EFISIENSI ORGANISASI DAN MEKANISME KONTROL BERBASISTEORI AGEN SEBAGAI DETERMINAN KINERJA PERUSAHAAN:BUKTI EMPIRIS DARI PERUSAHAAN PUBLIK DI INDONESIA

Shilla Ananda  Chairunnisa; Salsabila  Nailah

doi:10.58174/5vbe4v25

Authors

Shilla Ananda Chairunnisa Universitas Pamulang
Salsabila Nailah Universitas Pamulang

DOI:

https://doi.org/10.58174/5vbe4v25

Keywords:

Agency Theory; Organizational Efficiency; Control Mechanism; Firm Performance; Corporate Governance

Abstract

The agency problem arising from the separation of ownership and control in modern public companies creates organizational inefficiencies that systematically reduce firm value and harm shareholders when not controlled through effective governance mechanisms. This study aims to analyze the influence of organizational efficiency measured through Data Envelopment Analysis (DEA) and agency theory-based control mechanisms encompassing institutional ownership, board commissioner independence, and performance-based executive compensation on the performance of public companies listed on the Indonesia Stock Exchange during the 2020-2024 period. The research employs a quantitative approach using panel data from 120 non-financial public companies on the IDX over 2020-2024, analyzed using Fixed Effect Model (FEM) panel data regression with endogeneity testing using instrumental variables. Results confirm that organizational efficiency has a positive and highly significant effect on firm performance measured through Tobin Q (beta = 0.524; p < 0.001) and ROA (beta = 0.418; p < 0.001). Institutional ownership has a significant positive effect (beta = 0.287; p < 0.001), board commissioner independence has a significant positive effect (beta = 0.213; p = 0.002), and performance-based executive compensation has a significant positive effect (beta = 0.198; p = 0.008) on firm performance. This research provides robust empirical evidence for strengthening Indonesian public company governance through the integration of organizational efficiency and comprehensive agency theory-based control mechanisms.

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