CEO Overconfidence dan CEO Power terhadap Sustainability Performance: Peran Moderasi Dewan Independen

https://doi.org/10.35912/sakman.v4i2.4045
Published: Jan 7, 2025

Abstract:

Purpose: This study looks at how CEO overconfidence and power impact business sustainability performance while taking the independent board's moderating function into account.

Methodology: Using multiple regression approaches, the study method examines the association between the variables by analyzing secondary data from public businesses listed on the Indonesia Stock Exchange (IDX) and sustainability reports released between 2018 and 2022.

Results: The analysis's findings demonstrate that CEO power and overconfidence significantly impact corporate sustainability performance, and that an independent board's function cannot mitigate this relationship. This could imply that although independent boards serve as checks and balances, they might not have as much authority to affect or counteract choices made by a CEO who is extremely self-assured and influential.

Conclusions: The individual attributes of a CEO, such as overconfidence and power, play a significant role in determining a company's sustainability performance.

Limitations: This study faces several limitations, including reliance on secondary data sourced from the company's annual reports, a restricted range of analyzed variables, and the application of multiple linear regression analysis, which may not fully account for the intricate relationships between variables.

Contributions: This research contributes to the advancement of corporate governance theory and practice in the context of sustainability.

Keywords:
1. Sustainability Performance
2. CEO Power
3. CEO Overconfidence
4. Independent Board
Authors:
1 . Mariska Ramadana
2 . Serena Phang
3 . Ria Karina
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How to Cite
Ramadana, M., Phang, S., & Karina, R. (2025). CEO Overconfidence dan CEO Power terhadap Sustainability Performance: Peran Moderasi Dewan Independen. Studi Akuntansi, Keuangan, Dan Manajemen, 4(2), 405–417. https://doi.org/10.35912/sakman.v4i2.4045
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Issue & Section
Vol. 4 No. 2 (2025): Januari
Articles
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References

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    Al-Shammari, M., Al-Shammari, H., Banerjee, S. N., & Doty, D. H. (2022). The Effect of Chief Executive Officer and Board Prior Corporate Social Responsibility Experiences on Their Focal Firm’s Corporate Social Responsibility: The Moderating Effect of Chief Executive Officer Overconfidence. Frontiers in Psychology, 13. doi:https://doi.org/10.3389/fpsyg.2022.891331

    Alie, M. S., Fitri, E. R., Desmon, D., Nasir, M., & Meidasari, E. (2024). The Influence of Good Corporate Governance on the Financial Performance of State-Owned Enterprises Listed on the Indonesia Stock Exchange. Journal of Multidisciplinary Academic Business Studies, 2(1), 97-110. doi:https://doi.org/10.35912/jomabs.v2i1.2507

    Amosh, H. A., & Khatib, S. F. (2022). Ownership Structure and Environmental, Social and Governance Performance Disclosure: the Moderating Role of the Board Independence. Journal of Business and Socio-Economic Development, 2(1), 49-66. doi:https://doi.org/10.1108/jbsed-07-2021-0094

    Berns, K. V. D., & Klarner, P. (2017). A Review of the CEO Succession Literature and a Future Research Program. Academy of Management Perspectives, 31(2), 83-108. doi:https://doi.org/10.5465/amp.2015.0183

    Candy, & Delfina. (2023). CEO Narcissism and CEO Overconfidence on Firm Performance: The Role of Capital Structure as Mediating Variable. Jurnal Keuangan dan Perbankan, 27(2), 220-230. doi:https://doi.org/10.26905/jkdp.v27i2.9767

    Chebbi, K., & Ammer, M. A. (2022). Board Composition and ESG Disclosure in Saudi Arabia: The Moderating Role of Corporate Governance Reforms. Sustainability, 14(19), 1-25. doi:https://doi.org/10.3390/su141912173

    Chen, S.-H., & Huang, Y.-C. (2024). The Effects of ESG Management on Process Innovation: The Case of Cement Industry. Annals of Management and Organization Research, 6(2), 167-179. doi:https://doi.org/10.35912/amor.v6i2.2031

    Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship Between CSR and Financial Performance. Sustainability, 11(2), 1-26. doi:https://doi.org/10.3390/su11020343

    Chyz, J. A., Gaertner, F. B., Kausar, A., & Watson, L. (2019). Overconfidence and Corporate Tax Policy. Review of Accounting Studies, 24(3), 1114-1145. doi:https://doi.org/10.2139/ssrn.2408236

    Disli, M., Yilmaz, M. K., & Mohamed, F. F. M. (2022). Board Characteristics and Sustainability Performance: Empirical Evidence from Emerging Markets. Sustainability Accounting, Management and Policy Journal, 13(4), 929-952. doi:https://doi.org/10.1108/sampj-09-2020-0313

    Essen, M. V., Otten, J., & Carberry, E. J. (2015). Assessing Managerial Power Theory: A Meta-Analytic Approach to Understanding the Determinants of CEO Compensation. Journal of management, 41(1), 164-202. doi:https://doi.org/10.1177/0149206311429378

    Francoeur, C., Lakhal, F., Gaaya, S., & Saad, I. B. (2021). How do Powerful CEOs Influence Corporate Environmental Performance?. Economic Modelling, 94, 121-129. doi:https://doi.org/10.1016/j.econmod.2020.09.024

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    Itan, I., Laudeciska, L., Karjantoro, H., & Chen, R. (2023). Corporate Governance and Environmental Disclosure: Assessing The Role of Environmental Performance. Riset Akuntansi dan Keuangan Indonesia, 8(2), 132-144. doi:https://doi.org/10.23917/reaksi.v8i2.2457

    Jiang, Y., Zhang, L., & Tarbert, H. (2022). Does Top Management Team Media Exposure Affect Corporate Social Responsibility?. Frontiers in Psychology, 13. doi:https://doi.org/10.3389/fpsyg.2022.827346

    Karim, S., Manab, N. A., & Ismail, R. B. (2023). Assessing the Governance Mechanisms, Corporate Social Responsibility and Performance: The Moderating Effect of Board Independence. Global Business Review, 24(3), 550-562. doi:https://doi.org/10.1177/0972150920917773

    Kouaib, A., Bouzouitina, A., & Jarboui, A. (2022). CEO Behavior and Sustainability Performance: The Moderating Role of Corporate Governance. Property Management, 40(1), 1-16. doi:https://doi.org/10.1108/PM-01-2021-0009

    Lee, A. X., & Hooy, C.-W. (2024). CEO Power and ESG Performance: The Mediating Role of Managerial Risk-Taking. Institutions and Economies, 16(2), 57-82. doi:https://doi.org/10.22452/IJIE.vol16no2.3

    Lee, W. S., Sun, K. A., & Moon, J. (2018). Application of Upper Echelon Theory for Corporate Social Responsibility Dimensions: Evidence from the Restaurant Industry. Journal of Quality Assurance in Hospitality & Tourism, 19(3), 387-414. doi:https://doi.org/10.1080/1528008X.2017.1421492

    Lin, R., Li, F., & Olawoyin, A. (2020). CEO Overconfidence and Firm Internationalization: The Moderating Role of Experience and Managerial Discretion. Nankai Business Review International, 11(4), 597-616. doi:https://doi.org/10.1108/NBRI-08-2019-0037

    Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder Theory. Journal of Business Research, 166, 1-16. doi:https://doi.org/10.1016/j.jbusres.2023.114104

    Orajekwe, J. C., & Ogbodo, O. C. (2023). Firm-Specific Characteristics and Environmental Disclosure of Energy Firms in Sub-Saharan Africa. International Journal of Financial, Accounting, and Management, 5(2), 251-264. doi:https://doi.org/10.35912/ijfam.v5i2.1601

    Park, J., & Chung, C. Y. (2016). CEO Overconfidence, Leadership Ethics, and Institutional Investors. Sustainability, 9(1), 1-28. doi:https://doi.org/10.3390/su9010014

    Phua, K., Tham, T. M., & Wei, C. (2018). Are Overconfident CEOs Better Leaders? Evidence from Stakeholder Commitments. Journal of Financial Economics, 127(3), 519-545. doi:https://doi.org/10.1016/j.jfineco.2017.12.008

    Pucheta-Martinez, M. C., & Gallego-Alvarez, I. (2021). The Role of CEO Power on CSR Reporting: The Moderating Effect of Linking CEO Compensation to Shareholder Return. Sustainability, 13(6), 1-19. doi:https://doi.org/10.3390/su13063197

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    Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, Social and Governance) Performance and Board Gender Diversity: The Moderating Role of CEO Duality. Sustainability, 12(21), 1-16. doi:https://doi.org/10.3390/su12219298

    Saidat, Z., Bani-Khalid, T. O., Al-Haddad, L., & Marashdeh, Z. (2020). Does Family CEO Enhance Corporate Performance? The case of Jordan. Economics & Sociology, 13(2), 43-52. doi:https://doi.org/10.14254/2071-789x.2020/13-2/3

    Saini, D., & Singh, B. (2023). CEO Confidence and Firm Performance: Exploring the Moderating Role of Board Independence. Managerial Finance, 49(6), 975-991. doi:https://doi.org/10.1108/MF-07-2022-0354

    Sanchez-Marin, G., Lozano-Reina, G., Baixauli-Soler, J. S., & Lucas-Perez, M. E. (2017). Say on Pay Effectiveness, Corporate Governance Mechanisms, and Ceo Compensation Alignment. BRQ (Business Research Quarterly), 20(4), 226-239. doi:https://doi.org/10.1016/j.brq.2017.07.001

    Sarfraz, M., Ozturk, I., Shah, S. G. M., & Maqbool, A. (2020). Contemplating the Impact of the Moderators Agency Cost and Number of Supervisors on Corporate Sustainability Under the Aegis of a Cognitive CEO. Frontiers in Psychology, 11, 1-9. doi:https://doi.org/10.3389/fpsyg.2020.00965

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    Taha, R., Al-Omush, A., & Al-Nimer, M. (2023). Corporate Sustainability Performance and Profitability: The Moderating Role of Liquidity and Stock Price Volatility-Evidence from Jordan. Cogent Business & Management, 10(1), 1-17. doi:https://doi.org/10.1080/23311975.2022.2162685

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    Velte, P. (2020). Does CEO Power Moderate the Link Between ESG Performance and Financial Performance? A Focus on the German Two-Tier System. Management Research Review, 43(5), 497-520. doi:https://doi.org/10.1108/MRR-04-2019-0182

    Villanueva-Villar, M., Rivo-Lopez, E., & Lago-Penas, S. (2016). On the Relationship Between Corporate Governance and Value Creation in an Economic Crisis: Empirical Evidence for the Spanish Case. BRQ (Business Research Quarterly), 19(4), 233-245. doi:https://doi.org/10.1016/j.brq.2016.06.002

    Walls, J. L., & Berrone, P. (2017). The Power of One to Make a Difference: How Informal and Formal CEO Power Affect Environmental Sustainability. Journal of Business Ethics, 145(2), 293-308. doi:https://doi.org/10.1007/s10551-015-2902-z

    Wang, D. (2021). Executive Overconfidence and Green Innovation. E3S Web of Conferences, 275, 1-4. doi:https://doi.org/10.1051/e3sconf/202127502053

    Winschel, J., & Stawinoga, M. (2019). Determinants and Effects of Sustainable CEO Compensation: A Structured Literature Review of Empirical Evidence. Management Review Quarterly, 69(3), 265-328. doi:https://doi.org/10.1007/s11301-019-00154-9

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  1. Aabo, T., Hvistendahl, N. T., & Kring, J. (2021). Corporate risk: CEO Overconfidence and Incentive Compensation. Managerial Finance, 47(2), 244-265. doi:https://doi.org/10.1108/MF-05-2020-0278
  2. Al-Shammari, M., Al-Shammari, H., Banerjee, S. N., & Doty, D. H. (2022). The Effect of Chief Executive Officer and Board Prior Corporate Social Responsibility Experiences on Their Focal Firm’s Corporate Social Responsibility: The Moderating Effect of Chief Executive Officer Overconfidence. Frontiers in Psychology, 13. doi:https://doi.org/10.3389/fpsyg.2022.891331
  3. Alie, M. S., Fitri, E. R., Desmon, D., Nasir, M., & Meidasari, E. (2024). The Influence of Good Corporate Governance on the Financial Performance of State-Owned Enterprises Listed on the Indonesia Stock Exchange. Journal of Multidisciplinary Academic Business Studies, 2(1), 97-110. doi:https://doi.org/10.35912/jomabs.v2i1.2507
  4. Amosh, H. A., & Khatib, S. F. (2022). Ownership Structure and Environmental, Social and Governance Performance Disclosure: the Moderating Role of the Board Independence. Journal of Business and Socio-Economic Development, 2(1), 49-66. doi:https://doi.org/10.1108/jbsed-07-2021-0094
  5. Berns, K. V. D., & Klarner, P. (2017). A Review of the CEO Succession Literature and a Future Research Program. Academy of Management Perspectives, 31(2), 83-108. doi:https://doi.org/10.5465/amp.2015.0183
  6. Candy, & Delfina. (2023). CEO Narcissism and CEO Overconfidence on Firm Performance: The Role of Capital Structure as Mediating Variable. Jurnal Keuangan dan Perbankan, 27(2), 220-230. doi:https://doi.org/10.26905/jkdp.v27i2.9767
  7. Chebbi, K., & Ammer, M. A. (2022). Board Composition and ESG Disclosure in Saudi Arabia: The Moderating Role of Corporate Governance Reforms. Sustainability, 14(19), 1-25. doi:https://doi.org/10.3390/su141912173
  8. Chen, S.-H., & Huang, Y.-C. (2024). The Effects of ESG Management on Process Innovation: The Case of Cement Industry. Annals of Management and Organization Research, 6(2), 167-179. doi:https://doi.org/10.35912/amor.v6i2.2031
  9. Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship Between CSR and Financial Performance. Sustainability, 11(2), 1-26. doi:https://doi.org/10.3390/su11020343
  10. Chyz, J. A., Gaertner, F. B., Kausar, A., & Watson, L. (2019). Overconfidence and Corporate Tax Policy. Review of Accounting Studies, 24(3), 1114-1145. doi:https://doi.org/10.2139/ssrn.2408236
  11. Disli, M., Yilmaz, M. K., & Mohamed, F. F. M. (2022). Board Characteristics and Sustainability Performance: Empirical Evidence from Emerging Markets. Sustainability Accounting, Management and Policy Journal, 13(4), 929-952. doi:https://doi.org/10.1108/sampj-09-2020-0313
  12. Essen, M. V., Otten, J., & Carberry, E. J. (2015). Assessing Managerial Power Theory: A Meta-Analytic Approach to Understanding the Determinants of CEO Compensation. Journal of management, 41(1), 164-202. doi:https://doi.org/10.1177/0149206311429378
  13. Francoeur, C., Lakhal, F., Gaaya, S., & Saad, I. B. (2021). How do Powerful CEOs Influence Corporate Environmental Performance?. Economic Modelling, 94, 121-129. doi:https://doi.org/10.1016/j.econmod.2020.09.024
  14. Husted, B. W., & Sousa-Filho, J. M. d. (2019). Board Structure and Environmental, Social, and Governance Disclosure in Latin America. Journal of Business Research, 102, 220-227. doi:https://doi.org/10.1016/j.jbusres.2018.01.017
  15. Ichdan, D. A., & Maryani. (2024). The Impact of Innovation, Corporate Social Responsibility, Environmental Practices, and Organizational Culture on Organizational Sustainability. Annals of Management and Organization Research, 5(4), 297-310. doi:https://doi.org/10.35912/amor.v5i4.2236
  16. Itan, I., Laudeciska, L., Karjantoro, H., & Chen, R. (2023). Corporate Governance and Environmental Disclosure: Assessing The Role of Environmental Performance. Riset Akuntansi dan Keuangan Indonesia, 8(2), 132-144. doi:https://doi.org/10.23917/reaksi.v8i2.2457
  17. Jiang, Y., Zhang, L., & Tarbert, H. (2022). Does Top Management Team Media Exposure Affect Corporate Social Responsibility?. Frontiers in Psychology, 13. doi:https://doi.org/10.3389/fpsyg.2022.827346
  18. Karim, S., Manab, N. A., & Ismail, R. B. (2023). Assessing the Governance Mechanisms, Corporate Social Responsibility and Performance: The Moderating Effect of Board Independence. Global Business Review, 24(3), 550-562. doi:https://doi.org/10.1177/0972150920917773
  19. Kouaib, A., Bouzouitina, A., & Jarboui, A. (2022). CEO Behavior and Sustainability Performance: The Moderating Role of Corporate Governance. Property Management, 40(1), 1-16. doi:https://doi.org/10.1108/PM-01-2021-0009
  20. Lee, A. X., & Hooy, C.-W. (2024). CEO Power and ESG Performance: The Mediating Role of Managerial Risk-Taking. Institutions and Economies, 16(2), 57-82. doi:https://doi.org/10.22452/IJIE.vol16no2.3
  21. Lee, W. S., Sun, K. A., & Moon, J. (2018). Application of Upper Echelon Theory for Corporate Social Responsibility Dimensions: Evidence from the Restaurant Industry. Journal of Quality Assurance in Hospitality & Tourism, 19(3), 387-414. doi:https://doi.org/10.1080/1528008X.2017.1421492
  22. Lin, R., Li, F., & Olawoyin, A. (2020). CEO Overconfidence and Firm Internationalization: The Moderating Role of Experience and Managerial Discretion. Nankai Business Review International, 11(4), 597-616. doi:https://doi.org/10.1108/NBRI-08-2019-0037
  23. Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder Theory. Journal of Business Research, 166, 1-16. doi:https://doi.org/10.1016/j.jbusres.2023.114104
  24. Orajekwe, J. C., & Ogbodo, O. C. (2023). Firm-Specific Characteristics and Environmental Disclosure of Energy Firms in Sub-Saharan Africa. International Journal of Financial, Accounting, and Management, 5(2), 251-264. doi:https://doi.org/10.35912/ijfam.v5i2.1601
  25. Park, J., & Chung, C. Y. (2016). CEO Overconfidence, Leadership Ethics, and Institutional Investors. Sustainability, 9(1), 1-28. doi:https://doi.org/10.3390/su9010014
  26. Phua, K., Tham, T. M., & Wei, C. (2018). Are Overconfident CEOs Better Leaders? Evidence from Stakeholder Commitments. Journal of Financial Economics, 127(3), 519-545. doi:https://doi.org/10.1016/j.jfineco.2017.12.008
  27. Pucheta-Martinez, M. C., & Gallego-Alvarez, I. (2021). The Role of CEO Power on CSR Reporting: The Moderating Effect of Linking CEO Compensation to Shareholder Return. Sustainability, 13(6), 1-19. doi:https://doi.org/10.3390/su13063197
  28. Ramadana, M., Pratama, V. T., & Butar-Butar, D. T. M. (2024). Breaking Barriers: Female Directors, Earnings Management, and the Influence of Education and Sustainability Reporting. Jurnal Akuntansi Bisnis, 17(2), 198-213. doi:http://dx.doi.org/10.30813/jab.v17i2.4983
  29. Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, Social and Governance) Performance and Board Gender Diversity: The Moderating Role of CEO Duality. Sustainability, 12(21), 1-16. doi:https://doi.org/10.3390/su12219298
  30. Saidat, Z., Bani-Khalid, T. O., Al-Haddad, L., & Marashdeh, Z. (2020). Does Family CEO Enhance Corporate Performance? The case of Jordan. Economics & Sociology, 13(2), 43-52. doi:https://doi.org/10.14254/2071-789x.2020/13-2/3
  31. Saini, D., & Singh, B. (2023). CEO Confidence and Firm Performance: Exploring the Moderating Role of Board Independence. Managerial Finance, 49(6), 975-991. doi:https://doi.org/10.1108/MF-07-2022-0354
  32. Sanchez-Marin, G., Lozano-Reina, G., Baixauli-Soler, J. S., & Lucas-Perez, M. E. (2017). Say on Pay Effectiveness, Corporate Governance Mechanisms, and Ceo Compensation Alignment. BRQ (Business Research Quarterly), 20(4), 226-239. doi:https://doi.org/10.1016/j.brq.2017.07.001
  33. Sarfraz, M., Ozturk, I., Shah, S. G. M., & Maqbool, A. (2020). Contemplating the Impact of the Moderators Agency Cost and Number of Supervisors on Corporate Sustainability Under the Aegis of a Cognitive CEO. Frontiers in Psychology, 11, 1-9. doi:https://doi.org/10.3389/fpsyg.2020.00965
  34. Satriadi, F., Bagaskara, M. A., Pranoto, T., & Haryono, L. (2018). Pengaruh Tata Kelola Perusahaan Terhadap Profitabilitas pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Studi Akuntansi dan Keuangan Indonesia, 1(2), 134-157. doi:https://doi.org/10.21632/saki.1.2.134-157
  35. Soto-Acosta, P., Cismaru, D.-M., Vatamanescu, E.-M., & Ciochina, R. S. (2016). Sustainable Entrepreneurship in SMEs: A Business Performance Perspective. Sustainability, 8(4), 1-12. doi:https://doi.org/10.3390/su8040342
  36. Strese, S., Keller, M., Flatten, T. C., & Brettel, M. (2018). CEOs' Passion for Inventing and Radical Innovations in SMEs: The Moderating Effect of Shared Vision. Journal of Small Business Management, 56(3), 435-452. doi:https://doi.org/10.1111/jsbm.12264
  37. Sutrisno, P., Utama, S., Hermawan, A. A., & Fatima, E. (2023). Do Founder CEOs and Overconfidence Affect Firm Risk?. Accounting Research Journal, 36(5), 434-452. doi:https://doi.org/10.1108/ARJ-09-2022-0234
  38. Taha, R., Al-Omush, A., & Al-Nimer, M. (2023). Corporate Sustainability Performance and Profitability: The Moderating Role of Liquidity and Stock Price Volatility-Evidence from Jordan. Cogent Business & Management, 10(1), 1-17. doi:https://doi.org/10.1080/23311975.2022.2162685
  39. Ting, I. W. K., Azizan, N. A. B., & Kweh, Q. L. (2015). Upper Echelon Theory Revisited: The Relationship Between CEO Personal Characteristics and Financial Leverage Decision. Procedia - Social and Behavioral Sciences, 195, 686-694. doi:https://doi.org/10.1016/j.sbspro.2015.06.276
  40. Velte, P. (2020). Does CEO Power Moderate the Link Between ESG Performance and Financial Performance? A Focus on the German Two-Tier System. Management Research Review, 43(5), 497-520. doi:https://doi.org/10.1108/MRR-04-2019-0182
  41. Villanueva-Villar, M., Rivo-Lopez, E., & Lago-Penas, S. (2016). On the Relationship Between Corporate Governance and Value Creation in an Economic Crisis: Empirical Evidence for the Spanish Case. BRQ (Business Research Quarterly), 19(4), 233-245. doi:https://doi.org/10.1016/j.brq.2016.06.002
  42. Walls, J. L., & Berrone, P. (2017). The Power of One to Make a Difference: How Informal and Formal CEO Power Affect Environmental Sustainability. Journal of Business Ethics, 145(2), 293-308. doi:https://doi.org/10.1007/s10551-015-2902-z
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