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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 Influence of Good Corporate Governance and ESG on Firm Value with Financial Performance as Moderator in IDX Energy and Mining Diah Bayu Ramadhani Lubis; Erlina Erlina; Ibnu Austrindanney Sina Azhar
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.v2i4.428

This study examines differences in firm value between the mining and energy sectors and investigates the impact of Environmental, Social, and Governance (ESG) and Good Corporate Governance (GCG) on firm value, with financial performance as a moderating variable. The sample consists of 24 mining and energy companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024, resulting in 72 observations selected through purposive sampling. Data analysis used EViews and SPSS software applying multiple linear regression with panel data, Moderated Regression Analysis (MRA), and independent sample t-tests. Findings reveal that ESG negatively and significantly affects firm value, while GCG shows no significant impact. Financial performance does not moderate the relationships between ESG or GCG and firm value. The independent sample t-test shows no significant difference in firm value between the two sectors during the study period. These results suggest investors prioritize market conditions and financial fundamentals over non-financial disclosures, as governance and sustainability initiatives are yet to strongly influence firm value in these industries. The study contributes to corporate sustainability literature by emphasizing the limited role of ESG and governance in capital-intensive, regulated sectors, recommending future research to explore longer periods and additional moderating variables. Keywords: Good Corporate Governance; Environmental Social and Governance; Firm Value; Financial Performance

The Effect of the Fraud Pentagon on Fraudulent Financial State-ments: The Audit Committee as a Moderating Variable in Primary Consumer Goods Sector Manufacturing Companies Listed on the Indonesian Stock Exchange, 2022–2024 Yafika Apriliza; Erlina Erlina; Isfenti Sadalia
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 1 (2026): 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.v3i1.433

This study examines the practice of fraudulent financial statements in primary consumer goods manufacturing companies listed on the Indonesia Stock Exchange for the 2022–2024 period using the Fraud Pentagon approach. The research problem stems from the persistence of fraudulent financial reporting and the differences in empirical findings regarding the influence of Fraud Pentagon factors on fraudulent financial statements. Therefore, this study aims to analyze the influence of pressure, opportunity, rationalization, competence, and arrogance on fraudulent financial statements, with the audit committee as a moderating variable. This study uses secondary data sourced from financial statements and company annual reports, with a population of 49 companies and a sample of 35 companies selected through a purposive sampling method. The analytical methods used are panel data regression and Moderated Regression Analysis (MRA). The results show that rationalization has a positive and significant effect on fraudulent financial statements, while pressure, opportunity, competence, and arrogance have no significant effect. Furthermore, the audit committee is unable to moderate the influence of pressure, opportunity, rationalization, competence, and arrogance on fraudulent financial statements.

Analysis of Bankruptcy Prediction in State-Owned Enter-prises in the Pharmaceuticals Sector Santy Aji Sitohang; Wie Shi Wudjud; Efri Elsridayani Purba; Roris Tua Pandiangan; Yanuke Patricia Siahaan; Ramly Siahaan
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.v2i4.436

Operational performance of two state-owned pharmaceutical companies has been in the public spotlight in recent years. Poor financial conditions have caused both companies to experience net losses for years. The risk of bankruptcy becomes a serious threat if the fundamental problems of these two state-owned pharmaceutical companies are not successfully addressed. This study was conducted to determine whether PT. Kimia Farma Tbk and PT. Indofarma Tbk are likely to go bankrupt between 2021-2024 and to analyze the factors that could lead to bankruptcy. This study used a descriptive quantitative approach. Data were analyzed using Springate, Grover, and Zmijewski models to detect bankruptcy. Springate model predicted PT. Kimia Farma Tbk would be in the bankruptcy category from 2021-2024. Grover and Zmijewski model analysis showed that PT. Kimia Farma Tbk was in the healthy category from 2021-2022, then entered the bankruptcy category from 2023-2024. The potential for bankruptcy is influenced by poor liquidity, the company's reliance on debt to finance assets, unproductive asset management, and net losses. The condition of PT. Indofarma Tbk is categorized as bankrupt from 2021-2024 based on the Zmijewski and Springate models. The Grover model predicts PT. Indofarma Tbk will be healthy in 2021 and will then go bankrupt in 2022-2024. Indications of bankruptcy are influenced by declining sales and assets, debt exceeding assets, liquidity difficulties, and a continuing trend of losses.

Effect Locus Control, Auditor Experience, Time Budget Pressure, Task Complexity, and Audit Risk On Professional Auditor Skepticism With Ethics Moderation Alfanita Gratia Telaumbanua; Erlina Erlina; Ibnu Austrindanney Sina Azhar
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.v2i4.441

This study aims to analyze the effect of Locus of control, auditor experience, time budget pressure, task complexity, and audit risk on auditors’ professional skepticism, with ethics as a moderating variable. The research was conducted on auditors at the Inspectorate Office of Gunungsitoli City Government. This study was motivated by the low level of professional skepticism among internal government auditors, which weakens fraud detection and decreases public trust in audit results. This research employed a quantitative approach with a survey method. Primary data were collected through questionnaires distributed to auditors at the Gunungsitoli City Inspectorate. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) to examine the moderating effect of ethics. Validity, reliability, and classical assumption tests were conducted to ensure data quality and model feasibility. The results show that Locus of control, auditor experience, and audit risk have a positive and significant effect on professional skepticism, while time budget pressure and task complexity have a negative and significant effect. Ethics significantly moderates the relationship between all independent variables and auditors’ professional skepticism by strengthening positive influences and weakening negative ones. These findings highlight the importance of professional ethics in maintaining auditors’ skeptical, objective, and independent attitudes. Therefore, enhancing ethical integrity and auditor competence is expected to improve audit quality and increase public confidence in the financial audit results of local governments.

The Influence Green Accounting, Environmental Performance, and Company Size on Financial Performance with CSR Moderation in Indonesian Stock-Listed Mining Companies Yolanda Agustina Ananta; Azhar Maksum; Erlina Erlina
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.v2i4.442

This study aims to analyze the influence of green accounting, environmental performance, and firm size on financial performance, with Corporate Social Responsibility (CSR) as a moderating variable. The research focuses on mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The study employs a quantitative approach using secondary data obtained from annual reports, sustainability reports, and financial statements. The research sample was determined using a purposive sampling method, resulting in 17 companies with a total of 102 observations. Data analysis was conducted using panel data regression. The findings indicate that green accounting has a positive effect on financial performance, environmental performance has a positive effect on financial performance, and firm size also positively influences financial performance. However, Corporate Social Responsibility (CSR) does not moderate the influence of green accounting on financial performance. CSR also does not moderate the relationship between environmental performance and financial performance. Conversely, CSR is found to moderate the effect of firm size on financial performance.

Effect Of Governance, Capital Structure, And CSR On Firm Value With Family Ownership As A Moderator In IDX Manufacturing Companies Namira Mudrikah Rahmadhina; Abdillah Arif Nasution; 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.v2i4.445

This study aims to analyze the influence of corporate governance, capital structure, and Corporate Social Responsibility (CSR) on firm value, with family ownership as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange for the 2021–2024 period. Firm value is measured using Price to Book Value (PBV), while the independent variables consist of GCG, Debt to Equity Ratio (DER), and the 2021 GRI-based CSR disclosure index. Family ownership is used as a moderating variable to determine the extent to which family control can strengthen or weaken the relationship between the independent variables and firm value. The research method uses a quantitative approach with panel data. The sample was obtained through a purposive sampling technique, with a total of 50 family manufacturing companies, resulting in 290 observations over the four years 2021–2024. Data analysis was performed using panel data regression. The research model was declared feasible based on the F-test results with a probability value of 0.000000. The adjusted R-squared value of 0.847644 indicates that the independent and moderating variables are able to explain 84.76% of the variation in firm value. The results indicate that corporate governance, capital structure, and CSR partially have a positive and significant effect on firm value. Family ownership also proved to have a positive and significant effect on firm value. Furthermore, family ownership moderates and strengthens the relationship between corporate governance and firm value, indicating that dominant family ownership encourages more effective implementation of GCG principles. These findings imply that manufacturing companies, particularly family-owned companies, need to strengthen governance, optimally manage their capital structure, and consistently increase CSR disclosure to enhance firm value.

Effect of Inflation, Economic Growth, Leverage on Profit Increase: The Moderating Role of Company Size in Fashion Industry the IDX Siti Aisyah Al Fatih; Fahmi Natigor; Yeni Absah
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.v2i4.446

This study aims to examine and analyze the influence of inflation, economic growth, and leverage on profit growth, with firm size as a moderating variable. The research objects are fashion retail companies listed on the Indonesia Stock Exchange during the 2017–2024 period. This study uses a quantitative descriptive approach. The sampling technique used is purposive sampling based on certain criteria. Based on this method, six companies were obtained as research samples with a total of 48 observations. The data used are secondary data sourced from annual financial reports and macroeconomic data. All data were then analyzed using eViews software version 12. The results show that inflation has a negative effect on profit growth in fashion retail companies. Meanwhile, economic growth and leverage have been shown to have a significant effect on profit growth. In addition, firm size is able to moderate the relationship between inflation, economic growth, and leverage on profit growth. These findings indicate that internal company characteristics, especially firm size, play an important role in strengthening or weakening the influence of macroeconomic and financial factors on profit performance.

Effect of Profitability, Dividend Policy, Free Cash Flow, and Market Capitalization on Bank Firm Value Gracelin Nonifati Hulu; Abdillah Arif Nasution; Rina Br. Bukit
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 1 (2026): 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.v3i1.448

Firm value is a crucial indicator of market perception of a company’s performance and long-term sustainability, particularly in the banking sector, which plays a strategic role in the Indonesian economy. However, inconsistencies in empirical findings regarding the determinants of firm value indicate the need for further investigation. This research aims to analyze the effect of profitability, dividend policy, free cash flow, and market capitalization on firm value, as well as to examine the moderating role of Good Corporate Governance (GCG) in banking sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This study employs a quantitative research approach using panel data regression analysis and Moderated Regression Analysis (MRA), processed with EViews 12 software. The research sample consists of 13 banking companies selected through purposive sampling, resulting in 52 firm-year observations. The results indicate that profitability and market capitalization have a positive and significant effect on firm value, while dividend policy and free cash flow do not significantly influence firm value. Furthermore, the moderation analysis reveals that only the independent commissioner variable is able to strengthen the relationship between profitability and firm value, whereas GCG self-assessment does not moderate any of the examined relationships. These findings suggest that investors place greater emphasis on fundamental financial performance indicators and the effectiveness of independent commissioners as an internal governance mechanism in enhancing firm value. In conclusion, strengthening profitability performance and optimizing the role of independent commissioners are essential strategies for increasing firm value in the banking sector.

Social Media Marketing, e-WOM, and Purchase Decisions: The Mediating Role of Brand Trust Tifani Rahma Aulia; Anik Lestari Andjarwati
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 1 (2026): 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.v3i1.456

The rapid growth of digital technology and e-commerce has transformed consumer behavior, particularly in the skincare industry. This study investigates the influence of Social Media Marketing (SMM) and electronic Word-of-Mouth (e-WOM) on online purchase decisions, with Brand Trust as a mediating variable. Data were collected from 205 Shopee consumers of the skincare brand Skin1004 using an online questionnaire. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed using SmartPLS 4 to assess the measurement model, structural model, and mediation effects. The results reveal that both SMM and e-WOM significantly enhance Brand Trust and Purchase Decisions. Additionally, Brand Trust partially mediates the relationships between SMM and Purchase Decisions and between e-WOM and Purchase Decisions. These findings underscore the pivotal role of Brand Trust in optimizing social media marketing and e-WOM strategies to influence consumer purchasing behavior in e-commerce settings.

The Polarization of Population Growth on the Development of Micro, Small, and Medium Enterprises in the Medan Tuntungan District Hardianto Hardianto; Uswatun Hasanah; Rahmad Sembiring
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 1 (2026): 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.v3i1.457

Micro, Small, and Medium Enterprises (MSMEs) have an important role in supporting economic growth and improving people’s income. The development of MSMEs is closely related to population growth and residential settlement patterns, especially in urban areas. This study aims to examine the effect of increasing residential settlements on the development of MSMEs in Medan Tuntungan District. The analysis focuses on the influence of population growth and the number of MSMEs on MSME income, as well as differences in MSME development between densely populated and less populated areas. This research used quantitative descriptive method and multiple linear regression analysis. Primary data are collect through questionnaires and interviews 100 MSME owners in Medan Tuntungan District. Secondary data were obtained from government reports and relevant literature. The independent variables in this study are population growth and the number of MSMEs, while the dependent variable is MSME income. The results show that population growth has positive and significant effect on MSME income. Number of MSMEs also has a positive and significant effect on MSME income. Overall, both variables jointly influence MSME income in Medan Tuntungan District. These findings indicate that the growth of residential settlements can provide opportunities for MSME development when supported by proper government policies and empowerment programs.

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Contact Name Riyadi

Contact Email indexsasi@apji.org

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

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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