Golden Ratio of Auditing Research
type: channel
description: Golden Ratio of Auditing Research with e-ISSN 2776-6373 encourages courageous and bold new ideas, focusing on contribution, theoretical, managerial, and social life implications. Golden Ratio of Auditing Research fosters the exploration of finance, auditing, and phenomena. The journal emphasizes theoretical, managerial, and societal contributions, and welcomes literature reviews, thought pieces, and empirical studies with international relevance. With a broad scope—from audit quality, governance, ethics, and forensic accounting to ESG reporting and public sector auditing—the journal supports diverse methodological approaches and aims to address today’s and future auditing challenges. Publication Frequency: Semi-Annuals Issue Per Year Issue 1, July to January, and Issue 2, February to June. Language: English Prefix DOI: 10.52970/grar EIC: Prof. Dr. Muhammad Su'un|Scopus|Scholar|Orcid|WoS|RG|Sinta Publisher: CV. Manunggal Halim Jaya Members, Abstract & Indexing: Crossref | RJI | Orcid.org | Scite | Dimension - Digital Service | Google Scholar | ROAD | Garuda | DORA | Scilit | Kudos | SINTA 4 | Asian Science Citation Index
publisher: Manunggal Halim Jaya
language: en-US
publication name: Golden Ratio of Auditing Research
issn: 2776-6373
items: Optimization of Village Fund Management in Pasar V Village, Indonesia
items: Integration of Green Accounting, Sustainability Disclosure, and Stakeholder Engagement on Company Performance
items: Cost and Performance Analysis of Logistics on E-Commerce Platforms: A Management Accounting Approach to Industrial Operational Efficiency
items: Implementation of a Digital Accounting System to Increase the Efficiency of Financial Reports in MSMEs in Gowa Regency, Indonesia
items: Fair Value and Audit Fees: The Moderating Effect of Auditor Industry Specialization in IDX-Listed Financial Firms
items: Audit Quality and its Effect on the Financial Performance of the Firm: A Case Study of Pakistan
items: Do ESG Score and Cash Holding Drive Firm Value? Insights from Institutional Ownership in Indonesia
items: Examining the Role of Gender Diversity, Foreign Ownership, and Slack Resources in Driving CSR Disclosure
items: The Effect of Good Corporate Governance Structure, Company Size, and Profitability on Audit Delay in Manufacturing Companies
items: The Influence of the Halal Lifestyle on Muslim Investor Decisions in Indonesia's Islamic Stock Market
items: Exploring the Impact of Auditor Burnout on Job Performance
items: Financial Distress: The Impact of the US-China Trade War on German Automotive Companies
items: Regulatory Compliance and Internal Control as Determinants of SME Financial Performance in Dubai
items: Strengthening Audit Quality through Ethics and Skepticism
items: The Effect of Poverty Rate, Gross Regional Domestic Product, Provincial Minimum Wage, and Unemployment Rate on the Human Development Index in 34 Provinces of Indonesia (2015–2024)
items: The Influence of Green Accounting and Environmental Performance on Firm Value from the Perspective of Maqashid Shariah
items: Financial Performance and Operating Cash Flow as Determinants of Financial Distress
items: Analysis of the Altman Z-Score Model in Predicting Financial Distress and Impact on the Value of the Firm
items: The Influence of Audit Fees and Auditor Assessment on Financial Decision Making in Banking Companies at the Indonesian Stock Exchange (2020-2024)
items: Transformation of Accounting Information Systems: An Analysis of the Impact of Digitalization on the Financial Performance of Small and Medium-Sized Enterprises in Indonesia
items: Financial Soundness Analysis of Indonesian Regional Development Banks
items: The Ability of Company Performance and Accrual Components to Predict Future Cash Flows
items: The Effect of Profitability, Liquidity, and Leverage on Financial Distress in Property and Real Estate Companies Listed on the IDX
items: The Relationship Between the Beneish M-Score and the Altman Z-Score

Optimization of Village Fund Management in Pasar V Village, Indonesia
type: item
description: This study aims to evaluate the management of Village Funds in Pasar V Natal Village in accordance with the Indonesian Minister of Home Affairs Regulations Number 20 of 2018 and 2020. The evaluation focuses on the stages of planning, implementation, administration, reporting, and accountability, and analyzes how they can be optimized to achieve outputs, outcomes, and impacts. The research employs a descriptive qualitative method with a case study approach. Primary data was collected through in-depth interviews with key informants (Village Head, Head of the Village Consultative Body (BPD), Financial Officer, Community Section Head, Community Leader, and a representative from the Community Empowerment Agency) and direct observation. Secondary data was obtained from document studies of the Village Budget (APBDes), financial reports, and relevant regulations. Data analysis was conducted interactively (data reduction, data display, and conclusion drawing) and validated through triangulation of sources and methods. The results indicate that the management of Village Funds in Pasar V Natal Village has been carried out in accordance with regulations in an administrative sense. All stages were executed in accordance with the principles of transparency and accountability, as evidenced by Village Deliberations (Musdes), public information boards, and tiered reporting. The outputs generated include infrastructure development (farm access roads and clean water facilities) and empowerment programs (MSME training and cash-for-work). The outcomes include improved quality of life, reduced unemployment rates, and increased Village Development Index (IDM) status. The long-term impact, beginning to emerge, is the strengthening of the local economy and of village self-reliance.
creator: Nori Susanda
creator: Ipah Ema Juniati
creator: Fatia Fatimah
rights: Copyright (c) 2026 Nori Susanda, Ipah Ema Juniati, Fatia Fatimah https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-01
publication date: 2026-02-01
volume: 6
number: 2
starting page: 574
ending page: 585
doi: 10.52970/grar.v6i2.167

Integration of Green Accounting, Sustainability Disclosure, and Stakeholder Engagement on Company Performance
type: item
description: This study analyzes the effects of green accounting integration, sustainability disclosure, and stakeholder engagement on company performance in the basic and chemical sectors listed on the Indonesia Stock Exchange during 2019-2023. Data were collected from 10 companies that consistently published sustainability reports for 5 years, yielding 50 report samples. Data analysis used multiple linear regression to test the effect of each variable. The results showed that green accounting integration had no effect on company performance with a significance value of 0.154 (>0.05). Sustainability disclosure also did not affect company performance, with a significance value of 0.824 (>0.05). Meanwhile, stakeholder engagement had an effect on company performance with a significance value of 0.001 (<0.05). Simultaneously, the three variables had a significant effect on company performance, with a significance value of 0.006 (<0.05) and an F table of 2.806, indicating that F count > F table (4.733 > 2.806), suggesting that the independent variables could explain variations in company performance. This research provides empirical evidence that sustainability practices such as green accounting and sustainability disclosure can improve company performance. However, stakeholder engagement requires a more integrated strategic approach to achieve significant impact. These results can guide company managers in designing effective sustainability policies.
creator: Ayu Lestari Setia Ningrum
creator: Rum Hendarmin
creator: Reny Aziatul Pebriani
rights: Copyright (c) 2026 Ayu Lestari Setia Ningrum, Rum Hendarmin, Reny Aziatul Pebriani https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-01
publication date: 2026-02-01
volume: 6
number: 2
starting page: 586
ending page: 598
doi: 10.52970/grar.v6i2.1855

Cost and Performance Analysis of Logistics on E-Commerce Platforms: A Management Accounting Approach to Industrial Operational Efficiency
type: item
description: This study examines logistics cost structures and logistics performance on e-commerce platforms from a management accounting perspective to understand their implications for industrial operational efficiency. Using a qualitative literature-based research approach, the study systematically reviews recent peer-reviewed publications in the fields of e-commerce logistics, supply chain management, and management accounting, and synthesizes them through thematic analysis. The findings indicate that logistics costs in e-commerce environments are predominantly activity-driven, highly variable, and concentrated in warehousing, last-mile delivery, and reverse logistics, where service-level requirements strongly influence cost behavior. The analysis further reveals that logistics performance indicators—particularly delivery reliability, fulfillment accuracy, and return processing efficiency—play a critical role in converting cost management efforts into operational efficiency outcomes. Moreover, the study highlights that management accounting systems integrating activity-based costing and multidimensional performance measurement provide superior cost visibility and support strategic decision-making in complex logistics networks. Overall, the research contributes to the literature by conceptualizing industrial operational efficiency as the result of effective alignment between logistics cost management and performance measurement, rather than cost minimization alone, and offers insights relevant to both academic inquiry and managerial practice in digital commerce environments.
creator: Faisal Rizal Zainal
creator: Rahmawati R
creator: Nurdjanna Fadjrin Uluputty
creator: Eka Novianti Irna Bata Ilyas
creator: Nur Vadila Putri
rights: Copyright (c) 2025 Faisal Rizal Zainal, Rahmawati R, Nurdjanna Fadjrin Uluputty, Eka Novianti Irna Bata Ilyas, Nur Vadila Putri https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-02
publication date: 2026-02-02
volume: 6
number: 2
starting page: 599
ending page: 611
doi: 10.52970/grar.v6i2.1819

Implementation of a Digital Accounting System to Increase the Efficiency of Financial Reports in MSMEs in Gowa Regency, Indonesia
type: item
description: This research aims to determine the implementation of digital accounting systems on the increase of financial report efficiency in Small and Medium Enterprises (SMEs) in Gowa Regency. The study employs a quantitative method using simple regression analysis to investigate how the application of digital accounting systems impacts the efficiency of financial reports among Micro, Small, and Medium Enterprises (SMEs) in Gowa Regency. Data were collected from 45 SME respondents using instruments that had been tested and proven to be valid and reliable. The results of the regression analysis show a positive and significant relationship between the increase in financial report efficiency and the implementation of digital accounting systems. A correlation coefficient (R) value of 0.661 indicates a strong relationship, and the coefficient of determination (R2) of 0.436 suggests that the increase in financial report efficiency accounts for 43.6% of the variation in the implementation of digital accounting systems. Other factors influence the remaining variation. The model's feasibility was validated by the ANOVA test (F=33.306; Sig. =0.000). According to the regression coefficient (B=0.523), a one-unit increase in financial report efficiency will result in a 0.523-unit increase in the implementation of the digital accounting system. The findings indicate that SMEs' perception of efficiency benefits, such as ease of decision-making, accuracy, and data speed, is the primary factor driving the adoption of digital accounting systems. However, successful implementation relies heavily on four factors: the ability to use the application, understanding of financial reports, ease of system access, and technological support.
creator: Ujianti Tawakkal
creator: S. Sudirman
creator: S. Supiati
rights: Copyright (c) 2026 Ujianti Tawakkal, S. Sudirman, S. Supiati https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-02
publication date: 2026-02-02
volume: 6
number: 2
starting page: 612
ending page: 626
doi: 10.52970/grar.v6i2.1815

Fair Value and Audit Fees: The Moderating Effect of Auditor Industry Specialization in IDX-Listed Financial Firms
type: item
description: This research examines the influence of fair value measurement on audit fees and the moderating role of auditor industry specialization. The study covers all firms listed on the Indonesia Stock Exchange, from which 955 entities were screened, and 45 firms meeting the criteria were selected using purposive sampling. A total of 135 firm-year observations were analyzed using the Random Effects Model (REM) in EViews. The findings indicate that fair value measurement is associated with higher audit fees due to greater estimation uncertainty and more intensive audit procedures, especially for complex valuation levels. Auditor industry specialization, measured through both market-based and portfolio-based indicators, also plays a significant role and strengthens the effect of fair value measurement on audit fees. The study highlights that specialized auditors respond differently depending on their experience and portfolio, intensifying the impact of fair value practices. Addressing limited evidence from emerging markets, this research clarifies how valuation complexity interacts with auditor expertise in shaping audit pricing. Practical implications arise for auditors, firms, and regulators in planning and transparency.
creator: Aulia Rahmawati
creator: Fahri Ali Ahzar
creator: Marita Kusuma Wardhani
creator: Frank Aligarh
rights: Copyright (c) 2026 Aulia Rahmawati, Fahri Ali Ahzar, Marita Kusuma Wardhani, Frank Aligarh https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-07
publication date: 2026-02-07
volume: 6
number: 2
starting page: 627
ending page: 635
doi: 10.52970/grar.v6i2.1723

Audit Quality and its Effect on the Financial Performance of the Firm: A Case Study of Pakistan
type: item
description: The paper investigates the role of audit committee characteristics in a firm's financial performance. During the ongoing economic recession and the world financial crisis, the corporate governance systems are quite notorious. The audit committee represents one of the most important aspects of efficient corporate governance in companies. In Pakistan, little evidence exists on the effects of audit committees and their attributes on firm performance in the Pakistani literature. Four key characteristics of the audit committee were defined to examine their influence on the company's financial performance: independence, activity, size, and quality of the external audit. The researchers used Tobin's Q to quantify the market and ROA to quantify the accounting business. The panel data analysis showed that the size of the audit committee and the quality of the external audit positively and statistically significantly affect Return on Assets (ROA) and Tobin's Q. Two more variables, including audit committee independence and AC activity, also do not lead to any significant effect, and this can also be seen through the results of the jurisdiction studies that have been conducted in different countries. Essentially, the study has provided valuable information to regulators, policymakers, and stakeholders in Pakistan regarding the adoption of specific audit committee qualities. Incorporating these qualities can improve firms' financial performance. To determine whether the corporation's performance has improved, the audit committee's skills can be used to gather information at the company's administrative level.
creator: Muhammad Naveed Javed
creator: Ashfaq Ahmad
creator: Asad Iqbal
creator: Waseem Qadri
rights: Copyright (c) 2026 Muhammad Naveed Javed; Ashfaq Ahmad; Asad Iqbal, Waseem Qadri https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-07
publication date: 2026-02-07
volume: 6
number: 2
starting page: 636
ending page: 646
doi: 10.52970/grar.v6i2.1922

Do ESG Score and Cash Holding Drive Firm Value? Insights from Institutional Ownership in Indonesia
type: item
description: This study examines the effect of ESG score and cash holding on firm value, as well as the moderating role of institutional ownership, using a sample of 91 energy companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. ESG performance is measured through content analysis based on 93 GRI disclosure indicators. At the same time, firm value is proxied by Tobin's Q. Using unbalanced panel data and Random Effects Model estimation, the findings reveal that ESG scores do not significantly influence firm value, indicating that the Indonesian capital market has not yet fully valued sustainability initiatives as a driver of corporate value. In contrast, cash holding demonstrates a strong positive effect, suggesting that liquidity remains a critical financial signal in the energy sector, which is characterized by high volatility and substantial investment needs. The moderating analyses show that institutional ownership does not strengthen the ESG value relationship and even weakens the positive impact of cash holding on firm value, reflecting the passive monitoring role of institutional investors in emerging markets. Overall, the study provides empirical evidence that firm value in Indonesia is more sensitive to financial fundamentals than sustainability practices, while external governance mechanisms remain limited in effectiveness. These insights contribute to the corporate governance and sustainable finance literature and offer practical implications for companies, investors, and regulators regarding the strategic integration of ESG and financial policies.
creator: Reza Virly Alfriansyach
creator: Regina Jansen Arsjah
rights: Copyright (c) 2026 Reza Virly Alfriansyach, Regina Jansen Arsjah https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-22
publication date: 2026-02-22
volume: 6
number: 2
starting page: 647
ending page: 660
doi: 10.52970/grar.v6i2.1966

Examining the Role of Gender Diversity, Foreign Ownership, and Slack Resources in Driving CSR Disclosure
type: item
description: Transparency through Corporate Social Responsibility (CSR) disclosure has become a critical issue in the energy sector, which often faces public scrutiny regarding its environmental and social impacts. However, the internal factors that drive energy companies in Indonesia to enhance their CSR disclosure remain underexplored. This study aims to analyze the influence of gender diversity in management, foreign ownership, and organizational slack resources on the extent of CSR disclosure in energy sector companies. This study employs a quantitative approach using secondary data obtained from annual reports and sustainability reports of energy sector companies listed on the Indonesia Stock Exchange for the period 2021–2024. A total of 16 companies met the sample selection criteria, resulting in 48 observational data points. Data were analyzed using multiple linear regression with SPSS 25.0 software. The results show that all three independent variables have a positive and significant effect on CSR disclosure. Gender diversity has a t-value of 4.454 with a significance of 0.000, foreign ownership has a t-value of 4.737 with a significance of 0.000, and slack resources has a t-value of 8.376 with a significance of 0.000. Simultaneously, these three variables significantly influence CSR disclosure, with an F-value of 82.447 and a significance of 0.000. The coefficient of determination (R²) of 0.849 indicates that 84.9% of the variation in CSR disclosure can be explained by gender diversity, foreign ownership, and slack resources. These findings confirm stakeholder theory, suggesting that pressure from stakeholders and the availability of resources encourage companies to be more transparent and socially responsible. This study provides practical implications for energy sector management to strengthen gender diversity policies at the managerial level and optimize resource allocation to improve the quality of sustainability reporting. Furthermore, the results offer insights fo…
creator: Shiva Karlina Dewi
creator: Syamsul Hilal
creator: Weny Rosilawati
rights: Copyright (c) 2026 Shiva Karlina Dewi, Syamsul Hilal, Weny Rosilawati https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-02-26
publication date: 2026-02-26
volume: 6
number: 2
starting page: 661
ending page: 687
doi: 10.52970/grar.v6i2.1983

The Effect of Good Corporate Governance Structure, Company Size, and Profitability on Audit Delay in Manufacturing Companies
type: item
description: This study employs a descriptive, quantitative approach, drawing on secondary data from audited financial statements and annual reports. The research sample was selected using a purposive sampling method, comprising 37 companies and 111 observations. GCG structure was measured using the independent board of commissioners, audit committee, and institutional ownership; company size was measured using the natural logarithm of total assets; and profitability was measured using Return on Assets (ROA). Audit delay was measured as the number of days between the end of the fiscal year and the date of the independent auditor's report. The results indicate that the GCG structure had no significant effect on audit delay. Company size had a positive effect on audit delay, while profitability had a negative and significant effect. These findings indicate that company characteristics, particularly size and profitability, play a greater role in determining audit timeliness than GCG structure. This study is expected to provide practical implications for management and auditors in improving the efficiency and timeliness of audit completion.
creator: Ai Hopipah Parawangsa
creator: Syakieb Arsalan
rights: Copyright (c) 2026 Ai Hopipah Parawangsa, Syakieb Arsalan https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-03-08
publication date: 2026-03-08
volume: 6
number: 2
starting page: 688
ending page: 700
doi: 10.52970/grar.v6i2.1995

The Influence of the Halal Lifestyle on Muslim Investor Decisions in Indonesia's Islamic Stock Market
type: item
description: This study examines the influence of the halal lifestyle on Muslim investors' decision-making in Indonesia's Islamic stock market. As the country with the largest Muslim population in the world, Indonesia has experienced increasing interest in Sharia-compliant financial products, reflecting the alignment between investment preferences and Islamic values. This research employs a quantitative approach, with data collected through an online questionnaire distributed to 202 Muslim investors who invest in Islamic-based securities. The variables analyzed include religiosity, attitude, morality, and social media engagement as indicators of the halal lifestyle. The results of the multiple linear regression analysis indicate that religiosity, attitude, morality, and social media engagement each have a positive, statistically significant effect on investor decision-making. These findings indicate that investment behavior is influenced not only by rational financial considerations but also by spiritual beliefs, ethical values, and exposure to information through digital platforms. This research contributes to behavioral finance theory by integrating Islamic values and digital influences into the analysis of investment behavior. Furthermore, the study highlights practical implications for policymakers and financial institutions to strengthen Islamic financial literacy and promote awareness of halal investment among Muslim communities.
creator: Nurina Saffanah
creator: Rezky Ratnasari Taufan
creator: Achdian Anggreny B Anggreny B
creator: Elda Fira
creator: Widya Reskyawati Aminuddin
rights: Copyright (c) 2026 Nurina Saffanah, Rezky Ratnasari Taufan, Achdian Anggreny B Anggreny B, Elda Fira, Widya Reskyawati Aminuddin https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-03-10
publication date: 2026-03-10
volume: 6
number: 2
starting page: 701
ending page: 709
doi: 10.52970/grar.v6i2.1843

Exploring the Impact of Auditor Burnout on Job Performance
type: item
description: Audit quality plays a critical role in maintaining the credibility of financial statements; however, excessive work pressure may trigger auditor burnout and potentially reduce audit performance quality. This issue is important to examine because burnout affects not only individual auditors but also organisational sustainability and public trust. This study aims to analyse the influence of three burnout dimensions, namely emotional exhaustion, depersonalisation, and reduced personal accomplishment, on job satisfaction, job performance, and turnover intention among auditors. This study adopts a quantitative explanatory design using a cross-sectional survey approach. The research population consists of auditors working in government agencies, state-owned enterprises, and public accounting firms in Jayapura, Papua. A purposive sampling technique was employed, resulting in 100 auditors who met the criterion of having at least one year of audit experience. Data were collected using a structured questionnaire with a four-point Likert scale and analysed using canonical correlation analysis to examine the simultaneous relationship between burnout dimensions and work outcomes. The results indicate that emotional exhaustion does not have a significant relationship with job satisfaction, job performance, or turnover intention. In contrast, depersonalisation shows a significant relationship with job performance and turnover intention, while reduced personal accomplishment is significantly related to job performance but not to job satisfaction or turnover intention. Overall, depersonalisation emerges as the most influential burnout dimension affecting auditors’ work outcomes. The findings highlight the importance of organisational policies aimed at reducing depersonalisation through social support mechanisms, fostering a collaborative work environment, and strengthening recognition systems and competency development programmes to enhance auditors’ sense of personal accomplishment…
creator: Putri Ratnasari
creator: Elia Madatu Tandililing
creator: Ulfah Rizky Muslimin
rights: Copyright (c) 2026 Putri Ratnasari, Elia Madatu Tandililing, Ulfah Rizky Muslimin https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-03-11
publication date: 2026-03-11
volume: 6
number: 2
starting page: 710
ending page: 723
doi: 10.52970/grar.v6i2.2047

Financial Distress: The Impact of the US-China Trade War on German Automotive Companies
type: item
description: One indicator of financial distress is a decline in corporate financial performance, which can threaten the continuity of business operations. This issue is particularly critical for the German automotive industry, especially under external pressures such as the trade war between the US and China, which has caused reduced export demand, disruptions in the supply chain, and increased production costs. These challenges necessitate that companies strengthen corporate governance and utilize their resources efficiently to preserve financial stability. By incorporating firm size as a moderating variable, this study investigates the effect of corporate governance which encompasses the Board of Commissioners, Board of Directors, and Audit Committee on financial distress among German automakers listed on the DAX Automobile Index during 2018-2023. A total of 10 automotive companies were chosen as the research sample through purposive sampling and analyzed using EViews 12. The findings reveal that the Board of Directors has a significant negative effect on financial distress, while the Audit Committee and Board of Commissioners show no significant impact. Firm Size moderates the effect of the Board of Directors on financial distress, but it does not moderate the influence of the Board of Commissioners or the Audit Committee. Overall, the results highlight that the role of the Board of Directors is a key factor in preventing financial distress, particularly for automotive companies operating amid the US-China trade war. The results of this study can also be considered by management and regulators in strengthening corporate governance mechanisms to maintain financial stability.
creator: Nina Titirai Tambung
creator: Fitria Husnatarina
creator: Muhammad Ichsan Diarsyad
creator: Theresia Mentari
rights: Copyright (c) 2026 Nina Titirai Tambung, Fitria Husnatarina, Muhammad Ichsan Diarsyad, Theresia Mentari https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-03-16
publication date: 2026-03-16
volume: 6
number: 2
starting page: 724
ending page: 738
doi: 10.52970/grar.v6i2.2101

Regulatory Compliance and Internal Control as Determinants of SME Financial Performance in Dubai
type: item
description: Small and Medium Enterprises (SMEs) play a crucial role in supporting economic diversification in Dubai and the broader Middle East region. However, despite their strategic importance, SMEs remain vulnerable to financial instability due to weak governance structures, particularly in regulatory compliance and internal control practices. This study aims to examine the effect of regulatory compliance and internal control on SME financial performance in Dubai. This research adopts a quantitative approach using primary data collected through structured questionnaires distributed to financial staff of SMEs. A total of 69 valid responses were obtained, representing SMEs across various sectors. Data were analyzed using multiple linear regression with SPSS. The results indicate that regulatory compliance has a significant positive effect on SME financial performance, while internal control also positively contributes to improving financial outcomes. These findings suggest that stronger governance mechanisms can enhance financial sustainability and operational efficiency. This study contributes to the literature by providing empirical evidence from a Middle Eastern context and offers practical implications for SME managers and policymakers to strengthen governance frameworks.
creator: Siti Khodijah
creator: Rachmat Agus Santoso
rights: Copyright (c) 2026 Siti Khodijah, Rachmat Agus Santoso https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-04-16
publication date: 2026-04-16
volume: 6
number: 2
starting page: 739
ending page: 749
doi: 10.52970/grar.v6i2.2133

Strengthening Audit Quality through Ethics and Skepticism
type: item
description: High-quality audits are increasingly needed to support transparency and accountability in government financial governance, including in Timor-Leste, a developing country. This study examines the influence of professional ethics and professional skepticism on auditor quality and investigates the moderating role of professional skepticism. The population consists of all government internal auditors at the Inspeção Geral do Estado (IGE), and a saturated sampling technique was employed, using the entire population as the sample. A quantitative method was adopted, with data evaluated using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The findings are professional ethics can enhance auditor quality, professional skepticism also enhance auditor quality, demonstrating that a critical and questioning perspective improves the trustworthiness of audit outputs. Furthermore, professional skepticism enhance the effect of professional ethics on auditor quality. These findings provide theoretical implications by supporting agency theory, where auditors play a essential role in reducing information asymmetry between principals and agents, and attribution theory, where auditors’ skeptical judgment reflects cognitive processes in evaluating and attributing the credibility of audit evidence. Overall, the integration of professional ethics and professional skepticism is essential to improvi the quality of government internal auditors, thereby supporting more transparent and accountable public financial governance in Timor-Leste.
creator: Dewi Diah Fakhriyyah
creator: M. Cholid Mawardi
creator: Lidia Tilman Dos Santos
rights: Copyright (c) 2026 Dewi Diah Fakhriyyah, M. Cholid Mawardi, Lidia Tilman Dos Santos https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-04-20
publication date: 2026-04-20
volume: 6
number: 2
starting page: 750
ending page: 760
doi: 10.52970/grar.v6i2.2197

The Effect of Poverty Rate, Gross Regional Domestic Product, Provincial Minimum Wage, and Unemployment Rate on the Human Development Index in 34 Provinces of Indonesia (2015–2024)
type: item
description: This study aims to analyze the influence of poverty level, Gross Regional Domestic Product (GDP), Provincial Minimum Wage (UMP), and unemployment rate on the Human Development Index (HDI) in 34 Indonesian provinces for the period 2015–2024. The study used a quantitative approach with secondary panel data from the Central Statistics Agency. The model used is the Fixed Effect Model (FEM) because it is able to control unobserved heterogeneity between provinces that is constant during the observation period. The estimated results showed that the poverty and unemployment levels had a negative and significant effect on HDI (p < 0.05), while GDP and UMP had a positive and significant effect (p < 0.05). Simultaneously, all independent variables had a significant effect on HDI with a probability value of the F test < 0.05 and a high coefficient of determination (R²), demonstrating the model's ability to explain variations in HDI between provinces. These findings confirm that improving regional economic performance and adequate wage policies contribute to improving the quality of human development, while poverty and unemployment are the main inhibiting factors. Therefore, development policies need to be focused on reducing economic inequality and increasing employment opportunities to encourage equitable distribution of human development in Indonesia.
creator: Putu Apriliani Prabawati
creator: Akhmad Jufri
rights: Copyright (c) 2026 Putu Apriliani Prabawati, Akhmad Jufri https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-06
publication date: 2026-05-06
volume: 6
number: 2
starting page: 761
ending page: 771
doi: 10.52970/grar.v6i2.2137

The Influence of Green Accounting and Environmental Performance on Firm Value from the Perspective of Maqashid Shariah
type: item
description: This study aims to analyze the influence of green accounting and environmental performance on firm value and to examine this relationship from the perspective of maqashid shariah. The study employed a quantitative approach using secondary data obtained through documentation methods from companies’ annual reports and sustainability reports. The population of this study consisted of companies listed in the Jakarta Islamic Index during the 2021–2024 period. The research sample was selected using a purposive sampling method, resulting in 13 companies as the research sample. Data analysis was conducted using panel data regression with the assistance of EViews 12 software. The results indicate that green accounting has a positive and significant effect on firm value. Meanwhile, environmental performance has a negative but insignificant effect on firm value. However, simultaneously, green accounting and environmental performance have a positive and significant effect on firm value. These findings suggest that the implementation of proper environmental management and disclosure can enhance investor confidence and support the improvement of firm value. From the perspective of maqashid shariah, the implementation of green accounting and environmental performance reflects corporate responsibility in maintaining public welfare and environmental sustainability.
creator: Linda Nurlita
creator: Rosydalina Putri
creator: Taufiqur Rahman
rights: Copyright (c) 2026 Linda Nurlita, Rosydalina Putri, Taufiqur Rahman https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-05-23
publication date: 2026-05-23
volume: 6
number: 2
starting page: 772
ending page: 782
doi: 10.52970/grar.v6i2.2233

Financial Performance and Operating Cash Flow as Determinants of Financial Distress
type: item
description: Financial distress is a critical issue that may threaten corporate sustainability, particularly in the property and real estate sector, which is characterized by high capital intensity, long project cycles, and substantial dependence on external financing. Understanding the factors influencing financial distress is essential for stakeholders in evaluating corporate financial conditions and making informed decisions. This study investigates the effects of liquidity, profitability, leverage, and operating cash flow on financial distress among property and real estate companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study adopts a quantitative approach using secondary data obtained from companies’ annual financial statements. A total of 40 companies were selected through purposive sampling, resulting in 200 firm-year observations. Financial distress was measured using the Modified Altman Z-Score model. Data were analyzed using descriptive statistics, classical assumption tests, and multiple linear regression analysis with IBM SPSS Statistics 27. The results indicate that liquidity and profitability have a positive and significant effect on financial distress, while leverage has a negative and significant effect on financial distress. Meanwhile, operating cash flow does not have a significant effect on financial distress. These findings suggest that variations in liquidity, profitability, and leverage play an important role in explaining financial distress conditions in property and real estate companies, whereas operating cash flow is not a determining factor. This study contributes to the financial distress literature by providing empirical evidence from the Indonesian property and real estate sector during the post-pandemic recovery period. The findings also offer practical implications for investors and corporate managers in assessing financial performance, identifying potential financial distress risks, and formulating strategies to…
creator: Muhammad Rifki Abdul Ghoni
creator: Rediyanto Putra
rights: Copyright (c) 2026 Muhammad Rifki Abdul Ghoni, Rediyanto Putra https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-22
publication date: 2026-06-22
volume: 6
number: 2
starting page: 783
ending page: 797
doi: 10.52970/grar.v6i2.2324

Analysis of the Altman Z-Score Model in Predicting Financial Distress and Impact on the Value of the Firm
type: item
description: This study aims to examine the effect of financial distress on firm value in energy sector companies listed on the Indonesia Stock Exchange during 2022–2024. Financial distress is proxied by the Altman Z-Score, while firm value is measured using Tobin’s Q. A quantitative approach was employed using secondary data obtained from annual financial statements. The sample was selected through purposive sampling, resulting in 196 observations after data adjusment. Data were analyzed using IBM SPSS Statistics 27 through descriptive statistics, classical assumption tests normality, multicollinearity, heteroscedasticity, autocorrelation, and multiple linear regression with liquidity, operating cash flow, and debt to equity ratio as control variables. The results reveal that the Altman Z-Score has a positive and significant effect on firm value, indicating that firms with stronger financial health tend to receive higher market valuations. In addition, operating cash flow has a positive significant effect on firm value, liquidity has a negative significant effect, while the debt-to-equity ratio does not significantly affect firm value. This study provides empirical evidence that the Altman Z-Score serves not only as an early warning indicator of bankruptcy risk but also as a relevant determinant of firm value in an emerging market with relatively low market efficiency. The findings offer practical implications for investors and corporate managers in assessing financial health to support investment decisions and corporate financial policies.
creator: Zakiyatul Istifadia Istifadia
creator: P. Pujiono
rights: Copyright (c) 2026 Zakiyatul Istifadia Istifadia, P. Pujiono https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-22
publication date: 2026-06-22
volume: 6
number: 2
starting page: 798
ending page: 811
doi: 10.52970/grar.v6i2.2329

The Influence of Audit Fees and Auditor Assessment on Financial Decision Making in Banking Companies at the Indonesian Stock Exchange (2020-2024)
type: item
description: This study aims to analyze the influence of audit fees and auditor assessments on financial decision-making in banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The background of the study is based on the importance of reliable and timely financial information as a basis for decision-making by management and investors, especially in the banking sector which has strict regulations and high transaction complexity. The study uses an associative quantitative approach with secondary data from annual reports and independent auditor reports. The sample was determined using a purposive sampling method, with logistic regression analysis techniques. The results of the study indicate that audit fees do not significantly influence financial decision-making (H1 is rejected), while auditor assessment also does not significantly influence financial decision-making (H2 is rejected). Simultaneously, audit fees and auditor assessment do not show a significant influence on financial decision-making. This finding indicates that in the banking context at the IDX, variations in audit fees and auditor assessment indicators are not strong enough to influence financial decisions compared to other more dominant factors such as fundamental financial performance conditions and internal and external monitoring mechanisms. This study provides empirical contributions by enriching evidence regarding the role of audit fees and auditor assessments in financial decision-making in the banking sector in Indonesia and provides input for regulators, bank management, and the public accounting profession regarding the importance of ensuring that the added value of audits is substantively reflected in the reporting and decision-making process.
creator: Nurul Habibah
creator: Any Eliza
creator: Rosydalina Putri
rights: Copyright (c) 2026 Nurul Habibah, Any Eliza, Rosydalina Putri https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-28
publication date: 2026-06-28
volume: 6
number: 2
starting page: 812
ending page: 827
doi: 10.52970/grar.v6i2.2260

Transformation of Accounting Information Systems: An Analysis of the Impact of Digitalization on the Financial Performance of Small and Medium-Sized Enterprises in Indonesia
type: item
description: Digital transformation has reshaped the financial management practices of Small and Medium-Sized Enterprises (SMEs), particularly through the adoption of digital Accounting Information Systems (AIS). In Indonesia, SMEs play a vital role in national economic growth, yet many still face challenges in adopting digital accounting technologies due to limited digital literacy, inadequate technological infrastructure, financial constraints, and resistance to change. This study aims to systematically review the impact of AIS digitalization on SME financial performance and to identify the key supporting and inhibiting factors influencing its implementation. Using a Systematic Literature Review (SLR) approach guided by the PRISMA 2020 framework, this study analyzes peer-reviewed articles published between 2021 and 2026 from major academic databases, including Scopus, Web of Science, ScienceDirect, and Google Scholar. The findings indicate that AIS digitalization has a significant positive effect on SME financial performance, particularly in improving operational efficiency, financial reporting accuracy, internal control, decision-making quality, profitability, and revenue growth. The review also reveals that successful implementation is strongly influenced by human resource competence, digital literacy, management support, technological infrastructure, government support, and regulatory readiness. However, barriers such as high investment costs, limited technical skills, organizational resistance, cybersecurity risks, and inadequate infrastructure remain critical challenges. This study contributes theoretically by integrating the Resource-Based View, Technology Acceptance Model, and Technology-Organization-Environment framework to explain AIS digitalization in SMEs. Practically, the findings provide strategic insights for SMEs, technology developers, and policymakers in strengthening digital transformation and improving financial performance.
creator: Andi Riska Andreani
creator: M. Mediaty
creator: Sri Sundari
rights: Copyright (c) 2026 Andi Riska Andreani, M. Mediaty, Sri Sundari https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-29
publication date: 2026-06-29
volume: 6
number: 2
starting page: 828
ending page: 839
doi: 10.52970/grar.v6i2.2408

Financial Soundness Analysis of Indonesian Regional Development Banks
type: item
description: Regional Development Banks (RDBs) support regional economic growth through financial intermediation, fund management, and MSME financing. This study examines the financial soundness and governance performance of Bank BJB and Bank Jatim using the RGEC framework during 2021–2025. Using a descriptive quantitative approach, Risk Profile is measured by NPL and LDR, Earnings by ROA and NIM, Capital by CAR, and governance by GCG self-assessment ratings. The findings show that both banks maintained generally sound conditions but had different strengths. Bank BJB performed better in credit quality and governance, while Bank Jatim showed stronger profitability and capital adequacy. Overall, the RGEC framework effectively captures differences in bank soundness across risk, governance, earnings, and capital dimensions. The study highlights the need for RDBs to strengthen risk management, governance, profitability, and capital resilience to support sustainable banking performance.
creator: Vicka Pramudya Putra
creator: Chairilisa Azzahra
rights: Copyright (c) 2026 Vicka Pramudya Putra, Chairilisa Azzahra https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-30
publication date: 2026-06-30
volume: 6
number: 2
starting page: 840
ending page: 854
doi: 10.52970/grar.v6i2.2428

The Ability of Company Performance and Accrual Components to Predict Future Cash Flows
type: item
description: Financial information is essential for stakeholders as a basis for making economic decisions. Cash flow is a crucial indicator that enables stakeholders to evaluate a company's ability to sustain future operational activities. This study aims to examine the effects of net income, changes in accounts receivable, and changes in accounts payable on future cash flows. This study employs a quantitative research approach using a purposive sampling method based on a population of publicly listed companies in the Consumer Non-Cyclicals sector. The data are analyzed using panel data regression with the assistance of the E-Views application. The results indicate that net income and changes in accounts receivable have a significant effect on future cash flows, whereas changes in accounts payable do not have a significant effect. Simultaneously, the three variables significantly influence future cash flows. These findings confirm that future cash flows are primarily influenced by company performance and accrued income rather than accrued expenses.
creator: Diah Saraswati
creator: Agustin Ekadjaja
rights: Copyright (c) 2026 Diah Saraswati, Agustin Ekadjaja https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-30
publication date: 2026-06-30
volume: 6
number: 2
starting page: 855
ending page: 864
doi: 10.52970/grar.v6i2.2350

The Effect of Profitability, Liquidity, and Leverage on Financial Distress in Property and Real Estate Companies Listed on the IDX
type: item
description: This study examines the effect of profitability, liquidity, and leverage on the probability of financial distress in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. Employing a quantitative approach with a causal design, this study uses secondary data drawn from annual and financial reports of 75 companies, yielding 225 panel observations. Financial distress is measured using the modified Altman Z-Score, transformed into a binary dummy variable, while profitability is proxied by Return on Assets (ROA), liquidity by the Current Ratio (CR), and leverage by the Debt-to-Assets Ratio (DAR). The data are analysed using binary logistic regression with panel data, estimated via EViews 10. The results reveal that profitability has a significant negative effect on financial distress, confirming that higher asset returns reduce distress risk. Liquidity also exerts a significant negative effect, indicating that adequate current assets protect companies from short-term payment failure. In contrast, leverage has a significant positive effect, demonstrating that a greater reliance on external debt amplifies financial vulnerability. Collectively, the three variables explain 55.96% of the variation in financial distress probability, with an overall model prediction accuracy of 87.56%. These findings provide practical guidance for management, investors, and regulators in assessing financial health risks within Indonesia's property and real estate sector.
creator: Adania Azzahra
creator: Agustin Ekadjaja
rights: Copyright (c) 2026 Adania Azzahra, Agustin Ekadjaja https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-06-30
publication date: 2026-06-30
volume: 6
number: 2
starting page: 865
ending page: 874
doi: 10.52970/grar.v6i2.2390

The Relationship Between the Beneish M-Score and the Altman Z-Score
type: item
description: The energy sector plays a strategic role in the Indonesian economy; however, its high exposure to commodity price volatility makes it particularly vulnerable to irregularities in financial reporting. This study examines the relationship between the Beneish M-Score and the Altman Z-Score in detecting fraudulent financial reporting among energy companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Employing a quantitative descriptive-comparative research design, this study analyzes 183 firm-year observations from 61 companies selected through purposive sampling. The analysis consists of three stages: classification based on the threshold values of each model; cross-tabulation combined with the chi-square test and Cramér's V to evaluate the consistency between the two classification models; and pooled ordinary least squares (Pooled OLS) regression with robust standard errors to examine whether financial distress influences earnings manipulation. The findings indicate that 38.80% of the observations are classified as potential manipulators according to the Beneish M-score, while 42.62% are categorized as financially distressed based on the Altman Z-score. A statistically significant association was found between the two classification models (χ² = 11.83, p = 0.003; Cramér's V = 0.254). However, the distribution exhibited an unexpected U-shaped pattern, with the highest proportion of potential manipulators observed in the safe zone (52.24%), followed by the distress zone (37.18%), and the lowest proportion in the grey zone (18.42%). Consistent with this non-monotonic relationship, neither the overall Altman Z-score nor any of its five financial ratio components had a statistically significant effect on the Beneish M-score in the linear regression model. These findings suggest that financial distress alone is insufficient to explain earnings manipulation in the energy sector and highlight the importance of monitoring financially healthy firms…
creator: Agung Rachmad Prasetyo
creator: Linda Santioso
rights: Copyright (c) 2026 Agung Rachmad Prasetyo, Linda Santioso https://creativecommons.org/licenses/by-sa/4.0
license: https://creativecommons.org/licenses/by-sa/4.0
date: 2026-07-07
publication date: 2026-07-07
volume: 6
number: 2
starting page: 875
ending page: 890
doi: 10.52970/grar.v6i2.2405