Corporate Governance Index and Financial Performance: Mediated by the Risk Management Committee
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Dec 28, 2024
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Abstract
The influence of election politics on management risk in companies as well as the influence of politics on financial performance. This research aims to analyze the influence of the corporate governance index on financial performance mediated by the risk management committee (RMC), especially in the consumer goods industry which is a priority for consumers. This research used a quantitative and purposive sampling technique where the sample is 85 listed consumer goods companies on the Indonesian stock exchange from 2018-2022. The data analysis method in this research is multiple regression. The conclusion that can be drawn is that corporate governance can influence financial performance depending on several measurements. The results of this test provide a significant relationship between corporate governance and financial performance measurement by ROE, Tobin’s Q, EVA and TSR ratios mediated by the risk management committee.
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References
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Gouiaa, R. (2018). Analysis of the effect of corporate governance attributes on risk management practices. Risk Governance and Control: Financial Markets and Institutions, 8(1), 14–23. https://doi.org/10.22495/rgcv8i1art2
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Al-Homaidi, E. A., Almaqtari, F. A., Ahmad, A., & Tabash, M. I. (2019). Impact of corporate governance mechanisms on financial performance of hotel companies: Empirical evidence from India. African Journal of Hospitality, Tourism and Leisure, 8(2), 1–21.
Alhaj, A., Mansor, N., & Hashim, U. J. (2022). The effect of risk management committee and ownership concentration on firm performance in emerging markets: Empirical evidence from Malaysia. Journal of Positive School Psychology, 6(8), 3262–3284.
Amrie Firmansyah, N. D. (2021). Peran tata kelola perusahaan dalam kinerja operasional dan kinerja pasar di Indonesia. Jurnal Ekonomi, 26(2), 196. https://doi.org/10.24912/je.v26i2.746
Anita, A., & Amalia, D. P. (2021). Pengaruh tanggung jawab sosial terhadap kinerja keuangan: Struktur kepemilikan sebagai variabel moderasi. Jurnal Ekonomi Modernisasi, 17(1), 54–68. https://doi.org/10.21067/jem.v17i1.5283
Anjelina. (2020). Pengaruh praktik tata kelola perusahaan pada kinerja keuangan perusahaan. Conference on Business, Social Sciences and Innovation Technology, 1, 59–64. http://journal.uib.ac.id/index.php/cbssit
Armansyah, A., & Aprilia, K. (2022). Pengaruh kepemilikan institusional dan tata kelola perusahaan terhadap kinerja perusahaan. Diponegoro Journal of Accounting, 11(2), 1–13.
Bastomi, M., Salim, U., & Aisjah, S. (2017). The role of corporate governance and risk management on banking financial performance in Indonesia. Jurnal Keuangan Dan Perbankan, 21(4), 589–599. https://doi.org/10.26905/jkdp.v21i4.1285
Bhasin, M. L. (2017). A Study of Economic Value Added Disclosures in the Annual Reports: Is EVA a Superior Measure of Corporate Performance? The East Asian Journal of Business Management, 5(1), 10–26. https://doi.org/10.20498/eajbe.2017.5.1.10
Bhatt, P. R., & Bhatt, R. R. (2017). Corporate governance and firm performance in Malaysia. Corporate Governance (Bingley), 17(5), 896–912. https://doi.org/10.1108/CG-03-2016-0054
Buallay, A., Hamdan, A., & Zureigat, Q. (2017). Corporate governance and firm performance: evidence from Saudi Arabia. Australasian Accounting, Business and Finance Journal, 11(1), 78–98. https://doi.org/10.14453/aabfj.v11i1.6
Budikasi, E. V., Jacob, P. W., & Budidarma, I. G. A. M. (2022). Pengaruh penerapan tata kelola perusahaan yang baik terhadap profitabilitas pada perusahaan consumer goods. Formosa Journal of Multidisciplinary Research, 1(5), 1165–1184. https://doi.org/10.55927/fjmr.v1i5.1039
Chandra, B., & Cintya, C. (2021). Upaya praktik Good Corporate Governance dalam penghindaran pajak di Indonesia. Jurnal Ekonomi Modernisasi, 17(3), 232–247. https://doi.org/10.21067/jem.v17i3.6016
Chandra, B., & Junita, N. (2021). Tata kelola perusahaan dan manajemen laba terhadap kebijakan dividen di Indonesia. Jurnal Ekonomi Modernisasi, 17(1), 15–26. https://doi.org/10.21067/jem.v17i1.5188
Coleman, M., & Wu, M. (2021). Corporate governance mechanisms and corporate performance of firms in Nigeria and Ghana. International Journal of Productivity and Performance Management, 70(8), 2319–2351. https://doi.org/10.1108/IJPPM-01-2020-0020
Dewi, M. (2018). Pengaruh kinerja keuangan dan risiko terhadap return saham pada perusahaan sektor consumer goods industry di BEI. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 1(1), 50–60. https://doi.org/https://doi.org/10.33060/jensi.v2i1
Dhea Aprilia, K. dan D. R. (2019). Analisis kinerja keuangan perbankan dengan profit sensitivity analysis. Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntanso, 3(1), 109–110.
El-Masry, A. A., Abdelfattah, T., & Elbahar, E. (2016). Corporate governance and risk management in GCC banks. Corporate Ownership and Control, 13(3), 8–16. https://doi.org/10.22495/cocv13i3p1
Farooq, M., Noor, A., & Ali, S. (2022). Corporate governance and firm performance: empirical evidence from Pakistan. Corporate Governance (Bingley), 22(1), 42–66. https://doi.org/10.1108/CG-07-2020-0286
Fendiyani, E. A., Kunthi, D. Z., & Hana, K. F. (2020). Pengaruh Pelaksanaan Pemilu Presiden Indonesia Tahun 2019 terhadap Return Saham JII70 di Indonesia. OECONOMICUS Journal Of Economics, 4(2), 146–168.
Fuadah, L. L., Arisman, A., Wardani, R. S., & Yunita, A. (2019). Corporate social responsibility mediates corporate governance index and financial performance in Indonesia. Academy of Accounting and Financial Studies Journal, 23(Special Issue 1), 1–8.
Gouiaa, R. (2018). Analysis of the effect of corporate governance attributes on risk management practices. Risk Governance and Control: Financial Markets and Institutions, 8(1), 14–23. https://doi.org/10.22495/rgcv8i1art2
Halim, E. H., Mustika, G., Sari, R. N., Anugerah, R., & Mohd-Sanusi, Z. (2017). Corporate governance practices and financial performance: The mediating effect of risk management committee at manufacturing firms. Journal of International Studies, 10(4), 272–289. https://doi.org/10.14254/2071-8330.2017/10-4/21
Haque, F., & Arun, T. G. (2016). Corporate governance and financial performance: An emerging economy perspective. Investment Management and Financial Innovations, 13(3), 228–236. https://doi.org/10.21511/imfi.13(3-1).2016.09
Harahap, L. R., Anggraini, R., Ellys, E., & Effendy, R. Y. (2021). Analisis rasio keuangan terhadap kinerja perusahaan PT Eastparc Hotel, Tbk (masa awal pandemi Covid-19). COMPETITIVE Jurnal Akuntansi Dan Keuangan, 5(1), 57. https://doi.org/10.31000/competitive.v5i1.4050
Ilyasa, Raihan, N. (2023). The implementation of ASEAN corporate governance scorecard on the consumer goods industry : The case of PT Unilever Indonesia. JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 7(3), 421–432.
Iqbal, S., Nawaz, A., & Ehsan, S. (2019). Financial performance and corporate governance in micro finance : Evidence from Asia $. Journal of Asian Economics Financial, 60, 1–13.
Itan, I., Laudeciska, L., Karjantoro, H., & Chen, R. (2023). Corporate governance and environmental disclosure: assessing the role of environmental performance. Riset Akuntansi Dan Keuangan Indonesia, 8(2), 132–144. https://doi.org/10.23917/reaksi.v8i2.2457
Kapaya, S. M., & Raphael, G. (2016). Bank-specific, industry-specific and macroeconomic determinants of banks profitability: Empirical evidence from Tanzania. International Finance and Banking, 3(2), 100. https://doi.org/10.5296/ifb.v3i2.9847
Kowalewski, O. (2016). Corporate governance and corporate performance: financial crisis (2008). Management Research Review, 39(11), 1494–1515. https://doi.org/10.1108/MRR-12-2014-0287
Liana, L. (2009). Penggunaan MRA dengan SPSS untuk menguji pengaruh variabel moderating terhadap hubungan antara variabel independen dan variabel dependen. Dinamik, 14(2), 90–97.
Mardianto, & Feeny. (2019). Pengaruh tata kelola perusahaan dan pengungkapan tanggung jawab sosial perusahaan terhadap kinerja keuangan dengan manajemen laba sebagai variabel mediasi. Diponegoro Journal of Accounting, 8(1), 1–15. http://ejournal-s1.undip.ac.id/index.php/accounting
Masyiyan, R. A., & Isynuwardhana, D. (2020). Analysis of financial perfomance with economic value added (EVA) method, market value added (MVA), and financial value added (FVA). JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 4(1), 117–125.
Muda, I., Maulana, W., Siregar, H. S., & Indra, N. (2018). The analysis of effects of good corporate governance on earnings management in Indonesia with panel data approach. Iranian Economic Review, 22(2), 599–625.
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good corporate governance, corporate social responsibility, firm value, and financial performance as moderating variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Munawaroh, Yuniarti, D., & Hayati, M. N. (2015). Analisis regresi variabel mediasi dengan metode kausal step (studi kasus: Produk domestik regional bruto (PDRB) perkapita di provinsi Kalimantan Timur tahun 2011-2013). Jurnal Eksponensial, 6(2), 193–199.
Murtina, W. S., Putra, W. E., & Yustien, R. (2022). Pengaruh good corporate governance terhadap penghindaran pajak (tax avoidance) (studi Empiris perusahaan perbankan terdaftar di BEI tahun 2015-2019). Jurnal Akuntansi Dan Auditing, 17(2), 47–66. https://doi.org/10.14710/jaa.17.2.47-66
Peny, & Meiliana. (2021). Pengaruh praktik tata kelola perusahaan terhadap kinerja keuangan perusahaan non-keuangan dimediasi manajemen risiko. Jurnal Pendidikan Akuntansi, 9(2), 417–426. https://doi.org/10.25134/jrka.v6i2.4392
Pintea, M. O., Pop, A. M., Dan Gavriletea, M., & Sechel, I. C. (2020). Corporate governance and financial performance: evidence from Romania. Journal of Economic Studies, 48(8), 1573–1590. https://doi.org/10.1108/JES-07-2020-0319
Putra, A. S., & Nuzula, N. F. (2017). Pengaruh corporate governance terhadap manajemen laba pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Jurnal Administrasi Bisnis, 47(Juni), 103–112. administrasibisnis.studentjournal.ub.ac.id
Rahayu, I., & Anggraeni, D. (2019). Corporate governance, corporate social responsibility and firm value: economic value added as the intervening variable. Proceeding UII-ICABE, 2018, 15–22. https://journal.uii.ac.id/icabe/article/view/14690
Rani, D. M. S., & Zergaw, L. N. (2017). Bank specific , industry specific and cacroeconomic determinants of bank profitability in Ethiopia. International Journal of Advanced Research in Management and Social Sciences, 6(3), 74–96.
Rehman, H., Ramzan, M., Haq, M. Z. U., Hwang, J., & Kim, K. B. (2021). Risk management in corporate governance framework. Sustainability (Switzerland), 13(9), 1–17. https://doi.org/10.3390/su13095015
Rimin, F., Bujang, I., Wong Su Chu, A., & Said, J. (2020). The effect of a separate risk management committee (RMC) towards firms’ performances on consumer goods sector in Malaysia. Business Process Management Journal, 27(4), 1200–1216. https://doi.org/10.1108/BPMJ-06-2020-0265
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