Systematic Literature Review and Research Agenda of Corporate Governance in Indonesia

Abstract

This study aims to provide a comprehensive overview from various studies in the scope of corporate governance in the Indonesian market using systematic literature review method. This study provide insights about Indonesian corporate governance studies phases, identify gaps, and suggest outlines for future agenda research. There are 37 studies include in this systematic literature review study. The study used after doing an assessment of the quality, based on predetermined criteria. Furthermore, the studies used will be extracted to collect the methodology, theories, characteristics, and results of the research. From this study, we can conclude that in general, Indonesian good corporate governance led companies to improve its financial performance positively. Even the corporate governance code also encourages companies to produce voluntary disclosures in various fields. From this review, a conclusion can be drawn from the research which mentions the results that contradict with the theories and the general results of the research. The gaps in the results are caused by the differences in methodologies, sample, and study period. Further, this condition can be explained by the presence of moderating variables in the form of Indonesia's political and economic conditions.