Goodwood Akuntansi dan Auditing Reviu (GAAR) is a peer-reviewed, and scholarly journal published by Penerbit Goodwood. GAAR publishes high-quality research to answer important and interesting questions, develops or tests a theory, replicates prior studies, explores up-to-date phenomena, reviews and synthesizes existing research and provides new perspectives in the field of accounting science. We welcome well-written empirical research, case studies, and theoretical research with novelty and beneficial contributions to the theory and practice of accounting concretely.
Published
2025-05-15
Articles
Enterprise Risk Management, Corporate Social Responsibility, Dan Kinerja Perusahaan Manufaktur (BEI)
Purpose: This study examines the effect of Enterprise Risk Management (ERM) on the performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX), with Corporate Social Responsibility (CSR) as a mediating variable.
Methodology/approach: Using panel data regression and Baron & Kenny’s (1986) mediation analysis, this study analyzed 80 firm-year observations from 2019–2023. ERM was measured based on six criteria adapted from Florio & Leoni (2017). CSR was proxied by ESG scores published by IDX, while firm performance was assessed using Return on Assets (ROA) and Tobin’s Q. Data were processed using EViews 12.
Results/findings: ERM positively and significantly affects both ROA and Tobin’s Q, indicating that effective risk management enhances firm profitability and market value. However, ERM does not significantly influence CSR, and CSR negatively affects ROA and has no significant effect on Tobin’s Q. Thus, CSR does not mediate the relationship between ERM and firm performance.
Conclusions: ERM improves firm performance, but has no effect on CSR. CSR does not enhance performance and fails to mediate the ERM–performance relationship.
Limitations: The study does not incorporate control variables such as firm size or leverage. CSR is measured solely using ESG scores, which may not fully reflect CSR implementation.
Contribution: This research contributes to the understanding of ERM’s direct impact on firm performance in emerging markets. It highlights the need for better integration between risk management and CSR strategies to generate financial and reputational benefits.
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Garuda
SintaFraud Hexagon Theory” Evaluation Framework In Procurement: A Systematic Literature Review
Purpose: This community service initiative aims to empower residents of Takerharjo Village by introducing sustainable agricultural practices and providing health education. The goal is to improve local welfare, enhance food security, and promote community health through innovative and practical solutions.
Methodology/approach: The program was conducted in Takerharjo Village, involving 50 farmers and 30 households. Sustainable agricultural tools, such as organic fertilizers, drip irrigation systems, and pest control traps, have been introduced. Health education sessions were conducted using interactive methods, including workshops and demonstrations. Surveys and interviews were conducted to assess the community's needs and to evaluate the impact of the program.
Results/findings: The initiative successfully increased agricultural productivity by 25% by adopting sustainable practices. Health education has improved community awareness of hygiene and nutrition, leading to healthier lifestyles. Participants reported higher satisfaction with, and confidence in, managing their farms and health.
Conclusions: The community service initiative in Takerharjo Village demonstrated that the integration of sustainable agricultural practices and health education can significantly enhance local welfare. The adoption of organic fertilizers, drip irrigation, and pest control measures has led to a measurable increase in agricultural productivity, whereas health education has fostered better hygiene and nutritional habits among residents..
Limitations: The study was limited by the short duration of the program and the small sample size, which may affect the generalizability of the results.
Contribution: This study contributes to community development, sustainable agriculture, and public health. This provides a model for other rural communities to adopt similar practices, fostering local progress and well-being.
Pages: 73-85
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Determinasi Kinerja Keuangan Sektor Strategis di Indonesia
Purpose: This study aims to provide empirical evidence on the effect of carbon emission disclosure, green investment, and leverage on corporate financial performance.
Methodology/approach: The research sample includes companies in the basic materials, energy, and property & real estate sectors listed on the Indonesia Stock Exchange during the 2022–2023 period. The sample was selected using purposive sampling, and the data were analyzed using multiple linear regression.
Results/findings: The findings indicate that carbon emission disclosure, green investment, and leverage have a significant impact on a company's financial performance. The concludes of this study indicate that firms engaging in public disclosure of carbon emissions and exhibiting high leverage ratios are likely to experience diminished financial performance. In contrast, the disclosure of green investment initiatives appears to positively contribute to enhancing a firm's financial outcomes.
Conclusions: The study finds carbon disclosure and leverage negatively impact financial performance, while green investment has a positive effect.
Limitations: This research employs independent variables that remain limited in relation to environmental factors, and the observation period covers only a short duration, which may not be sufficient to adequately capture their influence on financial statements
Contribution: This research is expected to enrich the academic literature on the relationship between sustainability aspects and financial performance. It may also serve as a reference for corporate management, particularly in the basic material, energy serta property & real estate sectors, in formulating sustainability strategies that not only fulfill regulatory and social requirements but also have a positive impact on the company’s financial performance.
Return Saham: Pengaruh Profitabilitas dan Kebijakan Dividen dengan Moderasi Struktur Modal
Purpose: This study aims to analyze the effect of profitability and dividend policy on stock returns, with capital structure as a moderating variable.
Methodology: The research focuses on financial sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. A total of 97 companies met the sampling criteria. Data were analyzed using Partial Least Square Structural Equation Modeling (SEM-PLS) with WarpPLS software.
Results: The results show that profitability has a significant negative effect on stock returns, while dividend policy has no significant effect. Capital structure, as a moderating variable, does not moderate independent to dependent variable.
Conclusion: These findings suggest that investor do not always respond to increased profitability with higher stock return, possibly due to the influence of other factors. Additionally, Investor may not consider dividend policy as a key factor in their investment decision, as they can seek capital gains from the market without regards to capital structure as a reinforcing factor.
Limitations: This study is limited by the relatively small sample size and the exclusion of other fundamental factors that may influence stock return.
Contribution: This study provides useful insights for investors as a reference when making decisions to buy or sell stocks.
