PENGARUH KARAKTERISTIK DEWAN DIREKSI TERHADAP KINERJA KEUANGAN DENGAN REPUTASI PERUSAHAAN SEBAGAI VARIABEL MEDIASI
Abstract
This research was aimed to investigate the role of director’s board size, director’s board skill, and women’s presence on director’s board as mechanisms to improve firm’s reputation as mediating effect on financial performance. This research used secondary data obtained by using documenter method. The data source in this research was the annual reports of non-financial companies listed on the Indonesia Stock Exchange (IDX) for the period 2016 to 2019. The sample were selected using purposive sampling method, with a total of 64 companies and analyzed used path analysis. The result of this research indicate that director’s board size had a positive and significant on firm reputation and financial performance. Director’s board skill had a positive and significant on firm reputation and financial performance. Women’s presence on director board had a positive and nonsignificant on firm reputation and financial performance. Firm’s reputation had a positive and significant on financial performance. The sobel test result indicated that firm’s reputation mediated the effect of director’s board size and director’s board skill on financial performance and belong to partial mediation type. The sobel test result indicate that firm’s reputation didn’t mediate the effect of women’s presence on director’s board on financial performance.
References
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Alshareef, M. M., & Sandhu, K. (2015). Integrating Corporate Social Responsibility (CSR) into Corporate Structure: The Effect of Board Diversity and Roles - A Case Study of Saudi Arabia. International Journal of Business and Management, 10(7), 1-15.
Asri, D. M., & Topowijono, T. (2018). Pengaruh Kinerja Keuangan Terhadap Return Saham (Studi pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2014-2016). Jurnal Administrasi Bisnis, 60(3), 62-72.
Assenga, M. P., Aly, D., & Hussainey, K. (2018). The Impact of Board Characteristics on the Financial Performance of Tanzanian Firms. Corporate Governance: The International Journal of Business in Society, 18(6), 1089-1106.
Audretsch, D. B., & Lehmann, E. (2006). Entrepreneurial Access and Absorption of Knowledge Spillover: Strategic Board and Managerial Composition for Competitive Advantage. Journal of Small Business Management, 44(2), 155-166.
Beaver, G., Davies, A., & Joyce, P. (2007). Leadership Boards of Directors. Business Strategy Series, 8(4), 318-324.
Buachoom, W. (2018). How Do Board Structures of Thai Firms Influence on Different Quantile Levels of Firm Performance? Advances in Pacific Basin Business, Economics and Finance, 6, 157-189.
Burke, S., & Collins, K. M. (2001). Gender Differences in Leadership Styles and Management Skills. Women in Management Review, 16(5), 244-257.
Campbell, K., & Minguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3), 435-451.
Carpenter, M. A., & Westphal, J. D. (2001). The Strategic Context of Eternal Network Ties: Examining the Impact of Director Appointments on Board Involvement in Strategic Decision Making. Academy of Management Journal, 44(4), 639-660.
Crabtree, R. G., & Gomolka, E. G. (1991). Perceptual Barriers to Consultant Utilization: An Examination of Why Manufacturers don't Use Consultants and What Consultants Can Do About It (Vol. 3). Vienna: in Bensch, D. and Mugler, J. (Eds), Proceedings of the International Council for Small Business.
Darmadi, S. (2013). Board Members education and Firm Performance: Evidence from a Developing Economy. International Journal of Commerce and Management, 23(2), 113-135.
Emerson, R. M. (1962). Power-Dependence Relation. American Sociological Review, 27(1), 31-41.
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.
Fidanoski, F., Simeonovski, K., & Mateska, V. (2014). The Impact of Board Diversity on Corporate Performance: New Evidence from Southeast Europe. Corporate Governance in the US and Global Settings, 17, 81-123.
Francis, B., Hasan, I., & Wu, Q. (2015). Professors in the Boardroom and Their Impact on Corporate Governance and Firm Performance. Financial Management, 44(3), 547-581.
Gabbioneta, C., Ravasi, D., & Mazzola, P. (2007). Exploring the Drivers of Corporate Reputation: A Study of Italian Securities Analysts. Corporate Reputation Review, 10(2), 99-123.
Gottesman, A. A., & Morey, M. R. (2006). Manager Education and Mutual Fund Performance. Journal of Empirical Finance, 13(2), 145-182.
Hall Jr., E. H., & Lee, J. (2014). Assessing the Impact of Firm Reputation on Performance: An International Point of View. International Business Research, 7(12), 1-13.
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.
Harris, N. D., Broome, L., Hamlin, D., Jordan, A. C., & Lee, D. C. (2010). SEC Disclosure Rules on Board of Director Diversity. San Francisco: CA: American Bar Association Annual Meeting.
Hartmann, C. C., & Carmenate, J. (2020). Does Board Diversity Influence Firms' Corporate Social Responsibility Reputation? Social Responsibility Journal, 17(8), 1299-1319.
Herrera-Cano, C., & Gonzalez-Perez, M. A. (2019). Representation of Women on Corporate Boards of Directors and Firm Financial Performance. Diversity within Diversity Management, 22, 37-60.
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studios, 37(2), 235-256.
Iwu-Egwuonwu, R. C. (2011). Corporate Reputation & Firm Performance: Empirical Literature Evidence. International Journal of Business and Management, 6(4), 197-206.
Jaafar, A., & El-Shawa, M. (2009). Ownership Concentration, Board Characteristics and Performance: Evidence from Jordan. Accounting in Emerging Economies, 9, 73-95.
Jao, R., Hamzah, D., Laba, A. R., & Mediaty. (2020). Investor Decision in Estimating the Effect of Earning Persistence, Financial Leverage, Foreign Ownership Toward Company Reputation and Company Value. International Journal of Financial Research, 11(4), 453-461.
Jao, R., Randa, F., Holly, A., & Gohari, L. (2021). Pengaruh Karakteristik Dewan Direksi Terhadap Kinerja Keuangan Perusahaan Non Keuangan Yang Terdaftar di Bursa Efek Indonesia. AkMen Jurnal Ilmiah, 18(2), 123-134.
Jao, R., Tangke, P., Holly, A., & Launardo, E. (2021). Pengaruh Kepemilikan Terkonsentrasi dan Asing Terhadap Reputasi Perusahaan. JAZ: Jurnal Akuntansi Unihaz, 4(1), 94-102.
Jiang, B., & Murphy, P. J. (2007). Do business Scholl Professors Make Good Executive Managers? Academy of Management Perspective, 21(3), 29-50.
Kaur, A., & Singh, B. (2018). Corporate Reputation: Do Board Characteristic Matter? Indian Evidence. Indian Journal of Corporate Governance, 11(2), 1-13.
Kotha, S., Rajgopal, S., & Rindova, V. (2001). Reputation Building and Performance: An Empirical Analysis of the Top-50 Pure Internet Firms. European Management Journal, 19(6), 57-86.
Lee, J., & Roh, J. J. (2012). Revisiting Corporate Reputation and Firm Performance Link. Benchmarking: An International Journal, 19(4/5), 649-664.
Ljubojevic, C., & Ljubojevic, G. (2008). Building Corporate Reputation through Corporate Governance. Management, 3(3), 221-233.
Luckerath-Rovers, M. (2013). Women on Boards and Firm Performance. Journal of Management and Governance, 17(2), 491-509.
Lybaert, N. (1998). The Informantion Use in a SME: Its Importance and Some Elements of Influence. Small Business Economics, 10(2), 171-191.
Martsila, I. S., & Meiranto, W. (2013). Pengaruh Corporate Governance Terhadap Kinerja Keuangan Perusahaan. Diponegoro Journal of Accounting, 2(4), 1-14.
Miller, T., & Triana, M. C. (2009). Demographic Diversity in the Boardroom: Mediators of the Board Diversity-Firm Performance Relationship. Journal of Management Studies, 46(5), 755-786.
Mulyadi. (2011). Auditing Book 1. Jakarta: Salemba Empat.
Musteen, M., Datta, D. K., & Kemmerer, B. (2010). Corporate Reputation: Do Board Characteristics Matter? British Journal of Management, 21(2), 498-510.
Ntim, C. G. (2015). Board diversity and organizational valuation: unravelling the effects of ethnicity and gender. Journal of Management and Governance, 19(1), 167-195.
Omoye, A. S., & Ogiedu, K. O. (2016). Corporate Governance Attributes, Firm Performance and Directors' Remuneration. Research Journal of Finance and Accounting, 7(4), 35-46.
Orozco, L. A., Vargas, J., & Galindo-Dorado, R. (2018). Trends on the Relationship Between Board Size and Financial and Reputational Corporate Performance. European Journal of Management and Business Economics, 27(2), 183-197.
Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A Resource Dependence Perspective. New York: Stanford University Press.
Provan, K. G. (1980). Board Power and Organizational Effectiveness Among Human Service Agencies. Academy of Management Journal, 23(2), 221-236.
Raheja, C. G. (2005). Determinants of board size and composition: a theory of corporate boards. Journal of Financial and Quantitative Analysis, 40(2), 283-306.
Rancati, N. G. (2017). Gender Diversity in the Italian Boardroom and Firm Financial Performance. Management Research Review, 40(1), 1-34.
Statham, A. (1987). The Gender Model Revisited: Differences in the Management Styles of Men and Women. Sex Roles, 16(7-8), 409-430.
Suhendro, D. (2018). Analisis Penilaian Kinerja Keuangan Perusahaan Menggunakan Rasio Keuangan pada PT Unilever Indonesia TBK yang Terdaftar di Bursa Efek Indonesia (BEI). At-Tawassuth, 3(1), 482-506.
Tricker, B. (2012). Corporate Governance: Principles, Policies and Practices. Inggris: Oxford.
Ujunwa, A. (2012). Board Characteristics and the Financial Performance of Nigerian Quoted Firms. Corporate Governance: The International Journal of Business in Society, 12(5), 656-674.
Van der Walt, N., & Ingley, C. (2003). Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors. Corporate Governance: An International Review, 11(3), 218-234.
Wallace, P., & Zinkin, J. (2005). Mastering Business in Asia Corporate Governance. Singapore: John Willey & Sons.
Williams, R. J. (2003). Women on Corporate Boards of Directors and Their Influence on Corporate Philanthropy. Journal of Business Ethics, 42(1), 1-10.
Alshareef, M. M., & Sandhu, K. (2015). Integrating Corporate Social Responsibility (CSR) into Corporate Structure: The Effect of Board Diversity and Roles - A Case Study of Saudi Arabia. International Journal of Business and Management, 10(7), 1-15.
Asri, D. M., & Topowijono, T. (2018). Pengaruh Kinerja Keuangan Terhadap Return Saham (Studi pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2014-2016). Jurnal Administrasi Bisnis, 60(3), 62-72.
Assenga, M. P., Aly, D., & Hussainey, K. (2018). The Impact of Board Characteristics on the Financial Performance of Tanzanian Firms. Corporate Governance: The International Journal of Business in Society, 18(6), 1089-1106.
Audretsch, D. B., & Lehmann, E. (2006). Entrepreneurial Access and Absorption of Knowledge Spillover: Strategic Board and Managerial Composition for Competitive Advantage. Journal of Small Business Management, 44(2), 155-166.
Beaver, G., Davies, A., & Joyce, P. (2007). Leadership Boards of Directors. Business Strategy Series, 8(4), 318-324.
Buachoom, W. (2018). How Do Board Structures of Thai Firms Influence on Different Quantile Levels of Firm Performance? Advances in Pacific Basin Business, Economics and Finance, 6, 157-189.
Burke, S., & Collins, K. M. (2001). Gender Differences in Leadership Styles and Management Skills. Women in Management Review, 16(5), 244-257.
Campbell, K., & Minguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3), 435-451.
Carpenter, M. A., & Westphal, J. D. (2001). The Strategic Context of Eternal Network Ties: Examining the Impact of Director Appointments on Board Involvement in Strategic Decision Making. Academy of Management Journal, 44(4), 639-660.
Crabtree, R. G., & Gomolka, E. G. (1991). Perceptual Barriers to Consultant Utilization: An Examination of Why Manufacturers don't Use Consultants and What Consultants Can Do About It (Vol. 3). Vienna: in Bensch, D. and Mugler, J. (Eds), Proceedings of the International Council for Small Business.
Darmadi, S. (2013). Board Members education and Firm Performance: Evidence from a Developing Economy. International Journal of Commerce and Management, 23(2), 113-135.
Emerson, R. M. (1962). Power-Dependence Relation. American Sociological Review, 27(1), 31-41.
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.
Fidanoski, F., Simeonovski, K., & Mateska, V. (2014). The Impact of Board Diversity on Corporate Performance: New Evidence from Southeast Europe. Corporate Governance in the US and Global Settings, 17, 81-123.
Francis, B., Hasan, I., & Wu, Q. (2015). Professors in the Boardroom and Their Impact on Corporate Governance and Firm Performance. Financial Management, 44(3), 547-581.
Gabbioneta, C., Ravasi, D., & Mazzola, P. (2007). Exploring the Drivers of Corporate Reputation: A Study of Italian Securities Analysts. Corporate Reputation Review, 10(2), 99-123.
Gottesman, A. A., & Morey, M. R. (2006). Manager Education and Mutual Fund Performance. Journal of Empirical Finance, 13(2), 145-182.
Hall Jr., E. H., & Lee, J. (2014). Assessing the Impact of Firm Reputation on Performance: An International Point of View. International Business Research, 7(12), 1-13.
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.
Harris, N. D., Broome, L., Hamlin, D., Jordan, A. C., & Lee, D. C. (2010). SEC Disclosure Rules on Board of Director Diversity. San Francisco: CA: American Bar Association Annual Meeting.
Hartmann, C. C., & Carmenate, J. (2020). Does Board Diversity Influence Firms' Corporate Social Responsibility Reputation? Social Responsibility Journal, 17(8), 1299-1319.
Herrera-Cano, C., & Gonzalez-Perez, M. A. (2019). Representation of Women on Corporate Boards of Directors and Firm Financial Performance. Diversity within Diversity Management, 22, 37-60.
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studios, 37(2), 235-256.
Iwu-Egwuonwu, R. C. (2011). Corporate Reputation & Firm Performance: Empirical Literature Evidence. International Journal of Business and Management, 6(4), 197-206.
Jaafar, A., & El-Shawa, M. (2009). Ownership Concentration, Board Characteristics and Performance: Evidence from Jordan. Accounting in Emerging Economies, 9, 73-95.
Jao, R., Hamzah, D., Laba, A. R., & Mediaty. (2020). Investor Decision in Estimating the Effect of Earning Persistence, Financial Leverage, Foreign Ownership Toward Company Reputation and Company Value. International Journal of Financial Research, 11(4), 453-461.
Jao, R., Randa, F., Holly, A., & Gohari, L. (2021). Pengaruh Karakteristik Dewan Direksi Terhadap Kinerja Keuangan Perusahaan Non Keuangan Yang Terdaftar di Bursa Efek Indonesia. AkMen Jurnal Ilmiah, 18(2), 123-134.
Jao, R., Tangke, P., Holly, A., & Launardo, E. (2021). Pengaruh Kepemilikan Terkonsentrasi dan Asing Terhadap Reputasi Perusahaan. JAZ: Jurnal Akuntansi Unihaz, 4(1), 94-102.
Jiang, B., & Murphy, P. J. (2007). Do business Scholl Professors Make Good Executive Managers? Academy of Management Perspective, 21(3), 29-50.
Kaur, A., & Singh, B. (2018). Corporate Reputation: Do Board Characteristic Matter? Indian Evidence. Indian Journal of Corporate Governance, 11(2), 1-13.
Kotha, S., Rajgopal, S., & Rindova, V. (2001). Reputation Building and Performance: An Empirical Analysis of the Top-50 Pure Internet Firms. European Management Journal, 19(6), 57-86.
Lee, J., & Roh, J. J. (2012). Revisiting Corporate Reputation and Firm Performance Link. Benchmarking: An International Journal, 19(4/5), 649-664.
Ljubojevic, C., & Ljubojevic, G. (2008). Building Corporate Reputation through Corporate Governance. Management, 3(3), 221-233.
Luckerath-Rovers, M. (2013). Women on Boards and Firm Performance. Journal of Management and Governance, 17(2), 491-509.
Lybaert, N. (1998). The Informantion Use in a SME: Its Importance and Some Elements of Influence. Small Business Economics, 10(2), 171-191.
Martsila, I. S., & Meiranto, W. (2013). Pengaruh Corporate Governance Terhadap Kinerja Keuangan Perusahaan. Diponegoro Journal of Accounting, 2(4), 1-14.
Miller, T., & Triana, M. C. (2009). Demographic Diversity in the Boardroom: Mediators of the Board Diversity-Firm Performance Relationship. Journal of Management Studies, 46(5), 755-786.
Mulyadi. (2011). Auditing Book 1. Jakarta: Salemba Empat.
Musteen, M., Datta, D. K., & Kemmerer, B. (2010). Corporate Reputation: Do Board Characteristics Matter? British Journal of Management, 21(2), 498-510.
Ntim, C. G. (2015). Board diversity and organizational valuation: unravelling the effects of ethnicity and gender. Journal of Management and Governance, 19(1), 167-195.
Omoye, A. S., & Ogiedu, K. O. (2016). Corporate Governance Attributes, Firm Performance and Directors' Remuneration. Research Journal of Finance and Accounting, 7(4), 35-46.
Orozco, L. A., Vargas, J., & Galindo-Dorado, R. (2018). Trends on the Relationship Between Board Size and Financial and Reputational Corporate Performance. European Journal of Management and Business Economics, 27(2), 183-197.
Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A Resource Dependence Perspective. New York: Stanford University Press.
Provan, K. G. (1980). Board Power and Organizational Effectiveness Among Human Service Agencies. Academy of Management Journal, 23(2), 221-236.
Raheja, C. G. (2005). Determinants of board size and composition: a theory of corporate boards. Journal of Financial and Quantitative Analysis, 40(2), 283-306.
Rancati, N. G. (2017). Gender Diversity in the Italian Boardroom and Firm Financial Performance. Management Research Review, 40(1), 1-34.
Statham, A. (1987). The Gender Model Revisited: Differences in the Management Styles of Men and Women. Sex Roles, 16(7-8), 409-430.
Suhendro, D. (2018). Analisis Penilaian Kinerja Keuangan Perusahaan Menggunakan Rasio Keuangan pada PT Unilever Indonesia TBK yang Terdaftar di Bursa Efek Indonesia (BEI). At-Tawassuth, 3(1), 482-506.
Tricker, B. (2012). Corporate Governance: Principles, Policies and Practices. Inggris: Oxford.
Ujunwa, A. (2012). Board Characteristics and the Financial Performance of Nigerian Quoted Firms. Corporate Governance: The International Journal of Business in Society, 12(5), 656-674.
Van der Walt, N., & Ingley, C. (2003). Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors. Corporate Governance: An International Review, 11(3), 218-234.
Wallace, P., & Zinkin, J. (2005). Mastering Business in Asia Corporate Governance. Singapore: John Willey & Sons.
Williams, R. J. (2003). Women on Corporate Boards of Directors and Their Influence on Corporate Philanthropy. Journal of Business Ethics, 42(1), 1-10.
Published
2022-06-23
How to Cite
Jao, R., Asri, M., Holly, A., & Rivaldy. (2022). PENGARUH KARAKTERISTIK DEWAN DIREKSI TERHADAP KINERJA KEUANGAN DENGAN REPUTASI PERUSAHAAN SEBAGAI VARIABEL MEDIASI. Jurnal Riset Akuntansi Aksioma, 21(1), 1-18. https://doi.org/10.29303/aksioma.v21i1.148
Section
Articles
