]]>;
<![CDATA[Maulida Nurul Innayah]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003126
<![CDATA[This paper aims to investigate the association between intellectual capital, research and development, and firm financial performance in an emerging market context, which is ASEAN. The effect of Intellectual Capital and Research and Development Intensity towards firm financial performance is examined while testing the moderating role of research and development on the relationship between intellectual capital and firm financial performance. Panel data regression model analysis is used for a sample of non-financial companies in ASEAN countries, namely Indonesia, Malaysia, Philippines, and Singapore during 2015-2017. The final sample used in this study consists of a total of 383 observations. The results showed that intellectual capital has a positive effect on firm financial performance. This result indicates that intellectual capital can generate higher financial performance for the firms. A similar result also found in the relationship between research and development intensity and firm financial performance. Meanwhile, research and development are proved to be able to moderate the positive relationship between intellectual capital and firm financial performance. This result means that if the companies could facilitate their intellectual capital by giving more intensity of research and development, intellectual capital will be generated even more performance for the firms. This result implies that firms should utilize and maintain intellectual capital together with research and development]]>
<![CDATA[Equity Market Timing Approach in IPO and Rights Issue of Companies in Indonesia ]]>
<![CDATA[Wihandaru Sotya Pamungkas]]>;
<![CDATA[Tulus Haryono]]>;
<![CDATA[Djuminah Djuminah]]>;
<![CDATA[Bandi Bandi]]>;
<![CDATA[Doddy Setiawan]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003131
<![CDATA[The aim of this study is to analyse the effect of equity market timing on the issuance of new shares and capital structures in companies, excluding those in the financial sector, that conducted Initial Public Offerings (IPOs) and rights issues (RIs) in Indonesia from 1990 to 2014. The study took a sample of companies with less than 100% leverage that had experienced delisting and relisting. The results were obtained at the time of an IPO (i.e. the time of a new shares issuance through go public), RI (the time of a new shares issuance as a rights issue), and RI+1 (one year after the rights issue) and capital structure. There was an effect of equity market timing on the issuance of new shares at IPO+1 (1 year after the IPO), IPO+2, RI+2, RI+3 and RI+4, but the companies issued a small number of new shares and raised the funds they lacked by issuing new debt to obtain an optimal capital structure. These results add to the findings that the market timing theory and trade-off theory are not mutually exclusive.]]>
<![CDATA[A Cross Country Study of Indirect Effect of IFRS Adoption on Earnings Management ]]>
<![CDATA[Agustin Setya Ningrum]]>;
<![CDATA[Ratna Wardhani]]>;
<![CDATA[Aria Farah Mita]]>
<![CDATA[ Journal of Accounting and Investment Vol 20, No 3: September 2019 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.2003124
<![CDATA[The main purpose of this study is to investigate whether there is an indirect negative effect of IFRS adoption level on earnings management, through an increase of analyst coverage. This paper is motivated by the fact that IFRS adoption could increase the number of analysts who follow the companies. The existence of analysts will increase the role of oversight of the company, which will decrease earnings management practices. This study is a cross-country study using 3.786 firm years of entities among 30 countries. This study proves that there is indirect positive effect of IFRS adoption level on earnings management, through an increase of analyst coverage. Increase of analyst coverage will push companies to do earnings management practices. This study also confirms that IFRS adoption level has direct negative effect on earnings management. This paper develops new measurement of the IFRS adoption level based on information presented in the IFRS Jurisdiction Profile published by the IFRS Foundation. This measurement is different from previous studies, which generally use dummy variables. More than 100 countries have submitted the IFRS Profile to IFRS Foundation in 2012. Therefore, we can measure the level of IFRS adoption in many countries. This measurement becomes an additional contribution to further studies.]]>
