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Gedung D, Lantai 1, Ruang Badan Penerbitan Jurnal, Universitas Brawijaya, Malang, Indonesia. Ketawanggede, Kec. Lowokwaru, Kota Malang, Jawa Timur.
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INDONESIA
Jurnal Management Risiko dan Keuangan
Published by Universitas Brawijaya
ISSN : 29640695     EISSN : 29640695     DOI : -
Core Subject : Science,
Decision Sciences, Operations Research & Management
Publish all forms of quantitative and qualitative research articles and other scientific studies related to the field of Risk Management and Finance.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Strategi dan Menejemen
Articles 152 Documents
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Corporate Governance Dimensions and Financial Performance: Insight from Dual-Board Manufacturing Firms Wijaya, Vanessa; Jazuli, A Muhamad
Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.2.01

Abstract

Purpose – This study aims to examine the influence of corporate governance and financial policy factors, including board size, board remuneration, management soundness, debt, and dividend policy, on financial performance measured by Return on Equity (ROE) in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The research seeks to understand how governance mechanisms contribute to corporate resilience and performance in the post-Covid-19 business environment. Design/Methodology/Approach – This study employs a quantitative research design using multiple linear regression analysis. The research sample consists of 23 manufacturing companies selected through purposive sampling from a population of 228 companies, resulting in 138 observations. Secondary data were obtained from company reports, and classical assumption tests were conducted before hypothesis testing to ensure the validity of the regression model. Findings – The findings indicate that board size and management soundness have negative and significant effects on financial performance measured by ROE. Meanwhile, board remuneration, debt, and dividend policy do not have significant effects on ROE. Simultaneously, all independent variables significantly influence financial performance, with an explanatory power of 42.9%. Originality/Value – This study contributes to corporate governance literature by providing empirical evidence from an emerging market context, particularly Indonesia’s institutionally mandated two-tier board system. The findings offer practical implications for investors and company management in evaluating governance structures and developing strategies to achieve sustainable financial performance.
Financial Performance Determinants: Capital Structure, Liquidity, Solvency, and Asset Turnover Ramadani, Monica Ginggi Putri; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2026.05.2.07

Abstract

Purpose – This study aims to analyze the effects of capital structure, liquidity, solvency, and asset turnover on the financial performance of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research seeks to identify the financial factors that contribute to improving corporate profitability, measured by Return on Assets (ROA). Design/Methodology/Approach – This study employs a quantitative research approach using panel data regression analysis. The research utilizes secondary data obtained from annual financial statements of food and beverage companies listed on the IDX. The independent variables include Debt to Equity Ratio (DER) as a measure of capital structure, Current Ratio (CR) as a liquidity indicator, Interest Coverage Ratio (ICR) as a solvency measure, and Asset Turnover Ratio (ATR) as an indicator of asset utilization efficiency. Model selection was conducted using the Chow test and Hausman test among the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). Findings – The findings show that solvency measured by the Interest Coverage Ratio (ICR) has a positive and significant effect on financial performance measured by ROA. Meanwhile, capital structure (DER), liquidity (CR), and asset turnover (ATR) do not have a significant partial effect on ROA. Simultaneously, all independent variables significantly influence financial performance. These results indicate that the ability to meet interest obligations plays a more important role in improving profitability compared with capital structure composition, liquidity position, or asset utilization efficiency. Originality/Value – This study contributes to corporate finance research by examining the combined effects of capital structure, liquidity, solvency, and asset utilization on financial performance within the food and beverage sector in Indonesia. The findings provide practical implications for managers in developing financial strategies, particularly regarding effective debt management and profitability improvement.

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