Journal of Governance, Taxation and Auditing

ESG and Firm Value: The Moderating Role of Stock Returns and EPS

Mandasari R — 2025-07-31

This study examines the influence of Environmental, Social, and Governance (ESG) on firm value, and explores the role of stock returns and Earnings Per Share (EPS) as moderating variables. Using secondary data from 84 public companies listed on the Indonesia Stock Exchange from 2020 to 2023, this study applies a panel regression approach with a fixed effects model. The analysis results indicate that ESG has a negative and significant influence on firm value. Furthermore, the interaction between ESG and stock returns also shows a significant negative effect, indicating that high stock returns can amplify the negative impact of ESG on firm value. Conversely, the interaction between ESG and EPS does not show a significant effect, indicating that EPS does not act as a moderator in this relationship. This finding has an important implication that ESG implementation does not automatically increase firm value. This occurs because ESG initiatives need to be supported by appropriate management strategies and effective communication with investors.

Determining the Performance of Maqhasid of General Islamic Banks in Indonesia

Titik Agus SETIYANINGSIH — 2025-07-31

This study aims to discuss the determinants of Maqashid Syariah performance using ROA, NPF, CAR, and ICG as independent variables. This study uses an associative quantitative approach. The data used are secondary data, namely, financial report data from Islamic Commercial Banks from 2019 to 2023. The population used in this study is BUS in Indonesia registered with the Financial Services Authority (OJK) during the 2019-2023 period. The sampling technique used was a purposive sampling method. The data obtained are annual reports of 7 Islamic commercial banks and 35 data for 5 consecutive years. The results of the study state that ROA has no significant effect on Maqashid Syariah performance, NPF has a significant negative effect on Maqashid Syariah performance, and CAR and ROA have a significant positive effect on Maqashid Syariah performance in Islamic commercial banks in Indonesia. Based on the research results, there are several implications, namely: (1) Islamic Commercial Banks must improve their financing schemes with profit-sharing patterns that are most in accordance with Sharia, do not use profit-sharing patterns that are similar to usury or other terms, and margin. This refers to the significant results of the performance of Islamic Commercial Banks in relation to upholding justice; (2) The performance of maqhasid sharia is influenced by ICG. Therefore, Islamic Commercial Banks need to improve Islamic governance as a form of capital and spiritual accountability to society and Allah SWT to develop business in an Islamic manner.

Economic Feasibility Analysis of Mining Business Plan CV. XYZ, Golopongkor Village, Komodo District, West Manggarai Regency

Robertho KADJI — 2025-07-31

This research aims to evaluate the economic feasibility of the mining business plan proposed by CV. XYZ is located in Golopongkor Village, Komodo District, West Manggarai Regency, with an operational production area of 4.27 Ha. The analysis was conducted using three main indicators, namely Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PBP), to assess the profitability and feasibility of the investment. The research results show that the positive NPV value of Rp1,130,299,085.00 indicates that the project is capable of providing economic benefits that exceed the initial investment value. The IRR value of 39% and the PBP of 0.7 years reflect a relatively quick capital recovery period. These values indicate that the mining project is economically feasible and provides significant financial benefits. The expected future cash flows exceed the initial investment, and the quick payback period reinforces the recommendation that this project is feasible. With high profit potential and controlled financial risks, this project is deemed capable of contributing to business growth and the operational sustainability of the company.

The Influence of Liquidity and Leverage on Financial Distress With Profitability as Moderating Variables in Property and Real Estate Companies Listed on The IDX Period 2019-2023

Imas MASRUROH — 2025-07-31

This study aims to examine the effect of Liquidity and Leverage on Financial Distress with Profitability as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange during the 2019–2023 period. This study is quantitative research using documentation techniques to collect data derived from company financial statements. The population in this study includes all property and real estate companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The sample consists of 10 companies out of a total of 59, selected using purposive sampling. The analytical tool used in this study is IBM SPSS 25.0, and the analysis technique employed is Moderated Regression Analysis (MRA). The results show that Liquidity has a significant positive effect on Financial Distress, Leverage has no significant effect on Financial Distress, Profitability is able to moderate the effect of Liquidity on Financial Distress, and Profitability is not able to moderate the effect of Leverage on Financial Distress.

Internal Control Analysis of the Vendor Accounts Payable Payment System at Hotel XYZ

Annisa Fitri KAMELIA — 2025-07-31

The hotel industry is one of the service industries that has high operational activities, including procurement transactions for goods and services made by purchasing on credit, resulting in debt. At Hotel XYZ, the vendor debt payment system plays an important role in maintaining smooth operations and cooperative relationships with suppliers. However, there are still problems in the form of late payments that can interfere with operational continuity and vendor confidence. This study aims to analyze internal control in the vendor payable payment system at Hotel XYZ and evaluate weaknesses to provide recommendations for improvement. This research uses a qualitative method with a case study approach and data collection techniques in the form of interviews, observations, and documentation. The results showed that Hotel XYZ has implemented most of the elements of internal control, such as organizational structure, tiered authorization, the use of sequentially numbered documents, and the use of the Power Pro system for recording transactions. However, there are still weaknesses such as duplication of duties, delays in manual authorization, and the absence of automatic reminders of payment due dates. Therefore, it is necessary to strictly separate functions, digitize the authorization process, and implement a reminder system to improve the quality of internal control.

The Effect of Tax Knowledge, Awareness, Education and Financial Literacy on Individual Tax Compliance At Sawangan KPP

Thalia AGATHA — 2025-07-31

Tax compliance is a crucial aspect in optimizing state revenue. However, the level of individual taxpayer compliance remains a challenge, particularly at the Depok Sawangan Primary Tax Service Office (KPP Pratama). This study aims to determine the influence of tax knowledge, tax awareness, education level, and financial literacy on the level of individual taxpayer tax compliance. This study used a quantitative approach with a survey method by distributing questionnaires to 100 respondents. Primary data were obtained from the questionnaire, while secondary data came from agency reports and available public sources. The data obtained were analyzed using multiple linear regression with the help of SPSS version 25 software. The results showed that only tax knowledge had a positive and significant effect on tax compliance, while the other three variables were insignificant. 5. Tax knowledge, tax awareness, education level, and financial literacy simultaneously had a significant effect on tax compliance. This indicates that the four variables together can explain variations in tax compliance.

Analysis of PSAP (People Soft Account Payable) Information System in Improving Accountability at Hotel Z

I Komang Bagus Triyana WIRAPRADNYA — 2025-07-31

This study aims to analyze the role of the PSAP (PeopleSoft Account Payable) information system in improving financial management accountability at Hotel Z. Accountability is an important element in organizational governance, particularly in the process of recording and paying company obligations. This study uses a descriptive qualitative approach with a case study method. Data collection techniques were carried out through direct observation, semi-structured interviews with financial staff (Accounts Payable, General Cashier, and Accounts Receivable), and documentation. Data were analyzed using the triangulation method and reviewed using two analytical frameworks, namely accountability indicators (SOP, supervision, responsibility, reporting, evaluation) and the PIECES framework (Performance, Information, Economics, Control, Efficiency, Service). The results of the study indicate that the implementation of PSAP has supported accountability through the presentation of accurate financial data, stricter supervision, and efficiency of the reporting process. However, there are still technical obstacles, such as decreased system performance during high transaction loads, errors at the closing of the accounting period, and user errors that result in duplicate payments. Based on these findings, it is recommended that management improve system capacity, conduct regular training for users, and carry out continuous evaluation to ensure the system runs optimally. This research contributes to strengthening information system-based accounting practices in the hospitality industry, as well as being a reference in decision-making related to accountable and efficient financial management.

The Impact of Leverage on Firm Value By Mediation of Profitability (Case Study of Consumer Non-Cyclical Companies Listed on the Indonesia Stock Exchange for the 2014-2023 Period)

Muhamad VIKI — 2025-07-31

This study aims to examine the effect of leverage on firm value using profitability as an intervening variable. In this study, firm value is measured by price-book value, leverage is measured by debt-equity ratio, and profitability is measured by return on assets. The population in this study is non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2023 period, with a purposive sampling technique. The analytical methods used are the classical assumption test, partial test (t-test), path analysis, Sobel test and data testing was carried out using SPSS 23 software. The results of the hypothesis test, path analysis, and Sobel test indicate that: 1) Leverage has a negative effect on firm value. 2) Leverage has a negative effect on profitability. 3) Profitability has a positive effect on firm value. 4) Profitability is unable to mediate the effect of leverage on firm value. This research shows that signaling theory does not fully explain the relationship between leverage, profitability, and firm value in the non-cyclical consumer sector.

The Influence of Digital Technology and Green Economy on Taxpayer Awareness

Dick Wolters MARBUN — 2025-07-31

This study aims to explore the influence of digital technology and green economy on taxpayer awareness, as well as the role of green economy in mediating the influence between digital technology and taxpayer awareness in 100 respondents from the surrounding community and extended families selected using simple random sampling techniques, using questionnaires with a quantitative approach. The data processing method used in this study was carried out in two stages, namely the outer model and inner model, using SEM-PLS 4. The results of the study that have been obtained indicate that 1) Digital technology variables have succeeded in providing a significant influence on green economy 2) Digital technology variables have not succeeded in providing a significant influence on taxpayer awareness 3) Green economy variables have succeeded in providing a significant influence on taxpayer awareness 4) Green economy variables have succeeded in mediating the influence of digital technology on taxpayer awareness.

The Influence of Financial Literacy, Family Environment, and Lifestyle on Financial Management of Economic Education Students

Yahdinil Husna SANASYA — 2025-07-31

This study aims to analyze the influence of financial literacy, family environment, and lifestyle on students' financial management. This study used a quantitative approach with a causal associative design. The population in this study was all active students of the Economics Education Study Program, Surabaya State University, graduating in 2021–2023, totaling 377 people. A sample of 194 students was obtained using a proportionate stratified random sampling technique based on year of enrollment. The research instrument was a questionnaire, and the data were analyzed using multiple linear regression. The results showed that partially, family environment and lifestyle significantly influenced students' financial management, while financial literacy did not. This study concluded that simultaneously, financial literacy, family environment, and lifestyle significantly influenced students' financial management. However, partially, only the family environment and lifestyle had a significant effect, while financial literacy had no significant effect. Lifestyle was the most dominant factor influencing how students manage their finances. Simultaneously, all three variables significantly influenced financial management, with lifestyle being the dominant variable.

The Effect of Profitability and Liquidity on Firm Value with Dividend Policy as an Intervening Variable (Empirical Study on Non-Cyclical Consumer Sector Companies Listed on the Indonesia Stock Exchange Period 2018-2023)

Della MARCHELINA — 2025-07-31

This study aims to determine the effect of Profitability and Liquidity on Firm Value with Dividend Policy as an Intervening Variable in Consumer Non-Cyclicals Sector Companies listed on the Indonesia Stock Exchange for the 2018-2023 period. The sampling technique employed a purposive sampling method, aiming to obtain sample data by the study's criteria, and resulted in the selection of 24 companies from a population of 70 companies. The data analysis techniques employed in this study include descriptive statistics, classical assumption tests, and Sobel tests, utilizing SPSS 25 software. The results of this study indicate that: (1) Profitability has a positive significant effect on Firm Value, (2) Liquidity has a negative significant on Firm Value, (3) Dividend Policy has a positive significant effect on Firm Value, (4) Profitability has a positive significant effect on Dividend Policy, (5) Liquidity does not affect on Dividend Policy, (6) Dividend Policy can mediate the effect of Profitability on Firm Value, (7) Dividend Policy is unable to mediate the effect of Liquidity on Firm Value.

The Influence of Operational Cost Efficiency and Human Resource Competence on Product Quality at 1000 Rentcar Medan

Della PUSPITA — 2025-07-31

Rapid industrial development and changes in consumer behavior require companies to continuously improve their competitiveness, particularly in maintaining customer satisfaction and trust. Operational cost efficiency is a company's ability to optimally manage expenses without compromising service quality. This study examines the effect of operational cost efficiency and human resource (HR) competency on product quality at PT 1000 Rentcar Medan. Using an associative quantitative method with multiple linear regression, data were collected from 35 operational and management employees. The results showed that operational cost efficiency had no significant effect on product quality. However, HR competency had a positive and significant effect on product quality. Furthermore, simultaneously, operational cost efficiency and HR competency significantly influenced product quality. These findings indicate that in the car rental industry, product quality is highly dependent on HR competency. Although customers do not directly feel internal cost efficiency, the synergy between the two is important for service quality.

The Effect of Return on Assets and Earnings Per Share on the Stock Price of PT Unilever Indonesia, TBK for the Period 2014-2022

Titin SUHARTINI — 2025-07-31

The stock price of PT Unilever Indonesia, Tbk fluctuated from 2014 to 2022. The stock price fluctuation of PT Unilever Indonesia, Tbk is thought to be influenced by profitability ratios, namely Return On Assets and Earnings Per Share. This study aims to determine the effect of Return On Assets (ROA) and Earnings Per Share (EPS) on the stock price of PT Unilever Indonesia, Tbk. The data used are secondary data, namely, financial reports. The population used is the financial statements of PT Unilever Indonesia, Tbk, and the sampling method uses purposive sampling. The analysis techniques used are descriptive statistical tests, classical assumption tests (normality tests, multicollinearity tests, heteroscedasticity tests, autocorrelation tests), correlation tests, coefficient of determination tests, and hypothesis tests using Statistical Product and Service Solutions (SPSS) version 18 with a significance level of 5%. The results of the hypothesis test show that partially, ROA has no significant effect on Stock Prices, and EPS has a significant effect on Stock Prices. While simultaneously, ROA and EPS have a significant effect on Stock Prices.

Debate On Efforts to Extend the Presidential Term Limit During The Joko Widodo Administration from a Democratic Perspective

Hendra HENDRA — 2025-07-31

Since the amendment to the 1945 Constitution, the presidential term in Indonesia has been limited to a maximum of two terms. An interesting phenomenon has emerged in Joko Widodo's second term, with both pros and cons surrounding the idea of extending the presidential term to three terms. Some literature states that limiting the presidential term is one of the democratic indicators in preventing authoritarianism. While other opinions state that limiting the presidential term is considered undemocratic because it is not in line with the will of the people. Through a qualitative approach supported by literature studies, the author concludes that the idea of changing the presidential term limit is considered not contrary to democracy when viewed in terms of the will of the people in general elections. Still, suppose other factors such as the party system, the functioning of representative institutions, and the guarantee of the independence of the judiciary do not support the creation of democracy. In that case, there is concern that this extension of the term will give rise to a dictatorial leader who rules authoritarianly.

The Effect of Auditor Competence and Independence on Audit Quality: The Moderating Role of Audit Fees (A Case Study of Public Accounting Firms in Bandung)

Manurung Miranda Lidya NURSAID — 2025-08-21

The purpose of this study is to evaluate various aspects of audit quality in Indonesia, with a particular emphasis on auditor competence, independence, and audit costs at public accounting firms in Bandung. A quantitative approach is applied using descriptive, associative, and causal methods. To collect data, auditors from 17 randomly selected public accounting firms were used as respondents in a closed-ended questionnaire based on a Likert scale. The data were analyzed using SEM-PLS techniques together with the SmartPLS 4 tool. The results of the analysis showed that auditor competence and independence greatly influence audit quality. Conversely, audit fees do not significantly affect audit quality, but they weaken the relationship between competence and audit quality. Meanwhile, audit fees do not moderate the relationship between independence and audit quality. These findings highlight the crucial role of auditor competence and objectivity in maintaining high audit quality, in line with Attribution Theory. Practically, companies should invest in improving auditor skills, ensure auditor independence, and establish audit fees that are fair and proportional. Future studies are encouraged to adopt a mixed-method approach.

The Influence of Coretax, Tax Corner, and Tax Volunteers on Annual Personal Tax Return Reporting Compliance (a Study on Generation Z and Millennials in Lamongan)

Handariyatul MAIMUNAH — 2025-07-31

This study investigates the influence of tax education programs—Coretax, Pojok Pajak, and Relawan Pajak—on the compliance of Annual Personal Income Tax Return (SPT) reporting among Generation Z and Millennial taxpayers in Lamongan Regency. A descriptive quantitative approach was employed using a survey method, with data collected through both online and offline questionnaires. The target population included taxpayers aged 18–44 who possess a Taxpayer Identification Number (NPWP) and utilize the e-Filing system. A total of 106 respondents were selected using the Lemeshow formula and a purposive sampling technique. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS 4.0. The findings reveal that Coretax and Relawan Pajak have a positive and significant impact on Annual Tax Return compliance, with path coefficients of 0.512 and 0.502, respectively (t-statistics > 1.96; p-values < 0.05). In contrast, Pojok Pajak did not exhibit a statistically significant effect. Demographically, the majority of respondents were female (63.21%), from Generation Z (69.81%), had a high school/vocational school education (56.60%), and were predominantly students (60.38%). The study concludes that Coretax and Relawan Pajak are effective tools for enhancing tax compliance among young taxpayers in the digital age. Accordingly, these programs should be strengthened and further developed as part of tax policy initiatives in Lamongan Regency to foster greater awareness and voluntary compliance among Millennials and Generation Z.

Time-Driven Activity Based Costing: An Innovative Method for Calculating the Cost of Renting a Hall in a Public Service Agency (BLU)

Audy MEIDINA — 2025-07-31

Determining rental rates for building facilities requires an accurate method that accommodates the actual activities and resources involved. Time-Driven Activity-Based Costing (TDABC) is considered an innovative method for calculating the cost of service rentals. This study aims to analyze the application of the TDABC method in determining the service cost of hall rentals at PTN-BLU X. Until now, PTN-BLU X has used a traditional method that merely compares the rental rates of other buildings without considering actual activities and resource usage, which can potentially lead to cost distortion. This research employs a descriptive qualitative approach with data collection techniques such as semi-structured interviews, unstructured observations, and documentation. The analysis is conducted by calculating and comparing service costs using both traditional and TDABC methods. The findings reveal that the TDABC method can identify activities, activity time, practical capacity, and unused activity costs in a more detailed manner. This method provides more accurate cost calculations and reflects actual resource consumption for each type of activity, such as seminars, training sessions, and school graduation ceremonies. The application of TDABC can serve as a more realistic basis for setting rental rates and support more effective managerial decision-making within PTN-BLU X.

Financial Decisions and Firm Value: The Moderating Role of Good Corporate Governance and Environmental Disclosure

I Made Aditya PRAMARTHA — 2025-07-31

This research aims to examine the effect of investment decisions, funding decisions, and dividend policy on firm value by including good corporate governance and environmental disclosure as moderating variables. This research was conducted on 47 banking sub-sector companies listed on the Indonesia Stock Exchange in 2023, to provide an empirical picture of the dynamics of financial decision-making and its implications for market valuation. The approach used is quantitative research with data analysis techniques, Moderated Regression Analysis, to test nine research hypotheses, based on secondary data obtained from the company's annual report. The results showed that investment decisions and dividend policy had a positive effect on firm value, while funding decisions had no significant effect. Meanwhile, institutional ownership and environmental disclosure are not proven to moderate the relationship between the three financial decisions and firm value. These findings indicate that investment decisions and dividend policies are important signals for the market, while the moderating role of good corporate governance and environmental disclosure is not optimal in the context of the banking industry. This research is expected to enrich empirical studies related to signal theory and provide input for company management and stakeholders in formulating financial strategies and sustainability policies that support the increase in firm value.