JOURNAL INTELEKTUAL

The Effect of Capital Structure on Equity and Company Value: A Study of Financial Companies Listed on the Indonesia Stock Exchange

Afsha Harnia — 2026-05-02

Introduction/Objective: This research intends to examine the impact of capital structure, as indicated by debt-to-equity and debt-to-assets ratios, on the value of companies and their equity within the financial sector firms listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. Problem Background: The trade-off between the benefits of debt taxation and bankruptcy risk makes capital structure an important issue, especially in the financial sector, which is strictly regulated in terms of capital adequacy and liquidity. Novelty: This study simultaneously examines the effect of capital structure on company value and equity in the Indonesian financial sector. The use of panel data with GMM robustness testing provides a stronger empirical approach in overcoming potential endogeneity. Research Method: Using panel data from BEI financial companies (2020–2024) with the independent variable of debt ratio, the dependent variables of company value and equity, and the controls of ROA and capital adequacy ratio. Findings/Results: Leverage has a negative and significant effect on firm value, indicating the dominance of debt costs in the financial sector. Conclusion: Capital structure has a negative effect on firm value and a varying impact on equity.

The Implementation of PSAK 71 and Its Impact on the Quality of Financial Reporting and Financial Performance in Indonesia

Dini Sapira Br Sembiring — 2026-05-02

Introduction/Objective: This paper is a literature review of several previous articles analyzing the impact of PSAK 71 on the quality of financial reporting by Indonesian companies. This standard replaces PSAK 55 to improve the classification, measurement, and impairment of financial assets using the Expected Credit Loss (ECL) model. Problem Background: This study examines how PSAK 71 affects credit loss reserves (CKPN) and key financial ratios in various sectors through the results of previous studies. Method: This study reviewed 10 scientific articles on the topic of PSAK 71 implementation. Findings: PSAK 71 increases CKPN and affects profitability, liquidity, and capital adequacy while improving transparency and risk recognition. Conclusion: This implementation improves financial reliability but increases reserve costs, indicating the need for better risk management and accounting systems.

The Impact of Financial Ratios and Corporate Reputation on Stock Prices

Ester Sihite — 2026-05-02

Introduction/Purpose: Stock prices reflect investors’ expectations of future returns and influence investment decisions. Understanding their determinants is essential for investors. Problem Background: Stock prices are influenced by supply and demand, while financial performance and corporate reputation provide signals regarding company prospects. Novelty: This study incorporates corporate reputation alongside financial ratios to examine their effects on stock prices. Research Method: The sample comprises food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. Using purposive sampling, 75 observations from 25 companies were analyzed through multiple linear regression. Findings/Results: Liquidity, solvency, total asset turnover, profitability, price-to-earnings ratio, and corporate reputation simultaneously affect stock prices. Individually, liquidity, total asset turnover, profitability, and corporate reputation positively affect stock prices, whereas solvency and the price-to-earnings ratio have no significant effects. Conclusion: Financial performance and corporate reputation are important determinants of stock prices.

Comparative Analysis of the Financial Performance of Cigarette Companies Listed on the Indonesia Stock Exchange

Revalina Anggraeni Lestari Lina — 2026-05-02

Introduction/Main Objectives: This study analyzes and compares the financial performance of four tobacco companies listed on the Indonesia Stock Exchange (IDX)—GGRM, HMSP, ITIC, and WIIM—during 2021–2025. Background Problems: Previous studies have mainly examined individual companies over limited periods, leaving a gap in understanding differences in financial performance amid rising cigarette excise taxes and macroeconomic pressures. Novelty: This study provides a longitudinal and cross-sectional comparison of all four IDX-listed tobacco companies over a five-year post-pandemic period. Research Methods: A descriptive quantitative approach was applied using audited annual financial statements. Liquidity, solvency, and profitability ratios were analyzed through trend analysis. Finding/Results: HMSP consistently leads in profitability, while WIIM demonstrates the strongest growth. GGRM shows profitability pressure but significant deleveraging, whereas ITIC maintains stable performance and the highest gross profit margin. Conclusion: Tobacco companies exhibit heterogeneous financial performance shaped by scale, diversification, and strategic responses to regulatory and macroeconomic pressures.

Accounting Digital Transformation and Resistance in Indonesian MSMEs: Challenges and Inhibiting Factors

Arifa Kurniawan — 2026-05-02

Introduction/Main Objectives: This article examines resistance to digital accounting transformation among Indonesian MSMEs, contributing over 60% of GDP but still relying heavily on manual records. Background Problems: A gap remains between digital potential and actual adoption, requiring identification of key barriers. Novelty: The study integrates UTAUT2 and Innovation Resistance Theory, incorporating human resources, costs, digital literacy, and organizational culture. Research Methods: A thematic narrative literature review analyzes studies and policy reports from 2020–2026. Finding/Results: Major barriers include comfort with manual methods, limited digital skills, cost perceptions, low accounting knowledge, and inherited recording culture. Quadruple Helix collaboration reduces resistance. Conclusion: Digital accounting requires gradual, contextual, collaborative transformation supported by training, mentoring, affordable infrastructure, supportive fiscal policies, and government support.

Profitability as a Mediator of the Impact of Financial Health on Firm Value

Purwanti — 2026-05-02

Introduction/Main Objectives: This study aims to examine liquidity, solvency, on firm value with profitability mediation, either partially, simultaneously or mediation. Background Problems: How companies in this case management manage their assets to generate profits that are used as positive signals to increase firm value. Novelty: This study re-examines variables in previous studies combining liquidity, solvency, profitability and firm value in one research framework by placing profitability as a mediator in different years. Research Methods: Using secondary data from financial statements of consumer goods sector companies listed on the IDX, and obtaining a sample of 52 companies with a purposive sampling method. Finding/Results: Profitability can mediate the effect of liquidity on firm value although in direct influence, liquidity does not affect profitability, and the Adjusted R Square value is very low. Conclusion: Liquidity and profitability can be used as indicators in investment considerations for investors.

Catalyzing ESG Disclosures On Extractive Sector Firm Value: Integrating Environmental, Financial, and Audit Committee Performance

Atika Purnamasari Atika Purnamasari — 2026-05-02

Introduction/Main Objectives: This study examines the effects of environmental performance, financial performance, and audit committees on firm value, with ESG disclosure as a moderating variable. Background Problems: The study responds to growing market sensitivity to sustainability issues and regulatory pressures in the mining sector. Research Methods: A quantitative approach with panel data analysis was applied to mining companies listed on the Indonesia Stock Exchange during 2020–2024 using EViews. Finding/Results: Environmental performance positively affects firm value, while financial performance has a negative effect. The audit committee has no significant effect. ESG disclosure strengthens the effects of environmental and financial performance on firm value and changes the financial performance effect from negative to positive. However, ESG disclosure does not moderate the relationship between the audit committee and firm value. Conclusion: ESG disclosure serves as a strategic instrument for enhancing corporate credibility and firm value while supporting long-term sustainability in the mining sector.

Analysis of the Role of Reporting Systems, Internal Controls, and Transparency in Enhancing the Accountability of Village Fund Management

Tahmidatul Ummah — 2026-05-02

Introduction/Main Objective: Accountability in village fund management is essential for transparent and responsible governance. This study analyzes the roles of reporting systems, internal control, and transparency in supporting accountability. Problem Background: Despite regulatory frameworks, village fund management still faces challenges related to reporting timeliness, internal control effectiveness, and public information disclosure. Novelty: This study integrates reporting systems, internal control, and transparency into a comprehensive framework for evaluating accountability. Research Methods: A descriptive qualitative approach was employed through interviews and document analysis involving six informants: the village head, two village officials, the Village Consultative Body (BPD) chairperson, and two community representatives. Data were analyzed through reduction, display, and conclusion drawing. Results/Findings: The findings show that reporting systems, internal control, and transparency generally comply with regulations, although reporting delays, limited human resource competencies, and low community literacy remain challenges. Conclusion: Strengthening reporting systems, internal control, and transparency, alongside capacity building and community participation, is essential for improving village fund accountability.

Analysis of Fuel Cost Efficiency Through the Implementation of Speed Limiters in Distribution Fleets

Destria Cindy Rivana — 2026-05-02

Introduction/Main Objectives: Fuel consumption efficiency is essential for controlling distribution fleet operating costs. This study evaluates the impact of speed limiter implementation on fuel efficiency. Background to the Problem: Although speed limiters are widely used for speed control, empirical evidence of their effectiveness under actual operating conditions remains limited. Novelty: This study combines quantitative fuel consumption analysis with qualitative findings from actual operational routes, providing a comprehensive assessment. Research Method: A mixed-method approach was employed. Quantitative data were obtained from four Mitsubishi L300 units, four Colt Diesel (CDE) units, and one Grandmax Box unit. Qualitative data were collected through interviews with management and logistics teams. Results/Findings: Speed limiter implementation improved fuel efficiency, with the consumption ratio increasing from 9–10 km/liter to 12–15 km/liter. Qualitative findings indicate that speed restrictions encourage more stable and efficient driving patterns. Conclusion: Speed limiters effectively improve fuel efficiency, reduce fuel costs, and support operational efficiency in distribution fleets.

The Moderating Role of Technology Acceptance in The Relationship Between Management Accounting Systems and Cooperative Member Satisfaction

Gusmi Arni — 2026-05-02

Introduction/Main Objectives: This study examines whether management accounting system implementation improves cooperative member satisfaction and whether technology acceptance strengthens this relationship. Background Problems: Information quality alone may not ensure satisfaction if members face difficulties in adopting and using the system. Novelty: This study positions technology acceptance as a moderating factor in the relationship between management accounting systems and member satisfaction. Research Methods: A cross-sectional quantitative approach was applied using 145 valid questionnaires from members of three savings and loan cooperatives. Data were analyzed using regression and moderation analysis. Results/Findings: Management accounting system implementation positively affects member satisfaction (β = .531, p < .001). Technology acceptance significantly strengthens this relationship (β = 1.799, p < .001). Conclusion: Member satisfaction increases when accounting systems provide quality information and are supported by perceived usefulness, ease of use, social support, and facilitating conditions. These findings highlight technology acceptance as an important condition for effective management accounting systems in member-owned financial organizations.