The Role Of Good Corporate Governance Principles In Improving Company Financial Performance: Pt Wika Industri Dan Konstruksi Fabrikasi Baja
Keywords:
Good Corporate Governance, Financial Performance, Agency Theory, Operational Efficiency, Steel Fabrication
Abstract
This research analyzes the implementation of Good Corporate Governance (GCG) principles and their role in improving financial performance at PT WIKA Industri & Konstruksi Fabrikasi Baja. Using a qualitative case study design, this study explores five GCG principles—Transparency, Accountability, Responsibility, Independence, and Fairness—through in-depth interviews, direct observation, and document analysis covering financial statements (2023–2025), ISO certifications (14001:2015 and 45001:2018), and monthly SHE reports. The research is grounded in Agency Theory, which explains that effective governance mechanisms reduce agency costs and align management behavior with organizational objectives. Results show that all five GCG principles are well-implemented through structured reporting, strict budget control (RABT/RABP), compliance with management systems (SMK3, ISO, ESG), independence policies, and fair procurement (VPI evaluation). GCG functions as an enabling factor that provides accurate data for strategic decision-making rather than producing direct financial impact. The accountability principle plays the most significant role by enabling Pareto analysis of cost drivers, achieving savings of up to Rp 2 billion per year. A 60.1% reduction in net loss was recorded in 2025, correlating with intensified GCG implementation. Effectiveness depends on the quality of implementation and management's capacity to execute identified efficiency opportunities.
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Utama, B. P., Sastrodiharjo, I., & Mukti, A. H. (2023). Pengaruh Mekanisme Tata Kelola Perusahaan terhadap Kinerja Keuangan Perusahaan: Studi Empiris pada Perusahaan Non Consumer Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(4), 249–261. https://doi.org/10.35912/jakman.v4i4.2305
Wartono, T. (2025). Peran Good Corporate Governance dalam Meningkatkan Kinerja Keuangan Lembaga Keuangan Syariah. 4(2), 11846–11853.
Yonita, V., & Aprilyanti, R. (2022). Analisis Penerapan Prinsip–prinsip Good Corporate Governance Pada Usaha Kecil dan Menengah (Studi Pada UKM Restoran/Rumah Makan/Kafe di Daerah Cikupa Tangerang). ECo-Fin, 4(1), 1–9. https://doi.org/10.32877/ef.v4i1.454
Affes, W., & Jarboui, A. (2023). The impact of corporate governance on financial performance: a cross-sector study. International Journal of Disclosure and Governance, 20(4), 374–394. https://doi.org/10.1057/s41310-023-00182-8
Alam, M., Akhtar, S., & Al-Faryan, M. A. S. (2024). Do Indian banks perform better in corporate governance than other SAARC nations? An empirical analysis. Corporate Governance (Bingley), 24(4), 799–830. https://doi.org/10.1108/CG-02-2023-0059
Altawalbeh, M. A. (2023). Corporate Governance Systems and Financial Risks: a Developing Country Evidence. Journal of Governance and Regulation, 12(3 Special Issue), 232–242. https://doi.org/10.22495/jgrv12i3siart5
Bakhtiar, S., & Rokhayati, H. (2023). Corporate Governance, Profitabilitas, dan Nilai Perusahaan. Owner, 7(2), 1503–1513. https://doi.org/10.33395/owner.v7i2.1492
Claassen, R. (2025). Corporate Purpose and Democratic Theory: A Governance Trilemma. Journal of Business Ethics. https://doi.org/10.1007/s10551-025-06127-1
Company, P., Jensen, C., & Meckling, H. (1976). THEORY OF THE FIRM : MANAGERIAL BEHAVIOR , AGENCY COSTS AND OWNERSHIP STRUCTURE I . Introduction and summary In this paper WC draw on recent progress in the theory of ( 1 ) property rights , firm . In addition to tying together elements of the theory of e. 3, 305–360.
Creswell, J. W., & Poth, C. N. (2024). Qualitative Inquiry and Research Design: Choosing Among Five Approaches. SAGE Publications. https://books.google.co.id/books?id=nFr2EAAAQBAJ
Dwi Urip Wardoyo, Rafiansyah Rahmadani, & Putut Tri Hanggoro. (2021). Good Corporate Governance Dalam Perspektif Teori Keagenan. EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi, 1(1), 39–43. https://doi.org/10.56799/ekoma.v1i1.25
Harinurdin, E., & Safitri, K. A. (2022). Tata Kelola Perusahaan Tercatat Di Indonesia. Jurnal Vokasi Indonesia, 10(1), 46. https://doi.org/10.7454/jvi.v10i1.1178
Hijau, S. E. M. P. N. 04/SE/M/2018 tentang P. J. (2028). Kementerian Pekerjaan Umum dan Perumahan Rakyat (PUPR). Kementerian PUPR.
Imelda, I., Mukhtaruddin, M., & Kartasari, S. F. (2025). Analyzing The Role of The Audit Committee in Good Corporate Governance: Influence on Transparency and Accountability of Financial Reports. Jurnal Akuntansi, 14(1), 73–87. https://doi.org/10.46806/ja.v14i1.1398
Iqbal, M., & Syafitri, A. (2024). Analisis GCG Dalam Meningkatkan Kinerja Keuangan PT . PLN ( Persero ) Wilayah Sumatera Utara. 2(1), 302–311.
Lincoln, Yvonna S.; Guba, E. G. (2019). Naturalistic Inquiry. In International Encyclopedia of Human Geography, Second Edition. SAGE Publications. https://doi.org/10.1016/B978-0-08-102295-5.10579-7
Mahadewi, I. A. S., & Budiasih, I. G. A. N. (2023). Kepemilikan Institusional, Kepemilikan Asing dan Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi, 33(3), 602. https://doi.org/10.24843/eja.2023.v33.i03.p02
Mawadah, N. N., & Marsudi, K. E. R. (2023). Implementation of Good Corporate Governance Principles in Bank Syariah Indonesia Nganjuk Sub-Branch. Etihad: Journal of Islamic Banking and Finance, 3(2), 102–110. https://doi.org/10.21154/etihad.v3i2.7602
Miles, M.B., Huberman, a. m., & Saldana, J. (2020). Qualitative Data A Methods Sourcebook. In Etika Jurnalisme Pada Koran Kuning : Sebuah Studi Mengenai Koran Lampu Hijau (4th ed., Vol. 16, Issue 2). SAGE Publications.
Mulyaningtyas, M., & Candra, F. D. (2022). Pengaruh Good Corporate Govenance Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Pada Perusahan Sub Sektor Bank Yang Terdaftar Di Bursa Efek Indonesia. RISTANSI: Riset Akuntansi, 2(2), 199–206. https://doi.org/10.32815/ristansi.v2i2.805
Nguyen, N. P., & Hoai, T. T. (2023). Internal controls driven by mindfulness toward enhanced ethical behaviors: Empirical evidence from Vietnam. Heliyon, 9(7), e18002. https://doi.org/10.1016/j.heliyon.2023.e18002
Oghenekome Urefe, Theodore Narku Odonkor, & Edith Ebele Agu. (2024). Methodologies and best practices for audit and compliance in governmental financial management. Finance & Accounting Research Journal, 6(8), 1391–1402. https://doi.org/10.51594/farj.v6i8.1383
Organization for Economic Coorperation and Development. (2023). G20/OECD Principles of Corporate Governance. In OECD Publishing: Vol. N/A. https://www.oecd.org/en/publications/g20-oecd-principles-of-corporate-governance-2023_ed750b30-en.html
Parianti, P., Sahrir, S., & Syamsuddin, S. (2023). Pengaruh Penerapan Prinsip Good Corporate Governance dalam meningkatkan kinerja karyawan. Owner, 7(3), 2225–2233. https://doi.org/10.33395/owner.v7i3.1425
Rahmad, F., & Rudianto, D. (2024). Analisis Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan Pada Perusahaan Bumn Sektor Konstruksi Tahun 2017-2022. Sharing: Journal of Islamic Economics, Management and Business, 3(1), 19–31. https://doi.org/10.31004/sharing.v3i1.17883
Setyowati, E., Dwiningsih, S., & Ratnasari, I. (2022). Analisis Kinerja Keuangan Perusahaan Pt.Industri Jamu Dan Farmasi Sido Muncul Tbk. RISTANSI: Riset Akuntansi, 2(2), 119–143. https://doi.org/10.32815/ristansi.v2i2.450
Solomon, J. (2020). Corporate governance and accountability. In Handbook of the International Political Economy of the Corporation (5th ed.). John Wiley & Sons. https://doi.org/10.1177/097324700600200109
Utama, B. P., Sastrodiharjo, I., & Mukti, A. H. (2023). Pengaruh Mekanisme Tata Kelola Perusahaan terhadap Kinerja Keuangan Perusahaan: Studi Empiris pada Perusahaan Non Consumer Cyclicals yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(4), 249–261. https://doi.org/10.35912/jakman.v4i4.2305
Wartono, T. (2025). Peran Good Corporate Governance dalam Meningkatkan Kinerja Keuangan Lembaga Keuangan Syariah. 4(2), 11846–11853.
Yonita, V., & Aprilyanti, R. (2022). Analisis Penerapan Prinsip–prinsip Good Corporate Governance Pada Usaha Kecil dan Menengah (Studi Pada UKM Restoran/Rumah Makan/Kafe di Daerah Cikupa Tangerang). ECo-Fin, 4(1), 1–9. https://doi.org/10.32877/ef.v4i1.454
Published
2026-07-08
How to Cite
Ristianti, L., & Saadah, K. (2026). The Role Of Good Corporate Governance Principles In Improving Company Financial Performance: Pt Wika Industri Dan Konstruksi Fabrikasi Baja. International Journal of Economics, Business and Innovation Research, 5(04), 3488-3500. https://doi.org/10.63922/ijebir.v5i04.4742
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