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Harmoni Economics: International Journal of Economics and Accounting

HarmoniEconomics
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Published by International Forum of Researchers and Lecturers

ISSN : 30636205 EISSN : 30638712 DOI : https://doi.org/10.70062/harmonieconomics.v3i1

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(Harmoni Economics: International Journal of Economics and Accounting) [e-ISSN : 3063-8712, p-ISSN : 3063-6205] is an open access Journal published by the IFREL (International Forum of Researchers and Lecturers). Harmoni Economics accepts manuscripts based on empirical research results, new scientific literature review, and comments/ criticism of scientific papers published by Harmoni Economics. This journal is a means of publication and a place to share research and development work in the field of Economics and Accounting. Articles published in Harmoni Economics are processed fully online. Submitted articles will go through peer review by a qualified international Reviewers. Complete information for article submission and other instructions are available in each issue. Harmoni Economics publishes 4 (four) issues a year in February, May, August and November, however articles that have been declared accepted will be queued in the In-Press issue before published in the determined time.

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Articles 145 Documents

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The Effect of Profitability, Liquidity, and Leverage on Divi-dend Policy With Company Size as A Moderating Variable in Mining Sector Companies Listed on the IDX Sabariah Sabariah; Erlina Erlina; Fahmi Natigor Nasution
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.340

Thisastudyaaims toaanalyze theaeffect ofaprofitability, liquidity, and leverage on dividend policy, as well asato examine ahe role of firm size as a moderatingavariable in mining sector companies listed on the IndonesiaaStock Exchangea (IDX) for the 2020 2024 period. Thearesearch employs a quantitative approach using panel data from 63 mining companies over the observation period (315 observations). The analysis was conducted using panel data regression (Common Effect Model), Moderated Regression Analysisa (MRA), aand Autoregressive Distributed Lag (ARDL) to identifyaboth short term and long-term relationships. Tests include classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation) as well as partial hypothesis testing (t-test) and simultaneous testing (F-test). The results show that profitability (ROA) has a positive and significant effect on dividend policy, indicating that companies with higher profit performance tend to distribute larger dividends. Liquidity (CR) ahas no significant effect, suggesting that mining companies prioritize cash stability to support operations over dividend distribution. Leverage (DER) ahas a negativeaand significant effect, aconsistentawith the Trade-Off Theory which states that high debt limits dividend payments. Firm size does not moderate the relationship between the three variables and dividend policy, reflecting the capital-intensive and high-risk characteristics of the mining sector.

An Analysis of the Factors Influencing Tax Avoidance With Corporate Governance as A Moderating Variable Gamal Ali Akbar Hasibuan; Iskandar Muda; Narumondang Bulan Siregar
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.341

This research explores the key factors influencing tax avoidance, with a particular focus on the influence of corporate governance as a moderating factor among manufacturing firms registered on the Indonesia Stock Exchange between 2020 and 2024. Data for the analysis were sourced directly from the official publications of the exchange, and the strategy for drawing the research sample applied was purposive sampling. Out of a total population of 228 listed manufacturing firms during the study period, 65 companies were selected as the final sample. The study utilized secondary data and employed panel data regression analysis combined with Moderated Regression Analysis (MRA), processed using EViews 12 software.The results demonstrate that profitability, leverage, inventory intensity, and sales growth each have a positive and statistically significant relationship with tax avoidance. On the contrary, firm size does not exhibit a significant effect. Additionally, corporate governance—represented by the proportion of independent commissioners—significantly moderates the effect of profitability, leverage, inventory intensity, and sales growth on tax avoidance by amplifying these relationships. In contrast, its moderating influence on firm size tends to weaken the relationship with tax avoidance.

The Effect of the Implementation of Green Accounting on Company Value in the Pharmaceutical Sub-Sector Listed on the Indonesia Stock Exchange in 2019-2024 Shabrina Salzabila; Sahmin Noholo; Siti Pratiwi Husain
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.342

This study aims to analyze the effect of implementing green accounting on company value in the pharmaceutical sub-sector listed on the Indonesia Stock Exchange during the period 2019–2024. The focus of this research is on pharmaceutical companies that are expected to integrate sustainable practices into their financial and operational reporting. A quantitative approach was employed using a simple linear regression analysis method. The data utilized in this research are secondary data obtained from annual reports and sustainability reports published by the companies through the Indonesia Stock Exchange. The sample was determined using a purposive sampling technique, resulting in 8 companies that met the criteria, with a total of 34 observations across six years. The findings of this study demonstrate that the implementation of green accounting has a positive and significant effect on company value. This result suggests that the higher the level of green accounting adoption, the greater the improvement in company value that can be achieved. The implication of these findings emphasizes the importance of adopting green accounting practices as part of corporate strategy to enhance financial performance and sustainability, especially in industries with high environmental impacts such as pharmaceuticals.

The Effect of Internal Control Effectiveness, Accountability, and Transparency on Corporate Financial Reporting Quality: The Moderating Role of Human Resource Competence Meifanny Azri Shafira; Erlina Erlina; Fahmi Natigor Nasution
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.343

This study aims to analyze the effect of internal control effectiveness, accountability, and transparency on the quality of corporate financial reporting, with human resource competence as a moderating variable at PT Pelindo Multi Terminal. The research employs a quantitative descriptive method. The study population consists of 90 individuals, including directors, internal control systems, audit committee members, corporate secretariat, and the finance division, determined using a saturated sampling technique. Primary data were collected through questionnaires utilizing a Likert scale, and the data were analyzed using SmartPLS 4.0 software. The findings indicate that internal control effectiveness, accountability, and transparency have a positive and significant effect on the quality of corporate financial reporting. However, the moderation test results show that human resource competence is only able to moderate the relationship between internal control effectiveness and accountability on financial reporting quality. In contrast, for transparency, the moderation test demonstrates no significant effect, as it does not strengthen the relationship between transparency and financial reporting quality. These findings are expected to provide valuable insights for PT Pelindo Multi Terminal in achieving high-quality financial reporting.

Analysis of the State Budget Management System Using the SAKTI Application : A Case Study at the Maritime Affairs and Fisheries Agency of Central Sulawesi Province Widya Widya; Sugianto Sugianto; Masruddin Masruddin; Mustamin Mustamin
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.346

This research aims to analyze the implementation of the State Institutional Financial Application System (SAKTI) in the management of the State Revenue and Expenditure Budget (APBN) at the Maritime Affairs and Fisheries Agency of Central Sulawesi Province. The primary focus of this study is to identify the benefits obtained and the challenges faced during the application process. The research method used is descriptive qualitative, with data collection techniques involving interviews, observation, and documentation. The results indicate that the implementation of the SAKTI Application has provided significant positive impacts, particularly in increasing the efficiency of financial management. This is evidenced by the acceleration of administrative processes, more systematic preparation of financial reports, and a reduction in the potential for recording errors. Furthermore, the application also supports improved transparency and accountability in budget utilization, thereby contributing to the realization of more effective, efficient, and sustainable state financial governance within the maritime and fisheries sector. Nevertheless, the research also found constraints that require serious attention, including issues related to the stability of the system and network, which is not yet optimal. This obstacle frequently hinders smooth operations, especially during periods of high workload. Therefore, an improvement in technological infrastructure and adequate technical support is necessary to ensure the application can be implemented more maximally. The findings of this research are expected to serve as a reference for policymakers in formulating strategies to enhance the quality of APBN management through the utilization of information technology in regional government agencies.

The Influence of Government Responsibility and Community Participation in the Implementation of Village Sustainable Development Goals Ardi Wiranata Moogangga; Niswatin Niswatin; Nilawaty Yusuf
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.349

This research aims to determine the influence of government responsibility and community participation in the implementation of sustainable development goals in the village of Torosiaje both partially and simultaneously. This study employs a quantitative method. The data source used in this research is primary data obtained from questionnaires distributed to the government and the community of Torosiaje village. The data analysis technique in this study is descriptive quantitative analysis using t-statistical tests and the coefficient of determination test (Adjusted R Square) using IBM SPSS 25 for Windows. The research results indicate that 1. Government responsibility has a positive and significant effect on the implementation of the Village Sustainable Development Goals. 2. Community participation has a positive and significant effect on the implementation of the Village Sustainable Development Goals. 3. Based on the results of simple linear regression analysis, the coefficient of determination (R²) value for government responsibility is 42.2%, which means that 42.2% of the variation in the implementation of the Village Sustainable Development Goals in Torosiaje Village can be explained by government responsibility, while the remaining 57.8% is influenced by other factors outside the research model. For community participation, the R² value is 39.6%, indicating that 39.6% of the variation in the implementation of the Village Sustainable Development Goals can be explained by community participation, while the remaining 60.4% is explained by other factors outside the research model.

Influence of Financial Ratios and Firm Size on Stock Under-pricing in IPO Companies at the Indonesia Stock Exchange (2021–2023) Camelia Camelia; Mukhzarudfa Mukhzarudfa; Wiralestari Wiralestari
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.350

This study delves into the dynamics between selected financial indicators, Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), Earnings per Share (EPS), and firm size, and the phenomenon of stock underpricing among firms undertaking Initial Public Offerings (IPOs) on the Indonesia Stock Exchange during 2021–2023. From a population comprising all IPO-listed companies within this period, purposive sampling yielded 124 firms, of which 14 were excluded as statistical outliers, resulting in 110 observations for analysis. Employing a quantitative framework, the research integrates classical assumption diagnostics with multiple linear regression to examine both collective and individual variable effects through F-tests and t-tests, respectively. The findings reveal that ROA and EPS exert significant negative influences on underpricing, aligning with signaling theory, while ROE, DER, and firm size do not demonstrate partial significance. Nonetheless, when considered jointly, all five variables exhibit a statistically significant impact, suggesting that investors may interpret financial signals in aggregate rather than isolation when navigating IPO valuations.

Marketing Mix Analysis in Enhancing Product Competitiveness in the Local Market : (Case Study on Adam Koi) Bilqis Nabila Istiqlaliani; Dimas Wahyu Fahriski; Sudarmiatin Sudarmiatin; Ita Prihatining Wilujeng
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.351

This study analyzes the application of the 4P marketing mix strategy (product, price, place, promotion) at Adam Koi, a micro-business in the ornamental fish sector. Using a qualitative approach with a descriptive case study method, data was collected through direct observation and interviews with the owner's son, who manages social media and digital marketing. The study reveals that the marketing mix elements are integrated and mutually supportive to maintain competitiveness. In terms of product, Adam Koi focuses on quality by implementing quarantine, care, and high-quality feeding processes to preserve fish color and endurance. For pricing, the strategy is flexible, considering fish type, size, color, and consumer purchasing power. The place aspect utilizes a hybrid distribution system, combining offline and online sales with a focus on safe fish delivery. Promotion has shifted from traditional methods to digital marketing via social media platforms like Instagram to increase audience engagement and expand the market. The findings highlight that the effective use of the marketing mix strengthens competitive positioning, builds customer loyalty, and supports business sustainability. This research also provides practical insights for MSMEs in developing adaptive marketing strategies in the digital era.

The Analysis of the Application of 7Ps in Improving the Lambau Semboro Jember Billiards Service Business Dian Hanif; Yudha Pradana; Sudarmiatin Sudarmiatin; Ita Prihatining Wilujeng
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.356

This study examines the application of the 7Ps marketing mix strategy to enhance the performance of the Lambau Semboro Jember Billiards service business. The focus is on businesses in the entertainment sector, which face challenges such as increasing competition and changing consumer preferences. The study explores how the 7Ps—product, price, place, promotion, people, process, and physical evidence—can contribute to improving customer satisfaction and loyalty. The goal is to analyze the effectiveness of each element of the 7Ps in boosting competitiveness and ensuring business sustainability. A qualitative descriptive method was used, employing triangulation techniques through in-depth interviews, participatory observation, and documentation to provide a comprehensive understanding of the marketing strategy in real-world conditions. The findings indicate that the integrated implementation of the 7Ps has supported the development of customer loyalty. Key aspects include offering a social experience through the product, competitive pricing aligned with customer value, a strategically located business, effective word-of-mouth marketing, friendly and responsive service, an efficient service process, and well-maintained physical evidence. The study concludes that consistent and comprehensive application of the 7Ps is essential for improving customer satisfaction, retention, and loyalty, thus enhancing the competitiveness of local service businesses.

Application of Public Sector Accounting in The Financial System of The Tongke-Tongke Village Government Riny Jefri; Nurul Maghfirah Surianto; Muhammad Rafly Awaluddin
Harmoni Economics: International Journal of Economics and Accounting Vol. 2 No. 4 (2025): November: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v2i4.386

This study aims to analyze the application of public sector accounting in the financial system of the Tongke-Tongke Village Government, particularly in the preparation and reporting of the Village Budget (APBDes). The method used is a qualitative descriptive approach with a focus on an in-depth understanding of the accounting process, financial management, and compliance with applicable regulations. The results showed that the Tongke-Tongke Village Government has appropriately applied public sector accounting principles in accordance with the provisions of Permendagri Number 113 of 2014 and Government Accounting Standards (SAP). The utilization of the village financial information system (Siskeudes) supports regularity of reporting and promotes transparency and accountability in village financial management. The village also complied with budget allocation requirements, with 30% for apparatus expenditure and 70% for development and community empowerment. These findings reflect the village government's strong commitment to good governance and improving community welfare.

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Home Page

OAI Link

Editorial Team

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Google Scholar

Contact Name Riyadi

Contact Email indexsasi@apji.org

Phone +6281269402117

Journal Mail Official indexsasi@apji.org

Editorial Address Jalan Watunganten 1 No 1-6, Batursari, Mranggen Kab. Demak Jawa Tengah 59567

Location Kab. demak, Jawa tengah INDONESIA

Abstract

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Abstract

Contact Name
Riyadi

Contact Email
indexsasi@apji.org

Phone
+6281269402117

Journal Mail Official
indexsasi@apji.org

Editorial Address
Jalan Watunganten 1 No 1-6, Batursari, Mranggen Kab. Demak Jawa Tengah 59567

Location
Kab. demak,

Jawa tengah

INDONESIA