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All Journal Jurnal Inovasi Hasil Pengabdian Masyarakat (JIPEMAS) Golden Ratio of Human Resource Management E-JRM Jurnal Manajemen Pendidikan Islam Majapahit Journal of Islamic Finance and Management Fokus Bisnis: Media Pengkajian Manajemen dan Akuntansi Majapahit Journal of Islamic Finance dan Management
Widarko, Agus
Universitas Islam Malang
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Journal : Majapahit Journal of Islamic Finance and Management

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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 A. Agus Priyono Abdur Rahman Abidulloh, Moch. Zidan ABS, M Khoirul Achmad Agus Priyono Ade Kafa Bih Adrian Ferryawan Abel Afi Rachmat Slamet Afi Rahmat Slamet Agus Mubarok Agus Sa’dan Al Irfani Ahmad Amirudin Ahmad Faqih Rahman Ahmad Habib Alaydrus Ahmad Munif Akhmad Azim Shiraj Akmal, Ahmad Mustahiq Aldiansyah Damar Affandi Aleria Irma Hatneny Alfian Budi Primanto Andhika Putra Pratama Andre Maulana Rozikin Andrean Lukyansyah WADUN ANDRY, ANDRY Anifatul fitriyah Antyanadea Maharani Anwarodin, M. Khoirul April Riyan Saputra Arif, Pandu Imansyah Arifin, Khoirul Arini Fitria Mustapita Arman Tijar Armansya, Ryza Maula Arsyianto, Muhammad Tody Ayodya, Muhammad Vigas Frasta Azam Zarkasih Aziz, Yazid Nur Bagus Prasetyo Basalamah, Muhammad Ridwan Bastomi, Mohamad Bilal Muqtadin Budi Santoso Chalingga, Dicky Cindy Pragati Pratiwi Dinda Intania Karina Cindi Nurhardana Dodik Kurniawan Dzulkifli, Muhammad Eka Farida Endang Isiyowati Eris Dianawati Erlyn Dwi Meganovitasari Euis Emiliasari eva dewi oktaviani Fahrurrozi Rahman Faliddah Mukadar Fauziyah Irfan Fayadl, Moh Fali Fendi Cahyo Setiawan Habibburohman, Habibburohman Hadiyasin, Prastyo Nova Haq, M Agung Izul Haris Herkutanto Hendra Irawan Hendri Kurniawan, Hendri Hidayatulloh Hidayatulloh Hilmi, M. Rizqi Alvan Ifa Nungki Safitri Iik Khoernnikmah Ilmi Rahmawati Imam Bukhori Junaidi Junaidi Junaidin, Junaidin Kartika Rose Rachmadi Khalikussabir, Khalikussabir Khoiriatun Nafilah Khumairotul Khuwaroh Kurniati Kurniati Luklu’ul Lum’ah M Naufal Luthfi Azis M. Farhan Taufiqurrohman M. Hufron M. Khoirul Anwarodin Brotosuharto M. Khoirul Anwarudin Broto Suharto M. Rifki Afif Machfud Al Amin Maulana, Muhammad Naufal Aulia Mayantya Dianingtyas Mila Amalia Mirza Rosnita Mochammad Zainul Arifin Moh. Anwar Rusni Moh. Halil Moh. Rechal Sifaul Hamdani Mohamad Efendi Mohamad Hashfi Auzan Mohamad Ramadhany Idris Mohammad Darwis Mohammad Halimi Mohammad Rizal Mohammad Rizal, Mohammad Muchamad Rizal Nurfaizi Muflih Abdur Rohman Muh. Fadel Akbar Sukarno Muhamad Hendika Arifiano Muhamad Rifki Arifian MUHAMMAD AGUS SALIM Muhammad Akbar Cakra Negara Muhammad Arif Muchtarom Muhammad Ishomuddin Muhammad Luqman Khais Muhammad Rijal Yusuf Izzuddin Muhammad Taufiqur Rahman, Muhammad Taufiqur Muhammad Tody Arsyianto Muhammad Tyas Fariskal Ardiannyash Mukminin, Abi Amiril Musmuliadin Musmuliadin Naba, Bachrul Nanang Tri Nugroho NGUMAR NGUMAR Nugroho, Rendra Cahyo Nur Azis Nuraini Nuraini Nurul Humaidah Okky Trio Aldo Pramana, Adham Putra Putri Rahmatania Ramadhan, Reza Rahmad Ramadhan, Tri Sugiarti Ramalda, Nauval Ratna Tri Hardaningtyas, Ratna Tri rida marlita cesar mandasari Rifqi Rahmat Raharjo Rizal Nur Aziz Rizal, Rifki Zuhdi Rizqi Adi Saputra Ryanda Titanio Yunarsyah Saraswati, Ety Shavira Zhulfa Eka Putri Siti Asiyah Slamet, Afi Rahmat Sofiatus Solihah Subhan Riadi Subhan Subhan Suharto, M. Khoirul Anwarudin Broto Suriyanto Suriyanto Syahrul Zahroni Taufiqurrohman Taufiqurrohman Tegar Amirul Huda Tunawati Tunawati Ubaydillah, Awaluddin Wicaksono, Ardhitya Bahana Adil Wiwik Handayani Yogi Eko Purwanto Yogy, Akhmad Yuliadi, Rahmad Agung Zahurotul Bella Maharani Zakia Ilhami Zamroni Zamroni Zidane, Muhamad Yazid Zuhdi, Afifuddin