Jurnal Ilmiah Akuntansi dan Bisnis

Corporate Governance and Financial Performance: The Moderating Role of Managerial Ownership

Fri, 22 May 2026 00:00:00 +0000

This study investigates the role of managerial ownership as a primary internal governance mechanism in moderating the impact of growth dynamics on firm profitability within a capital-intensive industry. Focusing on Indonesian energy companies listed on the Indonesia Stock Exchange during 2022–2024, the study investigates the effects of the Investment Opportunity Set (IOS) and Asset Growth (AG) on financial performance (ROA) and tests Managerial Ownership (MOWN) as a moderating variable. Using a balanced panel of 39 firms (117 firm-year observations) and applying moderated regression analysis within a panel-data framework, the estimation indicates that IOS is negatively and significantly associated with ROA, suggesting that higher market-implied growth opportunities coincide with lower contemporaneous profitability in the sampled period. In contrast, AG shows a positive and significant effect on ROA, implying that realized asset expansion is, on average, associated with improved profitability. Managerial ownership does not exhibit a significant direct effect on ROA, however it plays a contingent role through interaction effects. Specifically, MOWN weakens the negative IOS–ROA relationship and dampens the positive AG–ROA relationship, indicating that managerial equity stakes condition how growth expectations and realized expansion translate into profitability. These findings extend agency-based insights on investment efficiency in high CAPEX settings and offer practical implications for boards and investors regarding the governance conditions under which growth becomes more or less profitable.

The Interplay of Liquidity, Investment Opportunities, and Corporate Social Responsibility on Banking Performance

Yura Karlinda Wiasa Putri — Fri, 22 May 2026 00:00:00 +0000

This study investigates the effects of liquidity, investment opportunity set (IOS), and corporate social responsibility (CSR) on the financial performance of banking firms in Indonesia during 2022–2024. Using secondary data drawn from audited annual reports and sustainability reports, this study analyzes a balanced panel of 135 bank-year observations from 45 banking companies listed on the Indonesia Stock Exchange. The hypotheses are tested using a fixed effect panel regression model with interaction terms to examine the moderating roles of IOS and CSR in the relationship between Loan to Deposit Ratio (LDR) and Return on Assets (ROA). The results show that LDR and IOS have a significant negative effect on ROA, while CSR has a significant positive effect on ROA. The interaction analysis further indicates that IOS positively moderates the effect of LDR on ROA, implying that higher IOS weakens the negative effect of LDR on profitability. In contrast, CSR negatively moderates the effect of LDR on ROA, indicating that higher CSR strengthens the negative effect of LDR on profitability. These findings suggest that bank profitability in the post-pandemic period is shaped not only by liquidity management and growth opportunities, but also by the way social responsibility interacts with lending intensity. This study contributes to the banking literature by providing recent evidence from an emerging market and by integrating financial and non-financial determinants of performance within a moderated panel-data framework.

CSR: Ecological Responsibility or Corporate Legitimacy? A Deep Ecology Perspective on Stakeholder Meanings

Dhina Mustika Sari, Adama Fatty — Sat, 30 May 2026 00:00:00 +0000

CSR is seen as a manifestation of a company’s commitment to the community and the surrounding environment. In reality, conflicts between communities and companies are still common due to disparities and injustices in the implementation of corporate social responsibility. As a result, CSR is viewed as failing to align with the philosophy of deep ecology. This study aims to explain the interpretation of CSR from a stakeholder perspective. Based on this interpretation, this study conducts a further analysis of the implementation of CSR through the lens of deep ecology principles. This study employs a phenomenological interpretive approach. This approach is used to uncover the meanings of CSR within the stakeholder dimension, followed by an analysis of deep ecology values regarding CSR implementation, referencing the four principles of deep ecology. Based on the stakeholder dimension, this study identifies the meaning of CSR in four aspects, namely: (1) corporate accountability and commitment, (2) corporate branding, (3) charitable activities, and (4) conflict avoidance strategies. Stakeholders’ interpretations of CSR reveal a tension between ecological orientation and corporate interests. From a deep ecology perspective, stakeholders’ interpretations of CSR reveal a tension between ecological concerns and corporate interests. CSR is not viewed solely as an ecological responsibility grounded in the intrinsic value of the environment, but is also understood as a strategy for legitimacy, image branding, charitable activities, and conflict avoidance. Nevertheless, some CSR implementations demonstrate the growth of ecological awareness, leading to more harmonious relationships between companies, society, and the environment.

The Effect of Enterprise Risk Management, Managerial Ownership, and Institutional Ownership on Firm Value: Evidence from Indonesia

Ferry Diyanti, Nur Fadhilah Syafa, Triana Fitriastuti — Sat, 30 May 2026 00:00:00 +0000

Economic uncertainty and fluctuations in the performance of manufacturing companies in Indonesia affected firm value, making it an important indicator for investors evaluating management performance and growth prospects. This study aimed to empirically examine the influence of enterprise risk management, managerial ownership, and institutional ownership on firm value in manufacturing companies listed on the Indonesia Stock Exchange during 2020–2023. The research employed a quantitative method using multiple linear regression. The sample comprised 58 companies and 232 observations, selected through purposive sampling. The findings revealed that institutional ownership had a significant positive effect on firm value. External supervision by institutions enhanced efficiency and transparency, thereby strengthening investor trust and increasing firm value. Enterprise risk management and managerial ownership did not significantly influence firm value. Risk management disclosure failed to build investor confidence despite adequate reporting. Low managerial ownership weakened internal supervision, resulting in decisions and strategies misaligned with managerial expectations and in slow risk mitigation due to reliance on majority shareholder approval.

Leverage, Accounting Conservatism, and Tax Avoidance: The Moderating Role of Sales Growth Capability

I Made Dwi Sumba Wirawan, Riza Edwinra — Sat, 30 May 2026 00:00:00 +0000

A country's fiscal revenue is largely derived from taxes, and tax avoidance behavior is receiving a lot of attention from the academic and practical worlds. However, tax expenses in a company's accounts can indeed significantly impact the firm's profitability and cash flows, creating strong incentives for managers to engage in tax avoidance strategies. Analysing the relationship between leverage, accounting conservatism, and tax avoidance, with sales growth capability as a moderating variable, is essential for comprehending how these elements interact in influencing a firm's financial decisions, particularly concerning tax strategies. The research was conducted online through the official website of the Indonesia Stock Exchange (IDX), on all Food and Beverage Subsector Companies Listed on the IDX in 2020-2022. The sample determination in this study was through purposive sampling technique. This study uses Linear Regression and Moderated Regression Analysis (MRA) data analysis methods with the help of the SPSS for Windows statistical application. The results suggest that leverage has a positive and significant influence on tax avoidance, corroborating findings from previous research. However, the study found that accounting conservatism does not have a direct and significant impact on tax avoidance practices. Interestingly, the findings indicate that leverage can strengthen the effect of leverage itself on tax avoidance, suggesting a compounding influence.