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All Journal Jurnal Bali Membangun Bali Economic and Business Horizon
Gede Adi Yuniarta
Universitas Pendidikan Ganesha, Indonesia
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Medicine & Pharmacology Public Health Social Sciences Transportation Other

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Pertumbuhan dan Efektivitas Realisasi Anggaran Belanja pada Dinas Pekerjaan Umum dan Tata Ruang Kabupaten Buleleng Ni Nengah Putri Yani; I Gusti Ayu Purnamawati; Gede Adi Yuniarta
Bali Membangun Bali: Jurnal Bappeda Litbang Vol 6 No 3 (2025): Desember 2025
Publisher : Badan Riset dan Inovasi Daerah Provinsi Bali

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51172/jbmb.v6i3.475

Abstract

Purpose: The research aims to analyze the growth and effectiveness of budget realization at the Public Works and Spatial Planning Agency (Dinas Pekerjaan Umum dan Tata Ruang) of Buleleng Regency during the 2020–2024 period, as well as identify the factors that influence it and the efforts made to improve performance. Research methods: The study employed a descriptive quantitative method using growth and effectiveness ratio analyses based on the Budget Realization Report, supported by interview data. Findings: The growth of budget realization fluctuated throughout the 2020–2024 period. A significant decline occurred from 2021 to 2023, reaching –49% (a very low category), primarily due to decreases in both capital and operational expenditures. Meanwhile, the effectiveness analysis revealed that the level of budget realization varied across expenditure types. Operational expenditures (employees, goods and services, and grants) were categorized as effective, with an average realization rate above 90%, while capital expenditures showed relatively lower effectiveness, ranging from 51% (ineffective) to 88% (fairly effective). Implication: These findings indicate that the budget management of PUTR Buleleng has been well implemented in operational aspects, but still requires improvement in optimizing capital expenditures. The main influencing factors include: inadequate planning, procurement processes, and delays in tender.
The Effect of ESG and Financial Constraints on Cost of Equity: Institutional Ownership as a Moderating Variable Desak Putu Arde Suari; Gede Adi Yuniarta; Lucy Sri Musmini
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1468

Abstract

Environmental, Social, and Governance (ESG) disclosure and financial constraints influence investors’ risk perceptions and the cost of equity, yet the moderating role of institutional ownership remains inconclusive. This study examines the effects of ESG disclosure and financial constraints on the cost of equity, as well as the moderating role of institutional ownership, among non-primary consumer companies listed on the Indonesia Stock Exchange. A quantitative approach was employed using balanced panel data from 63 companies during 2022–2024 (189 firm-year observations). The study employed the CAPM, ESGDI, SA Index, and institutional ownership ratio to measure the variables. The data were analyzed using random-effects panel regression with robust standard errors clustered and the firm level and moderated regression analysis in Stata. The results show that ESG disclosure significantly reduces the cost of equity, whereas financial constraints significantly increase it. However, institutional ownership does not significantly moderate the effects of ESG disclosure or financial constraints on the cost of equity. These findings suggest that investors place greater emphasis on sustainability disclosure and firms’ financial conditions than on ownership structure when evaluating investment risk. The study provides evidence that strengthening ESG disclosure and maintaining financial flexibility are effective strategies for reducing equity financing costs in emerging markets.
Co-Authors Desak Putu Arde Suari I Gusti Ayu Purnamawati Lucy Sri Musmini Ni Nengah Putri Yani