No Tahun Author

1 2020 KAMILAH KAMALUDI, IZANI IBRAHIM AND SHEELA

SUNDARASEN

2 2014 Mrwan Amer, Aiman A. Ragab and Shehata Elsayed Shehata

3 2017 Shivan Sarpal

4 2016 Hazar Ben Barka & Franc ois Legendre

4 2016 Hazar Ben Barka & Franc ois Legendre

Maizatulakma Abdullah &

5 2017
Zaleha Abdul Shukor

6 2019 Jihad Al-Okaily & Salma Naueihed

7 2020 Omar Al Farooque, Wonlop Buachoom & Lan Sun

8 2016 Ellen Rouyer

Ebrahim Mohammed Al-Matari, Faudziah Hanim Bt Fadzil and

9 2014
Abdullah Kaid Al-Swidi
 Ebrahim Mohammed Al-Matari, Faudziah Hanim Bt Fadzil and
9 2014
Abdullah Kaid Al-Swidi

10 2019 Andreas G. Koutoupis and Michail Bekiaris

11 2019 Abdulaziz Alzeban

12 2016 Ida Glover-Akpey, Asunka Benjamin Azembila

13 2018 Rateb Mohammad Alqatamin

13 2018 Rateb Mohammad Alqatamin

14 2016 Nidhi Bansal & Anil K. Sharma

15 2017 Te-Kuang Chou1 & Agung Dharmawan Buchdadi2

Naveed Ahmad, Muhammad Nadeem, Rasheed Ahmad,

2014
Naqvi Hamad

Mohammed H. Alsamhi Mohammed S. Barakat Waleed M.

2020
Alahdal
 Mohammed H. Alsamhi Mohammed S. Barakat Waleed M.
2020
Alahdal

2021 Duwi Apriyani Dr.Harjum Muharam,S.E.,M.E.

2019 Armstrong Ephraim Awinbugri Gyimah Prince

2020 Omar Ali Bagaisa and Khaled Salmen Aljaaidia

2012 Margareta Bambang Marko S. Hermawan

2012 Margareta Bambang Marko S. Hermawan

2019 Sidiq Ashari, Krismiaji Krismiaji

Agung Dharmawan Buchdadi, I Gusti Ketut Agung Ulupui,

2019 Sholatia Dalimunthe, Bagas Gusti Pamungkas, Yaumil
Fauziyyah,

2017 Kun Tracy Wang , Greg Shailer

2018 Mohammad Ahmad Abu Zraiq, Faudziah Hanim Bt Fadzil

2015 Juan Manuel San Martin-Reyna and Jorge A. Duran-Encalada

Rosikah, Dwi Kartika Prananingrum, Dzulfikri Azis Muthalib,

2018 Muh. Irfandy
Azis, Miswar Rohansyah

2018 Eko Suyono (Indonesia)

2015 Ursula Tamuntuan

2015 Ursula Tamuntuan

2018 Singh, Satwinder, Naeem, Tabassum, Darwish, Tamer

2014 Pinar SENER

Siti Ramdhianty Dra. Haryetti, M.Si Ahmad Fauzan Fathoni,

2020
SE., M.Sc

Dr. Mohammed Helmy Qeshta, Dr. Ghassan F. Abu Alsoud,

2021 Dr. Abdulqawi A. Hezabr , Basel J.A. Ali ,Mohammad Salem
Ouda

Van Hau NGUYEN, Thi Thu Cuc NGUYEN, Van Thu NGUYEN,
2021 Duc Tai DO
2015 Mohammed Al-Ghamdi & Mark Rhodes

2016 Abeir H. Hezadeen, Ali Djamhuri, Yeney Widya

2020 Ghaydaa Issaa, Yousef Abu Siamb

2016 Liang Fu, Rajeev Singhal, Mohinder Parkash

2020 Shabrina Herawati and Yustrida Bernawati

2020 Mariana Ing Malelak, Christina Soehono, and Christine Eunike

2017 David Procházka

2021 Maryam Ishaq, Yasir Islam and Ghulam Ghouse3

2012 Chaudhry Ghafran and Noel O’Sullivan1

2020 Ali Alhaji Goni Mustapha, Aminu M. Bello, Ali M. Garba &
Musa Ibrahim Gobe

2020 Intan Nia Maulida, Srihadi Winarningsih

2019 Adrian MOTOC

 Judul Nama Jurnal, Vol, Edisi

Moderating Effects of Family Business on

Audit Committee Diligence and Firm International Journal of
Economics and Management
Performance: A Middle Eastern Perspective

Audit Committee Characteristics and Firm Proceedings of 6th Annual

Performance: American Business Research
Evidence from Egyptian Listed Companies Conference 9 - 10 June 2014

Analyzing Performance Implications

of Selected Audit Committee Business Perspectives and
Characteristics: A Study of Indian Research 5(2)
Corporate Sector

Effect of the board of directors and the audit

Springer Science+Business
committee
Media New York
on firm performance: a panel data analysis
Effect of the board of directors and the audit
Springer Science+Business
committee
Media New York
on firm performance: a panel data analysis

The Comparative Moderating Effect of Risk

Management Committee and
Jurnal Pengurusan 51(2017) 159
Audit Committee on the Association Between
– 172
Voluntary Risk Management
Disclosure and Firm Performance

Audit committee effectiveness

Management Decision
and family firms: impact
Vol. 58 No. 6, 2020
on performance

Board, Audit Committee, Ownership and

Financial Performance - Emerging Pacific Accounting Review
Trends from Thailand Vol. 32 No. 1, 2020

Family ownership and busy boards: impact on Management Decision, Vol. 54

performance Iss 4 pp.

The Moderating Effect of Board Diversity on

the Relationship Between Audit Committee Middle-East Journal of Scientific
Characteristics and Firm Performance in Research 21 (5): 792-801, 2014
Oman: Empirical Study
The Moderating Effect of Board Diversity on
the Relationship Between Audit Committee Middle-East Journal of Scientific
Characteristics and Firm Performance in
Oman: Empirical Study
Audit Committees impact on Company
Performance: The Greek & Italian Experience
The relationship between the audit
committee, internal audit and
firm performance
The Effect of Audit Committees on the
Performance of Firms Listed on the Ghana
Stock Exchange
Audit Committee Effectiveness and Company
Performance:
Evidence from Jordan
Research 21 (5): 792-801, 2014
International Journal of Auditing
and Accounting Studies 1(1),
2019
Journal of Applied Accounting
Research
Vol. 21 No. 3, 2020
IOSR Journal of Business and
Management (IOSR-JBM)
e-ISSN: 2278-487X, p-ISSN:
2319-7668. Volume 18, Issue 11.
Ver. V (November. 2016), PP 55-
62
Accounting and Finance
Research Vol. 7, No. 2; 2018
 Performance:
Research Vol. 7, No. 2; 2018
Evidence from Jordan

Audit Committee, Corporate Governance and International Journal of

Firm Performance : Empirical Evidence from Economics and Finance; Vol. 8,
India No. 3; 2016

Independent Board, Audit Committee, Risk

Committee, the Meeting International Journal of Business
Attendance level and Its Impact on the Administration Vol. 8, No. 3;
Performance: A Study of Listed 2017
Banks in Indonesia

IMPACT OF FAMILY OWNERSHIP ON FIRM’s

FINANCIAL
Arabian Journal of Business and
PERFORMANCE
Management Review (Nigerian
A COMPARISON STUDY BETWEEN
Chapter) Vol. 2, No. 8, 2014
MANFUCTURING FIRMS AND
FINANCIAL FIRMS IN PAKISTAN

The Effect of Ownership Structure on Studies in Economics and

Business Relations
Company Performance: Evidence from
https://sebr.sabapub.com ISSN:
Emerging Market
2709-670X
 Studies in Economics and
The Effect of Ownership Structure on
Business Relations
Company Performance: Evidence from
https://sebr.sabapub.com ISSN:
Emerging Market
2709-670X

International Journal of
THE EFFECT OF GCG ON COMPANY
Economics, Business and
PERFORMANCE WITH EXECUTIVE
Accounting Research (IJEBAR) E-
COMPENSATION AS A MODERATING
VARIABLE ISSN: 2614-1280 P-ISSN 2622-
4771

International Journal of
The Impact of Audit Committees‟ Meetings Research and Innovation in
and Audit Fees on the Financial Performance Social Science (IJRISS) |Volume
of Listed Banks in Ghana III, Issue V, May 2019|ISSN
2454-6186

Accounting Department, College

Corporate governance attributes and firm of Business Administration,
performance in Saudi Arabia Prince Sattam bin Abdulaziz
University, Saudi Arabia

FOUNDING FAMILY OWNERSHIP AND

FIRMPERFORMANCE: EMPIRICAL EVIDENCE Journal of Applied Finance and
FROM CONSUMER GOODS INDUSTRY IN Accounting,4(2),112-131
INDONESIA
FIRMPERFORMANCE: EMPIRICAL EVIDENCE
FROM CONSUMER GOODS INDUSTRY IN
INDONESIA
AUDIT COMMITTEE CHARACTERISTICS AND
FINANCIAL PERFORMANCE: INDONESIAN
EVIDENCE
BOARD OF DIRECTOR MEETING AND FIRM
PERFORMANCE
Family ownership and financial performance
relations in emerging markets
The Impact of Audit Committee
Characteristics on Firm Performance:
Evidence from Jordan
Effects of Family Ownership, Debt and Board
Composition on Mexican Firms Performance
Effects of Return on Asset, Return On Equity,
Earning Per Share on Corporate Value
Family Involvement in Firm’s Management
Jurnal Keuangan dan Perbankan,
and Productivity: An Empirical Evidence from
Indonesia
ANALYSING THE EF+C253+D253:E258
Journal of Applied Finance and
Accounting,4(2),112-131
EQUITY, Vol. 22, No.2, 2019,
139-152
Academy of Accounting and
Financial Studies Journal
Volume 23, Issue 2, 2019
International Review of
Economics and Finance 51
(2017) 82–98
Sch J Appl Sci Res 2018 Volume
1: 5
International Journal of
Financial Studies ISSN 2227-
7072
The International Journal of
Engineering and Science (IJES)
|| Volume || 7 || Issue || 3
Ver. I || Pages || PP 06-14 ||
2018 ||ISSN (e): 2319 – 1813
ISSN (p): 23-19 – 1805
22(2):256–275, 2018
Jurnal Berkala Ilmiah Efisiensi
Volume 15 No. 05 Tahun 2015
 Jurnal Berkala Ilmiah Efisiensi
ANALYSING THE EF+C253+D253:E258
Volume 15 No. 05 Tahun 2015

British Journal of Management,

Corporate Governance and Tobin’s Q as a
29 (1). pp. 171-190.
Measure of Organisational Performance
doi:10.1111/1467-8551.12237

INFLUENCE OF FAMILY OWNERSHIP AND

Revue de l’Entrepreneuriat N° 3-
MANAGEMENT ON FIRM PERFORMANCE:
4, vol. 13, 2014
EVIDENCE FROM PUBLIC FIRMS IN TURKEY

GOOD CORPORATE GOVERNANCE South East Asia Journal of

MODERATION ROLE: THE EFFECT FAMILY Contemporary Business,
OWNERSHIP ON FIRM PERFORMANCE AND Economics and Law, Vol. 21,
CAPITAL STRUCTURE Issue 5 (April) ISSN 2289-1560

Audit Committee Characteristics and Firm ISSN: 2237-0722 Vol. 11 No. 2

Performance: Evidence from the Insurance (2021) Received: 20.03.2021 –
Sector in Bahrain Accepted: 25.04.2021

Journal of Asian Finance,

Internal Factors Affecting Firm Performance:
A Case Study in Vietnam Economics and Business Vol 8
No 5 (2021) 0303–0314
 International Journal of
Family Ownership, Corporate Governance
Economics and Finance; Vol. 7,
and Performance: Evidence from Saudi
No. 2; 2015 ISSN 1916-971X E-
Arabia
ISSN 1916-9728

The International Journal of

CORPORATE GOVERNANCE AND INTERNET
Accounting and Business Society
FINANCIAL REPORTING IN INDONESIA
Vol. 24, No. 2/ Decbmer2016

International Journal of
Audit Committee Characteristics, Family
Innovation, Creativity and
Ownership, and Firm Performance: Evidence
Change Volume 14, Issue 4,
from Jordan 2020

international Research Journal

Tobin’s q Ratio and Firm Performance of Applied Finance ISSN 2229 –
6891 Vol. VII Issue – 4 April,
2016

The Influence of Ceo Turnover and

Committee Audit Characteristic Toward Audit Jurnal Akuntansi/Volume XXIV,
No. 02 December 2020: 266-279
Fees

Corporate Governance, Family Ownership SHS Web of Conferences 76,

and Firm Value: Indonesia Evidence 01027 (2020) ICSH 2019

The impact of ownership and other corporate Journal of International Studies,

10(2), 204-218.
characteristics on performance of V4
doi:10.14254/2071-
companies
8330.2017/10-2/15
International Journal of
Tobin’s Q as an Indicator of Firm
Economics and Business
Performance: Empirical Evidence from Administration Volume IX, Issue
Manufacturing Sector Firms of Pakistan
1, 2021

International Journal of
The Governance Role of Audit Committees: Management Reviews, Vol. *, *–
Reviewing a Decade of Evidence
* (2012)
 International Journal of
The Moderating Effect of the Audit
Research and Innovation in
Committee on the Relationship between Applied Science (IJRIAS) |
Corporate Governance and Financial
Volume V, Issue VIII, August
Performance: A Conceptual Review
2020|ISSN 2454-6194
THE INFLUENCE OF AUDIT COMMITTEE
JIAFE (Jurnal Ilmiah Akuntansi
CHARACTERISTICS ON COMPANY
Fakultas Ekonomi) Vol. 6 No. 2,
PERFORMANCE IN SHARIA GENERAL
Des 2020, Hal. 175-184
BANKING

Management Dynamics in the

Family Business Image and Reputation. A
Knowledge Economy Vol.7
Model of the Influencing Factors, Actions,
(2019) no.4, pp.503-519; DOI
and Effects
10.25019/MDKE/7.4.04
 Tujuan Penelitian (ambil dari abstrak)

This study presents an examination of the effects of audit committee (AC) diligence on firm
performance in the Saudi Arabian context. The paper offers valuable insights that may aid policy
makers in devising effective governance mechanisms befitting the cultural and social tradition of
business practices in this region

The overall aim of this research is to advance an understanding of the relationship between the
audit committee characteristics and the firm performance represented by the ROA, ROE and Tobin’s
Q. Such a study is important because forming an audit committee enhances investors’ expectancy of
receiving improved financial reports.

The present research work mainly focuses on the audit committee as a key to ensure a sound
corporate
governance framework in the companies. The insights from the present research work are a novel
attempt to figure out the influence of selected audit committee characteristics on the performance
of
companies listed in India.

This research examines the relationship between independent directors,

the audit committee (AC), and firm performance, taking into account the impact of
the chief executive officer’s powers and block shareholders.
 This research examines the relationship between independent directors,
the audit committee (AC), and firm performance, taking into account the impact of
the chief executive officer’s powers and block shareholders.

The purpose of this study is to examine the comparative moderating effects of two separate risk
governance mechanisms
on the relationship between voluntary risk management disclosure (VRMD) and firm performance
(FP).

The purpose of this paper is to empirically examine the relationship between audit
committee characteristics and firm performance, and whether family ownership and involvement
moderate
the latter relationship.

This study aims to investigate the effects of corporate board and audit committee characteristics
and ownership structures on market-based financial performance of listed firms in Thailand.

This study aims to investigate the relationship between family ownership impact on board
performance

This study aims to examine the relationship between audit committee characteristics and firm
performance Oman. It also attempts to explore the moderating effect of the board diversity on the
association between audit committee characteristics and firm performance and to fill the gap in the
existing literature that examined the relationship between corporate governance and firm
performance in the developing countries.
 This study aims to examine the relationship between audit committee characteristics and firm
performance Oman. It also attempts to explore the moderating effect of the board diversity on the
association between audit committee characteristics and firm performance and to fill the gap in the
existing literature that examined the relationship between corporate governance and firm
performance in the developing countries.

The current paper examines the impact of Audit Committee Staffing, Independence, Background
and Skills, Size and Operation based on the number of committee meetings on the performance of
listed companies from Greece and Italy

This study explores the role played by audit committees (ACs) in illuminating the effectiveness of
internal audit (IA) as a facilitator of the achievement of organisational goals, specifically examining
whether the
AC mediates the relationship between IA and firm performance (FP).

The role of audit committees in ensuring the quality of corporate financial reporting has come under
considerable scrutiny by both the academia and corporate governance regulatory bodies. The study
discusses the impact of audit committee on the performance of public traded stocks on the Ghana
Stock exchange since this is crucial in protecting the interest of shareholders. The purpose of this
paper is to examine the association between the characteristics of audit committees and
performance of firms. Data were collected from a sample size of 36 trading stocks on the Ghana
Stock Exchange for the financial year of 2015. The number of meetings and financial experts among
other characteristics were the predictors of the performance of the traded stock on the Ghana Stock
Exchange (GSE). To test the hypothesis for the study, Logit cross-sectional regression using SPSS 17.0
version was utilized. This study revealed a relationship between the characteristics of the audit
committees and the performance of the firms. Meanwhile, the number of independent members on
This
the paper
audit seeks to investigate
committee the effect
had no influence on theof audit committee
performance characteristics
of the on the
firms. However, thecompany’s
number of
performance. The
independent members of the audit committee with finance or accounting degrees impacted
sample consists
negatively on of
the165 non-financial
firm’s companies
performance. The studylisted
madeon the
the recommendation
Amman Stock Exchange (ASE)
that the over the
corporate
governance discussions should be re-focused from period
independence to more experienced and financial
2014-2016. The results
literate members on theofAudit
the study show that
Committees andthe audit
also committee
a relatively size,tenure
longer independence
should beand gender
accorded
diversity have a
the chairman of the Audit Committee of firms to enhance firm performance. Keywords: Audit
significant positiveCommittee,
relationshipCorporate
with firm’s performance,
Governance, whereas
Ghana Stockexperience
Exchange. and frequency of
meetings has an
insignificant association. The results of the study could be beneficial for managers and boards in
making suitable
choices about audit committee characteristics and corporate governance mechanisms to enhance
the company’s
performance. The study gives policy makers a better understanding of the different characteristics
required of an
audit committee, for incorporation in future policy preparation to protect the shareholders’
interests. The relationship
between audit committee characteristics and company performance is still ambiguous. This study
contributes to the
literature by identifying the role of audit committee characteristics in company performance,
providing evidence for
choices about audit committee characteristics and corporate governance mechanisms to enhance
the company’s
performance. The study gives policy makers a better understanding of the different characteristics
required of an
audit committee, for incorporation in future policy preparation to protect the shareholders’
interests. The relationship
between audit committee characteristics and company performance is still ambiguous. This study
contributes to the
literature by identifying the role of audit committee characteristics in company performance,
providing evidence for
the view that performance is driven by specific audit committee characteristics.

To examine the role of AC characteristics and corporate governance in improving firm performance

This study determines the effect of good corporate governance on the performance of banks in
Indonesia.

This Paper examines the impact of family ownership on the firm’s financial performance in Pakistan

Makalah ini menggunakan data panel untuk menguji dampak indeks struktur kepemilikan pada
kinerja keuangan 73 perusahaan yang terdaftar di bursa saham nasional India dari 2009 hingga
2016. Untuk mengukur Regresi Panel pada penelitian ini digunakan model FEM. Yang berbeda
 Makalah ini menggunakan data panel untuk menguji dampak indeks struktur kepemilikan pada
kinerja keuangan 73 perusahaan yang terdaftar di bursa saham nasional India dari 2009 hingga
2016. Untuk mengukur Regresi Panel pada penelitian ini digunakan model FEM. Yang berbeda

This study aims to analyze the effect of GCG on companies with executive compensation as a
moderating variable.

The study adopted quantitative research approach and descriptive research method to assess the
impact of Audit committee on financial performance of banks listed on the Ghana Stock Exchange

The aim of this study is to examine the relationships of audit committee size, audit committee
meetings and audit quality with corporate performance among the energy industry in Saudi Arabia
using 54 firm-year observations for the period ranging from 2005 to 2018

This research investigates the significant influence of family ownership on firm performance in order
to provide information to decision makers and other interested parties.
This research investigates the significant influence of family ownership on firm performance in order
to provide information to decision makers and other interested parties.

This research investigates the influence of the audit committee's characteristics on the financial
performance of manufacturing companies listed on the Indonesian Stock Exchange in the years 2016
and 2017.

Evaluating the board meeting of the board of director is the way to measure the effectiveness of
work effort of the board director in monitoring and advising the company.

We use meta-analysis techniques to review the literature on the relation between family ownership
concentration and performance for listed corporations in emerging markets. We find underlying
positive relations between family ownership and performance that vary over time and across
countries. Our tests highlight the importance of institutions in explaining differences across
countries.

This study is an attempt to achieve the main objective by examining the association between audit
committee and firm performance of the Jordanian firms.

This study examines the relationship between ownership structure and performance of public firms
in Mexico, considering debt and the structure of the board of directors as contextual and
institutional factors.

The objective of this research is to analysis : 1) Identify and analyze the effect of the Return on
Assets to firmvalue, 2) identify and analyze the influence of Return on Equity to firm value, 3)
identify and analyze the influence of Earning Per Share on firm value

This study aims to investigate the effect of family ownership on productivity, the difference on the
productivity level between family managers and professional managers, and to evaluate whether
family firm better to hire professional managers or family managers

Simplicity of using financial ratios offers the investors an easy way to comprehend and predict a
company’s financial performance. The objective of this research is to identify the effect of some
financial
ratios
 Simplicity of using financial ratios offers the investors an easy way to comprehend and predict a
company’s financial performance. The objective of this research is to identify the effect of some
financial
ratios

This empirical study examines the relationship between corporate governance and organisational
performance (OP), measured in Tobin’s Q in the context of an emerging economy for which, as yet,
only a handful of studies have been conducted.

using a panel of 210 publicly listed Turkish firms from 2007 to 2010, this study examines the
influence of family involvement on firm accounting and market performance in an emerging country
context. T

Family firms have unique characteristics that are different from firms in general. The uniqueness of
these characteristics makes the family firms have management and performance difference from
the company at large. This study aims to examine theperformance of family ownership and capital
structure by implementing a good corporate governance mechanism in firm management

This study examines the impact of the Audit Committee's characteristics on the performance of the
five insurance companies listed on the Bahrain Burse over the period from 2012 to 2019. This study
uses four board characteristics indicators; the size of the audit committee, independence of the
audit committee, frequency of meetings of the audit committee, and expertise of the audit
committee.

The higher the firm performance, the more chances enterprises can expand and develop their
production, create jobs, and improve the workers’ living quality. The main objective of this study
was to measure the internal factors influencing the firm’s performance of food and beverage (F&B)
firms listed on the Hanoi Stock Exchange (HNX).
 The main objective of this study is to examine the performance of companies listed in the Saudi
Stock Exchange. For this purpose, we studied and tested a sample of 792 firm-years among from 11
industrial groups for the years 2006 to 2013 and compared Family and Non-family firms.

This study aims to investigate the effects of the corporate governance and ownership structure on
the internet financial reporting in manufacturing companies in Indonesia.

This study investigates impacts of the association between characteristics of an audit committee and
firm performance. The manufacturing firms listed on Amman Stock Exchange (ASE) are selected as a
study sample consisting of 37 companies for the period 2013-2017.

Tobin’s q ratio has been extensively used as a proxy for investment opportunities in the finance
literature.

This study aims to test empirically the effect of CEO turnover and the frequency of audit committee
meetings on external audit fees. The population of this research is all manufacturing companies
listed on the IDX in 2018-2019.

The research objective to assess the influence of corporate governance and family ownership on
firm value non-financial firms listed in Indonesia. The board and ownership structure were
representing corporate governance characteristics.

The objective of this paper is to assess financial performance of Czech, Hungarian, Polish, and Slovak
unlisted companies.

he study econometrically investigates the misperceived connection between

improved firm performance (measured through scale efficiency and cost discipline) and
Tobin’s Q for 51 manufacturing sector firms of Pakistan.

Even though audit committees have traditionally been a key component of corporate governance
regulation, the last decade has witnessed a greater emphasis on audit
committee regulation and a parallel intensification of academic research on the subject. This review
synthesizes recent empirical research seeking to investigate various aspects of audit committees’
governance role.
 The effect of corporate governance on the organization’s financial performance has been a crucial
issue since the last global financial distress.

The research is focused on how characteristics of audit committee affect the company performance.
The audit committee characteristics as independent variable is measured by audit committee
size,independence of audit commitee, and audit committee meeting frequeny, as the dependent
variable, the company performance is measured by return on assets ratio (ROA).

One of the key elements for family business success lies in the fact that they are being perceived as
companies' part of the community with an approachable image,projecting a human figure, and
contributing to the local economy.
 Variable Type

Firm Performance Dependent

- Tobin's Q Dependent
- ROE Dependent
AC meeting frequency Independent
AC meeting attendance Independent
Familly owned business Moderating / Independent
Firm size Control
Firm age Control
AC size Control
Auditor's Reputation Control
Independent Directors in AC Control
Outside financial experts in AC Control
Firm Performance Dependent
-ROE Dependent
-Tobin's Q Dependent
-ROA Dependent
Audit committee size Independent
Audit committee independence Independent
Audit committee financial expertise Independent

Audit committee meeting frequency Independent

Firm size Control

Firm Age Control
Firm Leverage Control
Firm Performance Dependent
-Tobin's Q Dependent
-ROA Dependent
Audit committee size Independent
Audit Committee Independence Independent
Audit Committee Grey Independent
AC meeting Independent

Firm Performance Dependent

-ROE Dependent
-ROA Dependent
Independent board Independent
AC Independence Independent
frequency of board meetings Independent
frequency of AC meetings Independent
CEO duality Independent
 CEO seniority Independent
institutional investors Independent
foreign investors Independent
pension funds Independent

Firm Performance Dependent

Tobin's Q Dependent
Risk management disclosure Independent
Appoinment of AC Moderating
AC SIze Moderating
AC Independence Moderating
AC Education Moderating
AC Meeting Moderating

Firm Performance Dependent

-Tobin's Q Dependent
-ROA Dependent
Audit committee size Independent
Audit committee expertise Independent
Audit
Independent
committee meeting frequency

Firm Performance Dependent

-Tobin's Q Dependent
-Return on Stock Dependent
Board independence Independent
Board size Independent
The dual role of board leadership Independent

Board meeting frequency Independent

Audit committee independence Independent

Audit
Independent
committee meeting frequency
Audit committee size Independent
Ownership concentration Independent
Family ownership category Independent
Managerial ownership Independent

Firm Performance Dependent

-Tobin's Q Dependent
Cash holdings Dependent
Family Owned Independent
Firm Performance Dependent
- ROA Dependent
 Audit Committee Size (number) Independent
Audit Committee Independence (%) Independent
Audit Committee Meeting (number) Independent
The Foreign Member on the Committee(number) Moderators
The Commitment of attendance (ratio) Moderators
Firm Size (number) Control
Leverage (%) Control
Firm Performance Dependent
-ROA Dependent
Audit Committee Independence Independent
Audit Committee Background and Skills Independent
Audit Committee Size Independent
Frequency of Audit Committee Meetings Independent
Firm Size Control
Leverage Control
Liquidity Control

Firm Performance Dependent

-ROA Dependent
AC Independence Independent
AC Expertise Independent
AC Meetings Independent
IA Independence Independent
IA Competency Independent
IA Field Independent
IA Training Independent
IA Budget Independent
log of total asset Control
Leverage Control

Firm Performance Dependent

- Change in Stock Price Dependent

Audit Commitee Characteristics Independent
- Number of member in AC Independent
- Number of meetings of AC in one year Independent
Firm Size Independent

Firm Performance Dependent

- ROA Dependent
Committee size Independent
Committee independence Independent
Frequency of meetings Independent
Committee experience Independent
Firm Size Independent
Industry Type Independent
 Leverage ratio Independent
Dividends Ratio Independent

Firm Performance Dependent

- ROA Dependent
- ROE Dependent
- Tobin's Q Dependent
- Market Capitalization Dependent
Board independence Independent
Board Size Independent
Duality Independent
Promoter Shareholding Independent
Audit Committee Meetings Independent
Audit Committee Independence Independent
Leverage Control
Firm Age Control
(ROA) Dependent
(NIM) Dependent
Tobin’s Q Dependent
(IB) Independent
(BM) Independent
(BEM) Independent
(% BM Att) Independent
(% BEM Att) Independent
(AC) Independent
(% RCM Att) Independent
(NPL) Independent
(LNAsset) Independent
(BOPO) Independent
(ACM) Independent
(% ACM Att) Independent
(RC) Independent
(RCM) Independent
FO Explanatory
ROA Explanatory
ROE Explanatory

List of major shareholders and number (percentage) of

Explanatory
shares held by them
Information about share voting and voting agreements Explanatory
Availability of Investor Relations contact detail Explanatory
Disclosure of foreign ownership Explanatory
No. of shares that directors and officers are holding has
Explanatory
not decreased by 10% or more.
No. of shares that directors and officers are holding has Explanatory
increased by 10% or more.
Transparency of Capital structure Explanatory
Government ownership is disclosed Explanatory
Company has a policy against insider trading Explanatory
Institution ownership is disclosed Explanatory

ROA Descriptive
KI Descriptive
KM Descriptive
DKI Descriptive
KA Descriptive
EC Descriptive
KI.EC Descriptive
KM.EC Descriptive
DKI.EC Descriptive
KA.EC Descriptive
DER Descriptive
AKO Descriptive
SIZE Descriptive
Valid N Descriptive

Acm Independent
AuFf Independent
AuI Independent
ROA Dependent
ROE variable

ROA Dependent
ROE Dependent
AC_SIZE Test
AC_MEET Test
AUD Test
LASSET Control
LEV Control
ROA Dependent
Tobin's Q Dependent
Family Firm Independent
non-family firms Independent
firm age Control
growth of firm Control
 ROA Univariate
ACIN Univariate
ACSZ Univariate
ACCO Univariate
ACMT Univariate
BIG4 Univariate
Size Univariate
Lev Univariate
(BEMA) Descriptive
Tobin's Q Descriptive
(BM) Descriptive
(ROA) Descriptive
(BEM) Descriptive
(BMA) Descriptive
family firms
non-family firms

ROA Descriptive
EPS Descriptive

Family Firm Descriptive

non-family firms Descriptive

ROE dependent
ROA dependent
EPS dependent

family ownership structure (FAM)

ROE dependent
ROA dependent
EPS dependent
 Tobin’s Q
Board size
Board independence
CEO duality
Board committees
Ownership concentration
Age
Size
Leverage
ROA
Market-to-book ratio
Explanatory and control variables
Family firm
Family ownership
Control-enhancing mechanisms
Family CEO
Family chairman
Board size
Independent director
Age
SIZE
Time dummies
Industry dummies
Laverage
ROE
ROA
Tobin's Q
ROE (dependent
ROA (dependent
EPS (dependent
AUDSIZE Independent
AUDIND Independent
AUDMET Independent
AUDEXP Independent
logFSIZ Control
FAGE Control
ROA Determinants
ROE Determinants
ROS Determinants
Capital structure (CS) Determinants
Firm size (S) Determinants
Infrastructure, Equipment and Technology(IET) Determinants
Growth rate (G) Determinants
Financial Management Capacity (FMC) Determinants
 ROA profitability
Tobin's q profitability
TOP5
SHNO
BC
BS
BA
ACI
ACA
ACC
ACS
IFR
Firm Performance (ROA) Dependent
Audit Committee Characteristics Score Independent
Family Ownership Moderate
Firm Size Control
Firm Growth Control
EBITDA
q ratio
future firm performance
LnAsset Descriptive
ROA Descriptive
ACMeet Descriptive
LnAFees Descriptive
BCom
BDir
ICom
IOwn
MOwn
POwn
FOwn
EMV
EBV
BCom
BDir
ROE dependent
ROA dependent
BVTA
BVE
MVE
MVD
Audit committees and audit quality
Audit committees and financial reporting quality
Audit committees and the internal audit function
Audit committees and market reaction
 ROA
ROE
TQ
SPR
ACIND
ROA
Family business characteristics
Family business image and reputation
Theoretical frameworks in family firms’ image and reputation research
The image and reputation model of the family business
How family businesses are being perceived
Influencing factors for family business image and reputation
Family business image and reputation effects
 Result Key Keterangan
Y

Y
Y
(-) Significant Y
(-) Significant Y
Y
Y
Y
Y
Y
Y
Y
Y

Y
Y
N
(-) not significant N
(+) significant N
(+) not significant N
ROE (+) significant Y
ROA (+) Tidak Signifikan
Tobins'Q (+) Tidak Signifikan
Y
Y
N
Y

Y
N
N
N
N
Tobins-Q (+) significant Y
Y

Y
N
N
N
N
(-) not significant Y
N
 N
N
N
N
Y

Y
N
Y
N
N
N
Y
Y

Y
N
N
N
Family firm not significant Y
Non Family firm (+) Significant
Y

Y
N
N
N
N
N

N
Y
(+) significant
N
N
N
N
Y

Y
N
Y
Y
N
 (+) significant N
(-) not significant N
(+) significant Y
N
N
Y
N
Y
N
(-) Significant N
(-) Significant N
(-) Significant N
(-) Significant Y
Y
N
N
Y

N
N
N
Y
N
N
N
N
N
N
N
Y

N
Y
Y
Y
Y
Y

N
Y
N
Y
N
Y
N
N
N
Y

N
Y
Y
N
N
N
N
N
Y
N
N
N
 Ringkasan

Pengaruh Ketekunan Komite Audit berpengaruh signifikan negatif terhadap kinerja perusahaan. Hal ini
menunjukkan bahwa ketika perusahaan memiliki jumlah pertemuan AC yang lebih tinggi dan / atau
persentase kehadiran yang lebih tinggi, hal tersebut menghasilkan kinerja perusahaan yang negatif.
Kemungkinan bahwa ketekunan AC tidak akan menghasilkan kinerja perusahaan yang positif karena latar
belakang budaya dan sosial perusahaan di Arab Saudi. Mungkin ini menunjukkan bahwa tingkat konflik
keagenan di perusahaan-perusahaan yang terdaftar di Saudi tersebar luas dan tidak dapat diatasi melalui
fungsi AC dan ketekunan. Arab Saudi memiliki ciri budaya yang khas di mana pelestarian nilai-nilai sosial
budaya menggantikan pertimbangan kepentingan finansial dan kekayaan
 According to data analysis, the negative impact of the high Audit Committee Independence on the
performance of the company’s assets contradicts the original hypothesis, according to which, the more
the number of the external independent executives in the audit committee increases, the better the
corporate performance gets, based on the ROA index. This outcome seems to question previous surveys
on the audit committee independence (Chan & Li, 2008; Kallamu & Saat, 2015), which emphasize that
increasing the independence of the audit committees, can result in better corporate performance
 In this study, we examine the good corporate governance variables impact on bank performance in
Indonesia. The variables are independent board (IB), the annual board meeting (BM), the percentage of
annual board of director meeting attendance, the annual board-executive meeting (BEM), the
percentage of annual board-executive meeting attendance, audit committee (AC), audit committee
meeting (ACM), the percentage of annual audit committee meeting attendance, risk committee (RC), risk
committee meeting (RCM), and the percentage of annual risk committee meeting attendance. The
findings reveal that independent board has a positive impact on net interest margin among the big scale
bank. However, among the small scale bank, the independent board of directors has the positive impact
on the market value, but they will have the lack of information that could obstruct the accounting based
profit of the bank. Moreover, the findings of this study also explain the important role of the board
meeting for the accounting based profitability of the bank. The audit committee also has a positive
impact on the accounting based performance as well as the market value only for the small bank. The
audit committee meeting has a positive relationship to the ROA. However, the study could not found the
positive impact of risk committee in the banking industry

The analysis demonstrates the encouraging association between family owned business and efficiency of
the firm in the developing markets like Pakistan. If family members are controlling all the operations of
the firm, they will take decisions to favor owners of the firm instead of providing favor to all
shareholders. Family owned businesses which are small and newly established there performance is very
much depending on the decisions of the family members who are managing all activities of the firm. It is
proved through different studies that management should be separate from the ownership to increase

This paper examines the relationship between ownership structure indexes on financial performance
using panel data of 73 companies that are listed on the Indian national stock exchange during a period of
2009 to 2016. Hence, there is little guidance from academic research on how considerable the potential
valuation benefits associated with good corporate governance, in fact, are upon the financial
performance in the method of fixed effect model to estimate the panel data regression. The results of
the study show that the effect of ownership structure has significant impact on company performance of
Indian Nifty 100 listed companies measured by ROA and ROE. Therefore, this study supports the
previous empirical results and adds value to financing research that explores the different aspects of the
board of director's index and ownership structure index in the Indian market by using Nifty 100 as an
example. Furthermore, this study will be more interested if all listed firms in the national stock exchange
market are included in the analysis.
 This paper examines the relationship between ownership structure indexes on financial performance
using panel data of 73 companies that are listed on the Indian national stock exchange during a period of
2009 to 2016. Hence, there is little guidance from academic research on how considerable the potential
valuation benefits associated with good corporate governance, in fact, are upon the financial
performance in the method of fixed effect model to estimate the panel data regression. The results of
the study show that the effect of ownership structure has significant impact on company performance of
Indian Nifty 100 listed companies measured by ROA and ROE. Therefore, this study supports the
previous empirical results and adds value to financing research that explores the different aspects of the
board of director's index and ownership structure index in the Indian market by using Nifty 100 as an
example. Furthermore, this study will be more interested if all listed firms in the national stock exchange
market are included in the analysis.

Institutional Ownership has no significant effect on Company Performance. So the first hypothesis in this
study was rejected. This means the higher and lower institutional ownership will not affecting company
performance

Audit committees significantly and passively influence financial performance of listed banks in Ghana.
And finally audit committees and audit fees of listed companies on the Ghana Stock Exchange are
significantly related though the relation found to be both positive and negative depending on the
variable of interest.

This research has examined the influence of corporate performance for Saudi Arabia and companies
based on audit committee size, frequency of meetings, and audit quality. According to agency theory,
companies that have good governance will show better performance than others. Employing a sample of
industrial companies listed on the Saudi Stock Exchange (Tadawul) from 2005 to 2019 (54 companies), it
has shown that companies with larger audit committees performed better, and those whose audit
committees met more often performed worse. It was also shown that companies hiring external help
from the Big Four auditing firms have shown a better level of performance.

Family firms’ performance in Indonesia is concluded to have lower compared to non-family firms’
performance by looking from its accounting profitability and market valuation. Therefore, this evidence
further confirms that family firms tend to invest high shares with lower risks and lower returns.
Furthermore, family ownerships concerns with family interest and the survival of the firms as family
firms tend to be risk averse (Rahman, 2005). The other reasonable explanation is because family firms in
Indonesia are not purely a family organization. Most family business in Indonesia is controlled under
foundation or ‘yayasan’ which easily occurs various acts of corruption and collusion.
 further confirms that family firms tend to invest high shares with lower risks and lower returns.
Furthermore, family ownerships concerns with family interest and the survival of the firms as family
firms tend to be risk averse (Rahman, 2005). The other reasonable explanation is because family firms in
Indonesia are not purely a family organization. Most family business in Indonesia is controlled under
foundation or ‘yayasan’ which easily occurs various acts of corruption and collusion.

This research examines the influence of the audit committee's characteristics on the financial
performance of manufacturing companies listed on the Indonesian
Stock Exchange in the years 2016 and 2017. The results showed that four characteristics: audit
committee independence, finance and accounting competence of audit committee, the audit committee
size, and the number of audit committee meetings positively affect company’s financial performance.
Hence, hypothesis 1, 3, and 4 are accepted since they are supported by empirical research data, whereas
hypotheses 2 is rejected since it was not proven and supported by empirical research data. These results
confirm previous literature and previous studies conducted in other jurisdictions which report that the
existence of audit committees and their characteristics are effectively able to safeguard the firm's
financial performance.
The conclusions that can be taken in this study are confirmation of the importance of the
role of control in agency theory which is measured by the board of director meetings on
company performance. This study found that the number of Board of director Meetings (BM)
will significantly improve company performance based on market value. While the attendance
level of the board of director meetings (BMA) significantly improves company performance based on
accounting ratios. Thus, the better the control carried out by the board of director the better the
performance of the company. Then, It implies to suggest the government to keep the regulation
regarding the required number of the board meeting per year and embody the required attendance of
the member of the board of director in the meeting.
In this study, we specifically investigate the family ownership-performance relation in emerging markets
and identify an underlying positive family ownership concentration performance relation that appears
generally robust to the potential moderators. Our results accord with the view that concentrated family
ownership can better monitor managers or better align majority and minority shareholder

The present study employed several. assumptions to examine the association between independent
variable and dependent. variable as discussed in the research. methodology section. The data used for
this study. comprised of 228 firms and according to the findings, a significant positive relationship
between audit committee (size and meetings) and firm performance in Jordanian listed firms.
From a theoretical point of view, the results of this study add to the relationship of ownership
concentration and performance, indicating the reductions of agency costs given the weak corporate
legal
governance in Mexico. Thus, owners may assure by these means greater control of their firms.
Return on Asset has positive and significant effects on the corporate value. This implies that higher ROA
indicates increased company performance and shareholders will benefit from the accepted dividends.
With increasing dividends accepted by shareholders, it will be the main attraction to keep investing its
shares and for potential investors to invest their shares into the company. Therefore, higher positive
investor perception to invest in the company will encourage the company growth chances

This study compares the performance of family firms and non-family firms with performance
measurement using productivity as measured by Standard Cobb-Douglas production function. This study
finds empirical evidence that the number offamily firms in Indonesia during 2011-2015 is more than
nonfamily firms with 65.97%. Moreover, this study documents that family firms more prefer tohire
professional managers than managers from family members. This study concludes that family ownership
negatively affects the firm productivity, professional managers are more productive than family
managers, and family firms will be more productive when hiring professional managers rather than
family managers.
1. Return on equity, return on assets and earnings per share have simultaneous effect on
share price of Food and Beverage companies listed on Indonesia Stock Exchange.
2. Return on equity, partially, does not have significant effect on share price of Food and
Beverage companies listed on Indonesia Stock Exchange
3. Return on assets, partially, does not have significant effect on share price of Food and
Beverage companies listed on Indonesia Stock Exchange.
4. Earnings per share, partially, have significant effect on share price of Food and
 4. Earnings per share, partially, have significant effect on share price of Food and
Beverage companies listed on Indonesia Stock Exchange.
Although this is one of only a few studies conducted in the context of an emerging economy and is the
first of its kind in the context of Pakistan, conducted with data sets combined from a variety of sources
to arrive at answers to questions raised in the literature, we acknowledge some limitations of this work.
Firstly, only firms listed on the stock exchange are included in the study, and although the study covers a
significant number of firms listed on the exchange, future researchers could aim at increasing the sample
size. Secondly, qualitative information in the form of surveys probing the question of CG (and its relation
to performance measures) at a deeper level could be attempted. It would also be interesting to
determine whether non-stockexchange-listed firms are in any way behaviourally different from listed
ones. Finally, researchers would also benefit from probing deeper as to who are the controlling
shareholders as this could potentially influence the strength and sign of the moderating effect.
Unfortunately, the nature of data and information we gathered, as well as the restricted access to more
detailed information on that direction, did not allow us to go beyond the already suggested hypotheses
This study also reveals that the active familyandinvolvement
assumptions.in management is positively related to firm
accounting performance. However, while having a family CEO has no significant effect on market
performance, having a family chairman reduces market value. Hence, if accounting profitability is used
as a performance indicator the last hypothesis, which predicted that family management increases firm
performance, is confirmed; however, if market value is considered, the last hypothesis is partially
rejected. In Turkey, active family management is beneficial since it reduces monitoring costs (Liu et al.,
2010; Jiang and Peng, 2011; Luo and Chung, 2012) and promotes the development of relational
contracting with external parties (Bertrand andSchoar, 2006; Miller et al., 2009; Peng and Jiang, 2010;
Gedajlovic et al., 2012). On the otherhand, the increased profitability does not translate into higher
market performance. When familyowners occupy chairman positions, their abilities to affect managerial
decisions rise (Luo andChung, 2012). Especially, in low-developed institutional environment, the lack of
effective external control mechanism may incline investors to anticipate that the existence of a family
chairman will destroy firm future performance since family chairman is more apt to take decisions
primarily driven by the maximization of socioemotional endowments rather than the maximization of
market value (Berrone, Cruz and Gomez-Mejia, 2012). Additionally, no association between family CEO
and firm market performance may demonstrate that investors interpret family CEO neither harmful nor
beneficial for family firm’s future performance.

Companies with family ownership are proven to have good firm performance, but implementing good
corporate governance (GCG) can weaken firm performance; it also tends to use small debts in
determining their capital structure. The existence of a GCG will increase firm performance, but the
determination of capital structure is not influenced by the mechanism of GCG in the company. However,
It can be concluded from the insignificant effect of the three AC characteristics on firm’s profitability and
the significant negative effect of the fourth one that insurance listed companies in Bahrain may comply
with the CGC requirements merely to avoid any possible disciplinary actions. Meeting just the basic
minimum standards of effectiveness does not ensure audit committees' efficiency in enhancing financial
performance. Other factors such as the quality of discussions during meetings, the commitment of audit
committee members, and the organisational environment mighthave a significant influence on the audit
committee's performance. These issues have not beenaddressed as they require a different research
design.

Observed variables: the ratio of short-term debt to total liabilities (CS1) of the capital structure factor
negatively affects (–) on ROA, ROE. The observed variable debt to
total assets ratio (CS2) of the capital structure factor have an opposite effect (–) to ROA. (i) According to
the capital structure theory, the debt ratio increases the profitability of the firm because of the benefit
fro m tax shield. However, the debt ratio has a two-sided impact. Debt is a lever for firms to increase
revenue, thereby increasing profits. At the same time, if the use of debt is not effective, it will easily push
the firm to the edge of bankruptcy. The above research results show that firms in the F&B industry use
debt ineffectively, the benefits obtained from borrowing cannot compensate for the costs arising from
debts. (ii) One of the reasons for the ineffective use of debt comes from the enterprises themselves who
still depend on debt. In addition, fluctuating inflation has a great influence on interest rates and debt
repayment of firms. In the period 2015–2019, although the economytends to stabilize, the F&B market
 relationship with firm performance if measured by ROA. Conversely, ownership concentration in family
firms has a significant positive relationship with Tobin’s Q. There is a strong relationship between
performance and managerial ownership in family firms whether performance is measured as ROA or

Main results from the regression model show Internet financial reporting is
positively significantly related to board of director competence, board of director
meeting and audit committee competence. However, the negative effect of board of
director size on the internet financial reporting, The result supports the institutional
theory mentioning that organizations should follow the rules.

the relation between the characteristics of the firm performance. The results show that the
characteristics of the AC combined have an effect on the performance of Jordanian manufacturing
companies indexed to the ASE. The results of the study indicated that the effectiveness of the AC could
increase further if the characteristics of the committee were studied together. The results of this study
also indicated that FO as a moderate variable has an effect on the relation between the characteristics of
the AC combined and the performance of manufacturing companies, where FO contributes to the
improvement
performanceofforcompanies'
the ratio toperformance. Thefor
be a valid proxy results of this
a firm’s study areopportunities.
investment beneficial to all stakeholders,
Prior as it
literature has
not examined this linkage between the Tobin’s q ratio and future firm performance. Using a sample of
publicly traded US firms, this paper examines the relationship and finds that higher Tobin’s q ratio is
related to higher future operating performance for the sample firms. It is pertinent to note that this
the
paperpossibility of profit management
uses a relatively practices
simple proxy for and audit
the Tobin’s procedures.
q ratio. Although Even
prior though
researchthe supervision
indicates by the
otherwise,
audit committee is not effective, the auditor does not include the risk over CEO turnover in giving audit
cost. The implication for auditor is the auditor should accept klien with high ROA and Total Aset because
it must have high-risk and high probability of earning management, so it results higher audit fees.
Company management does not need to worry about CEO turnover and the number of audit committee
meeting. They will not influence the audit fees. In fact, ROA and total assets of the company are the
factor of the changes in audit fees. The limitation which appears while conducting the research is the

The research results showed thay independent commissioner, board of director, public and institutional
ownership has significant influence on non-financial firm value listed in Indonesia Stock Exchange period
2008 to 2018, while the managerial, family ownership and board of commissioner have no significant
influence on firm value. Therefore the firm has to determine the proportion of board structure especially
for the number of (i) director, (ii) independent commissioner, and (ii) ownership structure such as public
and institutional ownership, firm need to properly consider the decisions related to increasing or
decreasing the size of director or the decision to change the percentage of ownership (public
andinstitutional), because every decision will give different effect on firm value. The research limitations
are: (i) consider to use of a l l Indonesian firm listed in the Indonesian Stock Exchange. (ii) consider to use
moderating variables, example government regulation, the condition of macro economy, to assess the
influence of corporate governance on firm value

Thirdly, the ownership characteristics do matter. Having domestic owners is not a disadvantage, as only
companies with controlling shareholders from Anglo-Saxon countries perform better. Other jurisdictions
of parents lead either to comparable (e.g. old EU members, Asia) or even worse (e.g. new EU members,
post-Soviet bloc) performance comparedto tothe relativeownership. Similarly, family firms perform
domestic
importance of scale decisions versus cost discipline of firms, their declining performance (in terms of
under-investments) is found to be either bearing no impact or inflating Tobin’s Q with high statistical
significance. The later type of findings brings into limelight the importance of poor scale decisions in
explaining the higher values of Tobin’s Q. These findings commensurate with those of Dybvig and
Warachka (2015), however, less evidently found in other studies on the similar line of research. Hence,
evidence
declining our proposed research that largerscale
hypothesis, and efficiency,
more independent
reflectedaudit
in firm’s managerial decisions,
committees as well as those with a financial expert are more likely to seek a higher level of audit
coverage and assurance. There is also evidence that more
independent audit committees are associated with the purchase of lower levels of non-audit services
from auditors thereby seeking to preserve the independence of the audit process. There seems a
consensus that more independent audit committees and those with greater accounting/financial
 This study is set out to provide a conceptual framework that link audit committee as a moderator
between corporate governance and financial performance following to the extent theories and
suggestion from the literature. Hypotheses were developed based on the empirical review of past
studies in the accounting, management and finance literature. Therefore, it would be more interesting
for the future researcher to pay more emphasis empirically on the relationships between corporate
governance and financial performance as contingent on audit committee as contained in the conceptual
model developed
audit committee decreases with overloaded agendasinand
thisactivities
study. on compliance, lowering a firm's
efficiency, and it might have an impact on the company's financial performance. The independence of
the audit committee does not affect the return on assets, the structure of the independent audit
No Tahun Author

1 2018 Ahmed Maqsad Mohammed

2 2020 Martha Coleman & Mengyun Wu

Bahaa Hussein Mohammed Hakeem Hamood Flayyih, Yassir

3 2019
Mohammed & Hussein Qusay Abbood

Gholamreza Zandi, Jaspal Singh, Shafi Mohamad & Syed

4 2020
Ehsanullah

5 2017 Abed Al-Nasser Abdallah & Ahmad K. Ismail

5 2017 Abed Al-Nasser Abdallah & Ahmad K. Ismail

6 2015 Mohammed Al-Ghamdi & Mark Rhodes

7 2015 Marinko ŠKARE & Tea HASIC

Siri Terjesen , Eduardo Barbosa Couto &

8 2015
Paulo Morais Francisco

9 2017 Peter Agyemang-Mintah & Hannu Schadewitz

10 2017 Mahdi Salehi, Mohammad Tahervafaei & Hossein Tarighi

 Haiyan Zhou, Stephen Owusu-Ansah, Anastasia
11 2018
Maggina
 Judul Nama Jurnal, Vol, Edisi

Academy of Accounting and

THE IMPACT OF AUDIT COMMITTEE
Financial Studies Journal
CHARACTERISTICS ON FIRM PERFORMANCE:
Volume 22, Issue 5, 2018
EVIDENCE FROM JORDAN
1 1528-

Corporate governance mechanisms International Journal of

and corporate performance of Productivity and Performance
firms in Nigeria and Ghana Management

The Effect of Audit committee Characteristics Journal of Engineering and

and Firm Financial Performance : An Applied Sciences 14 (14): 4919-
Empirical Study on Listed Companies 4926

International Journal of
Ownership Structure and Firm Performance Financial Research Vol. 11, No.
2; 2020

Corporate Governance Practices, Ownership Journal of International

Structure, and Corporate Financial Markets Institutions
Performance in the GCC Countries and Money · January 2017
 Structure, and Corporate
Performance in the GCC Countries
Family Ownership, Corporate Governance
and Performance:
Evidence from Saudi Arabia
CORPORATE GOVERNANCE, FIRM
PERFORMANCE,
AND ECONOMIC GROWTH – THEORETICAL
ANALYSIS
Does the presence of independent and
female directors
impact firm performance? A multi-country
study
of board diversity
Audit Committee Adoption and Firm Value:
Evidence
from UK Financial Institutions
The effect of characteristics of
audit committee and board on
corporate profitability in Iran
Financial Markets Institutions
and Money · January 2017
International Journal of
Economics and Finance; Vol. 7,
No. 2; 2015
Journal of Business Economics
and Management 2016 Volume
17(1): 35–51
Springer Science+Business
Media New York 2015
International Journal of
Accounting & Information
Management Volume 26, Issue
3, 2018, ISSN:1834-7649,
Emerald publication
Journal of Economic and
Administrative Sciences
 Administrative Sciences
corporate profitability in Iran

Board of Directors, Audit Committee, and Journal of International

Firm Accounting, Auditing and
Performance: Evidence from Greece Taxation
 Tujuan Penelitian (ambil dari abstrak)

The prime objective of the current study is to explore the impact of audit committee characteristics
on firm performance.

This study investigates the impact of corporate governance (CG) mechanisms with inclusion of
compliance and diligence index on corporate performance (CP) of firms in Nigeria and Ghana. It
further
examines the moderating effect of financial distress on the relationship between CG and CP.

The study investigated the effect of audit committee characteristics on the performance of firm
listed In the iraqi stock exchange

This study implies that diffuse ownership structure negatively affects firm performance. Our study
based on empirical evidence found that the ownership structure (the outsider and the insider i.e.
managerial ownership) favorably increase the firm performance.

This study is motivated by highly concentrated ownership, the relatively large government stake in
listed firms in the GCC (Gulf Cooperative Council) region, and the rapid stock market development
and developing investor protection environment.
listed firms in the GCC (Gulf Cooperative Council) region, and the rapid stock market development
and developing investor protection environment.

The main objective of this study is to examine the performance of companies listed in the Saudi
Stock Exchange

This paper offers a consistent literature review assessing the nexus

between corporate performance and economic growth. Individual and cross-country studies
show corporate governance in majority of the cases positively affects firms performance and in
turn nations’ economic growth

This study empirically analyzes whether gender diversity enhances

boards of directors’ independence and efficiency.

This study examines the impact of audit committee (AC) adoption on the financial
value of financial institutions in the UK and also examines the impact of the establishment of
an audit committee on firm value during the pre/post global financial crisis era.

The purpose of this paper is to evaluate the relationship between the characteristics of the
audit committee and the board and profitability among the companies listed on the Tehran Stock
Exchange
(TSE) in Iran
 Exchange
(TSE) in Iran

This paper investigates whether the characteristics of boards of directors and audit
committees and the formation of the latter are associated with firm performance. Agency theory
suggests that well-governed firms perform relatively better than their poorly-governed
counterparts. However, resource dependency theory suggests that a board with more insider
directors could have more expertise on how to better operate the firm, thus contributing to better
firm performance. Using a sample of firms publicly traded on the Athens Stock Exchange during
2008-2012, we find that those having large-sized boards performed better, but firms having more
independent board members performed poorly. We also find that firms with small-sized boards
and those with boards having more independent members are more likely to form audit
committees, but we failed to find any association between audit committee characteristics and firm
performance. In addition, we do not find a negative relation between board independence and
future firm performance. These findings suggest that boards of Greek firms take more active role
in advising than monitoring. These findings have implications for policymakers, researchers,
corporate managers, and investors, in general, and particularly, those in emerging markets.
 Variable Type
Firm Performance Dependent
-Tobin's Q Dependent
non-executive director member in audit committee Independent
The financial experts of a non-executive director Independent
Audit Committee members Independent
Firm Performance Dependent
-ROE Dependent
-Tobin's Q Dependent
-ROA Dependent
Board structure Independent
Board procedure Independent
Board disclosure Independent
Board compliance and diligence Independent
Ownership structure shareholders right Independent
Size Control
Leverage Control
Age Control
Capital Expenditure Control
Cash flow Control
Growth Control
Policy Uncertainty Control
Corruption rating Control

Firm Performance Dependent

-ROA Dependent
Audit Committee Existence Independent
AC Independence Independent
Audit committee knowledge Independent

Firm Performance Dependent

- Tobin's Q Dependent
Ownership Structure Independent
Firm Size Control
Annual Accounting profit rate Control
Debt Control

Firm Performance Dependent

-ROE Dependent
-Tobin's Q Dependent
-ROA Dependent
Level of Corporate governance Independent
Leverage Control
FCF Control
 CAPEX Control

Firm Performance Dependent

-Tobin's Q Dependent
-ROA Dependent
ownership concentration Independent
Managers ownership Independent

Firm Performance Dependent

-Tobin's Q Dependent
-ROE Dependent
Corporate governance index Independent
entrenchment
index Independent

Firm Performance Dependent

-Tobin's Q Dependent
-ROA Dependent
percentage of independent directors Independent
percentage of female directors Independent
board size Control
number of board meetings Control
CEO/chair Control
duality

Firm Performance Dependent

-Tobin's Q Dependent
existence of an Independent
audit committee
growth Control
capitl structure Control
firm size Control
big 4 Control
industry Control

Profitability Dependent

Expertise Independent
AC-Size Independent
Board Size Independent
Board Independence Independent
CEO/chair
Independent

Institutional Ownerships Independent

Log-mve Control
Leverage Control
 Issuance Control
BM Control
ROA Control

Firm Performance Dependent

- ROA Dependent
Firm Size Independent
Leverage Independent
Big 4 Independent
Result Key Keterangan
Y
Y
N
N
N
Y

Y
Y
N
N
N
N
N
N

N
N
N
N
N
Y

N
N
N
N
Y

Y
N
Y
N
N
Y

Y
Y
N
N
N
N
 N
Y

Y
N
N
N
Y

Y
Y
N
N

Y
N
N
N
N
N
N

Y
N

N
N
Y
Y

N
(-) not significant Y
N
N
N

N
N
N
N
N
N
Y

N
Y
N
Y
Ringkasan