Corporate governance, intellectual capital, and organizational culture: their influence on lean manufacturing and firm value

Sa aswa i, R . S i; Yadia i, Winwin; Suha man, Ha y; Soeman i, Roebiandini
A icle
Co po a e go e nance, in ellec ual capi al, and
o ganiza ional cul u e: hei in luence on lean
manu ac u ing and i m alue
Cogen Business & Managemen
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Sa aswa i, R . S i; Yadia i, Winwin; Suha man, Ha y; Soeman i, Roebiandini
(2024) : Co po a e go e nance, in ellec ual capi al, and o ganiza ional cul u e: hei in luence on
lean manu ac u ing and i m alue, Cogen Business & Managemen , ISSN 2331-1975, Taylo &
F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-34,
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Co po a e go e nance, in ellec ual capi al, and
o ganiza ional cul u e: hei influence on lean
manu ac u ing and fi m alue
R . S i Sa aswa i, Winwin Yadia i, Ha y Suha man & Roebiandini Soeman i
To ci e his a icle: R . S i Sa aswa i, Winwin Yadia i, Ha y Suha man & Roebiandini Soeman i
(2024) Co po a e go e nance, in ellec ual capi al, and o ganiza ional cul u e: hei influence
on lean manu ac u ing and fi m alue, Cogen Business & Managemen , 11:1, 2382335, DOI:
10.1080/23311975.2024.2382335
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2382335
Co po a e go e nance, in ellec ual capi al, and o ganiza ional
cul u e: hei in luence on lean manu ac u ing and i m alue
. s i sa aswa i , Winwin Yadia i , ha y suha man and oebiandini soeman i
Depa men o accoun ing, Facul y o economics and Business, Padjadja an uni e si y, Bandung, indonesia
ABSTRACT
his s udy aims o explo e he ela ionship be ween he implemen a ion o co po a e
go e nance, in ellec ual capi al, o ganiza ional cul u e, and Fi m alue, wi h lean
manu ac u ing se ing as an in e ening a iable. p e ious esea ch has iden i ied ha
co po a e go e nance, in ellec ual capi al, and o ganiza ional cul u e ha e a posi i e
and signi ican impac on i m alue, as measu ed using obin’s Q. his esea ch u he
in es iga es whe he he implemen a ion o lean manu ac u ing media es he
enhancemen o his ela ionship. he s udy was conduc ed on 242 manu ac u ing
companies lis ed on he indonesia s ock exchange. he da a o his s udy we e collec ed
using p ima y da a om su ey ques ionnai es, esul ing in 118 esea ch samples, and
seconda y da a ob ained om inancial epo s published by he indonesia s ock
exchange. he da a we e p ocessed using s uc u al equa ion Modelling h ough he
pa ial leas squa e (pls-seM) app oach. he indings e eal ha in ellec ual capi al and
lean manu ac u ing ha e a signi ican posi i e e ec on i m alue, while o ganiza ional
cul u e has a signi ican nega i e e ec on i m alue. co po a e go e nance, in ellec ual
capi al, and o ganiza ional cul u e ha e a signi ican and posi i e e ec on he
implemen a ion o lean manu ac u ing. lean manu ac u ing does no media e he
impac o co po a e go e nance and in ellec ual capi al on Fi m alue bu does media e
he signi ican e ec o o ganiza ional cul u e on i m alue.
IMPACT STATEMENT
his esea ch del es in o he oles o co po a e go e nance, in ellec ual capi al, and
o ganiza ional cul u e in he implemen a ion o lean manu ac u ing and hei e ec s on
i m alue. he indings o his s udy o e insigh s o p ac i ione s, highligh ing ha
boa ds o di ec o s s ill need o s eng hen o e sigh o in e nal company ope a ions
ega ding he oles and con ibu ions o commi ees and execu i e boa ds as pa o
co po a e go e nance. commissione s should also ac i ely e alua e epo s on
o ganiza ional cul u e and he e ec i eness o lean manu ac u ing in enhancing i m
alue. Boa ds o di ec o s and manage s need o de elop an o ganiza ional cul u e ha
suppo s he applica ion o i m alues h ough ealis ic and implemen able policies and
p ocedu es o employee and managemen pe o mance. employees should enhance hei
compe encies and abili ies h ough aining and in e nships ha align wi h i m needs.
1. In oduc ion
he in ica e and mul i- ace ed ela ionship be ween co po a e go e nance, in ellec ual capi al, o ganiza-
ional cul u e, lean manu ac u ing, and i m alue (F ) ep esen s a pi o al a ea o in e es in con empo-
a y business and accoun ing esea ch. Fi m alue se es as a c ucial indica o o in es o s assessing he
long- e m iabili y and p o i abili y o a company. his alue e lec s he ai ma ke alua ion o a com-
pany’s o al asse s and liabili ies, p o iding a comp ehensi e measu e ha is pi o al o in es men deci-
sions (ho man, 2018). esea ch by li e  al. (2018) unde sco es he signi icance o i m alue as a key
me ic in o e all company assessmen , highligh ing i s ole in enabling in es o s o asce ain owne ship
claims and make in o med in es men choices.
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT R . s i sa aswa i [email p o ec ed].ac.id; sassasun ung@ elkomuni e si y.ac.id Depa men o accoun ing, Facul y o
economics and Business, Padjadja an uni e si y, Bandung, indonesia.
h ps://doi.o g/10.1080/23311975.2024.2382335
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 3 Ma ch 2024
e ised 13 July 2024
Accep ed 15 July 2024
SUBJECTS
co po a e go e nance;
Business, Managemen
and Accoun ing; Finance
KEYWORDS
co po a e go e nance;
i m alue; in ellec ual
capi al; lean
manu ac u ing;
o ganiza ional cul u e;
obin’s Q
REVIEWING EDITOR
collins n im, uni e si y o
sou hamp on, uni ed
Kingdom o g ea B i ain
and no he n i eland
2 . s. sA AsWA i e Al.
Fi m alue is inhe en ly ied o he b oade concep o co po a e go e nance, which encompasses he
mechanisms, p ocesses, and ela ions by which co po a ions a e con olled and di ec ed. e ec i e co po-
a e go e nance ensu es ha a company adhe es o legal s anda ds and e hical no ms, he eby os e ing
an en i onmen o accoun abili y, anspa ency, and sus ainabili y. his, in u n, enhances in es o con i-
dence and con ibu es o an inc ease in i m alue. ho man (2018) emphasizes ha i m alue is a un-
damen al c i e ion used by in es o s o e alua e he po en ial long- e m e u ns o hei in es men s. his
is because i m alue p o ides a clea pic u e o he company’s inancial heal h and ope a ional e iciency.
in es o s a e expec ed o o esee a long- e m inc ease in a company’s ma ke capi aliza ion while
acknowledging he inhe en alue o bo h i s angible and in angible asse s, as sugges ed by hejazi
e  al. (2016). his iewpoin is consis en wi h he b oade unde s anding ha ma ke capi aliza ion is
in luenced no only by cu en pe o mance bu also by po en ial u u e g ow h. in es o s seek compa-
nies capable o sus ainably enhancing hei ma ke alue o e ime, he eby demons a ing bo h ope a-
ional success and s a egic o esigh . in his con ex , he p inciples o co po a e go e nance a e i al,
ensu ing ha managemen decisions a e aligned wi h he in e es s o sha eholde s and he long- e m
objec i es o he company.
co po a e go e nance mechanisms and p inciples p o oundly in luence company pe o mance, as
hey a e closely linked wi h he in ellec ual capi al owned by he company (ni e  al., 2020; n im &
sooba oyen, 2013). in ellec ual capi al, comp ising human, s uc u al, and ela ional capi al, is an essen ial
asse ha d i es inno a ion, ope a ional e iciency, and compe i i e ad an age. human capi al e e s o
he skills, knowledge, and expe ise o employees, while s uc u al capi al encompasses he p ocesses,
pa en s, and p op ie a y echnologies ha suppo o ganiza ional ope a ions. ela ional capi al, on he
o he hand, includes he ela ionships and ne wo ks a company has wi h i s s akeholde s, such as cus-
ome s, supplie s, and pa ne s.
esea ch has shown ha companies wi h high le els o in ellec ual capi al end o pe o m be e in
he ma ke , as hey can le e age hei in e nal esou ces and ex e nal ela ionships o c ea e alue. ni
e al. (2020) highligh he s ong co ela ion be ween in ellec ual capi al and i m alue, sugges ing ha
companies ha in es in hei in ellec ual asse s a e be e posi ioned o achie e sus ainable g ow h and
p o i abili y. Fu he mo e, o ganiza ional cul u e, which exhibi s a s ong co ela ion wi h i m alue,
eme ges as an in iguing subjec o in-dep h explo a ion, as demons a ed by o’ eilly e  al. (2014). A
posi i e and suppo i e o ganiza ional cul u e os e s employee engagemen , inno a ion, and p oduc i -
i y, all o which a e c i ical o enhancing i m alue.
in he cu en business landscape, he applica ion o lean manu ac u ing as a s a egic p ac ice o
enhance i m alue (Zhu & lin, 2017) u he accen ua es he ele ance and u gency o his esea ch.
lean manu ac u ing ocuses on maximizing p oduc i i y while minimizing was e, he eby imp o ing
ope a ional e iciency and educing cos s. By adop ing lean manu ac u ing p inciples, companies can
s eamline hei p oduc ion p ocesses, enhance p oduc quali y, and espond mo e e ec i ely o ma ke
demands. Zhu and lin (2017) emphasize ha lean manu ac u ing no only imp o es inancial pe o -
mance bu also con ibu es o long- e m sus ainabili y by p omo ing esou ce e iciency and en i on-
men al s ewa dship.
he con empo a y business en i onmen necessi a es a nuanced unde s anding o he complex oles
played by co po a e go e nance, in ellec ual capi al, and o ganiza ional cul u e in he e ec i e imple-
men a ion o lean manu ac u ing, all o which collec i ely con ibu e o enhancing i m alue (Kalya
e  al., 2020; Wu e  al., 2021). hese a iables a e in eg al o os e ing an en i onmen conduci e o e i-
cien p oduc ion p ocesses, inno a ion, and sus ainable business p ac ices. he esponsibili ies o di ec-
o s and commissione s, adhe ence o business e hics, and he main enance o in ellec ual capi al and
o ganiza ional cul u al alues a e c i ical in building and main aining in es o us (Asiaei e  al., 2021;
ian e al., 2021; Wu e  al., 2021).
co po a e go e nance is undamen ally abou balancing he in e es s o a company’s many s akehold-
e s, such as sha eholde s, managemen , cus ome s, supplie s, inancie s, go e nmen , and he commu-
ni y. good co po a e go e nance p o ides he amewo k o a aining a company’s objec i es,
encompassing p ac ically e e y sphe e o managemen , om ac ion plans and in e nal con ols o pe -
o mance measu emen and co po a e disclosu e. he in eg i y o a co po a ion is no only judged by i s
inancial pe o mance bu also by i s commi men o a high s anda d o go e nance.
cogen Business & MAnAgeMen 3
in ellec ual capi al, as an in angible asse , is becoming inc easingly signi ican in he knowledge-based
economy. he ole o in ellec ual capi al in enhancing i m alue canno be o e s a ed. companies ha
e ec i ely manage and u ilize hei in ellec ual capi al can de elop inno a i e p oduc s and se ices,
op imize hei p ocesses, and c ea e sus ainable compe i i e ad an ages. Asiaei e  al. (2021) a gue ha
in ellec ual capi al is a c i ical d i e o i m pe o mance and alue, as i encapsula es he knowledge,
skills, and ela ionships ha a company can le e age o achie e i s s a egic objec i es.
o ganiza ional cul u e, de ined as he sha ed alues, belie s, and no ms ha in luence he way employ-
ees hink, eel, and beha e, is ano he c i ical ac o in de e mining i m alue. A s ong o ganiza ional
cul u e aligns employees’ ac ions wi h he company’s goals, os e s a sense o belonging and commi -
men , and encou ages beha iou s ha suppo he company’s s a egic objec i es. esea ch by ian
e  al. (2021) indica es ha companies wi h a obus and posi i e o ganiza ional cul u e a e mo e likely
o succeed in implemen ing change ini ia i es, such as lean manu ac u ing, and achie ing supe io pe -
o mance ou comes.
lean manu ac u ing, as a sys ema ic me hod o was e minimiza ion wi hin a manu ac u ing sys em
wi hou sac i icing p oduc i i y, plays a pi o al ole in enhancing i m alue. he p inciples o lean man-
u ac u ing, which include con inuous imp o emen , espec o people, and jus -in- ime p oduc ion, help
companies o s eamline hei ope a ions, educe cos s, and imp o e quali y. implemen ing lean manu-
ac u ing can lead o sho e lead imes, educed in en o y le els, and highe cus ome sa is ac ion, all
o which con ibu e o inc eased i m alue.
his esea ch endea ou s o del e deeply in o he in e ela ionships among co po a e go e nance,
in ellec ual capi al, o ganiza ional cul u e, and lean manu ac u ing, wi h he objec i e o p o iding a
comp ehensi e unde s anding o hei collec i e impac on i m alue. By examining hese dynamics, he
s udy aims o con ibu e aluable insigh s ha a e pe inen o business p ac i ione s, managemen ,
commissione s, and supplie s in hei pu sui o long- e m company goals, enhanced i m alue, and
business sus ainabili y (Kalya e  al., 2020; papa e  al., 2020; i hana e  al., 2021).
he essence o his esea ch lies in conduc ing a ho ough in es iga ion in o wo c i ical ques ions:
i s ly, how co po a e go e nance, in ellec ual capi al, and o ganiza ional cul u e ensu e he e ec i e
implemen a ion o lean manu ac u ing; and secondly, how hese ac o s collec i ely impac i m alue.
he goal is o elucida e he complexi y o hese ela ionships, p o iding a clea and in-dep h unde s and-
ing o he mechanisms h ough which co po a e go e nance, in ellec ual capi al, and o ganiza ional cul-
u e con ibu e o lean manu ac u ing p ac ices and subsequen ly enhance i m alue.
he heo e ical amewo k o his s udy encompasses social and poli ical heo y, s akeholde heo y,
social exchange heo y, and o ganiza ional cul u e heo y. social and poli ical heo y, as a icula ed by
Budhwa e al. (2002), explains how companies can posi ion hemsel es wi hin a b oade sys em encom-
passing s a e, socie y, and socio-cul u al dynamics o achie e hei goals. his heo y highligh s he in lu-
ence o co po a e go e nance on decision-making p ocesses, conside ing social and poli ical ac o s
(Ba kawi & lawson, 2017).
s akeholde heo y, in oduced by F eeman and phillips (2002), posi s ha co po a e en i ies should
ope a e in a manne ha bene i s all s akeholde s, no jus sha eholde s (Miles, 2017). his heo y empha-
sizes he impo ance o balancing a ious in e es s and unde s anding he powe dynamics and complex
ela ionships wi hin o ganiza ions and socie y, which a e c ucial o managing in ellec ual capi al and
o ganiza ional cul u e.
social exchange heo y, de eloped by geo ge homans in 1949, emains ele an oday as i elucida es
he ecip ocal ela ionships be ween companies, employees, and supplie s (ono ei e al., 2019). his he-
o y p o ides a use ul amewo k o unde s anding economic phenomena ela ed o company-cus ome ,
employee, supplie , and business pa ne in e ac ions, all o which a e pe inen o lean manu ac u ing
implemen a ion (Muldoon e  al., 2017).
o ganiza ional cul u e heo y, as p oposed by edga schein in 1986, posi s ha a s ong o ganiza ional
cul u e c ea es dis inc cha ac e is ics, alues, and assump ions ha in ol e all employees in achie ing
company goals (polych oniou & i ellas, 2018). his heo y unde sco es he impo ance o os e ing an
inno a i e and collabo a i e cul u e ha suppo s lean manu ac u ing p ac ices and enhances i m alue.
ex ensi e li e a u e e iew indica es ha he iad o co po a e go e nance, in ellec ual capi al, and
o ganiza ional cul u e plays a i al ole in enhancing i m alue (ni e  al., 2020; ian e  al., 2021;

4 . s. sA AsWA i e Al.
umwebaze e  al., 2018; Zul iqa e  al., 2021). good co po a e go e nance, cha ac e ized by e hical
beha iou , accoun abili y, anspa ency, and sus ainabili y, builds a ounda ion o us ha enhances a
company’s s a us in he in es o communi y. in ellec ual capi al, which includes employee expe ise,
company acili ies, and s ong ela ionships wi h s akeholde s, s eng hens he company’s business
dynamics. A obus o ganiza ional cul u e ha os e s inno a ion and collabo a ion u he enhances he
company’s epu a ion and pe o mance.
p e ious esea ch has p oduced a ying conclusions ega ding he impac o hese ac o s on i m
alue, highligh ing he need o u he in es iga ion. Fo ins ance, Jia (2019), Kamiya e  al. (2021), and
Malik e  al. (2020) ound ha e ec i e co po a e go e nance posi i ely signi ican in luences company
pe o mance, as measu ed by obin’s Q. howe e , i ne and Keusch (2015) epo ed ha he in ol e-
men o he isk supe iso y boa d in co po a e go e nance does no signi ican ly a ec i m alue. his
inconsis ency aises he ques ion o how co po a e go e nance a ec s i m alue.
simila ly, in ellec ual capi al has been shown o posi i ely impac i m alue in some s udies.
Bay ak a oglu e  al. (2019), Jo dão and de Almeida (2017), and ni e  al. (2020) ound ha highe le els
o manage ial educa ion, company acili ies, and s ong cus ome ela ionships a e signi ican ly co ela ed
wi h inc eased i m alue. con e sely, Madi inos e  al. (2011) and Abualoush e  al. (2018) ound ha
s uc u al and ela ional capi al do no signi ican ly a ec i m alue. his disc epancy aises he ques ion
o how in ellec ual capi al a ec s i m alue.
he in luence o o ganiza ional cul u e on i m alue has also been he subjec o deba e. s udies by
polych oniou and i ellas (2018), o’ eilly e  al. (2014), and uzku e al. (2013) sugges ha an e ec i e
o ganiza ional cul u e signi ican ly enhances i m alue. howe e , calo i and sa nin (2016) and Zheng
e  al. (2017) ound ha he o ganiza ional cul u e in amily-owned companies and he use o cul u al
a ibu es in he wo k en i onmen do no signi ican ly a ec i m alue. his inconsis ency aises he
ques ion o how o ganiza ional cul u e in luences i m alue.
esea ch on he implemen a ion o lean manu ac u ing and i s impac on i m alue is s ill ela i ely
limi ed. lean manu ac u ing, adop ed by companies o enhance compe i i eness and mee consume
needs, is posi ed as an in e media y a iable in his s udy. Zhu and lin (2017), neg ão e al. (2016), and
Fulle on e  al. (2014) ound ha lean manu ac u ing posi i ely impac s inancial pe o mance. in con-
as , ho e e  al. (2012) epo ed ha lean manu ac u ing does no di ec ly a ec i m alue. his aises
he ques ion o how lean manu ac u ing a ec s i m alue.
co po a e go e nance’s impac on he implemen a ion o lean manu ac u ing is ano he a ea o in e -
es . esea ch by Wu e  al. (2021), Fu e  al. (2020), and Bhamu and sangwan (2014) sugges s ha he
p esence o emale and independen di ec o s posi i ely in luences lean manu ac u ing p ac ices.
howe e , Balsmeie e al. (2017) ound ha independen di ec o s do no signi ican ly impac lean man-
u ac u ing implemen a ion. his disc epancy aises he ques ion o how co po a e go e nance in luences
lean manu ac u ing.
in ellec ual capi al’s ole in lean manu ac u ing implemen a ion has also been examined. (spa ow &
o aye-ebede, 2014), lee e  al. (2011), and cla e -co és e  al. (2018) ound ha human, s uc u al, and
ela ional capi al posi i ely in luence lean manu ac u ing. con e sely, Wang e  al. (2014) epo ed ha
in ellec ual capi al does no signi ican ly a ec lean manu ac u ing p ac ices. his aises he ques ion o
how in ellec ual capi al impac s lean manu ac u ing.
he in luence o o ganiza ional cul u e on lean manu ac u ing is ano he c i ical a ea o explo a ion.
esea ch by Belhadi e  al. (2018), Alkho ai and Mclaughlin (2018), and pakdil and leona d (2015) sug-
ges s ha a suppo i e o ganiza ional cul u e signi ican ly enhances lean manu ac u ing. howe e , pa o
and ge olamo (2017) ound ha o ganiza ional cul u e does no signi ican ly impac lean manu ac u ing
implemen a ion. his inconsis ency aises he ques ion o how o ganiza ional cul u e a ec s lean
manu ac u ing.
he impac o co po a e go e nance on i m alue h ough lean manu ac u ing has also been explo ed.
s udies by Wu e  al. (2021), Kalya e  al. (2020), and pie cy and ich (2015) ound a signi ican e ec .
howe e , pie e an de s een and illema (2018) epo ed no signi ican in luence o co po a e go e -
nance on i m alue h ough lean manu ac u ing. his disc epancy aises he ques ion o how co po a e
go e nance a ec s i m alue h ough lean manu ac u ing.
cogen Business & MAnAgeMen 5
in ellec ual capi al’s impac on i m alue h ough lean manu ac u ing has been examined by Fu e al.
(2020), papa e  al. (2020), and chu e al. (2011), who ound a signi ican e ec . in con as , Kian o e  al.
(2017) epo ed no signi ican in luence o in ellec ual capi al on i m alue h ough lean manu ac u ing.
his aises he ques ion o how in ellec ual capi al impac s i m alue h ough lean manu ac u ing.
Finally, he in luence o o ganiza ional cul u e on i m alue h ough lean manu ac u ing has been
explo ed by nold (2012) and polych oniou and i ellas (2018), who ound a signi ican e ec . howe e ,
Kuma e al. (2018) epo ed no signi ican in luence o o ganiza ional cul u e on i m alue h ough lean
manu ac u ing. his disc epancy aises he ques ion o how o ganiza ional cul u e a ec s i m alue
h ough lean manu ac u ing.
By in es iga ing hese ques ions, his esea ch aims o p o ide a comp ehensi e unde s anding o he
complex ela ionships among co po a e go e nance, in ellec ual capi al, o ganiza ional cul u e, and lean
manu ac u ing, and hei collec i e impac on i m alue. he indings a e expec ed o o e aluable
insigh s o academics and p ac i ione s, con ibu ing o he body o knowledge in business and accoun -
ing esea ch and p o iding p ac ical ecommenda ions o enhancing i m alue.
1.1. Backg ound
cu en business de elopmen s and compe i ion mean ha s akeholde s mus unde s and egula ions
ega ding business dynamics (Wakaisuka-isingoma e  al., 2016). egula ions se by go e nmen au ho i-
ies o companies ha e an impac on company s a egy ( i hana e  al., 2021). he company will ca y
ou all ules and egula ions p o ided by he go e nmen o he sus ainabili y o i s business. go e nmen
egula ions c ea e a company s a egy o heal hy compe i ion among i s compe i o s. A company ha
has a good epu a ion will ce ainly inc ease s akeholde us and is e y likely o inc ease i s ma ke
capi aliza ion and i m alue.
his esea ch examines i mo e deeply han p e ious s udies, whe e he e a e s ill many inconsis en-
cies and s ill need o be s udied mo e deeply ega ding he isks aced by companies and how hey a e
managed in e ms o ensu ing he sus ainabili y o hei business so ha i is in acco dance wi h go -
e nmen egula ions and company goals (Bhuiyan e  al., 2021; K is an i e  al., 2024; o sianniko , 2017).
he heo ies ha unde lie his esea ch a e social and poli ical heo y, s akeholde heo y, social exchange
heo y and o ganiza ional cul u e heo y which s eng hen he ela ionship be ween hings ha play a
big ole in business p ac ice, speci ically co po a e go e nance, in ellec ual capi al, o ganiza ional cul u e,
which a e will ha e an impac on he implemen a ion o educing p oduc ion cos s o p oduce p oduc-
ion ha mee s expec a ions, and also inc ease i m alue (Adi e al., 2016; Bha a hi Kama h, 2008; Kalya
e  al., 2020).
p e ious esea ch conduc ed by ho man (2018) s a ed ha a s ong i m alue as an assessmen
indica o is obin’s Q, whe e his a io shows how much he company is alued by he ma ke . he
highe he alue ob ained, he highe he company’s alue in he eyes o he ma ke . his is also ein-
o ced by Dyb ig and Wa achka (2015) ha obin’s Q is in e es ing because i is he alue o ma ke
capi aliza ion plus he ai alue o liabili ies and di ided by he o al asse s owned by he company. he
highe he obin’s Q alue means ha he company is well alued by he ma ke , he eby inc easing
ma ke con idence and inc easing con idence in he use o deb compa ed o he o al asse s owned.
unde s anding i m alue is e y complex and in e es ing o s udy in mo e dep h. A good company
s a egy can ce ainly inc ease ma ke con idence. he mos ecen esea ch conduc ed by Ben uben
e al. (2018) s a es ha i m alue can inc ease because companies ha e adop ed he applica ion o lean
manu ac u ing (lM) in hei p oduc ion p ocesses. lean Manu ac u ing is a p oduc ion p ocess based on
he ideology o maximizing p oduc i i y while minimizing was e in manu ac u ing ope a ions (psomas &
An ony, 2019). lean Manu ac u ing p inciples educe was e so ha i will add p oduc alue ha cus-
ome s a e willing o pay o (s aedele e  al., 2019).
his esea ch is a pionee in an in-dep h discussion be ween lean manu ac u ing and i m alue whe e
p e ious esea ch mos ly s udied lean manu ac u ing in e ms o indus y and i s impac on ope a ions.
in his esea ch, lean manu ac u ing is discussed in dep h how he implemen a ion o lean manu ac u -
ing has an impac on i m alue which is e y ocused on business and business sus ainabili y. his
esea ch ocuses on explo ing how companies ha ha e adop ed lean manu ac u ing make hei
6 . s. sA AsWA i e Al.
business p ocess managemen leane , simple , mo e p edic able, eliable, can educe was e in ime, ma e-
ials and wo k loca ion so ha i will be mo e p o i able o bo h he company and consume s. (henao
e  al., 2019; panwa e  al., 2015; shah & Wa d, 2007). implemen ing lean manu ac u ing will esul in
sho e p oduc ion cycles, quali y se ice o consume s, a sa e and mo e com o able employee wo k
en i onmen , and p oduce highe p oduc i i y so ha i will add p oduc alue and will inc ease p o i s
o he company (Wilson, 2010).
he impo ance o companies ollowing widely applicable business egula ions is he implemen a ion
o co po a e go e nance in e hical beha io , accoun abili y, anspa ency and sus ainabili y, so ha how
companies implemen his canno be igno ed (K is an i e al., 2024; n im & sooba oyen, 2013; umwebaze
e  al., 2018; Wakaisuka-isingoma e  al., 2016). Applying he p inciples o co po a e go e nance in e e y
company ope a ional ac i i y can inc ease i m alue acco ding o esea ch conduc ed by am and an
(2007). his esea ch shows he esul s ha high owne ship and he ole o co po a e go e nance a e
success ul in encou aging an ope a ional sys em ha is anspa en , accoun able and esponsible, and
shows a signi ican posi i e in luence on company pe o mance as measu ed by obin’s Q. he inc ease
in i m alue is igge ed mo e han any hing else. wi hin co po a e en i ies, including he ole o co po-
a e go e nance, is an insepa able pa o he sus ainabili y o co po a e li e (A o a & Bodhanwala, 2018;
uan & uan, 2016).
in ellec ual capi al as an asse owned by a company canno be igno ed, i s ole in business ac i i ies
and inc easing epu a ion and i m alue. he ole o in ellec ual capi al is e y impo an and inc eases
i m alue (B ooking, 1996). expe ise, suppo ing ac o s in wo k and good ela ionships wi h company
pa ne s mus con inue o be buil in o de o gain he us o in es o s (Asiaei e al., 2021). in ellec ual
capi al consis ing o human capi al, s uc u al capi al and ela ional capi al has a signi ican ela ionship
wi h he implemen a ion o inno a ion in companies (hejazi e  al., 2016; Kian o e  al., 2017; ni e  al.,
2020; sal i e al., 2020; an e al., 2007), so ha he implemen a ion o lean manu ac u ing as a necessi y
in unning a sus ainable business can be implemen ed.
A good wo k o ganiza ional cul u e can inc ease he alue o he company, because employees ha e
a sense o secu i y o be able o de elop hemsel es, he e a e clea ules o employee igh s and
obliga ions, commensu a e app ecia ion o employee wo k pe o mance and measu able assessmen o
employee esul s (pandey e al., 2018; polych oniou & i ellas, 2018). he de ini ion o oc is in line wi h
esea ch conduc ed by calo i and sa nin (2016); chen e  al. (2020); Deshpandé and Fa ley (2004); ian
e  al. (2021), which ensu es ha a good cul u e exis s he company has an in luence on inno a ion
ca ied ou by employees because o he exis ence o clea wo k guidelines, s ic egula ions o he
company’s ope a ional ac i i ies. his encou ages employees o wo k oge he as a eam and join ly
s i e o p oduce quali y p oduc s. his is why companies oday canno igno e he ole o hei co po-
a e cul u e so ha hey con inue o play a ole in inc easingly complex business compe i ion.
he choice o his esea ch is co po a e go e nance, in ellec ual capi al, o ganiza ional cul u e on he
implemen a ion o lean manu ac u ing and i s impac on i m alue because his opic is a opic ha
con inues o de elop in acco dance wi h exis ing business dynamics. he apid adjus men o egula ions
ega ding co po a e go e nance in companies which cu en ly place g ea emphasis on e hical beha iou .
he special a en ion om he go e nmen and companies ega ding in ellec ual capi al, bo h i s ecog-
ni ion in inancial epo s and also i s ole in business ope a ions, is a challenge in i sel o businesses
o su i e. o ganiza ional cul u e mus be an impo an hing ha he company is p oud o and main-
ains, so ha in e nal consolida ion mus be ca ied ou con inuously in o de o compe e wi h compe -
i o s. he need o a s ong s a egy ega ding cos con ol and p oduc ion p ocesses makes lean
manu ac u ing some hing ha mus be implemen ed as a whole in companies. All o hese elemen s a e
belie ed o inc ease i m alue in he long e m.
2.Theo e ical li e a u e e iew
2.1. Social and poli ical heo y
social and poli ical heo y is a b anch o social science ocused on analysing and unde s anding how
powe , policies, and poli ical p ocesses in luence and shape socie y (Budhwa e  al., 2002). he p ima y
cogen Business & MAnAgeMen 7
goal o social and poli ical heo y is o de elop a amewo k o hough ha aids in comp ehending he
complexi ies o social and poli ical ela ionships wi hin socie y and how s uc u es o powe and con ol
a ec social beha iou and in e ac ions. his heo y assis s in unde s anding how poli ics, policies, and
alue sys ems can impac he li es o communi ies, cul u es, and indi iduals as a whole (Williams &
Adams, 2013).
his heo y also explains how a company can posi ion i sel wi hin a coun y’s sys em, socie y, social,
and cul u al se ings o achie e i s goals (Budhwa e  al., 2002). social and poli ical heo y can ha e a
signi ican impac on co po a e sys ema ics because i conside s he social and poli ical ac o s in luenc-
ing decision-making in an o ganiza ion o public ins i u ion (Ba kawi & lawson, 2017). o e all, social, and
poli ical heo y can help companies manage s akeholde ela ionships, build an inclusi e o ganiza ional
cul u e, unde s and he social and poli ical ac o s a ec ing business, and es ablish co po a e social
esponsibili y. his can aid companies in c ea ing long- e m alue and building be e ela ionships wi h
s akeholde s (Mo gan, 2016).
2.2. S akeholde heo y
Acco ding o Deegan (2004), s akeholde s ha e a igh o be p o ided wi h in o ma ion on how o ga-
niza ional ac i i ies a ec hem. Fu he mo e, Deegan (2004) s a ed ha s akeholde heo y empha-
sizes o ganiza ional accoun abili y, a beyond simple inancial o economic pe o mance. s akeholde
heo y posi s ha companies a e no en i ies ope a ing solely o hei own in e es s bu mus bene i
all hei s akeholde s (sha eholde s, c edi o s). his iew se es as a c i ique o he concep p oposed
by Miles (2017), which s a es ha he p ima y pu pose o es ablishing a company is o c ea e alue
o sha eholde s.
s akeholde heo y a gues ha s akeholde s’ powe o in luence managemen and co po a ions should
be iewed as a unc ion o he le el o con ol s akeholde s ha e o e esou ces needed by he o gani-
za ion (elijido- en, 2004). Acco ding o Deegan (2002) s akeholde s essen ially can con ol o ha e he
abili y o in luence he use o economic esou ces u ilized by he company. his is u he emphasized
by ono ei e  al. (2019), who s a ed ha companies will eac o sa is y s akeholde s and es ablish a
ha monious ela ionship be ween he company and i s s akeholde s o c ea e mu ually bene icial ela-
ionships be ween hem.
o ganiza ions mus ac i ely moni o s akeholde s who wield signi ican powe o e he company
and p oac i ely disclose in o ma ion ela ed o o ganiza ional pe o mance and sus ainabili y (elijido- en,
2004). Wi hin he con ex o social and poli ical heo y, s akeholde heo y can be applied o unde -
s and powe ela ions and decision-making wi hin poli ical and social ins i u ions. in bo h heo ies, he
ocus is on he complex ela ionships o powe and in luence among indi iduals and g oups wi hin an
o ganiza ion o socie y. s akeholde heo y emphasizes he impo ance o managing ela ionships wi h
s akeholde s o e ec i ely achie e o ganiza ional goals, while social and poli ical heo y helps o unde -
s and how hese powe ela ions and in luences can a ec he decisions and ac ions o leade s and
s akeholde s.
2.3. Social exchange heo y
his heo y was de eloped by geo ge homans in 1949 and is s ill conside ed ele an oday. Acco ding
o his heo y, he ela ionship be ween a company, i s employees, and supplie s can be explained as a
ela ionship whe e bo h pa ies p o ide bene i s and gains (ono ei e  al., 2019). companies and suppli-
e s wo k oge he openly and anspa en ly o achie e common goals.
he heo y elucida es why companies and supplie s choose o engage in speci ic economic ansac-
ions and how hey de e mine he alue o bene i s o hose exchanges. in he economic con ex , social
exchange heo y helps explain phenomena such as why an indi idual decides o pu chase a pa icula
p oduc , why someone chooses o wo k o a speci ic company, and why companies choose o collabo-
a e wi h pa icula supplie s (suhadak e  al., 2019). o e all, social exchange heo y is used as a use ul
amewo k in explaining he economic phenomena o ela ionships be ween companies and hei cus-
ome s, employees, supplie s, and business pa ne s (Muldoon e  al., 2017).
14 . s. sA AsWA i e Al.
4.1.1. Dependen a iable
Fi m alue, ocusing on he numbe o sha es ou s anding, ma ke p ice o sha es, and deb compa ed
o he book alue o asse s, is measu ed using he obin’s Q a io indica o (Ammann e  al., 2011;
Fulle on e  al., 2013; Zhu & lin, 2017). he app oxima e o mula o obin’s Q a io, as p o ided by
Ammann e  al. (2011), chung and p ui (1994), Fulle on e  al. (2013), Zhu and lin (2017) is as ollows:
Tobin s Q Ma ke ale o equi y Deb alue
To al Asse s book alue
′
′
=+ (1). obin’s Q o mula
4.1.2. Independen a iables
he dimensions and indica o s used o measu e co po a e go e nance u ilize 8 go e nance p inciples:
oles & esponsibili ies o he Boa d o Di ec o s and commissione s, composi ion & emune a ion o
he Boa d o Di ec o s and commissione s, Wo king ela ionship be ween he Boa d o Di ec o s and
commissione s, e hical and esponsible beha io , isk Managemen , in e nal con ol & compliance,
Disclosu e and anspa ency, igh s o sha eholde s, igh s o s akeholde s. (Ammann e al., 2011; Mish a
& Mohan y, 2014; pugKi, 2021).
in ellec ual capi al in companies, acco ding o Bon is (2001), chen e  al. (2004), hussinki e  al. (2017),
is measu ed ac oss h ee insepa able dimensions o assessing ic: human capi al (hc), s uc u al capi al
(sc), and ela ional capi al ( c).
he dimensions and indica o s o o ganiza ional cul u e in his s udy e e o he desc ip ions p o ided
by obbins and Judge ( obbins & Judge, 2021) and esea ch by calo i and sa nin (2016), chen, chen
e  al. (2020), ian e  al. (2021) ha iden i y eigh (8) cul u al dimensions: inno a ion, a en ion o de ails,
decisi eness, eam o ien a ion, ou come o ien a ion, agg essi eness, suppo i eness, and ewa d emphasis.
4.1.3. In e ening a iable
in his s udy, 5 p inciples will be used as dimensions o lean manu ac u ing, as ou lined in esea ch
whe e hese dimensions ha e implemen ed 8 lean manu ac u ing me hods (Abolhassani e  al., 2016;
cadden e  al., 2020; Fu e  al., 2020; Jain & lyons, 2009; Jas i & Kodali, 2016; Moyano-Fuen es &
sac is án-Díaz, 2012; psomas & An ony, 2019; Zhu & lin, 2017) wi h he ollowing indica o s: iden i ying
p oduc alue ( alue by p oduc ), mapping he alue s eam ( alue s eam), c ea ing wo k low ( alue
low), wo king on p oduc demand (pull alue), pu suing con inuous imp o emen (pu sue pe ec ion).
he desc ip ion o he a iables employed in his s udy is p esen ed in able 1.
Figu e 1. Resea ch model.

cogen Business & MAnAgeMen 15
Table 1. Va iable desc ip ion and measu emen .
Va iables Role Dimensions indica o s
Fi m alue
(sco , 2015)
Dependen a iable obin’s Q
TQ Ma ke alue o equi y Deb alue
To alAsse s book alue
=+
′
(Zhu & Lin, 2017)
Co po a e
go e nance
(PugKi, 2021)
independen a iable he oles and esponsibili ies o he
Boa d o Di ec o s and Boa d o
Commissione s
(PugKi, 2021)
• he Boa d o Di ec o s ca ies ou i s oles and esponsibili ies in he bes long- e m in e es s o he co po a ion
• he Boa d o Commissione s conduc s pe o mance e alua ions o he Boa d o Di ec o s and i s membe s
Composi ion and emune a ion o
he Boa d o Di ec o s and he
Boa d o Commissione s
• he Boa d o Di ec o s comp ises a di e se g oup wi h a commi men o, knowledge o , skills, and expe ise equi ed o
he long- e m in e es s and sus ainable alue c ea ion o he co po a ion.
• he Boa d o Commissione s consis s o a di e se composi ion wi h a commi men o, knowledge o , skills, and expe ise
equi ed o he long- e m in e es s and sus ainable alue c ea ion o he co po a ion.
he wo king ela ionship be ween
he Boa d o Di ec o s and he
Boa d o Commissione s.
• a close, open, cons uc i e, p o essional, and mu ually us ing wo king ela ionship among he Boa d o Di ec o s o he
bene i o he co po a ion
• a close, open, cons uc i e, p o essional, and mu ually us ing wo king ela ionship among he Boa d o Commissione s o
he bene i o he co po a ion.
e hical and esponsible beha io • he company is commi ed o ac ing e hically in upholding he alues o i s o ganiza ional cul u e
• he company is commi ed o being esponsible in upholding he alues o i s o ganiza ional cul u e
Risk managemen , in e nal con ol, &
compliance
• he company implemen s in eg a ed go e nance p ac ices in conjunc ion wi h a isk managemen sys em o suppo he
achie emen o he company’s goals, objec i es, and pe o mance a ge s
• he company implemen s in eg a ed go e nance p ac ices in conjunc ion wi h he implemen a ion o in e nal con ol and
compliance sys ems o suppo he achie emen o he company’s goals, objec i es, and pe o mance a ge s
Disclosu e and anspa ency • Making accu a e and imely disclosu es o all ma e ial ma e s conce ning he company.
sha eholde s’ igh s • P o ec ing and acili a ing he exe cise o sha eholde s’ igh s and ensu ing ai ea men o mino i y sha eholde s.
s akeholde s’ igh s • acknowledging he igh s o s akeholde s and encou aging ac i e coope a ion in c ea ing employmen oppo uni ies and
p omo ing a sus ainable business en i onmen
in ellec ual capi al
(s ewa d, 1997)
independen a iable Human capi al
(Hussinki e  al., 2017)
• he company has employees wi h knowledge, skills, and expe ise in hei espec i e ields
• he company has employees who can collabo a i ely gene a e he bes solu ions o he company
• he company has employees who a e inno a i e, p oac i e, and esponsi e o he company’s needs
s uc u al capi al • he company is capable o ul illing ou ine p ocesses o op imize in ellec ual and business pe o mance
• he company has an adequa e in o ma ion sys em o suppo op imal in ellec ual and business pe o mance
• he company has a su icien da abase o suppo op imal in ellec ual and business pe o mance
Rela ional capi al • he company builds a sys em ha enhances cus ome ela ionships and loyal y
• he company builds a sys em ha enhances cus ome sa is ac ion
• he company es ablishes ela ionships wi h ex e nal s akeholde s o imp o e he company
(Con inued)
16 . s. sA AsWA i e Al.
Va iables Role Dimensions indica o s
o ganiza ional
cul u e (Robbins
& Judge, 2021)
independen a iable inno a ion (Calo i & sa nin, 2016) • he company p o ides oppo uni ies o employees o de elop hei own wo k
• he company can adap o new ideas o de elopmen s
• he company p o ides oppo uni ies o employees o explo e new ideas
a en ion o de ails • he company has a se o wo kplace cul u e guidelines ha e e y indi idual mus adhe e o
• he company has guidelines o e e y p oduc speci ica ion i p oduces
• he company has guidelines o e e y a ibu e ha each indi idual mus use
Decisi eness • he company has clea guidelines ega ding he company’s co e alues
• he company has clea ules ega ding he igh s and esponsibili ies o employees
• he company has clea egula ions ega ding ewa ds and punishmen s o employees
eam o ien a ion • he company p o ides clea guidelines on indi idual esponsibili ies in each o i s wo k uni s
• he company p o ides guidelines o e ec i e and e icien eamwo k in each o i s wo k uni s
• he company p o ides oppo uni ies o collabo a i e p oblem-sol ing among indi iduals
ou come o ien a ion • he company emphasizes he achie emen o wo k esul s as a key alue o employees
• he company app ecia es he wo k esul s p o ided by employees and eams in he o m o ma e ial o non-ma e ial
ewa ds
• he company p o ides aining o employees o achie e good wo k esul s
agg essi eness • he company always s i es o excellence in compe i ion
• he company ewa ds employees who excel in demons a ing hei pe o mance
• he company is consis en and cou ageous in i s pu sui o con inued compe i i eness
suppo i eness • he company p o ides suppo and oppo uni ies o wo k uni s and employees o de elop ideas bene icial o he company
• he company p o ides inancial suppo o wo k uni s and employees o de elop ideas bene icial o he company
• he company p o ides ime suppo o wo k uni s and employees o de elop ideas bene icial o he company
Rewa ds/emphasis • he company mo i a es employees o deli e hei bes pe o mance
• he company c ea es an en i onmen ha encou ages employees o consis en ly show up o wo k
• he company acili a es employees’ needs in he wo kplace
Lean manu ac u ing
(Womack & Jones,
2017)
in e ening a iable Value by p oduc
(Zhu & Lin, 2017)
• he company p oduces p oduc s ha ha e unique cha ac e is ics compa ed o i s compe i o s
• he company p oduces p oduc s ha a e in acco dance wi h he bene i s p oduced
• he company sells p oduc s ha a e needed and desi ed
Value s eam • he company c ea es a isual low o pu chasing aw ma e ials o p oduc s
• he company c ea es a isual low o each p oduc ion p ocess un il he inished goods
• he company c ea es a isual low o p oduc sales o each consume s
Value low • he company elimina es was e o employee ime and ac i i ies on pu chasing in en o y and s o ing in en o y.
• he company elimina es was e o employee ime and ac i i ies a each s age o p oduc ion
• he company elimina es was e o employee ime and ac i i ies om he sales s ages un il hey a e ecei ed by consume s
Pull alue • he company implemen s p oduc ion on demand by imp o ing communica ion be ween employees and cus ome s
• he company implemen s e iciency in in en o y s o age because in en o y is o de ed acco ding o demand
• he company applies lexibili y o o de ing eques s
Pu sue pe ec ion • Companies can iden i y p oblems in he p oduc manu ac u ing p ocess om aw ma e ials o inished p oduc s
• Companies can analyze and unde s and he p oduc manu ac u ing p ocess om aw ma e ials o inished p oduc s
• Companies can de elop op imal solu ions o he p oduc manu ac u ing p ocess om aw ma e ials o inished goods
• Companies can implemen solu ions o imp o e he p oduc manu ac u ing p ocess om aw ma e ials o inished p oduc s
• Companies can e alua e solu ions and adjus hem acco ding o he esul s ob ained
Table 1. Con inued.
cogen Business & MAnAgeMen 17
4.2. Uni o analysis, popula ion, and sample
4.2.1. Uni o analysis
he uni o analysis in his esea ch is a manu ac u ing sec o company lis ed on he indonesia s ock
exchange in 2021. he eason o choosing he uni o analysis is ela ed o he opic o his esea ch,
such as he implemen a ion o lean manu ac u ing and i m alue which has been p esen ed in he
esea ch backg ound.
4.2.2. Popula ion
he popula ion in his s udy a e manu ac u ing sec o companies lis ed on he indonesian s ock exchange
based on iDX-ic in 2021, which consis s o 4 sec o s, such as basic ma e ials, indus ials, non-cyclicals
consume goods and cyclicals consume goods sec o . (iDXchannel, 2021). he desc ip ion o he popu-
la ion in his s udy is summa ized in able 2.
4.2.3. Sample
he s udy sample was de e mined using a o al quo a sampling echnique. o he 242 ques ionnai es
we e sen , 120 ques ionnai es we e comple ed and e u ned. howe e , 2 o hese ques ionnai es e u ned
wi h incomple e in o ma ion so hey we e iden i ied as in alid. he e o e, he emaining 118 ques ion-
nai es we e used o da a analysis. Figu e 2 illus a es he con ibu ion o each indus y sec o in he
s udy sample o he o e all popula ion.
4.3. Da a collec ion
he esea ch me hodology employed in his s udy included he dis ibu ion o ques ionnai es o ga he
da a and in o ma ion om he a ge popula ion. he ques ionnai es we e dis ibu ed o companies
wi hin he indonesian manu ac u ing sec o lis ed on he indonesian s ock exchange (iDX-ic) in 2021,
using google Fo ms. W i en app o als om bo h uni e si as padjadja an and iDX-ic we e ob ained o
Table 2. Popula ion.
sec o s sub sec o indus y sub indus y Popula ion
Basic ma e ials 1 5 11 89
indus ials 1 3 4 35
non cyclicals consume goods 4 5 8 69
Cyclicals consume goods 4 4 9 49
o al 242
Sou ce: indonesian s ock exchange, da a p ocessed by esea che in 2023.
Figu e 2. sample.
18 . s. sA AsWA i e Al.
conduc he online ques ionnai e. Addi ionally, all esponden s who pa icipa ed in he online ques ion-
nai e p o ided w i en consen along wi h hei demog aphic in o ma ion.
in o ma ion om he esponden s was collec ed o ob ain a ep esen a i e sample o he popula ion.
his s udy u ilized a c oss-sec ional app oach, whe e all indi iduals in he popula ion we e measu ed and
obse ed simul aneously. he s udy adhe ed o e hical s anda ds and ecei ed app o al om he e hics
commi ee o uni e si as padjadja an. p io o pa icipa ing in he s udy, all pa icipan s p o ided
in o med consen . he da a collec ion p ocess is de ailed in able 3.
4.4. Da a analysis
he da a analysis me hod used is desc ip i e analysis and e i ica ion analysis. he desc ip i e analysis
p epa ed is o desc ibe he dimensions and indica o s o he a iables s udied o he en i e sample
used, such as manu ac u ing companies egis e ed wi h iDX-ic. Meanwhile, in e i ica ion analysis, his
esea ch uses s uc u al equa ion Modeling (seM) wi h a pa ial leas squa e (pls) app oach. seM con-
sis s o wo componen s: he measu emen model and he s uc u al equa ion. he i s componen , he
measu emen model, is used o link obse ed a iables wi h la en a iables. he second componen , he
s uc u al equa ion Model, demons a es he causal ela ionships and in luences among la en a iables.
s uc u al equa ion models a e o en ep esen ed in pa h diag ams. his s udy has wo model analyses:
di ec e ec and in e ening e ec . Di ec e ec analysis is add essed o analyze he impac o co po a e
go e nance, in ellec ual capi al, and o ganiza ional cul u e on i m alue. Meanwhile, he in e ening
e ec is o analyze he in e ening ole o lean manu ac u ing on he ela ionship be ween co po a e
go e nance, in ellec ual capi al, o ganiza ional cul u e, and i m alue.
5. Empi ical esul s and discussion
5.1. Desc ip i e analysis
able 4 lis s he esponden s’ gende , age, wo k posi ions, depa men , leng h o se ice, and educa ional
le els. in his s udy 83.05% o he o al esponden s we e male, while he emaining 16.95% we e emale.
Mos esponden s we e in hei 41–50 yea s old wi h a pe cen age o 62.71%, ollowed by hose aged
be ween 31 and 40 yea s a 35.59% and he emaining we e aged 51–65 yea s a 1.69%. he esponden s
we e di ided in o ou g oups based on hei job i les: supe iso y, gene al manage , di ec o , and com-
missione . he pe cen ages o each g oup we e 57.63, 33.90, 8.47, and 0%, espec i ely. Based on hei
depa men , he esponden s we e classi ied in o se en g oups: Finance/Accoun ing, human capi al,
p oduc ion, sales and Ma ke ing, Di ec o s, and commissione s, wi h he ollowing pe cen ages: 16.10,
18.64, 17.80, 35.59, 11.86 and 0% o bo h di ec o s and commissione s. he employmen enu e was
ca ego ized in o h ee g oups: one o h ee yea s, abo e h ee o i e yea s, and abo e i e yea s, wi h
pe cen ages, espec i ely. Mos esponden s ell unde he s a wi h abo e i e yea s o employmen
enu e. Based on hei ecen educa ion, he esponden s we e classi ied in o h ee g oups: unde g adua e,
Mas e , and Doc o a e, wi h he ollowing pe cen ages: 96.61, 3.39, and 0%, espec i ely. he esponden s
wi h unde g adua e quali ica ions cons i u ed he mos signi ican po ion.
he ollowing ( able 5) lis s sample i ms’ loca ions ha pa icipa ed in his esea ch. Manu ac u ing
companies om Ja a and Bali accoun ed o 93.22% o he o al, ollowed by companies in suma e a a
5.93%, manu ac u ing i ms in Kaliman an a 0.85%.
Desc ip i e analysis aims o p o ide a desc ip i e o e iew o obse a ions on each esea ch a iable.
he esponses om esponden s can explain he esea ch a iables o each analysis uni acco ding o he
Table 3. Desc ip ion o he da a collec ion p ocess.
Popula ion and sample o al Pe cen age
Ques iona y sen o a ge popula ion 242 100%
Ques iona y e u n and comple ed 120 49.58% o o al popula ion
in alid esponses 21.66% o o al e u ned ques iona y
Ques iona y used o analysis (sample) 118 98.33% o o al e u ned ques iona y
cogen Business & MAnAgeMen 19
ac ual sco ing om he esponden s’ answe s. he esponses a e o ganized based on he ange o sco es
ob ained (seka an & Bougie, 2016).
All esea ch ques ionnai e ins umen s use posi i e s a emen s. in o al he e a e 63 s a emen s which
a e esea ch indica o s, whe e he measu emen uses an o dinal scale wi h a like scale app oach o 1–5
as he highes sco e. sco e 1 i he e a e no ac s; sco e 2 i he e is only ac 1; sco e 3 i he e a e 2
ac s; sco e 4 i he e a e 3 ac s; sco e 5 i he e a e 4 ac s.
he sco e ange is de e mined based on he a e age sco e o he esponden s’ esponses, a anged
om a maximum sco e o 5 o a minimum sco e o 1, hen di ided by he numbe o desi ed ca ego ies,
using he ollowing o mula:
Ca ego y sco e ange
Maximum sco e minimum sco e
To al ca ego y
C
=
−
aa ego y sco e ange
Ca ego y sco e ange
=−
=
51
5
0 8.
(2). ca ego y sco e ange o mula
Wi h he calcula ion o he o mula abo e, a ange alue is 0.80, which is ca ego ized acco ding o
he c i e ia explained in able 6 below.
Table 4. Responden p o ile.
Cha ac e is ics o al Pe cen age (%)
gende :
Male 98 83.05
Female 20 16.95
o al 118 100
age:
20–30 Yea s old 0 0
31–40 Yea s old 42 35.59
41–50 Yea s old 74 62.71
51–65 Yea s old 2 1.69
o al 118 100
Wo king posi ion:
supe iso y 68 57.63
gene al Manage 40 33.90
Di ec o 10 8.47
o al 118 100
Depa men :
Finance/accoun ing 19 16.10
Human capi al 22 18.64
P oduc ion 21 17.80
ope a ional 42 35.59
sales and ma ke ing 14 11.86
o al 118 100
Wo king expe iences:
1–3 Yea s 0 0
3–5 Yea s 1 0.85
>5 Yea s 117 99.15
o al 118 100
educa ion le el:
unde g adua e 114 96.61
Mas e 4 3.39
Doc o a e 0 0
o al 118 100
Table 5. sample’s geog aphic loca ion.
Region o al Pe cen age (%)
Bali and Ja a 110 93.22
suma e a 7 5.93
Kaliman an 1 0.85
sulawesi 0 0
o he s 0 0
o al 118 100

20 . s. sA AsWA i e Al.
he p ima y da a collec ed h ough ques ionnai es include a iables o co po a e go e nance, in ellec-
ual capi al, o ganiza ional cul u e, and lean manu ac u ing in manu ac u ing companies. able 7 below
de ails he sco e ange o hese a iables along wi h hei espec i e c i e ia ou comes:
able 7 shows ha manu ac u ing companies lis ed on he iDX-ic Bei ha e achie ed commendable
sco es in co po a e go e nance 4.02 ou o 5, in ellec ual capi al 4.10, and o ganiza ional cul u e 4.54.
hese sco es indica e e ec i e implemen a ion and unde s anding o long- e m co po a e sus ainabili y,
s akeholde in e es s, and a oidance o sho - e m p o i ac ics. howe e , he e a e no able gaps o 20%
in co po a e go e nance, 18% in in ellec ual capi al, and 9% in o ganiza ional cul u e, highligh ing a eas
o u he a en ion. hese gaps unde sco e he need o hese companies o ocus mo e on go e nance
p ac ices, in ellec ual asse s, and o ganiza ional cul u e o sus ain and enhance co po a e alue o e he
long e m.
5.2. Ou e model e alua ion
he ou e model measu emen model in pls-seM is used o alida e and measu e he eliabili y o mea-
su emen a iables, and es he alidi y o la en a iables. his model is used o connec la en a iables
wi h measu emen o obse a ion a iables (hai e  al., 2017).
5.2.1. Validi y es
5.2.1.1. Con e gen alidi y. able 8 displays he da a esul s, showing ha all indica o s o independen
and dependen a iables had loading ac o s exceeding 0.7 con i ming hei alidi y in measu ing each
la en a iable (hai e al., 2017). his igu e implies ha all he dimensions used as measu ing ools we e
alid and app op ia e o de e mining each cons uc .
5.2.1.2. A e age a iance ex ac ed. he A e age a iance ex ac ed me hod o assessing con e gen
alidi y compa es he squa e oo o a e age ex ac ed (A e) alue o each la en a iable wi h he
co ela ion be ween o he a iables in he model and also explains whe he he indica o s ep esen o
o m a good model. i he A e alue o each la en a iable is g ea e han ≥0.05 hen i is said ha
each la en a iable is conside ed adequa e o alid o has a concep ually di e en concep so ha i is
in acco dance wi h he esea ch model.
Based on he esul s o he A e age a iance ex ac ed (A e) es shows in able 9, ha he la en
a iables below all ha e a alue o ≥0.5, meaning ha each la en a iable in his s udy has an adequa e
o alid alue and has a di e en concep concep ually, so ha each la en a iable is conside ed ade-
qua e as a measu emen on his esea ch model.
5.2.1.3. Disc iminan alidi y. All he squa e oo s o he A e age a iance ex ac ed (A e) ollow he
Fo nell–la cke c i e ion. i can be obse ed ha each la en a iable has a alue g ea e han ha o
any o he la en a iable. he esul s o he Fo nell–la cke es a e p esen ed in able 10. As obse ed
in column 1, he la en a iable o co po a e go e nance has a alue o 0.936, which is g ea e han i s
Table 6. sco e ca ego iza ion.
no sco e C i e ia
1 1.00–1.80 Poo
2 1.81–2.60 Fai
3 2.61–3.40 good
4 3.41–4.20 Ve y good
5 4.21–5.00 excellen
Table 7. Desc ip i e analysis o a iables.
Va iables Minimum sco e Real sco e a e age sco e Realiza ion (%) gap (%) C i e ia
Co po a e go e nance 7.670 6.162 4.02 80 20 Ve y good
in ellec ual capi al 5.310 4.353 4.10 82 18 Ve y good
o ganiza ional cul u e 14.160 12.868 4.54 91 9 excellen
Lean manu ac u ing 10.030 8.677 4.33 87 13 excellen
cogen Business & MAnAgeMen 21
co ela ion wi h any o he a iable, such as in ellec ual capi al a 0.914. simila ly, in ellec ual capi al has
a alue g ea e han o ganiza ional cul u e, which is 0.89. o ganiza ional cul u e has a alue g ea e han
lean manu ac u ing a 0.831, and lean manu ac u ing has a alue g ea e han obin’s Q, which is 0.566.
likewise, om columns 2–5, all measu ed la en a iables ha e alues g ea e han hose o any o he
la en a iables.
Table 8. Con e gen alidi y es .
Va iable (cons uc ) La en indica o ou e loading ac o explana ion
Co po a e go e nance Cg01 0.936 ≥ 0.7 Valid
Cg02 0.958 ≥ 0.7 Valid
Cg03 0.932 ≥ 0.7 Valid
Cg04 0.919 ≥ 0.7 Valid
Cg05 0.927 ≥ 0.7 Valid
Cg06 0.889 ≥ 0.7 Valid
Cg07 0.940 ≥ 0.7 Valid
Cg08 0.958 ≥ 0.7 Valid
Cg09 0.955 ≥ 0.7 Valid
Cg10 0.911 ≥ 0.7 Valid
Cg11 0.961 ≥ 0.7 Valid
Cg12 0.926 ≥ 0.7 Valid
Cg13 0.956 ≥ 0.7 Valid
in ellec ual capi al iC01 0.904 ≥ 0.7 Valid
iC02 0.921 ≥ 0.7 Valid
iC03 0.761 ≥ 0.7 Valid
iC04 0.863 ≥ 0.7 Valid
iC05 0.898 ≥ 0.7 Valid
iC06 0.951 ≥ 0.7 Valid
iC07 0.781 ≥ 0.7 Valid
iC08 0.948 ≥ 0.7 Valid
iC09 0.754 ≥ 0.7 Valid
o ganiza ional cul u e oC01 0.886 ≥ 0.7 Valid
oC02 0.893 ≥ 0.7 Valid
oC03 0.840 ≥ 0.7 Valid
oC04 0.882 ≥ 0.7 Valid
oC05 0.862 ≥ 0.7 Valid
oC06 0.805 ≥ 0.7 Valid
oC07 0.859 ≥ 0.7 Valid
oC08 0.788 ≥ 0.7 Valid
oC09 0.885 ≥ 0.7 Valid
oC10 0.897 ≥ 0.7 Valid
oC11 0.839 ≥ 0.7 Valid
oC12 0.897 ≥ 0.7 Valid
oC13 0.805 ≥ 0.7 Valid
oC14 0.803 ≥ 0.7 Valid
oC15 0.907 ≥ 0.7 Valid
oC16 0.848 ≥ 0.7 Valid
oC17 0.793 ≥ 0.7 Valid
oC18 0.870 ≥ 0.7 Valid
oC19 0.746 ≥ 0.7 Valid
oC20 0.842 ≥ 0.7 Valid
oC21 0.809 ≥ 0.7 Valid
oC22 0.828 ≥ 0.7 Valid
oC23 0.888 ≥ 0.7 Valid
oC24 0.891 ≥ 0.7 Valid
Lean manu ac u ing LM01 0.906 ≥ 0.7 Valid
LM02 0.887 ≥ 0.7 Valid
LM03 0.876 ≥ 0.7 Valid
LM04 0.770 ≥ 0.7 Valid
LM05 0.922 ≥ 0.7 Valid
LM06 0.903 ≥ 0.7 Valid
LM07 0.807 ≥ 0.7 Valid
LM08 0.784 ≥ 0.7 Valid
LM09 0.817 ≥ 0.7 Valid
LM10 0.798 ≥ 0.7 Valid
LM11 0.830 ≥ 0.7 Valid
LM12 0.844 ≥ 0.7 Valid
LM13 0.887 ≥ 0.7 Valid
LM14 0.875 ≥ 0.7 Valid
LM15 0.865 ≥ 0.7 Valid
LM16 0.832 ≥ 0.7 Valid
LM17 0.778 ≥ 0.7 Valid
obin’s Q Q 1000 ≥ 0.7 Valid
22 . s. sA AsWA i e Al.
5.2.2. Reliabili y es
able 11 shows ha all la en a iables a e p o en eliable om he eliabili y es esul s because he
es alues a e abo e 0.7, no only om composi e eliabili y (c ) bu also om c onbach’s alpha (cA)
igu es (hai e al., 2017).
Based on he explana ion abo e, he measu emen design model (ou e model) in his esea ch can
be seen in Figu e 3 below.
5.3. Inne model analysis
he s uc u al inne model is analysis e alua ed o de e mine he ela ionship be ween la en a iables
o measu ed ac o s and he dependen o endogenous a iables unde s udy. he inne model is an
analy ical model o be able o iden i y which exogenous a iables mos in luence endogenous a iables
and i is also used o es hypo heses ega ding he ela ionship be ween exogenous and endogenous
a iables. he capabili y o he independen a iables o explain he a ia ion o he dependen a iable
is measu ed using -squa e indica o s ( able 12).
Based on he able abo e, he Adjus ed R-squa e alue o each equa ion is abo e 30 pe cen (0.3).
• An adjus ed R-squa e alue o 0.930 means ha he independen /exogenous a iables o co po a e
go e nance, in ellec ual capi al, and o ganiza ional cul u e can explain 93 pe cen o he a iance in
he media ing a iable lean manu ac u ing, wi h he emainde explained by o he a iables ou side
he model.
• An adjus ed R-squa e alue o 0.336 means ha he independen /exogenous a iables o co po a e
go e nance, in ellec ual capi al, and o ganiza ional cul u e, along wi h he media ing a iable lean
manu ac u ing, can explain 33.6 pe cen o he a iance in he dependen a iable ( obin’s Q), wi h
he emainde explained by o he a iables ou side he model.
Based on he calcula ions om able 13 (p edic i e ele ance), he Q-squa e alue is g ea e han 0,
speci ically 0.956061, indica ing ha he model has p edic i e ele ance o accu acy ega ding he
unknown endogenous a iable.
Based on able 14 (o e all model i ), he goodness o Fi (goF) alue o his model is 0.725,
which is subs an ial. his means ha he model in his s udy has a p edic i e powe o 72.5% in
Table 9. a e age a iance ex ac ed (aVe).
Va iables a e age a iance ex ac ed (aVe)
Co po a e go e nance 0.877
in ellec ual capi al 0.753
o ganiza ional cul u e 0.718
Lean manu ac u ing 0.722
obin’s Q 1.000
Table 10. Fo nell-La cke es .
Cg iC oC LM Q
Co po a e go e nance 0.936
in ellec ual capi al 0.914 0.898
o ganiza ional cul u e 0.898 0.897 0.947
Lean manu ac u ing 0.831 0.826 0.936 0.850
obin’s Q 0.566 0.584 0.531 0.452 1.000
Table 11. Composi e eliabili y and C onbach’s alpha es .
Composi e eliabili y C onbach’s alpha
Co po a e go e nance 0.989 0.988
in ellec ual capi al 0.965 0.958
o ganiza ional cul u e 0.984 0.983
Lean manu ac u ing 0.977 0.975
obin’s Q 1.000 1.000
cogen Business & MAnAgeMen 23
explaining he ela ionships be ween he exogenous la en a iables o co po a e go e nance, in el-
lec ual capi al, o ganiza ional cul u e, and he endogenous la en a iables, namely lean manu ac u -
ing, and obin’s Q.
in es ing he s uc u al model o inne model o he ou models ca ied ou abo e, such as he
a iance o endogenous a iables on he R squa e alue, he s one-geisse Q-squa e es (p edic i e
ele ance), goodness o Fi (goF) p oduces e y eliable alues o exogenous a iables on endogenous
Figu e 3. Measu emen model es esul s (ou e model).
Table 12. R-squa e adjus ed.
R-squa e R-squa e adjus ed
Lean manu ac u ing 0.931 0.930
obin’s Q 0.359 0.336
Table 13. P edic i e ele ance.
R-squa e 1-R2
Lean manu ac u ing 0.931 0.069
obin’s Q 0.359 0.641
(1− 2) (1− 2) 0.043939
Q2 = 1−(1− 2) (1− 2) 0.956061
Table 14. o e all model i .
Mean aVe 0.814
Mean R-squa e 0.645
Mean (aVe*R-squa e) 0.525
goF 0.725
30 . s. sA AsWA i e Al.
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