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All Journal Jurnal Ilmiah Akuntansi dan Bisnis JURNAL ECONOMINA Kajian Akuntansi
Putu Ayu Anggya Agustina
Universitas Terbuka, Indonesia
Economics, Econometrics & Finance

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Corporate Governance and Financial Performance: The Moderating Role of Managerial Ownership I Kadek Bagiana; Putu Pande R. Aprilyani Dewi; Made Denny Oktaryana; Putu Ayu Anggya Agustina
Jurnal Ilmiah Akuntansi & Bisnis Vol 11 No 1 (2026)
Publisher : Universitas Pendidikan Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38043/jiab.v11i1.7442

Abstract

This study investigates the role of managerial ownership as a primary internal governance mechanism in moderating the impact of growth dynamics on firm profitability within a capital-intensive industry. Focusing on Indonesian energy companies listed on the Indonesia Stock Exchange during 2022–2024, the study investigates the effects of the Investment Opportunity Set (IOS) and Asset Growth (AG) on financial performance (ROA) and tests Managerial Ownership (MOWN) as a moderating variable. Using a balanced panel of 39 firms (117 firm-year observations) and applying moderated regression analysis within a panel-data framework, the estimation indicates that IOS is negatively and significantly associated with ROA, suggesting that higher market-implied growth opportunities coincide with lower contemporaneous profitability in the sampled period. In contrast, AG shows a positive and significant effect on ROA, implying that realized asset expansion is, on average, associated with improved profitability. Managerial ownership does not exhibit a significant direct effect on ROA, however it plays a contingent role through interaction effects. Specifically, MOWN weakens the negative IOS–ROA relationship and dampens the positive AG–ROA relationship, indicating that managerial equity stakes condition how growth expectations and realized expansion translate into profitability. These findings extend agency-based insights on investment efficiency in high CAPEX settings and offer practical implications for boards and investors regarding the governance conditions under which growth becomes more or less profitable.
EXAMINING PROFIT GROWTH DRIVERS IN BALI’S VILLAGE CREDIT INSTITUTIONS WITH LEVERAGE AS MODERATOR Putu Ayu Anggya Agustina; I Made Ryan Ananta; Elisabeth Ria Viana Praningtyas; I Kadek Bagiana
Kajian Akuntansi Vol. 27 No. 1 (2026): June 2026
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/kajian_akuntansi.v27i1.10257

Abstract

This study investigates how the Capital Adequacy Ratio (CAR), Net Interest Margin (NIM), and Non-Performing Loans (NPL) affect profit growth in Badung Regency's Village Credit Institutions (LPDs), utilizing financial leverage (DER) as a moderating variable. Using a quantitative approach, the dataset comprised 918 observation-years from 102 LPDs (2016–2024), analyzed via Moderated Regression Analysis. Findings reveal CAR, NIM, and NPL significantly enhance institutional profit growth. Interestingly, the positive impact of NPL indicates a unique cultural anomaly where strong communal norms supersede standard credit risk theories. Furthermore, financial leverage acts as a strategic amplifier, strengthening the impact of these key financial drivers on institutional earnings. The study is limited by its single-regency focus and the lack of quantitative cultural measurements. Theoretically, this research bridges conventional Agency and Stewardship theories with indigenous Balinese Wrddhi Griya values, offering a unique framework to understand how culturally embedded microfinance institutions balance economic expansion with social accountability. 
How the Grddhi Griya Concept Moderates Profit Growth in Village Credit Institutions? Putu Ayu Anggya Agustina; Elisabeth Ria Viana Praningtyas; Rini Subekti
JURNAL ECONOMINA Vol. 5 No. 7 (2026): JURNAL ECONOMINA, Juli 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i7.3486

Abstract

This study investigates how the Wrddhi Griya concept moderates the relationship between financial performance and profit growth in Village Credit Institutions (VCIs) in Badung Regency, Bali. Rather than being treated as a directly measurable variable, the Wrddhi Griya concept is conceptualized as a cultural and ethical framework whose values are operationalized through lending practices reflected in credit interest income and credit quality. The study employs annual panel data from 122 VCIs covering the period 2016–2023, resulting in 832 observations selected using purposive sampling. Data were analyzed using Moderated Regression Analysis (MRA) with a Fixed Effects Model. The findings reveal that credit interest income and credit quality have positive and significant effects on profit growth. Furthermore, the interaction between profitability and credit interest income is statistically significant, indicating that financial practices reflecting the values of the Wrddhi Griya concept strengthen the relationship between profitability and profit growth. Conversely, the interaction between profitability and credit quality is not statistically significant, suggesting that not all financial practices associated with the Wrddhi Griya concept provide the same moderating effect. These findings demonstrate that local wisdom can complement conventional financial management by encouraging ethical lending practices while maintaining institutional sustainability. This study contributes to the accounting and microfinance literature by integrating indigenous cultural values into the analysis of financial performance in customary-based microfinance institutions
Co-Authors Elisabeth Ria Viana Praningtyas I Kadek Bagiana I Made Ryan Ananta Made Denny Oktaryana Putu Pande R. Aprilyani Dewi Rini Subekti