Electronic Theses and Dissertation

ABSTRAK
Penelitian ini bertujuan untuk menguji pengaruh corporate governance, intellectual
capital, dan capital structure terhadap financial performance dengan ownership
structure sebagai variabel moderasi pada perusahaan yang terdaftar di Bursa Efek
Indonesia. Populasi penelitian mencakup seluruh perusahaan yang terdaftar di
Bursa Efek Indonesia selama periode 2020–2024. Penentuan jumlah sampel
minimum menggunakan rumus slovin dan teknik cluster random sampling
sehingga diperoleh 282 perusahaan sebagai sampel minimum. Analisis data
dilakukan menggunakan regresi data panel dan Moderated Regression Analysis
dengan perangkat lunak EViews 12. Hasil penelitian menunjukkan bahwa
corporate governance yang diproksikan dengan dewan komisaris independen dan
board gender diversity tidak berpengaruh signifikan terhadap financial
performance. Sebaliknya, intellectual capital dan capital structure berpengaruh
positif terhadap financial performance. Selain itu, uji moderasi membuktikan
bahwa kepemilikan pemerintah tidak mampu memoderasi hubungan kedua proksi
dari corporate governance terhadap financial performance. Namun, kepemilikan
pemerintah terbukti memperkuat pengaruh intellectual capital terhadap financial
performance serta memperlemah pengaruh capital structure terhadap financial
performance.

Kata Kunci: Corporate Governance, Dewan Komisaris Independen, Board
Gender Diversity, Intellectual Capital, Capital Structure, Kepemilikan
Pemerintah, dan Financial Performance.

ABSTRACT This study aims to examine the effects of corporate governance, intellectual capital, and capital structure on financial performance, with ownership structure as a moderating variable, among companies listed on the Indonesia Stock Exchange. The study population comprises all companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The minimum sample size was determined using the slovin formula and a cluster random sampling technique, resulting in a minimum sample of 282 companies. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with the assistance of EViews 12 software. The results indicate that corporate governance, proxied by independent commissioners and board gender diversity, does not have a significant effect on financial performance. In contrast, intellectual capital and capital structure have a positive effect on financial performance. Furthermore, the moderation analysis demonstrates that government ownership is unable to moderate the relationship between both proxies of corporate governance and financial performance. However, government ownership is found to strengthen the effect of intellectual capital on financial performance while weakening the effect of capital structure on financial performance. Keywords: Corporate Governance, Independent Commissioners, Board Gender Diversity, Intellectual Capital, Capital Structure, Government Ownership, and Financial Performance.