Publisher

ADAIADAI

Journal INTERNATIONAL JOURNAL OF TRENDS IN ACCOUNTING RESEARCHINTERNATIONAL JOURNAL OF TRENDS IN ACCOUNTING RESEARCH Abstract

This study aims to comprehensively describe the application of the principles of Good Corporate Governance (GCG) based on the local cultural values of Catur Purusa Artha in the management of Village Credit Institutions (VCI) in Kerobokan Traditional Village, Bali. This study uses a qualitative descriptive approach with a single case study, involving the main informants such as the Customary Village, the Head of VCI, and the Internal Supervisory Agency as primary data sources. Data was collected through structured in-depth interviews based on indicators of transparency, accountability, responsibility, independence, and fairness according to GCG standards, contextualized with Balinese Hindu teachings through the concept of Catur Purusa Artha (dharma, artha, kama and moksa). The data analysis follows the Miles & Huberman interactive model with the stages of data reduction, data presentation, and conclusion verification. The results of the study revealed that most of the GCG principles have been effectively implemented in VCI Kerobokan with the integration of local cultural values as the foundation of operational ethics. Transparency is realized through information disclosure in customary village meetings; accountability is carried out by internal supervisory bodies; Independence is enforced through a collective consensus mechanism; fairness is reflected in the credit policy of small business priorities; and social responsibility based on dharma and moksa as moral guidelines for institutional managers. However, there are significant obstacles in the remuneration system that are not fully fair and transparent according to individual contributions and limitations in the socialization of work plans to all indigenous capital owners due to limited human resources and communication media.

Conclusion

The study concludes that the application of Good Corporate Governance (GCG) principles in the Kerobokan Village Credit Institution (VCI) has been effectively implemented with the integration of Balinese Hindu local cultural values through the concept of Catur Purusa Artha.The principles of transparency, accountability, responsibility, independence, and fairness are applied in the management of the institution, grounded in the ethical foundation of dharma, artha, kama, and moksa.However, challenges remain in the remuneration system and socialization of work plans.Further research is recommended to expand the study to other VCI and combine qualitative and quantitative methods to enhance the generalizability of the findings.

Future Research

Further research should investigate the long-term impact of integrating Catur Purusa Artha principles on the financial sustainability and social impact of VCIs, moving beyond descriptive analysis to assess quantifiable outcomes. Additionally, studies could explore the development of standardized training programs for VCI administrators that specifically address the practical application of Catur Purusa Artha in daily governance practices, aiming to enhance ethical decision-making and transparency. Finally, research is needed to examine the potential for leveraging digital technologies to improve communication and transparency between VCI management and indigenous capital owners, overcoming limitations in resource availability and fostering greater community participation in institutional governance, ultimately strengthening the alignment between financial performance and community well-being.

References

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