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All Journal Dinasti International Journal of Education Management and Social Science
Afrizal Afrizal
Doctoral Program in Economics, Universitas Jambi, Jambi, Indonesia
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Beyond Profitability: The Role of Financial Performance, Enterprise Risk Management, Ownership Structure, and Risk-Based Bank Rating in Explaining Banking Stock Returns Sukma Rianti; Haryadi Haryadi; Afrizal Afrizal; Enggar Diah Puspa Arum
Dinasti International Journal of Education Management and Social Science Vol. 7 No. 5 (2026): Dinasti International Journal of Education Management and Social Science (June
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v7i5.6820

Abstract

This study examines the effect of financial performance, Enterprise Risk Management (ERM), ownership structure, and Risk-Based Bank Rating (RBBR) on stock returns in banking companies listed on the Indonesia Stock Exchange during 2015–2021. The study employed a quantitative approach using panel data analysis on 27 banking companies selected through purposive sampling. Data were obtained from annual reports, financial statements, and corporate governance reports. Panel data regression analysis was conducted using the Common Effect Model (CEM). Before regression analysis, classical assumption tests and panel model selection tests were performed to ensure model validity. The results indicate that financial performance and ERM have negative coefficients, while ownership structure and RBBR have positive coefficients toward stock returns. However, all independent variables are statistically insignificant at the 5% significance level. Simultaneously, the regression model is also insignificant with a probability value of 0.659873. In addition, the coefficient of determination (R²) is only 0.052275, indicating that the model explains approximately 5.23% of the variation in stock returns, while the remaining variation is explained by external factors outside the model. These findings suggest that stock returns in the Indonesian banking sector are influenced more strongly by broader market and macroeconomic conditions than by internal financial and governance indicators. This study contributes to the literature by integrating financial performance, risk management, ownership structure, and banking health assessment into a unified stock return model within the context of emerging markets.
Building Village Financial Accountability through Transparency: The Role of Serial Mediators in Commitment and Integrity of Village Government Apparatus in South Sumatra Province Rudi Ananda; Afrizal Afrizal; Sri Rahayu
Dinasti International Journal of Education Management and Social Science Vol. 7 No. 5 (2026): Dinasti International Journal of Education Management and Social Science (June
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v7i5.6833

Abstract

This study aims to analyze the effect of transparency on village financial accountability through the serial mediating roles of commitment and integrity of village government officials in South Sumatra Province. This study employs a quantitative approach, with a population of 312 village government officials involved in village financial management in South Sumatra Province. Data were collected through distributing questionnaires to respondents. Data analysis was performed using path analysis with the assistance of the Statistical Package for the Social Sciences (SPSS) program. This study shows that transparency has a significant effect on the commitment and integrity of village government officials in South Sumatra Province. Furthermore, the commitment and integrity of village government officials are also proven to have a significant effect on village financial accountability. However, transparency does not have a direct significant effect on village financial accountability. The results also indicate that the commitment of village government officials is able to mediate the effect of transparency on village financial accountability. Meanwhile, the integrity of village government officials is not able to significantly mediate the effect of transparency on village financial accountability. Thus, the commitment of government officials is an important factor in improving village financial accountability.
The Moderating Effect of Digitalization and Accounting Information Systems on the Determinants of Village Fund Accountability in Jambi Province Dios Nugraha Putra; Afrizal Afrizal; Sri Rahayu; Tona Aurora Lubis
Dinasti International Journal of Education Management and Social Science Vol. 7 No. 6 (2026): Dinasti International Journal of Education Management and Social Science (Augus
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v7i6.7062

Abstract

Village fund accountability remains a critical governance issue in Indonesia, particularly in ensuring transparent, lawful, and result-oriented financial management at the village level. This study aims to examine the effects of village apparatus competence, training quality, and internal control systems on village fund accountability, while assessing the moderating roles of digitalisation and accounting information systems (AIS). Using a quantitative explanatory design, data were collected through structured questionnaires from 1,008 village government officials across ten regencies in Jambi Province. The data were analysed using Structural Equation Modelling–Partial Least Squares (SEM–PLS). The results show that competence, training quality, and internal control systems have positive and significant effects on village fund accountability. Digitalisation has a positive direct effect and strengthens the relationship between competence and accountability, but does not moderate the effects of training quality and internal controls. In contrast, AIS significantly moderates the effects of training quality and internal controls, but not competence. The study contributes to public sector accountability and contingency theory by highlighting the strategic role of digital governance. Practically, the findings emphasise the need to strengthen digital infrastructure, optimise AIS implementation, and reinforce internal controls to improve village fund accountability.
Co-Authors Dios Nugraha Putra Enggar Diah Puspa Arum Haryadi Haryadi Rudi Ananda Sri Rahayu Sukma Rianti Tona Aurora Lubis