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The purpose of this study is to examine the influence of earnings management on the readability of annual reports while also examining the moderating role of a female director. In particular, the readability of a company’s annual report will be seen from the management perspective using the FOG index on the annual reports of companies listed on the Indonesia Stock Exchange during 2015–2018 (excluding the financial sector), with a total sample of 996. This research confirms that companies that conduct earnings management can make complex company annual reports that are difficult to read as these companies tend to hide earnings management practices. Thus, the users of annual reports will find it difficult to identify these practices. This study confirms the mathematical theory of communication that annual reports are a communication tool for companies and, therefore, must be free from financial manipulation such as earnings management because this action will give a bad signal. Moreover, the moderating effect of female directors was not proven. This implies that female directors in Indonesia had not been able to moderate the readability of annual reports; one possibility might be due to the composition of female directors, which was relatively small.

This study aims to investigate the relationship between enterprise risk management and cost of debt in the context of developing countries by considering the moderating role of the COVID-19 pandemic crisis period which is suspected to strengthen the negative association between these two variables. Using 310 non-financial sector companies listed on the Indonesia Stock Exchange for the period of 2018–2021 as samples, this study found that the implementation of effective risk management is associated with lower cost of debt charged by lenders. However, the association between these two variables was not visible during the COVID-19 crisis. These results are robust when sub-sample tests, assessment with alternative ERM measurements, and sensitivity test using the generalized method of moments (GMM) are performed. To the best of the authors’ knowledge, this study is the first to address the direct relationship between enterprise risk management and external funding, especially cost of debt in the context of developing countries. In addition, this study is also the first to provide empirical evidence of the correlation between the COVID-19 pandemic and these two variables in the context of developing countries, specifically Indonesia.

Village-owned enterprises (VOEs), known as BUMDES in Indonesia, are heralded as pivotal for rural community welfare. Yet, they contribute only 2% to 4% to village revenues, revealing a dependency on government support. This study examines the accountability practices of BUMDES through an Institutional Logic lens, highlighting a mismatch between government expectations of financial returns and BUMDES’s broader performance evaluation across financial, operational, and societal domains. Utilising a multi-case study approach, the research uncovers the coexistence of dual logics within BUMDES: one favouring social welfare, the other commercial sustainability. It is noted that BUMDES utilises various control mechanisms such as meetings, dialogues, and community involvement in implementing their programmes. Mechanisms for reporting, disclosure, performance evaluation, and assessment are also in place, though self-regulatory mechanisms are notably absent. While financial accountability is confirmed, accountability in fairness and performance remains obscure. The study advocates for regulatory enhancements to clarify BUMDES objectives and align financial and social performance indicators. It also recommends developing a structured curriculum to boost the BUMDES administrators’ capabilities. Additionally, linking the programmes to a compliance-based rating system could incentivise improvement and accountability.

Purpose – This study aims to examine phenomena related to the collection and development of waqf funds by waqf institutions and formulate recommendations regarding applicable strategies to optimize the collection and development of waqf funds based on the principles of commitment-trust theory.Methodology – This study applied a case study approach with a qualitative method at 5 (five) different waqf institutions in Indonesia to further explore the phenomena related to the collection and development of waqf funds. Data was collected through semi-structured interviews.Findings – The results of this study indicate that several problems, i.e. low literacy of waqf, lack of professionalism of nazhir, and low accountability of waqf institutions are still encountered by waqf institutions in collecting and developing waqf funds. In addition, the efforts made by waqf institutions have not been sufficiently qualified to foster waqif’s commitment and trust to optimize the collection and development of waqf funds. Therefore, several recommendations on applicable strategies for waqf managers are formulated based on the four precursors outlined in the commitment-trust theory, namely shared values, relationship benefits, communication, and non-opportunistic behavior. These recommendations include reaffirming the values of waqf institutions, making efforts to maintain good relations with waqifs, keeping good communication with waqifs, and improving transparency of financial reports.Originality – This study complements the research gap of the limited studies on the collection and development of waqf funds. In addition, previous studies on this topic did not implement the commitment-trust theory.

This study aims to test cost stickiness behavior under different managerial ability levels. Managerial ability plays an important role in resource-related decision making. Previous cost stickiness research assumes that managers exhibit similar abilities to manage resources. However, managers with different managerial abilities may make different resource decisions, which leads to different cost stickiness levels. More able managers can manage resources efficiently and deal with resource shortages. This study also tests the effects of environmental uncertainty on cost stickiness under different managerial ability levels. Managers’ resource decisions must consider environmental uncertainty to generate optimal returns. More able managers are more willing to take risks and manage resources efficiently to deal with uncertainty. Meanwhile, less able managers tend to retain resources to cope with environmental uncertainty. We ran the panel regression analysis of 19,612 listed firm-year observations in ASEAN countries from 2013 to 2019. The results show that firms led by less able managers exhibit cost stickiness. Less able managers cannot manage resources efficiently and are more likely to retain resources than make costly adjustments. Further, the effect of environmental uncertainty on cost stickiness is stronger in firms led by less able managers. Less able managers tend to retain resources when sales decline.

Firms' strategies reflect their competitive advantages, such as the prospector focuses on innovation and defenders focus on cost efficiency. The differences in strategies' competitive advantages imply different resource management to different magnitude of cost stickiness. This study examined whether prospectors and defenders exhibit different magnitude of cost stickiness. This study also examines cost stickiness differences in high and low managerial abilities for prospector and defender. The study investigates 24,362 firm-year observations in six Southeast Asian countries in 2013-2019. The results show that Southeast Asian firms exhibit cost stickiness. Both prospectors and defenders exhibit cost stickiness, likely because Southeast Asian firms mostly operate in raw goods trading and do not innovate much in high technology. Consequently, prospectors do not exhibit different cost behavior than defenders. Our findings document that firms led by less able managers exhibit greater cost stickiness, both for prospectors and defenders. The results suggest that managerial characteristics remain crucial in resource management, because less able managers tend to retain resources to cope with operational problems and meet future sales demands.

This study aims to examine the long-term performance of post-Mergers and Acquisitions (M&A) based on the motive's category. This study also examines whether the governance at firm-level and country-level affects the relationship between motives and long-term performance of M&A. This study uses a sample of 301 completed M&A transactions of Asian companies in 11 countries from 2002 to 2012 and analyses the data using the cross-sectional moderated regression method. This study measures and categorizes M&A motives into synergy and agency categories using two alternate ways, which first using the stock market reaction data of acquirer and target at the M&A announcement period estimated by applying an event study methodology, and the second using the combination of the stock market reaction data and some accounting variables through logistic regression analysis. This study finds that synergy-motivated M&A results in significantly higher long-term performance post-M&A than agency-motivated M&A. It also proves that the positive effect of M&A motives on the long-term performance post-M&A is significantly higher when companies have better firm-level governance quality, but a similar result cannot be proved for country-level governance. This study provides a cross-country M&A study in the Asian region that has an essential role in global M&A activity in recent years. Considering the possibility of changes in company structure and environment post-M&A, this study contributes to provides an insight related to the role of the governance quality post-M&A as a monitoring tool in the realization of M&A predicted gain that can improve M&A performance.

The emergence of Generative Artificial Intelligence (AI) marks a revolutionary advancement in education. This study explores the profound impact of implementing Generative AI on teachers' teaching performance, with a focus on enhancing teaching effectiveness and pedagogical practices. This research uses a survey methodology, employing a proportionated stratified random sampling technique. A total of 466 participants, consisting of teachers, were involved in this study, with questionnaires serving as the primary tool for data collection. The primary data analysis method used in this study was the Structural Equation Model (SEM). Research indicates that Generative AI significantly enhances teaching performance by improving ease of use, usefulness, and learning. Teacher perceptions of AI's usability influence its integration into student-focused learning, learning material development, and teaching practice enhancement. Additionally, the ease of learning is crucial for its adoption. Alongside these promising opportunities, the study also highlights challenges that need to be addressed for successful AI integration in education, such as technical limitations and the necessity for teacher training. By exploring the application of Generative AI in depth, this research offers valuable insights into leveraging technology to foster more inclusive, personalized, and practical education in the digital age.

Originality/value: In contrast to previous studies that typically took a pragmatic perspective in examining BUMDES transformation and paid limited attention to the village head, this study contributes to the use of the institutional entrepreneurship framework in analysing the pivotal role of village heads. It employs a comprehensive multiple-case study approach with thematic analysis, setting it apart from earlier single-case studies with descriptive analysis.

This study examines the effect of information technology and pressure such as time budget and task complexity on dysfunctional audit behavior. This study tests whether dysfunctional audit behavior affects fraud detection. Data were gathered from 81 auditors in Jakarta and were analyzed using structure equation model (SEM). The results explain that pressure (time budget and complexity task) have some impacts on dysfunctional audit behavior while information technology does not affect dysfunctional audit behavior. These results also indicate that dysfunctional audit behavior has an adverse effect on fraud detection. Job-related stress framework explains the conditions that make stress (stressors) will affect to individual psychology, physics, and behavior (strains) and make some result (outcome). Pressure (time budget and complexity task) is the condition that makes both positive and negative effect on individual behavior. Pressure can make individuals behave dysfunctional or motivate them to give their best shot even though their work uses a lot of energy and mind to solve the problems. Raising dysfunctional audit behavior will reduce auditor's ability to identify material misstatement in the financial statement.