Ownership Structure and Board of Directors: Predicting the Performance of the Consumer Goods Industry in Indonesia
DOI:
https://doi.org/10.30595/ratio.v6i2.26856Keywords:
firm performance; family ownership; blockholder ownership; board of directorsAbstract
The global economy is rapidly advancing, driven by the growth of resources in both developed and emerging economies, such as Indonesia. Companies are increasingly focused on meeting market and external demands dynamically, aiming to optimize shareholder success and enhance the value of their institutions. This study aims to examine whether family ownership positively impacts company performance, institutional ownership positively influences company performance, blockholder ownership has a positive effect on company performance, and the board of directors contributes positively to company performance in Indonesia's consumer goods industry. The findings of this study suggest that family ownership does not significantly impact company performance, blockholder ownership does influence company performance, and the direction of the board of directors plays a role in shaping company performance within the consumer goods sector in Indonesia.
References
Abo-Akleek, F., Mowafi, M., Taqieddin, E. S., & Shatnawi, A. S. (2025). Leveraging blockchain for
robust and transparent E-voting systems. Cyber Security and Applications, 3, 100086.
https://doi.org/10.1016/j.csa.2025.100086
Ahmed, N., & Hadi, O. A. (2017). Impact of ownership structure on firm performance in the MENA
region: An empirical study. Accounting and Finance Research, 6(3).
Al Naim, A., & Alomair, A. (2025). The role of female representation in enhancing audit quality:
Insights from Saudi Arabia’s emerging market. Humanities and Social Sciences
Communications, 12(1). https://doi.org/10.1057/s41599-025-05032-2
Al-Matari, E. M., Al-Matari, Y. A., & Saif, S. A. (2017). Association between ownership structure
characteristics and firm performance: Oman evidence. Academy of Accounting and Financial
Studies Journal, 21(1), 1–10.
Appeaning Addo, I., Yakubu, I., Gagnon, A. S., Beckett, C. T. S., Huang, Y., Owusu-Nimo, F., &
Brás, A. M. A. (2025). Examining change and permanence in traditional earthen construction in
Ghana: A case study of Tamale and Wa. Built Heritage, 9(1). https://doi.org/10.1186/s43238-
024-00165-w
Ardianingsih, A., & Ardiyani, K. (2010). Analisis pengaruh struktur kepemilikan terhadap kinerja
perusahaan. Jurnal Pena, 19(2).
Arifin, Z. (2003). Masalah agensi dan mekanisme kontrol pada perusahaan dengan struktur
kepemilikan terkonsentrasi yang dikontrol keluarga: Bukti pada perusahaan publik Indonesia.
Jakarta: Universitas Indonesia.
Bai, G., Xu, P., & Meng, D. (2025). Are CEO successors more likely to implement environmentally
responsible behavior? Empirical evidence from listed companies in China. Humanities and
Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04687-1
Chen, J. Z., Kolev, K., Luo, X., & Yang, L. (2025). What are they looking at: Directors’ facial
appearances and shareholder voting outcomes. Journal of Business Research, 198, 115479.
https://doi.org/10.1016/j.jbusres.2025.115479
Chen, P., Liu, H., Ma, Y., & Jiang, F. (2025). Executives’ postgraduate education and corporate
ambidextrous innovation: Evidence from China’s listed companies. Humanities and Social
Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04426-6
Fadillah, A. R. (2017). Analisa pengaruh dewan komisaris independen, kepemilikan manajerial dan
kepemilikan institusional terhadap kinerja perusahaan yang terdaftar di LQ45. Jurnal Akuntansi,
12(1), 37–52.
Fagan, E. F., McGrath, J. T., Sharma, D., Thomas, S., Georgesen, C., & Wei, E. X. (2025). Analysis
of current dermatopathology training across U.S. residency programs. Archives of
Dermatological Research, 317(1). https://doi.org/10.1007/s00403-025-04185-z
Ghozali, I. (2015). Aplikasi analisis multivariate dengan program SPSS 24 (8th ed.). Semarang: Badan
Penerbit Universitas Diponegoro.
Godschalx-Dekker, J., Pronk, S., Olthuis, G., Hoopen, R. T., & van Mook, W. (2025). Ethical issues
in unprofessional behavior of residents who dispute dismissal: Ten-year analysis of case law in
hospital-based specialties. BMC Medical Ethics, 26(1). https://doi.org/10.1186/s12910-025-
01180-x
Hery. (2015). Analisis laporan keuangan: Pendekatan rasio keuangan. Yogyakarta: Center for
Academic Publishing Service.
Horobet, A., Belascu, L., Curea, S. C., & Pentescu, A. (2019). Ownership concentration and
performance recovery patterns in the European Union. Sustainability (Switzerland), 11(4).
https://doi.org/10.3390/su11040953
Indonesia. (2007). Undang-undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan
Terbatas.
Irma, A. A. D. (2019). Pengaruh komisaris, komite audit, struktur kepemilikan, size dan leverage
terhadap kinerja keuangan perusahaan. Jurnal Ilmu Manajemen, 7(3), 697–712.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and
ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2018). Ownership structure, board of directors and firm
performance: Evidence from Taiwan. Corporate Governance: The International Journal of
Business in Society, 19(1), 189–216.
Kasmir. (2015). Analisis laporan keuangan (Edisi pertama). Jakarta: Rajawali Pers.
Khanal, S., Baral, S. C., & Boeckmann, M. (2025). Exploring barriers and facilitators to integrating
health equity into health and climate change policies in Nepal – A qualitative study among
federal level stakeholders. BMC Health Services Research, 25(1).
https://doi.org/10.1186/s12913-025-12862-y
Khoirunnisa, & Karina, A. (2021). Pengaruh kepemilikan institusional, dewan komisaris independen,
komite audit dan dewan direksi terhadap kinerja keuangan perusahaan. Jurnal Ilmu Akuntansi,
19(2).
Komite Nasional Kebijakan Governance (KNKG). (2006). Pedoman umum corporate governance di
Indonesia. https://www.bappepam.go.id
Kondru, J. B., & Obulesu, Y. P. (2025). Comprehensive performance analysis of an electric vehicle
using multi-mode Indian drive cycles. Scientific Reports, 15(1). https://doi.org/10.1038/s41598-
025-02238-x
KR, K. R., Abidin, S., He, W., & Sinha, P. (2015). Does ownership identity of blockholders matter:
An empirical analysis of publicly listed companies in New Zealand. Asian Journal of Finance
& Accounting, 7(1), 1–14.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The
Journal of Finance, 54(2), 471–517.
Li, Z., Cai, Z., & Huang, H.-C. (2025). Unpacking the black box: Board co-option and equity pledging
by controlling shareholders. Finance Research Letters, 82, 107598.
https://doi.org/10.1016/j.frl.2025.107598
Limantoro, C., & Juniarti. (2017). Pengaruh struktur kepemilikan keluarga terhadap kinerja
perusahaan pada sektor industri dasar dan kimia. Business Accounting Review, 5(2).
Liu, J. (2025). ESG strategy in the supply chain considering ownership structures. Discover
Sustainability, 6(1). https://doi.org/10.1007/s43621-024-00660-1
Manurung, M. R. A., & Susilowati, D. (2022). Porsi kepemilikan saham dan dewan direksi: Suatu
prediksi kinerja consumer good industry di Indonesia. Kompartemen: Jurnal Ilmiah Akuntansi,
20(1), 1. https://doi.org/10.30595/kompartemen.v20i1.12201
Manurung, M. R. A., & Wijaya, J. R. T. (2022). The effect of family ownership, institutional
ownership, managerial ownership, blockholder ownership, and board of directors on company
performance. Ratio: Reviu Akuntansi Kontemporer Indonesia, 3(2), 125.
https://doi.org/10.30595/ratio.v3i2.14773
Masry, M. (2016). The impact of institutional ownership on the performance of companies listed in
the Egyptian stock market. Journal of Economics and Finance, 7(1), 5–15.
https://doi.org/10.9790/5933-07130515
Mussalam, S. R. M., Fauzi, H., & Nagu, N. (2018). Family, institutional investors ownership and
corporate performance: The case of Indonesia. Journal of Social Responsibility, 15(1), 1–10.
Pratama, B. C. (2018). Family ownership role in strengthening the relationship between intellectual
capital and financial performance: Research in high-tech firms in Indonesia and Philippines.
Advances in Social Science, Education and Humanities Research, 231, 326–329.
Puspita, A., & Patuh, M. (2017). Pengaruh intellectual capital dan corporate governance terhadap
kinerja perusahaan. Hilos Tensados, 1, 1–476.
Rahmatika, D. N., & Wijaya, J. R. T. (2024). Pengembangan Penelitian Green Accounting pada
Database Scopus; Metode Systematic Literature Review. Permana: Jurnal Perpajakan,
Manajemen, dan Akuntansi, 16(2), 353-367.
Rahmawati, I. A. (2017). Pengaruh dewan direksi, dewan komisaris, komite audit dan corporate social
responsibility terhadap kinerja keuangan perusahaan (Studi kasus pada perusahaan sub sektor
pertambangan batu bara yang terdaftar di Bursa Efek Indonesia tahun 2013–2015). Jurnal
Akuntansi & Ekonomi FE UN PGRI Kediri, 2(2), 54–70.
Redding, A., Copeland, L., Murphy, D., Clemmons-Lloyd, K., Cummings, K., Doyle, J., Kesavan, S.,
Mitchell, V., Riley, D., Stechison, L., & Santarossa, S. (2025). Bridging the gap: Empowering
patients as research partners through a structured training program. Research Involvement and
Engagement, 11(1). https://doi.org/10.1186/s40900-025-00685-4
Rizky, R. S. (2016). Pengaruh corporate governance terhadap kinerja perusahaan perbankan yang
terdaftar di Bursa Efek Indonesia periode 2011–2014. [Skripsi tidak dipublikasikan].
Sih, C., Assi, S. B., Talbot, B., Dangbenon, E., Kulkarni, M. A., Koffi, A. A., Alou, L. P. A.,
Messenger, L. A., Zoh, M. G., Camara, S., Protopopoff, N., N’Guessan, R., & Cook, J. (2025).
Evaluation of household coverage with long-lasting insecticidal nets in central Côte d’Ivoire.
Malaria Journal, 24(1). https://doi.org/10.1186/s12936-025-05335-4
Sugiarto. (2009). Struktur modal, struktur kepemilikan, permasalahan keagenan & informasi asimetri
(Edisi pertama). Yogyakarta: Graha Ilmu.
Suhendro, D. (2018). Analisis penilaian kinerja keuangan perusahaan menggunakan rasio keuangan
pada PT Unilever Indonesia Tbk yang terdaftar di Bursa Efek Indonesia (BEI). At-Tawassuth:
Jurnal Ekonomi Islam, 3(1), 482–506.
Sukandra, P. P., & Rahardja. (2014). Pengaruh ukuran dewan direksi dan dewan komisaris serta ukuran
perusahaan terhadap kinerja keuangan perusahaan. Diponegoro Journal of Accounting, 3(3), 1–
7.
Susanto, D. L., & Juniarti. (2017). Pengaruh struktur kepemilikan keluarga terhadap kinerja
perusahaan pada sektor properti dan real estate. Business Accounting Review, 5(2).
Thomsen, S., Pedersen, T., & Kvist, H. K. (2006). Blockholder ownership: Effects on firm value in
market and control-based governance system. Journal of Corporate Finance, 12(2), 245–269.
Uyar, A., Al-Shaer, H., Kuzey, C., & Karaman, A. S. (2025). Internal governance, external pressure,
and biodiversity disclosure. Journal of International Accounting, Auditing and Taxation, 59,
100703. https://doi.org/10.1016/j.intaccaudtax.2025.100703
Wang, J., & Zhao, H. (2025). Enterprise digital transformation and sustainable productivity. Discover
Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01128-6
Wierda, J. J., van Nassau, F., Djojosoeparto, S. K., & Poelman, M. P. (2025). Which factors influence
the transition towards a healthy and sustainable food environment in Dutch hospitals? A
qualitative view from stakeholders. BMC Medicine, 23(1). https://doi.org/10.1186/s12916-025-
03872-y
Wijaya, J. R. T., & Herwiyanti, E. (2024). Extent of ESG disclosure for energy sector companies: ESG
reporting guide 2.0 Nasdaq. Jurnal Akademi Akuntansi, 7(4), 523-536.
Wijaya, J. R. T., & Manurung, M. R. A. (2025). The Impact of Digitalization on Financial Accounting
Practices: A Literature Review in the Scopus Database. Review of Applied Accounting
Research (RAAR), 5(1), 53-70.
Wijaya, J. R. T., Prasetyo, I., Rahmatika, D. N., & Indriasih, D. (2025). ARTIFICIAL
INTELLIGENCE AND AUDIT QUALITY: AN EMPIRICAL LITERATURE REVIEW
FROM SCOPUS DATABASE. Fokus Ekonomi: Jurnal Ilmiah Ekonomi, 20(1), 61-76.
Yin, J., Ibrahim, S., Mohd, N. N. A., Zhong, C., & Mao, X. (2025). Unpacking multidimensional
effects of economic restructuring and technological progress on carbon emission performance:
The moderating role of environmental regulation. Scientific Reports, 15(1).
https://doi.org/10.1038/s41598-025-85168-y
Zhu, C., & Wang, R. (2025). Commercial banks performance, ownership types and operations
efficiency decomposition in China: A comparative analysis. Humanities and Social Sciences
Communications, 12(1). https://doi.org/10.1057/s41599-025-04373-2
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Muhammad Rizqi Alriansyah Manurung, Juli Riyanto Tri Wijaya
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
RATIO : Reviu Akuntansi Kontemporer Indonesia is licensed under a Creative Commons Attribution 4.0 International License.
_001.png)
