Board Interlock dan Kinerja Perusahaan dengan Board Diversity Sebagai Variabel Moderasi

Wisudanto Wisudanto, Suhartin Mohamad Syarif, Arif Kathon Subhekti


The researcher conducted this study to measure the effect of board interlock on company performance and moderated by the company’s board diversity. This study uses a population of non cyclicals consumer group companies on the main board on the Indonesia Stock Exchange for 2015 – 2020 period. The sample in this study were 29 companies and 174 observations. In this study, to measue the board interlock by counting number of positions on the company’s board, yo measure the company’s board diversity by using return on assets, while to measure the company’s board diversity by using the Blau index formula and coefficient of variance. Based on the results of the regression with SPSS 21, the board interlock has a significant positive effect on company performance. Meanwhile, board diversity plays a role in strengthening the positive influence of board interlock on company performance.


Ajija, S. R. et al. (2011) ‘Cara cerdas menguasai Eviews’, Jakarta: Salemba Empat.

Chien, Y.-H. and Hung, M.-W. (2020) ‘The impact of appointment-based CEO connectedness on firms’ performance and profitability’, The North American Journal of Economics and Finance, 53, p. 101183.

Dang, C., Li, Z. F. and Yang, C. (2018) ‘Measuring firm size in empirical corporate finance’, Journal of banking & finance, 86, pp. 159–176.

González, V. M. (2013) ‘Leverage and corporate performance: International evidence’, International Review of Economics & Finance, 25, pp. 169–184.

Hamdan, A. (2018) ‘Board interlocking and firm performance: The role of foreign ownership in Saudi Arabia’, International Journal of Managerial Finance, 14(3), pp. 266–281.

Haunschild, P. R. (1993) ‘Interorganizational imitation: The impact of interlocks on corporate acquisition activity’, Administrative science quarterly, pp. 564–592.

Kaczmarek, S., Kimino, S. and Pye, A. (2014) ‘Interlocking directorships and firm performance in highly regulated sectors: the moderating impact of board diversity’, Journal of Management & Governance, 18, pp. 347–372.

Kiel, G. C. and Nicholson, G. J. (2006) ‘Multiple directorships and corporate performance in Australian listed companies’, Corporate Governance: An International Review, 14(6), pp. 530–546.

Lee, J. (2009) ‘Does size matter in firm performance? Evidence from US public firms’, international Journal of the economics of Business, 16(2), pp. 189–203.

Mizruchi, M. S. (1996) ‘What do interlocks do? An analysis, critique, and assessment of research on interlocking directorates’, Annual review of sociology, 22(1), pp. 271–298.

Moeheriono, P. (2012) ‘Aplikasi dan Pengembangan Indikator Kinerja Utama (IKU) Bisnis dan Publik’, Cet. II, Jakarta: PT Rajagrafindo.

Rohmah, M. R. M. and Priyanto, A. A. P. A. A. (2022) ‘Pengaruh Financial Leverage, Perputaran Piutang Dan Arus Kas Operasi Terhadap Profitabilitas Pada Bank Bumn Di Indonesia Periode 2015–2020’, JISOS: JURNAL ILMU SOSIAL, 1(7), pp. 505–532.

Van Roie, E. et al. (2018) ‘Rate of power development of the knee extensors across the adult life span: A cross-sectional study in 1387 Flemish Caucasians’, Experimental gerontology, 110, pp. 260–266.

Saidin, N., Malek, M. and Saidin, S. F. (2013) ‘The impact of interlocking directorates on corporate performance of Bursa Malaysia listed companies’, Pertanika Journal of Social Sciences and Humanities, 21, pp. 111–126.

Setiawan, R. and Sari, A. (2021) ‘The Effect of Working Capital Management on Profitability and Business Risk in Indonesian Manufacturing Companies’, Ekonomi Bisnis, 26(1), pp. 40–49.

Shropshire, C. (2010) ‘The role of the interlocking director and board receptivity in the diffusion of practices’, Academy of management review, 35(2), pp. 246–264.

Song, H. J., Lee, S. and Kang, K. H. (2021) ‘The influence of board interlocks on firm performance: In the context of geographic diversification in the restaurant industry’, Tourism Management, 83, p. 104238.

Sudana, I. M. (2015) ‘Manajemen Keuangan Perusahaan Edisi Kedua’, Jakarta: Erlangga.

Veithzal Rivai Zainal, E. J. S. (2019) ‘Manajemen sumber daya manusia untuk perusahaan: Dari Teori ke Praktek’.

Zona, F., Gomez-Mejia, L. R. and Withers, M. C. (2018) ‘Board interlocks and firm performance: Toward a combined agency–resource dependence perspective’, Journal of Management, 44(2), pp. 589–618.



  • There are currently no refbacks.