Pengaruh Good Corporate Governance dan Struktur Kepemilikan terhadap Kinerja Perusahaan Sektor Keuangan di Bursa Efek Indonesia
Abstract
This study examines the influence of good corporate governance (GCG) and ownership structure on the financial performance of banking and insurance companies listed on the Indonesia Stock Exchange during 2020–2023. GCG is measured by the board of commissioners, board of directors, and audit committee, while ownership structure is represented by managerial and institutional ownership, with Return on Equity (ROE) as the performance indicator. Based on 80 observations from 20 companies and multiple linear regression analysis, the results indicate that the board of directors has a positive and significant effect on financial performance, whereas the board of commissioners, audit committee, managerial ownership, and institutional ownership show no significant effect. These findings imply that strengthening the effectiveness of the board of directors is crucial to enhance profitability, while other GCG mechanisms and ownership structures should be optimized through greater independence of commissioners, stronger audit functions, and more active institutional investor monitoring.
References
Ahmad, M., Baek, N. W., Kim, D. W., & Shah, B. A. (2019). The impact of institutional ownership on firms’ performance: Evidence from Pakistan. The Journal of Asian Studies, 22(1), 27–48. https://doi.org/10.21740/jas.2019.02.22.1.27
Al-Matari, E. M. (2020). Do characteristics of the board of directors and top executives have an effect on corporate performance among the financial sector? Evidence using stock. Corporate Governance (Bingley), 20(1), 16–43. https://doi.org/10.1108/CG-11-2018-0358
Brickley, J. A., Lease, R. C., & Smith Jr, C. W. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20, 267–291.
Cikarang, P. G. S. D. I. (2020). Jurnal ekonomi efektif. Jurnal Ekonomi Efektif, 2(3), 496–504. http://openjournal.unpam.ac.id/index.php/JEE/article/view/10673
Ferial, F., Siti, S., & Handayani, R. (2016). Pengaruh good corporate governance terhadap kinerja keuangan dan efeknya terhadap nilai perusahaan (studi pada BUMN yang terdaftar di BEI periode 2012–2014). Jurnal Administrasi Bisnis (JAB), 33(1).
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS (Edisi ke-9). Semarang: Badan Penerbit Universitas Diponegoro.
Groeneveld, T. A. S. (2019). Artikel dan informasi. The Electronic Library, 34(1), 1–5.
Handayani, Y. D., Iskandar, D., & Yuvisaibrani, E. (2019). Corporate governance and intellectual capital on financial distress. Global Journal of Management and Business Research: C Finance, 19(5), 63–71.
Haryani, N. I., & Susilawati, C. (2023). The effect of board of commissioners size, board of directors size, company size, institutional ownership, and independent commissioners on financial performance. Journal of Economic, Business and Accounting, 6(2), 2425–2435.
Ikatan Komite Audit Indonesia (IKAI). (2025). Tentang Komite Audit.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate Governance (pp. 77–132). Gower.
Jiraporn, P., Kim, J. C., Kim, Y. S., & Kitsabunnarat, P. (2012). Capital structure and corporate governance quality: Evidence from ISS. International Review of Economics and Finance, 22(1), 208–221.
Kasmir. (2014). Analisis laporan keuangan (Cet. ke-7). Jakarta: PT Raja Grafindo Persada.
Krisnadewi, K. A., & Wirasedana, W. P. (2019). Optimum board size for Indonesian public companies. Jurnal Akuntansi dan Keuangan, 20(2), 79–88. https://doi.org/10.9744/jak.20.2.79-88
Lestari, H. S. (2017). Pengaruh intellectual capital terhadap kinerja perusahaan asuransi di Indonesia. Jurnal Manajemen, XXI(3).
Lestari, J. D., & Sulistyowati, E. (2023). The influence of good corporate governance and institutional ownership on the financial performance of insurance companies. Jurnal Manajemen, 7, 478–490.
Liu, T., Abdelbaky, A., Elamer, A. A., & Elmahgoub, M. (2023). Real earnings management and ESG disclosure in emerging markets: The moderating effect of managerial ownership from a social norm perspective. Heliyon, 9(12), e22832. https://doi.org/10.1016/j.heliyon.2023.e22832
Mohd Ghazali, N. A. (2020). Governance and ownership in Malaysia: Their impacts on corporate performance. Asian Journal of Accounting Research, 5(2), 285–298. https://doi.org/10.1108/AJAR-03-2020-0017
Natania, D., Suparwati, Y. K., & Yusuf, M. (2024). The influence of good corporate governance on the financial performance of manufacturing companies listed on the Indonesian stock exchange. Perwira International Journal of Economics & Business, 4(1), 26–36. https://doi.org/10.54199/pijeb.v4i1.388
Novaliana, S., Akila, A., & Mafra, N. U. (2023). Pengaruh good corporate governance dan struktur kepemilikan terhadap kinerja keuangan perusahaan perbankan. Jurnal Media Wahana Ekonomika, 20(3), 549–562. https://doi.org/10.31851/jmwe.v20i3.13460
Novita Yoza, N., & Syofyan, E. (2021). Pengaruh penerapan good corporate governance dan struktur kepemilikan terhadap kinerja perusahaan: Studi empiris pada perusahaan non keuangan. Jurnal Eksplorasi Akuntansi (JEA), 3(4). http://jea.ppj.unp.ac.id/index.php/jea/index
Oktarina, S. P. (2020, April). Pengaruh good corporate governance terhadap kinerja perusahaan pada peserta CGPI yang terdaftar di BEI periode 2016–2018. Prosiding Seminar Nasional Pakar, 2–35.
Otoritas Jasa Keuangan (OJK). (2023). Statistik perbankan Indonesia 2020–2023. https://www.ojk.go.id
Partiwi, R., & Herawati, H. (2022). Pengaruh kepemilikan institusional, leverage dan ukuran perusahaan terhadap kinerja perusahaan. Jurnal Kajian Akuntansi dan Auditing, 17(1), 29–38. https://doi.org/10.37301/jkaa.v17i1.76
Paul, E., Harryanto, H., & Said, D. (2022). Pengaruh penerapan good corporate governance dan struktur kepemilikan terhadap kinerja keuangan bank umum. Akrual: Jurnal Bisnis dan Akuntansi Kontemporer, 15(2), 102–113. https://doi.org/10.26487/akrual.v15i2.21623
Pingkan, G., Prasetya, L., & Santosa, A. (2020). Good corporate governance, struktur kepemilikan dan kinerja perusahaan properti dan real estate. Capital: Jurnal Ekonomi dan Manajemen, 114–138. http://e-journal.unipma.ac.id/index.php/capital
Priatna, H. (2016). Pengukuran kinerja perusahaan dengan rasio profitabilitas. Jurnal Ilmiah Akuntansi, 7(2), 44–53.
Putra, F. (2024). Good corporate governance, firm performance and COVID-19. Asian Journal of Accounting Research, 9(4), 399–421. https://doi.org/10.1108/AJAR-07-2023-0227
Rahardjo, A. P., & Wuryani, E. (2021). Pengaruh good corporate governance, kepemilikan institusional, dan ukuran perusahaan terhadap kinerja keuangan perusahaan. Jurnal Akuntansi AKUNESA, 10(1), 103–113. https://doi.org/10.26740/akunesa.v10n1.p103-113
Rusli, M. Y., Nainggolan, P., & Pangestu, J. C. (2020). Pengaruh independent board of commissioners, institutional ownership, and audit committee terhadap firm value. Journal of Business and Applied Management, 13(1), 49–101. http://journal.ubm.ac.id/
Saifi, M. (2019). Pengaruh corporate governance dan struktur kepemilikan terhadap kinerja keuangan perusahaan. Jurnal Ilmu Manajemen, 2, 1–11.
Sitanggang, A. (2021). Pengaruh dewan komisaris independen, komite audit, kepemilikan manajerial dan kepemilikan institusional terhadap kinerja keuangan. Jurnal Riset Akuntansi & Keuangan, 7(2), 181–190. https://doi.org/10.54367/jrak.v7i2.1401
Tjeleni, I., Indra, O., Tjeleni, E., Ekonomi, F., Bisnis, D., Manajemen, J., Sam, U., & Manado, R. (2013). Kepemilikan manajerial dan institusional pengaruhnya terhadap kebijakan hutang pada perusahaan manufaktur di Bursa Efek Indonesia. Jurnal EMBA, 129(3), 129–139. http://www.idx.co.id
Utama, C. A., Utama, S., & Amarullah, F. (2017). Corporate governance and ownership structure: Indonesia evidence. Corporate Governance (Bingley), 17(2), 165–191. https://doi.org/10.1108/CG-12-2015-0171
Wardani, D., & Rudolfus, M. Y. (2016). Dampak leverage, kepemilikan institusional dan ukuran perusahaan terhadap kinerja perusahaan. Jurnal Keuangan dan Perbankan, 13(1), 1–16. http://journal.ibs.ac.id/index.php/jkp/article/view/26
Yeh, C. M. (2019). Ownership structure and firm performance of listed tourism firms. International Journal of Tourism Research, 21(2), 165–179. https://doi.org/10.1002/jtr.2250
Yulianingtyas, D., Sekolah, A., Ekonomi, T. I., & Surabaya, I. (2016). Pengaruh corporate social responsibility dan good corporate governance terhadap kinerja keuangan.
Yulianti, A., & Cahyonowati, N. (2023). Pengaruh dewan direksi, komisaris independen, komite audit, kepemilikan manajerial, dan kepemilikan institusional terhadap kinerja keuangan. Jurnal Ilmu Manajemen (JIM), 12(1), 1–14. https://ejournal3.undip.ac.id/index.php/accounting/article/view/40175/29430
.png)
.png)
