Alfianto, Fahrizal Irfan and Prof. Gugus Irianto, MSA., Ph.D., Ak and Yeney Widya Prihatiningtias, D.B.A., Ak (2024) Peran Koneksi Politik Sebagai Variabel Moderasi dalam Pengaruh Karakteristik Chief Executive Officer (CEO) Terhadap Kinerja Keuangan Perusahaan. Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk meneliti pengaruh karakteristik Chief Executive Officer (CEO) terhadap kinerja keuangan perusahaan dan koneksi politik sebagai variabel moderasi. Penelitian dilakukan pada seluruh perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia dengan metode purposive sampling. Data penelitian mulai tahun 2016-2022, yang dipilih didasarkan pada kebaruhan data kinerja keuangan perusahaan. Hasilnya penelitian ini memberikan beberapa bukti bahwa karakteristik CEO memiliki pengaruh terhadap kinerja keuangan perusahaan dan koneksi politik CEO memoderasi pengaruh karakteristik CEO terhadap kinerja keuangan perusahaan. Pendidikan ekonomi CEO berpengaruh positif terhadap kinerja keuangan perusahaan jika diukur dengan Return on Asset (ROA) dan Return on Equity (ROE), sedangkan kesibukan CEO berpengaruh negatif. Pengalaman CEO berpengaruh positif terhadap kinerja keuangan perusahaan jika menggunakan pengukuran menggunakan Tobin’s Q. Koneksi politik CEO memoderasi pengaruh positif kepemilikan managerial CEO terhadap ROA dan ROE. Koneksi politik juga memoderasi pengaruh negatif masa jabatan CEO terhadap ROE. Koneksi politik juga memperlemah pengaruh pendidikan ekonomi CEO pada ROA. Namun, hasil yang berbeda ditunjukkan jika pengukuran kinerja keuangan perusahaan menggunakan Tobin’s Q, dimana hasilnya memoderasi pengaruh positif masa jabatan CEO terhadap Tobin’s Q. Kesibukan CEO terbukti juga dimoderasi koneksi politik CEO secara negatif terhadap Tobin’s Q. Berdasarkan hasil penelitian, karakteristik CEO memainkan peran penting dalam kinerja keuangan perusahaan, baik diukur dengan kinerja akuntansi dan pasar. Penelitian ini memberikan bukti bahwa koneksi politik CEO mampu menjadi variabel moderasi dalam memperkuat dan melemahkan pengaruh karakteristik CEO terhadap kinerja keuangan perusahaan.
English Abstract
The objective of this research is to identify the effects of CEO’s characteristics on firm financial performance with political connection as the moderator. This study was conducted in all non-financial companies listed on the Indonesia Stock Exchange during the 2016-2022 period. Using purposive sampling, the samples were selected based on the data recency of the companies’ financial performance. The results of the analyses lead to several evidences that CEO’s characteristics influence the companies’ financial performance and that CEO’s political connections moderate the impacts of CEO’s characteristics on the companies’ financial performance. Further, the CEO’s economic education positively influences the companies’ financial performance as measured through Return on Assets (ROA) and Return on Equity (ROE), while the CEO’s busyness negatively affects it. Then, the CEO’s experience positively impacts the companies’ financial performance as measured using Tobin’s Q. This study also finds that the CEO’s political connections moderate the positive impact of the CEO’s managerial ownership on ROA and ROE, moderates the negative influence of the CEO’s tenure on ROE, and weakens the effects of the CEO’s economic education on ROA. Different results were found when the financial performance was measured using Tobin’s Q. Here the political connections moderate the positive influence of the CEO’s tenure on Tobin’s Q. The impact of the CEO’s busyness on Tobin’s Q was also proven to be negatively moderated by the political connections. Based on the findings above, CEO’s characteristics play prominent roles in the companies’ financial performance, either measured by accounting performance or assessed by the market performance. This study proves that the political connections of the CEO serve as the moderator in both strengthening and weakening the effects of CEO’s characteristics on firm financial performance.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | - |
| Uncontrolled Keywords: | Kepemilikan CEO; Kesibukan CEO; Kinerja Keuangan Perusahaan; Koneksi Politik CEO; Masa jabatan CEO; Pendidikan CEO; Pengalaman CEO; ROA; ROE; Tobin’s Q-CEO’s ownership, CEO’s busyness, firm financial performance, CEO’s political connections, CEO’s tenure, CEO’s education, CEO’s experience, ROA, ROE, Tobin’s Q |
| Divisions: | S2/S3 > Magister Akuntansi, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Sugeng Moelyono |
| Date Deposited: | 25 Feb 2025 02:38 |
| Last Modified: | 25 Feb 2025 02:38 |
| URI: | http://repository.ub.ac.id/id/eprint/237549 |
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