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Harmoni Economics: International Journal of Economics and Accounting
Published by International Forum of Researchers and Lecturers
ISSN : 30636205     EISSN : 30638712     DOI : https://doi.org/10.70062/harmonieconomics.v3i1
Core Subject :
(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.
Arjuna Subject : -
Articles 145 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

Abstract

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

Abstract

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

Abstract

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

Abstract

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

Abstract

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.

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