Pengaruh Ukuran Komisaris dan Komisaris Independen Terhadap Return on Equity pada Perusahaan BUMN yang Melakukan Holding

Ramadona Simbolon


Abstract


This study aims to examine the influence of the size of the board of commissioners (UKOM) and independent commissioners (KOMID) on Return on Equity (ROE). The population of this study consists of all state-owned enterprises (BUMN) that are engaged in holding. The sample size of this study is 47 state-owned enterprises (BUMN) selected using purposive sampling, with the criteria being BUMN that have officially formed a holding based on the Minister of BUMN's Decision or similar regulations, published complete and accessible annual reports during the period 2020–2023, and have information related to the structure of the board of commissioners as well as the financial performance indicator ROE. The research results reveal that the size of the board of commissioners does not affect ROE. However, this research also revealed an important finding that the size of independent commissioners has a positive and significant impact on ROE. The government needs to play an active role in maintaining the objectivity and independence of commissioners, so they are protected from political intervention. This is important to ensure the effectiveness of oversight on company operations, evaluation of strategic policies, and compliance with the principles of good corporate governance.

Keywords


Size of the Board of Commissioners; Independent Commissioners; ROE

Full Text:

PDF

References


Agrawal, A., & Knoeber, C. R. (1996). Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. In Journal of Financing and quantitative analysis (Vol. 31, Issue 3, pp. 377–397). http://journals.cambridge.org/abstract_S0022109000000612

Balezentis, T., & Novickyte, L. (2018). Are lithuanian family farms profitable and financially sustainable? evidence using dupont model, sustainable growth paradigm and index decomposition analysis. Transformations in Business and Economics, 17(1), 237–254.

Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273. https://doi.org/10.1016/j.jcorpfin.2008.03.006

Biswas, P. K., & Bhuiyan, M. H. U. (2011). Corporate Governance and Firm Performance: Theory and Evidence from Literature. SSRN Electronic Journal, 8–9. https://doi.org/10.2139/ssrn.1257617

Boone, A. L., Casares Field, L., Karpoff, J. M., & Raheja, C. G. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85(1), 66–101. https://doi.org/10.1016/j.jfineco.2006.05.004

Bunea, O. I., Corbos, R. A., & Popescu, R. I. (2019). Influence of some financial indicators on return on equity ratio in the Romanian energy sector - A competitive approach using a DuPont-based analysis. Energy, 189, 116251. https://doi.org/10.1016/j.energy.2019.116251

Burja, V., & Mărginean, R. (2014). The Study of Factors that may Influence the Performance by the Dupont Analysis in the Furniture Industry. Procedia Economics and Finance, 16(April), 213–223. https://doi.org/10.1016/s2212-5671(14)00794-1

Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002

Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all? Journal of Financial Economics, 87(2), 329–356. https://doi.org/10.1016/j.jfineco.2006.08.008

Dahya, J., Dimitrov, O., & McConnell, J. J. (2008). Dominant shareholders, corporate boards, and corporate value: A cross-country analysis. Journal of Financial Economics, 87(1), 73–100. https://doi.org/10.1016/j.jfineco.2006.10.005

Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674–686. https://doi.org/10.2307/256988

Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301–325.

Ghosh, S. (2018). Governance reforms and performance of MENA banks: Are disclosures effective? Global Finance Journal, 36(January), 78–95. https://doi.org/10.1016/j.gfj.2018.01.002

Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. European Journal of Finance, 15(4), 385–404. https://doi.org/10.1080/13518470802466121

Jensen, M. C. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behaviour, Agency Cost and Ownership Structure. Journal of Financial Economics, 3, 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Kementerian BUMN. (2020). Rencana Strategis Kementrian BUMN 2020-2024 (pp. 1–74).

Kementrian BUMN. (2021). Laporan Kinerja Kementrian BUMN (pp. 1–101).

Kharatyan, D., Nunas, A., & Lopes, J. C. (2016). Financial ratios and indicators that determine return on equity. XVII–Encuentro AECA, 1–18.

Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375–400. https://doi.org/10.1016/S0165-4101(02)00059-9

Lestari, E., & Murtanto, M. (2017). Pengaruh Efektivitas Dewan Komisaris Dan Komite Audit , Struktur Kepemilikan , Kualitas Audit. Jurnal Media Riset Akuntansi, Auditing & Informasi, 17(2), 97–116.

OECD. (2015). Governance of regulators (OECD Best Practice Peinciples for Regulatory Policy. In OECD Publishing. https://doi.org/10.1787/gov_glance-2015-41-en

Ramadhana, K., Tamara, S., & Aulia, Y. (2023). Rangkap Jabatan Komisaris dan Dewan Pengawas BUMN. Indonesia Corruption Watch, Oktober, 1–44. https://antikorupsi.org/id/rangkap-jabatan-komisaris-dan-dewan-pengawas-badan-usaha-milik-negara

Sudarmanto, E., Susanti, E., Revida, E., Pelu, M. F. A. R., Purba, S., Purba, A. B., Silalahi, M., Anggusti, M., Sipayung, P. D., & Krisnawati, A. (2021). Good Corporate Governance (GCG). Yayasan Kita Menulis.

Widi Wardana, I. M. W., & Yoseph Agus. (2024). Profitabilitas Memoderasi Pengaruh Dewan Komisaris Independen, Struktur Kepemilikan, Struktur Modal, Nilai Perusahaan. Jurnal Ekonomi Trisakti, 4(2), 305–316. https://doi.org/10.25105/v4i2.20680

World Bank. (2014). Corporate Governance of State-Owned Enterprises. In WOrld Bank Group. http://scioteca.caf.com/bitstream/handle/123456789/1091/RED2017-Eng-8ene.pdf?sequence=12&isAllowed=y%0Ahttp://dx.doi.org/10.1016/j.regsciurbeco.2008.06.005%0Ahttps://www.researchgate.net/publication/305320484_SISTEM_PEMBETUNGAN_TERPUSAT_STRATEGI_MELESTARI

Yermack, D. (1996). Higher Market Valuation for Firms with a Small Board of Directors. Journal of Financial Economics, 40(40), 185–211.




DOI: https://doi.org/10.30743/akutansi.v11i1.11288

Refbacks

  • There are currently no refbacks.