Peran Struktur Modal sebagai Variabel Mediasi pada Pengaruh Corporate Governance dan Karakteristik CEO terhadap Kinerja Perusahaan

hersugondo hersugondo, Aditya Aliyuna

Abstract


This study aims to determine the direct effect between corporate governance (CG) and CEO characteristics on firm performance or through capital structure as a mediating variable. This research uses secondary data which consists of a population listed companies Indonesian Stock Exchange from 2017-2022. Purposive sampling method is used in this research, obtaining 241 data. The data were analyzed using Structural Equation Modeling (SEM). The results show that CG has a positive effect on firm performance, while CEO characteristics have no direct effect on firm performance. CG has a positive impact on capital structure as measured by debt to assets ratio (DAR) and debt to equity ratio (DER), while CEO characteristics such as age and tenure have a negative impact on capital structure. Capital structure has a negative impact on firm performance. Capital structure is also able to mediate the impact of CG on firm performance, although it is an inconsistent form of partial mediation. Capital structure has been shown to fully mediate the effect of CEO characteristics on firm performance.

DOI: https://doi.org/10.26905/afr.v7i1.12422



Keywords


Economic performance, Environmental accounting disclosure, Environmental management accounting, and Green process innovation

Full Text:

PDF

References


Aboramadan, M. (2020). Top management teams characteristics and firms performance: literature review and avenues for future research. International Journal of Organizational Analysis, 29(3), 603–628. https://doi.org/10.1108/IJOA-02-2020-2046

Ahmed, A. M., Nugraha, D. P., & Hágen, I. (2023). The Relationship between Capital Structure and Firm Performance: The Moderating Role of Agency Cost. Risks, 11(6), 1–17. https://doi.org/10.3390/risks11060102

Ahmed, R., & Bhuyan, R. (2020). Capital Structure and Firm Performance in Australian Service Sector Firms: A Panel Data Analysis. Journal of Risk and Financial Management, 13(9). https://doi.org/10.3390/jrfm13090214

Aktan, B., Turen, S., Tvaronavičienė, M., Celik, S., & Alsadeh, H. A. (2018). Corporate governance and performance of the financial firms in Bahrain. Polish Journal of Management Studies, 17(1), 39–58. https:-//doi.org/10.17512/pjms.2018.17.1.04

Al-ahdal, W. M., Alsamhi, M. H., Tabash, M. I., & Farhan, N. H. S. (2020). The impact of corporate governance on financial performance of Indian and GCC listed firms: An empirical investigation. Research in International Business and Finance, 51, 101083. https://doi.org/10.1016/

j.ribaf.2019.101083

Al-Qudah, A. A. (2017). The Relationship between Capital Structure and Financial Performance in the Companies Listed in Abu Dhabi Securities Exchange: Evidences from United Arab Emirates. Review of European Studies, 9(2), 1. https://doi.org/10.5539/res.v9n2p1

Amin, A., ur Rehman, R., Ali, R., & Mohd Said, R. (2022). Corporate Governance and Capital Structure: Moderating Effect of Gender Diversity. SAGE Open, 12(1). https://

doi.org/10.1177/21582440221082110

Amran, N. A., Yusof, M. ‘Atef M., Ishak, R., & Aripin, N. (2014). Do Characteristics of CEO and Chairman Influence Government- Linked Companies performance? Procedia - Social and Behavioral Sciences, 109, 799–803. https://doi.org/10.1016/j.sbspro.2013.12.546

Anggun, L. (2022). Pandemi Covid-19 Dan Implementasi Corporate Governance. Jurnal Usm Law Review, 5(1), 80. https://doi.org/10.26623/julr.v5i1.3989

Ariati Hidayat, A., & Utama, S. (2018). Board Characteristics and Firm Performance: Empirical Evidence From Turkey. The Journal of The University of Duhok, 21(1), 423–430. https://doi.org/10.26682/

hjuod.2018.21.1.23

Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance (Bingley), 16(2), 420–436. https://doi.org/10.1108/CG-01-2016-0018

Azeez, D. A. A. (2015). Corporate Governance and Firm Performance: Evidence from Sri Lanka. Journal of Finance and Bank Management, 3(1). https://doi.org/ 10.15640/jfbm.v3n1a16

Bafera, J., & Kleinert, S. (2023). Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda. Entrepreneurship: Theory and Practice, 47(6), 2419–2464. https://doi.org/ 10.1177/10422587221138489

Barton, S. L., & Gordon, P. J. (1988). Corporate strategy and capital structure. Strategic Management Journal, 9(6), 623–632. https://doi.org/10.1002/smj.4250090608

Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking and Finance, 30(4), 1065–1102. https://doi.org/10.1016/j.jbankfin.2005.05.015

Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial entrenchment and capital structure decisions. Journal of Finance, 52(4), 1411–1438. https://doi.org/10.1111/j.1540-6261.1997.tb01115.x

Boshnak, H. A., Alsharif, M., & Alharthi, M. (2023). Corporate governance mechanisms and firm performance in Saudi Arabia before and during the COVID-19 outbreak. Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2023.2195990

Buachoom, W. (2018). How Do Board Structures of Thai Firms Influence on Different Quantile Levels of Firm Performance? 157–189. https://doi.org/10.1108/s2514-465020180000006004

Buallay, A., Hamdan, A., & Zureigat, Q. (2017). Corporate governance and firm performance: evidence from Saudi Arabia. Australasian Accounting, Business and Finance Journal, 11(1), 78–98. https://doi.org/10.14453/aabfj.v11i1.6

Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The Effect of Capital Structure on Firm Value: A Study of Companies Listed on the Vietnamese Stock Market. International Journal of Financial Studies, 11(3). https://doi.org/10.3390/ijfs11030100

Carmody, K. (2020). Having a resilience plan in place can set a company apart from its competitors while simultaneously improving cash flow and strengthening the balance sheet. Www.Mckinsey.Com.

Chaghadari, M. F., & Chaleshtori, G. N. (2011). Corporat E Governance and Firm Performance: a Comparat Ive Analysis of T Wo Se….

Chang, Y. K., Chou, R. K., & Huang, T. H. (2014). Corporate governance and the dynamics of capital structure: New evidence. Journal of Banking and Finance, 48, 374–385. https://doi.org/10.1016/j.jbankfin.2014.04.026

Cheng, M.-C., & Tzeng, Z.-C. (2011). The Effect of Leverage on Firm Value and How The Firm Financial Quality Influence on This Effect. World Journal of Management, 3(2), 30–53.

Christensen, J., Kent, P., & Stewart, J. (2010). Corporate Governance and Company Performance in Australia. Australian Accounting Review, 20(4), 372–386. https://doi.org/10.1111/j.1835-2561.2010.00108.x

Cronqvist, H., Makhija, A. K., & Yonker, S. E. (2012). Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics, 103(1), 20–40. https://doi.org/10.1016/j.jfineco.2011.08.005

Csedő, Z., Magyari, J., & Zavarkó, M. (2022). Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period. Sustainability (Switzerland), 14(6). https://doi.org/10.3390/su14063189

Cuevas-Vargas, H., Cortés-Palacios, H. A., & Lozano-García, J. J. (2021). Impact of capital structure and innovation on firm performance. Direct and indirect effects of capital structure. Procedia Computer Science, 199, 1082–1089. https://doi.org/10.1016/j.procs.2022.01.137

Cuomo, F., Mallin, C., & Zattoni, A. (2016). Corporate Governance Codes: A Review and Research Agenda. Corporate Governance: An International Review, 24(3), 222–241. https://doi.org/10.1111/corg.12148

Dawar, V. (2014). Article Information : Agency Theory, Capital Structure and Firm Performance. Managerial Finance, 40(12), 25.

De Silva, L. G. R. ., & Yatiwella, W. B. (2022). Impact of CEO Characteristics on Capital Structure of Non-Financial Listed Companies in Sri Lanka. SSRN Electronic Journal, 841–859. https://doi.org/10.2139/ssrn.4117502

Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42(September 2016), 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011

Diks, J., Rodriguez, J. C., & Driessen, J. (2016). The impact of CEO characteristics on firm value. Unpublished, University of Exeter, UK, 1–108.

Emestine, I. E., & Setyaningrum, D. (2019). CEO Characteristics and Firm Performance; Empirical Studies from ASEAN Countries. 101(Iconies 2018), 423–427. https://doi.org/10.2991/iconies-18.2019.81

Erena, O. T., Kalko, M. M., & Debele, S. A. (2021). Corporate governance mechanisms and firm performance: empirical evidence from medium and large-scale manufacturing firms in Ethiopia. Corporate Governance (Bingley), 22(2), 213–242. https://doi.org/10.1108/CG-11-2020-0527

Fekadu Agmas, W. (2020). Impacts of capital structure: profitability of construction companies in Ethiopia. Journal of Financial Management of Property and Construction, 25(3), 371–386. https://doi.org/10.1108/JFMPC-08-2019-0072

Feng, Y., Hassan, A., & Elamer, A. A. (2020). Corporate governance, ownership structure and capital structure: evidence from Chinese real estate listed companies. International Journal of Accounting and Information Management, 28(4), 759–783. https://doi.org/10.1108/IJAIM-04-2020-0042

Frank, M. Z., & Goyal, V. K. (2011). Corporate Leverage: How Much Do Managers Really Matter? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.971082

Galappaththige, L., & Vindula, R. (2022). Impact of CEO Characteristics on Capital Structure : Evidence from a Frontier Market. 15(1), 71–102.

Ghardallou, W. (2022). Corporate Sustainability and Firm Performance: The Moderating Role of CEO Education and Tenure. Sustainability (Switzerland), 14(6). https://doi.org/10.3390/su14063513

Hambrick, D. C. (2016). Upper Echelons Theory. The Palgrave Encyclopedia of Strategic Management, 32(2), 1–5. https://doi.org/10.1057/978-1-349-94848-2_785-1

Hambrick, D. C., & Mason, P. a. (1984). Echelons : of Reflection The Its Organization as Top a. Management, 9(2), 193–206.

Hartnell, C. A., Kinicki, A. J., Lambert, L. S., Fugate, M., & Corner, P. D. (2016). Do similarities or differences between CEO leadership and organizational culture have a more positive effect on firm performance? A test of competing predictions. Journal of Applied Psychology, 101(6), 846–861. https://doi.org/10.1037/apl0000083

Haryanto, S. (2014). Identifikasi Ekspektasi Investor Melalui Kebijakan Struktur Modal, Profitabilitas, Ukuran Perusahaan Dan Gcpi. Jurnal Dinamika Manajemen, 5(2), 183–199. https://doi.org/10.15294/jdm.v5i2.3660

Hasan, M. B., Ahsan, A. F. M. M., Rahaman, M. A., & Alam, M. N. (2014). Influence of Capital Structure on Firm Performance: Evidence from Bangladesh. International Journal of Business and Management, 9(5). https://doi.org/10.5539/ijbm.v9n5p184

Herrmann, P., & Datta, D. K. (2002). Mode : of Foreign Entry Empirical Study. Journal of International Business Studies, 33(3), 551–569.

Javaid, A., Nazir, M. S., & Fatima, K. (2021). Impact of corporate governance on capital structure: mediating role of cost of capital. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/jeas-09-2020-0157

Javed, T., Younas, W., & Imran, M. (2014). Impact of Capital Structure on Firm Performance: Evidence from Pakistani Firms. International Journal of Academic Research in Economics and Management Sciences, 3(5). https://doi.org/10.6007/ijarems/v3-i5/1141

Jebran, K., & Chen, S. (2023). Can we learn lessons from the past? COVID-19 crisis and corporate governance responses. International Journal of Finance and Economics, 28(1), 421–429. https://doi.org/10.1002/ijfe.2428

Jiraporn, P., Chintrakarn, P., & Liu, Y. (2012). Capital Structure, CEO Dominance, and Corporate Performance. Journal of Financial Services Research, 42(3), 139–158. https://doi.org/10.1007/s10693-011-0109-8

Kaftan, V., Kandalov, W., Molodtsov, I., Sherstobitova, A., & Strielkowski, W. (2023). Socio-Economic Stability and Sustainable Development in the Post-COVID Era: Lessons for the Business and Economic Leaders. Sustainability (Switzerland), 15(4). https://doi.org/10.3390/su15042876

Kaur, R., & Singh, B. (2021). The Impact of CEOs’ Characteristics on Corporate Leverage: Indian Scenario. Vision, 25(4), 428–438. https://doi.org/10.1177/0972262920954596

Khan, K. I., Qadeer, F., Mata, M. N., Chavaglia Neto, J., Sabir, Q. U. A., Martins, J. N., & Filipe, J. A. (2021). Core predictors of debt specialization: A new insight to optimal capital structure. Mathematics, 9(9). https://doi.org/10.3390/math9090975

Kieschnick, R., & Moussawi, R. (2018). Firm age, corporate governance, and capital structure choices. Journal of Corporate Finance, 48, 597–614. https://doi.org/10.1016/j.jcorpfin.2017.12.011

Kim, Y., Jung, S., & Kim, C. (2023). The Impact of Capital Structure on the Profitability Performance of ICT Firms. Processes, 11(2). https://doi.org/10.3390/pr11020635

Koutoupis, A., Kyriakogkonas, P., Pazarskis, M., & Davidopoulos, L. (2021). Corporate governance and COVID-19: a literature review. Corporate Governance (Bingley), 21(6), 969–982. https://doi.org/10.1108/CG-10-2020-0447

Kurniawan, V. J., & Rahardjo, S. N. (2014). Pengaruh Antara Tata Kelola Perusahaan (Corporate Governance) Dengan Struktur Modal Perusahaan. Diponegoro Journal of Accounting, 3, 1–9. http://ejournal-s1.undip.ac.id/index.php/accounting

Kusumasari, L. (2018). Functions, Age, Education, Tenure of CEO, and Employee Commitment Toward Firm Performance. KnE Social Sciences, 3(10), 64–73. https://doi.org/10.18502/kss.v3i10.3361

Lartey, T., Kesse, K., & Danso, A. (2020). Ceo Extraversion and Capital Structure Decisions: the Role of Firm Dynamics, Product Market Competition, and Financial Crisis. Journal of Financial Research, XLIII(4), 847–893. https://doi.org/10.1111/jfir.12227

Le, T. P. V., & Phan, T. B. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country. Research in International Business and Finance, 42(October 2016), 710–726. https://doi.org/10.1016/j.ribaf.2017.07.012

Le, T. P. V., & Tannous, K. (2016). Ownership Structure and Capital Structure: A Study of Vietnamese Listed Firms. Australian Economic Papers, 55(4), 319–344. https://doi.org/10.1111/1467-8454.12089

Li, T., Munir, Q., & Abd Karim, M. R. (2017). Nonlinear relationship between CEO power and capital structure: Evidence from China’s listed SMEs. International Review of Economics and Finance, 47, 1–21. https://doi.org/10.1016/j.iref.2016.09.005

Liao, L. K. C., Mukherjee, T., & Wang, W. (2015). Corporate governance and capital structure dynamics: An empirical study. Journal of Financial Research, 38(2), 169–192. https://doi.org/10.1111/jfir.12057

Liu, C., & Jiang, H. (2020). Impact of CEO characteristics on firm performance: evidence from China listed firms. Applied Economics Letters, 27(14), 1–5. https://doi.org/10.1080/13504851.2019.1607965

Mahdavi, G. H., & Daryaei, A. A. (2016). Corporate Governance : The International Journal of Business in Society Article information : Paper type Research paper. International Journal of Business in Society.

Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008

Malik, M. S., & Makhdoom, D. D. (2016). Does corporate governance beget firm performance in Fortune Global 500 companies? Corporate Governance, 16(4), 747–764. https://doi.org/10.1108/CG-12-2015-0156

Malmendier, U., Tate, G., & Yan, J. O. N. (2011). Malmendier_Tate_Yan_2011_Overconfidence and Early-Life Experiences_The Effect of Managerial Traits on Corporate Financial Policies.pdf. LXVI(5).

Manu, R., Alhabsji, T., Rahayu, S., & Nuzula, N. (2019). Finance and Management Scholar at Riphah International University Islamabad, Pakistan, Faculty of Management Sciences. Research Journal of Finance and Accounting, 10(1), 202–214. https://doi.org/10.7176/RJFA

María, C. P.-M., & Isabel, G.-Á. (2019). Do board characteristics drive firm performance? An international perspective. Review of Managerial Science, 1–57.

Matemilola, B. T., Bany-Ariffin, A. N., Azman-Saini, W. N. W., & Nassir, A. M. (2018). Does top managers’ experience affect firms’ capital structure? Research in International Business and Finance, 45, 488–498. https://doi.org/10.1016/j.ribaf.2017.07.184

McClelland, P. L., Liang, X., & Barker, V. L. (2010). CEO commitment to the status Quo: Replication and extension using content analysis. Journal of Management, 36(5), 1251–1277. https://doi.org/10.1177/0149206309345019

Meilani, A. D., Zulaikha, Z., & Sari, R. P. (2023). Corporate Governance and Banking Performance amid Covid-19 in Indonesia. Accounting Analysis Journal, 11(3), 196–205. https://doi.org/10.15294/aaj.v11i3.65812

Mihail, B. A., Dumitrescu, D., Micu, C. D., & Lobda, A. (2022). The Impact of Board Diversity, CEO Characteristics, and Board Committees on Financial Performance in the Case of Romanian Companies. Journal of Risk and Financial Management, 15(1). https://doi.org/10.3390/jrfm15010007

Minh Ha, N., Ha, T. T. M., & Vuong, P. M. (2021). The effect of CEO characteristics on financial leverage: findings from listed companies in Vietnam. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.2002129

Mubaraq, M., Rahayu, S. M., Saifi, M., & Darmawan, A. (2021). Does the Implementation of Corporate Governance Moderate the Relationships of Ownership Structure, Capital Structure and Firm Values of Listed Manufacturing Companies in Indonesia? Proceedings of the International Conference on Strategic Issues of Economics, Business and, Education (ICoSIEBE 2020), 163(ICoSIEBE 2020), 163–168. https://doi.org/10.2991/aebmr.k.210220.029

Mujwahuzi1, G. V., & Mbogo, C. J. (2020). Effects of Capital Structure on Business Profitability of Processing Enterprises Listed on the Dar es Salaam Stock Exchange, Tanzania. Journal of Finance and Accounting, 8(4), 165. https://doi.org/10.11648/j.jfa.20200804.11

Musa, H., Rech, F., Yan, C., & Musova, Z. (2022). The Deterioration of Financial Ratios During the Covid-19 Pandemic: Does Corporate Governance Matter? Folia Oeconomica Stetinensia, 22(1), 219–242. https://doi.org/10.2478/foli-2022-0011

Nadkarni, S., & Herrmann, P. (2010). CEO personality, strategic flexibility, and firm performance: The case of the Indian business process outsourcing industry. Academy of Management Journal, 53(5), 1050–1073. https://doi.org/10.5465/amj.2010.54533196

Naseem, M. A., Lin, J., Rehman, R. ur, Ahmad, M. I., & Ali, R. (2020). Does capital structure mediate the link between CEO characteristics and firm performance? Management Decision, 58(1), 164–181. https://doi.org/10.1108/MD-05-2018-0594

Nelson, J. (2005). Corporate governance practices, CEO characteristics and firm performance. Journal of Corporate Finance, 11(1–2), 197–228. https://doi.org/10.1016/j.jcorpfin.2003.07.001

Nguyen, D. V., Nguyen, N. H. K., & Dinh, T. T. (2023). CEO attributes and firm performance: Evidence from companies listed on Ho Chi Minh Stock Exchange. Cogent Economics and Finance, 11(2), 1–19. https://doi.org/10.1080/23322039.2023.2282838

Nguyen, H. T., Muniandy, B., & Henry, D. (2023). Adjustment speed of capital structure: A literature survey of empirical research. Australian Journal of Management, January. https://doi.org/10.1177/03128962231154744

Nguyen, P., Rahman, N., & Zhao, R. (2018). CEO characteristics and firm valuation: a quantile regression analysis. Journal of Management and Governance, 22(1), 133–151. https://doi.org/10.1007/s10997-017-9383-7

NILMAWATI, N., UNTORO, W., HADINUGROHO, B., & ATMAJI, A. (2021). The Relationship Between CEO Characteristics and Leverage: The Role of Independent Commissioners. Journal of Asian Finance, Economics and Business, 8(4), 787–796. https://doi.org/10.13106/jafeb.2021.vol8.no4.0787

Nirajini, A., & Priya, K. B. (2013). Impact of Capital Structure on Financial Performance of the Listed Trading Companies in Sri Lanka. International Journal of Scientific and Research Publications, 3(5), 1–9.

Noviani, A. V., Atahau, A. D. R., & Robiyanto, R. (2019). Capital Structure, Profitability and Firm Value_Moderating Effect of Good Corporate Governance. Jurnal Ekonomi Dan Bisnis, 22(2), 391–415.

Oradi, J., Asiaei, K., & Rezaee, Z. (2020). CEO financial background and internal control weaknesses. Corporate Governance: An International Review, 28(2), 119–140. https://doi.org/10.1111/corg.12305

Paine, L. S. (2020). Covid-19 Is Rewriting the Rules of Corporate Governance. Www.Hbr.Org.

Peni, E. (2012). CEO and Chairperson characteristics and firm performance. Journal of Management and Governance, 18(1), 185–205. https://doi.org/10.1007/s10997-012-9224-7

Pillai, R., & Al-Malkawi, H. A. N. (2018). On the relationship between corporate governance and firm performance: Evidence from GCC countries. Research in International Business and Finance, 44, 394–410. https://doi.org/10.1016/j.ribaf.2017.07.110

Ria, R. (2023). Determinant Factors of Corporate Governance on Company Performance: Mediating Role of Capital Structure. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032309

Ross, S. A. (1977). Determination of Financial Structure: the Incentive-Signalling Approach. Bell J Econ, 8(1), 23–40. https://doi.org/10.2307/3003485

Salman, I., Firmansyah, A., Widyaningrum, M. R., Muslim, A. I., Setiawan, D., Pemula, P. D., Octaviani, N. K. D., Astika, I. B. P., Erna, L., Sutama, D. R., Nurulrahmatiah, N., Pratiwi, A., Nurhayati, Dixit, A. M., Subba Rao, S. V., Article, O., Choudhary, K., Singh, M., Choudhary, O. P., … Winata, F. (2019). Analisis Pengaruh Profitabilitas (Profitability) dan Tingkat Pertumbuhan Modal dan Nilai Perusahaan. Analisis Pengaruh Profitabilitas Dan Tingkat Pertumbuhan Modal Dan Nilai Perusahaan, 5(2), 1–11. https://techniumscience.com/index.php/socialsciences/article/view/332/124%0Ahttp://dx.doi.org/10.1038/ni.1913%250Ahttp://dx.doi.org/10.1016/j.dci.2013.08.014%250Ahttp://dx.doi.org/10.1186/s13071-016-1819-4%250Ahttp://dx.doi.org/10.1016/j.actatropica.2017.

Sari, R. N., Ahmad, G. N., & Kurnianti, D. (2023). Pengaruh Karakteristik CEO dan Good Corporate Governance terhadap Kinerja Perusahaan pada Perusahaan Manufaktur di BEI. Jurnal Bisnis, Manajemen, Dan Keuangan, 4(1), 1–14. https://www.ncbi.nlm.nih.gov/books/NBK558907/

Schwartz, M. S., & Kay, A. (2023). The COVID-19 global crisis and corporate social responsibility. In Asian Journal of Business Ethics (Vol. 12, Issue 1, pp. 101–124). https://doi.org/10.1007/s13520-022-00165-y

Shao, L. (2019). Dynamic study of corporate governance structure and firm performance in China: Evidence from 2001-2015. Chinese Management Studies, 13(2), 299–317. https://doi.org/10.1108/CMS-08-2017-0217

Sheikh, N. A., & Wang, Z. (2012). Effects of corporate governance on capital structure : empirical evidence from Pakistan. 12(5), 629–641. https://doi.org/10.1108/14720701211275569

Shen, Y. (2019). CEO characteristics: a review of influential publications and a research agenda. Accounting and Finance, 61(1), 361–385. https://doi.org/10.1111/acfi.12571

Singh, A., Lim, W. M., Jha, S., Kumar, S., & Ciasullo, M. V. (2023). The state of the art of strategic leadership. Journal of Business Research, 158(January), 113676. https://doi.org/10.1016/j.jbusres.2023.113676

Siromi, B., & Chandrapala, P. (2017). The effect of corporate governance on firms’ capital structure of listed companies in Sri Lanka. Journal of Competitiveness, 9(2), 19–33. https://doi.org/10.7441/joc.2017.02.02

Sitthipongpanich, T., & Polsiri, P. (2012). CEO Characteristics and Corporate Financing in Thailand. JEL Classification Codes: G32, G34, M10, 1–20.

Sivaprasad, S., & Mathew, S. (2021). Corporate governance practices and the pandemic crisis: UK evidence. Corporate Governance (Bingley), 21(6), 983–995. https://doi.org/10.1108/CG-08-2020-0357

Strebulaev, I. A., & Yang, B. (2013). The mystery of zero-leverage firms. Journal of Financial Economics, 109(1), 1–23. https://doi.org/10.1016/j.jfineco.2013.02.001

Sun, J., Ding, L., Guo, J. M., & Li, Y. (2016). Ownership, capital structure and financing decision: Evidence from the UK. British Accounting Review, 48(4), 448–463. https://doi.org/10.1016/j.bar.2015.04.001

Tarighi, H., Hosseiny, Z. N., Akbari, M., & Mohammadhosseini, E. (2023). The Moderating Effect of the COVID-19 Pandemic on the Relation between Corporate Governance and Firm Performance. In Journal of Risk and Financial Management (Vol. 16, Issue 7). https://doi.org/10.3390/jrfm16070306

Valente, M. J., Pelham III, W. E., Smyth, H., & MacKinnon, D. P. (2017). Confounding in statistical mediation analysis: What it is and how to address it. In Journal of Counseling Psychology (Vol. 64, Issue 6, pp. 659–671). American Psychological Association. https://doi.org/10.1037/cou0000242

Van Khanh, V. T., Hung, D. N., Van, V. T. T., & Huyen, H. T. (2020). A study on the effect of corporate governance and capital structure on firm value in vietnam. Accounting, 6(3), 221–230. https://doi.org/10.5267/j.ac.2020.3.004

Verhoef, P. C., Noordhoff, C. S., & Sloot, L. (2023). Reflections and predictions on effects of COVID-19 pandemic on retailing. Journal of Service Management, 34(2), 274–293. https://doi.org/10.1108/JOSM-09-2021-0343

Vijayakumaran, S., & Vijayakumaran, R. (2019). Corporate Governance and Capital Structure Decisions : Evidence from Chinese Listed Companies. 6(3), 67–79. https://doi.org/10.13106/jafeb.2019.vol6.no3.67

Waworontu, S. R., Tjahjana, K. A. N. F., & Rusmanto, T. (2014). The Effect of Corporate Governance on Capital Structure in Public Listed Companies in Indonesia. Handbook on the Emerging Trends in Scientific Research, 243–258.

Weisbach, M. S. (1988). Professors in the Boardroom and Their Impact on Corporate Governance and Firm Performance. Financial Management, 44(3), 547–581. https://doi.org/10.1111/fima.12069

Wen, Y., Rwegasira, K., & Bilderbeek, J. (2002). Corporate governance and capital structure decisions of the Chinese listed firms. Corporate Governance, 10(2), 75–83. https://doi.org/10.1111/1467-8683.00271

Wieczorek-Kosmala, M., & Henschel, T. (2022). The Role of ERM and Corporate Governance in Managing COVID-19 Impacts: SMEs Perspective. Journal of Risk and Financial Management, 15(12). https://doi.org/10.3390/jrfm15120587

Wijaya, F. M., Safitri, R. H., & Yuniartie, E. (2024). Pengaruh Karakteristik CEO terhadap Kinerja Perusahaan pada Perusahaan Sektor Transportasi dan Logistik di Indonesia. Owner, 8(3), 2356–2366. https://doi.org/10.33395/owner.v8i3.2189

Willy, S. (2021). The Effect of Remote Audit and Agility on the Performance of the Internal Audit (SPI) During the Covid-19 Pandemic to Realize Good Corporate Governance (GCG). Asian Journal of Law and Governance, 3(3), 2710–5849. http://myjms.mohe.gov.my/index.php/ajlg

Zattoni, A., & Pugliese, A. (2021). Corporate Governance Research in the Wake of a Systemic Crisis: Lessons and Opportunities from the COVID-19 Pandemic. Journal of Management Studies, 58(5), 1405–1410. https://doi.org/10.1111/joms.12693

Zhang, H., & Li, S. (2008). The Impact of Capital Structure on Agency Costs: Evidence from UK Public Companies. (Doctoral Dissertation, Queens University of Technology)., 1–18.

Zimmerman, M. A. (2008). E T & P Public Offering. 215, 391–414.




DOI: https://doi.org/10.26905/afr.v7i1.12422

Refbacks

  • There are currently no refbacks.




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



AFRE (Accounting and Financial Review)

Postgraduate - University of Merdeka Malang

Postgraduate  Building, Terusan Dieng Street 62-64
Malang City, East Java, Indonesia, 65146.

View My Stats      Web
Analytics

Other Link

Follow Us

Site Home Journal
Unmer Malang
Postgraduate
LPPM
Library
Repository 
[email protected]
(0341) 567617
 Fax(0341) 567617

AFRE (Accounting and Financial Review)  Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.