PENGARUH RESIKO KEUANGAN, EFISIENSI OPERASIONAL, POLITICAL CONNECTION TERHADAP KINERJA KEUANGAN PERUSAHAAN DENGAN KOMISARIS INDEPENDEN SEBAGAI VARIABEL MODERASI

Muhamad Falahuddin Akbar, . (2026) PENGARUH RESIKO KEUANGAN, EFISIENSI OPERASIONAL, POLITICAL CONNECTION TERHADAP KINERJA KEUANGAN PERUSAHAAN DENGAN KOMISARIS INDEPENDEN SEBAGAI VARIABEL MODERASI. Tesis thesis, Universitas Pembangunan Nasional Veteran Jakarta.

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Abstract

This study aims to analyze the effect of financial risk, operational efficiency, and political connection on financial performance, and to examine the role of the independent commissioner as a moderating variable in mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Financial performance is measured by Return on Asset (ROA), financial risk by the Interest Coverage Ratio (ICR), operational efficiency by Total Asset Turnover (TATO), political connection by the Political Connection Index (PCI), and the independent commissioner by the proportion of independent commissioners to the total members of the board of commissioners. The sample was determined using a saturated (census) sampling technique covering 34 mining companies with a total of 170 panel data observations, and was analyzed using panel data regression with the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA), processed with Eviews 12. The results show that financial risk and operational efficiency have a positive and significant effect on financial performance, while political connection has no significant effect on financial performance. The independent commissioner is proven to moderate (strengthen) the effect of financial risk and operational efficiency on financial performance, but does not moderate the effect of political connection on financial performance. These findings indicate that the financial performance of mining companies is determined more by operational fundamentals and financial risk management effectively supervised by independent commissioners, rather than by the companies' political connection networks.

Item Type: Thesis (Tesis)
Additional Information: [NIM: 2310121020] [Pembimbing: Erna Hernawati] [Penguji 1: Jubaedah] [Penguji 2:Ranila Suciati]
Uncontrolled Keywords: Financial Risk; Operational Efficiency; Political Connection; Independent Commissioner; Financial Performance
Subjects: J Political Science > JC Political theory
Divisions: Fakultas Ekonomi dan Bisnis > Program Studi Manajemen (S2)
Depositing User: MUHAMAD FALAHUDDIN AKBAR
Date Deposited: 11 Sep 2026 01:26
Last Modified: 11 Sep 2026 01:26
URI: http://repository.upnvj.ac.id/id/eprint/54333

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