en pl
en pl

Central European Management Journal

Zobacz wydanie
Rok 2017 
Tom 25 
Numer 1

The Effect of Corporate Governance on the Performance of a Company. Some Empirical Findings from Indonesia

Irine Herdjiono
Musamus University

Indah Mega Sari
Musamus University

2017 25 (1) Central European Management Journal

DOI 10.7206/jmba.ce.2450-7814.188

Zawartość artykułu

Abstrakt

Purpose: This study is aimed at analyzing the influence of the size of the board of directors, audit committee, institutional ownership and managerial ownership on the fnancial performance of manufacturing companies listed on the Indonesia Stock Exchange.

Methodology: The study analyses 156 Indonesia frms listed on the Indonesia Stock Exchange using linear regression analysis.

Findings: The results indicated that the size of the board of directors has a positive effect on fnancial performance, while the size of the audit committee, institutional ownership and managerial ownership has no effect on the fnancial performance. While on the simultaneously testing, it showed that the size of the board of directors, audit committee size, institutional ownership and managerial ownership influence the fnancial performance.

Research limitations/implications: The research has been limited to the manufacturing sector of Indonesian companies and the internal mechanism of corporate governance. The study suggests considering an external mechanism of corporate governance as predictor variables.

Originality: The study adds to the literature of corporate government and frm performance in emerging countries. The study implies that corporate governance mechanism for audit committee, managerial ownership and institutional ownership do not enhance company performance. The average size of an audit committee just to fulfll the regulation. Corporate governance mechanism that improve fnancial performance is size board director. Improvement in board performance as board size increase has positive impact that enhance fnancial performance of company.

Powiązania

  1. Aanu, O.S., Oduanonses, I.F. and Foyeke, O.I. (2014). Effectiveness of Audit Committee and Firm Financial Performance in Nigeria: An Empirical Analysis. Journal of Accounting and Auditing: Research and Practice: 1–11, https://doi.org/10.5171/2014.301176 [Google Scholar]
  2. Ahmad, Che Ayoib and Mohd Abdulloh Jusoh (2014). Institutional ownership and market­based performance indicators: Utilizing generalized least square estimation technique. Procedia – Social and Behavioral Sciences, 164: 477–485, https://doi.org/10.1016/j.sbspro.2014.11.105 [Google Scholar]
  3. Aljifri, K. and Moustafa, M. (2007). The impact of corporate governance mechanisms on the performance of UAE frms: An empirical analysis. Journal of Economic and Administrative Sciences, 23(2): 71–93, https://doi.org/10.1108/10264116200700008 [Google Scholar]
  4. Amer, Mrwan, Aiman A. Ragab and Shehata Elsayed Shehata (2014). Audit Committee Characteristics And Firm Performance:Evidence from Egyptian Listed Companies. Proceedings of 6th Annual American Business Research Conference, 9–10. New York. [Google Scholar]
  5. Anderson, R.C., Mansi S.A. and Reeb D.M. (2004). Board characteristics, accounting reportintegrity and the cost of debt. Journal of Accounting and Economics, 37: 315–342, https://doi.org/10.1016/j.jacceco.2004.01.004 [Google Scholar]
  6. Andow, Helen Afang and Bature Musa David (2016). Ownership structure and the fnancial performance of listed conglomerate frms in Nigeria. The Business and Management Review, 7(3). [Google Scholar]
  7. Belkhir, M. (2009). Board of directors’ size and performance in the banking industry. International Journal of Managerial Finance, 5(2): 201–221, https://doi.org/10.1108/17439130910947903 [Google Scholar]
  8. Bugshan, T. (2005). Corporate Governance, Earning Management and the Information Content of Accounting Earnings. Theoritical Model and Empirical Tests, Phd Thesis, Bond University Queensland, Australia. [Google Scholar]
  9. Bouaziz, Z. (2012). The Impact of the Presence of Audit Committees on the Financial Performance of Tunisian Companies. International Journal of Management & Business Studies, 2(4): 57–64. [Google Scholar]
  10. Bozek, Agnieszka. (2015).Positive Psychology Capital Concept: A Critical Analysis in the Context of Participatory Management. Management and Business Administration. Central Europe, 23(3): 19–31, https://doi.org/10.7206/mba.ce.2084­3356.148 [Google Scholar]
  11. Chung, K. and Zhang, H. (2011). Corporate Governance and Institutional Ownership. Journal of Financial and Quantitative Analysis, 46(1): 247–273, https://doi.org/10.1017/S0022109010000682 [Google Scholar]
  12. Cremers, K.J. Martin and Vinay, B. Nair (2005). Governance Mechanisms and Equity Prices. Journal of Finance, 60(6): 2859–2894, https://doi.org/10.1111/j.1540­6261.2005.00819.x [Google Scholar]
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  14. Coles, J.L., Daniel, N.D. and Naveen, L. (2008). Boards: Does one size ft all? Journal of Financial Economics, 87: 329–356, https://doi.org/10.1016/j.jfneco.2006.08.008 [Google Scholar]
  15. Cornett, M.M., Marcus, A.J., Saunders, A. and Tehranian, H. (2007). “The impact of institutional ownership on corporate operating performance”. Journal of Banking and Finance, 31: 1771–1794. https://doi.org/10.1016/j.jbankfn.2006.08.006 [Google Scholar]
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  17. Daniel, W.E. (2003).Corporate Governance in Indonesia Listed Companies – A Problem of Legal Transplant. Bond Law Review, 15: 343–375. [Google Scholar]
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  26. Al­Ghamdi, Mohammed and Rhodes, M. (2015). Family Ownership, Corporate Governance and Performance: Evidence from Saudi Arabia. International Journal of Economics and Finance, 7(2), https://doi.org/10.5539/ijef.v7n2p78 [Google Scholar]
  27. Horváth, Roman and Persida Spirollari (2012). Do the Board of Directors’ Characteristics Influence Firm’s Performance? The U.S. Evidence. Prague Economic Papers, 4: 470–486, https://doi.org/10.18267/j.pep.435 [Google Scholar]
  28. Issarawornrawanich, Panya (2015). The Association between Board of Directors’ Characteristics and Firm Performance: Empirical Evidence from Emerging Market of Thailand. Journal of Applied Business and Economics, 17(1): 54–65. [Google Scholar]
  29. Jensen, M.C. and Meckling, W.H. (1976). Theory of the firm: managerial behavior, agency costs, Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304­405X(76)90026­X [Google Scholar]
  30. Jensen, M. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3): 831–880, https://doi.org/10.1111/j.1540­6261.1993.tb04022.x [Google Scholar]
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  34. Kumai, Benjamin Gugong and Husaini Bala (2015). Equity Formation And Financial Performance of Listed Deposit Money Banks in Nigeria. European Journal of Accounting Auditing and Finance Research, 3(8). [Google Scholar]
  35. Najjar, Dana­AL (2015). The Effect of Institutional Ownership on Firm Performance: Evidence from Jordanian Listed Firms. International Journal of Economics and Finance, 7(12): 97–105, https://doi.org/10.5539/ijef.v7n12p97 [Google Scholar]
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  38. Quang, Do Xuan and Wu Xong (2014).The Impact of Ownership Structure and Capital Structure on Financial Performance of Vietnamese Firms. International Business Research, 7(2): 64–71, https://doi.org/10.5539/ibr.v7n2p64 [Google Scholar]
  39. Santos, Juliana Bonomi and Luiz Arthur Ledur Brito (2012). Toward a Subjective Measurement Model of Firm Performance. Brazilian Administration Review, Special Issue, 6: 95–117, https://doi.org/10.1590/S1807­76922012000500007 [Google Scholar]
  40. Siagian, F.T. (2011). Ownership Structure and Governance Implementation : Evidence from Indonesia. International Journal of Business, Humanities and Technology, 1(3): 187–202. [Google Scholar]
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  43. Wasowska, A. (2013). Ownership Structure and the Internationalization Process of Publicly­Listed Companies in Poland. Management and Business Administration. Central Europe, 22(3): 82–97, https://doi.org/10.7206/mba.ce.2084­3356.73 [Google Scholar]
  44. Walczak, W. (2013). Failures of Corporate Governance in Housing Cooperatives – Case Study. Management and Business Administration. Central Europe, 22(3): 58–81, https://doi.org/10.7206/mba.ce.2084­3356.72 [Google Scholar]
  45. Xie, B., Davidson, W.N. and DaDalt, P.J. (2003). Earnings Management and Corporate Governance: The Role of Board and The Audit Committee. Journal of Corporate Finance, 9: 295–316, https://doi.org/10.1016/S0929­1199(02)00006­8 [Google Scholar]
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  48. Zabrie, Shafe Mohamed, Kamilah Ahmad and Khaw Khai Wah (2016). Corporate Governance Practices and Firm Performance: Evidence from Top 100 Public Listed Companies in Malaysia. Procedia Economics and Finance, 35: 287–296, https://doi.org/10.1016/S2212­5671(16)00036­8 [Google Scholar]
  49. Zhuang, J. et al. (2000). Corporate Governance and Finance in East Asia, Vol. 1. Asian Development Bank, Philippines, Manila. [Google Scholar]
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  51. Ahmad, Che Ayoib and Mohd Abdulloh Jusoh (2014). Institutional ownership and market­based performance indicators: Utilizing generalized least square estimation technique. Procedia – Social and Behavioral Sciences, 164: 477–485, https://doi.org/10.1016/j.sbspro.2014.11.105 [Google Scholar]
  52. Aljifri, K. and Moustafa, M. (2007). The impact of corporate governance mechanisms on the performance of UAE frms: An empirical analysis. Journal of Economic and Administrative Sciences, 23(2): 71–93, https://doi.org/10.1108/10264116200700008 [Google Scholar]
  53. Amer, Mrwan, Aiman A. Ragab and Shehata Elsayed Shehata (2014). Audit Committee Characteristics And Firm Performance:Evidence from Egyptian Listed Companies. Proceedings of 6th Annual American Business Research Conference, 9–10. New York. [Google Scholar]
  54. Anderson, R.C., Mansi S.A. and Reeb D.M. (2004). Board characteristics, accounting reportintegrity and the cost of debt. Journal of Accounting and Economics, 37: 315–342, https://doi.org/10.1016/j.jacceco.2004.01.004 [Google Scholar]
  55. Andow, Helen Afang and Bature Musa David (2016). Ownership structure and the fnancial performance of listed conglomerate frms in Nigeria. The Business and Management Review, 7(3). [Google Scholar]
  56. Belkhir, M. (2009). Board of directors’ size and performance in the banking industry. International Journal of Managerial Finance, 5(2): 201–221, https://doi.org/10.1108/17439130910947903 [Google Scholar]
  57. Bugshan, T. (2005). Corporate Governance, Earning Management and the Information Content of Accounting Earnings. Theoritical Model and Empirical Tests, Phd Thesis, Bond University Queensland, Australia. [Google Scholar]
  58. Bouaziz, Z. (2012). The Impact of the Presence of Audit Committees on the Financial Performance of Tunisian Companies. International Journal of Management & Business Studies, 2(4): 57–64. [Google Scholar]
  59. Bozek, Agnieszka. (2015).Positive Psychology Capital Concept: A Critical Analysis in the Context of Participatory Management. Management and Business Administration. Central Europe, 23(3): 19–31, https://doi.org/10.7206/mba.ce.2084­3356.148 [Google Scholar]
  60. Chung, K. and Zhang, H. (2011). Corporate Governance and Institutional Ownership. Journal of Financial and Quantitative Analysis, 46(1): 247–273, https://doi.org/10.1017/S0022109010000682 [Google Scholar]
  61. Cremers, K.J. Martin and Vinay, B. Nair (2005). Governance Mechanisms and Equity Prices. Journal of Finance, 60(6): 2859–2894, https://doi.org/10.1111/j.1540­6261.2005.00819.x [Google Scholar]
  62. Cole, Re and Mehran, Hamid (1998). The effect of changes in ownership structure on performance: Evidence from the thrift industry. Journal of Financial Economics, 50(3): 291–317, https://doi.org/10.2139/ssrn.7286 [Google Scholar]
  63. Coles, J.L., Daniel, N.D. and Naveen, L. (2008). Boards: Does one size ft all? Journal of Financial Economics, 87: 329–356, https://doi.org/10.1016/j.jfneco.2006.08.008 [Google Scholar]
  64. Cornett, M.M., Marcus, A.J., Saunders, A. and Tehranian, H. (2007). “The impact of institutional ownership on corporate operating performance”. Journal of Banking and Finance, 31: 1771–1794. https://doi.org/10.1016/j.jbankfn.2006.08.006 [Google Scholar]
  65. Dalton, D.R., Daily, C.M., Johnson, J.L. and Ellstrand, A.E. (1999). Number of directors and fnancial performance: A meta­analysis. Academy of Management Journal, 42: 647–687, https://doi.org/10.2307/256988 [Google Scholar]
  66. Daniel, W.E. (2003).Corporate Governance in Indonesia Listed Companies – A Problem of Legal Transplant. Bond Law Review, 15: 343–375. [Google Scholar]
  67. Daniel, W.E. (2003).Corporate Governance in Indonesia Listed Companies – A Problem of Legal Transplant. Bond Law Review, 15: 343–375. [Google Scholar]
  68. Decision of the Chairman of BAPEPAM­LK No. Kep­643/BL/2012: Establishment and Implementation Guidelines for the Audit Committee. [Google Scholar]
  69. Demsetz, H. and Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6): 1155–1177, https://doi.org/10.1086/261354 [Google Scholar]
  70. Din, Shahab­u – and Javid, Attiya Yasmin (2011). Impact of managerial ownership on fnancial policies and the frm’s performance: evidence Pakistani manufacturing frms. International Research Journal of Finance and Economics, 81: 13–29. [Google Scholar]
  71. Duggal R. and Miller, J.A. (1999). Institutional ownership and frm performance: The case of bidder return. Journal of Corporate Finance, 5: 103–117, https://doi.org/10.1016/S0929­1199(98)00018­2 [Google Scholar]
  72. Dwivedi, N. and Jain, A.K. (2005). Corporate governance and performance of Indian Firms: The effect of board size and ownership. Employee Responsibilities and Rights Journal, 17(3): 161–172, https://doi.org/10.1007/s10672­005­6939­5 [Google Scholar]
  73. Faccio, M. and Lasfer, M.A. (2000). Managerial ownership, board structure and frm value: The UK evidence. City University Business School, working paper. [Google Scholar]
  74. Financial Service Authority (2014). Indonesia Corporate Governance Roadmap: Towards Better Governance of Issuers and Public Company. Financial Service Authority – Indonesia. [Google Scholar]
  75. Al­Ghamdi, Mohammed and Rhodes, M. (2015). Family Ownership, Corporate Governance and Performance: Evidence from Saudi Arabia. International Journal of Economics and Finance, 7(2), https://doi.org/10.5539/ijef.v7n2p78 [Google Scholar]
  76. Horváth, Roman and Persida Spirollari (2012). Do the Board of Directors’ Characteristics Influence Firm’s Performance? The U.S. Evidence. Prague Economic Papers, 4: 470–486, https://doi.org/10.18267/j.pep.435 [Google Scholar]
  77. Issarawornrawanich, Panya (2015). The Association between Board of Directors’ Characteristics and Firm Performance: Empirical Evidence from Emerging Market of Thailand. Journal of Applied Business and Economics, 17(1): 54–65. [Google Scholar]
  78. Jensen, M.C. and Meckling, W.H. (1976). Theory of the firm: managerial behavior, agency costs, Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304­405X(76)90026­X [Google Scholar]
  79. Jensen, M. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3): 831–880, https://doi.org/10.1111/j.1540­6261.1993.tb04022.x [Google Scholar]
  80. Kaserer, Ch. and Moldenhauer, B. (2005). Insider Ownership and Corporate Performance – Evidence from Germany. Center for Entrepreneurial and Financial Studies (CEFS) and Department for Financial Management and Capital Market. Working Paper. [Google Scholar]
  81. Klein, A. (2002). Audit Committee, Board of Director Characteristics, and Earnings Management. Journal of Accounting and Economics, 33(3): 375–400, https://doi.org/10.1016/S0165­4101(02)00059­9 [Google Scholar]
  82. Krishnan, Jagan and Lee, JongEun (2009). Audit Committee Financial Expertise, Litigation Risk, and Corporate Governance. Auditing: A Journal of Practice and Theory, 28(1): 241–261, https://doi.org/10.2308/aud.2009.28.1.241 [Google Scholar]
  83. Kumai, Benjamin Gugong and Husaini Bala (2015). Equity Formation And Financial Performance of Listed Deposit Money Banks in Nigeria. European Journal of Accounting Auditing and Finance Research, 3(8). [Google Scholar]
  84. Najjar, Dana­AL (2015). The Effect of Institutional Ownership on Firm Performance: Evidence from Jordanian Listed Firms. International Journal of Economics and Finance, 7(12): 97–105, https://doi.org/10.5539/ijef.v7n12p97 [Google Scholar]
  85. McVey, R. (1992). The materialisation of the Southeast Asian entrepreneur. In: R. McVey (ed.), Southeast Asian capitalism. New York: Cornell University Southeast Asia Program. [Google Scholar]
  86. Morck, Randall, Shleifer, Andrei and Vishny, Robert W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20(1–2): 293–315, https://doi.org/10.1016/0304­405X(88)90048­7 [Google Scholar]
  87. Quang, Do Xuan and Wu Xong (2014).The Impact of Ownership Structure and Capital Structure on Financial Performance of Vietnamese Firms. International Business Research, 7(2): 64–71, https://doi.org/10.5539/ibr.v7n2p64 [Google Scholar]
  88. Santos, Juliana Bonomi and Luiz Arthur Ledur Brito (2012). Toward a Subjective Measurement Model of Firm Performance. Brazilian Administration Review, Special Issue, 6: 95–117, https://doi.org/10.1590/S1807­76922012000500007 [Google Scholar]
  89. Siagian, F.T. (2011). Ownership Structure and Governance Implementation : Evidence from Indonesia. International Journal of Business, Humanities and Technology, 1(3): 187–202. [Google Scholar]
  90. Uwuigbe, U. and Olusanmi, O. (2012). An empirical examination of the relationship between ownership structure and the performance of frms in Nigeria. International Business Research, 5(1): 208–215. [Google Scholar]
  91. Van Essen, M., Van Oosterhout, J.H. and Carney, M. (2012). Corporate boards and the performance of Asian frms: A meta­analysis. Asia Pacifc Journal of Management, 29(4): 873–905, https://doi.org/10.1007/s10490­011­9269­1 [Google Scholar]
  92. Wasowska, A. (2013). Ownership Structure and the Internationalization Process of Publicly­Listed Companies in Poland. Management and Business Administration. Central Europe, 22(3): 82–97, https://doi.org/10.7206/mba.ce.2084­3356.73 [Google Scholar]
  93. Walczak, W. (2013). Failures of Corporate Governance in Housing Cooperatives – Case Study. Management and Business Administration. Central Europe, 22(3): 58–81, https://doi.org/10.7206/mba.ce.2084­3356.72 [Google Scholar]
  94. Xie, B., Davidson, W.N. and DaDalt, P.J. (2003). Earnings Management and Corporate Governance: The Role of Board and The Audit Committee. Journal of Corporate Finance, 9: 295–316, https://doi.org/10.1016/S0929­1199(02)00006­8 [Google Scholar]
  95. Yermack, D. (1996). Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 40(2): 185–211, https://doi.org/10.1016/0304­405X(95)00844­5 [Google Scholar]
  96. Yilmaz, Cahit and Ali Hakan Buyuklu (2016). Impacts of Corporate Governance on Firm Performance: Turkey Case with A Panel Data Analysis. Eurasian Journal of Economics and Finance, 4(1): 56–72, https://doi.org/10.15604/ejef.2016.04.01.004 [Google Scholar]
  97. Zabrie, Shafe Mohamed, Kamilah Ahmad and Khaw Khai Wah (2016). Corporate Governance Practices and Firm Performance: Evidence from Top 100 Public Listed Companies in Malaysia. Procedia Economics and Finance, 35: 287–296, https://doi.org/10.1016/S2212­5671(16)00036­8 [Google Scholar]
  98. Zhuang, J. et al. (2000). Corporate Governance and Finance in East Asia, Vol. 1. Asian Development Bank, Philippines, Manila. [Google Scholar]
  99. Aanu, O.S., Oduanonses, I.F. and Foyeke, O.I. (2014). Effectiveness of Audit Committee and Firm Financial Performance in Nigeria: An Empirical Analysis. Journal of Accounting and Auditing: Research and Practice: 1–11, https://doi.org/10.5171/2014.301176 [Google Scholar]
  100. Ahmad, Che Ayoib and Mohd Abdulloh Jusoh (2014). Institutional ownership and market­based performance indicators: Utilizing generalized least square estimation technique. Procedia – Social and Behavioral Sciences, 164: 477–485, https://doi.org/10.1016/j.sbspro.2014.11.105 [Google Scholar]
  101. Aljifri, K. and Moustafa, M. (2007). The impact of corporate governance mechanisms on the performance of UAE frms: An empirical analysis. Journal of Economic and Administrative Sciences, 23(2): 71–93, https://doi.org/10.1108/10264116200700008 [Google Scholar]
  102. Amer, Mrwan, Aiman A. Ragab and Shehata Elsayed Shehata (2014). Audit Committee Characteristics And Firm Performance:Evidence from Egyptian Listed Companies. Proceedings of 6th Annual American Business Research Conference, 9–10. New York. [Google Scholar]
  103. Anderson, R.C., Mansi S.A. and Reeb D.M. (2004). Board characteristics, accounting reportintegrity and the cost of debt. Journal of Accounting and Economics, 37: 315–342, https://doi.org/10.1016/j.jacceco.2004.01.004 [Google Scholar]
  104. Andow, Helen Afang and Bature Musa David (2016). Ownership structure and the fnancial performance of listed conglomerate frms in Nigeria. The Business and Management Review, 7(3). [Google Scholar]
  105. Belkhir, M. (2009). Board of directors’ size and performance in the banking industry. International Journal of Managerial Finance, 5(2): 201–221, https://doi.org/10.1108/17439130910947903 [Google Scholar]
  106. Bugshan, T. (2005). Corporate Governance, Earning Management and the Information Content of Accounting Earnings. Theoritical Model and Empirical Tests, Phd Thesis, Bond University Queensland, Australia. [Google Scholar]
  107. Bouaziz, Z. (2012). The Impact of the Presence of Audit Committees on the Financial Performance of Tunisian Companies. International Journal of Management & Business Studies, 2(4): 57–64. [Google Scholar]
  108. Bozek, Agnieszka. (2015).Positive Psychology Capital Concept: A Critical Analysis in the Context of Participatory Management. Management and Business Administration. Central Europe, 23(3): 19–31, https://doi.org/10.7206/mba.ce.2084­3356.148 [Google Scholar]
  109. Chung, K. and Zhang, H. (2011). Corporate Governance and Institutional Ownership. Journal of Financial and Quantitative Analysis, 46(1): 247–273, https://doi.org/10.1017/S0022109010000682 [Google Scholar]
  110. Cremers, K.J. Martin and Vinay, B. Nair (2005). Governance Mechanisms and Equity Prices. Journal of Finance, 60(6): 2859–2894, https://doi.org/10.1111/j.1540­6261.2005.00819.x [Google Scholar]
  111. Cole, Re and Mehran, Hamid (1998). The effect of changes in ownership structure on performance: Evidence from the thrift industry. Journal of Financial Economics, 50(3): 291–317, https://doi.org/10.2139/ssrn.7286 [Google Scholar]
  112. Coles, J.L., Daniel, N.D. and Naveen, L. (2008). Boards: Does one size ft all? Journal of Financial Economics, 87: 329–356, https://doi.org/10.1016/j.jfneco.2006.08.008 [Google Scholar]
  113. Cornett, M.M., Marcus, A.J., Saunders, A. and Tehranian, H. (2007). “The impact of institutional ownership on corporate operating performance”. Journal of Banking and Finance, 31: 1771–1794. https://doi.org/10.1016/j.jbankfn.2006.08.006 [Google Scholar]
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  234. Quang, Do Xuan and Wu Xong (2014).The Impact of Ownership Structure and Capital Structure on Financial Performance of Vietnamese Firms. International Business Research, 7(2): 64–71, https://doi.org/10.5539/ibr.v7n2p64 [Google Scholar]
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APA style

Herdjiono, Irine & Sari, Indah Mega (2017). Herdjiono, I. , & Sari, I. M. . (2017). The Effect of Corporate Governance on the Performance of a Company. Some Empirical Findings from Indonesia. Central European Management Journal, 25(1), 33-52. https://doi.org/10.7206/jmba.ce.2450-7814.188 (Original work published 2017)

MLA style

Herdjiono, Irine and Sari, Indah Mega. Herdjiono, I. , i I. M. Sari. „The Effect Of Corporate Governance On The Performance Of A Company. Some Empirical Findings From Indonesia”. 2017. Central European Management Journal, t. 25, nr 1, 2017, ss. 33-52.

Chicago style

Herdjiono, Irine and Sari, Indah Mega. Herdjiono, Irine , i Indah Mega Sari. „The Effect Of Corporate Governance On The Performance Of A Company. Some Empirical Findings From Indonesia”. Central European Management Journal, Central European Management Journal, 25, nr 1 (2017): 33-52. doi:10.7206/jmba.ce.2450-7814.188.

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