Publication Search

The purpose of this study is to examine the effect of Good Corporate Governance (GCG), financial performance, and Earning Per Share (EPS) on firm value. The object of this research consists of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the period of 2021–2024. This study employs a quantitative approach using secondary data in the form of annual financial statements as the primary source. The sample was selected using purposive sampling based on predetermined criteria, ensuring that only companies with complete data and consistent reporting were included in the analysis. The independent variables analyzed include the audit committee, independent commissioners, institutional ownership, Return on Assets (ROA), and Earning Per Share (EPS). Multiple linear regression analysis was used to process the data in this study, allowing the researchers to examine the simultaneous and partial effects of the variables on firm value. The findings indicate that firm value is significantly influenced by financial performance, particularly ROA, highlighting the importance of operational efficiency and profitability in enhancing shareholder wealth. While certain GCG variables such as institutional ownership showed positive influence, other elements like audit committees and independent commissioners produced mixed results, suggesting that governance mechanisms may have varying effects depending on organizational context. Meanwhile, EPS demonstrated inconsistent results in relation to firm value, implying that market perceptions of earnings may not fully capture the impact on overall firm valuation. This study provides insights for policymakers, investors, and corporate managers on the relative importance of governance and financial indicators in value creation for state-owned enterprises.

This study analyzes the effect of Integrated Reporting (IR) on the Cost of Equity (COE) by examining the moderating role of Good Corporate Governance (GCG) mechanisms in companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. Governance quality is operationalized through two key mechanisms: institutional ownership and the proportion of independent board of commissioners. Employing Process Hayes Model 2 with bootstrap iterations of 5,000, and a final sample of 323 company-year observations after outlier removal, the study finds that Integrated Reporting does not exert a significant direct influence on Cost of Equity. However, the proportion of independent board of commissioners significantly moderates the negative relationship between Integrated Reporting and Cost of Equity, while institutional ownership fails to produce a significant moderating effect. Notably, under conditions of high institutional ownership paired with a low proportion of independent commissioners, Integrated Reporting paradoxically increases the Cost of Equity, underscoring the critical role of internal governance mechanisms in establishing the credibility of disclosed information. These findings confirm that the effectiveness of Integrated Reporting in reducing Cost of Equity is contingent upon the quality of the governance environment- particularly board independence. The study contributes to both theory and practice by demonstrating that the economic benefits of Integrated Reporting are realized only when accompanied by robust independent oversight structures.

This study aims to examine the factors influencing tax avoidance, with debt (leverage) acting as a mediating variable. The independent variables include internal audit compliance, sales level, capital intensity, firm political connections, and corporate social responsibility (CSR). The sample consists of 306 manufacturing firms from the consumer goods, basic materials, and industrial sub-sectors listed on the Indonesian Stock Exchange during the 2019–2021 period, selected using purposive sampling.The study employs multiple linear regression and robust regression to compare results across each year of observation. The findings indicate that capital intensity and political connections of the board of directors have a significant effect on tax avoidance, particularly when leverage (Debt to Asset Ratio) serves as a mediating variable. This suggests that firms with high capital intensity and strong political connections tend to use debt strategically to reduce their tax burden. In contrast, internal audit compliance, political connections of the board of commissioners, and sales levels do not show a significant impact on tax avoidance under either regression method. Overall, the results highlight the importance of monitoring leverage usage and political connections to prevent excessive tax avoidance practices.

This study aims to analyze the effect of Independent Board of Commissioners, Audit Committee, Family Ownership, and Voluntary Disclosure on Debt Costs in Basic Materials manufacturing companies listed on the Indonesia Stock Exchange for the period 2021-2023. Using purposive sampling and multiple linear regression analysis, the results show that the Independent Board of Commissioners and Family Ownership have a negative and significant effect on debt costs, while the Audit Committee, measured by meeting frequency, has a significant positive effect, and Voluntary Disclosure has no significant effect. These findings indicate that increased independent supervision and family control can reduce debt costs, but a high frequency of audit committee meetings can create a greater perception of risk in the eyes of creditors. This study has important implications for management and regulators in improving the quality of corporate governance and supervision to reduce debt costs.

This study analyzes the influence of Green Accounting, Environmental Performance, and Corporate Governance on the Quality of Sustainability Reports in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Report quality is measured by the completeness and transparency of disclosures based on GRI Standards. A quantitative method is employed, using a purposive sample of manufacturing firms from the 2020- 2023 period. Data is analyzed using multiple regression analysis. Green Accounting is proxied by environmental costs, Environmental Performance by PROPER ratings, Corporate Governance by the proportion of independent commissioners and institutional ownership, while report quality is measured through content analysis. The hypothesized results indicate that all three independent variables are expected to have a significant positive effect on Sustainability Report Quality. The implementation of green accounting, good environmental performance, and strong governance are predicted to enhance the quality of sustainability disclosures. This research contributes to environmental accounting literature and offers practical implications for regulators, investors, and corporate management in the context of ESG (Environmental, Social, and Governance) reporting.

This study investigates the relationship between corporate governance characteristics, financial structure, and Enterprise Risk Management (ERM) disclosure in Indonesian non-financial firms. Focusing on manufacturing companies listed on the Indonesia Stock Exchange in 2023, the analysis examines whether board size, the proportion of independent commissioners, and leverage influence the extent of ERM disclosure. Using a quantitative approach, multiple linear regression is applied to secondary data obtained from firms’ annual reports. The findings indicate that board size and the proportion of independent commissioners do not have a significant effect on ERM disclosure, while leverage exhibits a positive and significant relationship. This result suggests that firms with higher debt levels are more inclined to enhance risk disclosure as a mechanism to address information asymmetry and demonstrate accountability to investors and creditors. The study contributes to the ERM and corporate governance literature by providing evidence from an emerging market setting and highlighting the practical importance of financial structure in shaping risk transparency, offering relevant insights for corporate decision-makers and regulators to strengthen sustainable risk management practices.

This study investigates the impact of board characteristics on the financial performance of non-financial companies listed in the JII70 index in Indonesia. Motivated by the ongoing debate on the effectiveness of corporate governance mechanisms in enhancing firm outcomes, particularly within Sharia-compliant markets, this study focuses on three key board attributes: board size, board independence, and female representation on the board. Using a quantitative causal approach and panel data from 25 companies over the period 2020–2023, the study employs a fixed effect model to evaluate the relationship between board structure and financial performance measured by Return on Assets (ROA). The results show that board size has a positive and significant effect on firm performance, indicating that larger boards may enhance oversight capacity and provide broader resources beneficial to strategic decision-making. Conversely, board independence and board female representation do not exhibit significant effects on financial performance, suggesting that their roles may be more symbolic or constrained by institutional and contextual factors in the sampled companies. These findings highlight the importance of understanding corporate governance not merely in structural terms, but in relation to functional effectiveness and contextual maturity. The study offers implications for regulators, companies, and governance reform initiatives, particularly regarding strengthening substantive roles of independent and female commissioners in improving firm performance within Sharia-compliant markets.

This research aims to analyze the effect of CEO power and board gender diversity on modern slavery disclosure (MSD) among Indonesia’s top 50 publicly listed companies by market capitalization. The research uses a quantitative approach with secondary data collected from annual and sustainability reports during the 2022–2024 period. The results show that CEO power has a negative and significant effect on MSD, indicating that stronger CEO power will reduce disclosure transparency. Furthermore, gender diversity on the board of commissioners also shows a negative and significant relationship with MSD, indicating that female representation in supervisory roles has not yet contributed into greater social accountability within Indonesian firms. Meanwhile, gender diversity on the board of directors shows no significant effect. These results suggest that internal governance factors such as CEO power and limited female influence in top positions still hinder companies from being transparent about social and ethical issues. In conclusion, stronger regulations and independent oversight are needed to improve companies’ transparency regarding modern slavery practices.

Taxes are a primary source of government revenue and play a crucial role in economic development. However, tax avoidance practices are still widely practiced by companies, including in the mining sector, which has significant potential to generate state revenue. This study aims to examine the influence of financial distress, corporate governance (independent commissioners and audit committees), and institutional ownership on tax avoidance in mining companies listed on the Indonesia Stock Exchange for the 2020–2023 period. The study population consisted of 83 companies, and through purposive sampling, 61 companies were selected, with a total of 244 observations. The analysis used panel data regression with the help of Eviews 25. The results indicate that financial distress and institutional ownership have a positive effect on tax avoidance, while independent commissioners and audit committees have a negative effect on tax avoidance. These findings suggest that a company's financial condition and ownership structure play a significant role in determining tax avoidance policies.

Financial stability in manufacturing companies is an important issue, especially when facing national and global economic uncertainty. Good corporate governance is considered a framework that can drive technological innovation to enhance corporate excellence and achieve sustainable financial stability. This study aims to analyze the influence of the size of independent board of commissioners, managerial ownership, and institutional ownership on financial stability, with technological innovation as a mediating variable. The research data for this study were obtained from the annual financial reports of manufacturing companies listed on the Indonesia Stock Exchange for the period 2020 to 2023. Data analysis was performed using panel data regression and mediation testing using the Sobel test approach. The research findings indicate that the size of the independent board of commissioners has a positive effect on technological innovation, while managerial ownership has a negative effect and institutional ownership has no significant effect on technological innovation. However, the size of the independent board of commissioners, managerial ownership, institutional ownership, and technological innovation all have a significant effect on financial stability. The technology innovation variable also proved to mediate the influence of the size of the independent board of commissioners on financial stability. This finding emphasizes the importance of good corporate governance and technological innovation in maintaining the financial stability of manufacturing companies.

The concept of company value is critical for investors as it reflects the potential growth, profitability, and long-term sustainability of a business. Company value is a critical factor that guides investment decisions, as it embodies both tangible and intangible factors that contribute to the firm’s success. The factors that influence company value include Good Corporate Governance (GCG), which refers to the practices that ensure a company’s management is held accountable, transparent, and efficient. It also includes profitability metrics, such as Return on Assets (ROA) and Return on Equity (ROE), which indicate how well a company is performing in generating profits from its assets and equity. This study aimed to analyze how GCG and profitability influence company value, specifically in the infrastructure sector of Indonesia, listed on the Indonesia Stock Exchange (IDX). By using multiple linear regression analysis with data collected from 8 companies between 2020 and 2024, the research uncovered some insightful findings. It was found that the presence of Independent Commissioners, as part of GCG, had a positive and significant effect on company value. This highlights the importance of having independent oversight to ensure that the company operates in the best interests of its shareholders. In contrast, Institutional Ownership had no significant impact on company value, which might suggest that larger institutional investors do not always influence the company’s strategic direction in a way that directly affects value. Additionally, profitability, as measured by ROA and ROE, had significant effects on company value. ROA negatively influenced company value, which may indicate that companies with higher assets do not always perform better in terms of profitability, possibly due to inefficiencies. However, ROE had a positive influence on company value, suggesting that companies that efficiently use equity to generate profits are viewed more favorably by investors.  

Timeliness of financial reporting is crucial for maintaining company transparency and credibility, especially in uncertain environmental conditions. This study attempts to evaluate the impact of environmental uncertainty on audit report lag, moderated by corporate governance mechanisms (through the proportion of independent commissioners, audit committee size, and audit quality). This study applies a quantitative methodology, utilizing data from 106 companies in the consumer cyclicals sector from 2020–2023, and analyzed using multiple linear regression. The findings of the study demonstrate that environmental uncertainty has positive significant effect on audit report lag. Audit committee size was found to weaken this relationship, while the percentage of commissioners who are independent and audit quality did not act as moderators. The ineffectiveness of independent commissioners is attributed to their limited direct influence on reporting policies, whereas Big Four auditors tend to prioritize prudence, thereby extending the audit process. These findings have implications for companies to enhance the effectiveness of internal oversight in responding to external dynamics to minimize audit report lag.

The study try to investigate how corporate governance practices affect tax avoidance in manufacturing companies (listed on IDX, 2021-2023). The five independent variables are foreign ownership, audit committee, audit quality, independent board of commissioners, and institutional ownership, which are analyzed to obtain findings on their influence on tax avoidance, proxied by the Effective Tax Rate (ETR). The findings of the study show tax avoidance is not significantly affected by these five independent variables, either individually or collectively. These findings indicate that tax avoidance in manufacturing companies is not directly affected by the corporate governance mechanisms measured through these variables. This research provides implications for regulators and companies in evaluating the effectiveness of implementing various principles of good corporate governance in the oversight of tax policies.

This research investigates the influence of profitability, the independent board of commissioners, and the audit committee on sustainability report disclosure, with managerial ownership as a moderating variable. A quantitative approach was employed in this study. The research population comprised companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) during 2018–2021. A purposive sampling method was applied, resulting in a sample of 30 companies with 120 observational data points. The analytical techniques utilized included descriptive statistics and Moderated Regression Analysis (MRA), conducted using the EViews 12 software. The findings reveal that profitability and audit committee presence do not significantly impact the disclosure of sustainability reports, whereas the independent board of commissioners positively influences such disclosures. Furthermore, managerial ownership does not moderate the relationship between profitability, the independent board, and the audit committee with sustainability reporting. This study contributes to the literature by incorporating managerial ownership as a moderating variable in examining the determinants of sustainability report disclosure.

This study aims to examine the impact of CEO turnover on earnings management in non-financial companies listed on the Indonesia Stock Exchange (BEI) during the period of 2018–2023, with independent commissioners as a moderating variable. Multiple linear regression is used as the model, and the results show that CEO turnover has a significant negative impact on earnings management, where the new CEO tends to engage in earnings management through Big Bath Accounting to improve future performance. Furthermore, independent commissioners have been proven to significantly moderate the relationship between CEO turnover and earnings management, with a higher proportion of independent commissioners in the board of commissioners weakening the negative effect of CEO turnover on earnings management. Control variables such as leverage, profitability, and company size also have a significant impact on earnings management practices. This study contributes to the development of corporate governance in Indonesia, particularly regarding the role of independent commissioners in controlling earnings management practices. The findings are expected to provide insights for investors and regulators in assessing the risks of financial report manipulation and improving transparency and accountability in companies listed on the stock exchange.

The purpose of this study is to determine the effect of gender diversity, stock bonus compensation, and financial expertise of independent commissioners on earnings management in manufacturing companies in Indonesia for the period 2018-2022. This study uses secondary data obtained through the annual financial reports of manufacturing companies listed on the IDX for the period 2018-2022. This study is a quantitative study with sampling using the purposive sampling method and obtaining 135 research sample data. The analysis method used is multiple linear regression analysis using SPSS software version 27. The results of this study indicate that the Board of Directors Gender Diversity variable has a significant positive effect on earnings management. The Stock Bonus Compensation variable has a significant negative effect on earnings management. Meanwhile, the Independent Commissioner Financial Expertise variable has a positive but insignificant effect on earnings management.

This study is conducted to assess the relationship between Good Corporate Governance (GCG) practices and the financial performance of LQ45-listed companies, in which firm size plays a moderating role. A sample of 23 firms, consistently listed in the LQ45 index between 2019 and 2023, was utilized in this study. The selection of companies relied on purposive sampling as the selection technique. The analysis of the data was conducted by utilizing a regression model with a data panel, with the software EViews 13 being utilized for this purpose. The findings of the study demonstrated that independent commissioners contributed positively and significantly to the firm’s return on assets (ROA). Insider share ownership and board size demonstrated no significant impact. Conversely, ROA was adversely and significantly influenced by of the audit committee. The results of the moderation test demonstrate that the correlation between insider ownership and ROA is strengthened, while the correlation between independent board commissioners and ROA is weakened. Moreover, the study determined that the board size and the audit committee were not moderated by return on assets (ROA).

This study aims 1) to determine the effect of Institutional Ownership, independent board of commissioners and capital structure on Firm Value. 2) To determine the effect of Capital Structure in moderating Institutional Ownership and independent board of commissioners on Firm Value. The research method uses quantitative descriptive analysis with secondary data types. The analysis tool used in this study was carried out using the PLS (Partial Least Squares) approach with outer model and inner model measurement models using Smart PLS 3 software. The results of the study showed that Institutional Ownership had an effect on firm value. While the independent board of commissioners and capital structure did not affect firm value. Capital structure did not moderate the effect of institutional ownership and independent board of commissioners on firm value.

This research explores the impact of institutional ownership, managerial ownership, and the proportion of independent commissioners on firm performance, with earnings quality serving as a moderating variable. The study draws on a sample of companies that undertook Initial Public Offerings (IPOs) in 2019 on the Indonesia Stock Exchange, utilizing data spanning the years 2019 to 2023. A multiple linear regression model was employed to assess both direct effects and interaction effects moderated by earnings quality. The findings indicate that institutional ownership and the presence of independent commissioners exert a statistically significant influence on company performance, with earnings quality enhancing these relationships. This study enriches the discourse on corporate governance mechanisms within newly public firms and offers practical insights for both market regulators and investors.

This research conducts an analysis of the impact of Good Corporate Governance (GCG) implementation on industry value, with profitability serving as a connecting variable in manufacturing industries listed on the Indonesia Stock Exchange (IDX) throughout the period 2016 to 2020. GCG is assessed through several aspects, namely the size of the board of commissioners, the proportion of independent commissioners, management ownership, institutional ownership, and the existence and quality of the audit committee. Profitability is measured using Return on Assets (ROA) and Return on Equity (ROE), while industry value is evaluated using Tobin's Q and Price to Book Value (PBV). Illustrations were taken using a purposive sampling method, creating 10 manufacturing industries that met certain criteria. To test the direct and indirect effects of GCG on industry value through profitability, path analysis was used with the Baron and Kenny approach and the Sobel test.