PENGARUH GCG TERHADAP KETAHANAN KINERJA KEUANGAN DI MASA COVID 19, STUDI : PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

Abstract

This study aims to examine the effect of Good Corporate Governance (GCG), proxied by institutional ownership, on the financial performance resilience of manufacturing companies during the COVID-19 pandemic. The research method used is a quantitative approach with a causal-comparative design. The sample consists of 15 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2021, selected using purposive sampling. Data analysis was carried out using simple regression tests and paired sample t-tests. The results show that institutional ownership has a significant effect on Return on Assets (ROA), which is used as the company's financial performance indicator. However, the paired sample t-test results indicate no significant difference in ROA before and during the COVID-19 pandemic, suggesting that financial performance remained relatively resilient under external pressure. These findings highlight the crucial role of GCG in strengthening corporate financial structures during crises and provide strategic insight for management and stakeholders in decision-making.