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Effectiveness of the Implementation Good Corporate Governance and

Financial Performance on the Quality of Sustainability Reporting Disclosure

Article · June 2019

DOI: 10.36348/SJEF.2019.v03i12.001

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 Saudi Journal of Economics and Finance
Abbreviated Key Title: Saudi J Econ Fin
ISSN 2523-9414 (Print) |ISSN 2523-6563 (Online)
Scholars Middle East Publishers, Dubai, United Arab Emirates
Journal homepage: http://saudijournals.com/sjef/

Original Research Article

Effectiveness of the Implementation Good Corporate Governance and

Financial Performance on the Quality of Sustainability Reporting
Disclosure
Putri Dwi Wahyuni1*, Angela Dirman2, Oktavia3, Septian Bayu Kristanto4
1,2
Faculty of Economics and Business, Universitas Mercu Buana, Jakarta, Indonesia
3,4
Universitas Kristen Krida Wacana, Jakarta Indonesia

DOI: 10.36348/SJEF.2019.v03i12.001 | Received: 25.11.2019 | Accepted: 02.12.2019 | Published: 06.12.2019

*Corresponding author: Putri Dwi Wahyuni

Abstract
This study aims to examine the effectiveness of the implementation Good Corporate Governance (GCG) and financial
performance on the quality of sustainability reporting disclosure. The dependent variable used in this study is the quality
of sustainability reporting disclosure which is proxied by the G4 Sustainability Reporting Index (SRI), while the
independent variable is good corporate governance (the proportion of independent commissioners and audit committee
meetings) and the financial ratio dimensions (net profit margin, debt to equity ratio and price earnings ratio). The
population in this study are companies listed on the Indonesia Stock Exchange in 2016-2017. The sample in this study
was selected using the purposive sampling method and as many as 92 observational samples were obtained. The analysis
technique used in this study is multiple linear regression analysis. The results of this study indicate that only the debt to
equity ratio variable has a significant effect on the quality of sustainability reporting disclosure while the variable
proportion of independent commissioners, audit committee meetings, net profit margins and price earning ratios have an
effect but not significantly on sustainability reporting disclosure
Keywords: Sustainability Reporting, GCG, Financial Performance.
Copyright @ 2019: This is an open-access article distributed under the terms of the Creative Commons Attribution license which permits unrestricted
use, distribution, and reproduction in any medium for non-commercial use (NonCommercial, or CC-BY-NC) provided the original author and source
are credited.

PRELIMINARY environmental and humanitarian damage in Indonesia,

At present, companies no longer think about such as cases of conflict and environmental damage by
profit-oriented in creating goods and services but a cement factory in Rembang and the Sidoarjo Mud
instead focus on long-term goals by taking into account Flood in Sidoarjo by PT Lapindo Brantas. This is due to
the interests of the stakeholders. Environmental issues the company's lack of concern for the environment and
are not new issues in social life. Environment both in low social responsibility. Information on the impact of
the sense of nature as well as social and economic the company's economic, social and environmental
conditions consciously or not have something close activities can be disclosed through the sustainability
enough attachment, where humans as social report as a voluntary report that is presented separately
communities will influence each other which will have from the annual report.
an impact on environmental changes both natural,
social, and economic conditions that are around it. The Sustainability Report is a form of report that is
goal of obtaining large profits (the concept of a single carried out by a company in order to disclose or
bottom line) is no longer the main thing in achieving communicate to all stakeholders regarding
business success but is turned into a triple bottom line environmental, social and good governance
concept (profit, people, plant) that is profit related to performance in an accountable manner. Sustainability
economic aspects, people related to social aspects, reporting disclosure in Indonesia is still limited to
related planet with environmental aspects. voluntary. Even though it is still voluntary, almost 9%
of companies listed on the Jakarta Stock Exchange
Since the development of issues regarding (IDX) have published sustainability reports. The
corporate social responsibility (CSR) and sustainability issuance of sustainability reports that exist in Indonesia
the company has become the main focus of its role in at this time, almost mostly based on disclosure
the environment. Due to a series of incidents of standards that exist in the Global Reporting Index
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(GRI). As of the end of 2016, 49 IDX listing companies The 12 LJK consist of 8 BUKU 3 banks and 4 BUKU 4
have issued sustainability reports. 12 Financial Services banks [1].
Institutions (LJK) have issued sustainability reports.

Companies that have gone public on the reports while the variables of the independent board of
Indonesia Stock Exchange must implement good commissioners, managerial ownership and profitability
corporate governance. The implementation of GCG is do not affect the disclosure of the sustainability
one of the pillars of a market economy. The report[6]. stated that there was a significant positive
implementation of GCG will encourage the creation of correlation between sustainability disclosure and the
a healthy business climate for the business world. The attributes of the composition of the company board that
practice and disclosure of sustainability report is the supported the mechanism of better corporate
implementation of the concept and mechanism of Good governance. These attributes include the proportion of
Corporate Governance which has the principle that independent councils, the number of councils and
stakeholders need attention, both in terms of existing directors of women in the composition of the council[7,
rules and establish active cooperation for long-term 8]. Showed the results of research that the number of
survival between stakeholders and the company. The audit committee meetings and governance committees
supporting infrastructure for the practice and disclosure affected the disclosure of sustainability reports.
of sustainability reports is the mechanism and structure
of governance in the company [2]. Financial statements The purpose of this study is to examine the
are quantitative information that is very attractive to effect of the proportion of independent commissioners,
investors. Profitability is a proxy for future prospects audit committee meetings, net profit margins, debt to
and corporate liquidity is a proxy for going concern of equity ratio and price earning ratio on the quality of
the company in the future. Expectations of the sustainability reporting disclosure. This research update
company's prospects and risks in the future will have an is for measuring sustainability reporting using the
impact on stock price volatility [3]. Global Reporting Initiative (GRI - G4). In addition,
financial performance is measured by several
Corporate awareness in reporting dimensions, namely the dimensions of profitability,
Sustainability Reports is seen because it can help leverage and market.
organizations to set goals, measure performance, and
manage change in order to make their operations more RESEARCH METHODS
sustainable [4]. Companies that have good financial This type of research is causal research that
performance capabilities will be synonymous with explains the effect of an independent variable on the
efforts to make broader disclosures so that they have dependent variable. The independent variables in this
high confidence to inform their stakeholders because study include good corporate governance and financial
the company is able to show them that the company can performance while the dependent variable is the quality
meet their expectations, especially investors and of sustainability reporting disclosure.
creditors.
The population of this study is companies listed
According to [5] states that the variables of the on the Indonesia Stock Exchange for the period of 2016
audit committee, governance committee and leverage - 2017. The sample in this study amounted to 46 issuers
have a positive effect on the disclosure of sustainability

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with 2 years of research so that the number of research a technique most suitable where the research purpose is
data amounted to 92 observations. prediction or exploratory modeling. In general,
covariance-based SEM is preferred when the research
The sampling method used was purposive purpose is confirmatory modeling. PLS is less than
sampling in order to obtain a representative sample in satisfactory as an explanatory technique because it is
accordance with specified criteria. The criteria used are low in power to filter out variables of minor causal
as follows: importance Tobias 1997 [9] in Garson [1].
 Companies listing on the Indonesia Stock
Exchange before 2016 Data analysis methods in this study are divided into
 Companies that publish annual reports and two namely
sustainability reporting in 2016 and 2017 Descriptive Statistics Analysis
 Companies that did not do mergers and acquisitions Empirical analysis in the description of the
in 2016 and 2017 information obtained to provide an overview / describe
about an event (who / what, when, where, how, how
The data analysis method in this study uses much) collected in the study.
SmartPLS version 3.0 software which is run on
computer media. PLS (Partial Least Square) is a Inferential Statistical Analysis
variance-based structural equation analysis (SEM) that In accordance with the hypotheses that have
can simultaneously test measurement models as well as been formulated, in this study inferential statistical data
structural model testing. The measurement model is analysis is measured using SmartPLS software (Partial
used to test the validity and reliability, while the Least Square) starting from the measurement model
structural model is used to test causality (hypothesis (outer model), structure model (inner model) and
testing with predictive models). PLS is characterized as hypothesis testing.

No Variabel Definition Measurement

If the company discloses an item then it is
According to the Global Reporting Initiative [3] given a value of 1 and if it does not disclose it
sustainability report is the practice of measurement, is given a value of 0. Furthermore, each item is
Sustainability disclosure, and accountability efforts of added together, then divided by the total
1 Reporting organizational performance in achieving sustainable number of disclosures based on the Global
Disclosure development goals to stakeholders both internal and Reporting Initiative (GRI - G4) of 149 items.
external for organizational performance in achieving SRD = (number of items disclosed / 149) x
sustainable development goals 100%

Independent Commissioners are members of the

board of commissioners who are not affiliated with
Independent the Board of Directors, other members of the board
2 Board of of commissioners and controlling shareholders, and
Commissioners are free from business relationships or other
relationships that can affect their ability to act
independently or act solely in the interests of the
company.

audit committee In this study, the audit committee is measured ∑ number of meeting held by the audit committee
3
meeting through the number of meetings held by the audit in one year
committee in one year [4]
profitability ratio to assess the percentage of net
Net Profit
4 income earned after tax deducting from the revenue
Margin
earned from sales
Debt to equity ratio is a measure of the ratio between
Debt to Equity total company debt compared with company equity.
5
Ratio Debt to equity ratio shows how much the level of
corporate debt to capital.

Price Earning
6 Ratio of market price per share to net profit per share
Ratio

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RESULTS AND DISCUSSION

Results
Statistik Deskriptif

Descriptive Statistics
N Min Max Mean Std. Deviation
Comm_Ind 92 20,00 80,00 42,1761 11,50586
Freq_Aud 92 59,72 100,00 92,9741 9,07738
NPM 92 -176,39 1397,77 29,9632 155,38723
DER 92 -2,11 14,75 2,9082 3,10907
PER 92 -230,18 421,47 21,5070 59,69734
SRD 92 18,79 71,14 38,9918 11,04683

Table 5.1 above is a descriptive statistic of a above shows that the mean of 29.96% which means
total of 92 data samples conducted in 2 years of that net sales to generate profits of 29.96% is still
research, with 46 listed companies annually. low. The maximum value of 1397.77% is owned by
BUMI in 2017. The minimum value of -176.39% is
1. Proportion of Independent Commissioners. owned by BNBR in 2016.
According to the Limited Liability Company Law 4. Debt to Equity Ratio (DER) is a Leverage ratio that
No. 40 of 2007, Article 108 paragraph (5) explains shows the long-term ability of a company to pay off
that for a company in the form of a Limited Liability its debts if the company is liquidated or dissolved
company, it must have at least 2 (two) members of [9]. The table above shows that the mean of 2.91
the Board of Commissioners. The Board of times, which means the company's debt is greater
Commissioners consists of independent than the assets owned so that the company's burden
commissioners and non-independent on external parties is also large. If the company
commissioners. With the existence of an cannot manage its debt properly and optimally, it
independent commissioner in a company will have a will adversely affect the condition of the company's
supervisory role in implementing GCG, so the financial health. The maximum value of 14.75 times
company will be better because the independent is owned by BBKP in 2017. The minimum value of
commissioner does not have a special relationship -2.11 times is owned by BUMI in 2016.
with several parties. The above table shows that the 5. Price Earnings Ratio (PER) is the ratio of market
mean is 42.17, which means that the proportion of price per share to net income per share. The table
independent directors has fulfilled the OJK above shows that the mean of 21.51%, which means
requirements of at least 30%. The maximum value the market is only willing to pay low on the income
of 80% is owned by BJBR in 2016 to 2017. The or profit of a company that indicates that the market
minimum value of 20% is owned by TINS in 2016. does not have enough confidence in the future of the
2. Audit Committee Meeting. The American Institute company's shares in question. The maximum value
of Certified Public Accountants (AICPA) defines an of 421.47 times is owned by ANTM in 2016. The
audit committee as a committee formed by the board minimum value of -230.18 times is owned by INCO
of directors with the aim of overseeing the process in 2016.
of accounting and financial reporting and auditing of 6. Sustainability Reporting Disclosure (SRD). The
financial statements. The number of meetings will Global Reporting Initiative (GRI) defines that
reflect the effectiveness in communication and Sustainability Report is a measurement, disclosure
coordination between members of the audit and accountability effort of an organization's
committee to realize good corporate governance. performance in achieving sustainable development
The table above shows that the mean of 92.97%, goals, reported to both internal and external
which means the frequency of audit committee stakeholders [3]. The table above shows that the
meetings has been effective in carrying out mean of 38.99%, which means the disclosure of
supervision and internal control. The maximum sustainability reporting is still low so it is difficult to
value of 100% is owned by AALI, ABMM, INTP, see the company's concern from the public and
NISP and others. The minimum value of 59.72% is social side. The maximum value of 71.14% is
owned by WIKA in 2016. owned by AALI in 2016. The minimum value of
3. Net Profit Margin (NPM) is a ratio used to measure 18.79% is owned by BUMI in 2017.
the percentage of net profit on net sales. The table

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Evaluation of Measurement Models

The loading factor illustrates how big the results indicate a good relationship between the
indicators are related to each construct. The path indicators with each construct.
diagram above shows that all indicators have a 1,000
loading factor, which means that all indicators are valid The second check of convergent validity is to
because the loading factor meets the criteria, ie the look at the value of Cronbach's alpha and composite
loading factor of the contract must be above 0.70. These reliability. The results are as follows:

Cronbachs alpha values and composite convergent validity is to look at the value of AVE. AVE
reliability above 0.7 indicate high reliability of values above 0.5 are highly recommended. From table
measuring instruments, which means that the gauges of 5.2 all contracts are 1 or above 0.5.
each construct are highly correlated. The third check of

Evaluation of Structural Models

R Square (R2) value of 0.087 means that the Audit Committee Meetings, Net Profit Margin, Debt to
variability of the Sustainability Reporting Disclosure Equity Ratio, and Price Earnings Ratio of 8.7%. While
construct can be explained by the construct of the 91.3% is explained by other variables not found in this
Independent Commissioner Proportion, Frequency of study.

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Hypothesis Test Results

Based on the above table, the results can be operations so it is less influential in influencing the
used to answer the hypotheses in this study. Hypothesis decision making process.
testing in this study was conducted by looking at the T-
Statistic value and the P-Value value, it can be seen that Audit Committee Meetings on the Quality of
the test of the relationship between constructs shows Sustainability Reporting Disclosure
that all constructs are positively related significantly The results of the second hypothesis testing
can affect the sustainability reporting disclosure with a indicate that the hypothesis was rejected so it can be
value of T > 1.96 and P value < 0.05. So it can be said that the audit committee meeting had an effect but
concluded that only the Debt to Equity Ratio variable not significantly to the quality of sustainability
towards Sustainability Reporting Disclosure is accepted reporting disclosure. The existence of an audit
by the hypothesis. committee is believed to be able to create conditions
that allow the management concerned to publish
DISCUSSION sustainability reports that are needed by stakeholders to
Proportion of Independent Commissioners on the gain legitimacy from the public. The more frequent
Quality of Sustainability Reporting Disclosure audit committee meetings are held, it can improve
The results of testing the first hypothesis coordination and improve the implementation of
indicate that the hypothesis was rejected so it can be supervision and provide advice on information that
said that the proportion of independent directors has an must be disclosed in the sustainability report to be
effect but is not significant to the quality of better and more effective so that it can affect the
sustainability reporting disclosure. With the existence disclosure of sustainability reports. Based on
of an independent commissioner in a company will stakeholder theory, the company wants to meet the
have a supervisory role in implementing GCG, so the expectations of the stakeholders by making a
company will be better because the independent Sustainability Report that explains the company's
commissioner does not have a special relationship with activities in the social field and surrounding
several parties. With a good independent commissioner, communities. Therefore, an audit committee was
there is a disclosure of the company's sustainability formed to assist management in publishing
report or Sustainability report so that the information sustainability reports that are needed by stakeholders to
contained therein can be used by stakeholders not only gain legitimacy from the community. However, this is
financial information but also environmental and social not proven due to lack of supervision, internal control
information. However, this contradicts the results and GCG implementation in the company. The results
because the independent commissioner has not of the study contradict the research conducted by [12,
optimally carried out his duties in terms of oversight of 13, 8] show the results of research that the number of
management performance, besides that in decision- audit committee meetings and governance committees
makers seen not only a large proportion of independent influences the disclosure of sustainability reports.
commissioners but the ability (skill), knowledge, However, in line with Pernamasari research [11] which
background and competence possessed. This result states that audit committee meetings conducted are less
contradicts the study of [2] showing the proportion of effective so it does not affect the disclosures made.
independent commissioners influences the disclosure of
sustainability report. But in line with the research of Net Profit Margin on the Quality of Sustainability
[10] and [5] and [11] who found that the proportion of Reporting Disclosure
independent directors did not significantly influence the The results of the third hypothesis testing
quality of sustainability report disclosures. This indicate that the hypothesis was rejected so it can be
happens because the board of commissioners only said that the net profit margin has an effect but is not
works half the time, which means that independent significant to the quality of sustainability reporting
board members are not only the independent board of disclosure. Based on the theory of legitimacy, the
directors for one company, but more than one company. relationship between proxied profitability and net profit
This makes it difficult for independent board members margins with sustainability reporting is carried out to
to understand the complexity of the company's business obtain positive value and legitimacy from the
community that impacts on the profits of the company

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in the coming period. However, these results are not in earnings ratio do not affect the quality of sustainability
line because the NPM in this study tends to be low at reporting disclosure.
29.96% so that the company's performance is not good
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