TATA KELOLA PERUSAHAAN DAN KINERJA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
Keywords:
Ukuran Dewan, Independensi Dewan, Komite Audit, Ukuran Perusahaan, Leverage, Kinerja Perusahaan, Return on Asset (ROA)
Abstract
Penelitian ini bertujuan untuk menguji pengaruh variabel independen seperti ukuran dewan (board size), independensi dewan (board independence), komite audit (audit committee), ukuran perusahaan (firm size), dan leverage terhadap kinerja perusahaan yang diukur dengan Return on Asset (ROA) pada 42 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2018-2022. Berdasarkan analisis dan pembahasan yang dilakukan, ditemukan bahwa tidak ada satupun dari variabel independen tersebut yang memiliki pengaruh signifikan terhadap kinerja perusahaan. Ukuran dewan, independensi dewan, komite audit, ukuran perusahaan, dan leverage semuanya tidak menunjukkan hubungan yang signifikan dengan kinerja perusahaan yang diukur melalui ROA. Temuan ini menyiratkan bahwa faktor-faktor tersebut mungkin tidak menjadi determinan utama dalam kinerja perusahaan manufaktur di Indonesia pada periode yang diteliti, sehingga diperlukan penelitian lebih lanjut untuk mengidentifikasi variabel lain yang mungkin lebih berpengaruh.References
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Aljaaidi, K. S., & Hassan, W. K. (2020). Energy industry performance in Saudi Arabia: Empirical evidence. International Journal of Energy Economics and Policy, 10(4), 271–277. https://doi.org/10.32479/ijeep.9003
Almomani, T. M., Almomani, M. A., & Obeidat, M. I. (2021). The Relationship between Working Capital Management and Financial Performance: Evidence from Jordan*. Journal of Asian Finance, 8(6), 713–0720. https://doi.org/10.13106/jafeb.2021.vol8.no6.0713
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Arhinful, R., & Radmehr, M. (2023). The effect of financial leverage on financial performance: evidence from non-financial institutions listed on the Tokyo stock market. Journal of Capital Markets Studies, 7(1), 53–71. https://doi.org/10.1108/jcms-10-2022-0038
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Azeez, D. A. A. (2015). Corporate Governance and Firm Performance: Evidence from Sri Lanka. Journal of Finance and Bank Management, 3(1), 180–189. https://doi.org/10.15640/jfbm.v3n1a16
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Hunjra, A. I., Naeem, H., Noor, A., & Saleem, A. (2016). Does Corporate Governance Play Role In Firms’ Performance? A Comparative Study of Pakistan, India and Bangladesh. International Journal of Economics and Empirical Research, 4(9), 450–464.
Itan, I., & Angellina, B. (2023). The Mediating Role of Board Size and Working Capital Management in Corporate Governance on Firm Performance. Journal of Accounting Finance and Auditing Studies (JAFAS). https://doi.org/10.32602/jafas.2023.008
Jung, S. U., & Shegai, V. (2023). The Impact of Digital Marketing Innovation on Firm Performance: Mediation by Marketing Capability and Moderation by Firm Size. Sustainability (Switzerland), 15(7). https://doi.org/10.3390/su15075711
Kalantonis, P., Kallandranis, C., & Sotiropoulos, M. (2021). Leverage and firm performance: new evidence on the role of economic sentiment using accounting information. Journal of Capital Markets Studies, 5(1), 96–107. https://doi.org/10.1108/jcms-10-2020-0042
Kufo, A., & Shtembari, E. (2023). How Board Size and Board Independence Affect Insurance Companies’ Performance. European Journal of Interdisciplinary Studies, 15(1), 68–80. https://doi.org/10.24818/ejis.2023.05
Makhlouf, M. H., Hidayah, N., Mohamad, L., Ali, Y., Nur, B., & Ramli, A. (2017). Board of Directors’ Effectiveness and Firm Performance: Evidence from Jordan. Research Journal of Finance and Accounting, 8(18), 23–34. https://core.ac.uk/download/pdf/234632111.pdf
Mohapatra, P. (2016). Board independence and firm performance in India. International Journal of Management Practice, 9(3), 317–332. https://doi.org/10.1504/IJMP.2016.077834
Mwambuli, E. L. (2019). Analysis of the Role of Corporate Governance on Listed Firm’s Capital Structure: The East African Stock Markets Perspective. International Journal of Accounting and Financial Reporting, 9(3), 143. https://doi.org/10.5296/ijafr.v9i3.15411
Nwokwu, T. C., Atapattu, A. M. C. P., & Athambawa, A. A. (2019). The Impact of Board Members Involvement on Return on Equity (ROE). Modern Economy, 10(04), 1334–1347. https://doi.org/10.4236/me.2019.104090
Pathak, H. R., Lakshmi, V., & Narbariya, S. (2022). Does Corporate Governance Impact Firm Performance and Firm Risk? Empirical Evidence from India. The IUP Journal of Corporate Governance, 21(1), 53–63.
Perbankan, K. D. A. N. (2023). Machine Translated by Google TATA KELOLA PERUSAHAAN DAN KINERJA PERUSAHAAN : BUKTI DARI BURSA EFEK DHAKA Machine Translated by Google. 13(1), 28–38.
Potharla, S., & Amirishetty, B. (2021). Non-linear relationship of board size and board independence with firm performance – evidence from India. Journal of Indian Business Research, 13(4), 503–532. https://doi.org/10.1108/JIBR-06-2020-0180
Ria, R. (2023). Determinant Factors of Corporate Governance on Company Performance: Mediating Role of Capital Structure. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032309
Rostami, S., Rostami, Z., & Kohansal, S. (2016). The Effect of Corporate Governance Components on Return on Assets and Stock Return of Companies Listed in Tehran Stock Exchange. Procedia Economics and Finance, 36(16), 137–146. https://doi.org/10.1016/s2212-5671(16)30025-9
Samaduzzaman, M., Zaman, F., & Quazi, Z. (2015). Literature Review on Corporate Governance Structure and Performance in Non-Financial Bangladesh Firms. Asian Journal of Finance & Accounting, 7(1), 96. https://doi.org/10.5296/ajfa.v7i1.6556
Shafiq, A., Alim, W., Ali, A., & Shafiq Minhas, A. (1142). The Impact of Leverage on the Firm Performance: A Case of Fertilizers Sektor of Pakistan. Munich Personal RePEc Archive, 16(114200), 28–29.
Shehata, N., Salhin, A., & El-Helaly, M. (2017). Board diversity and firm performance: evidence from the U.K. SMEs. Applied Economics, 49(48), 4817–4832. https://doi.org/10.1080/00036846.2017.1293796
Shrivastav, S. M. (2022). Corporate Governance, Audit Committee Characteristics and Firm Performance: Evidence from India. The IUP Journal of Corporate Governance, 21(1), 22.
Sulaiman, H. F. B., Gom, D., & Jiony, M. M. (2021). Labuan bulletin of international business & finance. Jel Classification, 20(1), 49–63.
Ahmed, B., Sultana, M., Chowdhury, M., Akhter, S., & Alam, M. (2017). Growth and Yield Performance of Potato Varieties Under Different Planting Dates. Bangladesh Agronomy Journal, 20(1), 25–29. https://doi.org/10.3329/baj.v20i1.34878
Akbar, A. (2015). The Role of Corporate Governance Mechanism in Optimizing Firm Performance: A Conceptual Model for Corporate Sektor of Pakistan. Journal of Asian Business Strategy, 5(6), 109–115. https://doi.org/10.18488/journal.1006/2015.5.6/1006.6.109.115
Al-Ahdal, W. M., Hashim, H. A., Almaqtari, F. A., & Saudagaran, S. M. (2023). The moderating effect of an audit committee on the relationship between ownership structure and firm performance: Evidence from emerging markets. Cogent Business and Management, 10(1), 1–25. https://doi.org/10.1080/23311975.2023.2194151
Ali, A., Alim, W., Ahmed, J., & Nisar, S. (2022). Yoke of Corporate Governance and Firm Performance: A Study of Listed Firms in Pakistan. Indian Journal of Commerce & Management Studies, XIII(1), 08. https://doi.org/10.18843/ijcms/v13i1/02
Aljaaidi, K. S., & Hassan, W. K. (2020). Energy industry performance in Saudi Arabia: Empirical evidence. International Journal of Energy Economics and Policy, 10(4), 271–277. https://doi.org/10.32479/ijeep.9003
Almomani, T. M., Almomani, M. A., & Obeidat, M. I. (2021). The Relationship between Working Capital Management and Financial Performance: Evidence from Jordan*. Journal of Asian Finance, 8(6), 713–0720. https://doi.org/10.13106/jafeb.2021.vol8.no6.0713
Andreou, P. C., Louca, C., & Panayides, P. M. (2014). Corporate governance, financial management decisions and firm performance: Evidence from the maritime industry. Transportation Research Part E: Logistics and Transportation Review, 63, 59–78. https://doi.org/10.1016/j.tre.2014.01.005
Arhinful, R., & Radmehr, M. (2023). The effect of financial leverage on financial performance: evidence from non-financial institutions listed on the Tokyo stock market. Journal of Capital Markets Studies, 7(1), 53–71. https://doi.org/10.1108/jcms-10-2022-0038
Aydın Unal, E., Unal, Y., & Isık, O. (2017). the Effect of Firm Size on Profitability: Evidence From Turkish Manufacturing Sektor. Pressacademia, 6(4), 301–308. https://doi.org/10.17261/pressacademia.2017.762
Azeez, D. A. A. (2015). Corporate Governance and Firm Performance: Evidence from Sri Lanka. Journal of Finance and Bank Management, 3(1), 180–189. https://doi.org/10.15640/jfbm.v3n1a16
Deb, D. B. C., Sarker, A., & Siddique, F. K. (2017). Relationship Between Corporate Governance and Financial Performance of Banking Industry in. Journal of Management, 4(2), 50–61. https://iaeme.com/MasterAdmin/Journal_uploads/JOM/VOLUME_4_ISSUE_2/JOM_04_02_006.pdf
Duchin, R., Matsusaka, J. G., & Ozbas, O. (2010). When are outside directors effective? Journal of Financial Economics, 96(2), 195–214. https://doi.org/10.1016/j.jfineco.2009.12.004
Fu, Q., Sial, M. S., Arshad, M. Z., Comite, U., Thu, P. A., & Popp, J. (2021). The inter-relationship between innovation capability and SME performance: the moderating role of the external environment. Sustainability (Switzerland), 13(16). https://doi.org/10.3390/su13169132
Gharaibeh, A. M. O., & Qader, A. A. A. A. (2017). Factors influencing firm value as measured by the Tobin’s Q: Empirical evidence from the Saudi Stock Exchange (TADAWUL). International Journal of Applied Business and Economic Research, 15(6), 333–358.
Habib, M. A. (2016). Relationship Between Corporate Governance and Firm Performance: A Case Study In Bangladesh. Print) International Scholar Journal of Accounting and Finance, 3218(2), 11–20. http://ssrn.com/abstract=2819099
Hasan, S. M., & Islam, R. (2023). Corporate Governance and Firms’ Performance: Evidence From Dhaka Stock Exchange. Indian Journal of Finance and Banking, 13(1), 28–38. https://doi.org/10.46281/ijfb.v13i1.1947
Hong, J., Zheng, R., Deng, H., & Zhou, Y. (2019). Green supply chain collaborative innovation, absorptive capacity and innovation performance: Evidence from China. Journal of Cleaner Production, 241, 118377. https://doi.org/10.1016/j.jclepro.2019.118377
Hung, C. V., Vinh, T. P., & Thai, B. D. (2021). “The impact of firm size on the performance of Vietnamese private enterprises: A case study.” Problems and Perspectives in Management, 19(2), 243–250. https://doi.org/10.21511/ppm.19(2).2021.20
Hunjra, A. I., Naeem, H., Noor, A., & Saleem, A. (2016). Does Corporate Governance Play Role In Firms’ Performance? A Comparative Study of Pakistan, India and Bangladesh. International Journal of Economics and Empirical Research, 4(9), 450–464.
Itan, I., & Angellina, B. (2023). The Mediating Role of Board Size and Working Capital Management in Corporate Governance on Firm Performance. Journal of Accounting Finance and Auditing Studies (JAFAS). https://doi.org/10.32602/jafas.2023.008
Jung, S. U., & Shegai, V. (2023). The Impact of Digital Marketing Innovation on Firm Performance: Mediation by Marketing Capability and Moderation by Firm Size. Sustainability (Switzerland), 15(7). https://doi.org/10.3390/su15075711
Kalantonis, P., Kallandranis, C., & Sotiropoulos, M. (2021). Leverage and firm performance: new evidence on the role of economic sentiment using accounting information. Journal of Capital Markets Studies, 5(1), 96–107. https://doi.org/10.1108/jcms-10-2020-0042
Kufo, A., & Shtembari, E. (2023). How Board Size and Board Independence Affect Insurance Companies’ Performance. European Journal of Interdisciplinary Studies, 15(1), 68–80. https://doi.org/10.24818/ejis.2023.05
Makhlouf, M. H., Hidayah, N., Mohamad, L., Ali, Y., Nur, B., & Ramli, A. (2017). Board of Directors’ Effectiveness and Firm Performance: Evidence from Jordan. Research Journal of Finance and Accounting, 8(18), 23–34. https://core.ac.uk/download/pdf/234632111.pdf
Mohapatra, P. (2016). Board independence and firm performance in India. International Journal of Management Practice, 9(3), 317–332. https://doi.org/10.1504/IJMP.2016.077834
Mwambuli, E. L. (2019). Analysis of the Role of Corporate Governance on Listed Firm’s Capital Structure: The East African Stock Markets Perspective. International Journal of Accounting and Financial Reporting, 9(3), 143. https://doi.org/10.5296/ijafr.v9i3.15411
Nwokwu, T. C., Atapattu, A. M. C. P., & Athambawa, A. A. (2019). The Impact of Board Members Involvement on Return on Equity (ROE). Modern Economy, 10(04), 1334–1347. https://doi.org/10.4236/me.2019.104090
Pathak, H. R., Lakshmi, V., & Narbariya, S. (2022). Does Corporate Governance Impact Firm Performance and Firm Risk? Empirical Evidence from India. The IUP Journal of Corporate Governance, 21(1), 53–63.
Perbankan, K. D. A. N. (2023). Machine Translated by Google TATA KELOLA PERUSAHAAN DAN KINERJA PERUSAHAAN : BUKTI DARI BURSA EFEK DHAKA Machine Translated by Google. 13(1), 28–38.
Potharla, S., & Amirishetty, B. (2021). Non-linear relationship of board size and board independence with firm performance – evidence from India. Journal of Indian Business Research, 13(4), 503–532. https://doi.org/10.1108/JIBR-06-2020-0180
Ria, R. (2023). Determinant Factors of Corporate Governance on Company Performance: Mediating Role of Capital Structure. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032309
Rostami, S., Rostami, Z., & Kohansal, S. (2016). The Effect of Corporate Governance Components on Return on Assets and Stock Return of Companies Listed in Tehran Stock Exchange. Procedia Economics and Finance, 36(16), 137–146. https://doi.org/10.1016/s2212-5671(16)30025-9
Samaduzzaman, M., Zaman, F., & Quazi, Z. (2015). Literature Review on Corporate Governance Structure and Performance in Non-Financial Bangladesh Firms. Asian Journal of Finance & Accounting, 7(1), 96. https://doi.org/10.5296/ajfa.v7i1.6556
Shafiq, A., Alim, W., Ali, A., & Shafiq Minhas, A. (1142). The Impact of Leverage on the Firm Performance: A Case of Fertilizers Sektor of Pakistan. Munich Personal RePEc Archive, 16(114200), 28–29.
Shehata, N., Salhin, A., & El-Helaly, M. (2017). Board diversity and firm performance: evidence from the U.K. SMEs. Applied Economics, 49(48), 4817–4832. https://doi.org/10.1080/00036846.2017.1293796
Shrivastav, S. M. (2022). Corporate Governance, Audit Committee Characteristics and Firm Performance: Evidence from India. The IUP Journal of Corporate Governance, 21(1), 22.
Sulaiman, H. F. B., Gom, D., & Jiony, M. M. (2021). Labuan bulletin of international business & finance. Jel Classification, 20(1), 49–63.
Published
2024-07-04
How to Cite
Noviana Dwi Mas’ula, Aisyah Putri Nabila, Kemal Reza, & Henny Setyo Lestari. (2024). TATA KELOLA PERUSAHAAN DAN KINERJA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA. Journal of Social and Economics Research, 6(1), 722-733. https://doi.org/10.54783/jser.v6i1.444
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Articles
