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Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach

Bambang Tjahjadi · Noorlailie Soewarno · Febriani Mustikaningtiyas

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Corporate Governance and Financial Management Corporate Finance and Governance Corporate Social Responsibility Reporting

Abstract

This study aims to investigate the effect of good corporate governance (GCG) on corporate sustainability performance (CSP) using the Triple Bottom Line (TBL) approach in a two-tier GCG system. GCG is measured by the size and education background of board of commissioners (BoC) and top management team (TMT). CSP consists of economic, social, and environment sustainability performance. As many as 117 sample data were collected from the financial statements, annual reports and sustainability reports of non-financial companies listed on the Indonesia Stock Exchange (IDX) for the period of 2013-2017. Multiple regression analysis was employed to test the hypotheses studied with the following results. First, BoC education has a negative effect on economic and environmental sustainability performance and no effect on social sustainability performance. Second, BoC size has a positive effect on economic sustainability performance, a negative effect on social sustainability performance and no effect on environmental sustainability performance. Third, CEO's education has a negative effect on economic sustainability performance, and no effect on environmental and social sustainability performance. Fourth, TMT size has a negative effect on economic and environmental sustainability performance and no effect on social sustainability performance. Contributions, limitations and implications of the study are also discussed.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Upper Echelons: The Organization as a Reflection of Its Top Managers 1984Upper Echelons: The Organization as a Reflection of Its Top Managers 1999Cannibals with forks: the triple bottom line of 21st century business 2007Upper Echelons Theory: An Update 2008“Implicit” and “Explicit” CSR: A Conceptual Framework for a Comparative Understanding of Corporate Social Responsibility 1997Formal and Real Authority in Organizations 2005The impact of culture and governance on corporate social reporting

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