Reviu Akuntansi, Manajemen, dan Bisnis

Regional Financial Performance of Papua Province: Fiscal Decentralization, Dependency, and Independence Ratios (2015-2024)

2026-08-26T01:54:36+00:00

Purpose: This study analyzes the regional financial performance of Papua Province based on three indicators: the degree of fiscal decentralization, the regional financial dependency ratio, and the regional financial independence ratio.
Research Methodology: The study uses a quantitative descriptive approach applied to the Regional Revenue and Expenditure Budget (APBD) realization reports of Papua Province for the 2015-2024 fiscal years. Data were analyzed using fiscal decentralization degree analysis, the regional financial dependency ratio, and the regional financial independence ratio.
Results: The average fiscal decentralization degree was 10.68%(poor), with an instructive relationship pattern in which the central government remained dominant. The average dependency ratio on central transfer funds over 2015-2024 was 26.40% (moderate). The average financial independence ratio was 30.29% (low), with a consultative relationship pattern.
Conclusions: Papua Province has not yet been able to exercise fiscal autonomy optimally; regional development still depends heavily on central transfer funds, and locally generated revenue remains insufficient to finance regional governance independently.
Limitations: The study is limited to three financial-ratio indicators and to APBD realization data for a single province over 2015-2024, so the findings are not directly generalizable to other regions.
Contributions: The findings offer regional governments and fiscal policymakers empirical evidence for strengthening locally generated revenue and reducing transfer dependency, and contribute to the public-sector financial-management literature.

Exploration of Centennial Generation's Visual Attention Towards Digital Investment Platforms: An Eye-Tracking-Based Neuromarketing Approach

2026-07-06T08:41:45+00:00

Purpose: The purpose of this study is to explore the visual attention patterns of Generation Z (Centennials) on digital investment platforms.
Research Methodology: Using an eye-tracking-based neuromarketing approach, supported by a quantitative approach, this study conducted an experiment to compare the visual behavior of novice and experienced investors. The sample in this study consisted of 90 students and capital market practitioners using a snowball collection technique
Results: The results show that investors predominantly focus on the order book, running trade, and stock chart features. Furthermore, there are significant differences. Experienced investors have a strategic attention pattern, starting with viewing the global market overview (Global Index) before focusing on specific data (Order Book, Running Trade). They also master analytical tools and spend time on chart indicators. In contrast, novice investors tend to be exploratory, spending more time processing real-time data and focusing more on price visualizations (Stock Charts).
Conclusions: The conclusions of this study emphasize the importance of app design tailored to user experience levels to effectively increase financial literacy and inclusion.
Limitations: This study is limited by its geographical focus on Generation Z participants in Surabaya, which may restrict the generalizability of the findings to other regions or demographic contexts. Additionally, the use of a single digital investment platform may limit cross-platform applicability.
Contributions: This study contributes original insights by integrating eye-tracking-based neuromarketing methods into the context of digital investment behavior among Generation Z in Indonesia an area that remains underexplored.

Investor Behavior: The Roles of Green Finance Literacy, Herding, and Overconfidence through Risk Perception

2026-08-27T13:32:07+00:00

Purpose: This study provides empirical evidence on the roles of green finance literacy and behavioral biases in shaping investors' behavior by considering the mediating role of risk perception.
Research Methodology: Primary data were collected from 157 Indonesian retail investors using purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.
Results: Green finance literacy positively affected investors' behavior and risk perception. Herding behavior influenced risk perception but had no direct effect on investors' behavior, while overconfidence positively affected investors' behavior but not risk perception. Risk perception positively influenced investors' behavior and mediated only the effect of green finance literacy.
Conclusions: Investors' behavior is jointly influenced by sustainable financial knowledge, behavioral biases, and risk evaluation. Risk perception serves as a key mechanism linking green finance literacy to investors' behavior.
Limitations: This study was limited to Indonesian retail investors and employed a cross-sectional research design.
Contributions: This study advances the behavioral finance and sustainable finance literature by providing new empirical evidence on the mediating role of risk perception in shaping investment decisions, thereby extending existing models beyond direct-effect relationships. The findings offer practical implications for developing investor education strategies and strengthening regulatory approaches in Indonesia.

User Experience, Perceived Quality, and Service Quality as Determinants of E-Commerce Loyalty Mediated by Trust

2026-04-07T08:28:26+00:00

Purpose: This study investigates the effects of user experience, perceived quality, service quality, and customer engagement on customer loyalty in e-commerce, with consumer trust as a mediating variable.

Research Methodology: A quantitative approach was applied using survey data collected from 389 e-commerce users in Indonesia. The data were analyzed using Structural Equation Modeling (SEM) to examine the proposed relationships.

Results: User experience, perceived quality, and service quality significantly enhance consumer trust. Consumer trust positively influences customer loyalty and mediates the relationship between these factors and loyalty. Customer engagement significantly affects loyalty both directly and indirectly through consumer trust. However, service quality does not show a significant direct effect on customer loyalty.

Conclusions: Consumer trust plays a central role in developing customer loyalty in e-commerce. Enhancing user experience, perceived quality, service quality, and customer engagement can strengthen trust and encourage long-term customer relationships.

Limitations: This study is limited to Indonesian e-commerce users and employs a cross-sectional design, which may restrict broader generalization.

Contributions: This study extends e-commerce loyalty research by demonstrating the mediating role of consumer trust and highlighting customer engagement as both a direct and indirect determinant of loyalty.

Do Sustainability, Green Innovation, and Digital Transformation Create Value? A Multiple Moderation Analysis

2026-08-16T14:48:56+00:00

Purpose: This study examines whether sustainability, green innovation, and digital transformation contribute to firm value creation and whether institutional ownership and board independence strengthen these relationships.
Research Methodology: This study contributes to the literature by examining sustainability, green innovation, and digital transformation within an integrated value creation framework and by highlighting the moderating roles of two corporate governance mechanisms in the Indonesian manufacturing.
Results: Sustainability and green innovation have positive and significant effects on firm value, while digital transformation has no significant direct effect. Institutional ownership strengthens the effects of sustainability and green innovation, whereas board independence strengthens the effects of sustainability, green innovation, and digital transformation.
Conclusions: The findings suggest that sustainability and green innovation directly enhance firm value, while the value contribution of digital transformation depends on governance. Institutional ownership provides selective moderation, whereas board independence strengthens the value relevance of all three strategic initiatives, highlighting the importance of governance in firm value creation.
Limitations: The study focuses on manufacturing companies listed on the Indonesia Stock Exchange, which may limit the generalizability of the findings to other industries.
Contributions: This study integrates sustainability, green innovation, digital transformation, and corporate governance into a unified value-creation framework. It reveals distinct governance roles: institutional ownership selectively enhances the value of sustainability and green innovation, whereas board independence strengthens all three strategic initiatives. Empirically, it demonstrates how Indonesian manufacturing firms' governance conditions shape these initiatives' impact on firm value.

The Roles of Brand Trust and Attitude in Indonesian Gen Z Plant-Based Food Purchases

2026-08-18T08:48:27+00:00

Purpose: This study aims to analyze how perceived value, self-efficacy, and social influences affect attitudes and brand trust, and how these factors impact the online purchase intention for plant-based foods among Generation Z in Batam City.
Research Methodology: This study employs a quantitative approach and purposive sampling. The sample consisted of 223 Generation Z consumers in Batam City who had purchased plant-based food online. The data were analyzed using Structural Equation Modeling (SEM) with SmartPLS.
Results: Perceived value significantly influences attitude, and self-efficacy significantly influences brand trust. Furthermore, only attitude has been proven to have a significant effect on online purchase intention. On the other hand, social influencedid not affect attitude; perceived value did not affect brand trust; and brand trust did not significantly influence online purchase intention.
Conclusions: These findings indicate that, in the context of plant-based foods, fostering positive internal attitudes among consumers is far more crucial for driving online purchase intent than relying solely on external social influences or brand trust.
Limitations: This study's limitations include the absence of other variables, such as electronic word of mouth (e-WOM), and the research's scope, which remains limited to Batam City.
Contributions: This study contributes to the understanding of digital marketing strategies, particularly in the field of plant-based foods, by targeting Generation Z. This contribution is important for marketers, food companies, and researchers in management and marketing disciplines to develop more effective strategies in building positive attitudes, brand trust, and online purchase intent.

The Impact of Augmented Reality Experience on Consumer Behavior: Evidence from Wardah Cosmetics

2026-08-28T04:56:50+00:00

Purpose: This study aims to examine the effect of Augmented Reality (AR) implementation on consumer behavior in Wardah cosmetic products. The study focuses on understanding how AR-based digital marketing experiences influence consumers’ cognitive, affective, and post-purchase responses.
Research Methodology: This study employed a quantitative research approach using a survey method. Data were collected from 35 Wardah consumers who had experienced the Augmented Reality feature available on the Wardah website. The data were analyzed using validity testing, reliability testing, simple linear regression analysis, coefficient of determination (R²), and t-test using SPSS.
Results: The findings indicate that Augmented Reality has a positive and significant effect on consumer behavior. The regression analysis shows that AR has a positive coefficient of 0.292, with a t-value of 3.807 and a significance value of p < 0.001. Furthermore, the R² value of 0.149 indicates that AR explains 14.9% of variations in consumer behavior, while the remaining variations are influenced by other factors outside the research model.
Conclusions: Augmented Reality contributes to improving consumer experiences by providing more interactive, informative, and engaging product evaluations. AR technology helps consumers understand products better and supports purchasing-related decisions.
Limitations: This study is limited by the small sample size and the focus on a single cosmetic brand, which may restrict the generalizability of the findings.
Contribution: This study contributes to digital marketing literature by demonstrating the role of AR technology in shaping consumer behavior and provides practical implications for cosmetic companies in developing technology-based marketing strategies.

The Effect of Environmental and Bio-Accounting on Food System Resilience with Sustainable Business Moderating Variable

2026-07-13T10:30:26+00:00

Purpose: This study examines how environmental and bio-accounting strengthen livestock governance to enhance food system resilience and sustainable business practices.
Research Methodology: This study employs a mixed-methods design, combining quantitative analysis and qualitative case studies in Kabupaten Bekasi, Indonesia, a strategic livestock production area facing environmental and governance challenges. Environmental accounting integrates environmental costs and performance indicators into organizational decision-making, whereas bio-accounting values biological assets based on their ecological contributions and impacts.
Results: This study makes a novel contribution by reconceptualizing environmental and bio-accounting practices. The findings indicate that integrating environmental and bio-accounting improves transparency, accountability, and sustainability-oriented management. These mechanisms enhance resource efficiency, support informed decision-making, and strengthen the resilience of livestock-based food systems.
Conclusions: This study confirms that integrating environmental and bio-accounting practices strengthens governance capacity and promotes adaptive management aligned with sustainable business principles and long-term value creation.
Limitations: This study focused on a single regional case, which may limit its generalizability. Future research should expand coverage across regions and apply longitudinal approaches to examine the long-term impacts.
Contributions: This study contributes to sustainability accounting literature and provides practical insights for policymakers and managers implementing Environmental, Social, And Governance (ESG)-oriented livestock governance strategies.

Operating Cash Flow and Future ROE in Indonesia: The Moderating Role of Sales Growth

2026-08-07T15:08:41+00:00

Purpose: This study tests whether current sales growth moderates the link between prior operating cash-flow intensity and subsequent Return on Equity (ROE) in Indonesian non-financial companies, treating sales growth as a boundary condition for the profitability effect of internal cash generation.
Research Methodology: We built a balanced panel of 163 consistently profitable companies (652 firm-year observations, 2020-2025), sequencing operating cash-flow intensity at t-1, sales growth at t, and ROE at t+1. We tested the hypotheses using two-way fixed-effects regression with firm-clustered standard errors, mean-centered interactions, simple-slope analysis, and cluster bootstrapping.
Results: At average sales growth, prior operating cash-flow intensity correlated negatively with future ROE, while sales growth itself correlated positively with it. Their interaction was positive: higher growth weakened the negative relationship until it became statistically indistinguishable from zero. This moderation effect held within ordinary operating ranges but was sensitive to extreme-value treatment.
Conclusion: Operating cash flow intensity alone does not guarantee higher shareholder profitability. Internal cash generation creates value when firms can utilize liquidity through productive sales expansion.
Limitations: Several factors constrain causal interpretation and generalizability: a short pandemic-to-recovery window, a sample restricted to consistently profitable firms, reliance on accounting disclosures, residual cross-sectional dependence, and sensitivity to winsorization.
Contribution: We introduce a temporally ordered moderation framework that identifies sales growth as an operating boundary condition, extending the Agency Theory-Free Cash Flow Hypothesis and Contingency Theory with cross-sector evidence from an emerging market. Operating cash generation benefits shareholders only when firms channel that liquidity into sales expansion.

The Value Relevance of Green Strategies: Intellectual Capital, Innovation, and Accounting Disclosure Under Board Oversight

2026-08-07T16:11:30+00:00

Purpose: This study investigates the direct effects of Green Intellectual Capital, Green Innovation, and Green Accounting on Firm Value in the Indonesian manufacturing sector. Moreover, this study examines the moderating role of Board Size based on Agency Theory and Board Size Paradox.
Research Methodology: This study uses a quantitative panel data regression approach to analyze 276 observations from 92 publicly listed Indonesian manufacturing firms during 2022-2024, with data processed using Stata software.
Results: Green Intellectual Capital positively affects Firm Value, Green Innovation does not significantly affect Firm Value, and Green Accounting negatively affects Firm Value. Board Size negatively moderates the relationship between Green Intellectual Capital and Firm Value and positively moderates the relationship between Green Accounting and Firm Value, but shows no moderating effect on the relationship between Green Innovation and Firm Value.
Conclusions: Green Intellectual Capital enhances firm value, in line with Agency Theory. However, large boards weaken this effect due to administrative and coordination frictions, known as the board size paradox.
Limitations: The study sample is limited to publicly listed manufacturing firms in Indonesia over a three-year observation period.
Contributions: This study provides managerial insights into the board expansion effect on sustainable value creation for environmental strategies in emerging markets.

Executive Risk Asymmetry: CFO Equity Ownership, CEO Education, and Firm Risk

2026-08-13T09:11:54+00:00

Purpose: This study examines whether Chief Executive Officer (CEO) and Chief Financial Officer (CFO) characteristics relate to firm risk asymmetrically and identifies which attribute holds the most robust association.
Research Methodology: We analyze 372 firm-year observations of non-financial firms listed on the Indonesia Stock Exchange between 2022 and 2024. CEO financial education, CFO positional diversity, CFO stock ownership, and CFO gender are the variables of interest in this study. Idiosyncratic risk is regressed with firm and year fixed effects, with total volatility as a robustness check.
Results: CFO stock ownership is negatively related to both risk measures (p < 0.01), while CEO financial education is positively related to idiosyncratic risk alone. Female CFOs are associated with higher total volatility only, and CFO positional diversity remains insignificant.
Conclusions: Executive attributes have different empirical signatures. CFO equity exposure is associated with lower risk across all measures, whereas CEO financial education is associated with firm-specific risk alone.
Limitations: The design identifies conditional associations rather than causal effects, and the binary executive indicators draw identification from executive turnover within the firms.
Contributions: Whereas prior work examines CEO and CFO attributes in isolation, this study allows four characteristics to compete for explanatory power over firm risk in an emerging market, isolating CFO equity exposure as the most robust executive correlate. This extends the CEO versus CFO literature from financial policy to firm risk and positions CFO incentive design as a governance lever in its own right.

Ego Depletion VS Professional Commitment: The Auditor’s Role in Judgment Decision Making and Professional Skepticism

2026-08-08T00:30:48+00:00

Purpose: This study examines the effect of ego depletion on professional commitment, with Judgment Decision-Making (JDM) and professional skepticism as mediating variables.
Research Methodology: A quantitative explanatory design was employed. Using convenience sampling, data were collected from 113 active external auditors in public accounting firms (Kantor Akuntan Publik/KAP) in Jakarta and parts of Java Island through an online survey. The hypotheses were tested using Partial Least Squares Structural Equation Modeling (PLS-SEM).
Results: Ego depletion significantly and negatively affects JDM and professional skepticism. However, its direct effect on professional commitment is not significant. JDM and professional skepticism fully mediate the relationship between ego depletion and professional commitment.
Conclusions: Cognitive resource depletion weakens auditors’ judgment quality and professional skepticism, which subsequently undermines professional commitment. The findings support the Strength Model of Self-Regulation by demonstrating that depleted cognitive resources can hinder the manifestation of professional values.
Limitations: The cross-sectional design limits causal inference, while self-reported data may involve social desirability bias. The sample is also limited to accounting professionals, restricting generalizability.
Contributions: This study extends ego depletion literature by identifying JDM and professional skepticism as full mediators. Practically, audit firms should manage workloads and cognitive overload to protect auditors’ judgment, skepticism, and professional commitment. Future research should use longitudinal or experimental designs and examine the moderating role of character traits such as courage.

Digital Transformation and Firm Performance: The Moderating Role of CFO Co-optation

2026-08-13T08:40:37+00:00

Purpose: This study tests whether digital transformation affects firm accounting performance in Indonesian manufacturing firms, and whether Chief Financial Officer (CFO) co-optation moderates that effect.
Research Methodology: This study analyzes 285 firm-year observations from 95 Indonesia Stock Exchange manufacturing firms (2022–2024) using Fixed Effects panel regression with Moderated Multiple Regression, applying one-tailed significance tests at the 10%, 5%, and 1% levels. The study measures digital transformation through text-mining keyword frequency in annual reports and codes CFO co-optation as a binary indicator for CFO appointment during the sitting Chief Executive Officer (CEO) tenure. The study estimates a Fixed Effects panel regression in Stata 17, selected through Chow and Hausman tests, with Moderated Multiple Regression testing the interaction effect.
Results: Digital transformation lowers Return on Assets at the 10% significance level. CFO co-optation lowers ROA at the 5% level, but the interaction between digital transformation and CFO co-optation raises ROA at the 5% level, offsetting and reversing the direct penalty.
Conclusions: Executive alignment through CFO co-optation buffers the short-term cost digital transformation imposes on profitability, consistent with Resource Orchestration Theory operating alongside Agency Theory rather than replacing it.
Limitations: The sample covers manufacturing firms only, over a three-year window, using a keyword-based digital transformation proxy.
Contributions: The findings extend Agency Theory and Resource Orchestration Theory into a joint governance-technology model and offer Indonesian regulators, boards, and CFOs concrete guidance on staffing and timing digital transformation initiatives.

ESG Performance, Firm Size, and Profitability: Evidence from listed non-financial firms in Indonesia and Singapore

2026-08-14T14:31:30+00:00

Purpose: This study examines whether Environmental, Social, and Governance (ESG) performance is associated with Return on Equity (ROE), whether firm size moderates the ESG–ROE relationship, and whether this differs between listed non-financial firms in Indonesia and Singapore during 2021–2024, integrating resource-based, agency, stakeholder, legitimacy, and signaling perspectives in a comparative panel framework.
Research Methodology: This study uses a quantitative panel-data design with 130 firm-year observations from 48 listed non-financial firms in Indonesia and Singapore over 2021–2024 (from 208 potential observations, excluding 78 incomplete cases). Firm size is the log of total assets in U.S. dollars from Bloomberg. Hypotheses are tested with firm fixed-effects models and clustered standard errors, with Driscoll–Kraay errors, leverage controls, and winsorization as robustness checks.
Results: The analysis yields robust null results across specifications; neither ESG performance, firm size, nor their interaction predicts ROE. Supplementary analysis, however, points to a marginally significant, more positive ESG–profitability relationship among Indonesian firms than Singaporean peers.
Conclusions: These results caution against assuming favorable global ESG-financial performance evidence transfers to this ASEAN panel, offering standard-setters, investors, and managers evidence on whether firm size is a precondition for ESG performance to pay off.
Limitations: The sample is restricted to publicly listed, non-financial firms with disclosed ESG scores, so findings do not extend to private or small unlisted firms.
Contributions:The study provides standard-setters, investors, and managers in Indonesia and Singapore evidence on whether firm size conditions ESG performance payoffs, informing how ASEAN regulators tailor disclosure rules across firms of different sizes.