Adi Kurniawan Yusup, Muslichah Muslichah, Cicilia Erna Susilawati
We examine the effect of corporate governance mechanisms of debt, dividend, board size, and board independence on Indonesian companies long-term performance. There are 451 non-financial companies (3,831 firm-year observations) in Indonesia from 2010–2019 used as samples and analysed using panel data analysis techniques. We use family firms as moderating variables. In addition, this study also uses a new measurement of long-term performance by considering the return and risk aspects in its measurement. The result suggests that dividends are a corporate governance mechanism that can improve long-term performance. On the other hand, board size has negative association with long-term performance. Interestingly, family plays a role as a steward in Indonesia’s companies. Family firms can strengthen the effect of dividends and board size to increase long-term performance. Various robustness tests were carried out, and the results were consistent with previous tests. Copyright © 2025 Inderscience Enterprises Ltd.
School of Business and Management, Ciputra University, Surabaya, Indonesia; Accounting Department, Malangkucecwara Institute of Economic Science, Malang, Indonesia; School of Business and Management, Widya Mandala Catholic University, Surabaya, Indonesia