E-government and public investment management under fiscal consolidation

Digital transformation in village financial management has become a strategic issue in modern governance, but research on digital transformation is still limited and not well systematic. This study aims to analyze the evolution and development of digital transformation research in village financial management through systematic bibliometric analysis from 2015 to 2024. The paper uses bibliometric analysis of 507 documents from journals in the Scopus database processed using RStudio software with the biblioshiny package. The research findings reveal gaps in theoretical development, especially in the integration of local governance frameworks with digital innovation models. The research landscape shows a growing focus on accountability mechanisms (28 articles) and transparency systems (24 articles) but lacks comprehensive studies on implementation challenges and success factors. Although local governance has emerged as a dominant research stream (89 articles), there is still less attention to critical areas such as digital literacy, cybersecurity, and change management in the rural context. The analysis identifies three future research directions: the need for a specific digital transformation framework for village-level financial systems, mechanisms for integrating traditional governance with digital innovation, and evaluation metrics for the success of digital transformation in rural settings. These findings contribute to the development of theoretical understanding and practical implementation of digital transformation in village financial management.

This study empirically examines the factors that influence the level of disclosure of local government financial statements, with audit opinion as a moderating variable. The ratio of financial independence, capital expenditure, intergovernmental revenue, and legislative size are independent variables in this study. The dependent variable is the degree of disclosure of local government financial statements (LKPD). The population used in this study is the financial statements of local governments in Indonesia that have been audited by BPK RI. The sample on this study consisted of 338 district/city governments on Java Island in 2018–2020 with purposive sampling. The test carried out is Multiple Linear Regression analysis using STATA version 16. Based on the results that have been analyzed, it can be concluded that the ratio of financial independence and intergovernmental revenue has a significant effect on the level of LKPD disclosure. Meanwhile, capital expenditure and legislative size have no significant effect on the level of LKPD disclosure. Audit opinion moderated the ratio of financial independence and legislative size on the level of disclosure of LKPD. Meanwhile, audit opinion does not moderate capital expenditure and intergovernmental revenue on the level of LKPD disclosure. This study provides information on the factors that influence the level of disclosure of LKPD in local governments, both districts/cities. A high level of LKPD disclosure indicates an accountability and transparency carried out by local governments.

In corporate finance, the pecking-order theory suggests that companies adhere to a particular financing hierarchy, with internal funding taking preference over external funding, and debt financing taking preference over equity. This paper examines whether South African state-owned entities prioritize their financing sources as predicted by the pecking-order theory. A financing deficit variable comprising various cash flow-based components was used to test the theory. A panel regression model was employed using panel data estimators. Using a cross-section sample of 33 state-owned entities from 1995 to 2018, the study finds no evidence that South African state-owned entities follow a pecking order to finance investment projects. The pecking order theory proposition that costs of adverse selection are dominant for lower levels of leverage provides a reason for the financing deficit coefficient not being close to unity and hence an indication that the SOEs in South Africa do not follow the pecking order behavior in their financing decisions, an indication that South African capital market is still developing.