Owner : Riset dan Jurnal Akuntansi
Vol. 10 No. 4 (2026): Artikel riset Oktober 2026

Board Characteristics and Financial Performance: Evidence from Consumer Non-Cyclicals Firms in Indonesia (2020-2024)

Cindy Stevani Tanujaya (Accounting / Accounting Study Program / School of Economics and Business, Telkom University, Indonesia)
Farida Titik Kristanti (Accounting / Accounting Study Program / School of Economics and Business, Telkom University, Indonesia)



Article Info

Publish Date
01 Oct 2026

Abstract

A firm’s Financial performance serves as a primary metric for assessing its efficiency in leveraging assets to yield profits. Robust corporate governance is hypothesized to bolster this Financial performance by fostering superior oversight and facilitating strategic decision-making. This research investigates the impacts of board gender diversity, board independence, board size, and board meetings on the Financial performance of consumer non-cyclicals firms listed on the Indonesia Stock Exchange between 2020 and 2024, utilizing firm size as a control variable. The study gauges Financial performance via Return on Assets (ROA), employing a quantitative methodology grounded in multiple linear regression analysis. By utilizing purposive sampling, secondary data were extracted from annual reports, yielding a dataset of 27 firms totaling 135 observations, which were subsequently processed via EViews 13. The findings indicate that board gender diversity exerts a positive yet statistically insignificant influence on Financial performance. Conversely, both board independence and board size demonstrate positive and significant impacts, whereas board meetings show a negative and significant correlation with Financial performance. Furthermore, firm size is found to have a significant and positive effect on Financial performance. These findings indicate that independent oversight, board capacity, and firm size play important roles in enhancing financial performance, whereas gender diversity and meeting frequency alone are insufficient to significantly influence financial outcomes.

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Journal Info

Abbrev

owner

Publisher

Subject

Economics, Econometrics & Finance

Description

Owner (Riset dan Jurnal Akuntansi) adalah jurnal akademik yang berlandaskan nilai nilai keilmiahan. Owner diterbitkan 2 kali dalam setahun dengan periode Februari dan Agustus dipublikasikan oleh Program Studi Akuntansi Perguruan Tinggi Politeknik Ganesha Medan. Ruang Lingkup : Akuntansi Keuangan; ...