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Pengaruh Kebijakan Dewan Direksi dan Komite Audit terhadap Kinerja Perusahaan Consumer-Non Cyclicals Pitutur, Fajar Jati; Abdul Rahman, Johan Nazwar; Lestari, Henny Setyo; Leon, Farah Margaretha
REVITALISASI : Jurnal Ilmu Manajemen Vol 14 No 1 (2025): REVITALISASI : Jurnal Ilmu Manajemen
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/revitalisasi.v14i1.6726

Abstract

This study aims to analyze the influence of board of directors and audit committee characteristics on the performance of consumer non-cyclicals sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The examined board of directors' characteristics include board size, gender diversity (female board), the number of board meetings, financial expertise (board financial expert), and board tenure. Meanwhile, the analyzed audit committee characteristics cover audit committee size and the number of audit committee meetings. Corporate performance is measured using return on assets (ROA). This research utilizes secondary data from financial and annual reports of 55 companies selected through purposive sampling. The findings reveal that the independent variables of female board, board financial expert, and audit committee meeting have a significant negative effect, while the independent variables of board size, board meeting, board tenure, and audit committee size have a significant positive effect on ROA. This study makes a significant contribution to corporate governance development, particularly in understanding how the characteristics of the board of directors and audit committee can support improved company performance.
Impact Of Capital Structure, Intangible Assets, And Effective Tax Rate On Corporate Performance Amirah, Nishrina Nurul; Rezalia, Vinny; Lestari, Henny Setyo; Margaretha, Farah
BIMA Journal (Business, Management, & Accounting Journal) Vol. 6 No. 1 (2025)
Publisher : Perkumpulan Dosen Muda (PDM) Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37638/bima.6.1.683-690

Abstract

Purpose: This research investigates the effects of financial management strategies, specifically debt levels, intangible assets, and tangibility, on firm performance, measured by Return on Assets (ROA) and Tobin’s Q. It aims to delineate how these strategies influence operational efficiency and market valuation across various sectors. Methodology: Utilizing a quantitative approach, the study analyzes data from firms in infrastructure, media, and pharmaceutical sectors listed on the Indonesia Stock Exchange over 2019-2023. A fixed effects model is applied to understand the impact of financial strategies on firm performance. Results: The study finds that higher debt levels negatively affect profitability but positively influence market valuation. Intangible assets enhance operational profitability but have a mixed impact on market valuation, indicating a market challenge in valuing these assets accurately. Conversely, tangibility increases profitability but is perceived negatively in market valuation. Findings: The differential impact of financial strategies suggests that firms need to balance their asset and debt management to optimize both profitability and market perception. Novelty and Originality: This research contributes new insights into the nuanced roles of asset management in financial strategy, emphasizing sector-specific financial management practices. It highlights the complex interplay between financial decisions and firm performance, providing a nuanced understanding that aids strategic financial planning. Conclusion: Effective financial management involves balancing debt, tangibility, and intangible assets to enhance firm performance across various metrics. Future research could explore these relationships under different economic conditions and extend findings across other sectors. Type of Paper: Research Article
Pengaruh Dewan Direksi, Kepemilikan, dan Implementasi SDG terhadap Kinerja Keuangan di Sektor Konsumen Non-Siklikal Indonesia Berliana, Syntia Feby; Pudyanti, Stefani Dyah Retno; Lestari, Henny Setyo; Muchtar, Susy
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8396

Abstract

This study aims to analyze the effect of board characteristics, ownership attributes, and SDG implementation on corporate financial performance in Indonesia’s consumer non-cyclical sector. The research uses a quantitative approach with secondary data collected from 41 publicly listed companies between 2022 and 2024. Financial and sustainability reports were used as sources, and the data were analyzed using panel data regression. The findings reveal that female board membership and sales growth have a positive impact on long-term capital efficiency (ROCE), while board independence and institutional ownership negatively affect it. Foreign ownership significantly improves short-term profitability (ROA), while SDG implementation shows a trade-off—reducing ROA but enhancing ROCE. Leverage and firm age positively affect ROA but reduce ROCE, whereas firm size shows the opposite pattern. These results underline that governance mechanisms and corporate characteristics have mixed effects on different dimensions of financial performance. The study provides insights for corporate managers to refine governance strategies and for investors to better evaluate firm fundamentals. Future studies are encouraged to include qualitative approaches and cross-sectoral comparisons to broaden the analysis.
The Influence of Corporate Governance, Audit Quality, and Investment Decisions on Firm Performance in the Chemical Manufacturing Industry Subsector in Indonesia Wibowo, Risa Alex; Hizana, Muhammad Ismi; Lestari, Henny Setyo; Muchtar, Susy
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8418

Abstract

This study aimed to analyze the influence of corporate governance, audit quality, and investment decisions on the performance of manufacturing companies in the basic and chemical industries sub-sectors listed on the Indonesia Stock Exchange for the period 2020–2024. The research sample consisted of 23 companies selected using the purposive sampling method. Data were obtained from audited financial statements and annual reports, analyzed using panel data regression (FEM and REM) through the E-views 9 application, and considered the potential for endogeneity in the model. The results showed that the size of the board of directors had no effect on the company's performance, while the participation of women on the board had a significant positive influence on performance (ROA, ROE, and ROS). Board size has no effect on ROA and ROS, but has a significant negative effect on ROE. Audit quality, leverage, liquidity, fixed assets, and intangible assets had no effect on ROA and ROE, while company size had a significant positive influence on all three performance indicators. Investment decisions are proven to have no effect on the company's performance. The implication of this research is the importance of increasing regulation and supervision of corporate governance, especially in strengthening the role of women on the board of directors. The government is advised to continue to encourage good governance practices in this sector as a long-term strategy to maintain the stability and sustainability of corporate financial performance
The Role Of Ambidextrous Leadership Moderates The Effect Of Supply Chain Network Risk Drivers On Financial Performance Arya Irawan Putra Palguna; Bahtiar Usman; Henny Setyo Lestari
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 5 (2025): JIMKES Edisi September 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i5.3866

Abstract

This study aims to examine the influence of supply chain network risk drivers on supply chain exploration and exploitation practices and their implications for financial performance. This research uses a quantitative approach with descriptive and verification methods. The observational units consisted of 92 executives from manufacturing companies listed on the Indonesia Stock Exchange. The findings reveal that supply chain network risk negatively impacts exploration and exploitation practices, with implications for company financial performance. Exploitation has a positive and significant impact on financial performance, whereas exploration does not exhibit a significant effect. Although the direct effect of network risk on financial performance is insignificant, ambidextrous leadership has been shown to positively and significantly moderate this relationship. The managerial implication of this study is that strengthening exploitation practices is key to maintaining financial performance when facing supply chain risks. Ambidextrous leadership plays a crucial role in transforming the impact of risks into opportunities by emphasizing the need for adaptive leadership in uncertain situations. This research is original in its study of the moderating role of ambidextrous leadership in the risk-performance relationship, a study that is still limited in operations management and supply chain studies.   Keywords: Supply Chain Network Risk Drivers, Supply Chain Exploration & Exploitation practices, Ambidextrous Leadership and Firm Financial Performance.
Pengaruh Karakteristik Dewan dan Struktur Kepemilikan Terhadap Kinerja Keuangan Perbankan di Indonesia Adhi Nugroho; Dita Evelyn Elintra Kloko; Henny Setyo Lestari; Farah Margaretha
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 4 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i4.6513

Abstract

To analyze the effect of board independence, board size, board meetings, managerial ownership, foreign ownership and control variables, namely firm size and firm age on financial performance (Tobin's Q).  This research includes quantitative research. The sample in this study were 38 banks in Indonesia with 190 observations in 5 years (2019 - 2023). The data used is secondary data and the data is obtained from companies that publish financial reports and annual reports. The sample withdrawal technique in this study is based on purposive sampling method with certain criteria. Panel data regression analysis was used in this study with the Eviews 12 software analysis tool. The results of this study are Board independence has an effect on financial. Board size has no effect on financial performance as expressed by Tobin's Q. Board meetings have an effect on financial performance. Managerial ownership has no effect on financial performance.  Foreign ownership has no effect on financial performance. Firm size affects board characteristics and ownership on financial performance.  Firm age does not affect board characteristics and ownership on financial performance. 
Co-Authors Abdul Rahman, Johan Nazwar Abdullah, M. Hussin Adawiyah, Wiwik Robiatul Adhi Nugroho Adli Saputra Aekram Faisal Afrizal Elgi Agus Budi Hartono Agustine, Elsa Aisyah Putri Nabila Akbar, Ilham Cahyo AKBAR, MAULANA Alfad Alfarizki Alfadhilo Rolandnic Korgiza Alfian Zata Thirafi Alif Satria Ichsan Alifyyah Putri Ajar Setiadi Alya Nisrina Hafsyah Amanda Jonatan Puteri Amirah, Nishrina Nurul Annisa Yasmine Adeputri Badan Anton Anugrah, Fatimah Ladiza Nuradhelia Aprilriani, Giya Aprilriani, Giya Ardana, I Dewa Ayu Nadya Dhanari Kirana Arya Irawan Putra Palguna Asep Hermawan Ayu Purbaningrum Ayu Wulandari Azura, Amelinda Fairuz Bahtiar Usman Bahtiar Usman Bahtiar Usman Bahtiar Usman, Bahtiar BAMBANG SUSILO Bangun, Bastanna Erlayas Bayu Malindo Putra Berliana, Amalia Mega Berliana, Syntia Feby Budiman, Thomas Chintia, Helda Christianto, Yeriko Bagas Christy Yanwar Yosapat Dabo, Mia El Darmawan, Andik Rusdi Deany Putri Aprilia Deci Novesa Carani Dewi ANGGRAENI Dewi, Pramesti Baskoro Dewi, Rosiana Dhetoriana Permatasari Dita Ayu Nurani Dita Evelyn Elintra Kloko Djaja, Kerstan Nathanael Dwi Safitri, Maharani Dheva Edwiga, Taqwa Ananda Eki Veronika Erny Tajib Eston, Maria Albertina Dewanti Fadilla, Akhmal Aries Fahar, Intan Nibras Fajar Rahmana Fanu, Ridhan Azka Hani Farah Margaretha FARAH MARGARETHA Farah Margaretha Leon FARDINI RAHMA DEWI Fariz Alfiknacio Abdat Ferina Ainul Latiefa Fibby Luthfia Georgina Maria Tinungki Hadyan, Kamal Hartini Hartini Haura Raihana Tsani Effendi Hendro Prasetio Herman Situmorang Hizana, Muhammad Ismi Ida Susanti Ignatius, Bayiuaji Indra Maulana Indra Saputra Indri Safitri Indriyantini, Dhiya Faza Ivan Wiryawan Jamaludin . Jannatul Mawah, Nana Jatmiko, Putut Jerry Ananta Ginting Joseph Hendryawan Krisantanu Splendid JR. Dwi Mas Sukma Agung Karnasi, Reniati Kemal Reza Kholis, Muhammad Shofy Muhaiminu Kurnia Yuniarti Kusumo, Prasetiyo Hadi Laksono, Wafi Suryo Latifah Herman Leon, Farah Margaretha Mafaza, Jihan Maharani Dheva Dwi Safitri Maharestu, Aruna Ardya Mahsa Hisanah Dalilah Marji Uliansyah Mega Mersela Mela Aryasari Mendieta, Ariska Carollina Milah Fadhilah Kusuma Fasihu Muhamad Albarr Khairan Muhammad Akmal Alauddin Muhammad Evirel Frasya Muhammad fauzan Muhammad Rizki Zhafran Muhammad Rizky Muhimah, Khoirul Mutyarawati, Herlita Nabilah Salma Hersyandana Nadia Trisanti Nida Abdilla Ritonga nirdukita ratnawati, nirdukita Noviana Dwi Mas'ula Nurhaliza, Riqqah Nurul Inayah Nuury Nurmelia Oscar, Yosia Panjaitan, Zulkarnain Pertiwi, Silva Nurbaiti Perwitasari, Indah Pitoyo, Mikha Merianti Pitriana, Ida Pitutur, Fajar Jati Powell Gian Hartono Pradana, Firmansyah Adhitya Pratama, Bayu Aji Pratama, Kelvin Pudyanti, Stefani Dyah Retno Purwidyasari, Scholastica Meillia Puspita, Grace Febiola Putra, Daffa Ikhsan Putri, Fara Ghassani Putri, Rizky Anugrah Raas, Asdi Aprilian Husnadarari Rafi Altaf Tjaputra Rahadiansyah, Reska Budi Rahmadina Ardelia Rahmawati Rahmawati Ramadhanti, Mutiara Reniati Karnasi Renny Risqiani Reskika, Nadira Rezalia, Vinny Rian Rizki Hidayat Riantino Septian Ricardo, Wilson Richy Wijaya Rika Maryani Rina Hartanti Ringke Dirdia Rizki Amelia Rizky Ramzi Rahmawan Rosidah Panjaitan Safitri, Dilla Ulfiani Sajida, Yusrina Almas Sarah Ayu Larasati Sastraprawira, Mohamad Zahran Danes Seno Banyu Aji Yudha Pratama Serly Permatasari Sihite, Sola Grace Lasmaria Simamora, Asnita Simanjorang, Grecia Alvionita Srie Wijihastuti Subri, Ahadi Suhardono, Adhyatma Ndaru Sulistomo, Akmal Susy Muchtar, Susy Syahid, Aliah Muthiah Syahpria, M Fadly Syarlla Martiza Eka Putri Syofriza Syofyan Tambunan, Alexandria Leonard Tenika, Eiyagina Tiara Puspa Tiarapuspa Trisnawati Trisnawati Veren Velicia Natalie Veronika Mutianingsih Villia Nikmatul Khasanah, Villia Nikmatul Wardana, Nofrizal Bagas Wibowo, Risa Alex Wicaksono, Ignatius Henry Wiguna, Utomo Adi Wijaya, Dewi Deliana Wina Winarto, Reza Muhamad Wiwi Handayani Wulansari Dewi Y. Agus Bagus Budi N Yasminawati, Anjani Yuannitha, Indri Ilma Yudha Pratama Hendrawan Yunita Kusumaningrum Yunita Kusumaningrum Yusfania, Bilkis Yusia Bela Zulfa Sukainah