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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 149 Documents

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Fraud Hexagon Model in Detecting Fraudulent Financial Reporting in the State-Owned Enterprise Environment Tirza Venisia Sinambela; Sri Rahayu; Riski Hernando
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: 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.v3i2.472

This study aims to examine the effect of Fraud Hexagon Theory elements, namely stimulus/pressure, capability, collusion, opportunity, rationalization, and ego on fraudulent financial reporting in State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange during the 2019–2024 period. This research employs a quantitative method with an associative approach and multiple linear regression analysis. The sample was determined using purposive sampling, resulting in 27 companies with a total of 162 observations. The results indicate that all independent variables simultaneously influence fraudulent financial reporting. Partially, stimulus/pressure and opportunity have a significant negative effect, while rationalization and ego have a significant positive effect on fraudulent financial reporting. Meanwhile, capability and collusion do not show a significant effect. These findings suggest that pressure and opportunity factors, along with rationalization and ego, play important roles in influencing the occurrence of fraudulent financial reporting.

Economic Exposure of Industrial Sectors on the Indonesia Stock Exchange Before and After the COVID-19 Pandemic Mochamad Taufiq; Marius Pramana; Anastasia Lipursari
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: 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.v3i2.474

This study aims to analyze the presence or absence of economic exposure in the industrial sector on the Indonesia Stock Exchange (IDX) before and after the Covid-19 pandemic. It also examines differences in economic exposure patterns between the two periods. The sample used was weekly data on the Composite Stock Price Index (CSPI) returns, the exchange rate (Rupiah against the US Dollar) returns and the stock price index of industrial companies returns on the IDX from March 2018 to February 2020 and March 2023 to June 2025. The analysis method used was multiple regression and the Chow test. The results indicate that economic exposure occurred during and after the economic crisis in the consumer goods industry, not due to the exchange rate but to the CSPI returns. The results of the Chow test indicate there are differences in the influence pattern between the periods during and after the Covid-19 pandemic.

The Effect of Sustainability Disclosure and Capital Intensity on Agricultural Firms’ Value with IOS Moderation Rahmad Simanjuntak; Erlina Erlina; Khaira Amalia Fachrudin
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: 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.v3i2.475

This study aims to analyze the effect of Sustainability Report disclosure and capital intensity on firm value, with the Investment Opportunity Set as a moderating variable in agriculture companies listed on the Indonesia Stock Exchange. This research is a quantitative, descriptive study, and data collection technique was obtained from annual reports and Sustainability Reports (SR) reports of agricultural companies listed on the Indonesia Stock Exchange for the 2021-2024 period. The population in this study was 25 agriculture companies listed on the Indonesia Stock Exchange (IDX). The sampling technique used was purposive sampling. The analytical techniques used were multiple linear regression and moderated regression analysis. The results show that economic disclosure, environmental disclosure, social disclosure, and capital intensity have a positive effect on firm value. The Investment Opportunity Set does not moderate the effect of capital intensity on firm value. The Investment Opportunity Set does moderate the effect of Sustainability Report disclosure (economic disclosure, environmental disclosure, and social disclosure) on firm value.

The Effect of Capital Structure, Profitability, Free Cash Flow, and CAR Indonesian Banking Firm Value Irananda Sihombing; Erlina Erlina; Keulana Erwin
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: 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.v3i2.476

The purpose of this study is to examine and analyze whether capital structure, profitability, free cash flow, and capital adequacy ratio affect firm value with managerial ownership as a moderating variable in conventional banking companies listed on the Indonesia Stock Exchange for the period 2022-2024. This study was conducted based on information obtained from the Indonesia Stock Exchange. The sampling technique used was purposive sampling. The population in this study consisted of all conventional banking companies listed on the Indonesia Stock Exchange for the period 2022-2024, with a sample of 17 companies and 51 total observations. Hypothesis testing was carried out using panel data regression analysis with the EViews application. The results of this study indicate that capital structure, profitability, free cash flow, and capital adequacy ratio do not have a significant effect on firm value. Furthermore, managerial ownership is unable to moderate the effect of capital structure, profitability, free cash flow, and capital adequacy ratio on firm value in conventional banking companies listed on the Indonesia Stock Exchange for the period 2022-2024.

ESG Effects on Firm Value Through Financial Performance in Indonesian LQ45 Companies Wahyul Huda Nanda; Erlina Erlina; Isfenti Sadalia
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: 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.v3i2.477

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) on firm value, with financial performance as a mediating variable in LQ45 companies listed on the Indonesia Stock Exchange. This research is motivated by increasing attention to corporate governance practices and inconsistencies in previous research regarding the relationship between ESG, financial performance, and firm value. In this study, the Environmental, Social, and Governance dimensions are viewed as strategic factors that can enhance corporate legitimacy, strengthen investor confidence, and drive increased firm value through financial performance. This study uses a quantitative approach with panel data analysis. The data used are secondary data obtained from financial reports, sustainability reports, and Sustainalytics ESG scores for LQ45 companies for the 2022–2024 period. Data analysis techniques used panel data regression and mediation tests to examine the direct and indirect effects between the study variables. The results indicate that Environmental, Social, and Governance influence firm value. Furthermore, ESG also influences firm financial performance. Furthermore, financial performance has been shown to mediate the relationship between ESG and firm value. These findings indicate that sound ESG implementation can increase profitability, strengthen a company's reputation, and enhance investor confidence, thus increasing its value. Therefore, companies need to optimize the implementation of ESG as a long-term business strategy to enhance their competitiveness and desirability in the Indonesian capital market.

Effects ESG, Profitability, Institutional Ownership, and Firm Size Effects on Financial Distress: Firm Life Cycle Moderation Cutserly Utari; Rina Br. Bukit; Yeni Absah
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 3 (2026): August: 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.v3i3.478

This study aims to analyze the effects of Environmental, Social, and Governance (ESG), profitability, institutional ownership, and firm size on financial distress, with the firm life cycle serving as a moderating variable, among consumer goods companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research employs a quantitative approach using panel data regression analysis with EViews 12 software and Moderated Regression Analysis (MRA). The sample consists of 11 companies selected through purposive sampling, resulting in a total of 44 observations. Financial distress is examined as an important indicator of a company’s financial health and sustainability, while the selected independent variables are expected to explain variations in financial performance and risk. The findings reveal that profitability has a positive and significant effect on financial distress, indicating that changes in profitability are associated with the level of financial distress experienced by the companies. In contrast, ESG, institutional ownership, and firm size do not show a significant effect on financial distress. Furthermore, the moderation analysis demonstrates that the firm life cycle only moderates the relationship between profitability and financial distress. However, it does not moderate the effects of ESG, institutional ownership, or firm size on financial distress. These findings provide empirical evidence regarding the determinants of financial distress and highlight the importance of considering the firm life cycle when evaluating the impact of profitability on corporate financial conditions.

Effects of Budget Target Clarity, Internal Control, and Reporting Systems on OPD Accountability Moderated Culture Putri Ayu Lestari; Rina Br Bukit; Ibnu Austrindanney Sina Azhar
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 3 (2026): August: 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.v3i3.479

The purpose of this study is to examine and analyze whether budget target clarity, internal control, and reporting system affect performance accountability with organizational culture as a moderating variable in Regional Government Organizations (OPD) of Langsa City.This study was conducted on 24 Regional Government Organizations of Langsa City. The sampling technique used total sampling with a population of 120 respondents occupying strategic positions. Hypothesis testing uses Partial Least Squares-Structural Equation Modeling (PLS-SEM) analysis through the SmartPLS 4.0 application. The results of this study indicate that budget target clarity has no effect on performance accountability, while internal control has a positive and significant effect on performance accountability. The reporting system has no effect on performance accountability. Organizational culture is able to moderate and strengthen the effect of budget target clarity on performance accountability. Organizational culture moderates the effect of internal control on performance accountability, but in a weakening direction. Organizational culture is unable to moderate the effect of the reporting system on performance accountability.

“Effects of PAD, DAU, DAK, and SiLPA Capital Expenditure: Economic Growth Moderation in North Sumatra” Nengsyh Untari Panjaitan; Abdillah Arif Nasution; Khaira Amalia Fachrudin
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 3 (2026): August: 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.v3i3.480

This study aims to analyze the effect of Local Own-Source Revenue (PAD), General Allocation Fund (DAU), Special Allocation Fund (DAK), and Budget Financing Surplus (SiLPA) on Capital Expenditure with Economic Growth as a moderating variable in regencies/cities. This research employed a quantitative approach using secondary data obtained from regional government budget realization reports and related official publications during the research period. The analytical method used in this study was panel data regression with moderation testing through Moderated Regression Analysis (MRA). The results indicate that PAD, DAU, DAK, and Economic Growth do not have a significant effect on Capital Expenditure, while SiLPA has a significant effect on Capital Expenditure. Furthermore, Economic Growth is unable to moderate the relationship between PAD and DAK on Capital Expenditure, but it is able to moderate the relationship between DAU and SiLPA on Capital Expenditure. These findings indicate that the allocation of regional Capital Expenditure has not been fully influenced by regional fiscal capacity and economic growth, but is also affected by regional budget policy priorities which still tend to focus on routine and operational expenditures. This study is expected to contribute to the development of regional financial studies and serve as a consideration for local governments in improving budget management effectiveness to support sustainable regional development.

Assessing The Fairness of Tuition Fee Allocation Using Activity-Based Costing: Evidence from An Indonesian Private Primary School Rosy Aprieza Puspita Zandra; Nita Roudhotus Saidah; Zainal Abdul Haris
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 3 (2026): August: 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.v3i3.481

Tuition fee determination remains a major challenge in educational cost management because many schools apply uniform tuition fee policies despite differences in educational resource consumption among student groups. This study aims to assess the fairness of tuition fee allocation at SD Plus Sunan Pandanaran, Indonesia, using the Activity-Based Costing (ABC) approach. A quantitative case study design was employed using financial and operational data collected through documentation and interviews. The ABC method was implemented by identifying educational activities, establishing cost pools, determining cost drivers, calculating activity rates, and allocating costs according to resource consumption. The findings revealed significant differences in resource utilization between grades 1–2 and grades 3–6, particularly in instructional activities, administrative services, extracurricular programs, and facility usage. The ABC analysis produced monthly tuition fees of IDR 88,984.55 for grades 1–2 and IDR 97,642.35 for grades 3–6, while the school currently applies a uniform fee of IDR 60,000. These results indicate fairness gaps of IDR 28,984.55 and IDR 37,642.35, reflecting implicit cross-subsidization among student groups. The study concludes that Activity-Based Costing provides a more transparent, accurate, and equitable basis for tuition fee allocation while supporting evidence-based financial decision-making in educational institutions.

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Home Page

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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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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