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This paper aims to give broad insights into what components can significantly influence the adoption of Metaverse from the perspective of internal auditors and their firms in Indonesia.

This research used primary data from questionnaires. Relying on the empirical view of 202 internal auditors in Indonesia, this research’s framework is executed using structural equation model. Company’s intention in adopting the Metaverse technology intervenes in the influence of perception of external control and usefulness on the internal auditor’s intention to adopt that technology.

The perception of external control and perceived usefulness of Metaverse significantly influenced the adoption intention of Metaverse by internal auditors and their firms in Indonesia. This paper is helpful for practitioners who would like to know what factors are needed to make the internal auditors in Indonesia able to adopt Metaverse.

Results might be varied from country to country as each country has different technology development. Therefore, upcoming research can compare similar studies in another country. This paper can contribute to further empirical development for the theory of acceptance model of the third version. Many researchers use the theory to study advanced technology adoption intention.

The paper is also essential for future research and could enhance companies' knowledge about staying updated in the market with the advanced technology that keeps developing.

This paper contributes to an integrated view of the intention of internal auditors and firms in Indonesia to adopt Metaverse. To the best of the authors’ knowledge, this topic is relatively new in Indonesia.

With an attempt to give a deeper explanation regarding the manifestation of socially and environmentally responsible cultures among Indonesian natural resources industry, this paper aims to highlight the empirical confirmation on the correlation of corporate social responsibility (CSR), corporate financial performance (CFP) and risk. Likewise, corporate risk’s role as a mediating variable in the indirect effect of CSR on CFP is also examined.

Kinder, Lydenberg and Domini’s (KLD) measurement approach is used as a basis to assess social responsibility activities as it gives more social rating transparency. CFP captures both accounting- and market-based measurements, whereas volatility of stock return is adopted as a proxy of firm risk. Partial least squares analysis is conducted on 40 Indonesian listed firms in natural resources sector, with observation years from 2008 to 2016.

It is revealed that CSR positively affects CFP, although the correlation is stronger in the long run. Significant negative influence to risk is also discovered. However, risk has a significant adverse correlation with CFP when two years’ lagged value is used. Hence, CSR affects CFP through risk in the long-term, both directly and indirectly.

The empirical result suggests that CSR serves as a tool in managing the risk of enterprises and performance, especially in the long-term. Accordingly, firms should incorporate CSR as a strategic investment and manage a strong relationship with stakeholders.

This report expands further prior works and contributes to CSR and financial management literature by discovering the true nature of CSR effects as an investment in the future. This is the first study which tests and proves that CSR in Indonesian natural resources industry plays a significant role as a strategic risk management instrument that leads to a sustainable and long-lasting financial performance.

This study aims to examine the control of corporate governance towards firm risks for a sample of Indonesian firms in agriculture, mining and property industries. This study highlights the impact of four indicators of internal mechanism of corporate governance, i.e. board size, board independence, board gender and board ownership, on three measurements of firm risks, i.e. total risk, asset return risk and idiosyncratic risk.

Panel data analysis is conducted using a sample of 62 companies of agriculture, mining and property industries listed in Indonesia Stock Exchange from 2013 to 2017. Pooled ordinary least square with hetero-corrected is the statistical approach conducted to test the hypotheses.

The result indicates that board size and board gender insignificantly influence firm risks. While board independence gives varied impacts towards firm risks, it gives positive influence towards total asset return risk, insignificant towards idiosyncratic risk and negative towards total risk. Other interesting results are found in board ownership that has insignificant influence on asset return risk and negative influence on idiosyncratic and total risk.

Firms should incorporate corporate governance, especially the impactful roles of board independence and board ownership as they serve as tools in reducing firm risk. Moreover, investors may have a better understanding of corporate governance and factors that are influencing firm risks. Therefore, this study can assist them to make the right investment decision.

This study is notably the first to use comprehensively three measurements of firm risks in Indonesia. Risks can come from internal and external, thus the company should understand the various types of risks facing the company. Total risk measures both the internal and external risks, while asset return risk gives another perspective using overall market perception about the equity and assets of the company. Finally, this study also measures internal risk, which is the only risk that can be controlled and minimised by the board of the company.

The study of monetary and non-monetary rewards from the human resource management (HRM) perspective has rarely been analyzed so far. There has been extensive study on HRM, yet only a few studies explicitly discuss the correlation between the adoption of a total reward system (TRS) and employee-related outcomes. This paper aims to analyze this important issue to provide inputs for organizations to design compensation strategies that will impact on company’s financial performance with employee productivity and job satisfaction as mediating variables specifically for Generation Z.

A survey was conducted on 40 companies operating in the service sector in Indonesia. The authors captured the overall TRS result on three outcome variables (i.e. job satisfaction, employee productivity and financial performance). Furthermore, the authors examine the impact of TRS (base pay, training and development and positive work environment) on Generation Z workers. Structural equation modeling analysis was conducted on 40 Indonesian, service industry, listed firms with an average of 6 representatives per firm.

The results validate that the adoption of a TRS exerts a positive influence on the aforementioned outcomes. However, the interesting fact about the finding is that Generation Z cannot be easily satisfied with only monetary incentives; their preference has shifted from monetary concerns to self-capability.

The empirical result suggests that TRS serves as a tool in encouraging employees and boosting productivity. Accordingly, firms should incorporate TRS practices to enhance job satisfaction and productivity, as well as sustain the relationship with stakeholders. Subsequently, management should also be concerned with maintaining good employee productivity to improve a company’s financial performance by supervising and monitoring company operations, as well as ensuring the fulfillment of the stakeholder’s interests.

This paper provides original insights into the complex relationship between TRS and the aforementioned outcomes, such as job satisfaction, employee productivity and financial performance.

This study examines the role of intellectual capital disclosure (ICD) on earnings forecasting by analysts in the pharmaceutical industry in emerging countries, particularly in Indonesia, Malaysia and Thailand. This study specifically examines the role of each component of the ICD on analysts' forecasts, which consists of errors of forecasted earnings, the standard deviation of forecasted earnings and analyst recommendations.

Panel data analysis is conducted using a sample of 17 companies from pharmaceuticals industries in Indonesia, Malaysia, Thailand – Growth Triangle (IMT-GT), which are listed in the Indonesia Stock Exchange (IDX), Malaysia Stock Exchange (MYX) and Stock Exchange of Thailand (SET) from 2010 to 2017. Secondary data is obtained from Bloomberg and Annual report, where they are being analyzed to measure the ICD and gather the control variables.

The results indicate that the three components of ICD, namely human capital disclosure (HCD), structural capital disclosure (SCD) and relational capital disclosure (RCD), insignificantly influence average analysts' consensus recommendation and analysts' earnings forecast dispersion. However, the findings show a significant negative influence of relational capital disclosure (RCD) on analysts' earnings forecast error. In contrast, HCD and SCD have an insignificant impact.

Transparency in disclosing activities related to external parties is essential for the pharmaceutical industry. It is found that relational capital disclosure is the only ICD indicator that can strengthen analysts' profit predictions. Transparency about company activities in maintaining customer satisfaction and activities related to strategic alliances with other organizations are two critical things that can accommodate the accuracy of earnings forecasting from analysts in pharmaceutical companies.

This study contributes to ICD-related research by discussing the financial analyst's response to this voluntary disclosure in the pharmaceutical industry, particularly in Indonesia, Malaysia and Thailand. The selected observation period is seven years, starting one year after the global financial crisis. The results showed that the disclosure of IC is not an exciting thing for financial analysts. In forecasting current earnings, financial analysts are more interested in errors than the previous year's estimates.

This paper aims to investigate the impact of geopolitical events of the Russia–Ukraine conflict on the stock market volatility of G20 countries. Furthermore, the paper also investigates the possible reasons for any similarities or differences in the results of the three sectors.

This paper measures the impact of the stock market sectoral index price (SIP) by using the daily closing price as a dependent variable. In addition, this study uses three independent variables: geopolitical risk (GPR), commodity price (CP) and foreign exchange rate (FER). Seventeen countries from the G20 are analyzed using a daily timeframe from September 2021 to August 2022 (before and during the Russian invasion).

The results revealed that FER, CP and GPR all affect SIP, but the level of significance and positive/negative signs vary in all three sectors. The positive FER affects SIP in all sectors, while the negative CP and GPR significantly impact SIP in the energy and transportation sectors.

This study’s research model is more suited for transportation and energy than consumer goods. Future researchers can enhance the research model for the consumer goods sector by incorporating additional variables to understand their relationship with SIP better.

This study explores the impact of the Russia–Ukraine conflict on the stock market in G20 countries, focusing on the top three most affected sectors.

This paper aims to examine whether companies in Indonesian controversial industries can rely on their corporate social responsibility (CSR) practices to improve potential employees' job pursuit intention, which lead to a higher quality of work life (QWL) and a better performance from their employees.

The target respondents are interns, staff and supervisors of 42 Indonesian listed companies in controversial industries. The data collection method is performed by distributing questionnaires using a seven-point Likert scale. Collected data using partial least squares (PLS) analysis are conducted and tested.

Consistent with the existing result, the authors find out that potential employees have a higher intention to join and accept a job offer from companies with a higher level of CSR practices. Regarding the corporate social responsibility, it is further proven to have a positive effect on employee's quality of work life. More interestingly, the findings of the current study reveal that CSR also affects employee performance (EP), both directly and indirectly, through QWL.

Findings demonstrate that CSR in Indonesian controversial industry represents an important factor for recruiting top employees that lead to the improvement of the employee's quality of work life and performance.

The findings indicate that enterprises should be more concerned about CSR engagement in attracting new talents, enhancing the quality of work life and cultivating the employee's performance.

This study enhances previous supports and studies on the concept of CSR and human resource management by analyzing the relationship between CSR and employee performance. Previous researches have concentrated their objectives in finding the link between CSR and the financial performance of a company. However, it must be understood that a company's success actually hinges on the performance of one of their greatest assets, the human resources. Additionally, due to the change in generations that will be the job seekers, recruitment strategy to attract job applicants and improve the job pursuit intention (JPI) is now needed more than ever. One of the strategies that Indonesian companies can use to do so is by practicing CSR. Hence, this is the first study in an attempt to observe the overall relationship of the CSR with the job pursuit intention, QWL and EP, especially in the controversial industries. The study will drive companies to intensify their efforts in maintaining good employee performance.

This study aims to examine the factors affecting intellectual capital disclosure (ICD), especially in the agriculture and mining sectors in Indonesia and Thailand. Additionally, this study discusses the difference in ICD levels between Indonesia and Thailand.

The sample used is companies listed on the Indonesia Stock Exchange and Stock Exchange of Thailand from 2013 to 2017. The method used is a content analysis of 380 annual reports (150 from Thailand and 230 from Indonesia). This study uses a panel regression model. Variables tested are firm size, market shares, minority shareholders, profitability, leverage and the focus on ICD components such as human capital disclosure, structural capital disclosure and relational capital disclosure.

IC disclosures in financial statements are generally oriented to past events and focus more on the human capital component. Overall, ICDs in Thailand are more qualified than in Indonesia. The findings support the stakeholder and legitimacy theories. It was found that the greater the company’s resources, the higher the quality of disclosure of all intellectual capital (IC) components. Conversely, when associated with the position in the market, companies reduce the disclosures. As the company has gained the government’s legitimacy, management’s passion for revealing more about its ICD is diminishing.

This study focuses on the agriculture and mining sectors in Indonesia and Thailand. The annual report is the primary medium to observe IC in qualitative and quantitative ways, yet firms would use other means to disclose their IC. This study deploys the content analysis method, in which the determination of scores is based on the researchers’ judgment.

This study contributes to the ICD-related literature by focusing on the agriculture and mining industries and multinational scopes. The ICD valuation is extended to the quality of disclosures, in which numerical and monetary figures also support the disclosures. This study also examined minority shareholders’ role in ICD quality, which is infrequent in ICD literature.

This study examines the effect of working capital management and board diversity on firm profitability and firm value for a sample of Indonesian firms listed in the LQ45 index. The interaction of board diversity components with working capital management adds a comprehensive discussion to enhancing working capital management efficiency.

This study engages a panel multiple regression method. Data from a sample of LQ45 companies from 2010 to 2016 are analysed using a fixed and a common effect model. Board diversity is further analysed in interaction variables, whether it holds the moderating role in the relationship of working capital and firm performances. This study operates return on capital employed (ROCE) as the proxy of profitability performance and EVA-Spread for the firm's value performance. The simultaneous effect test is used for the robustness test.

The results indicate that working capital management and board diversity have no significant impact towards profitability. However, they significantly positively impact firm value, meaning that the market is attracted by effective working capital management and board diversity. However, the interaction variable analysis shows that gender diversity and education level diversity weaken the impact of working capital management towards firm value.

This study is not limited to one industry; therefore, future studies may focus on one industry and detect the pattern of working capital components in the particular industry. This study focuses on quantitative numbers to explain board diversity's interaction in working capital management to maximise shareholders' wealth. Future studies may consider a qualitative discussion to describe the quality of women's presence on the board, education level and educational background of board members.

Unlike most studies in which authors relate working capital and board diversity to firm performances separately, this study combines both components and analyses whether board diversity can act as a moderator effect. As part of corporate governance, it is expected that board diversity can enhance working capital management efficiency.

This study examines the influence of various COVID-19 catastrophes variables on the stock market liquidity, considering the market depth and market tightness in the technology industry of the four biggest ASEAN capital markets.

The study utilised the panel data regression analysis obtained from 177 listed technology companies across the four ASEAN countries from March 2, 2020 to June 30, 2021 using the random effect and weighted least squares. The study also supported the result with robustness test, implementing the quantile regression to further present companies' segmentation within the variables.

The regression results indicate that daily growth COVID-19 confirmed cases and stringency that adversely impacted the stock market liquidity. Confirmed deaths were also found to have a detrimental effect on the stock market liquidity. On the other hand, recoveries and vaccination of COVID-19 enhance the stock market liquidity to escalate.

The study affirms that stock market liquidity is bound to be driven by the COVID-19 variables, but only to be limited to the technology industry observed in four major ASEAN capital markets. Awareness by investors and government could be shifted towards the rise of confirmed cases, recoveries, vaccination and stringency as it improves the liquidity of capital market in aggregate. However, rise of confirmed deaths negatively affect the liquidity. All in all, government and stock market regulator should promote transparency to boost investors' confidence in trading.

This study initiates the investigation in the four biggest ASEAN capital markets, particularly in the technology industry, regarding the COVID-19 catastrophes and stock market liquidity in terms of both market depth and market tightness. Further, this study enriches the impact of COVID-19 by taking the recovery cases and vaccination of COVID-19 as additional consideration.