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Elvira Julianti
Universitas Trisakti, Jakarta, Indonesia
Economics, Econometrics & Finance

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The Impact of Corporate Governance Mechanisms on the Financial Performance of State-Owned Enterprises in Indonesia Elvira Julianti; Niken Yuni Astuti; Henny Setyo Lestari
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.v9i1.9492

Abstract

This study examines the impact of corporate governance mechanisms on the financial performance of State-Owned Enterprises (SOEs) in Indonesia. The governance variables analyzed include board size, female board representation, board independence, audit committee, firm age, and leverage. Using panel data from Indonesian SOEs, the results show that board size, female board representation, board independence, audit committee, and firm age do not have a significant effect on financial performance as measured by return on equity (ROE). In contrast, leverage is found to have a significant negative effect on ROE, indicating that higher debt levels tend to reduce equity returns. These findings suggest that, within Indonesian SOEs, financial structure plays a more prominent role in determining profitability than the corporate governance attributes examined in this study.
Co-Authors Henny Setyo Lestari Niken Yuni Astuti