Influence of Managerial Ownership, Board Independence, and Leverage on Financial Performance in the Financial Sector
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https://doi.org/10.24843/EJA.2025.v35.i02.p07
Abstrak
This study examines the impact of managerial ownership, independent commissioners, and leverage on the financial performance of financial sector firms in Indonesia, with the growth of Bank Indonesia's interest rates as a moderating variable. A quantitative research approach is employed, utilizing secondary data from the financial statements of financial sector companies listed on the Indonesia Stock Exchange (IDX). The analysis is conducted using Moderated Regression Analysis (MRA). The findings indicate that managerial ownership and independent commissioners positively influence financial performance, while leverage exhibits a nonlinear relationship with financial performance. Additionally, the growth of Bank Indonesia's interest rates moderates the relationship between leverage and financial performance, reinforcing specific interactions between the independent variables and firm performance. These results provide insights into the role of corporate governance mechanisms and capital structure in shaping financial outcomes within Indonesia’s financial sector.
Keywords: Managerial Ownership; Independent Commissioners; Leverage; Financial Performance; Bank Indonesia Interest Rate Growth.
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Referensi
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Azzah, L. (2021). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, dan Leverage terhadap Integritas Laporan Keuangan. Jurnal Akuntansi AKUNESA, 9(3), 64–76. https://doi.org/10.26740/akunesa.v9n3.p64-76
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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
BI-Rate. (n.d.). Retrieved November 5, 2024, from https://www.bi.go.id/id/statistik/indikator/BI-Rate.aspx
De Jonghe, O. (2010). Back to the basics in banking? A micro-analysis of banking system stability. Journal of Financial Intermediation, 19(3), 387–417. https://doi.org/10.1016/j.jfi.2009.04.001
Diamond, D. W., & Rajan, R. G. (2000). A Theory of Bank Capital. The Journal of Finance, 55(6), 2431–2465. https://doi.org/10.1111/0022-1082.00296
Donaldson, L., & Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1), 49–64. https://doi.org/10.1177/031289629101600103
Dornbusch, R., Stanley, F., & Richard, S. (2011). Macroeconomics (12th ed.). McGraw-Hill Education.
Ernawati, E., & Santoso, S. B. (2022). Pengaruh Ukuran Perusahaan, Kepemilikan Institusional, Komisaris Independen dan Leverage terhadap Kinerja Keuangan (Studi empiris pada Bank Umum Syariah yang Terdaftar di OJK Indonesia Tahun 2015-2019). Kompartemen : Jurnal Ilmiah Akuntansi, 19(2), 111. https://doi.org/10.30595/kompartemen.v19i2.13246
Ernayani, R., Asnawi, M. I., Lumentah, N. R., Moridu, I., & Lestari, W. (2023). Literature Review: Prospek Peningkatan Suku Bunga terhadap Nilai Perusahaan dan Return Saham. Journal of Economic, Bussines and Accounting (COSTING), 6(2), 1168–1180. https://doi.org/10.31539/costing.v6i2.4906
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
Fatimah, F. (2020). Pengaruh Dewan Komisaris Independen, Kepemilikan Institusional Dan Intellectual Capital Terhadap Kinerja Keuangan Perusahaan. Jurnal Kajian Akuntansi Dan Bisnis Terkini, 1(3), 438–457. https://repository.mercubuana.ac.id/id/eprint/53630
Flannery, M. J., & Hankins, K. W. (2013). Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19, 1–19. https://doi.org/10.1016/j.jcorpfin.2012.09.004
Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
Greene, W. H. (2012). Econometric Analysis (7th ed.). Pearson Education.
Gropp, R., & Heider, F. (2010). The Determinants of Bank Capital Structure*. Review of Finance, 14(4), 587–622. https://doi.org/10.1093/rof/rfp030
Guay, W. R., Core, J. E., & Larcker, D. F. (2001). Executive Equity Compensation and Incentives: A Survey. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.276425
Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed.). Mc-Graw Hill.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis (7th ed.). Pearson Education.
Hartati, N. (2020). Pengaruh Dewan Komisaris, Komite Audit dan Kepemilikan Institusional Terhadap Kinerja Keuangan Perusahaan. EKOMABIS: Jurnal Ekonomi Manajemen Bisnis, 1(02), 175–184. https://doi.org/10.37366/ekomabis.v1i02.72
Islami, D., & Wulandari, A. (2023). Pengaruh GCG, Struktur Modal, dan Leverage terhadap Kinerja Keuangan Perusahaan Tambang. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(2), 254–268. https://doi.org/10.21831/nominal.v12i2.60207
Jensen, M. C., & Meckling, W. H. (1976). 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
Leatemia, E. M., & Mangantar, M. (2019). Pengaruh Corporate Governance Terhadap Kinerja Keuangan Pada Perusahaan Textile Dan Garmen Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2017. Rogi… 4339 Jurnal EMBA, 7(3), 4339–4348. https://doi.org/https://doi.org/10.35794/emba.7.3.2019.25085
Lestari, T., & Mutmainah, K. (2020). Pengaruh Karakteristik Dewan Komisaris dan Dewan Direksi Terhadap Kinerja Keuangan (Studi Empiris pada Perusahaan Manufaktur Industri Barang Konsumsi yang terdaftar di BEI Periode 2015 sampai 2018). Journal of Economic, Business and Engineering (JEBE), 2(1), 34–41. https://doi.org/10.32500/jebe.v2i1.1455
Liang, H., & Renneboog, L. (2020). Corporate Social Responsibility and Sustainable Finance: A Review of the Literature. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3698631
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297. https://www.jstor.org/stable/1809766
Mohamed, M. S., Akims, M. A., Nyachae, S. M., & Mbugua, L. (2023). Moderating Effect of Interest Rate on the Relationship between Camel Rating Model and Financial Stability of Commercial Banks in Kenya. Asian Research Journal of Arts & Social Sciences, 21(3), 213–223. https://doi.org/10.9734/arjass/2023/v21i3486
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. Journal of Financial Economics, 20, 293–315. https://doi.org/10.1016/0304-405X(88)90048-7
Murdiyanto, E., & Kusuma, M. (2022). Moderasi Leverage Dalam Pengaruh Ukuran Bank Dan Aset Keuangan Terhadap Kinerja Keuangan Komprehensif Bpr Konvensional Dan Bpr Syariah Se-Kediri Raya. Ekonika : Jurnal Ekonomi Universitas Kadiri, 7(2), 315–333. http://ojs.unik-kediri.ac.id/index.php/ekonika
Myers, S. (1984). Capital Structure Puzzle. https://doi.org/10.3386/w1393
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Ningsih, D. A., & Wuryani, E. (2021). Kepemilikan Institusional, Leverage Dan Ukuran Perusahaan Terhadap Kinerja Keuangan. 9(2). https://jounal.unesa.ac.id/index.php/akunesa
Pertiwi, Y. (2021). Pengaruh Likuiditas, Pembayaran Dividen, Leverage, Struktur Modal Terhadap Kinerja Keuangan. Jurnal Manajemen, Ekonomi Dan Akuntansi (MEKA), 2(2), 217–223.
Pertiwi, Y., & Endang, M. W. (2022). Pengaruh likuiditas, leverage, dan struktur modal terhadap kinerja keuangan. Inovasi: Jurnal Ekonomi, Keuangan, Dan Manajemen, 18(2), 406–413. https://doi.org/https://doi.org/10.29264/jinv.v18i2.10624
Pramudityo, W. A., & Sofie. (2023). Pengaruh Komite Audit, Dewan Komisaris Independen, Dewan Direksi dan Kepemilikan Institusional terhadap Kinerja Keuangan Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3873–3880. https://doi.org/10.25105/jet.v3i2.18026
Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
Romadoni, D. S., & Pradita, N. (2022). Pengaruh Kepemilikan Manajerial, Komisaris Independen dan Kepemilikan Konstitusional terhadap Kinerja Keuangan Perusahaan. Jurnal Pendidikan Tambusai, 6(2), 15203–15215. https://doi.org/https://doi.org/10.31004/jptam.v6i2.4800
Ross, S. A., Westerfield, R., Jaffe, J. F., & Jordan, B. B. (2019). Corporate Finance (12th ed.). McGraw-Hill Education.
Saifi, M. (2019). Pengaruh Corporate Governance dan Struktur Kepemilikan terhadap Kinerja Keuangan Perusahaan. Profit, 13(02), 1–11. https://doi.org/10.21776/ub.profit.2019.013.02.1
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2025-01-02
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FRANCIS, Francis; TRISNAWATI, Estralita; SRIWATI, Sriwati.
Influence of Managerial Ownership, Board Independence, and Leverage on Financial Performance in the Financial Sector.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 2, jan. 2025.
ISSN 2302-8556.
Tersedia pada: <https://ojs.unud.ac.id./index.php/akuntansi/article/view/122330>. Tanggal Akses: 21 apr. 2025
doi: https://doi.org/10.24843/EJA.2025.v35.i02.p07.
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