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Anita Ade Rahma
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Governors
Published by Information Technology and Science
ISSN : -     EISSN : 29625505     DOI : https://doi.org/10.47709/governors.v1i1
Core Subject : Economy,
Economics, Econometrics & Finance
Governors is interdisciplinary in its scope and encourages submissions from any discipline or any part of the world which addresses any element of the aims of the journal. The journal encompasses the full range of theoretical, methodological, and substantive debates in the area of corporate governance and corporate social responsibility. Contributions which address the link between different disciplines and/or implications for societal, organizational, or individual behavior are especially encouraged.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 94 Documents
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Capital Structure and Financial Performance on Company Value with Profitability as an Intervening Variable Rima, Rima; Lusiana, Lusiana; Sari, Desi Permata
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.5582

Abstract

This study aims to determine the influence of capital structure and financial performance on company value with profitability as an intervening variable in primary sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. The type of data used is quantitative data and the analysis used is multiple linear regression analysis and path analysis. The data was processed using SPSS 26. Based on the results of hypothesis; Partial capital structure does not have a significant effect on profitability.; Partial financial performance has a significant effect on profitability; Partial capital stucture has a significant effect on firm value; Partial financial performance has a significant effect on firm value; Partial profitability does not have a significant effect on firm value; Profitability as an intervening variable cannot mediate between capital structure and firm value; Profitability as an intervening variable cannot mediate between financial  performance and firm value. It is hoped that this study can help manufacturing companies listed on the Indonesia Stock Exchange (IDX) to increase the value of the company by considering factors that have a significant effect on the value of the company such as capital structure and financial performance.
Investment Decisions, Funding Decisions On Company Value: Intervened by Profitability Eldiana, Nora Aprilia; Sari, Desi Permata; Wijaya, Ronni Andri
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.5636

Abstract

This research aims to examine the influence of investment decisions and funding decisions on company value with profitability as an intervening variable in primary sector companies listed on the Indonesia Stock Exchange for the 2019-2023 period. The sample selection technique used purposive sampling to obtain 32 primary companies. The data analysis technique uses multiple regression analysis and path analysis using SPSS 26. Based on the results of the hypothesis, partial investment decisions have no significant effect on profitability, partial funding decisions have a significant effect on profitability, partial investment decisions have no significant effect on company value, partial funding decisions have no significant effect on company value, partial profitability has a significant effect on company value, investment decisions have a significant effect on company value through profitability as an intervening variable, funding decisions have a significant effect on company value through profitability as an intervening variable in primary sector companies, Consumer Non-Cylicals. registered on the IDX 2019-2023.
Financial Performance: The Role of Corporate Social Responsibility and Good Corporate Governance Dewi, I Gusti Ayu Ratih Permata; Yuliana, Ni Made Mita; Yoga, I Gusti Agung Prama
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.5829

Abstract

This study will analyze the influence of Corporate Social Responsibility (CSR) and Good Corporate Governance (GCG) on the financial performance of companies listed on the IDX from 2021-2023. This study uses a quantitative and purposive sampling method, resulting in 69 samples from 23 companies. Secondary data was collected through documentation and analyzed using panel data regression. This study shows that CSR contributes positively but not significantly to financial performance. Then, the size of the board of directors and the audit committee in GCG contributes negatively but not significantly; finally, the board of commissioners contributes positively but not significantly to financial performance. Based on the results of the study, it is recommended that investors pay more attention to CSR disclosure as a consideration for investment. Companies are also expected to consistently carry out and report CSR and GCG activities even though they do not have a significant impact on profitability because this can increase investor confidence. For further research, adding other variables such as institutional ownership, managerial, and company size, as well as extending the research period and using more financial ratios to obtain more comprehensive results, is recommended.
External Pressure, Financial Target, Ineffective Monitoring and Rationalization on Financial Statement Fraud Suwandi, Eko Darmawan
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.5830

Abstract

Fraud is an act of deception or error committed by a person or entity who knows that the error can result in some disadvantageous benefits for the individual or entity or other party. This study aims to examine the factors that influence financial statement fraud. The dependent variable studied in this study is Financial Statement Fraud. The independent variables in this study consist of external pressure, financial targets, ineffective monitoring, and rationalization. This type of research is quantitative research that tests the influence between hypothesized variables through the presentation of numerical data. The data used in this study are secondary data sourced from the financial statements of Infrastructure, Utility and Transportation companies listed on the Indonesia Stock Exchange in 2021-2023. The determination of the sample in this study was determined using the purposive sampling method. The analysis technique used in the study is multiple linear regression analysis with the help of the SPSS program. The results of this study indicate that external pressure, financial targets, and ineffective monitoring partially have a positive and significant effect on Financial Statement Fraud. While the rationalization variable does not affect Financial Statement Fraud.
Tax Aggressiveness: Transfer Pricing, Gender Diversity and Independent Commissioners’ Roles Pratama, Aliya; Ristiyana, Rida; Sani, Abdillah
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.5831

Abstract

The focus of this study is to determine the impact of transfer pricing, gender diversity and independent commissioners on tax aggressiveness with company value as a mediating variable. A type of quantitative research using secondary data through the company's financial statements. The research population is multinational companies in the manufacturing sector listed on the Indonesia Stock Exchange for the 2018-2022 period. The sampling technique uses purposive sampling with a sample of 22 companies. The data analysis method uses panel data regression analysis processed with e-views software 13. The results of the simultaneous study of transfer pricing, gender diversity and independent commissioners have a significant impact on tax aggressiveness. The results of the study partially showed that independent commissioners had a positive and significant effect on company value, while transfer pricing and gender diversity had no effect on company value. On the other hand, gender diversity has a negative and significant effect on tax aggressiveness, while transfer pricing, independent commissioners, and company value have no effect on tax aggressiveness. The results of the mediation effect test show that the value of the company cannot mediate the influence of transfer pricing, gender diversity and independent commissioners on tax aggressiveness.
The Impact of Locus of Control on Budgetary Slack: Insights from The Literature Review Mirza. BR, Aryan Danil
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.5869

Abstract

Budgetary slack is a prevalent issue in managerial accounting, often linked to individual behavioral tendencies. On the other hand, Locus of control has emerged as a significant factor influencing budgeting behavior. This study explores the relationship between locus of control and budgetary slack through a literature review approach. We Use Scopus, Web of Science and Google Scholar database using keyword “locus of control” and “budgetary slack”.  The review indicates that individuals with an internal locus of control are generally less likely to create budgetary slack due to their intrinsic motivation, sense of responsibility, and goal alignment with the organization. In contrast, those with an external locus tend to manipulate budgets as a means of protection or strategic advantage, especially under conditions of uncertainty or perceived injustice. The study underscores the importance of integrating psychological insights into budgeting processes and suggests that organizations can mitigate dysfunctional budgeting behavior by fostering environments that support accountability, trust, and participation. Ultimately, this research contributes to the field of behavioral accounting by providing a theoretical foundation for understanding how personality traits interact with organizational controls to shape budgeting outcomes.
Indonesian Capital Market Reaction to Fed Interest Rate Cut in 2024 Saputri, Risma Andreliani; Santoso, Fahrul Imam
GOVERNORS Vol. 4 No. 1 (2025): April-July 2025 Issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v4i1.6013

Abstract

Capital markets are often influenced by global monetary policy, including changes in the Fed's interest rates. This decline in interest rates can affect investors' expectations of risk and return. This research aims to analyze the capital market reaction to the Fed's interest rate reduction by looking at differences in abnormal returns, trading volume activity, and bid-ask spread. The research objects in this study are energy sector companies listed on the Indonesia Stock Exchange with an estimation period of 100 days before the event and a research period of 11 days, consisting of 5 days before, during and 5 days after the event. This research uses the event study method with a sample of 29 companies selected through purposive sampling. Data analysis techniques include descriptive statistical analysis, Shapiro-Wilk normality test, and Wilcoxon Signed Rank Test hypothesis testing. The research results show that abnormal returns do not experience significant differences before and after the Fed’s interest rate cuts on September 18 and December 18, 2024, indicating that the market had possibly anticipated these monetary policy changes. However, a significant difference on November 7, 2024, suggests that the announcement on this date may have contained unexpected information, triggering a market reaction. Trading volume activity shows no significant differences for all three dates, implying that investor trading behavior remained relatively stable regardless of the policy changes. Similarly, the bid-ask spread shows no significant differences on September 18 and December 18, but a significant change on November 7 may indicate temporary changes in market liquidity or investor uncertainty.
The Influence Of Political Connections and Capital Intensity On Tax Aggressiveness Fransiska, Saskia Dwi; Anggara, Yulius Rizki Deka; Anggraeni, Sesilia Eva; Sinaga, Imelda; Purwati, Agnes Susana Merry
GOVERNORS Vol. 3 No. 1 (2024): April-July 2024 issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v3i1.3545

Abstract

Companies conduct tax aggressiveness (tax avoidance) to minimize the company's tax burden by utilizing loopholes in tax regulations. The purpose of this study is to analyze the effect of political connections and capital intensity. The population of this study are manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The number of samples used in this study were 30 samples based on purposive sampling method. The data analysis method in this study is quantitative analysis using multiple linear regression analysis. The results of this study indicate that political connections and capital intensity have no effect on tax aggressiveness.  The results of this study indicate that simultaneously Political Connection and Capital Intensity have no effect on Tax Aggressiveness. Partially, Political Connection has no significant positive effect on Tax Aggressiveness, while Capital Intensity has no significant negative effect on Tax Aggressiveness. The relationship between tax planning and agency theory is that in this case the government (tax authorities) as the principal and management as the agent each have different interests in terms of paying taxes.
Determining Carbon Emissions Disclosure in Indonesian Companies Manalu, Yohana Selviana H.; Wahyuningtias, Prayolita; Nugroho, Thomas Diki Hendri; Sinaga, Imelda; Akadiati, Victoria Ari Palma
GOVERNORS Vol. 3 No. 1 (2024): April-July 2024 issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v3i1.3575

Abstract

Countries worldwide are collaborating to reduce carbon emissions and achieve zero emissions, recognizing that the earth cannot naturally absorb the current amount of emissions. Indonesia, among other countries, is actively engaged in these efforts. A research study has been conducted to assess if companies have implemented activities to reduce greenhouse gases, with the aim of examining disclosure. The study utilized purposive sampling and collected data through documentation techniques and literature review. Quantitative data analysis, specifically multiple linear regression, was employed for data analysis. The results indicate that the variables of profitability, leverage, environmental performance, and company size do not have a significant impact on the disclosure of corporate carbon emissions. The government aims to reduce carbon emissions and promote a green economy by making the carbon emission disclosure policy mandatory. This policy is intended to demonstrate the government's commitment to reducing carbon emissions. This research highlights the need to explore additional factors that may influence disclosure in order to enhance efforts in reducing carbon emissions effectively.
How Good Corporate Governance, Financial Performance and External Factors Influence Company Value Kurniaty; Yuliastina, Mellani; Nurhayati, Netty; Lesmanawati, Dewi
GOVERNORS Vol. 3 No. 1 (2024): April-July 2024 issue
Publisher : Yayasan Cita Cendekiawan Al Khwarizmi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47709/governors.v3i1.3697

Abstract

The purpose of this study is to examine and explain the effect of good corporate governance on company value, the effect of financial performance on company value, and the influence of external factors on company value. In addition, many previous studies explored good corporate governance using ownership structure indicators, and this study also aims to reexamine the theory that has been used The model used in data analysis in this study is the PLS model by going through four stages of testing, namely individual item reliability, internal consistency reliability, average variance extracted, and discriminant validity. The results of the study show that: 1) Good Corporate Governance has a significant effect on Corporate Value; 2) Financial Performance does not have a significant effect on Company Value; 3) External Factors do not have a significant effect on Company Value. The resulting Termination Test (R2) was 29.3%, meaning that the contribution of the influence of Good Corporate Governance, Financial Performance, and External Factors variables on Company Value was 29.3% including moderate categories, while the remaining 70.7% was influenced by other variables that were not included in this model.

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