The Influence of Board of Commissioners' Characteristics On Firm Value: A Study Of Banking Listed On The Indonesian Stock Exchange

Qilda Salsabila, Sofyan Hadinata

Abstract


This study aims to empirically test the effect of board of commissioners' characteristics on firm value in Indonesian banking companies listed on the Indonesia Stock Exchange during the 2020-2022 period. The characteristics of the board of commissioners were measured using the competence of the board of commissioners, the proportion of independent board of commissioners and the presence of women on the board of commissioners, while the value of the company was measured using Tobin's Q. This study uses a purposive sampling technique, so that a sample of 38 companies was obtained with a total of 114 observations. Findings from this study indicate that the board of commissioners' competence is positively associated with firm value. However, the proportion of independent commissioners is not significantly correlated with firm value. Moreover, the presence of women commissioners is negatively related to firm value.

Full Text:

PDF

References


Abbas, A., & Frihatni, A. A. (2023). Gender Diversity And Firm Performances Suffering From Financial Distress: Evidence From Indonesia. Journal of Capital Markets Studies, 7(1), 91–107. https://doi.org/10.1108/jcms-12-2022-0045

Abdul Gafoor, C. P., Mariappan, V., & Thyagarajan, S. (2018). Board Characteristics And Bank Performance In India. IIMB Management Review, 30(2), 160–167. https://doi.org/10.1016/j.iimb.2018.01.007

Al-Matari, Y. A. (2022). Do The Characteristics Of The Board Chairman Have An Effect On Corporate Performance? Empirical Evidence From Saudi Arabia. Heliyon, 8(4), e09286. https://doi.org/10.1016/j.heliyon.2022.e09286

Aldrich, H. E., & Pfeffer, J. (1976). Environments of Organizations. Annual Review of Sociology,. New York.

Alqatan, A., Chbib, I., & Hussainey, K. (2019). How Does Board Structure Impact On Firm Performance In The UK? Corporate Board Role Duties and Composition, 15(2), 18–27. https://doi.org/10.22495/cbv15i2art2

Anita Ade Rahma, D. B. (2018). Peranan Board Connection dalam Meningkatkan Kinerja Perusahaan. Jurnal Kajian Manajemen Bisnis, 8(2), 66–72.

Anjali Singh, Seema Das, S. J. (2023). Women Leadership And Emotions: Knowledge Structure And Future Research Opportunities. European Management Journal, Volume 41(Issue 6), 864–882.

Apandi W. (2023). The Effect of Independent Commissioner, Institutional Ownership and Profitability on Tax Avoidance with Company Size as a Moderating Variable (Empirical Study of Consumer Cyclicals Sector Companies Listed on the Indonesia Stock Exchange for the Period of 2016-2021). International Journal For Multidisciplinary Research, 5(4), 1–10. https://doi.org/10.36948/ijfmr.2023.v05i04.4240

Ardianto, C. N., & Suzan, L. (2021). Pengaruh Profitabilitas , Good Corporate Governance dan Umur Perusahaan Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sektor Infrastruktur, Utilitas dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia (BEI) 8(5), 5331–5342.

Ariani, M. S. (2019). Pengaruh Strategi Diversifikasi, Intellectual Capital Dan Karakteristik Perusahaan Terhadap Kinerja Perusahaan Di Indonesia. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 14(1), 37–58.

https://doi.org/10.25105/jipak.v14i1.5015

Arioglu, E. (2020). Female Board Members: The Effect Of Director Affiliation. Gender in Management, 35(2), 225–254. https://doi.org/10.1108/GM-05-2019-0080

Asare, N., Aboagye-Otchere, F., & Onumah, J. M. (2023). Corporate Board Structures And Intellectual Capital: Evidence From Banks In Africa. Asian Journal of Economics and Banking, 7(1), 146–163. https://doi.org/10.1108/ajeb-06-2020-0020

Assenga, M. P., Aly, D., & Hussainey, K. (2018). The Impact Of Board Characteristics On The Financial Performance Of Tanzanian Firms. In Corporate Governance (Bingley) (Vol. 18, Issue 6). https://doi.org/10.1108/CG-09-2016-0174

Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board Diversity, Firm Risk, And Corporate Policies. Journal of Financial Economics, 127(3), 588–612. https://doi.org/10.1016/j.jfineco.2017.12.009

Carpenter, M., & Westphal, J. (2001). The Strategic Context of External Network Ties: Examining the Impact of Director Appointments on Board Involvement in Strategic Decision Making. Academy of Management, 639–660.

Deore, A., Krishnan, R., & Mani, D. (2021). Board Gender Diversity and its Impact on Firm Innovation Strategies. Academy of Management Proceedings, 2021(1), 12450. https://doi.org/10.5465/ambpp.2021.12450abstract

Dwiridotjahjono, J. (2009). Penerapan Good Corporate Governance : Manfaat Dan Tantangan Serta Kesempatan Bagi Perusahaan Publik Di Indonesia. Jurnal Administrasi Bisnis Unpar, 5(2), 101–112.

Fadillah, A. R. (2017). Analisis Pengaruh Dewan Komisaris Independen, Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Kinerja Perusahaan yang Terdaftar di LQ45. Jurnal Akuntansi, 12(1), 37–52. https://doi.org/10.37058/jak.v12i1.294

Fajarwati, E., & Witiastuti, R. S. (2022). Board of Directors Structure and Firm Performance: Evidence from Indonesia and Malaysia. Management Analysis Journal, 11(1), 8–21. https://doi.org/10.15294/maj.v11i1.51672

Farooq, M. and Ahmad, N. (2023). Nexus between board characteristics, firm performance and intellectual capital: an emerging market evidence. Corporate Governance, Vol. 23 No, 1269–1297. https://doi.org/https://doi.org/10.1108/CG-08-2022-0355

Fatah, A. N., Pratama, B. C., Fitriati, A., & Hapsari, I. (2022). Pengaruh Intellectual Capital dan Karakteristik Dewan Pengawas Syariah Terhadap Kinerja Sosial Pada Perbankan Syariah. Jurnal Ilmiah Ekonomi Islam, 8(1), 730. https://doi.org/10.29040/jiei.v8i1.3749

Fiakas. (2005). Tobin’s q: Valuing Small Capitalization Companies. Crystal Equity Research.

Fitrianingsih, D., & Asfaro, S. (2022). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan Perbankan Di Bursa Efek Indonesia. Jurnal Revenue : Jurnal Ilmiah Akuntansi, 3(1), 21–30. https://doi.org/10.46306/rev.v3i1.37

G, C. (2017). Metode Riset Akuntansi Pendekatan Kuantitatif.

García Martín, C. J., & Herrero, B. (2018). Boards Of Directors: Composition And Effects On The Performance Of The Firm. Economic Research-Ekonomska Istrazivanja , 31(1), 1015–1041. https://doi.org/10.1080/1331677X.2018.1436454

Goel, A., Dhiman, R., Rana, S. and Srivastava, V. (2022). Board Composition and Firm Performance: Empirical Evidence From Indian Companies. Asia-Pacific Journal of Business Administration, Vol. 14 No. https://doi.org/https://doi.org/10.1108/APJBA-09-2021-0483

Haider, N., Khan, N., & Iqbal, N. (2015). Impact of Corporate Governance on Firm Financial Performance in Islamic Financial Institution. International Letters of Social and Humanistic Sciences, 51(9), 106–110.

https://doi.org/10.18052/www.scipress.com/ilshs.51.106

Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/amr.1984.4277628

Harinurdin, E., & Safitri, K. A. (2023). Tata Kelola Perusahaan Tercatat Di Indonesia. Jurnal Vokasi Indonesia, 10(1), 46–56.

Hartoko, S. dan, & Astusi, T. A. A. (2021). Pengaruh Karakteristik Dewan Komisaris, Karakteristik Komite Audit, Dan Kualitas Audit Terhadap Laba. Jurnal Akuntansi Dan Bisnis, 21(1), 126–137.

Intia, L. C., & Azizah, S. N. (2021). Pengaruh Dewan Direksi, Dewan Komisaris Independen, Dan Dewan Pengawas Syariah Terhadap Kinerja Keuangan Perbankan Syariah Di Indonesia. Jurnal Riset Keuangan Dan Akuntansi, 7(2), 46–59. https://doi.org/10.25134/jrka.v7i2.4860

Irwansyah, M. R., Vijaya, D. P., & Tripalupi, L. E. (2020). Board Diversity dan Kualitas Laba: Studi pada Perusahaan Manufaktur di Indonesia. Jurnal Ilmiah Akuntansi, 5(2), 1–14.

Jensen, M., & Meckling, W. (2012). Theory Of The Firm: Managerial Behavior, Agency Costs, And Ownership Structure. The Economic Nature of the Firm: A Reader, Third Edition, 283–303. https://doi.org/10.1017/CBO9780511817410.023

Junus, O., Nasih, M., Anshori, M., & Harymawan, I. (2022). Politically Connected Independent Board And Firm Performance. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2069638

Kabir, A., Ikra, S. S., Saona, P., & Azad, M. A. K. (2023). Board Gender Diversity And Firm Performance: New Evidence From Cultural Diversity In The Boardroom. LBS Journal of Management & Research, 21(1), 1–12. https://doi.org/10.1108/lbsjmr-06-2022-0022

Kharis, J. B., & Nugrahanti, Y. W. (2022). Board Diversity, Koneksi Politik dan Financial Distress. E-Jurnal Akuntansi, 32(8), 1987. https://doi.org/10.24843/eja.2022.v32.i08.p03

Kusuma, S. Y., Sudarman, S., & Astutik, D. (2018). Pengaruh Diversitas Gender Dewan Terhadap Kinerja Keuangan Pada Perbankan Yang Terdaftar Di Bei Periode 2014-2017. Equilibrium: Jurnal Ekonomi Syariah, 6(2), 253.

https://doi.org/10.21043/equilibrium.v6i2.4782

Lari Dashtbayaz, M., Salehi, M., Mirzaei, A., & Nazaridavaji, H. (2020). The Impact Of Corporate Governance On Intellectual Capitals Efficiency In Iran. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 749–766. https://doi.org/10.1108/IMEFM-11-2017-0291

Lesmono, B., & Siregar, S. (2021). Studi Literatur Tentang Agency Theory. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(2), 203–210.

https://doi.org/10.47065/ekuitas.v3i2.1128

Liang, Q., Xu, P., & Jiraporn, P. (2013). Board Characteristics And Chinese Bank Performance. Journal Of Banking And Finance, 37(8), 2953–2968.

https://doi.org/10.1016/j.jbankfin.2013.04.018

Melisa Anggraini, Rahayu, D. P. W., Anoki Herdian Dito, & Nila Fransiska. (2021). Pengaruh Rapat Dewan Komisaris, Latar Belakang Pendidikan Dewan Komisaris Terhadap Nilai Perusahaan. Applied Research in Management and Business, 1(1), 21–27. https://doi.org/10.53416/arimbi.v1i1.10

Musallam, S. R. M. (2020). Effects Of Board Characteristics, Audit Committee And Risk Management On Corporate Performance: Evidence From Palestinian Listed Companies. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 691–706. https://doi.org/10.1108/IMEFM-12-2017-0347

Narosa, E. (2021). Ukuran Non Keuangan,Kualitas Layananan, Responsibilitas, Responsivitas, Akuntabilitas Company Performance Analysis Using Non-Financial Measurements (Case Study Of Bros Ujung Batu Initial Hospital). 03(02), 250–260.

Novtaviani, R. (2021). Pengaruh Corporate Governance terhadap Kinerja Perusahaan: Sebelum & Sesudah Merger & Akuisisi. Jurnal Ecodemica Jurnal Ekonomi Manajemen Dan Bisnis, 5(2), 175–183. https://doi.org/10.31294/eco.v5i2.10885

Octosiva, Feilicia, Meilisa Theresia, A. A. H. (2015). Pengaruh Independensi, Kompetensi, Dan Partisipasi Dewan Komisaris Terhadap Kinerja Keuangan Perusahaan. 210–231.

Ozdemir, O. (2020). Board Diversity And Firm Performance In The U.S. Tourism Sector: The Effect Of Institutional Ownership. International Journal of Hospitality Management, 91(February), 102693. https://doi.org/10.1016/j.ijhm.2020.102693

Prabowo, G., & Sunarjanto. (2015). Pengaruh Karakteristik Dewan, Struktur Kepemilikan, dan Kinerja Perusahaan Terhadap Modal Intelektual. Fokus Manajerial, 13(1), 39–52.

Rahmini, R., & Panggabean, R. R. (2020). Pengaruh Dewan Komisaris Independen, Komite Audit, Kualitas Audit, Kepemilikan Manajerial Dan Dividend Payout Ratio Terhadap Perataan Laba. Ultimaccounting : Jurnal Ilmu Akuntansi, 11(2), 180–201. https://doi.org/10.31937/akuntansi.v11i2.1462

Rengga, A., & Sukmawati Sukamulja. (2013). Analisis Kinerja Keuangan Perusahaan-Perusahaan Sektor Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2000 – 2013. Fakultas Ekonomi, Universitas Atma Jaya Yogyakarta, 1–15.

Rengganis, R. M. Y. D., Sari, M. M. R., Budiasih, I. G. A. ., Wirajaya, I. G. A., & Suprasto, H. B. (2019). The Fraud Diamond: Element In Detecting Financial Statement Of Fraud. International Research Journal of Management, IT and Social Sciences, 6(3), 1–10. https://doi.org/10.21744/irjmis.v6n3.621

Rezaee, Z., Alipour, M., Faraji, O., Ghanbari, M., & Jamshidinavid, B. (2020). Environmental Disclosure Quality And Risk: The Moderating Effect Of Corporate Governance. In Sustainability Accounting, Management and Policy Journal (Vol. 12, Issue 4). https://doi.org/10.1108/SAMPJ-10-2018-0269

Sari Kusumastuti, Supatmi Supatmi, & Perdana Sastra. (2007). Pengaruh Board Diversity Terhadap Nilai Perusahaan Dalam Perspektif Corporate Governance. Jurnal Akuntansi Dan Keuangan, 9(2), 88–98.

http://puslit2.petra.ac.id/ejournal/index.php/aku/article/view/16819

Septiana, W. R., & Puspawati, D. (2022). Analisis Good Corporate Governance Terhadap Pengungkapan ESG Di Indonesia Tahun 2016-2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(10), 4274–4283. https://doi.org/10.32670/fairvalue.v4i10.1642

Shahzad, F., Hussain Baig, M., Rehman, I. U., Latif, F., & Sergi, B. S. (2020). What Drives The Impact Of Women Directors On Firm Performance? Evidence From Intellectual Capital Efficiency Of US Listed Firms. Journal of Intellectual Capital, 21(4), 513–530. https://doi.org/10.1108/JIC-09-2019-0222

Sugiyono. (2019). Metode Penelitian Kuantitatif Kualitatif dan R & D. Bandung: Alfabeta.

Suherman, S., Mahfirah, T.F., Usman, B., Kurniawati, H. and Kurnianti, D. (2023). CEO Characteristics And Firm Performance: Evidence From A Southeast Asian Country. Corporate Governance (Bingley), Vol. 23 No, 1526–1563.

https://doi.org/https://doi.org/10.1108/CG-05-2022-0205

Suryabrata, S. (2012). Metodologi Penelitian. Jakarta: Raja Grafindo Persada.

Susmanto, A., Daryanto, A., & Sasongko, H. (2021). Pengaruh Karakteristik Dewan Komisaris Terhadap Kinerja Keuangan Perusahaan. Studi Kasus Pada BUMN Persero Terbuka Tahun 2014-2018. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 7(2), 498–498.

Tejedo-Romero, F., Rodrigues, L. L., & Craig, R. (2017). Women Directors And Disclosure Of Intellectual Capital Information. European Research on Management and Business Economics, 23(3), 123–131. https://doi.org/10.1016/j.iedeen.2017.06.003

Thoomaszen, S. P., & Hidayat, W. (2020). Keberagaman Gender Dewan Komisaris dan Direksi terhadap Kinerja Perusahaan. E-Jurnal Akuntansi, 30(8), 2040. https://doi.org/10.24843/eja.2020.v30.i08.p11

Uribe-Bohorquez, M. V., Martínez-Ferrero, J., & García-Sánchez, I. M. (2018). Board Independence And Firm Performance: The Moderating Effect Of Institutional Context. Journal of Business Research, 88(September 2017), 28–43.

https://doi.org/10.1016/j.jbusres.2018.03.005

Widhiastuti, R., Kiswanto, K., & Jati, K. W. (2020). The Role of Womens Leadership in Manufacturing Companies Listed on the Indonesia Stock Exchange. The Indonesian Journal of Accounting Research, 23(01), 49–66. https://doi.org/10.33312/ijar.461

Widnyana, I. W., Wiksuana, I. G. B., Artini, L. G. S., & Sedana, I. B. P. (2020). Influence Of Financial Architecture, Intangible Assets On Financial Performance And Corporate Value In The Indonesian Capital Market. International Journal of Productivity and Performance Management, 1999. https://doi.org/10.1108/IJPPM-06-2019-0307

Yulius, S. A. (2021). Pengaruh Karakteristik Dewan Komisaris Terhadap Kinerja Keuangan Perusahaan. Jurnal Aplikasi Manajemen Dan Bisnis, 7(2), 498–511. http://repository.wima.ac.id/24646/

Zein, K. A. (2016). Pengaruh Pertumbuhan Laba, Struktur Modal, Likuiditas Dan Komisaris Independen Terhadap Kualitas Laba Dengan Komisaris Independen Dimoderasi Oleh Kompetensi Komisaris Independen. JOM Fekon, 3(1), 980–992.

Zhao, M., & Abeysekera, I. (2023). Board Diversity And Intellectual Capital Disclosure Of Chinese-Listed Firms With Belt And Road Initiative Projects. Journal of Intellectual Capital, 24(7), 1–30. https://doi.org/10.1108/JIC-10-2022-0209


Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Journal Of Multiparadigm Accounting Research