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All Journal Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal International Research Journal of Business Studies (E-Journal) Jurnal Tata Kelola dan Akuntabilitas Keuangan Negara JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Journal of Humanities and Social Studies MAGMA : JURNAL MAGISTER MANAJEMEN Jurnal Ilmu Sosial Indonesia (JISI) Journal of Applied Accounting And Business (JAAB) Jurnal Akuntansi Keuangan dan Bisnis International Journal Administration, Business & Organization International Research Journal of Business Studies J-CEKI
Hardiyanto, Arief Tri
Universitas Pakuan
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Physics Social Sciences

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Journal : International Journal Administration, Business

 1 
The Role of Corporate Governance and Financial Performance in Influencing Stock Returns through Dividend Policy: Evidence from the Automotive Subsector in Indonesia (2014–2023) Shabrina, Hafiyya; Gursida, Hari; Hardiyanto, Arief Tri
International Journal Administration, Business & Organization Vol 6 No 2 (2025): IJABO
Publisher : Asosiasi Ahli Administrasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61242/ijabo.25.539

Abstract

This study investigates the role of corporate governance and financial performance, as measured by Good Corporate Governance (GCG), Current Ratio (CR), Return on Equity (ROE), and Debt to Equity Ratio (DER), in influencing stock returns, with dividend policy acting as a mediating variable. Using panel data from 12 automotive and component manufacturing firms listed on the Indonesia Stock Exchange over the period 2014 to 2023, the study adopts a quantitative approach, employing panel regression techniques and the Sobel test for mediation analysis. The findings reveal that some of the research variables have a statistically significant and positive effect on stock returns, while one shows no significant direct impact. All the independent variables significantly influence dividend policy, which in turn has a positive and significant effect on stock returns. Furthermore, the mediation analysis confirms that dividend policy significantly mediates the relationship between the research variables and stock returns. These results highlight the important role of dividend policy as a transmission mechanism through which internal company factors affect market performance. The findings support both signaling and agency theories and offer practical implications for corporate managers and investors in aligning governance and financial strategies to maximize shareholder value.
Analysis of Fraud Hexagon Dimensions and Their Effect on Financial Reporting Fraud Using the Beneish M-Score: Evidence from Infrastructure Companies Listed on the IDX (2020–2024) Melani Purnama; Hardiyanto, Arief Tri; Indrayono, Yohanes
International Journal Administration, Business & Organization Vol 6 No 3 (2025): IJABO
Publisher : Asosiasi Ahli Administrasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61242/ijabo.25.569

Abstract

Financial statement fraud poses a major risk to stakeholders as it obscures a firm’s true financial condition, disrupts market efficiency, and weakens corporate governance. This study investigates the determinants of financial statement fraud in Indonesian infrastructure firms listed on the stock exchange by applying the Fraud Hexagon framework, comprising pressure, opportunity, rationalization, capability, ego, and collusion, while incorporating political connections and discretionary accruals as additional factors. Using a quantitative approach with logistic regression on panel data from 2020–2024, the results show that external pressure, financial performance targets, weak monitoring, market outcomes, and political ties significantly increase the likelihood of fraudulent financial reporting. Discretionary accruals also demonstrate a strong association with fraud, indicating managers’ opportunistic earnings manipulation. The findings empirically support the extended Fraud Hexagon framework in the Indonesian context and highlight the reinforcing role of political connections in unethical financial behavior. This study contributes to theory and practice by offering insights for regulators, auditors, and policymakers to strengthen fraud detection and prevention mechanisms.
Co-Authors A. Faroby Falatehan Achmad Rizki Bertus, Stefan Michael Benyamin Dwi Kurniawan, Dwi Erika Putri Cempakasari Erliza Noor Firman Ferdian Hari Gursida Hendro Sasongko Herdiyana, Herdiyana Idrus, Yudi Avalon Idrus, Yudi Avalon Indrayono, Yohanes Islamiati, Dian Lakonardi Nurraditya Lia Dahlia Iryani Lukytawati Anggraeni Maulana, Nurnita Hayatun Maulana, Tb. Nur Ahmad Melani Purnama Muhammad Aldiansyah Muhammad Firdaus Putri, Hermalia Rahman, Dedy Risty Kartika Febrianty Roy Sembel Rusmanah, Enok Salimah, Alifia Putri Shabrina, Hafiyya Siddik, Ibnu Stefan Michael Benyamin Bertus Tanti Novianti