THE INFLUENCE OF THE INDEPENDENT BOARD OF COMMISSIONERS, AUDIT COMMITTEE, AND MANAGERIAL OWNERSHIP ON FINANCIAL PERFORMANCE
Keywords:
Independent Commissioners, Audit Committee, Managerial Ownership, financial performanceAbstract
This study aims to determine the influence of independent boards of commissioners, audit committees, and managerial ownership on the financial performance of property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 periode. This research is motivated by the instability of the property sector's financial performance and the inconsistency of previous research findings regarding the implementation of Good Corporate Governance (GCG) mechanisms. The theoretical basis used is the agency theory of Jensen & Meckling (1976), which explains the relationship between principals and agents within a company. This study uses a quantitative approach with secondary data in the form of annual financial reports obtained from the official IDX website. The population consisted of 92 companies, with a sample of 75 companies selected using a purposive sampling method, resulting in 201 observations. Financial performance was measured using Return on assets (ROA). The analysis technique used in this study was the Common Effect Model (CEM). The results show that: independent commissioners have a positive but insignificant effect on financial performance (p = 0.716); the audit committee has a positive but insignificant effect on financial performance (p = 0.021); and managerial ownership has a positive but insignificant effect on financial performance (p = 0.524). The coefficient of determination (R-squared within) of 0,0294 with presentase 2,94% indicates that the three independent variables are able to explain variations in financial performance quite substantially, while the remaining 97,6% is explained by other factors outside the model.
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