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This qualitative literature review synthesizes contemporary research on how dual-class share structures shape agency costs, voting divergence, and corporate governance outcomes. The review finds that disproportionate voting rights increase managerial entrenchment risks and weaken shareholder oversight, thereby amplifying agency costs across diverse institutional settings. However, governance safeguards particularly time bound and event-based sunset clauses emerge as effective mechanisms for moderating the long-term risks of control disproportionality. While dual class firms may benefit from strategic insulation that fosters innovation and long-term value creation, the absence of sunset provisions is consistently associated with reduced firm valuation, diminished accountability, and persistent divergence between control and ownership. Overall, this synthesis highlights that dual-class structures are not universally harmful, but their sustainability depends on the presence of robust governance constraints designed to restore alignment over time.

Low financial literacy, weak sharia-based governance, and limited business legality remain key barriers to the sustainability of Micro, Small, and Medium Enterprises (MSMEs). These constraints reduce managerial capability, restrict access to formal financing, and hinder business growth. This study developed an integrated mentoring model combining financial literacy, sharia governance, and business legalization using a Participatory Action Research (PAR) approach. 25 MSMEs in Brebes Regency participated in four stages: needs assessment, training, mentoring, and evaluation. Data were collected through pre- and post-tests, bookkeeping observations, and legality checklists. Results showed significant improvements: financial literacy scores increased from 52 to 84 (61.5%), bookkeeping adoption rose from 20% to 88%, and Business Identification Number (NIB) ownership increased from 32% to 84%. Average monthly turnover also grew by 33%. These findings indicate that participatory and practice-based mentoring effectively enhances knowledge, behavior, and economic performance. The model offers a scalable strategy for strengthening sustainable and ethical MSME management.

This research aims to investigate the impact of Good Corporate Governance (GCG) which are measured by 3 indicators; institutional ownership, managerial ownership, board indeoendence, and Corporate Social Responsibility Disclosure on Tax Avoidance in Multinational Companies on Indonesia. The study used multiple linear regression with periods start from 2022 until 2024. The sample of this study is a multinational companies in Indonesia with the total of 47 samples for 3 years, the criteria of the company can be said multinational companies is if the companies had a entities in more than one country. Tax avoidance is measured using the Cash Effective Tax Rate (CETR), while GCG variables and CSR disclosure are measured based on relevant ownership structures, board composition, and the Global Reporting Initiative (GRI) index. The result shows that Institutional ownership had a significantly negative effect of tax avoidance, while the other three independent variables had no significant power in Tax Avoidance. This study concludes that tax avoidance in multinational companies is a complex phenomenon influenced by various internal and external factors beyond the scope of this research. The findings provide practical implications for regulators and investors and suggest that future research should consider additional variables, longer observation periods, and alternative tax avoidance proxies.

This study investigates the determinants of dividend payout policy in energy sector firms listed on the Indonesia Stock Exchange during the 2020–2024 period. Dividend policy is a critical issue in emerging markets, especially in capital-intensive industries with high investment needs and earnings volatility. The research examines whether profitability and ownership structure—specifically institutional and managerial ownership—significantly influence dividend payout decisions, considering firm characteristics. The study analyzes the effect of profitability, institutional ownership, and managerial ownership on the dividend payout ratio, while controlling for firm size and leverage. A quantitative approach is used, employing pooled ordinary least squares (OLS) regression on 245 firm-year observations. Dividend payout ratio is measured as dividend per share divided by earnings per share, profitability is proxied by return on equity, and ownership variables are expressed as shareholding proportions. Descriptive analysis and classical assumption tests precede hypothesis testing. The results show that profitability positively and significantly affects dividend payout, suggesting that firms with better financial performance tend to distribute higher dividends. Firm size also positively influences dividend policy, while leverage negatively impacts it, reflecting the role of financial capacity and capital structure. However, institutional and managerial ownership do not show significant effects on dividend payout decisions. The findings indicate that dividend policy in Indonesian energy firms is primarily driven by financial performance and structural characteristics rather than ownership-based governance mechanisms. This study offers sector-specific evidence that refines agency and signaling perspectives on dividend policy in emerging markets, with practical implications for managers, investors, and regulators.

This study try to examine the impact of institutional, managerial, and public kepemilikan structures on the level of environmental, social, and governance (ESG) practices in manufacturing companies listed on the IDX between 2020 and 2024. This study's findings are supported by increasing transparency and business continuity, also in guiding ESG practices. The research method that is used is quantitative analysis using panel regression analysis. The study's sample consists of 27 manufacturing companies selected using the purposive sampling method, yielding a total of 135 observations over of a few years. The analysis's findings indicate that all the ownership do not significantly affect ESG. Conversely, company size and employee productivity as control variables have a positive impact on the ESG threshold. This shows the structure of kepemilikan is not the most important factor in determining ESG transparency for Indonesian manufacturing companies, which are primarily focused on the importance of jangka pendek. Implicitasi penelitian ini mengindikasi bahwa pengungkapan ESG is more negatively impacted by internal company capacity than by stock composition, therefore external regulations and technical assistance are crucial factors in guiding business operations.

Financial statement integrity refers to financial statements that accurately reflect the true condition of a company, without anything being concealed or hidden. The importance of financial statement integrity has become an increasingly pressing requirement that companies must fulfill in order to avoid misleading financial statement users, which could result in erroneous decision-making. This study aims to analyze the influence of managerial ownership, institutional ownership, company size, financial distress, and leverage on financial statement integrity in banking sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021-2023. The research population consists of banking sector companies listed on the IDX during the 2021-2023 period. This study involves 20 companies selected as samples using purposive sampling. The analysis technique used to test the hypotheses is multiple linear regression analysis. The results of this study indicate that managerial ownership, institutional ownership, company size, and leverage do not affect financial statement integrity, while financial distress has a negative effect on financial statement integrity. This study is expected to provide general input to managers or strategists at companies listed on the Indonesia Stock Exchange to always align all interests involved in company management.

This study empirically examines the effects of ownership structure, including managerial, institutional, and public ownership, on tax avoidance practices, using profitability as a moderating variable. The population in this study consists of manufacturing companies listed on the Indonesia Stock Exchange (IDX), from which a sample was selected using purposive sampling. A total of 330 observations were collected from 110 manufacturing companies for the period 2022–2024. The variables were tested using multiple linear regression in EViews 12. This study expands on previous research by using profitability as a moderating variable that can influence the relationship between ownership structure and tax avoidance. The results show that institutional ownership has a negative and significant effect on tax avoidance practices. An increase in institutional share ownership can reduce tax avoidance practices. Meanwhile, managerial and public ownership do not affect tax avoidance practices. In the moderation test, profitability strengthened the effect of managerial and institutional ownership on tax avoidance. Still, it did not moderate the impact between public ownership and tax avoidance.

This study investigates the implementation of the food security program and the establishment of independent economic pillars in Patempuran Village, Kalisat, Jember, by focusing on the central role of the Patempuran Sejahtera Village-Owned Enterprise (BUMDes). Using a qualitative approach with a case study design, this study explores the strategies, achievements, and challenges of program implementation in integrating two of the village's main agricultural potentials: soybean cultivation and livestock. The core finding is the formation of an Integrative Management Model in which the BUMDes acts as the primary institutional driver, synergizing the soybean and livestock sectors. The BUMDes successfully fulfills its dual function: as an economic institution (generating a net profit of approximately IDR 9 million from 1.8 hectares of soybean cultivation) and as a social institution empowering the community through job creation and additional income. This success is closely linked to the high level of active community participation, in line with Stakeholder Theory in strengthening legitimacy and a sense of shared ownership. However, implementation faces significant challenges, including irrigation constraints in hilly areas, livestock health risks, and a manual financial recording system (based on a simple Excel spreadsheet), which limits managerial capacity and full accountability. This study recommends immediate modernization of the accounting system, strategic investment in irrigation infrastructure, and strengthening intensive technical assistance to ensure long-term sustainability and equitable partner productivity.

This study aims to examine the effect of ownership structure on audit report lag (ARL) in State-Owned Enterprises (SOEs) in Indonesia. The ownership structures studied include managerial ownership, government ownership, and institutional ownership. The research method used is a quantitative approach with multiple linear regression analysis, using secondary data obtained from annual reports and audited financial statements of SOEs listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. The results show that managerial ownership has a negative effect on ARL, meaning that the higher the managerial ownership, the faster the audit report completion. Conversely, government ownership has a positive effect on ARL, indicating that the greater the government ownership, the longer the time required to complete the audit report. Institutional ownership also has a negative effect on ARL, indicating that companies with institutional ownership tend to be faster in completing audit reports. This study provides insight into the role of ownership structure in influencing the efficiency of audit report completion time in Indonesian SOEs.

This study discusses the influence of six fraud hexagon models: pressure, opportunity, rationalization, capability, arrogance, and collusion on fraudulent financial reporting (FFR) practices in the Indonesia banking sector. In addition, this study analyzes the role of corporate governance mechanisms measured by the audit committee, managerial ownership, and institutional ownership as moderating variables. The sample consists of 43 banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period, with a total of 172 observations. Data analysis was conducted using WarpPLS 8.0. The results indicate that rationalization, capability, and arrogance have a significant positive effect on FFR, while pressure, opportunity, and collusion show no significant effect. The audit committee, managerial ownership, and institutional ownership also do not have a direct effect on FFR. However, these three variables act as moderators: the audit committee moderates the relationship between collusion on FFR, managerial ownership moderates the relationship between capability on FFR, while institutional ownership moderates the relationship between pressure and opportunity on FFR. This finding emphasizes the importance of effective corporate governance as an instrument to reduce the risk of FFR in the banking sector.

The study aims to investigate how corporate governance impacts sustainability report disclosure in mining companies that are listed between 2021 and 2024 on the Indonesia Stock Exchange (IDX). The proportion of independent board members, the number of audit committee meetings held, and the level of managerial ownership are used to evaluate corporate governance. Using secondary data from the companies' official websites, a quantitative research approach is used. Purposive sampling was applied to select the sample from an initial population of 198 firms, based on two criteria: (1) being in the mining industry and listed on the IDX during the designated timeframe, and (2) regularly publishing sustainability and annual reports. By applying these criteria, a sample of 47 businesses was obtained, producing 188 observations in total.  Multiple linear regression was used to analyze the data using SPSS version 25. The results of the partial test show that while the percentage of independent board commissioners has no discernible effect on sustainability report disclosure, the frequency of audit committee meetings and managerial ownership have a significant and positive impact. These findings demonstrate how important internal ownership and an active audit function are to raising the standard of sustainability accountability and transparency.

This study aims to analyze the relationship between managerial ownership, institutional ownership, audit committee, and research and development (R&D) expenses on Intellectual Capital Disclosure (ICD) in healthcare sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Intellectual Capital Disclosure is essential as it reflects a company’s ability to manage knowledge, innovation, and human resources that serve as its competitive advantage. This research employs a quantitative approach using the total sampling method, where all healthcare sector companies that meet the criteria are included as samples. Secondary data were obtained from annual reports and analyzed using panel data regression with the assistance of Stata 19 software. Model selection was conducted through Chow, Hausman, and Lagrange Multiplier (LM) tests, with the results indicating that the Random Effect Model (REM) was the most appropriate model to use. The results show that managerial ownership, institutional ownership, and audit committee have negative and insignificant relationships with Intellectual Capital Disclosure. In contrast, research and development activities have a positive and significant relationship with Intellectual Capital Disclosure.

This study is motivated by the importance of financial report transparency in property and real estate companies, particularly regarding earnings management practices that may affect the quality of information for stakeholders. The purpose of this research is to analyze the effect of tax planning, free cash flow, sales growth, and managerial ownership on earnings management in property and real estate companies during the 2020–2023 period. The method employed is a quantitative approach using multiple linear regression analysis with SPSS Version 29. The research sample consists of 21 companies over four years of observation, resulting in 84 financial reports as the research data. The analysis results indicate that sales growth and free cash flow have a positive influence on earnings management, whereas tax planning and managerial ownership show no significant effect. This study confirms that internal factors such as sales performance and cash flow management are more dominant in influencing earnings management compared to ownership aspects or tax strategies. Therefore, companies are advised to focus more on operational efficiency and cash flow management, as well as to enhance governance quality to minimize earnings management practices.

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.

This research aimed to examine the effect of environmental accounting disclosure and good corporate governance mechanisms on the financial performance of basic industry and chemical manufacturing companies listed on the Indonesia Stock Exchange for the period 2021-2023. This research used a quantitative causal approach with multiple linear regression data analysis to examine the relationship between environmental accounting disclosure and good corporate governance mechanisms (managerial ownership, institutional ownership, independent board of commissioners, and audit committee) on financial performance. The research data was obtained from secondary data in the form of financial reports and annual reports of the companies included in the sample. The results of this research indicated that, partially, environmental accounting disclosure did not have a significant effect on financial performance. Good corporate governance mechanisms, namely managerial ownership, institutional ownership, and independent boards of commissioners, did not have a significant effect on financial performance. Meanwhile, audit committees did not have a significant effect on financial performance. Simultaneously, environmental accounting disclosure and good corporate governance mechanisms had a significant effect on financial performance.

This study aims to analyze and determine how managerial ownership, firm size, leverage, and capital structure affect financial performance in insurance companies listed on the Indonesia Stock Exchange from 2019 to 2022. The study focused on 15 companies that met the sample criteria and were deemed representative of the Indonesian insurance industry during that period. The data used in this study were sourced from officially published company financial reports. Furthermore, the data was processed using Microsoft Excel 2018 and SPSS version 25 software to ensure accurate analysis results. The analysis method used was multiple linear regression, as it is considered appropriate for testing the influence of more than one independent variable on the dependent variable. This approach allows the researchers to identify whether each independent variable has a significant effect on financial performance when tested simultaneously. The results showed consistent findings across all variables. First, managerial ownership has a positive and significant effect on financial performance. This indicates that the higher the managerial ownership, the better the alignment of interests between managers and shareholders, leading to improved financial outcomes. Second, company size also has a positive and significant effect on financial performance, meaning the larger the company, the better the performance. Furthermore, leverage has been shown to have a positive and significant effect on financial performance. This suggests that optimal use of debt can enhance company performance by providing additional resources for growth. Finally, capital structure also has a positive and significant effect on financial performance, indicating that the right combination of debt and equity can increase company value. Overall, the findings highlight the importance of financial and managerial decisions in shaping the performance of insurance companies in Indonesia during the observed period.

The Dividend Payout Ratio (DPR) changes in food and beverage companies listed on the Indonesia Stock Exchange between 2019 and 2023, which reflect shifts in dividend policy, are what spurred this study.  Dividend policy is important since it helps to win over investors.  Nonetheless, management frequently has to decide whether to pay dividends or keep profits for investments.  Finding out how management ownership, profitability, leverage, and business size affect dividend policy in food and beverage companies listed on the Indonesia Stock Exchange is the aim of this study. This study is classified as a quantitative causality study.  50 food and beverage firms made up the sample, which was selected using a purposive sampling technique.  The SPSS version 25 multiple linear regression software was used to examine these data.  This study demonstrates that the dividend policy of companies in the food and beverage sector listed on the Indonesia Stock Exchange is influenced, in part, by management ownership, profitability, leverage, and company size.  Conversely, the dividend policy of companies in the food and beverage sector listed on the Indonesia Stock Exchange is influenced by management ownership, profitability, leverage, and company size.

This study aims to analyze the influence of Accounting Conservatism, Corporate Governance, and Financial Distress on Tax Aggressiveness in non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2019 to 2023. This study uses a quantitative approach with secondary data in the form of annual financial reports of sample companies. Sampling was carried out using a purposive sampling technique, resulting in 14 companies that met the research criteria with a total of 70 observations over five years. The analysis method used is panel data regression, and testing was conducted using E-Views 12 software. The main objective of this study is to determine the extent to which conservatism practices in financial reporting, corporate governance, and the company's financial condition (in the context of financial distress) can influence the company's tendency to engage in tax aggressiveness, namely efforts to minimize the tax burden legally but aggressively. The results of the study indicate that simultaneously, the three independent variables—accounting conservatism, corporate governance, and financial distress—have a significant influence on tax aggressiveness. However, only corporate governance (as proxied by institutional ownership) and financial distress were found to have a significant influence on tax aggressiveness. In contrast, accounting conservatism and corporate governance, as proxied by managerial ownership, did not show a significant influence. These findings suggest that companies with high institutional ownership tend to be better able to control aggressive tax management practices, while financial distress encourages management to seek tax efficiency measures as a survival strategy. This research contributes to the interests of regulators and stakeholders in understanding the factors influencing tax aggressiveness in vital industrial sectors such as non-cyclical consumer goods.

This study aims to analyze the influence of Good Corporate Governance (GCG), intellectual capital, and leverage on firm value in technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. GCG is measured through three indicators: managerial ownership, institutional ownership, and the presence of an audit committee. Intellectual capital is measured using the Value Added Intellectual Coefficient (VAIC™) method, while leverage is measured using the Debt to Equity Ratio (DER). Firm value as the dependent variable is measured using the Tobin's Q ratio. This study uses a quantitative approach with secondary data obtained from annual reports and financial statements of companies accessed through the official IDX website and each company's website. A purposive sampling technique was used to determine the sample, and eight companies were obtained with a total of 32 observation data over a four-year period. The results show that leverage has a significant effect on firm value, indicating that appropriate and proportional debt structure management is a key factor in increasing the value of companies in the technology sector. Meanwhile, managerial ownership, institutional ownership, the presence of an audit committee, and intellectual capital did not show a significant effect on firm value. This suggests that, in the technology sector, external financing strategies play a greater role than internal company factors such as ownership structure and intangible assets. These findings are expected to serve as a reference for company management and investors in formulating financing policies and managing knowledge-based resources.  

This study aims to explore and understand the impact of various internal corporate governance and financial structure variables on firm value, specifically within the context of the Indonesian banking sector. The variables examined include company size, capital structure, managerial ownership, institutional ownership, and the presence of independent commissioners. The study focuses on companies listed on the Indonesia Stock Exchange during the period from 2022 to 2024. A quantitative research approach was employed, using purposive sampling to select banking firms that met the criteria for analysis. The data were analyzed using multiple linear regression to determine the individual and simultaneous influence of each variable on firm value. The empirical findings reveal that company size does not have a significant effect on firm value, indicating that larger asset bases or broader operations are not necessarily associated with higher market valuation in the banking sector. Conversely, capital structure—reflected by the proportion of debt to equity—has a positive and significant effect, suggesting that leverage, when managed efficiently, enhances firm value. Meanwhile, managerial ownership does not show a notable contribution to firm value, implying that insider ownership may not always align with shareholder interests. On the other hand, institutional ownership exerts a positive and significant influence, indicating that the presence of large, professional investors can enhance oversight and value creation. Finally, the presence of independent commissioners does not significantly impact firm value. Overall, the results highlight that, although not all governance variables have a direct individual influence, the five variables studied jointly have a significant effect on firm value. These findings have implications for corporate governance practices and financial decision-making in the banking sector, especially in emerging markets such as Indonesia.