Main Article Content

Yuliusman Yuliusman
Nela Safelia


The performance index of companies in the infrastructure, utilities, and transportation sectors experienced a decline of 12% at the end of 2020. This fact triggered this research to find out and analyze how company performance is influenced by board independence, frequency of meetings, and institutional ownership. The research sample are 80 companies in the infrastructure, utility, and transportation sectors listed on the Indonesia Stock Exchange during 2018-2020, which were obtained by purposive sampling. The data analysis technique is multiple linear regression analysis. The results showed that partially the frequency of meetings and institutional ownership had an effect on company performance, while the board independence variable had no effect.


Download data is not yet available.

Article Details

How to Cite
Author Biography

Nela Safelia, Universitas Jambi

Program Studi Akuntansi Fakultas Ekonomi dan Bisnis 


Al-Daoud, K. I., Saidin, S. Z., & Abidin, S. (2016). Board meeting and firm performance: Evidence from the Amman stock exchange. Corporate Board: Role, Duties and Composition, 12(2), 6–11.
Al Amin, N. H., & Rosadi, S. (2018). Corporate Governance dan Kinerja Keuangan pada BUMN yang terdaftar di BEI. Relevance: Journal of Management and Business, 1(2).
Alsartawi, A. M. (2019). Board independence, frequency of meetings and performance. Journal of Islamic Marketing.
Arouri, H., Hossain, M., & Muttakin, M. B. (2014). Effects of board and ownership structure on corporate performance: Evidence from GCC countries. Journal of Accounting in Emerging Economies.
Block, D., & Gerstner, A.-M. (2016). One-tier vs. two-tier board structure: A comparison between the United States and Germany.
Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301–312.
Butt, M. N., Baig, A. S., & Seyyed, F. J. (2021). Tobin’s Q approximation as a metric of firm performance: an empirical evaluation. Journal of Strategic Marketing, 1–17.
Comella-Dorda, S., Garg, L., Thareja, S., & Vasquez-McCall, B. (2020). Revisiting agile teams after an abrupt shift to remote. McKinsey & Company.
Correia, T. de S., & Lucena, W. G. L. (2020). Board of directors and code of business ethics of Brazilian companies. RAUSP Management Journal, 55, 263–279.
Creswell, J. W., & Creswell, J. D. (2017). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. SAGE Publications.
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674–686.
de Araujo, B., & Robbins, A. (2019). The Modern Dilemma: Balancing Short- and Long-Term Business Pressures. Harvard Law School Forum on Corporate Governance, March.
El-Chaarani, H. (2014). The impact of corporate governance on the performance of Lebanese banks. The International Journal of Business and Finance Research, 8(5), 35–46.
Elamer, A. A., AlHares, A., Ntim, C. G., & Benyazid, I. (2018). The corporate governance–risk-taking nexus: evidence from insurance companies. International Journal of Ethics and Systems.
Eluyela, D. F., Akintimehin, O. O., Okere, W., Ozordi, E., Osuma, G. O., Ilogho, S. O., & Oladipo, O. A. (2018). Board meeting frequency and firm performance: examining the nexus in Nigerian deposit money banks. Heliyon, 4(10), e00850.
Hidayat, A. A., & Utama, S. (2017). Board characteristics and firm performance: Evidence from Indonesia. International Research Journal of Business Studies, 8(3).
Hossain, M. A., & Oon, E. Y. N. (2021). Board leadership, board meeting frequency and firm performance in two‐tier boards. Managerial and Decision Economics.
Jensen, C., & Meckling, H. (1976). Theory of The Firm : Managerial Behavior, Agency Costs And Ownership Structure. Journal of Financial Economics, 3, 305–360.
Jonsson, E. I. (2005). The role model of the board: A preliminary study of the roles of Icelandic boards. Corporate Governance: An International Review, 13(5), 710–717.
Kaplan, R. S. (2001). Strategic performance measurement and management in nonprofit organizations. Nonprofit Management and Leadership, 11(3), 353–370.

Koerniadi, H., & Tourani-Rad, A. (2012). Does board independence matter? Evidence from New Zealand. Australasian Accounting, Business and Finance Journal, 6(2), 3–18.
Kor, Y. Y., & Sundaramurthy, C. (2009). Experience-based human capital and social capital of outside directors. Journal of Management, 35(4), 981–1006.
Krechovská, M., & Procházková, P. T. (2014). Sustainability and its integration into corporate governance focusing on corporate performance management and reporting. Procedia Engineering, 69, 1144–1151.
Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance & Economics, 26(2), 1871–1885.
Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223–244.
Malik, M. S., & Makhdoom, D. D. (2016). Does corporate governance beget firm performance in fortune global 500 companies? Corporate Governance.
Mardiyati, U. (2016). Pengaruh frekuensi rapat dewan direktur dan jumlah direktur perempuan terhadap kinerja perbankan. EKUITAS (Jurnal Ekonomi Dan Keuangan), 20(2), 172–187.
Martínez-Ferrero, J., & García-Sánchez, I.-M. (2017). Coercive, normative and mimetic isomorphism as determinants of the voluntary assurance of sustainability reports. International Business Review, 26(1), 102–118.
Masry, M. (2016). The impact of institutional ownership on the performance of companies listed in the Egyptian stock market. IOSR Journal of Economics and Finance (IOSR-JEF), 7(1), 5–15.
Moore, C. B., Bell, R. G., Filatotchev, I., & Rasheed, A. A. (2012). Foreign IPO capital market choice: Understanding the institutional fit of corporate governance. Strategic Management Journal, 33(8), 914–937.
Ntim, C. G., & Osei, K. A. (2011). The impact of corporate board meetings on corporate performance in South Africa. African Review of Economics and Finance, 2(2), 83–103.
Oliveira, J., Rodrigues, L. L., & Craig, R. (2011). Risk‐related disclosures by non‐finance companies: Portuguese practices and disclosure characteristics. Managerial Auditing Journal.
Palmberg, J. (2015). The performance effect of corporate board of directors. European Journal of Law and Economics, 40(2), 273–292.
Pletzer, J. L., Nikolova, R., Kedzior, K. K., & Voelpel, S. C. (2015). Does gender matter? Female representation on corporate boards and firm financial performance-a meta-analysis. PloS One, 10(6), e0130005.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 20, 237–265.
Prabowo, M., & Simpson, J. (2011). Independent directors and firm performance in family controlled firms: evidence from Indonesia. Asian‐Pacific Economic Literature, 25(1), 121–132.
Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2020). Do board characteristics drive firm performance? An international perspective. In Review of Managerial Science (Vol. 14, Issue 6). Springer Berlin Heidelberg.
Rashid, A. (2018). Board independence and firm performance: Evidence from Bangladesh. Future Business Journal, 4(1), 34–49.
Rashid, M. M. (2020). Ownership structure and firm performance: the mediating role of board characteristics. Corporate Governance: The International Journal of Business in Society.

Sakawa, H., & Watanabel, N. (2020). Institutional ownership and firm performance under stakeholder-oriented corporate governance. Sustainability, 12(3), 1021.
Saragih, H. P. (2019). Tak Jadi Untung, Garuda Rugi hingga Rp 2,45 T di 2018. CNBC Indonesia.
Sheikh, N. A., & Karim, S. (2015). Effects of Internal Governance Indicators on Performance of Commercial Banks in Pakistan. Pakistan Journal of Social Sciences (PJSS), 35(1).
Suteja, J., Gunardi, A., & Auristi, R. J. (2017). Does Corporate Social Responsibility Shape the Relationship between Corporate Governance and Financial Performance? Indonesian Journal of Sustainability Accounting and Management, 1(2), 59–68.
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113–142.
Volonté, C. (2015). Boards: Independent and committed directors? International Review of Law and Economics, 41, 25–37.
Wang, Y., Abbasi, K., Babajide, B., & Yekini, K. C. (2019). Corporate governance mechanisms and firm performance: evidence from the emerging market following the revised CG code. Corporate Governance: The International Journal of Business in Society.
Yakob, N. A., & Abu Hasan, N. (2021). Exploring the Interaction Effects of Board Meetings on Information Disclosure and Financial Performance in Public Listed Companies. Economies, 9(4), 139.
Zattoni, A., Witt, M. A., Judge, W. Q., Talaulicar, T., Chen, J. J., Lewellyn, K., Hu, H. W., Gabrielsson, J., Rivas, J. L., & Puffer, S. (2017). Does board independence influence financial performance in IPO firms? The moderating role of the national business system. Journal of World Business, 52(5), 628–639.