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Boubakri, Narjess, Jean-Claude Cosset & Walid Saffar, 2012, ‘The Impact of Political Connections on Firms’ Operating Performance and Financing Decisions’, The Journal of Financial Research Vol. XXXV, No. 3, Pages 397-423.
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Dawar, V. (2014) ‘Agency theory, capital structure and firm performance: some Indian evidence’, Managerial Finance, 40(12), pp. 1190–1206. doi: 10.1108/MF-10-2013-0275.
El-Sayed Ebaid, I. (2009) ‘The impact of capital-structure choice on firm performance: empirical evidence from Egypt’, Journal of Risk Finance, 10(5), pp. 477–487. doi: 10.1108/15265940911001385.
Fu, L., Parkash, M. and Singhal, R. (2017) ‘Tobin’s q Ratio and Firm Performance’, International Research Journal of Appllied Finance, (June). doi: 10.0704/article-2.
Gujarati, Damodar N. & Dawn C. Porter, 2009. Basic Econometrics Fifth Edition. United States: McGraw-Hill Irwin
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Jensen, C. Michael, 1986, ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’, American Economic Review, Vol.76, No. 2, pp. 323-329.
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Johl, S. K., Kaur, S. and Cooper, B. J. (2015) ‘Board Characteristics and Firm Performance: Evidence from Malaysian Public Listed Firms’, Journal of Economics, Business and Management, 3(2), pp. 239–243. doi: 10.7763/joebm.2015.v3.187.
Kamus Besar Bahasa Indonesia Versi Online, diakses pada 18 Maret 2020, https://kbbi.web.id/ukur
Khan, Sajjad Nawaz, Rai Imtiaz Hussain, Shafique-Ur-Rehman, Muhammad Qasim Maqbool, Engku Ismail Engku Ali, & Muhammad Numan, 2019, ‘The Mediating Role of Innovation between Corporate Governance and Organizational Performance: Moderating Role of Innovative Culture in Pakistan Textile Sector’, Cogent Business & Management, 6: 1631018, DOI: 10.1080/23311975.2019.1631018.
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Li, Hongbin, Lingsheng Meng, Qian Wang, & Li-An Zhou, 2008, ‘Political Connections, Financing and Firm Performance: Evidence from China Private Firms’, Journal of Development Economics 87, 283 – 299, DOI: 10.1016/j.jdeveco.2007.03.001.
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Rizqia, D. A. et al. (2013) ‘Effect of Managerial Ownership , Financial Leverage , Profitability , Firm Size , and Investment Opportunity on Dividend Policy and Firm Value’, 4(11), pp. 120–130.
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Ayatse, F. A., Kwahar, N. and Iyortsuun, A. S. (2017) ‘Business incubation process and firm performance: an empirical review’, Journal of Global Entrepreneurship Research, 7(1). doi: 10.1186/s40497-016-0059-6.
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Boubakri, Narjess, Jean-Claude Cosset & Walid Saffar, 2012, ‘The Impact of Political Connections on Firms’ Operating Performance and Financing Decisions’, The Journal of Financial Research Vol. XXXV, No. 3, Pages 397-423.
Bringham, Eugune F, & Michael C. Ehrhardt, 2008. Financial Management: Theory and Practice Twelfth Edition. Mason: Thomson South Western.s
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Bursa Efek Indonesia, 2020, ‘Aktivitas pencatatan’, diakses pada 11 Februari 2020, https://www.idx.co.id/perusahaan-tercatat/aktivitas-pencatatan/
Chadha, S. and Sharma, A. K. (2015) ‘Capital Structure and Firm Performance: Empirical Evidence from India’, Vision: The Journal of Business Perspective, 19(4), pp. 295–302. doi: 10.1177/0972262915610852.
Civelek, M. E. et al. (2015) Key Factors of Sustainable Firm Performance: A Strategic Approach. Available at: http://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=1033&context=zeabook.
Davinda, R., Mukhzarudfa, M. and Maulana Zulma, G. W. (2021) ‘Pengaruh Ukuran Perusahaan, Ukuran Dewan Komisaris, Dan Pengungkapan Modal Manusia Terhadap Kinerja Perusahaan di Indonesia’, Ekonomis: Journal of Economics and Business, 5(2), p. 526. doi: 10.33087/ekonomis.v5i2.409.
Dawar, V. (2014) ‘Agency theory, capital structure and firm performance: some Indian evidence’, Managerial Finance, 40(12), pp. 1190–1206. doi: 10.1108/MF-10-2013-0275.
El-Sayed Ebaid, I. (2009) ‘The impact of capital-structure choice on firm performance: empirical evidence from Egypt’, Journal of Risk Finance, 10(5), pp. 477–487. doi: 10.1108/15265940911001385.
Fu, L., Parkash, M. and Singhal, R. (2017) ‘Tobin’s q Ratio and Firm Performance’, International Research Journal of Appllied Finance, (June). doi: 10.0704/article-2.
Gujarati, Damodar N. & Dawn C. Porter, 2009. Basic Econometrics Fifth Edition. United States: McGraw-Hill Irwin
Harymawan, I. et al. (2019) ‘The role of political connections on family firms’ performance: evidence from Indonesia’, International Journal of Financial Studies, 7(4). doi: 10.3390/ijfs7040055.
Jackowicz, Krzysztof, Lukasz Kozlowski & Pawel Mielcarz, 2014, ‘Political Connections and Operational Performance of Non-Financial Firms: New Evidence from Poland’, Emerging Markets Review, 20, pp. 109-135. DOI: Jackowicz, Krzysztof; Kozłowski, Łukasz; Mielcarz, Paweł (2014). Political connections and operational performance of non-financial firms: New evidence from Poland. Emerging Markets Review, 20(), 109–135. DOI:10.1016/j.ememar.2014.06.005.
Jensen, C. Michael, 1986, ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’, American Economic Review, Vol.76, No. 2, pp. 323-329.
Jensen, C Michael & Willian H. Meckling, 1976, ‘Theory of The Firm: Managerial Behaviour, Agency Costs and Ownership Structure’, Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360. DOI:10.1016/0304-405X(76)90026-X.
Johl, S. K., Kaur, S. and Cooper, B. J. (2015) ‘Board Characteristics and Firm Performance: Evidence from Malaysian Public Listed Firms’, Journal of Economics, Business and Management, 3(2), pp. 239–243. doi: 10.7763/joebm.2015.v3.187.
Kamus Besar Bahasa Indonesia Versi Online, diakses pada 18 Maret 2020, https://kbbi.web.id/ukur
Khan, Sajjad Nawaz, Rai Imtiaz Hussain, Shafique-Ur-Rehman, Muhammad Qasim Maqbool, Engku Ismail Engku Ali, & Muhammad Numan, 2019, ‘The Mediating Role of Innovation between Corporate Governance and Organizational Performance: Moderating Role of Innovative Culture in Pakistan Textile Sector’, Cogent Business & Management, 6: 1631018, DOI: 10.1080/23311975.2019.1631018.
Komite Nasional Kebijakan Governance, 2006, ‘Pedoman Umum Good Corporate Governance Indonesia’, diakses pada 03 Juni 2020, https://ecgi.global/sites/default/files/codes/documents/indonesia_cg_2006_id.pdf
Li, Hongbin, Lingsheng Meng, Qian Wang, & Li-An Zhou, 2008, ‘Political Connections, Financing and Firm Performance: Evidence from China Private Firms’, Journal of Development Economics 87, 283 – 299, DOI: 10.1016/j.jdeveco.2007.03.001.
Mekhum, Witthaya, 2020, ‘Interrelationship Between Innovation, Corporate Governance and Organizations’ Performance: A Case Study, Journal of Security and Sustainability Issue, Scopus Vol. 9 January, ISSN 2029-7017/ISSN 2029-7025 (online), http://doi.org/10.9770/jssi.2020.9.J(9)
Muslih, Mochamad & Intan Hartati, 2022, ‘Pengaruh Tata Kelola Perusahan dan Ukuran Perusahaan Terhadap Kinerja Perusahaan LQ45 di Bursa Efek Indonesia’, Jurnal Kewirausahaan, Akuntansi, dan Manajemen TRI BISNIS, Vol. 4, No. 1.
Myers, Stewart C, 1984, ‘The Capital Structure Puzzle’, The Journal of Finance, Vol. XXXIX, No. 3, DOI: 10.1111/j.1540-6261.1984.tb03646.x.
Nasih, M. et al. (2020) ‘Political connections, overinvestment and governance mechanism in Indonesia’, Cogent Economics and Finance, 8(1). doi: 10.1080/23322039.2020.1790220.
Olawale, L., Ilo, B. and Lawal, F. (2017) ‘The effect of firm size on performance of firms in Nigeria’, Aestimatio: The IEB International Journal of Finance, (15), pp. 68–87. doi: 10.5605/IEB.15.4.
Organisation For Co-operation and Development, 2015, ‘Glossary of Statistical Terms’, diakses pada 23 Februari 2020, https://stats.oecd.org/glossary/detail.asp?ID=6778
Otoritas Jasa Keuangan, November 2015, ‘Peraturan Otoritas Jasa Keuangan Nomor 21/POJK.04/2014 Tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka’, diakses pada 03 Juni 2020, https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/peraturan-ojk/Pages/POJK-Nomor-21POJK042014-Penerapan-Pedoman-Tata-Kelola-Perusahaan-Terbuka.aspx
Otoritas Jasa Keuangan, November 2015, ‘Surat Edaran Otoritas Jasa Keuangan Nomor 32/SEOJK.04/2015 Tentang Pedoman Tata Kelola Perusahaan Terbuka’, diakses pada 13 Mei 2020, https://www.ojk.go.id/id/regulasi/otoritas-jasa-keuangan/surat-edaran-ojk-dan-dewan-komisioner/Pages/seojk-Nomor-32-SEOJK-04-2015-Pedoman-Tata-Kelola-Perusahaan.aspx
Oyelade, Aduralere Opeyemi, 2019, ‘The Impact of Firm Size on Firms Performance in Nigeria: A Comparative Study of Selected Firms in The Building Industry in Nigeria’, Asian Development Policy Review, Vol. 7, No. 1, 1-11, ISSN (e): 2313-8343, ISSN (p): 2518-2544, DOI: 10.18488/journal.107.2019.71.1.11.
Prabowo, Daniel, 2020, ‘Berkas Lengkap, Dua Mantan Direktur Tiga Pilar Sejahtera (AISA) Resmi Jadi Tahanan’, Kontan, 14 Februari, diakses pada 18 Februari 2020, https://investasi.kontan.co.id/news/berkas-lengkap-dua-mantan-direktur-tiga-pilar-sejahtera-aisa-resmi-jadi-tahanan?page=all
Ramos, Rebeca Garcia & Myriam Garcia Olalla, 2011, ‘Board Characteristics and Firm Performance in Public Founder and Nonfounder-Ied Family Businesses’, Journal of Family Business Strategy 2 220-231, DOI: 10.1016/j.jfbs2011.09.011.
Rizqia, D. A. et al. (2013) ‘Effect of Managerial Ownership , Financial Leverage , Profitability , Firm Size , and Investment Opportunity on Dividend Policy and Firm Value’, 4(11), pp. 120–130.
Rose, C. (2007) ‘Does female board representation influence firm performance? The Danish evidence’, Corporate Governance: An International Review, 15(2), pp. 404–413. doi: 10.1111/j.1467-8683.2007.00570.x.
Roy, Amitava, 2016, ‘Corporate Governance and Firm Performance: A Study of Indian Listed Firms’, Metamorphosis 15(1) 31-46 Indian Institute of Management, Lucknow SAGE Publications, DOI:10.1177/972622516629032.
Salim, Mahfuzah & Raj Yadav, 2012, ‘Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies’. Procedia – Social and Behaviour Sciences 65, 156-166, DOI: 10.1016/j.sbspro.2012.11.105.
Saeed, A., Belghitar, Y. and Clark, E. (2016) ‘Do Political Connections Affect Firm Performance? Evidence from a Developing Country’, Emerging Markets Finance and Trade, 52(8), pp. 1876–1891. doi: 10.1080/1540496X.2015.1041845.
Scott, W. R. (2015) Financial Accounting Theory. Seventh Edition. Pearson Prentice Hall: Toronto.
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Affiliations
Galuh Pratiwi Bahar
Department of Accounting, Universitas Mercu Buana, Jakarta, Indonesia
Yudhi Herliansyah
Department of Accounting, Universitas Mercu Buana, Jakarta, Indonesia
How to Cite
1.
Bahar GP, Herliansyah Y. The Effect of Board Size, Capital Structure, Political Connection and Firm Size on Firm Performance. MAJ [Internet]. 27Jun.2023 [cited 19Nov.2024];12(2):175-86. Available from: http://journal.unnes.ac.id/sju/maj/article/view/67713
The Effect of Board Size, Capital Structure, Political Connection and Firm Size on Firm Performance
Vol 12 No 2 (2023): Management Analysis Journal
Submitted: Apr 5, 2023
Published: Jun 27, 2023
Abstract
To study the factors that impact the company's performance in non-financial companies listed on the Indonesia Stock Exchange. This study analyzes a sample of 190 non-financial companies listed on the IDX from 2015 to 2019, total 950 samples. This data analysis method is carried out with the aid of the EViews (Econometric Views) version 11 software. The findings indicate that while the size of the company has a significant negative effect on performance, board size, financial structure, and political connections have no effect. This study contains limitations in terms of measuring company performance, one of which is the study's reliance on variables relating to political connections. This research is beneficial to investors considering investing in non-financial companies that generate high returns based on their performance.