The Role of Risk Accounting and Financial Reporting Transparency in the Financial Performance of Companies Listed on the LQ45 Index on the Indonesia Stock Exchange
Keywords:
risk accounting, financial reporting transparency, financial performance, corporate governance, LQ45
Abstract
This study examines the effect of risk accounting on financial performance with financial reporting transparency as a moderating variable among companies listed in the LQ45 index on the Indonesia Stock Exchange during the period of 2022 to 2024. Risk accounting is measured through the timeliness of financial statement submission, financial reporting transparency is measured through the Debt-to-Equity Ratio, and financial performance is measured using a disclosure index. This study applies a quantitative approach with a saturated sampling technique, resulting in 135 observations drawn from 45 companies over three years. Data were analyzed using Moderated Regression Analysis with the assistance of SPSS software. The results show that risk accounting has no significant effect on financial performance, while financial reporting transparency has a positive and significant effect on financial performance. Financial reporting transparency is also proven to significantly moderate the relationship between risk accounting and financial performance. The research model explains around 94.7 percent of the variation in the financial performance of the sample companies. These findings confirm that information openness plays a more decisive role than risk recording alone in driving financial performance that aligns with sound corporate governance principles.
References
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Priatna Sari, Y., Suhardjanto, D., Probohudono, A. N., & Honggowati, S. (2023). The stakeholders influence on risk disclosure of state-owned enterprises. Media Riset Akuntansi, Auditing & Informasi, 23(1), 131–150. https://doi.org/10.25105/mraai.v23i1.16473
Putriana, S. (2025). Pengaruh implementasi akuntansi berbasis akrual dan likuiditas terhadap kinerja keuangan pada perusahaan manufaktur yang terdaftar di BEI tahun 2022–2024. Neraca Manajemen, Ekonomi, 22(6). https://doi.org/10.8734/mnmae.v1i2.359
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Saputra, R. W., Dewi, K. L. G., & Udayana, U. (2025). Determinants of sustainability report quality: The impact of financial performance, corporate governance, firm size, and age. E Jurnal Akuntansi, 35(8), 2193–2210. https://doi.org/10.24843/EJA.2025.v35.i08.p02
Satyatma Rahadi, A. (2025). Integrity of state-owned enterprises’ financial reports: Factors that influence it. Jurnal Riset Akuntansi dan Auditing, 12(1), 60–74. https://doi.org/10.55963/jraa.v12i1.757
Septiany, S., Jurnali, T., Sim, C. A., Suparman, M., & Wati, E. (2026). Strengthening transparency and performance: The role of independent commissioners in enhancing CSR disclosure’s impact on firm performance. Jurnal Siasat Bisnis, 30(1), 1–17. https://doi.org/10.20885/jsb.vol30.iss1.art1
Syifa, D. T. A. (2024). Pengaruh kualitas informasi akuntabilitas, dan transparansi pelaporan keuangan lembaga pengelola zakat terhadap pembayaran zakat muzaki dengan aksesibilitas sebagai pemoderasi. Jurnal Akuntansi dan Governance, 5(1). https://doi.org/10.24853/jago.5.1.38-55
Triprasetyo Irawan, H. P. (2024). The effect of good corporate governance and internal control on financial performance. COSTING: Journal of Economic, Business and Accounting, 7(4), 10560–10577. https://doi.org/10.31539/costing.v7i5.11410
Ukhtiana Nur Arba'i Choirunnisa, & Yulianti, H. (2024). Akuntabilitas dan transparansi pada pengelolaan dana desa di Kabupaten Bekasi. Jurnal Akuntansi dan Bisnis Krisnadwipayana, 11(3). https://doi.org/10.35137/jabk.v11i3.103
Ulya, A., Zahra, L. K., Hermawan, S. A., & Adi, I. F. (2024). Literatur review: Transparansi dalam laporan keuangan dan dampaknya terhadap kepercayaan pemangku kepentingan. Jurnal Ilmu Ekonomi Manajemen dan Akuntansi MH Thamrin, 5(2), 479–489. https://doi.org/10.37012/ileka.v5i2.2364
Violeta, E., Azmi, Z., & Suci, R. G. (2025). Does sustainability report disclosure affect financial performance? Evidence from the Indonesia Stock Exchange. Jurnal Akuntansi dan Keuangan Universitas Jambi, 10(3), 310–317. https://doi.org/10.22437/jaku.v10i03.47475
Wenny, M. C., Putri, K., Endri, E., & Wiwaha, A. (2024). Corporate governance, financial performance and sustainability disclosure: Evidence from Indonesian energy companies. Uncertain Supply Chain Management, 12, 1791–1800. https://doi.org/10.5267/j.uscm.2024.3.003
Widya, P. Y., Vidya, S. P., & Iqbal, L. (2026). Risk governance, financial distress, and firm performance: Panel evidence across pre and post pandemic periods in an emerging market. Cogent Business & Management, 13(1). https://doi.org/10.1080/23311975.2026.2662036
Wulan, D. F., Wisesa, P., & Ladista, R. D. (2025). Financial performance on climate change disclosure in the Indonesian capital market. Jurnal Ilmiah Akuntansi dan Bisnis, 10(2), 146–153. https://doi.org/10.38043/jiab.v10i2.7106
Yudhika, P. K., & Widanputra, A. A. G. (2021). Good corporate governance dan kinerja keuangan perusahaan perbankan di Bursa Efek Indonesia. E Jurnal Akuntansi, 31(3), 524–539. https://doi.org/10.24843/EJA.2021.v31.i03.p01
Annisa Qurrota A'yun, & Wibowo, W. A. (2025). Corporate risk disclosure dynamics in light of key audit matters reporting. Journal Economic Business Innovation (JEBI), 1(4). https://doi.org/10.69725/jebi.v1i4.18
Apooyin, A. (2025). Integrated reporting and its impact on financial transparency: A pathway to enhanced corporate accountability. International Journal of Science and Research Archive, 15(1). https://doi.org/10.30574/ijsra.2025.15.1.1100
Apriyani Miya Wahyu, A. A. W. (2024). Sustainability report disclosure: Dampak kinerja keuangan dan komite audit. Gorontalo Accounting Journal, 7(2), 313–323. https://doi.org/10.32662/gaj.v7i2.3494
Darwis, H. (2022). Transparency and accountability of regional financial management: Accessibility of financial statements as a moderation. International Journal of Research in Business and Social Science, 11(9), 243–249. https://doi.org/10.20525/ijrbs.v11i9.2066
Farouk, J. F. (2021). Pentingnya transparansi laporan keuangan terhadap kinerja individu. Jurnal Disrupsi Bisnis, 4(5), 418–425. https://doi.org/10.32493/drb.v4i5.11599
Febrianti, P. N., & Fendi Armando, J. D. (2026). Transparansi pelaporan KPI dalam laporan keuangan perusahaan. Land Journal, 7(1), 31–37. https://doi.org/10.47491/landjournal.v7i1.4528
Fitriani, Q., Sugiarti, E., Fadhilah, H., Putri, F. M., & Misidawati, D. N. (2025). Analisis fraud hexagon dalam kasus korupsi di PT Pertamina Patra Niaga. Ekonosfera: Jurnal Ekonomi, Akuntansi, Manajemen, Bisnis dan Teknik Global, 1(2), 105–118. https://doi.org/10.63142/ekonosfera.v1i2.176
Hastuti, S. R., & Marwansyah, J. E. (2025). Transparency or illusion? An analysis of financial report quality and investor confidence. Jurnal Informatika Ekonomi Bisnis, 7(4), 9–11. https://doi.org/10.37034/infeb.v7i4.1302
Herlina, R., Taufik, T., & Nasrizal. (2021). Transparency, competency, financial accounting system, the accountability of regional financial management, implementation of the government internal control system. COSTING: Journal of Economic, Business and Accounting, 4(2), 419–433. https://doi.org/10.31539/costing.v4i2.1965
Hidayat, M. I. (2021). Panduan menguasai analisis data penelitian dengan SPSS. Deepublish.
Jainuddin, S., & Gaffar, M. (2024). Pengaruh transparansi, akuntabilitas, dan sistem pengendalian internal terhadap kinerja keuangan pemerintah daerah: Studi kasus di Badan Pengelola Keuangan dan Asset Daerah Kota Tidore Kepulauan. El Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(12), 5215–5229. https://doi.org/10.47467/elmal.v5i12.5193
Karsono, B. (2023). Good corporate governance: Transparency, accountability, responsibility, independency and fairness (Literature review). Dinasti International Journal of Management Science, 4(5), 811–821. https://doi.org/10.31933/dijms.v4i5.1860
Kurniawan, I. S., & Setiawati, L. (2023). Pengaruh kinerja lingkungan terhadap kinerja keuangan dengan corporate social responsibility sebagai variabel intervening. National Conference on Accounting and Finance, 5, 90–97. https://doi.org/10.20885/ncaf.vol5.art11
Kurniawan, T. B., & Viriany, V. (2023). The impact of corporate governance on financial performance on state owned enterprises. International Journal of Application on Economics and Business, 1(4), 2240–2254. https://doi.org/10.24912/ijaeb.v1i4.2240-2254
Maufira, R. (2026). The influence of digital financial reporting on financial transparency and accountability in public companies. Jurnal Ilmiah Mahasiswa Ekonomi Syariah, 14(1), 499–510. https://doi.org/10.37641/jimkes.v14i1.4697
Mukti, A. H., Hariyanto, O. I. B., & Edward, O. T. (2025). Assessing the impact of financial risk and ownership structure on ESG disclosure: Insights from the energy sector in Indonesia. Preprints. https://doi.org/10.20944/preprints202507.2067.v1
Naibaho, & Gema, N. S. (2025). The effect of sustainability report disclosure on corporate financial performance with external assurance as moderation. Jurnal Akuntansi dan Investasi, 26(3). https://doi.org/10.18196/jai.v26i3.26885
Priatna Sari, Y., Suhardjanto, D., Probohudono, A. N., & Honggowati, S. (2023). The stakeholders influence on risk disclosure of state-owned enterprises. Media Riset Akuntansi, Auditing & Informasi, 23(1), 131–150. https://doi.org/10.25105/mraai.v23i1.16473
Putriana, S. (2025). Pengaruh implementasi akuntansi berbasis akrual dan likuiditas terhadap kinerja keuangan pada perusahaan manufaktur yang terdaftar di BEI tahun 2022–2024. Neraca Manajemen, Ekonomi, 22(6). https://doi.org/10.8734/mnmae.v1i2.359
Saptarinur, Rofingatun, S., & Latupeirissa, R. S. A. (2022). Anggaran berbasis kinerja, sistem pelaporan keuangan dan pengendalian akuntansi terhadap akuntabilitas kinerja. Jurnal Akuntansi dan Keuangan Daerah, 17(2), 218–228. https://doi.org/10.52062/jaked.v17i2.2589
Saputra, R. W., Dewi, K. L. G., & Udayana, U. (2025). Determinants of sustainability report quality: The impact of financial performance, corporate governance, firm size, and age. E Jurnal Akuntansi, 35(8), 2193–2210. https://doi.org/10.24843/EJA.2025.v35.i08.p02
Satyatma Rahadi, A. (2025). Integrity of state-owned enterprises’ financial reports: Factors that influence it. Jurnal Riset Akuntansi dan Auditing, 12(1), 60–74. https://doi.org/10.55963/jraa.v12i1.757
Septiany, S., Jurnali, T., Sim, C. A., Suparman, M., & Wati, E. (2026). Strengthening transparency and performance: The role of independent commissioners in enhancing CSR disclosure’s impact on firm performance. Jurnal Siasat Bisnis, 30(1), 1–17. https://doi.org/10.20885/jsb.vol30.iss1.art1
Syifa, D. T. A. (2024). Pengaruh kualitas informasi akuntabilitas, dan transparansi pelaporan keuangan lembaga pengelola zakat terhadap pembayaran zakat muzaki dengan aksesibilitas sebagai pemoderasi. Jurnal Akuntansi dan Governance, 5(1). https://doi.org/10.24853/jago.5.1.38-55
Triprasetyo Irawan, H. P. (2024). The effect of good corporate governance and internal control on financial performance. COSTING: Journal of Economic, Business and Accounting, 7(4), 10560–10577. https://doi.org/10.31539/costing.v7i5.11410
Ukhtiana Nur Arba'i Choirunnisa, & Yulianti, H. (2024). Akuntabilitas dan transparansi pada pengelolaan dana desa di Kabupaten Bekasi. Jurnal Akuntansi dan Bisnis Krisnadwipayana, 11(3). https://doi.org/10.35137/jabk.v11i3.103
Ulya, A., Zahra, L. K., Hermawan, S. A., & Adi, I. F. (2024). Literatur review: Transparansi dalam laporan keuangan dan dampaknya terhadap kepercayaan pemangku kepentingan. Jurnal Ilmu Ekonomi Manajemen dan Akuntansi MH Thamrin, 5(2), 479–489. https://doi.org/10.37012/ileka.v5i2.2364
Violeta, E., Azmi, Z., & Suci, R. G. (2025). Does sustainability report disclosure affect financial performance? Evidence from the Indonesia Stock Exchange. Jurnal Akuntansi dan Keuangan Universitas Jambi, 10(3), 310–317. https://doi.org/10.22437/jaku.v10i03.47475
Wenny, M. C., Putri, K., Endri, E., & Wiwaha, A. (2024). Corporate governance, financial performance and sustainability disclosure: Evidence from Indonesian energy companies. Uncertain Supply Chain Management, 12, 1791–1800. https://doi.org/10.5267/j.uscm.2024.3.003
Widya, P. Y., Vidya, S. P., & Iqbal, L. (2026). Risk governance, financial distress, and firm performance: Panel evidence across pre and post pandemic periods in an emerging market. Cogent Business & Management, 13(1). https://doi.org/10.1080/23311975.2026.2662036
Wulan, D. F., Wisesa, P., & Ladista, R. D. (2025). Financial performance on climate change disclosure in the Indonesian capital market. Jurnal Ilmiah Akuntansi dan Bisnis, 10(2), 146–153. https://doi.org/10.38043/jiab.v10i2.7106
Yudhika, P. K., & Widanputra, A. A. G. (2021). Good corporate governance dan kinerja keuangan perusahaan perbankan di Bursa Efek Indonesia. E Jurnal Akuntansi, 31(3), 524–539. https://doi.org/10.24843/EJA.2021.v31.i03.p01
Published
2026-09-25
How to Cite
Kurnia, N. S., Sari, G. I., & Komarudin, M. F. (2026). The Role of Risk Accounting and Financial Reporting Transparency in the Financial Performance of Companies Listed on the LQ45 Index on the Indonesia Stock Exchange. International Journal of Economics, Business and Innovation Research, 5(05), 5177-5190. https://doi.org/10.63922/ijebir.v5i05.6561
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