Klabat Accounting Review

Political Accounting in Indonesia’s Strategic SOE IPO

2025-10-26T01:30:46+00:00

Indonesia has increasingly turned to initial public offerings of strategic state-owned enterprises (SOEs) to finance post-pandemic development ambitions and showcase its climate credentials. The February 2023 listing of PT Pertamina Geothermal Energy (PGEO)—the country’s first geothermal-focused flotation—typifies this strategy, presenting the company as a flagship of the national green-transition agenda. This article investigates how accounting disclosures surrounding the IPO were mobilized as instruments of political legitimacy. Employing a mixed-methods design, the study combines systematic content analysis of the PGEO prospectus and 2022–2023 sustainability reports with an event study of abnormal share-price movements across an eleven-day (±5) window. The textual analysis uncovers a carefully layered narrative in which themes of “green leadership”, “energy sovereignty”, and “inclusive growth” are interwoven with governance affirmations to appeal simultaneously to investors, policy-makers, and civil society. The event study registers a cumulative abnormal return of approximately five per cent by day +2, indicating that markets provisionally validated the legitimacy signals embedded in the disclosures. Collectively, the findings suggest that PGEO’s IPO was orchestrated not merely as a capital-market transaction but as a calibrated act of political accounting aligning investor confidence with state objectives.

Maqashid Shariah-Based Sustainability Reporting Analysis at Bank Syariah Indonesia (BSI)

2025-10-24T02:17:24+00:00

Sustainability reporting has become a strategic tool for measuring corporate responsibility beyond financial performance, particularly in the banking sector. However, most Islamic banks, including Bank Syariah Indonesia (BSI), still rely heavily on global frameworks such as the Global Reporting Initiative (GRI) and Environmental, Social, and Governance (ESG) without explicitly integrating Islamic values. This study aims to analyze BSI’s 2023 sustainability report using the maqashid syariah framework, which emphasizes five core objectives: protection of religion (hifz al-din), life (hifz al-nafs), intellect (hifz al-‘aql), progeny (hifz al-nasl), and wealth (hifz al-mal). The research employs a qualitative content analysis method by mapping the contents of BSI’s report against these five dimensions. The findings indicate that BSI has successfully addressed four of the five maqashid principles through programs related to religious activities, social health, financial literacy, and inclusive financing. However, the principle of hifz al-nasl remains underrepresented. In conclusion, although BSI demonstrates strong alignment with GRI standards, integrating maqashid syariah more explicitly would enhance the Islamic authenticity of its sustainability reporting and provide a more holistic view of its social and moral commitments.

The interlink between capital structure, sales growth, and sustainable growth rate: Comparative insights from IDX Growth and IDX Sharia Growth

2025-10-24T02:17:10+00:00

The dynamics of capital structure (CS), sales growth (SG), and sustainable growth rate (SGR) play pivotal roles in corporate finance, impacting a company’s valuation and strategic direction. This study investigates the factors influencing the SGR of companies listed in the IDX Growth 30 and IDX Sharia Growth indices, focusing on the roles of CS and SG. Using a quantitative approach, secondary data from the financial reports of these companies from 2022 to 2023 were analyzed through regression and comparative statistical methods. The findings reveal distinct influences on SGR for each index: within the IDX Growth 30, SG significantly impacts SGR positively, emphasizing the importance of revenue expansion and internal funding, while CS does not show a significant effect. In contrast, for IDX Sharia Growth firms, CS significantly influences SGR, highlighting the effective use of ethical financing sources, whereas SG does not. Despite these differences, there are no significant gaps in SGR between sharia-compliant and non-sharia firms, indicating that both achieve comparable sustainable growth through their respective strategies. Only CSs are different between these two types of firms. These results suggest that tailored growth strategies are essential, with conventional firms focusing on sales and market expansion and sharia-compliant firms leveraging ethical financing and operational efficiencies. Future research should consider additional variables like ownership structure and macroeconomic factors to further understand their impact on SGR across different firm categories.

Analyzing Bankruptcy Risk and Economic Correlation in a Re-gional Bank: A Study on Bank Nagari

2025-10-24T02:16:46+00:00

Bankruptcy can cause uncertainty in financial markets and weaken the confidence of economic actors which leads to a slowdown in economic growth. The purpose of this study is to determine the health of regional banking through analysis and in-depth study in the late COVID-19 pandemic and early New Normal periods. The object of research is Bank Nagari. The research method used is a descriptive method sourced from public financial data. The results of this analysis show that Bank Nagari is in a state of bankruptcy. However, Bank Nagari remains in growth and shows an increase in operating profit. The correlation between bankruptcy value and GRDP was also further analyzed. The results show a value of 0.156 which means that the two variables do not have a significant relationship with each other in the period used. Bankruptcy can be one of the components that can affect the economic growth and stability of a country. Therefore, effective banking supervision and management is essential to maintain banking sector stability and promote healthy economic growth.

Analysis Of Accounting Treatment Of Revenue Based On PSAK No. 23 At Eastparc Hotel

2025-10-24T02:10:51+00:00

Revenue is the main element in financial statements that greatly determines the success and sustainability of an entity's operations, especially in hospitality companies such as hotels. In its preparation, revenue recognition and measurement must refer to generally applicable accounting standards so that financial statements can be presented in a reasonable, relevant, and reliable manner. PSAK No. 23 is the main reference in the accounting treatment of revenue, especially in transactions of the sale of goods, services, and the use of assets by other parties. This study aims to analyze the extent to which Eastparc Hotel implements PSAK No. 23 in its 2024 consolidated financial statements. The method used is a qualitative descriptive analysis based on financial statements and notes on financial statements issued by the company. The results of the analysis show that Eastparc Hotel has implemented PSAK No. 23 consistently and in accordance with standards, both in recognition, measurement, recording, reporting, and revenue disclosure. This reflects a high level of compliance with financial accounting standards and transparency in the presentation of information to stakeholders.