Agus Wahyudin, Ahmad Nurkhin, Kiswanto Kiswanto


The pattern of financial management institution had to be accountable as one indicator of university management assessment as a whole. This study examined the management of higher education in terms of the implementation of Good University Governance (GUG). GUG concept was adopted from the concept of good corporate governance. The samples were state universities in Central Java and Yogyakarta using purposive sampling technique. Data analysis used was the Structural Equation Model (SEM) analysis based on Path Analysis. The results showed that GUG directly influenced the Cultural Organization (CO), and Organizational Structure (OS) affected the Financial Management Performance (FMP). However, GUG did not directly influence FMP, OS, and PM (Planning Management). PM and OS were proven not directly influence the FMP. Other evidence found was the indirect effect of GUG to FMP through OS, PM, and CO. The conclusions of this research were GUG would increase CO and OS and would further increase FMP. Thus, universities should consider the implementation of GUG to increase the performance of financial management.


Good University Governance, Organizational Structure, Planning Management, Organizational Culture, Financial Management Performance


Alice N.M. & Esther T.M. 2011. An Analysis of the Effect of Corporate Governance on Performance of Commercial State Corporations in Kenya. International Journal of Business and Public Management, 1(1): 36-41.

Amyulianthy, R. 2012. The Impact of Corporate Governance Structure on Performance of Indonesian Listed Company. Liquidity Journal, 1(2): 91-98.

Anwar, S. & Pratolo, H. 2012. Penerapan Model Tata Kelola Keuangan Perguruan Tinggi yang Baik untuk Mewujudkan Good University Governance (Studi pada PTM se Indonesia). Laporan Penelitian (Tidak Dipublikasikan). Universitas Muhammadiyah Yogyakarta.

Caesari, A.P., Irwanto, A.K., & Syamsun, M. 2015. Analisis Pengaruh Corporate Governance, Corporate Social Responsibility, dan Corporate Financial Performance Perusahaan Indeks Kompas 100. Jurnal Keuangan dan Perbankan, 19(3): 409-417.

Duran, M.B. & Radojicic, D. 2004. Corporate Social Responsibility and Non-Governmental Organizations. Thesis University of Wisconsin. Swedish.

Eisenhardt, K.M. 1989. Agency Theory: An Assesment and Review. Academy of Management Review, 14(1):57-74.

Elim, M., Ulfia, M., & Himawan, I. 2006. Expansion Strategy of Education Financial Management in Indonesia. Jurnal Akuntansi dan Keuangan Sektor Publik, 7(2).

Freeman, R.E., Wicks, A.C., & Parmar, B. 2004. Stakeholder Theory and the Corporate Objective Revisited. Organization Science, 15(3): 364-369.

Ghozali, I. & Chariri, A. 2007. Accounting Theory. Semarang: Badan Penerbit Universitas Diponegoro.

Haat, M.H.C., Rahman, R.A., & Mahenthiran, S. 2008. Corporate Governance, Transparency, and Performance of Malaysian Companies. Managerial Auditing Journal, 23(8): 744-778.

Indriasari, D. & Tunti, M.E.D. 2006. Education Organizer Knowledge About Management Reporting. Jurnal Akuntansi dan Keuangan Sektor Publik, 7(2).

Latif, B., Shahid, M. N., Haq. M. Z., Waqas, H. M., & Arshad, A. 2013. Impact of Corporate Governance on Firm Performance: Evidence from Sugar Mills of Pakistan. European Journal of Business and Management, 5(1): 51-59.

Mai, M.U. 2015. Corporate Governance dan Interdependensi antara Leverage, Profitabilitas serta Kebijakan Deviden dalam Mencapai Nilai Perusahaan. Jurnal Keuangan dan Perbankan, 19(2): 213-225.

Marn, J. T. K. & Romuald, D.F. 2012. The Impact of Corporate Governance Mechanism and Corporate Performance: A Study of Listed Companies in Malaysia. Journal for the Advancement of Science & Arts, 3(1): 31-45.

Muhi, A.H. 2012. Membangun Good Governance pada Perguruan Tinggi di Indonesia. GOOD. 20 Maret 2012. Diakses tanggal 3 Oktober 2016.

Najjar, N. & Salman, R.A.M. 2013. The Impact of Corporate Governance on the Insurance Firm’s Performance in Bahrain. International Journal of Learning & Development, 3(2): 56-69.

Nuswandari, C. 2009. The Impact of Corporate Governance Perception Index on Financial Performance of Listed Companies in Jakarta Index. Jurnal Bisnis dan Ekonomi, 16(2): 70-84.

Slamet, M. 2005. Good Governance and Good Practices Toward University Autonomy. Paper Presented in HELTS Workshop. Riau University. March 23-24.

Suherman, Pardede, Y.Y.P., & Mardiyati, U. 2016. Pengaruh Kinerja Perusahaan, Corporate Governance, dan Karakteristik Eksekutif terhadap Kompensasi Eksekutif. Jurnal Keuangan dan Perbankan, 20(1): 1–9.

Wati, L.M. 2012. The Effect of Good Corporate Governance Practice on Financial Performance of Listed Companies in Indonesian Exchange. Management Journal, 1(1)

Yunita, K., Rusliyawati & Yustikasari, Y. 2006. Applying Comparison of Education Standard Management in Indonesia and Australia: An Overview. Jurnal Akuntansi dan Keuangan Sektor Publik, 7(2).

Full Text: pdf


  • There are currently no refbacks.

rsz_8th_ifma rsz_6th_perbanas_conference rsz_the_6th_indonesian_finance_association_international_conference

Journal of Finance and Banking

Diploma Program of Banking and Finance
Faculty of Economics and Business University of Merdeka Malang

Mailing Address:

2nd-floor Banking and  Finance Building, Terusan Raya Dieng Street No.57 Malang, 65146, East Java, Indonesia
Phone/WhatsApp: +628123321664; Fax. +62 341 580511

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.