MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Journal title MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Initials MKI Abbreviation MAKSIMUM Print ISSN 2087-2836 Online ISSN 2580-9482 Frequency 2 issues per year DOI prefix 10.26714 by Editor-in-chief Nurcahyono, S.E.,M.S.A., CSRS Publisher Universitas Muhammadiyah Semarang Organized Program Studi S1 Akuntansi, Universitas Muhammadiyah Semarang Citation Analysis Scopus | SINTA | Google Scholar MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang is a peer-reviewed and open-access journal published by Universitas Muhammadiyah Semarang in collaboration with The Association of Accounting Department of Muhammadiyah Higher Education Institutions (APSA PTM), The Forum of Economics and Business Journal Managers of Muhammadiyah and Aisyiyah Higher Education Institutions (FORJAFEB PTMA), and the Institute of Indonesia Chartered Accountant. ISSN ISSN: 2087-2836 (Print) and ISSN: 2580-9482 (Online). Maksimum is accredited grade 3 by the Minister of Higher Education, Science, and Technology of the Republic of Indonesia Decree No. 10/C/C3/DT.05.00/2025. Published twice a year in March and September, MAKSIMUM is a communication and reply forum for scientific works, especially those concerning the accounting studies of developing countries. Papers presented in MAKSIMUM are solely the author's responsibility. The editorial board may edit without changing the substance of the papers.
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang is licensed under Creative Commons Attribution Attribution-NonCommercial-NoDerivatives 4.0 International License. Authors who publish with this journal agree to the following terms: Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution Attribution-NonCommercial-NoDerivatives 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
Determinants of Islamic Banking Adoption in Indonesia: Attitude, Religiosity, and Financial Literacy
The Islamic banking sector in Indonesia has experienced substantial growth in recent years; however, public adoption remains relatively limited. This study aims to examine the behavioral factors that shape individuals’ intention to use Islamic banking services, with particular attention to four main variables: attitude, subjective norms, religiosity, and financial literacy. Identifying these factors is important to reduce the gap between the increasing availability of Islamic financial services and their actual utilization by society. A quantitative research design was applied, involving 250 respondents from diverse demographic backgrounds across several regions in Indonesia. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to evaluate the relationships between the proposed variables. The findings indicate that attitude and financial literacy have a significant positive influence on the intention to adopt Islamic banking. Individuals who hold positive perceptions and possess sufficient financial knowledge are more likely to consider Islamic banking as an alternative financial option. On the other hand, subjective norms and religiosity do not show a significant effect on adoption intention. This suggests that personal evaluation and understanding play a more dominant role than social influence or religious considerations in shaping financial decisions. These results imply that efforts to promote Islamic banking in Indonesia should not rely solely on religious arguments. Instead, greater emphasis should be placed on effective communication strategies, financial education, and building public trust. The study provides practical insights for policymakers and Islamic financial institutions to develop more targeted programs that enhance financial literacy and promote broader financial inclusion through ethical, value-based banking systems.
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Bridging Stakeholder Perceptions and Sustainability Reporting: A Comparative Systematic Review of Conventional and Sharia Banks in Indonesia
Sustainability reporting (SR) in the banking sector is increasingly expected to demonstrate not only regulatory compliance but also credible accountability to stakeholders. However, in Indonesia’s dual banking system, there is limited systematic evidence on how SR shapes stakeholder perceptions differently between conventional and Sharia banks. This study examines the relationship between SR and stakeholder perceptions by comparing disclosure orientations, legitimacy mechanisms, and theoretical explanations across both banking systems. Using a Systematic Literature Review guided by the PRISMA 2020 framework and supported by Weighted Automated Text Analysis for Systematic Evaluation (WATASE), this study synthesizes nine peer-reviewed articles published between 2017 and 2024. The findings show that SR functions as a multidimensional accountability mechanism that strengthens transparency, stakeholder trust, and legitimacy. Conventional banks tend to frame SR in terms of ESG compliance, risk management, corporate governance, and investor confidence, reflecting an institutional legitimacy orientation. In contrast, Sharia banks integrate SR with Maqashid Syariah values, emphasizing justice, welfare, ethical stewardship, and moral accountability to build social and spiritual legitimacy. The theoretical integration of stakeholder theory, legitimacy theory, and Maqashid Syariah indicates that SR operates as both a governance instrument and a moral communication medium. This study contributes by developing a comparative accountability perspective that links SR quality, governance mechanisms, stakeholder trust, and legitimacy within Indonesia’s sustainable banking landscape. In practice, the findings offer insights for regulators and banking practitioners to harmonize ESG-based reporting with Islamic governance principles.
Earnings Management Under Pressure: The Effects of Environmental Uncertainty, Financial Distress, and CSR Disclosure
Earnings are often a primary concern for stakeholders, which may encourage management to engage in earnings management practices, particularly when firms face internal and external pressures. This study aims to investigate the effect of environmental uncertainty, financial distress, and CSR disclosure on earnings management practices. The population consists of manufacturing companies listed on the Indonesia Stock Exchange for the 2021–2024 period. The sample was selected through purposive sampling, yielding 344 observations, which were analyzed using panel data regression. The results indicate that environmental uncertainty does not affect earnings management practices. However, financial distress and CSR disclosure negatively affect earnings management. This study simultaneously examines the three factors to analyze earnings management practices during the observation period using appropriate measurement approaches. This study adds to the empirical evidence on the determinants of earnings management by highlighting the role of internal factors, particularly financial distress and CSR disclosure. These findings provide practical implications for investors, creditors, and regulators by emphasizing the importance of evaluating firms' financial conditions and the quality of CSR disclosure to identify potential earnings management and improve the quality of economic decision-making.
Mapping of Performance Measurement Models in Public Sector Organizations: a Hybrid Review
This study aims to map the various performance measurement models currently in use and their contribution to improving the performance of public sector organizations. This study uses a hybrid review method that combines bibliometric and literature review approaches. The bibliometric review uses Vosviewer visualization and citation counts. The Systematic Literature Review (SLR) uses the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis) method, with an observation period from 2005 to 2025. This research focuses on a long-term period, enabling it to capture longitudinal trends in the development of performance measurement models. This research not only maps the models but also identifies the dominant models and analyzes their contribution to improving organizational performance. Using Publish or Perish, 200 articles were obtained from Scopus; however, only 26 articles included the compiled terms. The results of the hybrid review research show that, of the 26 articles, 18 map various performance measurement models. The most widely used model is the study named Balanced Scorecard (BSC). Some other models include the concept of value for money, the Public Sector Scorecard (PSS), and the balanced stakeholder model. The articles that met these criteria included one with the highest number of citations (94) and two with no citations. Then, 26 articles explain how various measurement models contribute to improved performance in public-sector organizations. Performance measurement models have been proven to contribute to improving the effectiveness and efficiency of public sector organizations, supporting performance-based decision-making and enhancing public accountability. This study integrates the principles of bibliometric and structured reviews to map performance measurement models and their contributions to improving the performance of public sector organizations. Theoretical implications: enrich the literature on performance measurement models through an integrative approach and demonstrate that no single model is superior. Strengthens the Balanced Scorecard's position as the dominant model, while still allowing for the development of alternative models. Practical implications: provide guidance for organizations on selecting and adapting performance measurement models that suit their needs and encourage a multi-model approach.
The Role of Profitability and Environmental Performance in Affecting Carbon Emission Disclosure with Media Exposure as Moderation
This study examines how profitability and environmental performance affect the level of carbon emissions disclosure among energy sector companies listed on the Indonesia Stock Exchange. It also considers the role of media exposure in influencing this relationship. It looks at 107 sets of observational data from the years 2019 to 2024. Data analysis is conducted in EViews 13; the analysis uses panel data and applies a Random Effects Model along with Moderated Regression Analysis (MRA). The results show that how well an organization takes care of the environment has a big impact on how much it shares information about its carbon emissions, and this connection becomes even stronger when the organization is covered by the media. Meanwhile, profitability has no effect, and media exposure does not moderate the relationship. This research contributes by demonstrating that public pressure through media exposure is more effective in encouraging environmental transparency than internal economic motivation (profitability) and acts as a catalyst that strengthens positive corporate signals to reduce information asymmetry. In practice, these findings inform regulators in optimizing the publication of environmental performance ratings as an external oversight instrument to improve carbon accountability in the energy sector.
Impact of Green Sukuk, Green Disclosure, and ESG on Financial Performance
This study examines the effects of green sukuk, green disclosure, and environmental, social, and governance (ESG) performance on financial performance among Jakarta Islamic Index (JII) listed companies during 2021–2024. Employing a quantitative associative design, it utilizes secondary data from annual and sustainability reports. Purposive sampling yielded 20 firms, resulting in 80 observations overall. Panel data regression analysis was performed using EViews 12 software. The findings reveal a negative effect of green sukuk on financial performance, whereas green disclosure and ESG performance exhibit no significant impact. These findings indicate that the implementation of green financial instruments and sustainability practices has not yet had a direct positive impact on corporate financial performance in the short term, due to implementation costs and the need for long-term economic benefits. This study is expected to contribute empirical evidence to the literature on Islamic finance and sustainable finance.
GHG Emission Volume, Carbon Disclosure Quality on Firm Value: The Moderating Role of Institutional Ownership
Growing global greenhouse gas emissions are exerting more pressure on companies to demonstrate responsibility regarding climate issues. This research examines the effect of GHG emission volume and carbon disclosure quality on firm value among energy companies listed on the Indonesia Stock Exchange during 2020-2024, with institutional ownership as a moderating variable. Using panel data from 65 firm-year observations across 13 purposively selected companies, GHG emissions volume, carbon disclosure quality, firm value, and institutional ownership were measured and analyzed using Moderated Regression Analysis with a Fixed Effects Model. Results show that GHG Emission Volume has a negative but statistically insignificant effect on firm value, whereas carbon disclosure quality has a positive and marginally significant effect in the moderated model. Institutional ownership exerts a positive and significant direct effect on firm value, yet fails to significantly moderate either the GHG emission volume-firm value or the carbon disclosure quality-firm value relationship. These findings imply that energy companies should prioritize carbon risk management alongside governance improvements, while regulators should incentivize higher-quality carbon reporting to enhance the value relevance of GRI-305 disclosures for domestic institutional investors. A robustness check using Tobin’s Q confirms the consistency of the institutional ownership effect across alternative proxies for firm value.