DINAMIKA HUBUNGAN GOOD CORPORATE GOVERNANCE DAN KINERJA PERUSAHAAN: TINJAUAN LITERATUR SISTEMATIS

Billah Izza Muthmainnah, Azzahra Safitri, Dara Sukma Algarini, Diana Kurniawan, Nurul Aisyah Rachmawati

Abstract


This paper examines the role of Good Corporate Governance (GCG) in enhancing corporate performance by synthesizing evidence from prior empirical and theoretical studies. The analysis shows that effective governance mechanisms, including transparency, accountability, board independence, and strong oversight, play a crucial role in mitigating agency conflicts, improving risk management, and strengthening stakeholder trust, collectively contributing to both financial and non-financial corporate performance. However, the findings also reveal significant inconsistencies in the relationship between GCG and corporate performance across institutional, industry, and cultural contexts. These inconsistencies largely stem from differences in ownership structures, industry characteristics, and firms’ tendency to adopt GCG practices merely as formal compliance rather than as a substantially integrated management process. Furthermore, the study identifies persistent research gaps regarding dominant governance mechanisms and specific contexts, particularly in relation to engagement practices and corporate reputation. By integrating legitimacy theory and stakeholder interest theory, this study highlights the importance of a contextualized governance framework to explain how GCG creates long-term value. This research contributes to the corporate governance literature by offering a comprehensive conceptual perspective and outlining future research directions aimed at strengthening the effectiveness of governance practices in enhancing sustainable corporate performance.

 

Keywords: Good Corporate Governance; Corporate Performance; Board of Directors; Sustainability; Stakeholder Theory; Corporate Reputation


Full Text:

PDF

References


Alexander, A., & Menicacci, L. (2025). Tax governance as a social responsibility of the firm: Evidence from the Italian cooperative compliance program. Social Responsibility Journal, 21(8), 1549–1565. https://doi.org/10.1108/SRJ-01-2025-0094

Coelho, R., Jayantilal, S., & Ferreira, J. (2023). The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management, 30(4), 1535–1560. https://doi.org/10.1002/csr.2446

Fajriah, Y., & Jumady, E. (2022). Good corporate governance and corporate social responsibility on company value with financial performance. Jurnal Akuntansi, 26(2), 324–341. https://doi.org/10.24912/ja.v26i2.944

Gao, W., Wen, S., Li, H., & Lyu, X. (2024). Executives’ carbon cognition and corporate carbon performance: The mediating role of corporate low-carbon actions and the moderating role of firm size. Heliyon, 10(1), e23959. https://doi.org/10.1016/j.heliyon.2023.e23959

Gholami, A., Murray, P., & Sands, J. (2022). Environmental, social, governance and financial performance disclosure for large firms: Is this different for SME firms? Sustainability, 14(10), 6019. https://doi.org/10.3390/su14106019

Hermanto, Y., Lusy, L., & Widyastuti, M. (2021). How financial performance and state-owned enterprise (SOE) values are affected by good corporate governance and intellectual capital perspectives. Economies, 9(4), 134. https://doi.org/10.3390/economies9040134

Khlifi, S., Boujelbene, M., & Chouaibi, J. (2024). The effect of economic, environmental and social sustainability performance on accounting conservatism: The moderating role of good corporate governance. Review of Accounting and Finance, 23(5), 646–664. https://doi.org/10.1108/RAF-08-2023-0291

Maharani, E., Akbar, A., Maheswari, J., & Suwarsit, S. (2024). Penerapan good corporate governance untuk meningkatkan kinerja keuangan perusahaan. JREA-ITB, 2(4), 384–393. https://doi.org/10.54066/jrea-itb.v2i4.2647

Nicolò, G., Zampone, G., Sannino, G., & Iorio, S. (2021). Sustainable corporate governance and non-financial disclosure in Europe: Does gender diversity matter? Journal of Applied Accounting Research, 23(1), 227–249. https://doi.org/10.1108/JAAR-04-2021-0100

Niu, M. (2025). Uneasy lies the head that wears a crown: How celebrity CEOs affect corporate social responsibility—An empirical study of Chinese listed firms. Heliyon, 11(1), e41489. https://doi.org/10.1016/j.heliyon.2024.e41489

Paolone, F., Bitbol-Saba, N., Gasbarro, D., & Nicolò, G. (2024). Female leadership and environmental, social and governance performance: Empirical evidence from France. Social Responsibility Journal, 21(4), 689–703. https://doi.org/10.1108/SRJ-06-2024-0379

Saleh, S., Maryanti, L., & Hardika, A. (2024). The effect of good corporate governance on the firm performance of conventional and Sharia companies (2018–2021). Indonesian Journal of Economics and Management, 4(2), 237–255. https://doi.org/10.35313/ijem.v4i2.5624

Siddiqui, F., Kong, Y., & Tajeddini, K. (2023). The role of corporate governance and reputation in the disclosure of corporate social responsibility and firm performance. Heliyon, 9(5), e16055. https://doi.org/10.1016/j.heliyon.2023.e16055

Xu, X., & Yang, J. (2023). Does managerial short-termism always matter in a firm's corporate social responsibility performance? Evidence from China. Heliyon, 9(3), e14240. https://doi.org/10.1016/j.heliyon.2023.e14240

Ampong, J., Agyekum, S., Eisenbarth, W., Andoh, A., Duah, I., Amankwah, G., … & Akuffo, K. (2025). Artificial intelligence applications in refractive error management: A systematic review and meta-analysis. PLOS Digital Health, 4(9), e0000904. https://doi.org/10.1371/journal.pdig.0000904

Campbell, K., Orr, E., Durepos, P., Nguyen, L., Li, L., Whitmore, C., … & Jack, S. (2021). Reflexive thematic analysis for applied qualitative health research. The Qualitative Report. https://doi.org/10.46743/2160-3715/2021.5010

Corbett, R., Partington, M., Ryan, L., & Cope, E. (2023). A systematic review of coach augmented verbal feedback during practice and competition in team sports. International Journal of Sports Science & Coaching, 19(2), 864–881. https://doi.org/10.1177/17479541231218665

Hadi, N., & Afandi, N. (2021). Literature review is a part of research. Sultra Educational Journal, 1(3), 64–71. https://doi.org/10.54297/seduj.v1i3.203

Kolaski, K., Logan, L., & Ioannidis, J. (2023). Guidance to best tools and practices for systematic reviews. Systematic Reviews, 12(1). https://doi.org/10.1186/s13643-023-02255-9

Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., … Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. International Journal of Surgery, 88, 105906. https://doi.org/10.1016/j.ijsu.2021.105906

Zairul, M. (2025). Mastering thematic analysis: A step-by-step guide for beginners with tips for systematic analysis using ATLAS.ti 25. International Journal of Qualitative Methods, 24. https://doi.org/10.1177/16094069251384401

Sevnarayan, K. & Maphoto, K. (2024). Exploring the Dark Side of Online Distance Learning: Cheating Behaviours, Contributing Factors, and Strategies to Enhance the Integrity of Online Assessment. Journal of Academic Ethics, 22(1), 51–70. https://doi.org/10.1007/s10805-023-09501-8

Putra, E. & Sensuse, D. (2022). Faktor Organisasi, Individu dan Teknologi Terhadap Berbagi Pengetahuan di Universitas: Tinjauan Sistematis dan Meta Analisis. Research Computer Information System & Technology Management, 5(2), 69-78. https://doi.org/10.25273/research.v5i2.13867

Aji, W. (2024). Politik Lokal: Tinjauan Systematic Literature Review. PERKARA, 2(1), 415-429. https://doi.org/10.51903/perkara.v2i1.1805

Ayu, R., Cahyono, D., & Aspiradi, R. (2021). SYSTEMATIC LITERATURE REVIEW: KUALITAS LAPORAN KEUANGAN PADA KOPERASI. Jurnal Akuntansi, 10(1), 37–48. https://doi.org/10.37932/ja.v10i1.279

Iglesias, T., Silva, T., Jesuka, D., & Peixoto, F. (2022). REFLECTIONS OF CORPORATE GOVERNANCE ON PAY-PERFORMANCE SENSITIVITY: A NEW PERSPECTIVE. Ram Revista De Administração Mackenzie, 23(1). https://doi.org/10.1590/1678-6971/eramf220088

Robertson, J., Caruana, A., & Ferreira, C. (2023). Innovation performance: The effect of knowledge-based dynamic capabilities in cross-country innovation ecosystems. International Business Review, 32(2), 101866. https://doi.org/10.1016/j.ibusrev.2021.101866




DOI: https://doi.org/10.31326/.v6i1.2940

Refbacks

  • There are currently no refbacks.