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All Journal Jurnal Manajemen Terapan dan Keuangan JDM (Jurnal Dinamika Manajemen) Media Ekonomi dan Manajemen MABIS Jurnal Ilmiah Universitas Batanghari Jambi IJBE (Integrated Journal of Business and Economics) MBR (Management and Business Review) Jurnal Informatika Ekonomi Bisnis Jurnal Pengabdian Kepada Masyarakat Relevance: Journal of Management and Business Jurnal Ilmiah Ilmu Terapan Universitas Jambi Benefit : Journal of Bussiness, Economics, and Finance Jurnal Informatika Ekonomi Bisnis
Arif Budi Satrio
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The Role of Good Corporate Governance in Mitigating Financial Constraints Elryanti; Satrio, Arif Budi
Jurnal Informatika Ekonomi Bisnis Vol. 7, No. 4 (December 2025)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/infeb.v7i4.1327

Abstract

Understanding the role of good corporate governance in mitigating financial constraints is increasingly urgent due to fluctuating capital market pressures. Access to external financing determines their ability to invest and ensure company sustainability. This study aims to analyze the role of corporate governance in the dynamics of funding access for companies in the non-primary consumer goods sector in Indonesia during the 2020-2024 period. Funding access reflects financial constraints using the SA Index as a proxy, while corporate governance is determined based on structural indicators and governance disclosure. The results of the regression modeling analysis indicate that companies with better governance tend to face lower funding constraints. This study concludes that governance plays a significant role in strengthening company credibility and reducing financing risks. These findings are useful as they can serve as a basis for companies and stakeholders in formulating more effective governance strategies and funding policies.
MERGERS AND ACQUISITIONS IN DEVELOPING COUNTRIES: IS GENDER DIVERSITY DESIRABLE? Satrio, Arif Budi
Jurnal Ilmiah Ilmu Terapan Universitas Jambi Vol. 10 No. 1 (2026): Volume 10, Nomor 1, February 2026
Publisher : LPPM Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jiituj.v10i1.38044

Abstract

This study investigates the impact of gender diversity on target firms’ supervisory boards on merger and acquisition (M&A) decision-making in Indonesia, an emerging market characterized by concentrated ownership, weak shareholder protection, and the absence of gender quotas. While previous M&A studies have been viewed from the acquirer’s perspective, this study shifts the lens to the target firm’s governance structure, explicitly focusing on board gender composition. Drawing on resource dependence theory, agency theory, absorptive capacity theory, upper-echelons theory, and critical mass theory, this study aims to explain how board structure can affect a firm’s strategic outcomes. The investigation is conducted using robust regression on a comprehensive dataset of public companies in Indonesia that engaged in M&A activities between 2004 and 2022, spanning two crisis periods. The results show that larger supervisory boards are negatively associated with M&A activity, consistent with entrenchment concerns. Interestingly, although male-dominated boards tend to resist M&A attempts, females on the board, especially at the top, increase the likelihood of M&A. These findings contribute to the corporate governance literature by highlighting the strategic role of females on corporate boards in emerging markets, supporting the critical mass theory. The study shows that female leadership can influence high-level strategic decisions without regulatory mandates. These insights have practical implications for regulators and companies aiming to improve corporate governance effectiveness toward diversity rather than imposed quotas. Future studies could expand on these findings through cross-country comparisons and qualitative boardroom dynamics.
Corporate Governance Perception Index and Firm Performance in Indonesia Satrio, Arif Budi
Media Ekonomi dan Manajemen Vol 37, No 2 (2022): July 2022
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24856/mem.v37i2.2884

Abstract

The unique business environment and inconclusive findings make it interesting to conduct investigations related to corporate governance and performance in Indonesia. The investigation is carried out on all firms on the Indonesia Stock Exchange, which The Indonesian Institute for Corporate Governance has surveyed for almost two decades (2001 to 2019). The test results find a significant relationship between corporate governance and firm performance. This study underscores the importance of stakeholders in making a collective contribution to the firm. A series of tests have been carried out to validate these findings, and the results remain robust. This finding has important contributions and implications for regulators and firms, especially in developing countries.
The Role of Good Corporate Governance in Mitigating Financial Constraints Elryanti; Satrio, Arif Budi
Jurnal Informatika Ekonomi Bisnis Vol. 7, No. 4 (December 2025)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/infeb.v7i4.1327

Abstract

Understanding the role of good corporate governance in mitigating financial constraints is increasingly urgent due to fluctuating capital market pressures. Access to external financing determines their ability to invest and ensure company sustainability. This study aims to analyze the role of corporate governance in the dynamics of funding access for companies in the non-primary consumer goods sector in Indonesia during the 2020-2024 period. Funding access reflects financial constraints using the SA Index as a proxy, while corporate governance is determined based on structural indicators and governance disclosure. The results of the regression modeling analysis indicate that companies with better governance tend to face lower funding constraints. This study concludes that governance plays a significant role in strengthening company credibility and reducing financing risks. These findings are useful as they can serve as a basis for companies and stakeholders in formulating more effective governance strategies and funding policies.
Co-Authors Elryanti Maria Kontesa Sanjaya, Randy Sisca Contesa Theresia Contesa Thomas Averio Vernando, Hengky