The Influence of Good Corporate Governance and Financial Leverage on Financial Performance at PT Waskita Karya (Persero) Tbk for the 2015-2024 Period

Ida Aroda; Muhamad Nurhamdi

doi:10.63922/ijebir.v5i06.5910

Ida Aroda Program Studi Manajemen Program Sarjana Universitas Pamulang Tangerang Selatan
Muhamad Nurhamdi Program Studi Manajemen Program Sarjana Universitas Pamulang Tangerang Selatan

DOI: https://doi.org/10.63922/ijebir.v5i06.5910

Keywords: Debt To Equity Ratio, Financial Leverage, Financial Performance, Good Corporate Governance, Government Ownership

Abstract

This research is motivated by the decline in financial performance of PT Waskita Karya (Persero) Tbk followed by increased use of debt and changes in government ownership structure during the 2015–2024 period. This study aims to analyze the effect of Good Corporate Governance proxied by Government Ownership and Financial Leverage proxied by Debt to Equity Ratio on Financial Performance measured using Return on Assets. The study uses a quantitative method with an associative approach. The research population is all annual financial reports of PT Waskita Karya (Persero) Tbk, while the sample is in the form of financial reports for the period 2015–2024 selected using purposive sampling. Data were collected through documentation studies and analyzed using descriptive statistics, classical assumption tests, multiple linear regression, partial tests, simultaneous tests, and coefficients of determination with the help of SPSS version 27. The results show that Government Ownership has no significant effect on Financial Performance, while Financial Leverage has a significant negative effect on Financial Performance. Simultaneously, both independent variables have a significant effect on Financial Performance with an Adjusted R Square value of 0.538. This study concludes that effective debt management is a more determining factor in improving financial performance than the size of government ownership.

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