Peran Good Corporate Governance dan Leverage dalam Menjelaskan Kinerja Keuangan Perusahaan Perkebunan Kelapa Sawit
DOI:
https://doi.org/10.61132/anggaran.v4i3.2607Keywords:
Board of Directors, Independent Commissioner, Leverage, Return on Assets, The Frequency of Audit Committee MeetingsAbstract
Financial performance is important for assessing the ability of palm oil plantation companies to manage assets, corporate governance, and financing decisions. This study examines the effect of independent commissioners, board of directors, audit committee meeting frequency, and leverage on the financial performance of palm oil plantation companies listed on the Indonesia Stock Exchange during 2022–2025, with firm size as a control variable. This quantitative study uses secondary data from annual reports and financial statements. Purposive sampling resulted in 22 companies and 88 balanced-panel observations. Financial performance is measured by Return on Assets (ROA), while panel-data regression is estimated using EViews. The Fixed Effect Model is selected based on model selection tests, with robust standard errors applied to the final estimation. The results indicate that independent commissioners, board of directors, and audit committee meeting frequency do not significantly affect ROA. Leverage has a negative and significant effect on ROA, while firm size has a positive and significant effect. The model is jointly significant, with an Adjusted R-squared of 76.61%. These findings indicate that financing structure and firm scale are important factors associated with financial performance, whereas the quantitative corporate governance mechanisms examined do not show a significant relationship with ROA.
Downloads
References
Asikin, B., Rusmawan Kusumah, W., & Arnan Gusnandar, S. (2023). Effect of Capital Structure, Commodity Price, and Share Price on Company Financial Performance (Empirical Study on Palm Oil Plantation Companies Listed on the Indonesia Stock Exchange for the Period 2018-2022) Pengaruh Struktur Modal, Harga Komoditas, Dan. COSTING:Journal of Economic, Business and Accounting, 7(1), 2629–2640.
Basuki, A. T. (2021). ANALISIS DATA PANEL DALAM PENELITIAN EKONOMI DAN BISNIS (DIKLENGKAPI DENGAN PENGGUNAAN EVIEWS). 161.
Eka Oktafia, Siti Ridloah, & Mochamad Akbar. (2025). Good Corporate Governance and Company’s Financial Performance with a Perspective Agency Theory in Companies Listed in The LQ45 Index. Management Analysis Journal, 14(1), 1–13. https://doi.org/10.15294/maj.v14i1.20099
Elfian, M. S., Harianto, H., & Zulbainarni, N. (2023). Financial Performance of The Main Palm Oil Companies in Indonesia and The Influencing Factors. Business Review and Case Studies, 4(1), 62–72. https://doi.org/10.17358/brcs.4.1.62
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law and Economics, 26(2), 301–325. https://doi.org/10.1086/467037
Hamid, N., & Purbawangsa, I. B. A. (2022). Impact of the board of directors on financial performance and company capital: Risk management as an intervening variable. Journal of Co-Operative Organization and Management, 10(2), 100164. https://doi.org/10.1016/j.jcom.2021.100164
Jensen, M. C., & Meckling, W. H. (1976a). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jensen, M. C., & Meckling, W. H. (1976b). THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE. In Journal of Financial Economics (Vol. 3). Q North-Holland Publishing Company.
Jihan Irbah Nadiah, & Dian Filianti. (2022). Hubungan Kualitas Audit, Komite Audit, dan Dewan Pengawas Syariah terhadap Kinerja Bank Umum Syariah di Indonesia. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(5), 731–746. https://doi.org/10.20473/vol9iss20225pp731-746
Kasmir. (2019). Analisis Laporan Keuangan (Rajawali Pers (ed.); Edisi Revi). Rajawali Pers.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
Kurniawan, R., & Damayanti, F. (2022). ANALISA LAPORAN KEUANGAN SEBELUM DAN SESUDAH PANDEMI COVID 19 PADA PERUSAHAAN ROKOK YANG TERDAFTAR DI BURSA EFEK INDONESIA. JAAKFE UNTAN (Jurnal Audit Dan Akuntansi Fakultas Ekonomi Universitas Tanjungpura), 11(1), 40. https://doi.org/10.26418/jaakfe.v11i1.55200
Nurhidayanti, F., Listari, S., & Efrianti, D. (2023). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan Dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 239–250. https://doi.org/10.37641/jiakes.v11i1.1769
Pandapotan, J., & Lastiningsih Universitas Pembangunan Nasional Veteran Jakarta, N. (2020). The Effect of Capital Structure, Liquidity, and Company Size towards Profitability. In Journal of Economics and Behavioral Studies (Vol. 12, Issue 4).
Pitaloka, P. A., & Hartono, U. (2024). Pengaruh Good Corporate Governance, Leverage dan Firm Size terhadap Kinerja Keuangan Pada Perusahaan Sektor Mining yang Tercatat Di Bursa Efek Indonesia Tahun 2019 – 2022. Jurnal Ilmu Manajemen, 636–649. https://doi.org/10.26740/jim.v12n3.p636-649
Saputri, E. D. A., Fakhruddin, I., Santoso, S. B., & Dirgantari, N. (2023). Pengaruh Implementasi Prinsip Good Corporate Governance, Intellectual Capital, Dan Leverage Terhadap Kinerja Keuangan Perusahaan. Edunomika, 08(01), 1–13.
Setiawan, S., Dahlan Jakarta, A., & Com, O. (2020). Terhadap Kinerja Keuangan Pada Sektor Barang Konsumsi Di Bei. Maret 2020, XVIII(1), 13–21. http://jurnalnasional.ump.ac.id/index.php/kompartemen/
Sutarti, S., Silvia, L., & Pamungkas, B. (2025). Do Independent Commissioners, Board Size, and Audit Committees Matter for ROA? Jurnal Ilmiah Akuntansi Kesatuan, 13(5), 1125–1136. https://doi.org/10.37641/jiakes.v13i5.4383
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Anggaran : Jurnal Publikasi Ekonomi dan Akuntansi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
