The Capital Expenditure Disclosure Index, Corporate Governance, And Firm Value: The Mediating Role Of Financial Sustainability
Abstrak
Objective. This research endeavors to investigate how the Capital Expenditure Disclosure Index (CEDI) and corporate governance affect firm value, incorporating financial sustainability as an intermediary for non-financial companies listed on the Indonesia Stock Exchange. The significance of this inquiry arises from transparent capital expenditure disclosures signaling future growth and improved oversight to mitigate information gaps, thereby fostering enduring firm value.
Research Method. Employing a quantitative causality methodology, this study utilized a panel database spanning from 2023 to 2025. The study's target population comprised all publicly listed non-financial entities on the Indonesia Stock Exchange. Employing a purposive sampling method based on predetermined criteria, a total of 694 unique firms were identified, resulting in 2,082 firm-year observations. Subsequently, the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. This analysis included an evaluation of both the measurement model and the structural model.
Results. Empirical evidence suggests a positive correlation between the Capital Expenditure Disclosure Index and corporate governance, both of which are shown to augment firm value. These two elements are also established as contributors to enhanced financial sustainability. Moreover, financial sustainability partially bridges the connection between the Capital Expenditure Disclosure Index and firm value, and similarly between corporate governance and firm value.
Conclusion. The strengthening of financial stability, either directly or indirectly, can be accomplished through thorough capital expenditure disclosures and sound governance practices, leading to an increase in corporate value. It is advised that further research be conducted to devise a uniform Capital Expenditure Disclosure Index and enlarge the sample set across different jurisdictions to examine the moderating influence of legal system disparities.
Referensi
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Anwar, M. (2022) ‘Green Economy Sebagai Strategi Dalam Menangani Masalah Ekonomi Dan Multilateral’, Jurnal Pajak dan Keuangan Negara (PKN), 4(1S), pp. 343–356. doi:10.31092/jpkn.v4i1s.1905.
Apriyanti, H.W., Budiman, J. and Yulianto, A.R. (2024) Bisnis Coaching: Manage Financial Growth and Sustainability Through Financial Statement Understanding.
Aslan, R.G. (2022) ‘Agency problems in the private pension system of Turkey: pension sector employee perspectives’, Qualitative Research in Financial Markets [Preprint]. doi:10.1108/QRFM-07-2021-0120.
Bayu, E.K. and Novita, N. (2023) ‘Analisis Pengungkapan Sustainable Finance dan Green Financing Perbankan di Indonesia’, Jurnal Keuangan dan Perbankan, 18(2), p. 57. doi:10.35384/jkp.v18i2.332.
Brigham, E.F. and Houston, J.F. (2019) Fundamentals of Financial Management 15 Edition. Cengage Learning.
Dempsey, S.J. and Sheng, H. (2023) ‘Dividend change announcements, ROE, and the cost of equity capital’, International Review of Financial Analysis, 86(January), p. 102506. doi:10.1016/j.irfa.2023.102506.
Fadilah, M.F. et al. (2025) ‘Pengaruh faktor-faktor makro ekonomi terhadap dinamika pasar modal di indonesia’, Jurnal Revenue : Jurnal Ilmiah Akuntansi, 5, pp. 1557–1561.
Firmansyah, A. and Kartiko, N.D. (2024) ‘Tata Kelola Perusahaan Dan Pengungkapan Perbankan Hijau: Peran Moderasi Regulasi Perbankan Hijau’, Jurnal Akuntansi dan Bisnis, 24(1), pp. 83–101.
Freeman, K.M. (2023) ‘Overlapping Ownership Along the Supply Chain’, Journal of Financial and Quantitative Analysis, pp. 1–30. doi:10.1017/S0022109023001266.
Goliński, A. and Spencer, P. (2017) ‘The advantages of using excess returns to model the term structure’, Journal of Financial Economics, 125(1), pp. 163–181. doi:10.1016/j.jfineco.2017.05.001.
Hou, D. et al. (2024) ‘Short-selling and corporate ESG performance: evidence from China’, Sustainability Accounting, Management and Policy Journal [Preprint]. doi:10.1108/SAMPJ-09-2023-0712.
Hutsaliuk, O.M. et al. (2020) ‘Stakeholder approach to selecting enterprise-bank interaction strategies’, Problems and Perspectives in Management, 18(3), pp. 42–55. doi:10.21511/ppm.18(3).2020.04.
Islamiyah and Fidiana (2024) ‘Pengaruh Capital Expenditure, CSR dan Profitabilitas Terhadap Nilai Perusahaan’, Jurnal Ilmu dan Riset Akuntansi, 13(9), pp. 1–16.
Kao, L., Chen, A. and Lu, C.S. (2018) ‘Ex ante and ex post overvalued equities: The roles of corporate governance and product market competition’, Asia Pacific Management Review, 23(3), pp. 209–221. doi:10.1016/j.apmrv.2017.07.002.
Komara, A., Ghozali, I. and Januarti, I. (2020) ‘Examining the Firm Value Based on Signaling Theory’, Atlantis Press, 123(Icamer 2019), pp. 1–4. doi:10.2991/aebmr.k.200305.001.
Mahajan, R. et al. (2023) ‘Stakeholder theory’, Journal of Business Research, 166(December 2022), p. 114104. doi:10.1016/j.jbusres.2023.114104.
Maharani, R. and Simanjuntak, A. (2022) ‘dan modal minimal investasi terhadap keputusan investasi di Pasar Modal’, Owner: Riset & Jurnal Akuntansi, 6, pp. 3333–3343.
Maivalinda (2025) ‘Dampak Lingkungan, Sosial Dan Tata Kelola (LST) Terhadap Kinerja Perusahaan’, Jurnal Ekonomi dan Bisnis Dharma Andalas, 27(1), pp. 110–123.
Marsh, E., Perez, E. and Spence, A. (2022) ‘Computers in Human Behavior The digital workplace and its dark side : An integrative review’, Computers in Human Behavior, 128, p. 107118. doi:10.1016/j.chb.2021.107118.
Maulana, B. and Baroroh, N. (2020) ‘Pengaruh Tipe Industri, Ukuran Perusahaan, Profitabilitas, Leverage dan Environmental Performance Terhadap Environmental Disclosure (Studi Empiris pada Perusahaan Peserta PROPER Tahun 2018-2020)’, Owner: Riset & Jurnal Akuntansi, 6(1), pp. 930–939.
Miftahudin, A. and Sisdianto, E. (2024) ‘Analisis Kualitas Laporan Keuangan Dalam Meningkatkan Transparan dan Akuntabilitas Perusahaan’, JIIC: JURNAL INTELEK INSAN CENDIKIA, pp. 7424–7432.
Munizu, M. et al. (2024) ‘Do digital marketing, integrated supply chain, and innovation capability affect competitiveness, and creative industry performance?’, International Journal of Data and Network Science, 8(2), pp. 1025–1034. doi:10.5267/j.ijdns.2023.12.005.
Murniati, M., Sa’diyah, M. and Subadriyah, S. (2019) ‘Hermeneutics of Earning Management: Between Pressure and Opportunity’, JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen, 16(1), p. 46. doi:10.31106/jema.v16i1.1666.
Nofianti, N., Fatah, A. and Tirtasari, N. (2018) ‘Pengaruh Pengungkapan Sukarela Terhadap Kinerja Keuangan dengan Cost of Capital Sebagai Variabel Intervening’, Journal of Applied Accounting and Taxation, 3(2), pp. 168–173.
Nurhayati, E. and Supardi, E. (2020) ‘Sistem remunerasi dan kualitas kinerja pegawai ( remuneration system and the quality of employees ’ performance )’, Jurnal Pendidikan Manajemen Perkantoran, 5(2), pp. 140–153. doi:10.17509/jpm.v4i2.18008.
Otoo, F.N.K. (2024) ‘Assessing the influence of financial management practices on organizational performance of small- and medium-scale enterprises’, Vilakshan - XIMB Journal of Management [Preprint]. doi:10.1108/xjm-09-2023-0192.
Parlindungan Nadapdap, J. et al. (2023) ‘System Dynamics Model : Investment Behavior Model Dinamika Sistem : Perilaku Investasi’, Management Studies and Entrepreneurship Journal, 4(2), pp. 723–735. Available at: http://journal.yrpipku.com/index.php/msej.
Parmar, B.L. et al. (2010) ‘Stakeholder theory: The state of the art’, Academy of Management Annals, 4(1), pp. 403–445. doi:10.1080/19416520.2010.495581.
Petropoulos, F. et al. (2022) ‘Forecasting: theory and practice’, International Journal of Forecasting, 38(3), pp. 705–871. doi:10.1016/j.ijforecast.2021.11.001.
Pratiwi, D.A. and Widyawati, N. (2017) ‘Pengaruh Kepemilikan Manajerial, Ukuran Perusahaan, dan Kebijakan Hutang Terhadap Nilai Perusahaan’, Jurnal Ilmu dan Riset Manajemen, 06(12), pp. 1–22.
Purba, D. et al. (2024) ‘Peran Bank Sentral Terhadap Stabilitas Sistem Keuangan’, Jurnal PenKoMi:kajian pendidikan & Ekonomi, 7(1), pp. 380–391.
Rahmahsari, F., Gursida, H. and Herdiyani (2019) ‘Pengaruh Price To Book Value (PBV), Price Earning Ratio (PER), Inflasi dan Kurs Terhadap Return Saham pada Perusahaan Sub Sektor Otomotif dan Komponen di Bursa Efek Indonesia (BEI) Tahun 2013-2017’, Jurnal Online Mahasiswa (JOM) Bidang Manajemen, 4(4), pp. 1–15.
Sarwoko, H. (2016) ‘Agency theory perspective in implementation of corporate governance’, The 2nd International Multidisciplinary Conference, pp. 68–84.
Spence (1973) ‘I shall argue that the paradigm case of the market with this type of informational structure is the job market and will therefore focus upon it . By the end I hope it will be clear ( although space limitations will not permit an extended argument ) that a’, The Quarterly Journal of Economics, 87(3), pp. 355–374.
Su, X. et al. (2021) ‘Ethical Leadership and Knowledge Sharing: The Effects of Positive Reciprocity and Moral Efficacy’, SAGE Open, 11(2). doi:10.1177/21582440211021823.
Suhadak et al. (2019) ‘Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value’, Asian Journal of Accounting Research, 4(1), pp. 18–34. doi:10.1108/AJAR-07-2018-0021.
Supriyanto, S. et al. (2021) ‘Impact of Oil Prices and Stock Returns: Evidence of Oil and Gas Mining Companies in Indonesia During the Covid-19 Period’, International Journal of Energy Economics and Policy, 11(4), pp. 312–318. doi:10.32479/ijeep.11290.
Supriyanto, Sari, P.I. and Pratama, M.A. (2022) ‘Implementation of Forecasting Hedging Model During the Covid-19 Pandemic with the Event Windows Approach to Asean Stock Prices 6’, Proceedings of the Universitas Lampung International Conference on Social Sciences (ULICoSS 2021), 628(ULICoSS 2021), pp. 74–84. doi:10.2991/assehr.k.220102.010.
Susanto, B., Usman, B. and Lestari, H.S. (2025) ‘Pengaruh Mikro Struktur Pasar Dan Mikro Ekonomi Serta Makro Ekonomi Terhadap Harga Saham Dimediasi Kinerja Keuangan Dan Dimoderasi Kebijakan Deviden’, jurnal adlermanurungpress, 13(3), pp. 1–8.
Sutrisno, B. (2017) ‘Hubungan Cash Holding dan Nilai Perusahaan di Indonesia’, Jurnal Dinamika Akuntansi dan Bisnis, 4(1), pp. 45–56. doi:10.24815/jdab.v4i1.6340.
Tadesse, S. (2002) ‘Financial Architecture and Economic Performance : International Evidence’, Journal of Financial Intermediation, 454, pp. 429–454. doi:10.1006/jfin.2002.0352.
Ulrich-Diener, F., Dvouletý, O. and Špaček, M. (2023) ‘The future of banking: What are the actual barriers to bank digitalization?’, BRQ Business Research Quarterly [Preprint]. doi:10.1177/23409444231211597.
Utami, A.F. and Ekaputra, I.A. (2020) ‘A paradigm shift in financial landscape: encouraging collaboration and innovation among Indonesian FinTech lending players’, Journal of Science and Technology Policy Management, 12(2), pp. 309–330. doi:10.1108/JSTPM-03-2020-0064.
Wardianto, K.B. et al. (2020) ‘Strategi Peningkatan Ekuitas Merek di Indonesia’, Jurnal Administrasi Bisnis, 9(1), p. 15. doi:10.14710/jab.v9i1.26097.
Yuke et al. (2025) ‘Analisis Instrumen Pasar Modal Terhadap Pilihan Berinvestasi Masyarakat Generasi Z : Melalui Studi Literatur’, Jurnal Ilmiah Manajemen dan Akuntansi, 2(3), pp. 38–49.
Alderson, J. Charles & Wall, D. (2019) ‘Perbankan Konvensional Versus Perbankan Syariah dalam Realitas Sosiologisnya’, Japanese Society of Biofeedback Research, 19, pp. 709–715. doi:10.20595/jjbf.19.0_3.
Alexandri, M.B.S. (2021) ‘The Influence of Oil Price Volatility and Price Limit in Indonesia Energy Sub-sector for the Period before and After Covid-19’, 11(5), pp. 538–544.
Anwar, M. (2022) ‘Green Economy Sebagai Strategi Dalam Menangani Masalah Ekonomi Dan Multilateral’, Jurnal Pajak dan Keuangan Negara (PKN), 4(1S), pp. 343–356. doi:10.31092/jpkn.v4i1s.1905.
Apriyanti, H.W., Budiman, J. and Yulianto, A.R. (2024) Bisnis Coaching: Manage Financial Growth and Sustainability Through Financial Statement Understanding.
Aslan, R.G. (2022) ‘Agency problems in the private pension system of Turkey: pension sector employee perspectives’, Qualitative Research in Financial Markets [Preprint]. doi:10.1108/QRFM-07-2021-0120.
Bayu, E.K. and Novita, N. (2023) ‘Analisis Pengungkapan Sustainable Finance dan Green Financing Perbankan di Indonesia’, Jurnal Keuangan dan Perbankan, 18(2), p. 57. doi:10.35384/jkp.v18i2.332.
Brigham, E.F. and Houston, J.F. (2019) Fundamentals of Financial Management 15 Edition. Cengage Learning.
Dempsey, S.J. and Sheng, H. (2023) ‘Dividend change announcements, ROE, and the cost of equity capital’, International Review of Financial Analysis, 86(January), p. 102506. doi:10.1016/j.irfa.2023.102506.
Fadilah, M.F. et al. (2025) ‘Pengaruh faktor-faktor makro ekonomi terhadap dinamika pasar modal di indonesia’, Jurnal Revenue : Jurnal Ilmiah Akuntansi, 5, pp. 1557–1561.
Firmansyah, A. and Kartiko, N.D. (2024) ‘Tata Kelola Perusahaan Dan Pengungkapan Perbankan Hijau: Peran Moderasi Regulasi Perbankan Hijau’, Jurnal Akuntansi dan Bisnis, 24(1), pp. 83–101.
Freeman, K.M. (2023) ‘Overlapping Ownership Along the Supply Chain’, Journal of Financial and Quantitative Analysis, pp. 1–30. doi:10.1017/S0022109023001266.
Goliński, A. and Spencer, P. (2017) ‘The advantages of using excess returns to model the term structure’, Journal of Financial Economics, 125(1), pp. 163–181. doi:10.1016/j.jfineco.2017.05.001.
Hou, D. et al. (2024) ‘Short-selling and corporate ESG performance: evidence from China’, Sustainability Accounting, Management and Policy Journal [Preprint]. doi:10.1108/SAMPJ-09-2023-0712.
Hutsaliuk, O.M. et al. (2020) ‘Stakeholder approach to selecting enterprise-bank interaction strategies’, Problems and Perspectives in Management, 18(3), pp. 42–55. doi:10.21511/ppm.18(3).2020.04.
Islamiyah and Fidiana (2024) ‘Pengaruh Capital Expenditure, CSR dan Profitabilitas Terhadap Nilai Perusahaan’, Jurnal Ilmu dan Riset Akuntansi, 13(9), pp. 1–16.
Kao, L., Chen, A. and Lu, C.S. (2018) ‘Ex ante and ex post overvalued equities: The roles of corporate governance and product market competition’, Asia Pacific Management Review, 23(3), pp. 209–221. doi:10.1016/j.apmrv.2017.07.002.
Komara, A., Ghozali, I. and Januarti, I. (2020) ‘Examining the Firm Value Based on Signaling Theory’, Atlantis Press, 123(Icamer 2019), pp. 1–4. doi:10.2991/aebmr.k.200305.001.
Mahajan, R. et al. (2023) ‘Stakeholder theory’, Journal of Business Research, 166(December 2022), p. 114104. doi:10.1016/j.jbusres.2023.114104.
Maharani, R. and Simanjuntak, A. (2022) ‘dan modal minimal investasi terhadap keputusan investasi di Pasar Modal’, Owner: Riset & Jurnal Akuntansi, 6, pp. 3333–3343.
Maivalinda (2025) ‘Dampak Lingkungan, Sosial Dan Tata Kelola (LST) Terhadap Kinerja Perusahaan’, Jurnal Ekonomi dan Bisnis Dharma Andalas, 27(1), pp. 110–123.
Marsh, E., Perez, E. and Spence, A. (2022) ‘Computers in Human Behavior The digital workplace and its dark side : An integrative review’, Computers in Human Behavior, 128, p. 107118. doi:10.1016/j.chb.2021.107118.
Maulana, B. and Baroroh, N. (2020) ‘Pengaruh Tipe Industri, Ukuran Perusahaan, Profitabilitas, Leverage dan Environmental Performance Terhadap Environmental Disclosure (Studi Empiris pada Perusahaan Peserta PROPER Tahun 2018-2020)’, Owner: Riset & Jurnal Akuntansi, 6(1), pp. 930–939.
Miftahudin, A. and Sisdianto, E. (2024) ‘Analisis Kualitas Laporan Keuangan Dalam Meningkatkan Transparan dan Akuntabilitas Perusahaan’, JIIC: JURNAL INTELEK INSAN CENDIKIA, pp. 7424–7432.
Munizu, M. et al. (2024) ‘Do digital marketing, integrated supply chain, and innovation capability affect competitiveness, and creative industry performance?’, International Journal of Data and Network Science, 8(2), pp. 1025–1034. doi:10.5267/j.ijdns.2023.12.005.
Murniati, M., Sa’diyah, M. and Subadriyah, S. (2019) ‘Hermeneutics of Earning Management: Between Pressure and Opportunity’, JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen, 16(1), p. 46. doi:10.31106/jema.v16i1.1666.
Nofianti, N., Fatah, A. and Tirtasari, N. (2018) ‘Pengaruh Pengungkapan Sukarela Terhadap Kinerja Keuangan dengan Cost of Capital Sebagai Variabel Intervening’, Journal of Applied Accounting and Taxation, 3(2), pp. 168–173.
Nurhayati, E. and Supardi, E. (2020) ‘Sistem remunerasi dan kualitas kinerja pegawai ( remuneration system and the quality of employees ’ performance )’, Jurnal Pendidikan Manajemen Perkantoran, 5(2), pp. 140–153. doi:10.17509/jpm.v4i2.18008.
Otoo, F.N.K. (2024) ‘Assessing the influence of financial management practices on organizational performance of small- and medium-scale enterprises’, Vilakshan - XIMB Journal of Management [Preprint]. doi:10.1108/xjm-09-2023-0192.
Parlindungan Nadapdap, J. et al. (2023) ‘System Dynamics Model : Investment Behavior Model Dinamika Sistem : Perilaku Investasi’, Management Studies and Entrepreneurship Journal, 4(2), pp. 723–735. Available at: http://journal.yrpipku.com/index.php/msej.
Parmar, B.L. et al. (2010) ‘Stakeholder theory: The state of the art’, Academy of Management Annals, 4(1), pp. 403–445. doi:10.1080/19416520.2010.495581.
Petropoulos, F. et al. (2022) ‘Forecasting: theory and practice’, International Journal of Forecasting, 38(3), pp. 705–871. doi:10.1016/j.ijforecast.2021.11.001.
Pratiwi, D.A. and Widyawati, N. (2017) ‘Pengaruh Kepemilikan Manajerial, Ukuran Perusahaan, dan Kebijakan Hutang Terhadap Nilai Perusahaan’, Jurnal Ilmu dan Riset Manajemen, 06(12), pp. 1–22.
Purba, D. et al. (2024) ‘Peran Bank Sentral Terhadap Stabilitas Sistem Keuangan’, Jurnal PenKoMi:kajian pendidikan & Ekonomi, 7(1), pp. 380–391.
Rahmahsari, F., Gursida, H. and Herdiyani (2019) ‘Pengaruh Price To Book Value (PBV), Price Earning Ratio (PER), Inflasi dan Kurs Terhadap Return Saham pada Perusahaan Sub Sektor Otomotif dan Komponen di Bursa Efek Indonesia (BEI) Tahun 2013-2017’, Jurnal Online Mahasiswa (JOM) Bidang Manajemen, 4(4), pp. 1–15.
Sarwoko, H. (2016) ‘Agency theory perspective in implementation of corporate governance’, The 2nd International Multidisciplinary Conference, pp. 68–84.
Spence (1973) ‘I shall argue that the paradigm case of the market with this type of informational structure is the job market and will therefore focus upon it . By the end I hope it will be clear ( although space limitations will not permit an extended argument ) that a’, The Quarterly Journal of Economics, 87(3), pp. 355–374.
Su, X. et al. (2021) ‘Ethical Leadership and Knowledge Sharing: The Effects of Positive Reciprocity and Moral Efficacy’, SAGE Open, 11(2). doi:10.1177/21582440211021823.
Suhadak et al. (2019) ‘Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value’, Asian Journal of Accounting Research, 4(1), pp. 18–34. doi:10.1108/AJAR-07-2018-0021.
Supriyanto, S. et al. (2021) ‘Impact of Oil Prices and Stock Returns: Evidence of Oil and Gas Mining Companies in Indonesia During the Covid-19 Period’, International Journal of Energy Economics and Policy, 11(4), pp. 312–318. doi:10.32479/ijeep.11290.
Supriyanto, Sari, P.I. and Pratama, M.A. (2022) ‘Implementation of Forecasting Hedging Model During the Covid-19 Pandemic with the Event Windows Approach to Asean Stock Prices 6’, Proceedings of the Universitas Lampung International Conference on Social Sciences (ULICoSS 2021), 628(ULICoSS 2021), pp. 74–84. doi:10.2991/assehr.k.220102.010.
Susanto, B., Usman, B. and Lestari, H.S. (2025) ‘Pengaruh Mikro Struktur Pasar Dan Mikro Ekonomi Serta Makro Ekonomi Terhadap Harga Saham Dimediasi Kinerja Keuangan Dan Dimoderasi Kebijakan Deviden’, jurnal adlermanurungpress, 13(3), pp. 1–8.
Sutrisno, B. (2017) ‘Hubungan Cash Holding dan Nilai Perusahaan di Indonesia’, Jurnal Dinamika Akuntansi dan Bisnis, 4(1), pp. 45–56. doi:10.24815/jdab.v4i1.6340.
Tadesse, S. (2002) ‘Financial Architecture and Economic Performance : International Evidence’, Journal of Financial Intermediation, 454, pp. 429–454. doi:10.1006/jfin.2002.0352.
Ulrich-Diener, F., Dvouletý, O. and Špaček, M. (2023) ‘The future of banking: What are the actual barriers to bank digitalization?’, BRQ Business Research Quarterly [Preprint]. doi:10.1177/23409444231211597.
Utami, A.F. and Ekaputra, I.A. (2020) ‘A paradigm shift in financial landscape: encouraging collaboration and innovation among Indonesian FinTech lending players’, Journal of Science and Technology Policy Management, 12(2), pp. 309–330. doi:10.1108/JSTPM-03-2020-0064.
Wardianto, K.B. et al. (2020) ‘Strategi Peningkatan Ekuitas Merek di Indonesia’, Jurnal Administrasi Bisnis, 9(1), p. 15. doi:10.14710/jab.v9i1.26097.
Yuke et al. (2025) ‘Analisis Instrumen Pasar Modal Terhadap Pilihan Berinvestasi Masyarakat Generasi Z : Melalui Studi Literatur’, Jurnal Ilmiah Manajemen dan Akuntansi, 2(3), pp. 38–49.
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