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p-Index From 2021 - 2026
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All Journal Greenation International Journal of Economics and Accounting
Afrizal Afrizal
Universitas Jambi, Jambi, Indonesia
Economics, Econometrics & Finance

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Determinants of Banking Stock Returns: The Moderating Role of Corporate Social Responsibility and Fraud Risk in Indonesian Banking Sukma Rianti; Haryadi Haryadi; Afrizal Afrizal; Enggar Diah Puspa Arum
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.935

Abstract

This study examines the effect of financial performance, Enterprise Risk Management (ERM), government ownership structure, and Risk-Based Bank Rating (RBBR) on banking stock returns, with Corporate Social Responsibility (CSR) and fraud risk as moderate variables. The study is motivated by the volatility of the Indonesian capital market and inconsistent findings regarding the relevance of accounting information in emerging markets. This research employed panel data from 27 banking companies listed on the Indonesia Stock Exchange during 2015–2021. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) through the Panel EGLS approach. The results show that financial performance and ERM negatively affect stock returns, whereas government ownership structure and RBBR positively affect stock returns. CSR significantly moderates the relationship between ERM and stock returns (β = 0.251, p < 0.05) and between government ownership and stock returns (β = 0.314, p < 0.01). The findings indicate that investors perceive strict risk management and aggressive earnings strategies as signals of higher risk exposure and lower short-term growth prospects. In contrast, government ownership and RBBR strengthen investor confidence in institutional support, regulatory compliance, and financial stability. Furthermore, CSR and fraud do not directly affect stock returns but function contextually as moderating mechanisms. The novelty of this study lies in integrating RBBR into stock valuation models and revealing the asymmetric moderating role of CSR and fraud in the Indonesian banking sector. This study contributes to Signaling Theory and Agency Theory by demonstrating that investors in emerging markets rely more heavily on formal regulatory signals during periods of high fraud risk.
Village Financial Accountability Model with Community Participation as Moderation in Village Government in South Sumatra Province Rudi Ananda; Afrizal Afrizal; Sri Rahayu
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.937

Abstract

The low level of village financial accountability, often marked by budgetary deviations, is a critical issue in South Sumatra Province. This study aims to analyze the influence of internal control, transparency, integrity, and organizational commitment on village financial accountability, and to examine the role of community participation as a moderating variable. Employing a quantitative approach, the data were analyzed using Moderating Regression Analysis (MRA) to test the research hypotheses. The results indicate that only internal control has a positive and significant influence on accountability. Conversely, transparency, integrity, and organizational commitment do not have a significant partial influence. In the moderation analysis, community participation has proven to strengthen the positive influence of integrity on accountability yet paradoxically weakens the positive influence of internal control. Meanwhile, community participation does not play a significant moderate role in the relationship between transparency and organizational commitment with accountability. This study concludes that strengthening the internal control system is a key factor in enhancing village financial accountability. Furthermore, community participation plays a complex role; it can act as an effective enhancer for the value of integrity, but it must be managed proportionally to avoid hindering existing formal oversight mechanisms.
Co-Authors Enggar Diah Puspa Arum Haryadi Haryadi Rudi Ananda Sri Rahayu Sukma Rianti