Economics Professional in Action (E-Profit)

Analysis of Financial Statement Fraud Detection Using the Fraud Triangle Theory

Alya Luthfiyyah — 2026-04-23

Financial statement fraud has become increasingly prevalent compared to other types of fraud, such as corruption and asset misappropriation, posing significant risks to the credibility of financial reporting and stakeholder decision-making. The urgency of this study arises from the increasing complexity of financial transactions and the vulnerability of the construction sector to manipulation due to its project-based nature, large contract values, and high estimation uncertainty. These conditions create opportunities for fraudulent financial reporting that may not be easily detected, thereby necessitating empirical examination of key risk factors. Therefore, this study aims to examine the effect of financial stability, nature of industry, and change in auditor on fraudulent financial reporting in construction companies listed on the Indonesia Stock Exchange during the period 2019–2023. The data used in this study were obtained from the annual financial statements of construction companies listed on the Indonesia Stock Exchange from 2019 to 2023. The sample consists of 85 observations from 17 companies over a five-year period. The sampling technique employed was non-probability sampling using a purposive sampling method. To analyze the effect of the variables, classical assumption tests and panel data regression analysis using the common effect model were applied. The results show that financial stability, nature of industry, and change in auditor collectively explain fraudulent financial reporting. However, the partial test results indicate that only the nature of industry has a significant effect in detecting fraudulent financial reporting, while financial stability and change in auditor do not have a significant effect on the detection of fraudulent financial reporting.

The Role of Green Accounting, Audit Quality, and Budget Efficiency in Driving Corporate Sustainability Performance: Evidence from State-Owned Banks

Isnawan Noer Prayitno — 2026-04-23

For state-owned banks, corporate sustainability performance has become a strategic requirement. This is because of their dual role; they must support national economic policies and set standards for private institutions. The study examines the combined impact of green accounting, audit quality, and budget efficiency on sustainability results. This study employs a mixed-methods design, combining quantitative regression analysis with qualitative insights from interviews and case studies of Indonesian state-owned banks. Information was gathered from financial reports, sustainability disclosures that were in line with GRI and SASB standards, and industry surveys with 120 responses. According to the regression results, the three independent variables together account for 68% of the variation in sustainability performance. Audit quality was found to be the most important factor (β = 0.364, p = 0.000), followed by green accounting (β = 0.290, p = 0.000) and budget efficiency (β = 0.269, p = 0.001). These results highlight the significance of open governance, systematic environmental reporting, and efficient resource distribution in achieving reliable and robust sustainability. By demonstrating how accountability mechanisms reinforce sustainability practices, the study contributes to stakeholder and legitimacy theory. It also provides policymakers and managers with practical advice on how to improve audit quality, broaden green accounting, and improve budgeting strategies.

Leveraging SEO and SEM Strategies to Enhance Online Sales Performance

Alma Syifa Maulidina — 2026-04-23

This study examines the role of Search Engine Optimization (SEO) and Search Engine Marketing (SEM) in enhancing digital visibility and business performance through a comparative study of Ramayana.com and Matahari.com. The study employed a qualitative comparative approach using secondary data obtained from website observation, Google search result analysis, Google Trends data, social media visibility, and company financial reports from 2017 to 2025. The data were analyzed using comparative descriptive analysis to evaluate on-page SEO, off-page SEO, search engine visibility, search interest trends, and profit growth patterns of both companies. The results indicate that both websites have low search engine visibility. For the keyword “beli baju pria,” neither website appeared on the first page of Google search results; Matahari.com ranked on the second page, while Ramayana.com appeared on the third page. Google Trends data further show consistently low search interest for both websites throughout 2025, although Matahari.com recorded a temporary spike with an index value of 100, indicating short-term traffic driven by SEM-based campaigns. In contrast, Ramayana.com demonstrated relatively stable but lower digital engagement. From a financial perspective, both companies experienced post-pandemic recovery; however, profit growth remained fluctuating. Ramayana recorded profit growth of 14.45% in 2024 before declining by 13.09% in 2025, while Matahari recorded growth of 10.53% in 2024 before declining by 14.29% in 2025. These findings confirm that SEO contributes to long-term digital visibility, whereas SEM is more effective in generating short-term traffic. Therefore, the integration of SEO and SEM is essential to strengthen digital visibility, improve user engagement, and support more sustainable business performance.

Financial Performance Analysis of the Main Board Companies in the Basic Materials Sector on the Indonesia Stock Exchange for the 2020–2024 Period

Laely Purnamasari — 2026-04-23

This study aims to analyze the financial performance of main board companies in the basic materials sector listed on the Indonesia Stock Exchange during the 2020–2024 period using the Return on Assets (ROA) ratio. The research employs a descriptive quantitative method utilizing secondary data obtained from companies’ financial statements. The analysis technique involves calculating and comparing ROA values across companies and examining performance trends over the observation period. The results indicate that financial performance tends to fluctuate. The industry’s average ROA increased from 2020 and peaked in 2022, reflecting economic recovery following the COVID-19 pandemic. However, a decline occurred in 2023 before improving again in 2024. At the firm level, some companies such as INTP demonstrated stable performance, while others like ANTM and TINS showed significant volatility due to commodity price fluctuations. In conclusion, the basic materials sector has strong profitability potential but is accompanied by relatively high risk due to its sensitivity to global economic conditions. Therefore, companies are expected to improve asset management efficiency, while investors should consider performance stability when making investment decisions.

The Effect of Investment Knowledge, Investment Motivation, Investment Capital, Risk Perception on Students' Interest in the Capital Market

Nur Asih Atmaja — 2026-05-13

This research aims to determine the influence of investment knowledge, investment motivation, investment capital, and risk perception on students' investment interest in the capital market. This research was conducted on students at the Faculty of Economics, Boyolali University. The sample in this study used purposive sampling, with a total sample of 80 respondents. The data in this research was obtained by distributing an online questionnaire via Google Form. The analysis method uses multiple regression analysis with the help of the SPSS application. The results of this research are that investment knowledge partially has no effect on investment interest 0.708>0,05, investment motivation partially has a positive and significant effect on investment interest 0.000<0,05, investment capital partially has a positive and significant effect on investment interest 0.000<0,05, partial risk perception has no effect on investment interest 0.988>0,05.

Exploration of Transfer Pricing Behavior: Are Foreign Ownership and Firm Size the Primary Determinants?

Eka Andryani — 2026-05-18

The increasingly stringent dynamics of international tax regulations, marked by the expansion of tax authorities' audit powers and low revenue target achievements, trigger the urgency to re-evaluate the determinants of tax avoidance in Indonesia. This study aims to examine the effect of foreign ownership and firm size on transfer pricing practices during the transition period of tax law enforcement. Employing a quantitative approach, the research population includes all multinational companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. Through a purposive sampling technique, 78 firm-year data were selected as samples. These secondary data were then analyzed using the Panel Data Regression method, calibrated with a series of classical assumption tests and the Common Effect Model selection. Empirical evidence shows that while foreign ownership has no significant effect and firm size has significant effect on the intensity of transfer pricing practices, showing a negative coefficient direction. These findings provide literature novelty by refuting traditional assumptions regarding corporate domination power and confirming the political cost hypothesis. The study’s significance lies in its exploration of the 2022–2024 transition period under the stringent framework of PMK No. 15 of 2025, revealing that large-scale entities prioritize transparent governance to mitigate heightened litigation risks and political costs.