Fleksibilitas Keuangan, Karakteristik Dewan Direksi, dan Kinerja Perusahaan
DOI:
https://doi.org/10.71456/sur.v4i2.1873Keywords:
Board Financial Expertise, Financial Flexibility, Firm Performance, Infrastructure Sector, Panel DataAbstract
Penelitian ini menganalisis pengaruh fleksibilitas keuangan terhadap kinerja perusahaan pada perusahaan infrastruktur di Indonesia selama pandemi COVID-19 serta menguji apakah keahlian keuangan dewan direksi memperkuat hubungan tersebut. Penelitian ini menggunakan desain kuantitatif explanatory dengan data panel dari 44 perusahaan yang terdaftar di Bursa Efek Indonesia, sebanyak 220 observasi selama 2018 hingga 2022. Instrumen penelitian berupa data sekunder dari laporan tahunan dan laporan keuangan, sedangkan teknik analisis data meliputi regresi data panel dan uji robust yang mencakup OLS, fixed effect, random effect, dan GMM. Hasil penelitian menunjukkan bahwa fleksibilitas keuangan berpengaruh positif terhadap kinerja perusahaan, sehingga perusahaan dengan ruang keuangan yang lebih kuat cenderung mampu mempertahankan kinerja di masa krisis. Namun, keahlian keuangan dewan direksi tidak terbukti memoderasi hubungan tersebut secara signifikan. Kesimpulannya, fleksibilitas keuangan merupakan faktor penting bagi ketahanan dan kinerja perusahaan, tetapi keahlian keuangan dewan direksi belum cukup untuk memperkuat pengaruhnya.
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