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All Journal Journal of Economics, Business, & Accountancy Ventura Indonesian Community Journal Media Riset Akuntansi Auditing & Informasi Journal of Accounting, Management and Economics Research Research of Accounting and Governance Research of Business and Management Journal of Entrepreneurship and Community Innovations Journal of Islamic Digital Economics and Management Research of Finance and Banking Research of Islamic Economics (RIE) Taxation and Public Finance Jurnal Riset Multidisiplin Edukasi
Sovi Ismawati Rahayu
Fakultas Ekonomi Dan Bisnis, Universitas YARSI, Jakarta
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Public Health Social Sciences Other

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Corporate Governance, Ownership Structure, CSR, and Firm Performance: Empirical Evidence from Indonesian Mining Firms Fakhri Maulidi; Sovi Ismawati Rahayu
Taxation and Public Finance Vol. 3 No. 2 (2026): JUNE 2026
Publisher : Santoso Academy Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/tpf.v3i2.462

Abstract

This study examines the influence of the independent board of commissioners, managerial ownership structure, firm size, and corporate social responsibility (CSR) on the performance of mining firms listed on the Indonesia Stock Exchange during 2017–2021. The study is grounded in agency theory, which explains the relationship between principals and agents in achieving effective corporate governance and organizational performance. Previous studies have reported inconsistent findings regarding the effects of governance mechanisms, ownership structure, firm size, and CSR on firm performance, particularly in the mining sector, creating a research gap that motivates this study. Using a quantitative approach, this study employs secondary data obtained from annual reports and financial statements of 14 mining firms selected through purposive sampling. Multiple linear regression analysis was used to examine the relationships among variables. The findings indicate that firm size significantly influences firm performance, whereas the independent board of commissioners, managerial ownership structure, and CSR do not have significant effects. This study contributes to the corporate governance and performance literature by providing empirical evidence from the Indonesian mining sector. The results offer practical implications for management in enhancing asset efficiency, governance quality, and long-term business sustainability.
Related Party Transactions and Corporate Governance in Business Group: Evidence from Indonesia Perdana Wahyu Santosa; Sovi Ismawati Rahayu; Zainal Zawir Simon; Martua Eliakim Tambunan
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 1 (2022): April - July 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i1.2719

Abstract

This paper aims to offer new evidence as to how sub-related party transactions (RPTs) can be related to corporate governance for Indonesia's business group. We address an ongoing theoretical tension and some recent research in the RPTs literature by focusing on revenue, expenses, loans, and receivables. Business groups are classified by size or market capitalization. This paper examines whether RPTs in the business group relate with domestic/foreign shareholders, independent board/commissioner, and firm size as controlling factors. The business groups wereselected through purposive sampling that met the analysis criteria with their typology in the population of business groups listed on IDX. We used panel data analysis for four models. This relationship is more pronounced than some recent research for business group firms and firms with more highly concentrated foreign ownership regarding the effect RPTs on revenue, expenses, loans, and receivables. Related to the controlling variable, firm size shows a significant effect on every sub RPTs. The results may imply that foreign ownership exploits Indonesia with expenses such as cross-border transactions of capital goods, intangible property (royalty), intra-firm services, and the cost of debt. Therefore, there is a need for a balanced interest for government and business in Indonesia via foreign directinvestment with corporate governance implementation and adaptive regulation.
PENGARUH ASEAN CORPORATE GOVERNANCE SCORECARD TERHADAP FINANCIAL DISTRESS: BUKTI EMPIRIS DARI INDONESIAN TOP 50 PLCs PERIODE 2019–2023 Sarah Fathiyyah Faatin; Sovi Ismawati Rahayu
Bridging Journal of Islamic Digital Economics and Management Vol. 3 No. 1 (2026): Desember-Maret
Publisher : Al-Shobar Publisher, Yayasan Islam Al-Shobar Rawaurip

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh penerapan ASEAN Corporate Governance Scorecard (ACGS) terhadap financial distress pada perusahaan yang masuk dalam kategori Indonesian Top 50 Publicly Listed Companies (PLCs) tahun 2019. Financial distress diukur menggunakan Altman Z-Score dan variabel kontrol meliputi cash flow operations (CFO), firm size, leverage (DAR), serta profitabilitas (ROA). Dengan teknik purposive sampling, diperoleh 14 perusahaan sebagai sampel selama periode 2019–2023, menghasilkan 70 observasi. Analisis menggunakan regresi data panel Common Effect Model yang diolah dengan STATA 15. Hasil menunjukkan bahwa ACGS berpengaruh positif dan signifikan terhadap financial distress pada tingkat signifikansi 10% (koefisien = 0,025; p = 0,050), yang mengindikasikan fenomena symbolic compliance—skor tata kelola yang tinggi tidak mencerminkan implementasi substansial yang mampu mencegah tekanan keuangan. Untuk variabel kontrol, firm size (p = 0,000) dan leverage (p = 0,000) berpengaruh negatif signifikan, sementara CFO (p = 0,057) dan ROA (p = 0,898) tidak signifikan. Model memiliki kekuatan penjelasan yang tinggi (Adj. R² = 91,99%). Temuan ini mengimplikasikan bahwa penerapan ACGS di Indonesia belum efektif mencegah financial distress dan masih bersifat kepatuhan formal, di mana perusahaan yang mengalami tekanan keuangan justru cenderung meningkatkan skor tata kelolanya sebagai strategi defensif.
Di Luar Keuntungan: Bagaimana Struktur Modal, Profitabilitas, dan Pelaporan Keberlanjutan Membentuk Nilai Perusahaan dengan Efek Moderasi Tata Kelola Perusahaan yang Baik Firra Nurisma; Sovi Ismawati Rahayu; Hestin Agus Tantri Ningsih
Journal of Accounting, Management, and Economics Research (JAMER) Vol 5 No 1 (2026): JULI 2026
Publisher : Lembaga Penelitian Universitas YARSI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33476/jamer.v5i1.453

Abstract

This study examines the influence of capital structure, profitability, and sustainability reporting on firm value, with the independent board of commissioners as a moderating variable. The phenomenon underlying this research is the fluctuation in firm value among companies listed in the LQ45 Index during 2019–2024 despite their strong market capitalization and liquidity. The study uses secondary data obtained from annual reports and sustainability reports of 14 companies selected through purposive sampling, resulting in 84 data observations. Capital structure is measured by Debt-to-Equity Ratio (DER), profitability by Return on Assets (ROA), sustainability reporting by Sustainability Report Disclosure Index (SRDI), and firm value by Price to Book Value (PBV). Data was analyzed using panel data regression and Moderated Regression Analysis (MRA). The results indicate that profitability has a positive and significant effect on firm value, while capital structure and sustainability reporting do not significantly affect firm value. Furthermore, the independent board of commissioners strengthens the relationship between profitability and firm value but does not significantly moderate capital structure and sustainability reporting. These findings suggest that effective corporate governance enhances the contribution of financial performance to firm value and provides managerial insight for companies in improving investor confidence through stronger governance practices
ANALISIS IMPLEMENTASI ASEAN CORPORATE GOVERNANCE SCORECARD PADA PERUSAHAAN INDONESIAN TOP 50 PLCS: STUDI DESKRIPTIF KUALITATIF TERHADAP KOMPONEN TATA KELOLA PERIODE 2019–2023 Sovi Ismawati Rahayu; Sarah Fathiyyah Faatin
Jurnal Riset Multidisiplin Edukasi Vol. 3 No. 2 (2026): Jurnal Riset Multidisiplin Edukasi (Februari 2026)
Publisher : PT. Hasba Edukasi Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71282/jurmie.v3i2.1776

Abstract

This study aims to analyze the implementation of the ASEAN Corporate Governance Scorecard (ACGS) in companies classified under the Indonesian Top 50 Publicly Listed Companies (PLCs) during the 2019–2023 period. Using a qualitative descriptive approach through content analysis of annual reports and ACGS score documents from 14 sample companies, this research identifies implementation patterns, score change trends, and variations in governance quality across industrial sectors. The findings reveal that ACGS scores of sample companies generally exhibited an increasing trend from an average of 94.96 points, with Responsibilities of the Board and Disclosure and Transparency being the highest-achieving components, while Rights of Shareholders and Role of Stakeholders still showed significant room for improvement. The banking sector dominated the highest score achievements, while the infrastructure and mining sectors showed greater variation. This study also reveals a gap between high ACGS scores and the actual financial condition of companies, indicating that ACGS implementation remains symbolic-administrative in some companies. These findings provide important implications for regulators, investors, and corporate management in promoting more substantive governance implementation.
PENGUATAN KEWIRAUSAHAAN UMKM BERBASIS SYARIAH MELALUI PELATIHAN DAN PENYUSUNAN RENCANA BISNIS PADA ANGGOTA PIMPINAN CABANG MUHAMMADIYAH MUSTIKA JAYA, KOTA BEKASI Sovi Ismawati Rahayu; Amin Mansur; Penny Rahmah Fadhilah
Jurnal Riset Multidisiplin Edukasi Vol. 3 No. 8 (2026): Jurnal Riset Multidisiplin Edukasi (Agustus 2026)
Publisher : PT. Hasba Edukasi Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71282/jurmie.v3i8.2538

Abstract

Micro, small, and medium enterprises (MSMEs) contribute more than 60% of Indonesia’s gross domestic product and absorb approximately 97% of the national workforce, yet most micro-entrepreneurs remain constrained by weak business planning, limited understanding of Islamic commercial principles, and low digital marketing literacy. This community service programme aimed to strengthen the sharia-based entrepreneurial capacity of members of the Muhammadiyah Branch Board (PCM) of Mustika Jaya, Bekasi City, through structured training and guided business plan development. The implementation consisted of four stages: socialisation and baseline data collection, interactive structured training, mentoring in business plan preparation, and evaluation through pre-test, post-test, and assessment of business plan quality. Thirty-five participants attended; 23 completed both the pre-test and post-test, and 25 submitted a business plan. Evaluation results showed an average increase of approximately 20% in participants’ understanding of entrepreneurship, Islamic business principles, and digital marketing. The collected business plans covered five business clusters, namely halal culinary (9 plans), retail and groceries (7), services (5), Muslim fashion and worship supplies (3), and waste management (1), and consistently articulated a commitment to avoiding riba, fair pricing, transparent contracts, and the planned use of Instagram, WhatsApp Business, and TikTok. The programme demonstrates that integrating entrepreneurship, muamalah, and digital marketing content within a single training series effectively produces applicable business plans while supporting the achievement of SDGs 1, 8, and 12.
Co-Authors Abda Abda Amin Mansur Angraini, Fadila Aprilia, Nur Indriyani Auliffi Ermian Challen Elmanizar Elmanizar Fakhri Maulidi Farawansyah, Nur Indah Firra Nurisma Hestin Agus Tantri Ningsih Intan Tri Annisa Lily Deviastri Martua Eliakim Tambunan Nurul Lailati Mubarokah Penny Rahmah Fadhilah Perdana Wahyu Santosa Perdana Wahyu Santosa Puspitasari, Inggit Dwi Sarah Fathiyyah Faatin Sarah Fathiyyah Faatin Subagio, Sidiq Toto Heriyanto Yenny Akmalia Zainal Zawir Simon Zhafiraah, Nazma Riska