Pengaruh Penerapan Good Corporate Governance terhadap Kinerja Keuangan PT Telkom Indonesia (Persero) Tbk

Olivia deslovita br ginting; Kartika Sari; Siti Zahara; Novi Fitriani; Neng Sri Wardhani

doi:10.59024/jumek.v4i1.783

Authors

Olivia deslovita br ginting Universitas Pembangunan Panca Budi
Kartika Sari Universitas Pembangunan Panca Budi
Siti Zahara Universitas Pembangunan Panca Budi
Novi Fitriani Universitas Pembangunan Panca Budi
Neng Sri Wardhani Universitas Pembangunan Panca Budi

DOI:

https://doi.org/10.59024/jumek.v4i1.783

Keywords:

Business Sustainability, Corporate Governance, Financial Performance, Good Corporate Governance, Telecommunications Industry

Abstract

The increasingly competitive telecommunications industry requires companies to implement Good Corporate Governance (GCG) effectively to improve financial performance and ensure business sustainability. This study aims to analyze the implementation of Good Corporate Governance, examine the development of the financial performance of PT Telkom Indonesia (Persero) Tbk, and investigate the relationship between GCG implementation and financial performance during the 2016–2024 period. A quantitative approach with a time-series research design was employed using secondary data obtained from the company's annual reports. Data were analyzed descriptively based on GCG implementation and financial performance indicators, including Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Earnings per Share (EPS). The findings indicate that GCG implementation consistently remained in the “Very Good” category throughout the observation period. Meanwhile, the company's financial performance fluctuated due to changes in the telecommunications industry, business competition, the COVID-19 pandemic, and increased investment in digital transformation. Statistical analysis could not verify the effect of GCG on financial performance because the GCG variable showed no variation during the study period. These findings suggest that GCG contributes more significantly to strengthening corporate governance, internal control, risk management, transparency, and long-term business sustainability than to directly improving short-term profitability. Therefore, maintaining effective GCG implementation remains essential to support organizational resilience and sustainable corporate performance amid a dynamic business environment.

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