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Journal of Accounting and Investment

ai
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Published by Universitas Muhammadiyah Yogyakarta

ISSN : 26223899 EISSN : 26226413 DOI : 10.18196/jai

Core Subject : Economy,

Economics, Econometrics & Finance

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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Articles 11 Documents

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Search results for , issue "Vol 23, No 1: January 2022" : 11 Documents clear

Testing the Mediating Role of Career Development in Affecting Intellectual Capital and Organizational Culture on Employee Performance: Evidence of Local Banks in Yogyakarta, Indonesia Titi Laras; Rutha Mathilde Santana; Bambang Jatmiko; Tiyas Puji Utami
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to examine the role of career development in mediating the relationship between intellectual capital and organizational culture on employee performance.Design/Methodology/Approach: This study used a proportional stratified random sampling method with 126 permanent employees of local banks in Yogyakarta, Indonesia, as research respondents. The respondents included Head Office, Main Branch Office, and Senopati Branch Office. The data were collected by distributing a questionnaire, and the secondary data were in the form of data or documents that supported and strengthened the primary information from books, magazines, journals, and other documents. Then, the analytical tool utilized in this study was SEM (Structural Equation Modeling) to test the research hypotheses.Research findings: The results showed that intellectual capital and organizational culture had a positive and significant effect on career development and performance, but career development had no positive and significant effect on performance. Meanwhile, career development could not mediate the effect of intellectual capital and organizational culture on performance.Theoretical contribution/Originality: The study results contribute to the literature (body of knowledge), especially as additional discussion toward theory and literature related to intellectual capital, organizational culture, career development, and performance in local banks, which is still very limited.

Do Financial Literacy and Technology Affect Intention to Invest in the Capital Market in the Early Pandemic Period? Nabila Na'ma Aisa
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This paper discusses the effect of financial literacy and automatic investment technology on intention to invest in the capital market during the early pandemic.Design/Methodology/Approach: The research population was students studying economics and finance in institutions located in Yogyakarta Special Region Province. The sample of 384 respondents was obtained through questionnaires distributed online. To test the impact of financial literacy and automatic investment technology on intention to participate in the capital market, multiple linear regression was used.Research findings: The researchers found that financial literacy and automatic investment technology affected students’ intention to invest in the capital market. The number of students with a moderate level of financial literacy score dominated, followed by the students with low and high literacy scores. Besides, students’ background in economic and finance appeared inadequate to solely determine the financial literacy score.Theoretical contribution/Originality: This paper contributes to the investment area, especially related to the automatic investment technology “Robo advisor,” that is still rarely studied yet, which will be a significant issue in the future. It also provides empirical results, which explain the investment intention through financial literacy. Moreover, this study was conducted during the massive growth of investors in Indonesia during the pandemic.Practitioner/Policy implication: This study provides a useful reference to the financial sector, especially the capital market. Inclusive programs regarding financial literacy should be expanded for wider society to enhance their knowledge and dismiss lack of confidence in capital market participation. Private sectors providing automatic investment technology are suggested to continue developing a more convenient application to be accessible by a broader range of society.Research limitation/Implication: The research included only students as the sample; hence, further research may use a larger area of the sample with various backgrounds and ages. Other determinants, such as norms, environment, risk, and more advanced financial literacy measurement, can also be added to enrich future studies and literature.

Corporate Board Diversity and Sustainability Reporting: Empirical Evidence from Indonesia Before and During COVID-19 Nurma Juwita; Setianingtyas Honggowati
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to investigate how the influence of board diversity before and during the COVID-19 pandemic.Design/Methodology/Approach: The researchers used purposive sampling method. The research sample was 70 companies in the pre-pandemic period and 52 companies during the pandemic with the following criteria: all companies in Indonesia listed on the IDX that published complete sustainability reports and annual reports. In testing the hypotheses, multiple linear regression analysis was employed.Research findings: The presence of board diversity affected sustainability reporting in the pre-pandemic period, but during the pandemic, it did not affect the sustainability report disclosure.Theoretical contribution/Originality: This study is empirical evidence regarding the comparison of the effect of the presence of board diversity before the pandemic and during the pandemic.Research limitation/Implication: The sample period during the pandemic was still too short. As known that the initial COVID-19 pandemic entered Indonesia was in 2020, so the researchers experienced limited data regarding sustainability reports during the pandemic.

The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation Rita Rahayu; Syahril Ali; Amalda Aulia; Retnoningrum Hidayah
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to investigate the relationship between the level of digital financial literacy (DFL) and financial behaviors, namely saving behavior, spending behavior, and investment behavior among the millennial generation in Indonesia.Design/Methodology/Approach: A survey method was performed in this study, and 741 millennial generations aged 25–40 years from several cities in Indonesia participated in this study. The Structural Equation Model using SmartPLS was employed to estimate the relationship of the latent variable.Research findings: Based on the data, it was found that DFL had a positive effect on spending behavior, saving behavior, and investment behavior. In addition, this study also revealed that social factors such as income had a significant influence on the DFL.Theoretical contribution/Originality: This research provides a map of the level of digital financial literacy among the millennial generation in Indonesia. In addition, since there is a limited study related to digital financial literacy, this research contributes to the enrichment of literature, especially related to digital financial literacy.Practitioner/Policy implication: It is expected that this result will be used by policymakers to make a policy regarding digital financial literacy, especially for millennial generations.Research limitation/Implication: Most respondents who participated in this study came from West Sumatra, affecting the generalization of the research results.

Analysis of the Eid Al-Fitr Holiday Anomaly on Abnormal Return and Trading Volume Activity: Case Study of Jakarta Islamic Index During 2017-2020 Firman Pribadi; Aldi Abilawa
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This research aims to determine whether there is a significant difference in the average abnormal return on the Jakarta Islamic Index on the Indonesia Stock Exchange in 2017-2020 before and after the Eid al-Fitr holiday and find out whether there is a significant difference in the average trading volume activity on the Jakarta Islamic Index on the Indonesia Stock Exchange in 2017-2020 before and after the Eid al-Fitr holiday.Design/Methodology/Approach: By utilizing an event study, the only significant difference was in the Average Trading Volume Activity (ATVA), showing that trading activity before the holiday was higher, and the opposite occurred in the 2020 period.Research findings: The first research result is that investors could not earn any abnormal return on post- and pre-event windows since the differences between post- and pre-average abnormal returns were insignificant. The second result is a significant Eid al-Fitr anomaly through trading volume activity patterns in companies listed on the Jakarta Islamic Index on the Indonesia Stock Exchange. The results also indicate that the capital market in Indonesia is efficient in a semi-strong form of event in the pandemic era.Theoretical contribution/Originality: The anomalies in the market prove that the market is not always efficient, and it defies the Efficient Market Hypothesis (EMH). These anomalies have addressed non-economic factors, such as religion or culture. As one of the anomalies in the market, this study on holiday had mixed results. In addition, the Jakarta Islamic Index was used since the event studied in this research was the Islamic holiday, and Indonesia has the largest Muslim population in the world.Practitioner/Policy implication: This study is expected to be a reference material and information for companies about how investors respond to the Ramadan effect.Research limitation/Implication: Regarding the sample, this study was still limited to companies listed in the Jakarta Islamic Index, which only consists of 30 companies, so it is advisable to use companies listed on the Indonesian Sharia Stock Index.

The Effect of Corporate Governance Mechanism on Intellectual Capital Disclosure of High IC-Intensive Companies in Indonesia and Malaysia Evi Rahmawati; Naufal Fadlurrahman; Firda Shofia Azzahra
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study examines the effect of corporate governance mechanisms, such as board size, CEO duality, number of the audit committee, board gender, and family ownership, on intellectual capital disclosures.Design/Methodology/Approach: The sample study was high intellectual capital (IC)-intensive companies listed on the Indonesia Stock Exchange and Malaysia Stock during 2017-2018.Research findings: For Indonesia, the results revealed that the number of the audit committee and board size had a positive and significant effect on intellectual capital disclosures. Meanwhile, in Malaysia, the results showed that audit committees had a positive and significant effect on intellectual capital disclosures.Theoretical contribution/Originality: This study adds literature on the effect of corporate governance mechanisms on intellectual capital disclosure of high IC-intensive companies in the development of the country context.

The Impacts of Tax Revenue and Investment on the Economic Growth in Southeast Asian Countries Hoa Thi Nguyen; Susilo Nur Aji Cokro Darsono
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study focuses on the correlation between tax revenue, investment, and economic growth, taking into account the non-linear effects of tax revenue.Design/Methodology/Approach: Macro data of nine countries in ASEAN (including Brunei, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam) in 2000 - 2020 were extracted from the World Bank database. This research employed panel data estimations.Research findings: This study found statistical evidence of a negative effect of tax revenue on economic growth. However, when considering the non-linear effects of tax revenue, the empirical findings showed that higher tax revenue could reduce the disadvantages of tax impacts to boost economic growth. The negative effect of taxes is as obvious as the economic growth theories, but it depends on the taxation revenue. Lower tax revenue may encourage saving and investment, but it also leads to an increased government deficit, reducing economic growth through government debt, spending and investment. Moreover, this study provides consistent evidence of investment’s positive effect on economic growth in ASEAN countries during the research period.Theoretical contribution/Originality: The theoretical contribution provides evidence on the direct effect of tax revenue and investment on economic growth with a broader understanding of the tax’s non-linear effects and investment contributions in the ASEAN. The study confirms the vital role of government activity in regulating the development of the economy through taxation and investment. Practitioner/Policy implication: The severe impact of the COVID-19 pandemic has increased macroeconomic uncertainties, including uncertainty over savings, investment, and spending, potentially leading to tax revenue and investment losses. It, in turn, affects economic activities, so it requires careful consideration. Learned lessons from this study can prepare for future economic shocks and financial crises to reduce negative impacts on economic growth, including their adverse tax revenue effects.Research limitation: This study is limited by looking at the tax revenue ratio overview, which ignores the tax structure due to the lack of data collection. The following studies need to clarify the tax structure of ASEAN countries to determine which tax gives a negative impact/and which tax has a positive effect on economic growth.

Determinants of Investment Decisions in the Capital Market During the COVID-19 Pandemic Erni Suryandari Fathmaningrum; Tiyas Puji Utami
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aims to determine the effect of herding behavior, accounting information, and information technology on investment decisions through investment interest during the COVID-19 pandemic.Design/Methodology/Approach: Using the purposive sampling method, this study used a sample of investors who had just invested in the Indonesian capital market during the COVID-19 pandemic. This quantitative study employed primary data based on questionnaires distributed to respondents via the internet. Respondents in this study were 241 investors. Hypothesis testing in this study utilized SEM-PLS analysis through the SMART PLS 3.0 application.Research findings: The results showed that herding behavior did not affect investment decisions through investment interest in the capital market during the COVID-19 pandemic. Meanwhile, accounting information and technology information influenced investment decisions through investment interest in the capital market during the COVID-19 pandemic.Theoretical contribution/Originality: The study results contribute to the literature (body of knowledge), especially as additional discussion toward theory and literature related to herding behavior, accounting information, and information technology on investors decisions through investment interest to invest in the capital market, which is still very limited.

IFRS Adoption Research in Indonesia: A Systematic Literature Review Sukmawati Sukmawati; Sri Pujiningsih
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This study aimed to review the development of IFRS research literature in Indonesia from 2011 to 2020.Design/Methodology/Approach: This study was based on the IFRS research articles from nationally accredited journals. The method in this research was a systematic literature review with a bibliometric approach and content analysis.Research findings: The results showed that the publication of the IFRS articles increased in 2014 with the number of authors dominated by two researchers. The research in Indonesia was dominated by the theme of the effect of IFRS convergence on earnings quality. Thus, it is necessary to develop research on the theme of implementation and development of IFRS convergence since the articles related to this theme are still poor. Compared with existing research abroad, there was a common focus of research on the theme of the IFRS convergence effect. However, there were differences in research theme trends, where the most studied theme in Indonesia was related to the effect of IFRS convergence, while abroad, the most studied theme was related to the implementation of IFRS convergence.Theoretical contribution/originality: This research can provide a historical overview of the development of the IFRS research literature in Indonesia.Research limitation/Implication: Further research is expected to expand the data analysis and sources of data. The research is also expected to expand the sub-themes related to the implementation and development of IFRS convergence, where the theme had not been studied much yet from 2011 to 2020.

Comparing corporate governance practices of state-owned enterprises (SOEs) in South Africa and Singapore Adebayo, Adeyemi; Ackers, Barry
Journal of Accounting and Investment Vol 23, No 1: January 2022
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Research aims: This paper undertakes a cross-country comparative analysis of corporate governance of state-owned enterprises (SOEs) in South Africa and Singapore, two countries using two different models for organising SOEs, with specific reference to agreement with the themes identified in the World Bankâ€™s Framework for good Corporate Governance practices for SOEs. The aim of this paper is to identify differences and similarities in practice and to document how the states have fared using different models.Design/Methodology/Approach: The paper deploys a pragmatic mixed methods approach conducted in two phases, to understand the practices utilised by South African and Singaporean SOEs. The data emerging from these two phases, were compared to the Framework for good Corporate Governance practices for SOEs issued by the World Bank.Research findings:Â Â Findings suggest although South African SOEs have good corporate governance practices in place, Singaporean SOEs are better organised and governed compared with South African SOEsTheoretical contribution/Originality: This paper contributes to the scholarly discourse on SOEs in by expanding the discourse on public sector entrepreneurship and opening up new debates and research areas corporate governance of SOEs.

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