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Analisis Hubungan Tata Kelola, Kinerja Keuangan, dan Keberlanjutan Perusahaan Pada Industri Non Keuangan Indonesia 2016-2021
Good governance is a strategic determining factor for companies in order to increase value and maintain processes for sustainable company growth. This study aims to analyze the effect of corporate governance to corporate sustainability mediated by financial performance. We use institutional ownership and managerial ownership as proxies of corporate governance and corporate sustainability as measured by GRI-G4 with financial performance proxied by Return On Assets (ROA) as an intervening variable. The sample of study is non financial firms listed IDX during 2016-2021 include basic material, consumer non cyclical, industrial,
energy, and infrastructure industry. We use descriptive and panel data analysis also sobel test for hypotheses testing. The firm size used for controlling the relation corporate governance, financial performance, and corporate sustainability. The results of the study show that corporate governance measured by institutional ownership have significant effect on corporate sustainability, while managerial ownership has a negative effect on corporate sustainability. We not find the strong evidence that financial performance mediate the effect of corporate governance on corporate sustainability and firm size as significant control variable. However, corporate governance is carried out especially in the aspect of share ownership has proven optimal results for corporate sustainability by providing opportunities
for institutions and management in equal share ownership. The implication is necessary to pay attention to governance for maintaining the sustainability and should manage its financial performance as support system in competitive advantage.