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"ESG merupakan isu penting dalam menjalankan bisnis perusahaan. Penerapan ESG dengan kinerja yang baik diyakini akan membuat perusahaan semakin makmur dan diminati oleh investor. Penelitian ini menguji dan menganalisis bagaimana busy director mempengaruhi peningkatan nilai perusahaan yang memiliki kinerja ESG yang baik dengan menggunakan data 41 perusahaan publik di Indonesia selama tahun 2017-2021. Data diperoleh dari Thomson Reuters dan laporan tahunan perusahaan. Dengan menggunakan data ESG score sebagai proksi variabel kinerja ESG dan presentase keberadaan busy director pada perusahaan publik, pengaruhnya terhadap nilai perusahaan dapat diketahui. Regresi data panel pada E- views menunjukkan hasil adanya pengaruh yang positif dan signifikan antara kinerja ESG dan nilai perusahaan dan terdapat pengaruh yang tidak signifikan antara busy director dengan nilai perusahaan. Selanjutnya juga ditemukan adanya pengaruh busy director sebagai pemoderasi yang memperlemah dampak positif kinerja ESG terhadap nilai perusahaan.

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ESG is an important issue in conducting a company's business. The implementation of ESG with good performance will lead the company be more prosperous and attractive to investors. This study tests and analyzes how busy directors affect the increase in the value of companies that have good ESG performance by using sample of 41 public companies in Indonesia during the years 2017-2021. Data were obtained from Thomson Reuters and the companies' annual reports. By using ESG score as a proxy for ESG performance variables and the percentage of busy director presence in public companies, their influence on the firm value can be determined. Using panel data regression in E-views shows there is a positive and significant influence between ESG performance and firm value, and there is no significant effect between busy directors and firm value. Furthermore, it is also find that the influence of busy directors as a moderator weakened the positive impact of ESG performance on firm value."

"ABSTRAK

Penelitian ini bertujuan untuk mengetahui pengaruh diversifikasi global terhadap kinerja perusahaan dan pengaruh tata kelola perusahaan dalam memoderasi hubungan keduanya. Penelitian ini menggunakan sampel 75 perusahaan pada industri manufaktur yang tercatat di Bursa Efek Indonesia pada periode 2007-2012. Kinerja perusahaan yang dimaksud menggunakan proksi excess value dan return on asset. Dengan menggunakan dua ukuran diversifikasi global yang berbeda, ditemukan bahwa diversifikasi global tidak berpengaruh pada kinerja perusahaan. Di sisi lain, pengaruh interaksi tata kelola perusahaan terhadap hubungan diversifikasi global dan kinerja perusahaan tidak signifikan.

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ABSTRACT

This study aims to examine the effect if global diversification on firm performance and the effect of corporate governance in moderating the relationship between both. The study was using samples of 75 firms conducting business in manufacturing industry listed on Indonesian Stock Exchange in 2007-2012. Firm performance used excess value and return on asset as proxy. The result shows, using two different measures of global diversification, that global diversification has no effect on firm performance. In addition, corporate governance is not significant in moderating the relationship between global diversification and firm performance.

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"[Penelitian ini bertujuan untuk menguji pengaruh kepemilikan keluarga terhadapkinerja perusahaan Selain itu penelitian ini juga ingin melihat bagaimanacorporate governance mempengaruhi hubungan antara kepemilikan keluargaterhadap kinerja perusahaan. Pengujian dilakukan dengan Ordinary Least Square(OLS) dengan sampel sebanyak 257 perusahaan terbuka tahun 2014. Penelitian inimenyimpulkan bahwa kepemilikan keluarga tidak berpengaruh terhadap kinerjaperusahaan yang diukur dengan Tobin?s Q maupun ROA. Penelitian ini jugamembuktikan bahwa dewan komisaris dapat memperkuat efek positif kepemilikankeluarga terhadap kinerja perusahaan, namun komite audit menambah efek negatifkepemilikan keluarga terhadap kinerja perusahaan;This research examines the effect of family ownership on firm performance. Thisresearch also examines whether corporate governance will influence the relationbetween family ownership and firm performance. This research uses OrdinaryLeast Square (OLS) method with 257 samples of listed companies in 2014. Thisresearch concludes that family ownership do not affect to firm performancemeasured by Tobin?s Q or ROA. This research also find that board ofcommissioner strenghthen the positive relationship between family ownership andfirm performance, but audit committee strengthen the negative realtionshipbetween, family ownership and firm performance.;This research examines the effect of family ownership on firm performance. Thisresearch also examines whether corporate governance will influence the relationbetween family ownership and firm performance. This research uses OrdinaryLeast Square (OLS) method with 257 samples of listed companies in 2014. Thisresearch concludes that family ownership do not affect to firm performancemeasured by Tobin?s Q or ROA. This research also find that board ofcommissioner strenghthen the positive relationship between family ownership andfirm performance, but audit committee strengthen the negative realtionshipbetween, family ownership and firm performance., This research examines the effect of family ownership on firm performance. Thisresearch also examines whether corporate governance will influence the relationbetween family ownership and firm performance. This research uses OrdinaryLeast Square (OLS) method with 257 samples of listed companies in 2014. Thisresearch concludes that family ownership do not affect to firm performancemeasured by Tobin’s Q or ROA. This research also find that board ofcommissioner strenghthen the positive relationship between family ownership andfirm performance, but audit committee strengthen the negative realtionshipbetween, family ownership and firm performance.]"

"Penelitian ini menguji pengaruh skor ESG terhadap kinerja perusahaan di ASEAN serta menguji peran moderasi tingkat pendidikan direktur utama dalam pengaruh ESG terhadap kinerja perusahaan. Penelitian ini menggunakan sampel 115 perusahaan non-keuangan di ASEAN pada tahun 2018-2022 yang diperoleh dari database Bloomberg dan data publik lainnya. Analisis data digunakan dengan pendekatan deduktif ke induktif dan teknik analisis regresi data panel. Penelitian ini menemukan bahwa ESG berpengaruh signifikan positif terhadap kinerja perusahaan sementara itu, tingkat pendidikan Direktur Utama tidak berpengaruh signifikan terhadap kinerja perusahaan, namun di saat adanya interaksi antara tingkat pendidikan Direktur Utama terhadap hubungan ESG dan kinerja perusahaan, tingkat pendidikan Direktur Utama berpengaruh signifikan positif. Penelitian juga menemukan bahwa tingkat pendidikan direktur utama tidak signifikan dalam memoderasi hubungan antara ESG dan  kinerja perusahaan. Kontribusi penelitian ini mencakup pemahaman yang lebih baik tentang faktor-faktor yang memengaruhi kinerja perusahaan di ASEAN dan implikasinya untuk pengambilan keputusan dan praktik berkelanjutan. Penelitian ini mengidentifikasi peran penting tingkat pendidikan Direktur Utama dalam konteks ini. Penelitian juga melengkapi pengetahuan yang ada dengan memperluas cakupan variabel independen dan mengonfirmasi temuan sebelumnya.

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This study examines the effect of ESG scores on firm performance in ASEAN and examines the moderating role of CEO education level in the effect of ESG on firm performance. This study uses a sample of 115 non-financial companies in ASEAN in 2018-2022 obtained from Bloomberg database and other public data. Data analysis is used with a deductive to inductive approach and panel data regression analysis techniques. This study finds that ESG has a significant positive effect on firm performance, the education level of the CEO has no significant effect on firm performance however, when there is an interaction between the education level of the CEO and the relationship between ESG and firm performance, the education level of the CEO has a significant positive effect. The study also finds that the education level of the CEO is not significant in moderating the relationship of ESG and firm performance. The contributions of this research include a better understanding of the factors that influence corporate performance in ASEAN and the implications for decision-making and sustainable practices. The research identifies the important role of CEO education level in this context. The research also complements existing knowledge by expanding the scope of independent variables and confirming previous findings."

"Penelitian ini bertujuan untuk mengetahui pengaruh tingkat pengungkapan sukarela terhadap true firm performance dengan menggunakan efektivitas dewan komisaris sebagai variabel pemoderasi. Pengujian hipotesis diukur dengan menggunakan regresi fixed effect untuk data panel dengan sampel sebanyak 312 pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2012-2014. Hasil penelitian menunjukkan bahwa pengungkapan sukarela berpengaruh secara nonlinear terhadap true firm performance yang diproksikan dengan Adjusted ROE. Adanya efektivitas dewan komisaris turut memperkuat pengaruh pengungkapan sukarela terhadap true firm performance.

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This research aims to know the effect of voluntary disclosure on true firm performance with board of commissioner effectiveness as moderating variable. Hypothesis testing used fixed effect method for data panel with sample of 312 firm-year observations manufacturing companies that are listed at Indonesian Stock Exchange in 2012-2014. The result of this study shows that voluntary disclosure has a nonlinear significant effect on true firm performance. This relationship is stronger for firms with higher board of commisioner effectiveness score."

"Pandangan terkait dengan Resource Based View memiliki perspektif bahwa social capital yang dimiliki oleh anggota dewan perusahaan dapat menjadi kekuatan serta keunggulan bagi perusahaan. Salah satu bentuk dari social capital tersebut adalah koneksi internal yang terjalin antar anggota dewan baik komisaris maupun direksi perusahaan. Penelitian yang mengkaji terkait koneksi internal dewan perusahaan sampai sejauh ini masih relatif jarang dijumpai di dalam literatur keuangan, khususnya di Indonesia. Di dalam penelitian ini akan ditelusuri bagaimana pengaruh dari board internal connection terhadap kinerja perusahaan di Indonesia. Sampel yang diamati meliputi perusahaan publik pada seluruh sektor di Indonesia terkecuali sektor keuangan selama periode tahun 2017 sampai dengan 2019. Di samping itu mengingat mayoritas perusahaan di Indonesia di dominasi oleh perusahaan keluarga, maka dalam penelitian ini akan ditelusuri juga bagaimana kehadiran dari adanya kontrol keluarga dapat mempengaruhi hubungan antara board internal connection terhadap kinerja perusahaan di Indonesia. Pada hasil pengujian empiris yang dilakukan dalam penelitian ini membuktikan bahwa adanya kontrol keluarga di dalam perusahaan mampu memperlemah hubungan positif antara board internal connection terhadap kinerja perusahaan.

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Resource Based View has a perspective that board social capital can become an advantage for the company. Internal connection is one of the social capital that exist in firm’s board members. Empirical study that focus on investigating the board internal connection on firm performance are still rare in the financial literature, especially in Indonesia. The purpose of the study is to investigate the effect of board internal connection on firm performance in Indonesia. This study employs a sample comprising all Indonesian listed companies during the period 2017 to 2019, excluding the financial and banking sector. Majority of companies in Indonesia are dominated by family companies, so in this study also investigates how the existence of family control can affect the relations between board internal connection and firm performance in Indonesia. This study provides empirical evidence that the existence of family control in the company weaken the positive relationship between board internal connection and firm performance."

"[ABSTRAKPenelitian ini bertujuan untuk melihat hubungan dari struktur jajaran direksi dan dewan komisaris terhadap kinerja perusahaan. Variabel dependen adalah ROA dan Tobin?s q sedangkan variabel independen adalah ukuran jajaran direksi, keberadaan direktur wanita, ukuran dewan komisaris, presentase komisaris independen, lama direktur menjabat, jumlah rapat, leverage , umur perusahaan, ukuran perusahaan dan lama listing. Penelitian ini membuktikan ukuran jajaran direksi mempunyai hubungan positif terhadap kinerja perusahaan baik segi keuangan (ROA), maupun dari segi pasar (Tobin?s q). Keberadaan direktur wanita tidak mempunyai hubungan terhadap kinerja perusahan baik segi keuangan (ROA), maupun dari segi pasar(Tobin?s q). Ukuran dewan komisaris tidak mempunyai hubungan terhadap kinerja perusahan dari segi keuangan (ROA) dan mempunyai hubungan positif terhadap kinerja perusahan dari segi pasar (Tobin?sq). Komisaris independen tidak mempunyai hubungan terhadap kinerja perusahan baik segi keuangan (ROA), maupun dari segi pasar(Tobin?s q).

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ABSTRACTThe aim of this research is to examine the relationship of the Board of Director and Board of Commissioner?s structure towards the company's performance. Dependence variable are ROA and Tobin?s q, whereas independence variable are size of Board of Direction, presence female directors, size of Board of Commissioner, president director tenure, number board meetings, leverage, firm age, size of the company, and years listing. This research proof that size of the board of director gives positive relationship towards company?s performance both in financial terms (ROA) and market value (Tobin?s Q). There is no relationship between presence of female director with company?s performance both in financial terms (ROA) and market value (Tobin?s Q). There is no relationship between size of board of commissioner with company?s performance in financial terms (ROA) and have a positive relationship towards company?s performance and market value (Tobin?s Q). There is no relationship between independent commissioner with company?s performance both in financial terms (ROA) and market terms (Tobin?s Q).;The aim of this research is to examine the relationship of the Board of Director and Board of Commissioner?s structure towards the company's performance. Dependence variable are ROA and Tobin?s q, whereas independence variable are size of Board of Direction, presence female directors, size of Board of Commissioner, president director tenure, number board meetings, leverage, firm age, size of the company, and years listing. This research proof that size of the board of director gives positive relationship towards company?s performance both in financial terms (ROA) and market value (Tobin?s Q). There is no relationship between presence of female director with company?s performance both in financial terms (ROA) and market value (Tobin?s Q). There is no relationship between size of board of commissioner with company?s performance in financial terms (ROA) and have a positive relationship towards company?s performance and market value (Tobin?s Q). There is no relationship between independent commissioner with company?s performance both in financial terms (ROA) and market terms (Tobin?s Q)., The aim of this research is to examine the relationship of the Board of Director and Board of Commissioner’s structure towards the company's performance. Dependence variable are ROA and Tobin’s q, whereas independence variable are size of Board of Direction, presence female directors, size of Board of Commissioner, president director tenure, number board meetings, leverage, firm age, size of the company, and years listing. This research proof that size of the board of director gives positive relationship towards company’s performance both in financial terms (ROA) and market value (Tobin’s Q). There is no relationship between presence of female director with company’s performance both in financial terms (ROA) and market value (Tobin’s Q). There is no relationship between size of board of commissioner with company’s performance in financial terms (ROA) and have a positive relationship towards company’s performance and market value (Tobin’s Q). There is no relationship between independent commissioner with company’s performance both in financial terms (ROA) and market terms (Tobin’s Q).]"

"Enterprise Risk Management (ERM) masih menjadi masalah yang kompleks bagi banyak perusahaan. Mereka masih kesulitan memperoleh return on investment dalam sistem ERM mereka. Inti permasalahan dalam penerapan ERM tersebut adalah ketidakmatangan proses learn dalam sistem ERM mereka. Proses learn dalam ERM merupakan basic right dalam terciptanya kematangan penerapan ERM yang berujung pada efektivitas penerapan ERM itu sendiri. Penelitian ini bertujuan untuk menguji pengaruh tingkat kematangan aktivitas learn dalam sistem ERM terhadap kinerja perusahaan baik kinerja operasional maupun pasar. Analisis konten laporan tahunan berdasarkan GRC Capability model 3.0 dilakukan untuk menilai kematangan proses learn dalam sistem ERM. Data sampel terdiri dari 91 perusahaan manufaktur di United Kingdom dan Jerman selama 5 tahun. Hasil penelitian menunjukkan terjadi peningkatan tingkat kematangan aktivitas learn dalam ERM selama 5 tahun. Penelitian ini memberikan bukti bahwa tingkat kematangan akivitas learn dalam ERM yang tinggi memiliki manfaat dalam peningkatan kinerja operasional, namun tidak ditemukan manfaat dalam peningkatan kinerja pasar. Hasil penelitian ini menunjukkan bahwa penting sebuah perusahaan memiliki tingkat kematangan aktivitas learn yang tinggi untuk peningkatan kinerja operasional yang lebih baik.

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Enterprise Risk Management (ERM) is still a complex problem for many companies. They are still having trouble getting a return on investment in their ERM system. The core problem of ERM implementation is the immaturity of the learning process in their ERM system. The learning process in ERM system is a basic right in the creation of maturity in ERM implementation which leads to the effectiveness of ERM implementation itself. This study aims to examine the effect of the learning process maturity in ERM on firm performance both operational and market. Content analysis of annual report based on GRC Capability model 3.0 is conducted to assess learning process maturity in ERM system. The data sample consisted of 91 manufacturing companies listed in the United Kingdom and Germany for 5 years. The result shows that an increase in the learning process maturity in ERM system for 5 years in all samples. This study provides evidence that an high learning maturity process in ERM system has benefits in improving operational performance, but found no benefits in increasing market performance. The result indicates that it is important for a company to have a high level of learning process maturity to improve operational performance."

"Tesis ini bertujuan untuk meneliti hubungan variabel Corporate Governance Index (CGI), ukuran dewan, dan komisaris independen, dengan kinerja perusahan. Kinerja perusahaan menggunakan Return on Equity (ROE) sebagai proxy kinerja akuntansi dan Price to Book Value (PBV) sebagai proxy kinerja pasar. Kinerja diukur pada tahun yang sama dan satu tahun ke depan. Sampel diambil dari 203 perusahaan yang terdaftar di Bursa Efek Indonesia periode tahun 2004 – 2006. Model yang digunakan adalah model regresi berganda. Hasil pengujian menunjukkan CGI berhubungan positif dengan kinerja perusahaan, ukuran dewan direksi tidak berhubungan signifikan dengan kinerja perusahaan, ukuran dewan komisaris berhubungan non linier concave terhadap PBV tahun berjalan maupun satu tahun berikutnya dan komisaris independen tidak mempunyai hubungan signifikan dengan kinerja, kecuali dengan ROE satu tahun berikutnya mempunyai hubungan negatif signifikan.

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The purpose of this thesis is to exam the relationship of Corporate Governance Index (CGI), board of directors size, board of commissioners size and independent commisioner, with firm performance. Firm performance used are return on equity (ROE) as a proxy for accounting performance and Price to Book Value (PBV) as a proxy for market performance. Performance is measured at the same year and one-year ahead. Samples taken from the 203 companies listed in Indonesia Stock Exchange for the years 2004 - 2006. The model used is multiple regression model. The test results show that the CGI is positively associated with firm performance, size of the board of directors has not significant relationship to firm performance, size of the board of commissioners is related non-linear concave towards current year PBV and one next year PBV, and the independent commissioner has no significant relationship with firm performance, except it has a significant negative relationship with ROE one-year."

"Selama ini pengukuran kinerja suatu perusahaan diukur berdasarkan rasio-rasio keuangan selama periode tertentu. Pengukuran dengan rasio keuangan sangat bergantung kepada metode akuntansi yang diterapkan dalam penyusunan laporan keuangan perusahaan sehingga kinerja perusahaan terlihat meningkat walaupun keadaan sebenarnya menunjukkan sebaliknya. Dengan penerapan metode Economic Value Added (EVA) kinerja perusahaan yang sesungguhnya dapat terlihat. EVA mengukur kinerja perusahaan berdasarkan besar kecilnya nilai tambah yang diciptakan atas modal yang tersedia selama periode tertentu. Besar kecilnya nilai tambah yang dihasilkan suatu perusahaan dapat mempengaruhi minat investor untuk berinvestasi kepada perusahaan tersebut.

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All this time, performance measurement of a company is based on financial ratio within certain period. Measuring with financial ratio is heavily dependent on accounting methods put into practice when composing company?s financial report therefore company?s performance seems to increase although the real condition shows the opposite. By practicing Economic Value Added (EVA) methodology, the real company performance will be visible. EVA measures the company performance based on amount of added value created on top of available capital within certain period of time. The amount of added value gained by a company is effecting investor attraction to invest in that company."