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All Journal Jurnal Keuangan dan Perbankan Jurnal Ilmiah Ekonomi Islam Jurnal Inovasi Bisnis (Inovbiz) JURNAL EDUCATION AND DEVELOPMENT Jurnal Inovasi Hasil Pengabdian Masyarakat (JIPEMAS) Jurnal Ketahanan Pangan Jurnal Ilmu Manajemen (JIMMU) Jurnal Samudra Ekonomi dan Bisnis Performance : Jurnal Bisnis dan Akuntansi JAMIN : Jurnal Aplikasi Manajemen dan Inovasi Bisnis Golden Ratio of Marketing and Applied Psychology of Business E-JRM IIJSE Majapahit Journal of Islamic Finance and Management Fokus Bisnis: Media Pengkajian Manajemen dan Akuntansi Majapahit Journal of Islamic Finance dan Management
Saraswati, Ety
Universitas Islam Malang, Malang, Indonesia
Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Other

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Journal : Majapahit Journal of Islamic Finance and Management

 1 
Working Capital Management as a Mediator of the Corporate Governance–Performance Relationship: Evidence from Indonesia Priyono, Achmad Agus; Widarko, Agus; Saraswati, Ety
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 2 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i2.520

Abstract

This study examines the moderating role of working capital management in the relationship between corporate governance mechanisms, specifically independent commissioners and ownership structure, and firm performance, as measured by Return on Equity (ROE). The analysis is based on panel data from consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative explanatory approach and Partial Least Squares Structural Equation Modeling (PLS-SEM) via WarpPLS 7.0, this study finds that independent commissioners have a significant adverse effect on ROE. At the same time, ownership concentration shows a negative but statistically insignificant effect. Meanwhile, working capital management, proxied by the average payment period (APP), has a significant positive impact on ROE, but does not moderate the relationship between governance mechanisms and firm performance. These findings highlight that structural governance components alone do not guarantee improved financial performance unless accompanied by functional and competent internal financial practices. Theoretically, this study contributes to agency Theory and resource dependence Theory by demonstrating that symbolic governance structures tend to undermine firm value in emerging markets with weak institutional enforcement.
Co-Authors Abdillah, Achmad Fikri Abil Abdul Qodir Djaelani Achmad Agus Prioyono Achmad Agus Priyono Afi Racmat Slamet Agustina, Iin Ahmad Azmil Marrom Ahmad Muhayan Arif Ahmad Rifai Aisyah Wulandari Akbar, M. Ananda Fajar Akhmad Azhar Khurri Aldrian Saputra Aleria Irma Hatneny Alfi Nur Mufida Alfin Aulia Rahman Alma Tika Agustin Amalyani, Meifiana Andi Normala Dewi Andi Normaladewi Aprilia Dyah Wulandari Ari Kartiko Assagaf, Nurul Syifa Aulia Sukma Rachmawati Bagus Prasetyo Basalamah, Muhammad Ridwan Bellanti, Silvan Brian Inggrid Alvandy Budi Wahono Chamid Alif, A’an Abdul Citra Damayani Prayogiyanto Citra Nurul Hidayati Deni Irfa Yanti Dimas, Moh Fahrezi Fajjar Mustofa Fasahri, Nuril Ramadhan Fa’jiah, Cholifatul Febryansyah, Dany Ferlian Ramadhan Gilang Romadhon Hadi Sunaryo Hariri, Hariri Hariri, Hariri Hatneny, Aleria Irma Hendri Kurniawan, Hendri Iin Cahyaningsih Ilham Febriansyah Isma, Viona Aulia Isnaini Firdayanti Ita Athia Izza, Nikmatul Jeni Susyanti Jumani Jumani Kartika Rose Rachmadi Ketut Tirtayasa M. Agus Salim M. Agus Salim Al Fathoni M. Hufron Mahardani, Ahmad Subhan Malinda, Elsa Masriyani Masriyani Mas’udah, Nia Arifiana Maulana, Muhammad Naufal Aulia Mawardi, Muhammad Cholid Moh. Fathur Rozi Moh. Fathur Rozi MUHAMMAD AGUS SALIM Muhammad Fadil Muhammad Muslihul Hadi N. Rachma nanang tri haryoko Nanda Sasqia Zahro Niken Cahyani Agungtya Nindya Cahyaningrum Novitasari Novitasari Nur Diana Khalidah Nur Faidah Nur Fatimah Nur Halimatus Sa’diyah Nur Hidayati Nur Hidayati Nuratul Amaliah Nurhidayah Nurhidayah Nurmala Yunita Nurul Qomariah Priyambudi, Arif Putri Ekawati Ratma Ana Tasya Reza Audia W.A Rizal, Syarif Ali Rois Arifin Ronny Malavia Mardani Ronny Malavia Mardani Safira, Annisa Ayu Safrillia, Dea Sanjaya, Anggun Sri Tyas Listia Sujarwo, Revi Moury Putri Taufiqulhakum, M Fadhila Ubaydillah, Awaluddin Ulya, Arifah Izzatul Vachriyanti, Asma’ul Noer Vika Septirini Wahyuningtyas, Novianur Widarko, Agus Windy Tri Yuniar Wulan, Aisyah Dwi Fajar Yasmin, Raisya A Yulianti, Nur Afni Zuhri, Haszaghi Ramadhan