Pengaruh Tingkat Edukasi dan Spesialisasi Pendidikan CEO terhadap Performa Perusahaan di Indonesia

Abstract

Nilai perusahaan ditetapkan melalui kinerja manajemen dan kinerja keuangan perusahaan. Kinerja keuangan dapat diukur dengan beberapa pendekatan rasio keuangan, baik likuiditas, profitabilitas, solvabilitas, aktivitas maupun rasio pasar. Kebijakan dan keputusan para investor dalam menginvestasikan modelnya ke dalam perusahaan lebih dipengaruhi oleh rasio profitabilitas yang dimiliki oleh suatu perusahaan dibandingkan dengan rasio lainnya. Hal ini dikarenakan investor menganggap bahwa rasio profitabilitas dapat memberikan gambaran tentang tingkat pengembalian atau keuntungan yang akan diterima oleh investor dari investasinya (Yadnyana, 2011).Dalam dua dekade terakhir, pemilihan CEO (Chief Executive Officer) dalam suatu perusahaan merupakan salah satu faktor utama yang diperdebatkan oleh pemegang saham. Seiring dengan perkembangan era globalisasi, peran dari CEO menjadi semakin penting dan memiliki pengaruh yang besar dalam performa suatu perusahaan. Hal ini dikarenakan CEO menentukan strategi yang digunakan oleh suatu perusahaan (Crumley, 2008). Bagaimana CEO bisa memberikan pengaruh yang besar terhadap performa perusahaan ditentukan oleh karakteristik dari CEO sendiri, dimana karakteristik dari CEO menjelaskan bagaimana perbedaan performa suatu perusahaan dengan perusahaan yang lainnya (Bertrand & Schoar, 2003).

CEO Characteristics and Firm Performance; Empirical Studies from ASEAN Countries

“…Every firm needs professional directors whose expert in their fields, they must have a specific formal education background and have experience in working according to their expertise because the skills required to make managerial decisions are not always formed only from formal education qualifications [9]. In Indonesia, education levels and specialization have been shown to have a positive influence on performance and are used as the company's primary consideration in selecting CEOs [11].…”

Intellectual Capital, Firm Performance and President Director Level of Education and Specialization

“…From the differences in the theory of Wulf and Stubner (2013); Erlim and Juliana (2017) and several previous research results, the authors see that the level of education and specialization of President Director does not have a direct effect on company performance but may affect the mindset of the President Director in making decisions. Also, there is a research gap conducted by Singla (2020), which concludes that VAIC and other components do not affect company ROA, thus allowing the emergence of other factors that can strengthen to prove the effect of intellectual capital on company performance.…”

“…Several previous studies by Erlim and Juliana (2017); Setiawan and Gestianti (2018); Saidu (2019); Tullah (2017) stated that there was a significant positive effect on the level of education of the President Director on company performance.…”

“…King, Srivastav and Williams (2016) wrote that the level of education (Undergraduate, Master, and Ph.D.) could indicate the President Director's education. President Director with high education levels are considered better because they can process information more quickly (Bantel and Jackson, 1989;Erlim and Juliana, 2017). President Director with an MBA (Master of Business Administration) and MM (Master Management) degrees have more knowledge about the company to make a better decision for company performance (Setiawan and Gestanti, 2018).…”

The Effect of Family Ownershipnd CEO Characteristics n Foreign Investmentof Publicly Listed Family Firms

“…Some studies found that CEOs with post-graduate education tend to lessen the firm's performance, due to the overconfidence of bias and too much R & D activity [25], [13], [1]in his study using fractional logistic regression found that R&D activity can reduce the value of foreign investment in the company. Conversely, one study found that firms with high CEO education levels have a positive Table 1: Variable specification impression on the stock market that creating abnormal returns [26]In addition, other study found that there is a positive influence of CEOs who have degrees from a prestigious university and CEO with MBA degrees on a firm's financial performance [12] and therefore attract more foreign investment [1] Therefore, the hypothesis is proposed as follows:…”