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[Analysis of Young Generations toward Stock Investment Intention: A Preliminary Study in an Emerging Market ]]>
<![CDATA[Bagus Aditya Nugraha]]>;
<![CDATA[Raden Aswin Rahadi]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.9606
<![CDATA[Research aims: This study attempts to analyze the young generations' perceptive variables in Indonesia, namely millennial (generation Y) and generation Z toward stock investment intention preliminarily.Design/Methodology/Approach: This study posits perceptive variables from the Theory of Planned Behavior (TPB) with various demographic characteristics as tablemoderating variables. This study utilized a structured online questionnaire survey to collect 64 samples and being analyzed by PLS-SEM. The group differences that being examined were investigated with multi-group analysis.Research findings: The findings from this study revealed that not all perceptive variables from TPB were significant on young Indonesian generations toward stock investment intention; only attitudes toward behavior had a significant effect. These findings were contrary to prior literature. Besides, Indonesia's young generations’ education level also played a moderating role in influencing stock investment intention. Theoretical contribution/Originality: This preliminary study provides potential facts regarding the applicability of the Theory of Planned Behavior in the emerging market (Indonesia) in stock investment intention.Practitioner/Policy implication: The practical contribution would be insights for policymaker and Securities Firms regarding young generations’ perspective on stock investment and what possible actions in terms of policies, programs, and campaigns that need to be done to increase the growth of investors’ number in Indonesia. For public firms, the insights could be useful in constructing sustainability strategies in terms of funding source from the firm’s stock.Research limitation/Implication: The sample used for this preliminary study was restricted to young generations divided into generation Y and Z from Indonesia only. This study focused on the fundamental implementation of TPB only; hence, the individual behavioral intention analysis was limited to TPB proxies. Since an online survey using a questionnaire was used to collect the data, the findings were limited and depending on the respondents’ answers regarding the issue.]]>
<![CDATA[Managerial Ability and Future Banking Performance: The Role of Book-Tax Differences as Moderator ]]>
<![CDATA[Eva Herianti]]>;
<![CDATA[Arna Suryani]]>;
<![CDATA[Amor Marundha]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.9997
<![CDATA[Research aims: This study aims to examine and analyze the effect of managerial ability on future banking performance moderated by book-tax differences.Design/Methodology/Approach: The research samples were banks listed on the Indonesia Stock Exchange from 2014 to 2018. A purposive sampling technique was conducted to collect 108 samples of future banking performance (t+1) and 81 samples of future banking performance (t+2). The data were then analyzed using eviews version 10 with the ordinary least square.Research findings: The results showed that managerial ability positively and significantly affected future banking performance (t+1 and t+2), while book-tax differences could reduce the effect of managerial ability on future banking performance (t+1 and t+2).Theoretical contribution/Originality: This study has provided implications to the literature that managers use their abilities to achieve sustainable competitive advantage through efficient and effective use of resources. Managers need an understanding of the relationship between resources, their abilities, competitive advantages, and future earnings achievement.Practitioner/Policy implication: Since managerial ability can increase future banking performance, this study’s results may affect how companies produce managerial ability through efficient use of inputs to produce optimal output that is useful for long-term banking performance.Research limitation/Implication: The conclusion is drawn based on various proxies to measure the managerial ability, book-tax differences, and future banking performance. Further research can develop the managerial ability proxies besides those proposed by Garcia-meca Garcia-Sanchez (2018).]]>
<![CDATA[Islamic Banks’ Stability: Full-Fledged vs Islamic Windows ]]>
<![CDATA[Arief Ichwanul Hasan]]>;
<![CDATA[Tastaftiyan Risfandy]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.10287
<![CDATA[Research aims: This paper investigates whether Islamic windows have better stability than full-fledged Islamic banks.Design/Methodology/Approach: A sample of 14 Islamic banks and 19 Islamic windows banks in Indonesia from 2013 to 2018 was used in this study. Both ordinary least squares and panel fixed effects were employed to examine the stability of both Islamic banks’ types.Research findings: Our empirical result suggested that full-fledged Islamic banks were less stable than their Islamic windows counterparts. This result remained consistent after running the model with different estimators and conducting various robustness tests.Theoretical contribution/Originality: Our result implies that Islamic windows could enjoy their market position to maintain stability without converting themselves into full-fledged Islamic banks because the Islamic banking market's current condition is highly competitive.Practitioner/Policy implication: Our empirical evidence supports the Indonesian governments' policy in converting Islamic windows banks into full-fledged Islamic banks if the market's competitive condition is well monitored by the regulators.Research limitation/Implication: This research result is limited only to the Indonesian setting and can be different if the analysis is taken using a sample from other countries.]]>
<![CDATA[Does the Order of Information Affect Investors' Investment Decisions? Experimental Investigation ]]>
<![CDATA[Riyadi Aprayuda]]>;
<![CDATA[Fauzan Misra]]>;
<![CDATA[Rayna Kartika]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.9965
<![CDATA[Research aims: This study examines the order of information’s effect according to the Belief Adjustment Model. In particular, this study investigates the effect of the direction of the order and the pattern of presenting information in making investment decisions.Design/Methodology/Approach: The research applied an experimental method with web-based instruments using a 2x2 factorial design between subjects, involving 65 investors.Research findings: The investors’ investment valuation who received negative to positive information sequence direction was higher than the investors who received positive to negative information direction. Furthermore, there was an order effect in the form of recency on investors who received a partial presentation pattern. Meanwhile, investors who received a simultaneous pattern did not show an order effect in their assessment. These findings underline that the simultaneous pattern could reduce the order effect, so that investors need to generalize the information as a whole to avoid this bias.Theoretical contribution/Originality: This study extends the investigation of investment decisions using a long sequence of information perspectives and more varied types of information (e.g., financial information, corporate governance, and industry sectoral information that has an impact on company conditions) in making investment decisions on the belief adjustment model.Practitioner/Policy implication: Companies must maintain the direction of the order and the presentation patterns when issuing company information to maintain the quality of investors' decisions and avoid the risk of volatility in company shares.Research limitation/Implication: Participants who joined this research were active investors but had not yet had a comprehensive experience.]]>
<![CDATA[Cultural Dimensions and Sustainable Stock Exchanges Returns in the Asian Region ]]>
<![CDATA[Susilo Nur Aji Cokro Darsono]]>;
<![CDATA[Wing-Keung Wong]]>;
<![CDATA[Nguyen Tran Thai Ha]]>;
<![CDATA[Hafsah Fajar Jati]]>;
<![CDATA[Diah Setyawati Dewanti]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.10318
<![CDATA[Research aims: The aim of this paper is to examine the effect of four cultural dimensions such as power distance index (PDI), individualism (IDV), uncertainty avoidance index (UAI), and long-term orientation (LTO) on the sustainable investment return in Asian sustainable stock exchanges.Design/Methodology/Approach: Quantitative research method was applied for this research. Monthly sustainable stock indices from seven Asian countries for the period 2015-2019 were considered. This research employed the Ordinary Least Square (OLS) regression and Feasible Generalized Least Square (FGLS) regression with id and time fixed effect.Research findings: The outcomes of our empirical investigation underlined the fact that: (i) an increase in power distance (PDI) would increase the market returns in the Asian region; (ii) individualism (IDV) had a positive and significant impact on the market returns, and the increase of individualism in the Asian countries would lead to the higher sustainable stock returns; (iii) increase in the uncertainty of avoidance (UAI) by investors in the Asian region would lead to the higher stock returns; (iv) the long term orientation (LTO) had a significant and positive impact on market returns. It showed that if the investor had a long-term orientation on the sustainable stock exchange in the Asian region, it would lead to increased stock returns.Theoretical contribution/Originality: This research's theoretical contribution is to present the causal relations of cultural differences on the sustainable investment return in the Asian region.Practitioner/Policy implication: This research’s implication is to increase the concern of individual investors, portfolio managers, and investment companies regarding the cultural dimension effect on sustainable investment.Research limitation/Implication: The limitations still exist in this research, such as: (1) limited data for sustainable stock indices in the Asian region; (2) this research mainly focused on four cultural dimensions instead of six dimensions in Hofstede's model; (3) the future research should include the control variables and some other financial variables related with the sustainable investment.]]>
<![CDATA[COVID-19 and Stock Market Reaction in Indonesia ]]>
<![CDATA[Yanuar Trisnowati]]>;
<![CDATA[Arianto Muditomo]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.8859
<![CDATA[Research aims: COVID-19 Pandemic happens all over the world. Pandemic impact hits almost all elements of life, one of the affected real sectors is finance especially the stock market. This research is aimed to present the reaction of the equity market in Indonesia towards the COVID-19 pandemicDesign/Methodology/Approach: The research method that is used is the study to examine market reaction towards the pandemic and abnormal return around the occurrence by using two methods; mean-adjusted abnormal return and market model.Research findings: From the research conducted over the 10 indicators of the stock market index in Indonesia, it is concluded that 8 industrial sectors that have tenacious reaction toward the COVID-19 pandemic hit in Indonesia, where it is also found that the agriculture sector; basic and chemical industry; miscellaneous, consumer goods; property and real estate; transport and infrastructure; finance; trade, service, and investment, give stronger reactions compared with mining and manufacture.Theoretical contribution/Originality: Researches about the stock market reaction to the non-economy phenomenon have already been carried out, but the research that is specifically done to study sectoral index reaction towards the non-economy occurrences is still wide open to doing for deeper research.Practitioner/Policy implication: This research can be important information for investors to understand the behavior of stock market efficiency in Indonesia in making decisions of investmentResearch limitation/Implication: Non-economy event that becomes the subject of research is the COVID-19 pandemic that appeared and escalated fast all over the world. The researcher conducted the research and presented it as quickly as possible since the time is limited. It is meant to show a systematic and scientific thinking framework in addressing the non-economy events, but still in the context of reliability on the result of research to the same topic about the COVID-19 effect in other countries.]]>
<![CDATA[Conservatism, Earnings Quality, and Stock Prices - Indonesian Evidence ]]>
<![CDATA[Krismiaji Krismiaji]]>;
<![CDATA[Sururi Sururi]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.9419
<![CDATA[Research aims: This research investigates the association of conservatism (both conditional and unconditional) with quality of earnings as well as with stock prices on companies listed on the Indonesia Stock Exchange (IDX).Design/Methodology/Approach: The research uses a sample of 846 observations of publicly listed companies on the Indonesian Stock Exchange for the fiscal year that ends on December 31, 2016 through 2018. Conditional conservatism is measured by using an asymmetric timeliness measure from Basu (ATMB). Net income ratio (CFO/NI) is a proxy for earnings quality whereas ratio between market value and book value (MTB) is a measure of unconditional conservatism. The data used in this study are obtained both from Indonesian Stock Exchange database, and from company annual reports.Research findings: The study finds that all companies analyzed implement conservative accounting policies and practices. Besides, quality of earnings and stock prices are negatively associated with conditional conservatism. This research also proves that stock price negatively associated with unconditional conservatism, whereas unconditional conservatism does not associated with earnings quality.Theoretical contribution/ Originality: This study enriches the existing literature about conservatism, especially in emerging market environment. Moreover, this study discusses a set of conservatism that consist of conditional and unconditional conservatism. This may give a complete picture of conservatism practices adopted by Indonesian companies.Practitioner/Policy implication: Since conservatism can solve agency cost problems, the result of this study may affect the way a company produce useful information for interest parties.Research limitation/Implication: The use of the purposive sampling method limits generalizations, because sample designs could not be assumed to characterize all companies listed on IDX. ]]>
<![CDATA[New Remuneration System for Village Government Apparatus (APD): Can it Halt Fraud Incident(s)? ]]>
<![CDATA[Mellani Yuliastina]]>;
<![CDATA[Muhammad Hudaya]]>;
<![CDATA[Wahyudin Nor]]>;
<![CDATA[Basyirah Ainun]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.8936
<![CDATA[Research aims: Central and local governments are trying to curbing fraud involving the village government apparatus (APD) by increasing the remuneration of APD, so that they are not tempted to misuse the village fund that they manage.Design/Methodology/Approach: The purpose of this study is to see whether remuneration is the cause of fraud, the extent to which the application of new PPE remuneration has an impact on reducing the potential for fraud and who is the main actor in fraud. This research uses a qualitative approach, and case study strategy research. The research was carried out in in three villages within a district, Regency of Barito Kuala, South Kalimantan. Data were collected through several relevant informants interviewed using the open-ended questions technique.Research findings: The results of this study indicate that APD is required to be professional to carry out their duties in managing village development, but on the other hand, the compensation for workload received is not commensurate with the risks faced. However, the increase in remuneration for the APD is only happened to the village head and village secretary, while the head of affairs and head of section’s renumeration remain below regional standard pay (UMR). The main cause of fraud is in the aspect of hegemony power and governance.Theoretical contribution/ Originality: The new remuneration system is supposed to curb the potential fraud, however, it leaves new loopholes for committing fraud. The paper suggests the new renumeration system needs to be revamped, in which all APD should receive minimum pay at UMR level, Improved governance, encouraging community participation and eliminating stereotypes about power as an effort to achieve prosperity.Research limitation/Implication: This research was conducted using a qualitative approach where the results of this study cannot be generalized to a wider scope.]]>
<![CDATA[Factors Determining the Perceived Security Dimensions in B2C Electronic Commerce Website Usage: An Indonesian Study ]]>
<![CDATA[Santos Marianus]]>;
<![CDATA[Syaiful Ali]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.8171
<![CDATA[Research aims: This study aims to analyze the perceived security dimensions and build a research model using perceived ease of use and perceived usefulness as variables mediating the link between perceived security and the intention to use Indonesia's B2C e-commerce websites. Design/Methodology/Approach: Using a purposive sampling approach, this study conducted an online survey of respondents who had done online transactions, such as business-to-customer (B2C) transactions. Research Findings: The study's results showed that perceived security significantly correlated with buyers' intention to use B2C websites. Theoretical contribution/Originality: This study contributes to developing and validating key dimensions of perceived security and their constructs. Mediation effect test results from TAM, which were perceived ease and perceived use, indicated that only the perceived usefulness variable significantly mediated the relationship between perceived security and intention to use B2C e-commerce websites. Perceived use's mediation was not supported. Practitioner/Policy implication: This research empirically supports the perceived security construct as a second-order construct involving confidentiality, availability, non-repudiation, and privacy. Research limitation/Implication: This study used data from Indonesian individuals, which may differ from other countries' characteristics. It may limit the research' finding generalization. Research aims: This study aims to analyze the perceived security dimensions and build a research model using perceived ease of use and perceived usefulness as variables mediating the link between perceived security and the intention to use Indonesia's B2C e-commerce websites.Design/Methodology/Approach: Using a purposive sampling approach, this study conducted an online survey of respondents who had done online transactions, such as business-to-customer (B2C) transactions.Research Findings: The study's results showed that perceived security significantly correlated with buyers' intention to use B2C websites.Theoretical contribution/Originality: This study contributes to developing and validating key dimensions of perceived security and their constructs. Mediation effect test results from TAM, which were perceived ease and perceived use, indicated that only the perceived usefulness variable significantly mediated the relationship between perceived security and intention to use B2C e-commerce websites. Perceived use's mediation was not supported.Practitioner/Policy implication: This research empirically supports the perceived security construct as a second-order construct involving confidentiality, availability, non-repudiation, and privacy.Research limitation/Implication: This study used data from Indonesian individuals, which may differ from other countries' characteristics. It may limit the research' finding generalization.]]>
<![CDATA[The Relationship Between Corporate Governance and Integrated Reporting ]]>
<![CDATA[Hayyin Agustina Mawardani]]>;
<![CDATA[Iman Harymawan]]>
<![CDATA[ Journal of Accounting and Investment Vol 22, No 1: January 2021 ]]>
Publisher : <![CDATA[Universitas Muhammadiyah Yogyakarta, Indonesia ]]>
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DOI: 10.18196/jai.v22i1.9694
<![CDATA[Research aims: The objective of this research is to investigate the level of integrated reporting information disclosure in the annual reports of non-financial public listed companies in Indonesia Stock Exchange (IDX) during 2017 to 2018, as well as its relationship with corporate governance that measured by the independent board, the board size, board gender diversity, and types of the external audit firm, whether a corporate audited by Big-4 accounting public firm or non-Big-4 accounting public firm.Design/Methodology/Approach: In this research, the authors utilized a total of 936 observations. The analysis used in this research is using the Ordinary Least Square (OLS) Regression.Research findings: This research showed that corporations with a higher number of independent board members and a bigger board size are disclosing a higher level of integrated reporting information. However, the authors did not find a significant correlation between board gender diversity and audit firm types on the level of Integrated Reporting information disclosure.Theoretical contribution/ Originality: This research contributes to adding to the literature of integrated reporting disclosure theory.Practitioner/Policy implication: Hopefully, the findings can give the policy-maker a comprehensive picture of the relationship between corporate governance and integrated reporting disclosure.Research limitation/Implication: The limitation of this paper is the measurement of Integrated Reporting disclosure that was conducted using content analysis by word count was done manually which may contain subjectivity of the authors.]]>
