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All Journal Equity: Jurnal Ekonomi Research Horizon
Ninava, Wiwin Aprelia
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Arts Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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The Effect of Corporate Governance on the Profitability of Non-Financial Companies Widyaningsih, Rina Wahyu; Ninava, Wiwin Aprelia; Hersugondo
Research Horizon Vol. 4 No. 6 (2024): Research Horizon - December 2024 (Thematic Issue)
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.4.6.2024.405

Abstract

This study aims to examine the impact of corporate governance (CG) on the profitability of non-financial companies listed on the Indonesia Stock Exchange, with Debt-to-Equity Ratio (DER) as a moderating variable and Firm Age, Market to Book Value (MBV), and ownership structure as control variables. In the context of increasingly competitive business environments, the quality of corporate governance becomes crucial for achieving sustainable performance. This research utilizes company data from 2020 to 2023 and employs regression analysis to test the proposed hypotheses. The findings are expected to provide insights into the importance of good governance, optimal capital structure, and ownership structure in enhancing profitability, as well as offering practical implications for managers and investors in decision-making processes.
The Role of Corporate Governance in Accelerating Financial Performance with Debt to Equity Ratio as a Moderating Variable Ninava, Wiwin Aprelia
Equity: Jurnal Ekonomi Vol 13 No 1 (2025): Equity : Jurnal Ekonomi
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/equity.v13i1.430

Abstract

This study aims to analyze the influence of corporate governance on profitability, with the debt to equity ratio acting as a moderating variable. The research focuses on 35 manufacturing companies over a period of five years. Purposive sampling was employed to select the total number of manufacturing companies for the study. Data analysis was assisted by SmartPLS 3 software. The results demonstrate that corporate governance has a positive effect on ROA. Firm age also significantly positively influences ROA. Similar outcomes are shown in the relationships between DER and ROA, Market to Book and ROA, and sales and ROA. However, DER does not moderate the relationship between corporate governance and ROA, Market to Book and ROA, or sales and ROA. The role of DER is proven to be a moderator in the relationship between firm age and ROA, and sales and ROA. This study confirms the importance of strong governance practices in enhancing company profitability. Companies should invest in strengthening their governance mechanisms, such as enhancing transparency, improving accountability systems, and ensuring board independence to increase ROA. DER does not always function effectively as a moderator in the impact of corporate governance on ROA. Financial managers should be cautious in using leverage as a tool to enhance profitability. Leverage should be strategically employed, considering other factors such as firm age and market conditions, to optimize its impact on ROA.
Co-Authors Hersugondo Widyaningsih, Rina Wahyu