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The Effect of Non-Executive Directors and Institutional Ownership on Firm Size: The Role of Audit Committee as a Moderating Variable

Accounting Analysis Journal · Vol. 14 No. 1 (2025) · hlm. 56–67

DOI
10.15294/aaj.v14i1.22553
ISSN
2502-6216, 2252-6765
Terbit
2025-08-05
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

Purpose: The study explores the influence of non-executive directors (NED) and institutional ownership on firm size. Additionally, it examines the role of the audit committee as a moderating variable. Method: The research uses data from the annual reports on the Indonesia Stock Exchange (IDX). The research focuses on the banking industry from 2019 to 2023 with 105 units of analysis. The study employs moderated regression analysis (MRA) to assess the relationship among the variables. Findings: The results indicate that non-executive directors and institutional ownership have a negative effect on firm size. In addition, the audit committee significantly contributes to moderating the relationship between non-executive directors (NED), institutional ownership, and firm size. This study contributes to companies where the audit committee can mitigate the adverse effects of corporate governance and reinforce governance structures to promote firm growth. Novelty: As far as the researcher’s knowledge, this is the first research that examines the role of the audit committee as a moderating variable on the framework of the relationship between non-executive directors, institutional ownership, and firm size.

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  • Muhammadiyah University of Surakarta
  • Bandung Islamic University
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Trisni SuryariniAfiliasi tidak diketahui3
Dhini SuryandariAfiliasi tidak diketahui3
Anwar ZahidAfiliasi tidak diketahui3
Eko SugiartoAfiliasi tidak diketahui2
Arif FiyantoAfiliasi tidak diketahui2
Dwi NurkholisohAfiliasi tidak diketahui1
Kemal Budi MulyonoAfiliasi tidak diketahui1
Muh Fakhrihun NaamAfiliasi tidak diketahui1
Bangkit SanjayaAfiliasi tidak diketahui1
Achmad ZairinAfiliasi tidak diketahui1
Anung GunartoAfiliasi tidak diketahui1
Muhammad Rijalul Azka ArifinAfiliasi tidak diketahui1
M AkmalAfiliasi tidak diketahui1
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Linda AgustinaAfiliasi tidak diketahui1
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Monita Bayu IslamiatunAfiliasi tidak diketahui1
SuntariAfiliasi tidak diketahui1
Sara R BasherAfiliasi tidak diketahui1
Sukirman SukirmanMuhammadiyah University of Surakarta1
Siti Nurul FaizahAfiliasi tidak diketahui1
Abdul RohmanBandung Islamic University1
Rustam HanafiAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/aaj/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">The Effect of Non-Executive Directors and Institutional Ownership on Firm Size: The Role of Audit Committee as a Moderating Variable</dc:title>
	<dc:creator xml:lang="en">Hidayah, Retnoningrum</dc:creator>
	<dc:creator xml:lang="en">Ratmono, Dwi</dc:creator>
	<dc:subject xml:lang="en">Firm Size</dc:subject>
	<dc:subject xml:lang="en">Non-Executive Director</dc:subject>
	<dc:subject xml:lang="en"> Institutional Ownership</dc:subject>
	<dc:subject xml:lang="en">Audit Committee</dc:subject>
	<dc:description xml:lang="en">Purpose: The study explores the influence of non-executive directors (NED) and institutional ownership on firm size. Additionally, it examines the role of the audit committee as a moderating variable.
Method: The research uses data from the annual reports on the Indonesia Stock Exchange (IDX). The research focuses on the banking industry from 2019 to 2023 with 105 units of analysis. The study employs moderated regression analysis (MRA) to assess the relationship among the variables.
Findings: The results indicate that non-executive directors and institutional ownership have a negative effect on firm size. In addition, the audit committee significantly contributes to moderating the relationship between non-executive directors (NED), institutional ownership, and firm size. This study contributes to companies where the audit committee can mitigate the adverse effects of corporate governance and reinforce governance structures to promote firm growth.
Novelty: As far as the researcher’s knowledge, this is the first research that examines the role of the audit committee as a moderating variable on the framework of the relationship between non-executive directors, institutional ownership, and firm size.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-08-05</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/aaj/article/view/22553</dc:identifier>
	<dc:identifier>10.15294/aaj.v14i1.22553</dc:identifier>
	<dc:source xml:lang="en">Accounting Analysis Journal; Vol. 14 No. 1 (2025); 56-67</dc:source>
	<dc:source>2502-6216</dc:source>
	<dc:source>2252-6765</dc:source>
	<dc:source>10.15294/aaj.v14i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/aaj/article/view/22553/5569</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Accounting Analysis Journal</dc:rights>
</oai_dc:dc>