INTRODUCTION
The last few years many of
the problems that arise regarding the financial performance of state-owned
enterprises in Indonesia. This of course makes people become less trusting of
performance produced by the company. As is the case in the year 2019 two
Commissioners of Garuda Indonesia refused to sign the statement of financial
year 2018 because of the discovery of the transactions that should not be known
as income by PT Garuda Indonesia. Commissioner of PT Garuda Indonesia is
confident that the management should undertake the Management of the Revenues
to meet the interests of the management itself. Besides
the problem occurred in Garuda Indonesia, there are
still many similar cases
that experienced by other objects. Such as the case of Pertamina,
which the state injured by 586 billion. Pertamina acquisition (investment
Nonrutin) in the form of the purchase of some assets (interest in
participating/ IP) owned oil company Ltd in blocks of BMG Australia, based on
the Agreement on 27 May 2009. Without a warrant, the Director of the President
and the board of directors approved the block acceptance of BMG. The case of
the fictitious insurance fund occur in the PT. Jasindo conducted by the
director to perform the manipulation of the commission agent in procuring
insurance on the Oil and gas BP, cases of bribery and corruption committed by
the Director of the Krakatau stell as well as the company of his soul that
failed to pay, this,
of course, demonstrates that there is still a lack of supervision and effective
governance in the company's implementation.
A vast number of studies have
demonstrated that the presence of institutional ownership in a firm improves the
efficiency with which company assets are used,
thus is expected that the monitoring of management decisions
(Januarti, 2009). Institutional
investor�s roles may be
described in three ways, that is active
monitoring, passive monitoring, and backing with managers to exploit smaller
shareholders (Elyasiani & Jia, 2010).
According to
(Lin & Fu, 2017), institutional
investors can actively and passively supervise
management performance. Because of their superior
management skills and significant resources, institutional investors should be
able to supervise and monitor the manager, decrease information asymmetries,
reduce agency issues, and maximize shareholder value through active monitoring.
Furthermore, by exercising their ownership rights, these institutional
investors may put pressure on management to enhance corporate governance.
Alternatively, (Lin & Fu, 2017)
explain that the institutional investors, according to the passive monitoring
perspective, merely act as passive monitors, trading shares for speculative
short-term trading profits based on informational advantages, or to fulfill
idiosyncratic portfolio needs, rather than managing them. In the third
scenario, certain institutional investors work with management to expropriate
the dispersed small stockholders (Elyasiani & Jia, 2010).
Institutional investors serve
as an effective monitoring tool for a corporation's minority shareholders,
decreasing agency costs and allowing firms to achieve a higher rate of return
than the market. In
addition, due to their knowledge and understanding of the financial market,
institutional investors are more efficient monitors at lower costs than
individual investors, and their greater financial stake and longer time horizon
allows them to earn better profits. Because of effective corporate governance
mechanisms, firms with a large number of institutional investors are more
likely to be shareholder-oriented (Malik et al., 2021). The
company's value and performance will improve with appropriate management
oversight. Therefore, the first
hypothesis is developed as follows:
H1:
Institutional ownership has a significant ��influence towards financial
performance.
The board of commissioners,
as the company's competent authority, is jointly responsible for overseeing the
board of directors and making recommendations to guarantee the company's
excellent corporate governance (KNKG, 2006).
Member of the commissioner
board who are independent are those who do not have
any financial, managerial, equity, or familial ties with the other
commissioners, directors or controlling shareholders, or any other relationship
that might compromise their capacity to act independently
(Noorizkie & Siti, 2013).
To guarantee that the monitoring system functions properly and in compliance
with existing rules and regulations, the number of Independent Commissioners
should be appropriate. It is recommended that one of the independent
commissioners has accounting or financial experience (KNKG, 2006).
The existence of independent
directors is a mechanism that is intended to perform surveillance and managerial
inefficiency due to conflicts of interest between controlling and minority
shareholders. The larger the number of Independent Commissioners, the greater
the amount of scrutiny and pressure on better management, which pushes
management to be more transparent in reporting the company's risks (Zulfikar et al., 2017).
One of the most important duties of independent directors is to keep track of
the company's performance and operations. An effective monitoring process
within the company might help to reduce agency issues. As a result, the firm
should choose independent directors who can provide adequate supervision in the
areas of governance, internal control, and risk management (Fuzi et al., 2016). �Therefore,
the second hypothesis is developed as follows:
H2:
Independent commissioner has a significant influence towards financial
performance.
The Audit Committee of
Indonesia (APLI) defines the audit committee as a committee that works
professionally and independently to oversee the company's financial reporting,
risk management, auditing, and corporate governance implementation.
The proportion of audit committee members is intended to
increase compliance with mandated disclosure. When the audit committee is large,
the ability to protect and regulate the accounting and finance processes via
enhanced openness extends the control and supervisory functions over the
accounting and financial processes (Ojeka et al., 2014).
(Ashari & Krismiaji, 2020)
also stated that The vast quantity of human resources available in the labor
market, the amount of pay, and other laws may all have an impact on the demand
for audit committee members. These circumstances may necessitate the use of
larger number of audit committee to have a significant impact on the firm's
financial performance. By doing corporate governance, then the value added of a
company can be improved to produce the company's performance is better, and one
that can be improved is the intellectual capital. Therefore, the third
hypothesis is developed as follows:
H3:
Audit committee has a significant influence towards financial performance.
In Indonesia, the concept of
intellectual capital (IC) begins to emerge, particularly with the introduction
of SFAS No. 19 (revised 2000)
about intangible assets. Although it is not expressly designated as IC, it has
received considerable attention. According to SFAS No. 19, intangible assets
are non-monetary assets that may be identified but do not have a physical form,
as well as assets held to be used to develop or provide products or services,
leased to others, or used for administrative purposes (IAI, 2012).
The implementation of
intellectual capital in Indonesia is still very less. There are many
firms that are still unaware of the
value of putting intellectual capital in their daily
operation. This is evidenced
by the company's reluctance to
devote more attention to intellectual capital. In reality, intellectual capital
plays an important part in the attempt to improve the company's worth. The
company's performance might be enhanced by increasing its intellectual capital.
Intellectual capital or
intangible assets is often defined as intellectual capital or intangible assets
do not have physical form. According to some experts, intellectual capital and
intangible assets are interchangeable and frequently replace each other (Bukh et al., 2005). Intellectual
capital includes knowledge, information, intellectual property rights, and
expertise, all of which may be used to produce revenue (Stewart, 2012). (Pulic, n.d.)
proposed indirect recognition of intellectual capital using a method for
calculating the efficiency of value created as a result of the company's
intellectual capability (Value Added Intellectual Coeficient - VAICTM
). The primary components of VAICTM are revealed by the firm's
resources, which include physical capital, human capital, and structural
capital. VAICTM is derived by adding CEE (capital employed
efficiency coefficient), HCE (human capital efficiency coefficient), and SCE
(structural capital efficiency coefficient). The higher the value of VAICTM,
the better the management of the company's potential value generation.
(Vishnu & Gupta, 2014)
model using the Value Added
Intellectual Coeffient of (Pulic, n.d.)
showed that there is a positive relationship between intellectual capital and
corporate performance. Effective management of intellectual capital is the
manager that has resulted in positive performance (Sharabati et al., 2010).
The same results are also shown in the research by (Bollen et al., 2005) who
conducted the analysis on managers of a pharmaceutical company in germany. According
to the findings of the study, the components of intellectual capital have a
beneficial impact on the company's success. In an environment of India, a study
by (Pal & Soriya, 2012)
and (Ghosh & Mondal, 2009)
has provided a convincing result, i.e. there is a positive relationship between
intellectual capital and profitability (ROA). (Ulum, 2007) performed
a study on the impact of intellectual capital on the financial performance of
Indonesian banks for three period, 2004-2006. The outcomes of this study
suggest that intellectual capital (VAICTM) has a beneficial effect
on the financial success of the firm. Therefore,
the fourth hypothesis is developed as follows:
H4:
Intellectual capital has a significant influence towards financial performance.
Based on the phenomenon and
the research is inconsistent, then the researcher is motivated to do more
research about Corporate govenance and intellectual capital on the performance
of a company that devoted in state-owned enterprises in Indonesia. The
declining financial performance of the company-the state-owned company in
Indonesia due to the weakening of the level of scrutiny and corporate goverance
less well applied.
METHOD
A
quantitative research methodology was used in this research. The population for
this study includes state-owned enterprises registered with the Ministry of
SOEs between 2016 and 2019, with sample methods based on Purposive Sampling and
a set of criteria. The data gathered by determining state-owned firms that
release annual reports for the fiscal year ended December 31, respectively, the
financial statements of state-owned businesses are accessible, and the needed
data is complete throughout the observation period. The data in this study was
analyzed utilizing descriptive statistical tests, classic assumption tests, and
hypothesis testing with multiple regression analysis. The aim of this analysis
is to determine the strength and direction of the relationship between the
independent and dependent variables. Data analysis approaches included multiple
linear regression analysis with SPSS ver.25.
1.
Operational Definition and Variable
Measurement
a. Financial
Performance
In
this study, financial performance was assessed using Return On Asset (ROA) as
Brigham and Houston did (2006) with the following formula:
b. Corporate
Governance
a) Independent
Board of Commissioners
A
company's independent board of commissioners is calculated using
the following formula:
b) Audit
committee
The
number of audit committee members in the firms determines the size of the audit
committee. Formula for operationalize audit committee is as
follows:
c) Institutional
Ownership
According
to the following formula, institutional ownership in this study is
measured as a percentage of institutional ownership in a firm:
c. Intellectual
Capital
Using
value added models drawn from physical capital (VACA), human capital (VAHU), as
well as structural capital (STVA), this study quantifies intellectual
capital (VAICTM) developed by
(Pulic,
n.d.).
The term VAICTM represents the combination of the three additional
values. The VAICTM calculating formula is as follows:
Value
Added Capital Employed (VACA) � Ratio of �VA to CE. This
percentage illustrates each CE unit's contribution to value-added organizations:
Value
Added Human Capital (VAHU) � Ratio of VA to HC. This ratio depicts the value
added organization's contribution to each rupiah invested in HC:
Structural
Capital Value Added (STVA) � Ratio of SC to VA. This ratio calculates the
amount of SC required to create one rupiah from the VA and shows how effective
SC is in creating value:
Value
Added Intellectual Coefficient (VAIC�) � Indicates the intellectual
capabilities of the organization. BPI is another name for VAICTM
(Business Performance Indicator).
d. Company Size
Using the natural logarithm of total assets,
the size of the firm was calculated in this study according to (Aziz & Yuyetta, 2017) and (Seng & Su, 2010), with the following formula:
������������������� SIZE = Ln (Total Assets)
e. Leverage
The leverage variables in this study were
measured using debt to equity ratio. The ratio used to measure this variable is
the same as the ratio used in research conducted by (Aziz & Yuyetta, 2017) and (Manihuruk & Farahmita, 2015) with the following formula formulations:
�������������� 
�
f. Regression Model
FPit = α + β1.In.comit
+ β2.ACit
+ β3.IOit
+ β4.ICit + β5.Sizeit + β6.Levit
information:
FP���������������������� : Financial
Performance
In.com���� ����������� : Independent Commissioner
AC���������� ����������� : Audit committee
IO���������������������� : Institutional Ownership
IC���������������������� : Intellectual Capital
Size�������������������� : �Company size
Lev�������������������� : Leverage
Descriptive
Statistical Analysis
Based
on the table. 2 regression test above, then obtained multiple regression
equations as follows:
FP = 0.037
- 0.036 In.Com + 0.006 AC + 0.002 IO + 0.004 IC - 0.006 Size � 0.006 LEV + e
RESULTS AND DISCUSSION
A. The
Influence of Institutional Ownership on Financial Performance
Financial
Performance was positively affected by Institutional Ownership according to the
results of a hypothesis test, meaning that Hypothesis 1 was accepted.
Institutional parties are professionals who have more effective capabilities to
control the company and control the actions of managers (Petta
& Tarigan, 2017). The larger proportion of shareholdings by
institutions allows institutions, such as companies or business entities from
outside the company to control the actions of managers, so that managers do not
act in their own interests, and so that managers and institutional shareholders
can work together to improve the company's financial performance (Arifani,
2012). If the institutional party has a large enough stake in
the company, then the institutional party will have an incentive to supervise
the performance of management and has the right to influence decisions and
actions taken by management (Petta
& Tarigan, 2017).
The
results of this study are also in line with research by (Sakawa
& Watanabel, 2020), which states that the institution's
financial performance is stabilized by institutional shareholders. Institutional
shareholders help to improve a company's performance, especially in firms with
significant development potential. This suggests that institutional investors
are more successful at monitoring firms with high growth predictions, resulting
in better future profitability.
B.
The Influence of Independent Commissioner on
Financial Performance
Hypothesis
testing for independent commissioner variable on Financial Performance revealed
that independent commissioners had a substantial negative effect on Financial
Performance, implying that Hypothesis 2 is accepted.
The
independent commissioner indicated that there is an effort to minimize
conflicts of interest within the company so that the level of transparency of
company information will be higher. A company's board of commissioners must
include at least 30 percent of its commissioners who are independent, according
to the Financial Services Authority's (POJK) Regulation Number 33/POJK.04/2014
concerning Issuers and Public Companies' Boards of Directors and Commissioners.
Independent commissioners also have a supervisory function in the company in
order to create good corporate governance. More independent board members mean
that board decisions will place the company's interests above their own,
resulting in a negative impact on the company's performance (Arifani, 2012).
According
to the findings of this study, the more the number of commissioners in a firm,
the poorer the financial performance. This can be because the supervision carried
out by the independent commissioners on management performance has not been
maximized, while the company should continue to incurring expenses to pay
independent commissioners, therefore profits become lower. Thus, the increasing
number of independent commissioners will actually decrease the company's
financial performance.� The results of this study are in line with research by (Fadillah, 2017) which stated that an increase in the size of
the independent board of commissioners would have a detrimental impact on the company's
financial performance.
C. The
Influence of Audit Committee on Financial Performance
One
of the audit committee's responsibilities is to help the board of commissioners
in overseeing the operation of the company. It also has several other
responsibilities, such as reviewing all financial statements to ensure its
quality, studying accounting policies, evaluating the effectiveness and level
of compliance with internal controls, evaluating the possibility for fraud, and
evaluating management policies that are considered to have a significant impact
on financial statements (Arifani, 2012). According to POJK Number 55/POJK.04/2015
regarding the Establishment and Implementation Guidelines of the Audit
Committee, companies must create an audit committee composed of at least three
members selected from independent commissioners and parties outside of the
business.
Although
the average company sampled in this study has met the applicable provisions by
having a minimum of 3 audit committees, the number has no significant effect on
the company's financial performance. The reason is the appointment of an audit
committee in the company is solely based on formal requirements and not based
on the needs of the company, so it can have an impact on the quality of the
audit committee appointed, such as appointing an audit committee with no
accounting and financial background or no experience as an audit committee, and
so forth. Because of this, audit committee responsibilities may not be carried
out as efficient as they might be and the number of audit committees inside the
company will have smaller impact on financial performance. Thus, hypothesis 2
was rejected. The results of this study are in line with the results of (Sembiring & Saragih, 2019) and (Rahmawati et al., 2017) research which explains that the audit
committee has no impact on the company's financial performance.
D. The
The Influence of Intellectual Capital on Financial Performance
The
results of this study indicate that the more effective the intellectual capital
managed by the company, the company's financial performance will improve as
well. The capital employed that is managed by the company, such as the addition
of physical assets in the form of buildings to carry out business expansion, can
improve the financial performance of the firm. This is because the capital used
by the company to fund operating activities is solely aimed at achieving higher
profitability. When a firm uses human capital in the form of human resources,
such as education, experience, and skill sets, as well as innovation and
creativity, it may improve its financial performance. Due to the fact that
human resources inside a firm are the most significant party in implementing
daily operational activities of a company's financial performance will be
affected by the management of human resources with excellent quality,
effectiveness, and efficiency. In addition, the larger and more effective the
structural capital managed by the company, such as the production process, the
use of information technology, customer relations, etc., will have an impact on
improving the company's financial performance. This is because the allocation
of large structural capital can be directed to invest in education and training
of human resources in utilizing the structural capital used so as to improve
the company's financial performance (Harianja & Fauzie, 2014).
The
results of this study are in line with research conducted by (Vishnu & Gupta, 2014), (Thaib, 2013), and (Pal & Soriya, 2012) which asserts that intellectual
capital, as measured by the added value of capital employed, human capital, and
structural capital, has a considerable beneficial influence on financial
performance.
CONCLUSION
This
research was conducted to test how corporate governance and intellectual capital
could affect company�s financial performance. The findings of this study
revealed that corporate governance, as represented by independent
commissioners, audit committees, and institutional ownership, as well as
intellectual capital, could only influence financial performance by 30.4%,
while the remaining 69.6% was influenced by other variables not examined in
this study. According to the findings of this study, institutional ownership
and intellectual capital have a favorable influence on financial performance,
but independent commissioners have a substantial negative effect on financial
performance and the audit committee has no effect on financial performance.
This
research contributes to some practical recommendations for state-owned
enterprises in order to pay greater attention to to efficiently exploiting the
company's intellectual resources so that the company's competitiveness, which
is evaluated using financial performance, may be enhanced. Furthermore, efforts
must be made to improve the functions of independent commissioners and audit
committees in the context of monitoring director performance and financial
reporting, so that the company's financial performance may be reported to
shareholders in a transparent and responsible way. Based on the above
conclusions, for further research can add managerial ownership variables, board
of directors and board of commissioners, using other research models such as
adding intervening variables, moderation or other controlling variables such as
profitability and age of the company so as to increase the variety in research,
expanding the research observation �period because a longer research period
will provide greater possibilities to improve results that are closer to the
actual condition.
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