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All Journal IIJSE Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management JER
Susy Muchtar
Universitas Trisakti, Jakarta, Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Journal : IIJSE

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Pengaruh Dewan Direksi, Kepemilikan, dan Implementasi SDG terhadap Kinerja Keuangan di Sektor Konsumen Non-Siklikal Indonesia Syntia Feby Berliana; Stefani Dyah Retno Pudyanti; Henny Setyo Lestari; Susy Muchtar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8396

Abstract

This study aims to analyze the effect of board characteristics, ownership attributes, and SDG implementation on corporate financial performance in Indonesia’s consumer non-cyclical sector. The research uses a quantitative approach with secondary data collected from 41 publicly listed companies between 2022 and 2024. Financial and sustainability reports were used as sources, and the data were analyzed using panel data regression. The findings reveal that female board membership and sales growth have a positive impact on long-term capital efficiency (ROCE), while board independence and institutional ownership negatively affect it. Foreign ownership significantly improves short-term profitability (ROA), while SDG implementation shows a trade-off—reducing ROA but enhancing ROCE. Leverage and firm age positively affect ROA but reduce ROCE, whereas firm size shows the opposite pattern. These results underline that governance mechanisms and corporate characteristics have mixed effects on different dimensions of financial performance. The study provides insights for corporate managers to refine governance strategies and for investors to better evaluate firm fundamentals. Future studies are encouraged to include qualitative approaches and cross-sectoral comparisons to broaden the analysis.
The Influence of Corporate Governance, Audit Quality, and Investment Decisions on Firm Performance in the Chemical Manufacturing Industry Subsector in Indonesia Risa Alex Wibowo; Muhammad Ismi Hizana; Henny Setyo Lestari; Susy Muchtar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8418

Abstract

This study aimed to analyze the influence of corporate governance, audit quality, and investment decisions on the performance of manufacturing companies in the basic and chemical industries sub-sectors listed on the Indonesia Stock Exchange for the period 2020–2024. The research sample consisted of 23 companies selected using the purposive sampling method. Data were obtained from audited financial statements and annual reports, analyzed using panel data regression (FEM and REM) through the E-views 9 application, and considered the potential for endogeneity in the model. The results showed that the size of the board of directors had no effect on the company's performance, while the participation of women on the board had a significant positive influence on performance (ROA, ROE, and ROS). Board size has no effect on ROA and ROS, but has a significant negative effect on ROE. Audit quality, leverage, liquidity, fixed assets, and intangible assets had no effect on ROA and ROE, while company size had a significant positive influence on all three performance indicators. Investment decisions are proven to have no effect on the company's performance. The implication of this research is the importance of increasing regulation and supervision of corporate governance, especially in strengthening the role of women on the board of directors. The government is advised to continue to encourage good governance practices in this sector as a long-term strategy to maintain the stability and sustainability of corporate financial performance
The Impact of Liquidity on the Financial Performance of Banks Listed on the Indonesia Stock Exchange (IDX) Erina Yanti; Pu Libing; Henny Setyo Lestari; Susy Muchtar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.9253

Abstract

This research seeks to examine the impact of credit risk, liquidity, price risk, operational risk, capital adequacy ratio, and loan-to-deposit ratio on the financial performance of banks listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Financial performance is assessed through ROA and ROE. Using purposive sampling, 26 banks that met the criteria were selected and analyzed through panel data regression. The results suggest that companies and investors should also take into account other factors that may influence financial performance. The regression analysis revealed that, individually, the LDR and operational risk (ORISK) significantly affected ROA, while the remaining variables were not significant. However, collectively, all independent variables had a significant impact on ROA, with an adjusted R-squared of 65%, indicating that 65% of ROA variation was explained by these variables. In contrast, for the ROE model, only operational risk (ORISK) showed a significant partial effect, whereas other variables were insignificant. Simultaneously, the independent variables significantly influenced ROE, with an adjusted R-squared of 54%, meaning that 54% of the variation in ROE was accounted for. Overall, operational risk (ORISK) consistently exerted a negative influence on bank profitability under both ROA and ROE measures, whereas the effects of other variables were more limited. These results highlight the critical role of operational risk management in sustaining banking profitability.
Co-Authors Erina Yanti Henny Setyo Lestari Muhammad Fauzy Ismail Muhammad Ismi Hizana Pu Libing Risa Alex Wibowo Sita Aisha Gemala Stefani Dyah Retno Pudyanti Syntia Feby Berliana