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Ex-Military Commissioners and Firm Performance: The Case of Indonesia Manufacturing Companies

Gadjah Mada International Journal of Business (GamaIJB) · Vol. 27 No. 1 (2025) · pp. 1–29

DOI
10.22146/gamaijb.82302
ISSN
2338-7238, 1411-1128
Published
2025-01-02
Publisher
Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

This investigation relates to the new corporate governance (CG) suggestions that using ex-military commissioners can lead to better firm performance. Quantitative analysis was used to analyze the sample of manufacturing sector public companies. The data comprised 906 firm-years (from 2016 to 2021). This study shows that companies whose CG practices involve employing ex-military officers exhibit high firm performance levels. This study emphasizes the value of using a configurational analytical approach to explore firm jointly- and country-specific CG practices that engage firms to achieve the necessary level of performance. The current study calls policymakers’ attention to evalu- ating the current state of regulatory and competitive development in their countries and establishing policies in line with that assessment. The methodology provides connec- tions between firm performance and CG with retired military commissioners. This study broadens the focus of CG studies to provide effective solutions for practitioners, especially Indonesian manufacturing firms. It also highlights the importance of ex-military commis- sioners in a particular company sector and CG procedures specific to a particular nation. It encourages enterprises to reach the desired level of performance. The research impli- cation relates to good governance in board diversity using ex-military as independent commissioners for supervisory roles.

Keywords

Collaboration network of the authors

3 authors · 2 co-authorship links · 1 across different organisations

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  • University of Surabaya
  • Universitas Airlangga
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles
Made Aditya BudastraAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.ugm.ac.id/gamaijb/oai, first harvested 28 Oct 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Ex-Military Commissioners and Firm Performance: The Case of Indonesia Manufacturing Companies</dc:title>
	<dc:creator>Natalia, Irene</dc:creator>
	<dc:creator>Isnalita, Isnalita</dc:creator>
	<dc:subject xml:lang="en-US">Business; Management; Accounting</dc:subject>
	<dc:subject xml:lang="en-US">Ex-military commissioners, corporate governance, politically connected firm, performance.</dc:subject>
	<dc:subject xml:lang="en-US">G30, G34, J60</dc:subject>
	<dc:description xml:lang="en-US">This investigation relates to the new corporate governance (CG) suggestions that using ex-military commissioners can lead to better firm performance. Quantitative analysis was used to analyze the sample of manufacturing sector public companies. The data comprised 906 firm-years (from 2016 to 2021). This study shows that companies whose CG practices involve employing ex-military officers exhibit high firm performance levels. This study emphasizes the value of using a configurational analytical approach to explore firm jointly- and country-specific CG practices that engage firms to achieve the necessary level of performance. The current study calls policymakers’ attention to evalu- ating the current state of regulatory and competitive development in their countries and establishing policies in line with that assessment. The methodology provides connec- tions between firm performance and CG with retired military commissioners. This study broadens the focus of CG studies to provide effective solutions for practitioners, especially Indonesian manufacturing firms. It also highlights the importance of ex-military commis- sioners in a particular company sector and CG procedures specific to a particular nation. It encourages enterprises to reach the desired level of performance. The research impli- cation relates to good governance in board diversity using ex-military as independent commissioners for supervisory roles.</dc:description>
	<dc:publisher xml:lang="en-US">Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada</dc:publisher>
	<dc:contributor xml:lang="en-US"></dc:contributor>
	<dc:date>2025-01-02</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
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	<dc:identifier>https://journal.ugm.ac.id/gamaijb/article/view/82302</dc:identifier>
	<dc:identifier>10.22146/gamaijb.82302</dc:identifier>
	<dc:source xml:lang="en-US">Gadjah Mada International Journal of Business; Vol 27, No 1 (2025): January - April; 1-29</dc:source>
	<dc:source>2338-7238</dc:source>
	<dc:source>1411-1128</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.ugm.ac.id/gamaijb/article/view/82302/40851</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 Gadjah Mada International Journal of Business</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
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