JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES

Economic Evaluation of Cobalt and Iron Pricing in Lateritic Nickel Ore Sales Based on Forecasted Benchmark Mineral Prices (Period II April-Period II July 2026)

Marwan Zam Mili — 2026-04-20

The pricing of lateritic nickel ore in Indonesia has traditionally been based on nickel (Ni) content alone, neglecting associated elements such as cobalt (Co) and iron (Fe), which may lead to undervaluation. This study aims to evaluate the economic impact of incorporating cobalt and iron in lateritic nickel ore pricing based on forecasted Benchmark Mineral Prices (HPM). Secondary data comprising Benchmark Mineral Reference Prices (HMA) for nickel, cobalt, and iron from Period I of May 2025 to Period I of April 2026 were utilized. Price forecasting employed the Moving Average method of order 2, selected based on the lowest Mean Squared Error (MSE), projecting prices from Period II of April to Period II of July 2026. A comparative approach between existing and proposed pricing schemes was applied. Results show that incorporating cobalt and iron significantly increases ore value, with the limonite layer rising from $21/ton to $85/ton and the saprolite layer from $47/ton to $70-75/ton. Based on volumes of 3.8 million wmt (limonite) and 3.62 million wmt (saprolite), nickel's economic potential reaches USD 60,211,426 (IDR 957,537,484,403) and USD 103,792,752 (IDR 1,650,607,831,636) respectively, while cobalt contributes USD 19,550,965 (IDR 310,917,430,537) and USD 1,978,843 (IDR 31,469,375,560). These findings confirm that a comprehensive pricing scheme encompassing all mineral constituents is essential for improving valuation accuracy and supporting equitable mineral pricing policies.

The Influence of Green Accounting and Intellectual Capital on Firm Value with Business Strategy as a Moderating Variable

Hana Agustin — 2026-04-27

Investor perceptions of corporate performance, as captured by firm value, are determined by financial considerations alongside non-financial dimensions, namely environmental responsibility management via green accounting and the strategic utilization of intellectual capital to secure competitive advantage. This study assesses the extent to which green accounting and intellectual capital affect firm value, while also considering the moderating role of business strategy. The analysis focuses on mining firms listed on the Indonesia Stock Exchange from 2021 to 2024, utilizing secondary data derived from annual reports through purposive sampling according to explicit selection criteria. Methodologically, the investigation applies a quantitative approach, implementing both multiple linear regression and Moderated Regression Analysis (MRA) for hypothesis testing. The results indicate that green accounting and intellectual capital each have a statistically significant impact on firm value. Nevertheless, business strategy is unable to moderate the influence of either green accounting or intellectual capital on firm value, and consequently, no moderating role is substantiated. The study aims to contribute to corporate value enhancement strategies and to provide a foundation for future scholarly inquiry.

The Influence of Government Expenditure, Domestic Investment, and Sustainable Development on Inclusive Economic Growth in Sumatra Provinces (2019-2023)

Nur Azima — 2026-05-15

Inclusive economic growth remains a critical challenge across Sumatra’s provinces, where disparities in welfare, infrastructure, and environmental quality persist. Focusing on ten provinces on the island of Sumatra between 2019 and 2023, this research assesses how inclusive economic growth is influenced by government social assistance expenditure, domestic investment (PMDN), and sustainable development (proxied by HDI and IKLH). Employing panel data regression with the Random Effects Model (REM) as the adjudicated specification, the empirical outcomes reveal that, under partial estimation, all independent variables exert a discernible bearing upon inclusive economic growth. Conversely, under simultaneous estimation, solely the Human Development Index (HDI) manifests as a statistically consequential determinant, whilst social assistance expenditure, domestic investment, and the Environmental Quality Index (IKLH) yield no appreciable influence on inclusive economic growth across the provinces under scrutiny. These findings suggest that human capital development plays a more dominant role than fiscal and investment variables in driving inclusive growth. Policymakers in Sumatra should prioritize sustainable human development to reduce inequality and enhance economic participation across provinces.

The Effect of Green Investment, Eco-efficiency, and Carbon Emission Disclosure on Firm Value

Refika Afriani — 2026-05-15

Growing apprehensions regarding environmental stewardship have amplified compulsory demands on corporations to assimilate conscientious practices into their operative strategies, particularly within capital markets that incorporate ethical and environmental screening criteria. This research aims to identify the bearing of green investment, eco-efficiency, and carbon emission disclosure on firm valuation among enterprises enumerated on the Indonesian Sharia Stock Index (ISSI) spanning the 2022–2024 period. A quantitative investigative approach with purposive sampling was employed, yielding 45 observations from 15 companies across three years. Ancillary data were procured from annual reports and sustainability reports and scrutinised through panel data regression utilising EViews 12. The empirical outcomes divulge that green investment exerts a propitious and consequential bearing on firm value, whereas eco-efficiency manifests a deleterious and statistically significant effect, intimating that market participants construe environmental efficiency undertakings as transient fiscal encumbrances rather than enduring value catalysts. Carbon emission disclosure demonstrates an affirmative yet inconsequential bearing on firm value. Concurrently, the three variables conjointly and substantively impinge upon firm value. These findings augment the burgeoning compendium of literature on sustainability conduct and firm valuation within the purview of Islamic capital markets, proffering empirical elucidations germane to investors, practitioners, and policymakers operating within Sharia-compliant investment frameworks.

The Impact of Changes in Labor Force Structure on Inequality and Poverty in Indonesia

Bronson Marpaung — 2026-05-25

Indonesia has demonstrated high and sustained economic growth and has transformed into an industrial and service-oriented nation. The shift of labor from the agricultural sector to non-agricultural sectors such as industry and services has become the center of economic activity. This change can be observed from the increasing contribution of non-agricultural sectors to the economy, accompanied by a decline in the contribution of agriculture in Indonesia. This study differs from others that mainly focus on structural change and its impact on poverty and sectoral inequality, by highlighting the achievement of the turning point condition. Labor surplus in the agricultural sector causes the marginal productivity of labor in this sector to become very low or even nonexistent, a phenomenon that Lewis referred to as disguised unemployment, which frequently occurs in the agricultural sector of developing countries. The aim of this study is to identify the Lewis Turning Point (LTP) and analyze the impact of changes in labor structure on inequality and poverty in Indonesia. This study utilizes secondary data from several institutions, including the World Bank, Food and Agriculture Organization (FAO), and UNCTAD, in the form of time series data for the period 1980-2020. In this study, Indonesia has not yet reached the Lewis turning point as a result of the structural change process. The transformation from the agricultural sector to the industrial sector can reduce poverty and inequality, while the transformation from the agricultural sector to the service sector has proven unable to reduce inequality and poverty.

Analysis of the Competitiveness of Indonesia Shallot Commodity Exports in the International Market

Rizqi Muttaqin — 2026-06-04

Despite significant growth in domestic production, Indonesia’s export performance remains relatively low and fluctuating compared to its production capacity. This study analyzes the competitiveness of Indonesian shallot exports in the international market during the period 2015-2024. This research employs a quantitative descriptive approach using key indicators, including Revealed Comparative Advantage (RCA), Revealed Symmetric Comparative Advantage (RSCA), Growth RCA, and Export Product Dynamics (EPD), to assess competitiveness and export dynamics. The results show that Indonesia’s RCA values are generally below one, indicating a lack of strong comparative advantage, while RSCA values remain negative, reflecting weak competitiveness relative to major competitors such as Thailand and India. Growth RCA analysis reveals unstable competitiveness trends, heavily influenced by external factors such as global prices, trade policies, and the COVID-19 pandemic. Furthermore, EPD analysis indicates that Indonesian shallot exports are frequently positioned in the “Lost Opportunity” and “Retreat” categories, suggesting an inability to capitalize on growing global demand. In contrast, competing countries consistently demonstrate stronger and more stable export performance. The study concludes that Indonesia’s high production potential has not been effectively translated into export competitiveness due to challenges related to product quality, logistics efficiency, and policy support. Therefore, strategic efforts are required to improve quality standards, enhance supply chain efficiency, and expand export markets in order to strengthen Indonesia’s position in the global shallot trade.

Evolving Weak Form Market Efficiency in BRICS+ Markets

Rifka Indi — 2026-06-10

The Efficient Market Hypothesis (EMH), particularly in its weak form, remains a subject of debate, especially in emerging and developing markets where structural, institutional, and behavioral factors may hinder informational efficiency. The recent enlargement of the BRICS group to BRICS+ now includes a wider range of diverse economies. Therefore, a thorough reexamination of weak‑form market efficiency across these markets is required. This study explores weak‑form efficiency in BRICS+ stock markets and determines if stock returns follow a random walk or display predictable trends over time. This study analyzes daily returns of nine stock indexes including Brazilian, Russian, Indian, Chinese, South African, Saudi Arabia, Egyptian, and United Arab Emirates, and Indonesian between January 2006 and December 2024. We employed run tests, unit root tests (Augmented Dickey-Fuller and Phillips-Perron), and variance ratio tests to determine the randomness and predictability of returns. Conflicting evidence emerges from the empirical analysis of weak‑form efficiency. On one hand, randomness is supported by both run tests and unit root tests for every BRICS+ index. On the other hand, variance ratio tests produce significant results that contradict the random walk hypothesis. Such opposing findings indicate that BRICS+ stock markets are not consistently weak‑form efficient. They instead confirm the Adaptive Market Hypothesis, a framework that is only partially applicable and varies with context. This hypothesis is influenced by evolving economic circumstances, the maturity of institutions, and the actions of investors. It highlights the need to adopt adaptive investment strategy and flexible regulation strategies in dynamic market environments.

The Influence of Work-Life Balance and Organizational Culture on Employee Performance at a Regional Public Company

Habib Ilham — 2026-06-10

Employee performance in regional public companies is strongly shaped by work‑life balance and organizational culture, both of which are critical for sustaining productivity and service quality. This study aims to analyze the influence of work-life balance (X1) and organizational culture (X2) on employee performance (Y) at a Regional Public Company in Indramayu Regency. Using an associative quantitative approach, the researcher determined the interdependencies between the variables. The Regional Public Company recruited 108 people to take part in the study by using a stratified random selection method based on a Slovin algorithm. Following data collection using a Likert scale questionnaire, SPSS version 26 was used to perform multiple linear regression analysis. The research found that work-life balance positively impacted employee performance, with a t-value of 11.501 and a significance level of 0.000 (<0.05). The research proved that the culture of the organization significantly impacts employee performance in a good way (B = 0.093; t_value = 2.121; Sig. 0.036 < 0.05). With a mean of 69.076 and a significance level of 0.000 (less than 0.05), a good work-life balance and a supportive work environment significantly affect productivity. With an Adjusted R² value of 0.560, we can see that these two variables explain 56.0% of the variance in how well employees perform. Unrelated variables may account for the remaining 44.0%. Hence, a Regional Public Company in Indramayu Regency may promote a good work-life balance for its employees by establishing an engaging work environment.

The Effect of Audit Committee, Public Accounting Firm Reputation, and Investment Opportunity Set on Audit Report Lag

Fitriyah Fitriyah — 2026-06-24

The timeliness of financial reporting is a critical aspect of corporate transparency and investor decision-making, particularly in the banking sector where information asymmetry is pronounced. Delays in audit completion, commonly referred to as audit report lag, can undermine market confidence and regulatory compliance. This study aims to scrutinize the extent to which the audit committee, the reputational standing of public accounting firms (PAFs), and the investment opportunity set exert influence upon audit report lag in banking enterprises listed on the Indonesia Stock Exchange (IDX) spanning the period 2020-2024. A quantitative paradigm is employed, harnessing multiple regression analysis predicated on panel data through the Fixed Effects Model (FEM), encompassing 150 observations delineated via purposive sampling. The empirical findings divulge that the audit committee and the reputational standing of the PAF yield no discernible influence on audit report lag, whereas the investment opportunity set manifests a statistically significant bearing on the aforementioned variable. Concurrently, the audit committee, the reputation of the public accounting firm (KAP), and the investment opportunity set collectively exert a concomitant influence on audit report lag. These findings intimate that an augmentation in a company’s investment opportunities is consequential in prolonging the temporal span requisite for audit completion, whilst the presence of an audit committee and the reputational prestige of the KAP do not constitute determinative antecedents in the punctuality of audit reporting.

The Role of Financial Constraints in the Influence of Academic Experts and Corporate Governance on Tax Avoidance

Djodi Akbar — 2026-06-24

The tension among tax efficiency and governance integrity poses a critical challenge for firms operating in emerging markets with weak enforcement environments. The purpose of this study is to explore the impact of academic experts and Corporate Governance on corporate tax avoidance, together with the moderating role played by financial constraints. Panel data from manufacturing firms listed on the Indonesia Stock Exchange from 2020 to 2024 are analyzed using a quantitative approach. The sample consists of 51 firms with 255 observations selected through purposive sampling. The analysis is conducted using a Fixed Effects Model (FEM) with an Estimated Generalized Least Squares (EGLS) approach. The results show that academic experts and corporate governance do not have a significant effect on tax avoidance. Financial constraints have a positive and significant effect on tax avoidance. Furthermore, financial constraints moderate the relationship between academic experts and tax avoidance at the 10% significance level, with a positive direction. This finding indicates that under financial pressure, academic experts tend to support the optimization of corporate tax strategies. In contrast, financial constraints do not moderate the relationship between corporate governance and tax avoidance. These findings suggest that financial factors play a more dominant role than governance mechanisms in determining corporate tax avoidance behavior.

Profitability, Sales Growth, Leverage, and Tax Avoidance: The Moderating Role of Firm Size

Alya Budiantini — 2026-06-25

Corporate tax avoidance constitutes a persistent challenge in financial management, especially within emerging economies characterized by inconsistent regulatory frameworks and enforcement mechanisms. Within the Indonesian context, food and beverage enterprises listed on the Indonesia Stock Exchange (IDX) occupy a strategically significant position in the national economy; however, the tax compliance behavior of firms within this sector remains insufficiently examined in the existing literature. Accordingly, this study seeks to investigate the influence of profitability, sales growth, and leverage on tax avoidance, while simultaneously exploring the extent to which firm size moderates these relationships. The research is delimited to food and beverage companies listed on the IDX over the 2020-2024 observation period, employing a quantitative research design grounded in agency theory as the primary theoretical lens through which the relationships between the independent variables and tax avoidance are interpreted, with firm size serving as the moderating variable. Secondary data were collected from the audited financial statements of the sampled companies, with a total of 70 observations selected through purposive sampling. Moderated Regression Analysis (MRA) was employed as the primary analytical technique, executed using Eviews 12 software. The findings show that profitability and sales growth have a meaningful impact on tax avoidance. However, leverage does not produce a statistically significant effect. Moreover, the findings confirm that firm size acts as an important moderator, influencing how profitability, sales growth, and leverage each relate to tax avoidance.

The Impact of Bank Finance on SME Export Activities: Updated Empirical Insights

Denny Saputera — 2026-06-25

External capital is a vital resource for businesses seeking to enter international trade, with smaller firms being particularly dependent on it. Yet financial obstacles frequently prevent many SMEs from successfully breaking into export activities. This study investigates the impact of bank finance on SMEs’ export participation using firm-level data and empirical econometric analysis. The analysis employs descriptive statistics, correlation analysis, and regression estimation to assess the relationship between bank financing and export activities while controlling for firm-specific characteristics such as firm age, output, profitability, firm size, and human capital. The empirical results indicate a positive and statistically significant effect of bank finance on SMEs’ export participation. Firms with greater access to bank financing are better equipped to overcome financial barriers related to export activities, including production expansion, compliance with international standards, and logistics costs. Furthermore, firm output and firm size are found to positively influence export engagement, suggesting that productive capacity and scale are significant determinants of international market entry. These findings underscore the critical role of financial institutions in supporting SME internationalization. The study contributes to the literature on finance and international trade by addressing empirical evidence on how improved access to finance can facilitate international market entry for SMEs. Bank finance can enhance SMEs’ export performance and competitiveness in global markets.

The Effect of Gender Diversity of the Board of Directors, Board of Commissioners, and Sharia Supervisory Board on the Financial Performance of Islamic Banks in Indonesia (2018-2024)

Kintan Adrilia Salsabilla — 2026-06-25

The rapid growth of Islamic banking in Indonesia has heightened the importance of sound corporate governance, including gender-inclusive leadership structures. Growing scholarly interest surrounds gender diversity in corporate governance as a factor capable of influencing both strategic direction and financial outcomes, although evidence from the Islamic banking sector has remained scarce and inconclusive. The present study seeks to determine how the representation of women across the board of directors, the board of commissioners, and the Sharia Supervisory Board relates to the financial performance of Indonesian Islamic banks over the years 2018 through 2024. In this study, financial performance is assessed by means of the Return on Assets (ROA) proxy. A quantitative approach was adopted, drawing on panel data sourced from 9 Islamic banks designated through a purposive sampling mechanism. Research data were gathered from the Financial Services Authority (OJK) as well as the official websites of each bank included in the sample. Partial test results indicate that gender diversity within the board of directors, the board of commissioners, and the Sharia Supervisory Board does not yield a significant influence on financial performance. A similar pattern was also found for the CAR variable, which proved to leave no meaningful effect on financial performance. The BOPO variable, however, tells a different story, it was found to exert a significant negative influence on ROA. When all independent variables were tested together, they significantly affected financial performance, showing the value of governance assessment and identifying operational efficiency as key for Islamic banking profitability.

Determinants of Financial Performance on Profit Growth with Company Size as a Moderating Variable (Case Study of a Food and Beverage Sub-Sector Company)

Achmad Ludvy — 2026-06-29

Employing a quantitative framework and panel data regression, this study explores how profit growth is affected by the Quick Ratio, Debt to Equity Ratio, and Net Profit Margin, while company size acts as a moderating variable. The research is confined to food and beverage subsector entities listed on the Indonesia Stock Exchange across the 2019-2024 timeframe. A balanced panel of 102 observations, drawn from a sample of 17 companies, underpins the analysis over the six complete fiscal years. Based on the results of the Chow and Hausman tests, the Fixed Effect Model (FEM) is identified as the most appropriate framework. Moderated Regression Analysis (MRA) is used to test for moderation effects. Partial coefficient estimates indicate a negative and significant relationship between the Debt to Equity Ratio and profit growth. In contrast, the Net Profit Margin exhibits a positive and significant relationship with profit growth. The Quick Ratio, however, does not significantly influence profit growth. Findings from the moderation test suggest that company size cannot moderate the effects of QR, DER, or NPM on profit growth. With an R² value of 42.68 percent, the independent variables in this study explain 42.68 percent of the variability in profit growth, while other factors not included in the model account for the remaining 57.32 percent. The findings provide practical implications for managers by emphasizing that improving profitability and maintaining an optimal capital structure are more important for enhancing profit growth than simply increasing company size.