PENGARUH BOARD CHARACTERISTIC TERHADAP FIRM PERFORMANCE PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016
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Keywords:
board characteristic, firm performance, agency theory, multiple linear regression
Abstract
This study aims to investigate the determinants of board characteristics such of of dari proportion woman director, education level, average board tenure, director size, independent director, firm age dan firm size of companies’ listed in the Indonesian Stock Exchange using agency theory. This Study uses the quantitative approach and multiple linear reggresion to analyze the data. The target populations of this study are manufacturing companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 535 year observations.
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References
Akben, E, and Selcuk, 2016, Does Firm Age Affect Profitability? Evidence from turkey, International Journal of Economic Sciences, Vol. V, No: 3.
Amin, N., and Sunarjanto, 2016, Pengaruh Diversitas De wan Komisaris dan Dewan Direksi Terhadap Kinerja Perusahaan, Jurnal Manajemen dan Kewirausahaan, Vol.20, No: 1.
Arena, C., A. Cirillo., D. Mussolino., P. Igrid., S. Saggese., F. Sarto, 2015, Women on B oard: Evidence From a M asculine Industry, Corporate Governance, Vol. 15 Issue: 3,pp. 339-356.
Berenson, M.L., D.M. Levine, dan T.C. Krehbiel, 2012, Basic Business Statistics: Concept and Application, Prentice Hall, Boston.
Binshnu, K., and H. Le, 2014, Board Structure and F irm Performance in Emerging Economies: Evidence fr om Vietnam, Journal of Management and Finance, Vol.1, No:1.
Boerner, S., M. Linkohr., and S. Kiefer, 2011, Top Management Team Diversity: Positive In The Short Run, But Negative In The Long Run?, Journal of Business Finance & Accounting, Vol.17, No:7/8. - pp. 328-353.
Bathula, H, 2008, B oard Characteristics and Firm Performance: Edvidence Form New Zealand, Thesis, the degree of Do ctor of Philosophy (PhD) Auckland University.
Carperter, M, A, 2002, The Implications of Strategy and Social Context for The Relationship Between Top Management Team Heterogeneity and Firm Performance, Strategic Management Journal, Vol.23: 275-284.
Carperter, M, A, 2001, The Strategic Context Of External Network Ties: Examining The Impact of Director Appointments on Board Involvement in Strategic Decision Making, Academy of Management Journal, Vol. 4, No. 4, 639-660.
Carver, J, 2002, Corporate Boards That Create Value: Governing Company Performance from the boardroom.
Certo, T., R. Lester., C.M Dalton., and R. Dalton, 2006, Top Management Teams, Strategy and Financial Performance: A Meta-Analytic Examination, Journal of Management Studies, Vol.43 No. 4.
Coles, J.L., N.D. Daniel., and L. Naveen, 2008, Boards: Does one size fit all? Journal of Financial Economics, Vol.8, No.7, 329-356.
Cox, T, H, and S. Blake, 1991, Managing Cultural Diversity: Implications For Organizationcaol Competitiveness, Academy of Management Executive, Vol. 5, No. 3, pp. 45-56.
Darmadi, S, 2013, Do Women in Top Manag ement Affect F irm Performance? Evidence from Indonesia, Corporate Governance: The international journal of business in society, Vol. 13 Issue: 3, pp.288-304.
Doğan, M, 2013, Does Firm Size Affect The Firm Profitability? Evidence fr om Turkey, Journal of Finance and Accounting, Vol.4, No.4, 2013.
Ehikioya, B, 2009, Corporate Governance Structure and Firm Performance in Developing Economies: Evidence F rom Nigeria, Corporate Governance: The international journal of business in society, Vol. 9 Issue: 3, pp.231-243.
Fachrudin, K, A., 2011, Analisis Pengaruh Struktur Modal, Ukuran Peru sahaan, dan Agency Cost Terhadap Kinerja Perus ahaan, Jurnal Akuntansi dan Keuangan, VOL. 13, NO. 1.
Gilson, R., and J . Gordon, 2003, Controlling Controlling Shareholders, Columbia Law and Economics W orking Paper No. 228; Stanford Law and Economics Olin Working Paper No. 262.
Gîrbină, M., C. Albu., and N. Albu, 2012, Board Members’ Financial Education and Firms’ Performance: Empirical Evidence for Bucharest Stock Exchange Companies, International Journal of Economics and Management Engineering, Vol:6, No:9.
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, The Mc.Graw-Hill Companies, Inc.
Gujarati, D.N., 2008, Ekonometrika Dasar, Jakarta : Erlangga
Hermalin, B, and M. W eisbach., 2003, Boards of Directors as an Endo genously Determined Institution: A Survey of the Economic Literature.
Jensen, M, C and Meckling, W, H, 1976, Theory of the Firm: Managerial
Behavior, Agency Costs and Ownership Stru cture, Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360.
Kılıç, M. Dan C. Kuzey., 2016, The Effect of Board Gender Diversity on Firm Performance: evidence from Turkey, Gender in Management: An International Journal, Vol. 31 Iss 7 pp. 434 – 455.
Komite Naisonal Kebijakan Governance, 2006, Pedoman Good Corporate Governance Indonesia, KNKG, p 20-21
Kusumastuti, S., Supat mi., and P. Sastra., 2006, Peng aruh Board Diversity Terhadap Nilai Perusa haan dalam Persp ektif Corporate Governance, Jurnal Akuntansi dan keuangan, Vol. 9, No. 2
Lazzaretti, K., C.K. Godoi., S.P.O. Camilo., R. Mar con., 2013, Gender Diversity in The Boards of Dire ctors of Brazilian Businesses, Gender in Management: An International Journal, Vol. 28 Issue: 2, pp.94-110.
Livnat, J., G. Smith., K. Suslava., and M. Tarlie ., Do Directors Have a Use-By Date?: Examining the Impact of B oard Tenure on Firm Performance, Thesis, Stern School of Business Administration
Loderer, C and U. W aelchli., 2010, Firm Age and Perf ormance, Journal of Economic Literature, G30, L20
Manzaneque, M., A.M. Priego, dan E. Mer ino, 2016, Corpora te Governance Effect on Financial Distress Likelihood: Evidence from Spain, Revista de Contabilidad – Spanish Accounting Review, 19: 111-121
Ofuan, J., and Izien., 2016, Firm Age, Size and Profitability Dynamics: A Test of Learning by Doing and Structural Inertia Hypotheses, Business and Management Research, Vol. 5, No. 1.
Puspitasari, H dan H artono, U, 2016, Pen garuh Ukuran Dewan Direksi, Ukuran Komite Audit Da n Ukuran Perusahaan Terhadap Kinerja Pe rusahaan Sektor Pertambangan yang Terdafta di B EI Tahun 2011-2014, Jurnal Ilmu Manajemen, Vol 1, No. 1.
Putra, W, Y dan I. B. Badjra, 2015, Pengaruh Leverage, Pertumbuhan Penjualan dan Ukuran Perusahaan Terhadap Profitabilitas, E-Jurnal Manajemen Unud, Vol. 4, No. 7.
Rodrigs, M., Al Mamun, A, Yasser, Q, 2017, Impact of Board Structure on Firm Performance: Evidence From an Emerging Economy, Journal of Asia Business Studies, Vol. 11 Issue: 2, pp.210- 228.
Rossi, M, 2016, The Impact of A ge on Firm Performance: a literatur e review, Article in Corporate Ownership and Control, Vol: 13, Issue 2.
Satirenjit, K, J ., and Ol adipupo, L, S, 2014, Impact Of Board Composition On Firm Performance: Astudy On listed F irm In Malaysia, Journal of Contemporar Management Sciences, Volume 3 (3) 94- 102. Vol:6, No:9.
Shleifer, A., and Vishny, R., 1997, A Survey of Corpora te Governance, the journal of finance, Vol: II, No: 2.
Suryamis, G dan Oetomo, H, 2014, Pengaruh Laverage, Umur Pe rusahaan dan Ukuran Perusahaan Terhadap Profitabilitas, Jurnal Ilmu & Riset Manajemen, Vol. 3 No. 9.
Tandelilin, E, 2002, Ana lisis Investasi dan Manajemen Portofolio, edisi 1 , BPFE Yogyakarta.
Tanikawa, T and Jung, Y, 2016, Top Management Team (TMT) Tenure Diversity and Firm Performance: Examining The Mod erating Effect of TMT Average Age, International Journal of Organizational Analysis, Vol. 24 Issue: 3, pp.454-470.
Tanikawa, T., So yeon, K., and Yuhe, J, 2017, Top Management Team Diversit y And Firm Performance: Exploring a Function of Age, Team Performance Management: An International Journal, Vol. 23 Issue: 3/4, pp.156-170.
Ujunwa, A., 2012., Board Characteristics and The Financial Performance of Nigerian Quoted Firms, Corporate Governance: The international journal of business in society, Vol. 12 Issue: 5, pp.656-674.
Uzonwanne, 2016, Corpora te Governance: The Impact of Director and Board Structure, Ownership Structure and Corporate Control on The Performance of Listed Companies on the Ghana stock exchange, Corporate Governance, Vol. 16 Iss 2 pp. 259 – 277
Vafeas, N, 2003. Lenght of Board Tenure and Outside Director Independence. Journal of Business Finance & Accounting, Vol.30 (7/8), p. 1043-1046.
Yermack, 2006, Higher Market Valuations of Companies W ith a Small B oard of Directors, Journal of Financial Economics, vol 40, 2006, pp. 185–211.
Amin, N., and Sunarjanto, 2016, Pengaruh Diversitas De wan Komisaris dan Dewan Direksi Terhadap Kinerja Perusahaan, Jurnal Manajemen dan Kewirausahaan, Vol.20, No: 1.
Arena, C., A. Cirillo., D. Mussolino., P. Igrid., S. Saggese., F. Sarto, 2015, Women on B oard: Evidence From a M asculine Industry, Corporate Governance, Vol. 15 Issue: 3,pp. 339-356.
Berenson, M.L., D.M. Levine, dan T.C. Krehbiel, 2012, Basic Business Statistics: Concept and Application, Prentice Hall, Boston.
Binshnu, K., and H. Le, 2014, Board Structure and F irm Performance in Emerging Economies: Evidence fr om Vietnam, Journal of Management and Finance, Vol.1, No:1.
Boerner, S., M. Linkohr., and S. Kiefer, 2011, Top Management Team Diversity: Positive In The Short Run, But Negative In The Long Run?, Journal of Business Finance & Accounting, Vol.17, No:7/8. - pp. 328-353.
Bathula, H, 2008, B oard Characteristics and Firm Performance: Edvidence Form New Zealand, Thesis, the degree of Do ctor of Philosophy (PhD) Auckland University.
Carperter, M, A, 2002, The Implications of Strategy and Social Context for The Relationship Between Top Management Team Heterogeneity and Firm Performance, Strategic Management Journal, Vol.23: 275-284.
Carperter, M, A, 2001, The Strategic Context Of External Network Ties: Examining The Impact of Director Appointments on Board Involvement in Strategic Decision Making, Academy of Management Journal, Vol. 4, No. 4, 639-660.
Carver, J, 2002, Corporate Boards That Create Value: Governing Company Performance from the boardroom.
Certo, T., R. Lester., C.M Dalton., and R. Dalton, 2006, Top Management Teams, Strategy and Financial Performance: A Meta-Analytic Examination, Journal of Management Studies, Vol.43 No. 4.
Coles, J.L., N.D. Daniel., and L. Naveen, 2008, Boards: Does one size fit all? Journal of Financial Economics, Vol.8, No.7, 329-356.
Cox, T, H, and S. Blake, 1991, Managing Cultural Diversity: Implications For Organizationcaol Competitiveness, Academy of Management Executive, Vol. 5, No. 3, pp. 45-56.
Darmadi, S, 2013, Do Women in Top Manag ement Affect F irm Performance? Evidence from Indonesia, Corporate Governance: The international journal of business in society, Vol. 13 Issue: 3, pp.288-304.
Doğan, M, 2013, Does Firm Size Affect The Firm Profitability? Evidence fr om Turkey, Journal of Finance and Accounting, Vol.4, No.4, 2013.
Ehikioya, B, 2009, Corporate Governance Structure and Firm Performance in Developing Economies: Evidence F rom Nigeria, Corporate Governance: The international journal of business in society, Vol. 9 Issue: 3, pp.231-243.
Fachrudin, K, A., 2011, Analisis Pengaruh Struktur Modal, Ukuran Peru sahaan, dan Agency Cost Terhadap Kinerja Perus ahaan, Jurnal Akuntansi dan Keuangan, VOL. 13, NO. 1.
Gilson, R., and J . Gordon, 2003, Controlling Controlling Shareholders, Columbia Law and Economics W orking Paper No. 228; Stanford Law and Economics Olin Working Paper No. 262.
Gîrbină, M., C. Albu., and N. Albu, 2012, Board Members’ Financial Education and Firms’ Performance: Empirical Evidence for Bucharest Stock Exchange Companies, International Journal of Economics and Management Engineering, Vol:6, No:9.
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, The Mc.Graw-Hill Companies, Inc.
Gujarati, D.N., 2008, Ekonometrika Dasar, Jakarta : Erlangga
Hermalin, B, and M. W eisbach., 2003, Boards of Directors as an Endo genously Determined Institution: A Survey of the Economic Literature.
Jensen, M, C and Meckling, W, H, 1976, Theory of the Firm: Managerial
Behavior, Agency Costs and Ownership Stru cture, Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360.
Kılıç, M. Dan C. Kuzey., 2016, The Effect of Board Gender Diversity on Firm Performance: evidence from Turkey, Gender in Management: An International Journal, Vol. 31 Iss 7 pp. 434 – 455.
Komite Naisonal Kebijakan Governance, 2006, Pedoman Good Corporate Governance Indonesia, KNKG, p 20-21
Kusumastuti, S., Supat mi., and P. Sastra., 2006, Peng aruh Board Diversity Terhadap Nilai Perusa haan dalam Persp ektif Corporate Governance, Jurnal Akuntansi dan keuangan, Vol. 9, No. 2
Lazzaretti, K., C.K. Godoi., S.P.O. Camilo., R. Mar con., 2013, Gender Diversity in The Boards of Dire ctors of Brazilian Businesses, Gender in Management: An International Journal, Vol. 28 Issue: 2, pp.94-110.
Livnat, J., G. Smith., K. Suslava., and M. Tarlie ., Do Directors Have a Use-By Date?: Examining the Impact of B oard Tenure on Firm Performance, Thesis, Stern School of Business Administration
Loderer, C and U. W aelchli., 2010, Firm Age and Perf ormance, Journal of Economic Literature, G30, L20
Manzaneque, M., A.M. Priego, dan E. Mer ino, 2016, Corpora te Governance Effect on Financial Distress Likelihood: Evidence from Spain, Revista de Contabilidad – Spanish Accounting Review, 19: 111-121
Ofuan, J., and Izien., 2016, Firm Age, Size and Profitability Dynamics: A Test of Learning by Doing and Structural Inertia Hypotheses, Business and Management Research, Vol. 5, No. 1.
Puspitasari, H dan H artono, U, 2016, Pen garuh Ukuran Dewan Direksi, Ukuran Komite Audit Da n Ukuran Perusahaan Terhadap Kinerja Pe rusahaan Sektor Pertambangan yang Terdafta di B EI Tahun 2011-2014, Jurnal Ilmu Manajemen, Vol 1, No. 1.
Putra, W, Y dan I. B. Badjra, 2015, Pengaruh Leverage, Pertumbuhan Penjualan dan Ukuran Perusahaan Terhadap Profitabilitas, E-Jurnal Manajemen Unud, Vol. 4, No. 7.
Rodrigs, M., Al Mamun, A, Yasser, Q, 2017, Impact of Board Structure on Firm Performance: Evidence From an Emerging Economy, Journal of Asia Business Studies, Vol. 11 Issue: 2, pp.210- 228.
Rossi, M, 2016, The Impact of A ge on Firm Performance: a literatur e review, Article in Corporate Ownership and Control, Vol: 13, Issue 2.
Satirenjit, K, J ., and Ol adipupo, L, S, 2014, Impact Of Board Composition On Firm Performance: Astudy On listed F irm In Malaysia, Journal of Contemporar Management Sciences, Volume 3 (3) 94- 102. Vol:6, No:9.
Shleifer, A., and Vishny, R., 1997, A Survey of Corpora te Governance, the journal of finance, Vol: II, No: 2.
Suryamis, G dan Oetomo, H, 2014, Pengaruh Laverage, Umur Pe rusahaan dan Ukuran Perusahaan Terhadap Profitabilitas, Jurnal Ilmu & Riset Manajemen, Vol. 3 No. 9.
Tandelilin, E, 2002, Ana lisis Investasi dan Manajemen Portofolio, edisi 1 , BPFE Yogyakarta.
Tanikawa, T and Jung, Y, 2016, Top Management Team (TMT) Tenure Diversity and Firm Performance: Examining The Mod erating Effect of TMT Average Age, International Journal of Organizational Analysis, Vol. 24 Issue: 3, pp.454-470.
Tanikawa, T., So yeon, K., and Yuhe, J, 2017, Top Management Team Diversit y And Firm Performance: Exploring a Function of Age, Team Performance Management: An International Journal, Vol. 23 Issue: 3/4, pp.156-170.
Ujunwa, A., 2012., Board Characteristics and The Financial Performance of Nigerian Quoted Firms, Corporate Governance: The international journal of business in society, Vol. 12 Issue: 5, pp.656-674.
Uzonwanne, 2016, Corpora te Governance: The Impact of Director and Board Structure, Ownership Structure and Corporate Control on The Performance of Listed Companies on the Ghana stock exchange, Corporate Governance, Vol. 16 Iss 2 pp. 259 – 277
Vafeas, N, 2003. Lenght of Board Tenure and Outside Director Independence. Journal of Business Finance & Accounting, Vol.30 (7/8), p. 1043-1046.
Yermack, 2006, Higher Market Valuations of Companies W ith a Small B oard of Directors, Journal of Financial Economics, vol 40, 2006, pp. 185–211.
Published
2018-03-01
Section
Bidang Manajemen (M)
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