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All Journal Jurnal Greenation Ilmu Akuntansi Greenation International Journal of Economics and Accounting
Afrizal Afrizal
Universitas Jambi, Jambi, Indonesia
Decision Sciences, Operations Research & Management 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.
Building Village Fund Accountability through Strengthening Human Resource Competence and Accounting Information Systems: The Strategic Role of Training Quality Dios Nugraha Putra; Afrizal Afrizal; Sri Rahayu; Tona Aurora Lubis
Greenation International Journal of Economics and Accounting Vol. 4 No. 4 (2026): Greenation International Journal of Economics and Accounting (September - Octob
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i4.1206

Abstract

Village Fund accountability is a crucial aspect of achieving transparent and responsible village government governance. Although various efforts have been made through training and the digitalization of village financial management, previous studies still show mixed findings regarding the factors influencing Village Fund accountability. This study aims to analyze the effect of training quality on Village Fund accountability through village apparatus competence and accounting information systems. The research employs a quantitative approach using a survey method involving 1,008 village apparatuses across three districts in Jambi Province. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The results show that training quality has a positive effect on village apparatus competence and Village Fund accountability. Apparatus competence also proves to have a positive effect on accounting information systems and Village Fund accountability. However, accounting information systems do not have a significant effect on Village Fund accountability and thus are unable to mediate the relationship between competence and accountability. These findings indicate that improving Village Fund accountability is more determined by strengthening apparatus competence than by utilizing accounting information systems. The novelty of this research lies in the empirical evidence that apparatus competence serves as the primary mechanism bridging the effect of training quality on Village Fund accountability, while accounting information systems have not yet been able to fulfill this mediating role.
Finansial Distress: Faktor-faktor yang Mempengaruhinya Serta Komite Audit dan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Empiris Pada Perusahaan Sektor Finance Tahun 2020-2022) Jannes Sijabat; Afrizal Afrizal; Nela Safelia
Jurnal Greenation Ilmu Akuntansi Vol. 2 No. 3 (2024): (JGIA) Jurnal Greenation Ilmu Akuntansi (Agustus - Oktober 2024)
Publisher : Greenation Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jgia.v2i3.73

Abstract

Penelitian ini menguji finansial distress : faktor – faktor yang mempengaruhinya serta komite audit dan ukuran perusahaan sebagai variabel moderasi. Studi empiris pada perusahaan sektor finance tahun pada masa 2020 – 2023. Populasi penelitian ini adalah perusahaan yang bergerak di bidang keuangan dengan populasi 104 perusahaan dan berdasarkan purposive sampling, sampel penelitian yang diteliti sebanyak 70 perusahaan dengan 3 tahun periode. Dengan menggunakan model SEM – Moderasi, dan aplikasi Warp-PLS versi 7.0, hasil penelitian adalah sebagai berikut : Hipotesis Pertama ditolak, maka dapat disimpulkan bahwa Rasio Likuiditas tidak berpengaruh terhadap Financial Distress., Hipotesis kedua ditolak maka dapat disimpulkan bahwa Rasio Leverage tidak berpengaruh terhadap Financial Distress., Hipotesis Ketiga diterima, maka dapat disimpulkan bahwa Rasio Profitabilitas  berpengaruh terhadap Financial Distress., Hipotesis keempat ditolak, maka dapat disimpulkan bahwa  Capital Structure Tidak berpengaruh terhadap Financial Distress., Hipotesis kelima ditolak, peran komite audit tidak mampu memoderasi hubungan antara liquidity ratio terhadap financial distress., Hipotesis keenam diterima, maka dapat disimpulkan komite audit mampu memoderasi hubungan antara ratio leverage terhadap financial distress.. Hipotesis ke-enam diterima, maka dapat disimpulkan komite audit mampu memoderasi hubungan antara ratio profitabilitas terhadap financial distress., Hipotesis Delapan ditolak, maka komite audit tidak mampu memoderasi hubungan antara capital strukture terhadap financial distress., Hipotesis sembilan diterima, peran ukuran perusahaan  mampu memoderasi hubungan antara liquidity ratio terhadap financial distress., Hipotesis sepuluh ditolak, maka dapat disimpulkan ukuran perusahaan  tidak mampu memoderasi hubungan antara ratio leverage terhadap financial distress., Hipotesis ke-sebelas diterima, maka dapat disimpulkan ukuran perusahaan  mampu memoderasi hubungan antara ratio profitabilitas terhadap financial distress., Hipotesis Delapan ditolak, maka ukuran perusahaan mampu memoderasi hubungan antara capital strukture terhadap financial distress.
Co-Authors Dios Nugraha Putra Enggar Diah Puspa Arum Haryadi Haryadi Jannes Sijabat Nela Safelia Rudi Ananda Sri Rahayu Sukma Rianti Tona Aurora Lubis