Mekanisme Tata Kelola Perusahaan dan Kinerja Keuangan: Studi pada Perusahaan LQ 45

Abstract

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.

Keywords

Corporate Governance; Board of Directors; Audit Committee Meeting; Managerial ownership; Institutional Ownership