Mekanisme Tata Kelola Perusahaan dan Kinerja Keuangan: Studi pada Perusahaan LQ 45
DOI:
https://doi.org/10.35870/jemsi.v11i6.5130Keywords:
Corporate Governance, Board of Directors, Audit Committee Meeting, Managerial ownership, Institutional OwnershipAbstract
This study examines the effect of corporate governance mechanisms on financial performance in companies that joined the LQ45 index during the 2020-2024 period. Corporate governance is proxied by the number of board members, the percentage of independent commissioners, the frequency of audit committee meetings, management share ownership, and institutional ownership. This study uses company size and leverage as control variables. The population of this study is companies listed on the LQ45 Index for the 2020-2024 period. The sample was selected using a purposive sampling technique, resulting in 205 data sets. The research data were obtained from the company's financial statements and annual reports. The results of hypothesis testing using multiple linear regression indicate that institutional ownership has a significant positive effect on company performance. Conversely, board size, the proportion of independent commissioners, the frequency of audit committee meetings, and managerial ownership have a significant negative effect on financial performance. These results confirm that not all aspects of corporate governance have a positive effect on financial performance, necessitating an evaluation of the effectiveness of the implemented governance structure. This study provides recommendations for management, investors, and regulators to strengthen corporate governance to encourage optimal financial performance.
Downloads
References
Addina, C., Harmain, H., & Syahriza, R. (2023). Pengaruh proporsi komisaris independen dan komite audit terhadap kinerja keuangan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2016-2020. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 135–146. https://doi.org/10.37641/jiakes.v11i1.1616.
Amukti, B. A. R., & Sampurno, R. D. (2023). Pengaruh karakteristik dewan direksi terhadap kinerja perusahaan dengan pertumbuhan penjualan dan leverage sebagai variabel kontrol (studi kasus pada perusahaan LQ-45 tahun 2016-2021). Diponegoro Journal of Management, 12(1), 1–11.
Cahyani, A. P., Indarti, M. G. K., & Widiatmoko, J. (2024). Pengaruh komite audit, karakter dan kompensasi eksekutif terhadap penghindaran pajak pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2018-2022. Journal of Economic, Business and Accounting (COSTING), 7(4), 9101–9113. https://doi.org/10.31539/costing.v7i4.8981.
Gede Dito Sanjaya, N. W. Y. D., & M. D. A. (2024). Pengungkapan kinerja keberlanjutan pada perusahaan perbankan BEI tahun 2018-2022. [Jurnal tidak disebutkan], 2, 955–968.
Haryani, N. I., & Susilawati, C. (2023). The effect of board of commissioners size, board of directors size, company size, institutional ownership, and independent commissioners on financial performance. Journal of Economic, Business and Accounting, 6(2), 2425–2435.
Henryanto Wijaya, J. G. (2020). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan ukuran perusahaan terhadap kinerja perusahaan manufaktur. Jurnal Paradigma Akuntansi, 2(4), 17–18. https://doi.org/10.24912/jpa.v2i4.9367.
Indarti, M. G. K., Faisal, F., & Yuyetta, E. N. A. (2023). Quality of audit committee as a moderating effect between shareholding structure and intellectual capital disclosure in Indonesian banking companies. International Journal of Applied Economics, Finance and Accounting, 16(1), 97–105. https://doi.org/10.33094/ijaefa.v16i1.925.
Indarti, M. G. K., Widiatmoko, J., & Pamungkas, I. D. (2020). Corporate governance structures and probability of financial distress: Evidence from Indonesia manufacturing companies. International Journal of Financial Research, 12(1), 174. https://doi.org/10.5430/ijfr.v12n1p174.
Indarti, M. G. K., Widiatmoko, J., Badjuri, A., & Ambarwati, T. (2021). Determinan konservatisme akuntansi: Studi empiris pada perusahaan manufaktur di Bursa Efek Indonesia. Jurnal Akuntansi Indonesia, 10(2), 161–174.
Indarti, M., Faisal, F., Yuyetta, E., & Widiatmoko, J. (2021). Corporate governance mechanisms and real earnings management: Evidence from Indonesia. https://doi.org/10.4108/eai.1-10-2020.2304918.
Lukito, H., & Abubakar Arief. (2024). Pengaruh komite audit, dewan komisaris independen, dewan direksi, dan kepemilikan manajerial terhadap kinerja keuangan perusahaan. Jurnal Ekonomi Trisakti, 4(2), 1111–1122. https://doi.org/10.25105/jet.v4i2.21012.
Meiliana, M., & Julia, I. (2022). Analisis pengaruh struktur dewan direksi terhadap kinerja perusahaan. Global Financial Accounting Journal, 6(1), 170. https://doi.org/10.37253/gfa.v6i1.6683.
Novita Sari, B. P. P. (2022). Students’ understanding, attitude and experience on dishonesty and plagiarism: How undergraduate and postgraduate students of English education resemble and/or differ. JOALL (Journal of Applied Linguistics and Literature), 8(1), 1–18. https://doi.org/10.33369/joall.v8i1.20968.
Pramudityo, W. A., & Sofie. (2023). Pengaruh komite audit, dewan komisaris independen, dewan direksi dan kepemilikan institusional terhadap kinerja keuangan perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3873–3880. https://doi.org/10.25105/jet.v3i2.18026.
Prastyanti, T. R., Indarti, M. K., & Widiatmoko, J. (2024). Meningkatkan kualitas laba melalui corporate governance. Jurnal Ilmiah Universitas Batanghari Jambi, 24(2), 1565. https://doi.org/10.33087/jiubj.v24i2.4299.
Setyowidi, M. N., Goreti, M., Indarti, K., Akuntansi, P. S., & Semarang, U. S. (2024). Corporate governance dan tax avoidance: Studi empiris pada perusahaan manufaktur di Bursa Efek Indonesia. [Jurnal tidak disebutkan], 7(3), 661–674.
Thalia Arum Kurniawati, M. G. K. I., & Widiatmoko, J. (2025). Pengaruh tata kelola perusahaan terhadap kinerja keuangan perusahaan manufaktur, 20(01), 229–241.
Tiffany, M., & Salhami, V. (2024). The effect of the board of directors on firm performance: The moderating role of family. [Jurnal tidak disebutkan], 7(2), 257–274.
Tryani, S., Lusiana, L., & Azizi, P. (2024). Pengaruh ukuran perusahaan dan kepemilikan manajerial terhadap kinerja keuangan dengan pertumbuhan perusahaan sebagai variabel moderating pada perusahaan pertambangan. Trending: Jurnal Ekonomi, Akuntansi, dan Manajemen, 2(2), 35–51.
Wardhani, W. K., & Samrotun, Y. C. (2020). Pengaruh kepemilikan institusional, kepemilikan manajerial, ukuran perusahaan dan leverage terhadap integritas laporan keuangan. Jurnal Ilmiah Universitas Batanghari Jambi, 20(2), 475. https://doi.org/10.33087/jiubj.v20i2.948.
Wicaksono, A. D. (2024). Corporate governance mechanisms on earnings management in the Indonesian banking sector, 4(1), 51–59. https://doi.org/10.47153/afs41.9072024.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Khofifah Alivia Irara, Maria Goretti Kentris Indarti, Jacobus Widiatmoko
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
