CC BY
7
DOI 10.18551/rjoas.2021-05.18
THE EFFECT OF GOOD CORPORATE GOVERNANCE ON THE PERFORMANCE OF VILLAGE CREDIT INSTITUTIONS WITH TRIPLE BOTTOM LINE ACCOUNTING
AS MODERATING VARIABLES
Putra I G.B.N.P.*, Maharani I.A.D.P.
Faculty of Economics and Business, Warmadewa University, Indonesia *E-mail: [email protected]
ABSTRACT
This study aims to identify and explain Triple Bottom Line Accounting as a moderating effect of Good Corporate Governance on the performance of rural credit institutions. This research was conducted at 35 Village Credit Institutions (LPD) in Denpasar City, which are spread over 4 sub-districts, namely South Denpasar, North Denpasar, East Denpasar, West Denpasar. Researchers use the entire population as a sample or what is known as a saturated sampling technique. The data used in this study are primary data and secondary data. The data analysis technique in this study used a simple linear regression test and Moderated Regression Analysis (MRA). The results of this study are (1) Variable Good Corporate Governance has a significant positive effect on LPD performance in Denpasar City, and (2) Triple Bottom Line Accounting variable is a moderating variable that strengthens the effect of Good Corporate Governance on LPD performance. These results indicate that the implementation of Good Corporate Governance and the implementation of the Triple Bottom Line Accounting concept can improve LPD performance. The contribution of this research to LPDs in Denpasar City, namely through the implementation of GCG which has recently been introduced and applied to the LPD business processes when coupled with synergies between financial and non-financial aspects (planet, people, profit) which is reflected in the concept of Triple Bottom Line Accounting is expected to be able to improve the performance of LPDs in Denpasar City.
KEY WORDS
Triple bottom line accounting, good corporate governance, village, credit institution.
The functions and services provided by financial institutions have become an inseparable part of the social and economic life of the community and have a significant impact on the economy of a country (Ibrahim, 2011). National development starts from the most basic level, namely the village. Furthermore, in Bali Province in particular, village-level development is achieved through the formation of a village-level financial institution or what is commonly called the Village Credit Institution (LPD).
Village Credit Institutions (LPD) have a crucial role for community members as well as for the village as a whole. The existence of a Village Credit Institution (LPD) in each village can have an impact on equal distribution of business opportunities and the creation of job opportunities for community members. Through effective distribution of capital and targeted savings, the existence of the Village Credit Institution (LPD) is able to encourage an increase in the economy and standard of living of rural communities which leads to the development of the village economy as a whole. This basis drives the importance of monitoring, analysis, and evaluation of the performance of the Village Credit Institution (LPD).
LPD performance is reflected in its level of health. The LPD health level assessment includes aspects that are relevant to the performance of financial institutions consisting of the components of Capital, Asset, Management, Earnings, and Liquidity Ratio (Bali Governor Regulation dated March 7 2013 Number 11 of 2013 concerning procedures for LPD health assessment in article 22 paragraph 2). LPD performance is said to be good when the overall assessment of financial and management aspects is carried out with a healthy predicate (Dewi and Putri, 2014).
The urgency of this research is that problematic LPDs are still found that have caused them not to operate again. Bali Tribun (2016) published news related to non-performing loans and embezzlement of funds that occurred in LPDs. Furthermore, Sudarsana, and Budiasih (2019) in their research said that from what the LPD Special Committee obtained, of the total 1,433 LPDs in Bali, not all of them developed well. It is recorded that as many as 158 LPD (11.03 percent) in Bali are declared bankrupt because they are no longer operating. Given the importance of the LPD's role in supporting the life of village communities, especially in the business sector, it is necessary to pay attention to the health level of the LPD through monitoring, analysis, and performance evaluation. Furthermore, the implementation of good corporate governance (Good Corporate Governance) can be a solution in order to achieve the good performance of an organization, in this case the LPD. The principles of Good Corporate Governance can be applied to LPD management for operational continuity as well as a clear direction for LPDs in making responsible decisions that lead to improving LPD performance (Krismaya and Dwijaputri, 2014).
In addition, recent corporation scandals have been blamed mainly on "bad" corporate governance (Kyere and Ausloos, 2021). Therefore, the implementation of Good Corporate Governance can be a solution to fraud scandals that can ruining corporations. The concept and implementation of Good Corporate Governance are generally applied to large-scale companies and are rarely implemented at village-level businesses, one of which is a financial institution at the village level, namely the LPD. However, recently the concept of Good Corporate Governance has been introduced and applied to LPD operational activities. This encourages researchers' curiosity to determine the effect of Good Corporate Governance implementation on LPD performance
Gap research is one of the reasons for this research. As for the gap research, there are differences in results related to the influence of Good Corporate Governance on company performance. Research conducted by Bulandari and Damayanthi (2014) found that openness, accountability, responsibility, independence and fairness have a significant positive effect on the financial performance of the Village Credit Institution in Badung Regency. Dewi and Putri (2014) found that the principles of Good Corporate Governance have a positive effect on LPD performance in Gianyar Regency. Similar results were obtained by Rahmatika, et al. (2015) where transparency, accountability, responsibility, independency, and fairness have a significant positive effect on financial performance. Suparsabawa and Kustina (2018) found that Good Corporate Governance has a significant positive effect on the financial performance of LPDs in North Kuta District.
Different results were obtained by Sastra and Erawati (2017), where they found that the principles of responsibility, independence and fairness did not have a partial significant effect on LPD financial performance. Sari (2014), Hartono and Nugrahanti (2014), as well as Kautsar and Kusumaningrum (2015) also obtained the same results where Good Corporate Governance does not have a significant effect on company performance. Through the presentation of the research results, it can be seen that there are still inconclusive results that become research gap.
Furthermore, apart from the urgency of research and previous research gap research, one of the important keys in this research is the existence of a state of the art and the development of previous theories. When it is related to the urgency of the research, it is important to do a study related to the influence of Good Corporate Governance on LPD performance, but this variable has been commonly studied. The thing that distinguishes this research state of the art is the addition of a moderating variable, namely the Triple Bottom Line Accounting variable. Furthermore, when it comes to theory development, this research focuses on developing stakeholder theory. This theory states that stakeholders are all parties whose existence greatly influences and is influenced by the company, such as employees, communities, competing companies and the government (Purwanto, 2011). However, in reality the majority of stakeholders, especially those who are classified as laymen and have a conventional view, only use the earnings component as a measure of performance. Along with the times, there has been a shift in stakeholder perceptions. Stakeholders who have a modern view and are classified as sophisticated realize that the role of non-financial aspects
is also very crucial in supporting business performance. Good organizational performance is not only influenced by financial aspects, but also social and environmental welfare. This concept is known as green accounting which is later translated into Triple Bottom Line Accounting (people, planet, profit). Positive contribution to the surrounding environment (planet), concern for human resources (people), as well as the ability to create jobs and equal business opportunities for the surrounding community (profit) will foster a level of public trust in the organization, in this case the LPD as a professional organization. This will certainly increase public interest in utilizing financial services provided by the LPD, so that it will lead to improving LPD performance. This underlies the use of the Triple Bottom Line Accounting variable as a moderating variable. The selection of the Triple Bottom Line Accounting variable, which when described is a complementary combination of financial and non-financial aspects, is a relevant matter to support sustainability development which is currently being promoted in supporting the effectiveness of the implementation of Good Corporate Governance.
Previous research conducted by Burhany (2011) found that green accounting and disclosure of environmental information had a significant positive effect on financial performance. Furthermore, Nuryanti, et al. (2015) found that environmental accounting has a significant positive effect on company performance. Ajilaksana (2011) found similar results that the implementation of CSR in the social aspect has a significant positive effect on the company's financial performance. This also underlies the use of the Triple Bottom Line Accounting variable as a moderating variable on the effect of the relationship between GCG and LPD performance.
Based on the background description that has been put forward, the problems and research questions that will be examined in this study are as follows:
• How do the principles of Good Corporate Governance influence the LPD performance in Denpasar City?
• Does Triple Bottom Line Accounting moderate the effect of Good Corporate Governance principles on LPD performance in Denpasar City?
LITERATURE REVIEW
Stakeholder Theory. Stakeholders are all parties who are influential and influenced by a business, such as the community, employees, business competitors and the government (Purwanto, 2011). According to stakeholder theory, a company is an entity that operates not only for the benefit of the company itself but must also provide benefits to its stakeholders. Therefore, if it is related to this research, it is important to maintain the performance of the Village Credit Institution (LPD) so that it remains good considering that there are stakeholder interests that must be considered.
Agency Theory. Jensen and Meckling (1976) state that agency theory explains the condition in which a person or group of people who serve as a business owner (principal) employs other people and gives the authority to manage a business on behalf of the owner. In this study, principals are those who become customers of the LPD and indigenous village communities who expect good performance from the managers and administrators, in this case the LPD chairman and all employees who work in the LPD who have a position as agents. Good Corporate Governance (GCG) in this case acts as a tool used by the principal to minimize the occurrence of agency conflicts that can harm the organization later. GCG is also related to how principals believe that agents will provide benefits for them, believing that agents will not be opportunistic in nature, which will benefit the agent's personal (Shleifer and Vishny, 1997).
Good Corporate Governance. Good Corporate Governance is defined as a good corporate governance system consisting of a set of regulations to direct and control the relationship between stakeholders and shareholders as well as other internal and external stakeholders related to their rights and obligations (FCGI, 2003, in Putri, 2012). The corporate governance also reduces asymmetric information between corporate and external investor (Jantadej & Wattanatorn, 2020). In carrying out its business activities, business
organizations must adhere to the five principles established by the KNKG, namely transparency, accountability, responsibility, independence and fairness (Budiarti, 2010).
Triple Bottom Line Accounting. The term Triple Bottom Line was pioneered by Elkington in the book Cannibals With Forks. In his definition of the Triple Bottom Line, Elkington uses the terms profit, people, and planet as three lines (Elkington, 1998). According to Foran, et al. (2005) the concept of triple bottom line accounting is broadly developed as a way in which companies can achieve broader social goals while increasing shareholder value. Triple Bottom Line Accounting emphasizes that company performance is not only measured by financial indicators, but also by non-financial indicators. The concept of Triple Bottom Line Accounting provides a framework for measuring business performance and organizational success using three pathways, namely the economic, social, and environmental fields (Goel, 2010).
Village Credit Institution Performance. Bali Governor Regulation Number 11 of 2013 concerning the implementation instructions for the Bali provincial regulation number 8 of 2002 concerning Village Credit Institutions as amended several times, the latest by Bali Provincial Regulation Number 4 of 2012 concerning the Second Amendment to the Bali Provincial Regulation Number 8 of 2002 concerning The Village Credit Institution in the sixth part of the LPD health assessment article 22 paragraph 2 states that the health assessment factors as referred to in paragraph (1) are based on 5 (five) aspects, as follows: (a) Capital Adequacy; (b) Quality of Earning Assets (Asset); (c) Management; (d) Earning; and (e) Liquidity. These five factors are used to assess the health of the LPD which is known as the CAMEL analysis.
METHODS OF RESEARCH
The location of this research is the Village Credit Institutions (LPD) in Denpasar City as many as 35 spread over 4 sub-districts, namely South Denpasar, North Denpasar, East Denpasar, West Denpasar. The reason why this research focuses on LPD in Denpasar City is because Denpasar City is the capital city of Bali Province, so that business and economic activities are growing more rapidly compared to other areas in Bali. The rapid development of the economy and the business must be supported by the existence of adequate financial institutions, one of which is the LPD. Researchers use the entire population as a sample or what is known as a saturated sampling technique. Respondents of this study are the Head of the LPD Supervisory Agency (Bendesa Adat) and the Head of the LPD as the party who occupies the position and has the most important role of an LPD. The data used in this study are primary data and secondary data. The data analysis technique in this study used a simple linear regression test and Moderated Regression Analysis (MRA).
Variables Measurement:
• The principles of GCG from an LPD can be seen from 5 aspects, namely transparency, accountability, responsibility, independence and fairness, each of which is represented by 4 (four) statements adopted from the research of Atmadja, et al. (2014) using a Likert scale of 1 to 5;
• The implementation of Triple Bottom Line Accounting in an LPD, it can be seen from 3 (three) indicators, namely planet, people, and profit. The questionnaire was modified from Hackston and Milne (1999) in Sembiring (2005). The Triple Bottom Line Accounting variable is calculated using a Likert scale of 1 to 5;
• The LPD performance variable is measured by 5 aspects, namely capital adequacy (CAR), earning asset quality (KAP), management, earnings (earnings) and liquidity which are known as CAMEL.
RESULTS AND DISCUSSION
Simple Linear Regression Determination Coefficient Test. The value of Adjusted R Square is 0.393, which means that 39.3 percent of the dependent variable LPD performance is influenced by the Good Corporate Governance variable, while the remaining 60.7 percent is influenced by other variables outside of this research model.
Table 1 - Simple Linear Regression Analysis
Variable
Unstandardized coefficient
Standardized coefficient
B
Std. Error
Beta
t-hitung
Sig.
Constant X1 (GCG)
69,559 0,405
5,063 0,084
0,641
13,738 4,800
0,000 0,000
R
Adjusted R Square
Fhitung
Sig F_
0, 641 0,393 23,042 0,000
Source: Primary data processed (2021).
Regression Coefficient Test (t-Test). The regression coefficient value for the GCG variable is 0.405 with a significance level of 0.000, less than 0.05. This means that Good Corporate Governance has a significant positive effect on LPD performance in Denpasar City, so the first hypothesis is accepted. The explanation of the results of the statistical test can be interpreted that the better the implementation of GCG, the better the performance of LPDs in Denpasar City.
Simple Linear Regression Analysis. It can be seen that the regression coefficient value of the Good Corporate Governance variable is 0.405 and the constant is 69.559, then a simple linear regression equation is obtained as follows:
Y = 69,559 + 0,405X1+ e
Based on the regression equation model, the following information can be explained:
• A constant value of 69.559 means that if the Good Corporate Governance variable is considered constant or equal to 0 (zero), then the LPD performance has a value of 69.559;
• The GCG coefficient value is pi = 0.405 with a significance level of 0.000, meaning that if there is an increase in the Good Corporate Governance variable by 1 unit, then the LPD performance variable in Denpasar City will increase by 0.405, assuming that the other independent variables are constant.
Moderated Regression Analysis (MRA). The results of testing the effect of Good Corporate Governance on LPD performance in Denpasar City which is moderated by the Triple Bottom Line Accounting variable can be seen in Table 2.
Table 2 - Uji Moderated Regression Analysis (MRA)
Variable Unstandardized coefficient B Std. Error Stand coefficient t-hitung Sig.
Constant 40,012 19,423 - 3,634 0,001
X1 (GCG) 0,769 0,799 0,591 5,091 0,000
X2 (TBLA) 0,937 1,315 0,524 4,515 0,000
X1* X2 2,173 0,917 0,284 4,428 0,000
R Adjusted R Square Fhitung Sig F 0,828 0,654 22,464 0,000
Source: Primary data processed (2021).
Test of the Determination Coefficient of Moderated Regression Analysis. According to the Table 2, it can be seen that the value of Adjusted R Square is 0.654, which means that 65.4 percent of the dependent variable LPD performance is influenced by the Good Corporate Governance variable moderated by Triple Bottom Line Accounting, while the remaining 34.6 percent is influenced by other variables not included in this research model.
Model Feasibility Test (F Test). In Table 2, the calculated F value is 22.464 with a significance level of 0.000 smaller than a = 0.05. These results indicate that this research
model is suitable to be used to continue to prove formed hypothesis.
Regression Coefficient Test (T Test). From the test results obtained data as in Table 2, the variable Good Corporate Governance gives a parameter coefficient value of 0.769 with a significance level of 0.000 and the Triple Bottom Line Accounting variable gives a parameter coefficient value of 0.937 with a significance level of 0.000. The moderating variable in this study, namely the interaction between Good Corporate Governance and Triple Bottom Line Accounting, provides a parameter coefficient value of 2.173 with a significance level of 0.000, so it can be concluded that the Triple Bottom Line Accounting variable is a moderating variable for the relationship between Good Corporate Governance and LPD Performance. When viewed from the resulting parameter coefficient value between the Good Corporate Governance variable and the interaction parameter coefficient value between the Good Corporate Governance and Triple Bottom Line Accounting variables which are both significant and positive, this indicates that the Triple Bottom Line Accounting variable is a moderating variable that strengthens the effect of Good Corporate Governance in LPD performance.
These results indicate that the implementation of Good Corporate Governance and the implementation of the Triple Bottom Line Accounting concept can improve LPD performance. The contribution of this research to LPDs in Denpasar City, namely through the implementation of GCG which has recently been introduced and applied to the LPD business processes when coupled with synergies between financial and non-financial aspects (planet, people, profit) which is reflected in the concept of Triple Bottom Line Accounting is expected to be able to improve the performance of LPDs in Denpasar City.
Moderated Regression Analysis (MRA) Test. From Table 2 it can be seen that the Good Corporate Governance variable has a coefficient value of 0.769, while the TBLA variable has a regression coefficient value of 0.937 and the interaction between the variables of Good Corporate Governance and Triple Bottom Line Accounting has a regression coefficient value of 2.173, so that the MRA regression equation can be formed as follows:
Y = 40,012 + 0,769 X! + 0,937 X2 + 2,173 X^2 + e
Based on the regression equation model, it can be explained as follows:
• A constant value of 40.012 means that if the variables of Good Corporate Governance and Triple Bottom Line Accounting are considered constant or equal to 0 (zero), then LPD performance has a value of 40.012;
• The GCG coefficient value is pi = 0.769 with a significance level of 0.000, meaning that if there is an increase in the 1unit Good Corporate Governance variable, then the LPD performance variable in Denpasar City tends to increase by 0.769 units, assuming that the other independent variables are constant;
• The coefficient value of Triple Bottom Line Accounting is p2 = 0.937 with a significance level of 0.000, meaning that if there is an increase of 1 unit in the TBLA variable, then the LPD performance variable in Denpasar City tends to increase by 0.937 units, assuming that the other independent variables are;
• The interaction coefficient value of the GCG and Triple Bottom Line Accounting variables is p3 = 2.173 with a significance level of 0.000, meaning that if there is an increase in the interaction of the variables of Good Corporate Governance and Triple Bottom Line Accounting by 1 unit, then the LPD performance variable in Denpasar City tends to increase, amounting to 2.173 units with the assumption that the other independent variables are constant.
DISCUSSION OF RESULTS
The discussion of the results of hypothesis testing is further explained in detail to determine the results of the study, the reasons, as well as the similarities and differences between this study and previous research that has been carried out related to this research.
Effect of Good Corporate Governance on LPD Performance. Based on the results of simple linear regression analysis in Table 1, it shows that the GCG variable has a significant positive effect on the performance of LPDs in Denpasar. This is indicated by the significance value of 0.000, the value is smaller than a (0.05) with a coefficient value of 0.405.
The explanation of the results of the statistical test can be interpreted that the better the implementation of GCG, the better the performance of LPDs in Denpasar City. This is because the GCG concept emphasizes the level of accountability of information to stakeholders. Corporate governance also plays a vital role in creating a corporate culture of consciousness, transparency, and openness (Al-ahdal et al., 2020). Furthermore, the existence of the value of responsibility, independence and fairness that is upheld by the LPD management will be able to maximize company value. The application of the GCG concept to LPD management can realize LPD operational activities that are increasingly advanced and developing and improve long-term economic performance that leads to business sustainability in the future.
The results obtained are in accordance with research conducted by Dewi and Putri (2014) who found that the principles of GCG have a positive effect on LPD performance in Gianyar Regency. Similar results were obtained by Rahmatika, et al. (2015) where transparency, accountability, responsibility, independency, and fairness have a significant positive effect on financial performance. Suparsabawa and Kustina, (2018) found that GCG has a significant positive effect on the financial performance of LPDs in North Kuta District.
Triple Bottom Line Accounting (TBLA) Moderates The Effect Of Good Corporate Governance On LPD Performance. The discussion of the next hypothesis testing, namely Triple Bottom Line Accounting (TBLA), moderates the effect of GCG on LPD performance in Denpasar. The hypothesis test results show that the effect of GCG on LPD performance increases after being interacted with by Triple Bottom Line Accounting (TBLA). This statement is supported by the results of the analysis which illustrates that the significance value is 0.000, which is smaller than the specified significance level (a = 0.05) and has a beta coefficient of 2.173. Thus, Triple Bottom Line Accounting (TBLA) is proven to be a moderating variable to strengthen the relationship between GCG and the performance of LPDs in Denpasar City.
The results of these statistical tests explain that the Triple Bottom Line Accounting (TBLA) variable has a moderating role which strengthens the influence between the GCG variable and the LPD performance in Denpasar City. This means that the better the implementation of GCG coupled with the implementation of the concept of Triple Bottom Line Accounting (TBLA) together will be able to improve the performance of LPDs in Denpasar City. The concept of Triple Bottom Line Accounting, when described is a combination of financial and non-financial aspects that complement each other, and is a relevant matter to support sustainability development which is currently being promoted in supporting the effectiveness of the implementation of Good Corporate Governance.
Through the application of GCG as a form of good governance in LPD operational activities, this is accompanied by the implementation of the Triple Bottom Line Accounting concept, such as concern for nature and the environment (planet), positive contributions to the surrounding community (people), as well as providing employment opportunities and equal opportunities, business for the community (profit), in the end it will be able to foster a sense of public trust in the LPD as a professional financial institution. This can certainly increase public interest in utilizing financial services provided by the LPD, so that it will lead to improving LPD performance.
Previous research conducted by Burhany (2011) found that green accounting and disclosure of environmental information had a significant positive effect on financial performance. Furthermore, Nuryanti, et al. (2015) found that environmental accounting has a significant positive effect on company performance. Ajilaksana (2011) found similar results that the implementation of CSR in the social aspect has a significant positive effect on the company's financial performance.
RJOAS, 5(113), May 2021 CONCLUSION
The results obtained in this study have limitations which are only based on the answers from the Head of Supervisory and the Chairperson of the LPD. For the next researchers, it can involve more LPD stakeholders including the surrounding community. For example, in measuring the TBLA variable, where the assessment of the community is considered important because the community feels the impact of the existence of the LPD.
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