Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal Current : Jurnal Kajian Akuntansi dan Bisnis Terkini
Heriadi, Wales
Unknown Affiliation
Humanities Economics, Econometrics & Finance Social Sciences

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
DO POLITICAL CONNECTIONS MODERATE GOVERNANCE EFFECTS ON FIRM VALUE? Heriadi, Wales; Kamaliah, Kamaliah; Oktari, Vera
CURRENT: Jurnal Kajian Akuntansi dan Bisnis Terkini Vol. 7 No. 1 (2026): Current : Jurnal Kajian Akuntansi dan Bisnis Terkini
Publisher : Universitas Riau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31258/current.7.1.157-170

Abstract

This study examines whether political connections strengthen or substitute for effective corporate governance in enhancing firm value, drawing on agency theory, legitimacy theory, and political economy perspectives. The sample consists of 215 firm-year observations from mining companies listed on the Indonesia Stock Exchange during 2020–2024. The governance mechanisms analyzed include independent commissioners, board size, audit committees, institutional ownership, and managerial ownership, with political connections tested as a moderating variable. Using panel regression and moderated regression analysis, the results show that independent commissioners and board size have a significant positive effect on firm value, while CSR disclosure, institutional ownership, managerial ownership, and audit committees are not significant. Political connections also fail to moderate the relationship between governance mechanisms or CSR and firm value. The model demonstrates moderate explanatory power, indicating that internal governance explains a meaningful proportion of firm value variation. These findings challenge the political economy argument that political ties enhance firm value and reinforce the primacy of internal governance mechanisms. The study extends the literature on governance and political connections in emerging markets, particularly in highly regulated industries.    
Co-Authors Kamaliah Kamaliah, Kamaliah Oktari, Vera