Financial performance: The impact of age and background of retired military officers on oil, gas, and coal companies

https://doi.org/10.35912/ahrmr.v5i2.2833
Published: Jun 25, 2025

Abstract:

Purpose: This study aims to investigate the impact of the age and background of retired military officers in management roles on the financial performance of companies.

Methodology/Approach: The research was conducted across 22 companies operating in the Oil, Gas, and Coal sub-sector, selected based on specific criteria. The study utilized a quantitative approach, employing panel data regression analysis to assess the relationship between the independent variables (age and background of retired military officers) and the dependent variable (financial performance) over the period from 2021 to 2023.

Results: The results of this study found that management age has a significant positive effect on financial performance, and military background has a significant positive effect on financial performance.

Conclusions: The research concludes that the age and background of retired military officers play a critical role in shaping the financial performance of companies, particularly within the Oil, Gas, and Coal sectors. Understanding this relationship can provide valuable insights for organizations in selecting management personnel.

Limitations: A limitation of this study is its focus on a specific sector, which may restrict the generalizability of the findings to other industries or contexts.

Contribution: This study contributes to the fields of management and organizational behavior by highlighting the significance of leadership backgrounds in influencing financial performance. The insights gained can assist companies in making informed decisions regarding management recruitment and development strategies.

Keywords:
1. Age
2. Financial Performance
3. Military Veteran Background
Authors:
1 . Intan Rizkia Chudri
University Muhammadiyah Aceh, Banda Aceh, Indonesia
2 . Fitrah Fadilla
University Muhammadiyah Aceh, Banda Aceh, Indonesia
3 . Ermad M.J
University Muhammadiyah Aceh, Banda Aceh, Indonesia
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How to Cite
Chudri, I. R., Fadilla, F., & M.J, E. (2025). Financial performance: The impact of age and background of retired military officers on oil, gas, and coal companies. Annals of Human Resource Management Research, 5(2), 309–321. https://doi.org/10.35912/ahrmr.v5i2.2833
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Issue & Section
Vol. 5 No. 2 (2025): June
Articles
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    Idawati, I. A. A., & Pratama, I. G. S. (2020). Pengaruh Literasi Keuangan Terhadap Kinerja dan Keberlangsungan UMKM di Kota Denpasar. Warmadewa Management and Business Journal (WMBJ), 2(1), 1-9. doi:https://doi.org/10.22225/wmbj.2.1.2020.1-9

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    Li, Z., Liu, X., & Wang, B. (2024). Military-Experienced Senior Executives, Corporate Earnings Quality and Firm Value. Journal of Accounting Literature, 46(3), 401-445. doi:https://doi.org/10.1108/JAL-08-2022-0089

    Ligita, E. C., & Muazaroh. (2020). Koneksi Politik, Kinerja Keuangan, dan Kinerja Pasar pada Perusahaan di Bursa Efek Indonesia (periode 2014-2017). Journal of Business and Banking, 9(2), 309-322. doi:https://doi.org/10.14414/jbb.v9i2.1749

    Mahaputra, I. N. K. A., Sudiartana, I. M., Bagiana, I. K., Primadona, I. A. L., & Murti, N. P. M. A. (2024). Foreign Commissioners' Impact on Board Characteristics and Firm Performance. JRAK: Jurnal Riset Akuntansi Kontemporer, 16(2), 317-326. doi:https://doi.org/10.23969/jrak.v16i2.17006

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    Nurjanah, F. (2022). The Influence of Managerial Ownership and Characteristics of the Board of Commissioners on Company Performance. Jurnal Scientia, 11(1), 236-242.

    Olawuyi, I. B., & Chukwuma, A. (2022). The Impact and Factors Limiting the Pre-Retirement Entrepreneurship Training of Nigerian Military Veterans. Management, 4(3), 446-463.

    Permana, D., & Fadjarenie, R. A. (2024). Corporate Scandals, Leadership Traits, and Governance: Insights from Indonesian State Owned Enterprises (2021-2022). JPPI (Jurnal Penelitian Pendidikan Indonesia), 10(4), 1027-1038. doi:http://dx.doi.org/10.29210/020244590

    Ramadhania, M., Ahmad, G. N., Zakaria, A., & Witiastuti, R. S. (2021). The Effect of Gender Diversity and the Business Expertise of Female Directors on Firm Performance: Evidence from the Indonesia Stock Exchange. International Journal of Business, 26(3), 38-52.

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    Wulan, D. F. (2022). Board Diversity and Firm Performance: Evidence from Indonesia. Prosiding National Seminar on Accounting, Finance, and Economics (NSAFE), 2(10), 12-25.

    Zaitul, Z., Melmusi, Z., & Ilona, D. (2021). Board Governance Diversity and International Decision of Indonesia’s Service Companies. Studies of Applied Economics, 39(4), 1-12. doi:https://doi.org/10.25115/eea.v39i4.4309

  1. Agustin, M. W., & Sari, I. R. (2024). Optimalisasi Intellectual Capital dan Implementasi Green Accounting dalam Meningkatkan Kinerja Keuangan. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 4(2), 874-882. doi:https://doi.org/10.37481/jmeb.v4i2.838
  2. Alfianto, F. I., Irianto, G., & Prihatiningtias, Y. W. (2024). Peran Moderasi Koneksi Politik pada Pengaruh Karakteristik CEO Terhadap Kinerja Keuangan Perusahaan. Jurnal Reviu Akuntansi Dan Keuangan, 14(2), 380-397. doi:https://doi.org/10.22219/jrak.v14i2.31389
  3. Ani, S. M., Chariri, A., & Ghozali, I. (2022). The Existence of Independent Commissioners and Board Remunerations in Achieving Firm Value. International Conference on Research and Development (ICORAD), 1(1), 99-107. doi:https://doi.org/10.47841/icorad.v1i1.14
  4. Areneke, G., Adegbite, E., & Tunyi, A. (2022). Transfer of Corporate Governance Practices Into Weak Emerging Market Environments by Foreign Institutional Investors. International Business Review, 31(5), 1-21. doi:https://doi.org/10.1016/j.ibusrev.2022.101978
  5. Asch, B. J., Knapp, D. M., & Jackson, C. P. (2023). Analysis of the Post-Service Earnings, Wealth, and Well-Being of Military Retirees. California: RAND Corporation.
  6. Astuti, D. D., Surbakti, L. P., & Wijayanti, A. (2021). Pengaruh Independensi dan Keahlian Komite Audit Terhadap Manajemen Laba Riil dengan Kualitas Audit sebagai Variabel Moderasi. Jurnal Akuntansi, Keuangan dan Manajemen, 2(4), 345-358. doi:https://doi.org/10.35912/jakman.v2i4.564
  7. Chairunnisah, F. W., Maulana, A., & Shihab, M. S. (2024). Pengaruh Harga yang Dipersepsikan, Kualitas Layanan, dan Citra Perusahaan terhadap Loyalitas Pelanggan: Studi Kasus di PT. Evergreen Shipping Agency Indonesia Palembang. Jurnal Akuntansi, Keuangan, dan Manajemen, 6(1), 117-133. doi:https://doi.org/10.35912/jakman.v6i1.3662
  8. Chang, Y. W., David, N. C. Y., Low, S. C., & Tee, P. L. (2021). Corporate Governance Codes and Intellectual Capital: Evaluating the Performance Impacts among Government-Linked Companies in Malaysia and Singapore–A Panel Data Analysis. SHS Web of Conferences, 124, 1-13. doi:https://doi.org/10.1051/shsconf/202112408004
  9. Dewi, G., Basyir, A., & Nursanta, E. (2022). Determinan Suistainability Report Disclosure Terhadap Kinerja Keuangan Perusahaan Manufaktur di Indonesia. ARBITRASE: Journal of Economics and Accounting, 3(2), 481-489. doi:https://doi.org/10.47065/arbitrase.v3i2.561
  10. Dini, I. M., & Amrizal. (2024). Determinan Kinerja Keuangan Perbankan Syariah di Indonesia dalam Perspektif Islam. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(6), 4671 – 4690. doi:https://doi.org/10.47467/alkharaj.v6i6.2021
  11. Gadi, U. T., Bamanga, B. M., & Elvis, E. O. (2021). Board Dynamics and Firm Value: The Role of Audit Quality in Listed Oil and Gas Firms in Nigeria. International journal of social science and economic research, 6(2), 588-604. doi:http://dx.doi.org/10.46609/IJSSER.2021.v06i02.013
  12. Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi 9. Semarang: Badan Penerbit Universitas Diponegoro.
  13. Han, J., & Jo, S. J. (2024). How Much Does the CEO’s Age Impact Corporate Performance Under a Changing Environment?. Administrative Sciences, 14(11), 1-11. doi:https://doi.org/10.3390/admsci14110304
  14. Hao, Y., Li, J., Ni, J., & Yin, Z. (2023). Can Military Executives Improve Corporate Performance? Evidence from Industrial Competitive Pressure. Pacific-Basin Finance Journal, 79. doi:https://doi.org/10.1016/j.pacfin.2023.102052
  15. Harijono, S. N. T., & Tunas, B. (2019). The Effect of Organizational Culture on Performance of Government Internal Supervisory Apparatus (APIP) in the National Indonesian Navy. Journal of Business and Behavioural Entrepreneurship, 3(1), 27-32. doi:https://doi.org/10.21009/JOBBE.003.1.03
  16. Hasbudin, Fitriaman, & Narlinda, A. (2022). Analisis Rasio Likuiditas dan Solvabilitas Untuk Mengukur Kinerja Keuangan pada PT. FKS Food Sejahtera Tbk. Jurnal Akuntansi Dan Keuangan, 7(2), 60-72. doi:https://doi.org/10.33772/jak.v7i2.6
  17. Hidayat, S. N., & Aris, M. A. (2023). Pengaruh Corporate Social Responsibility, Green accounting dan Kinerja Lingkungan Terhadap Kinerja Keuangan. Management Studies and Entrepreneurship Journal (MSEJ), 4(6), 8395-8404. doi:https://doi.org/10.37385/msej.v4i6.3546
  18. Husnah, Aryati, Ramlawati, & Fahlevi, M. (2023). The relationship Between Corporate Governance and Firm Performance: An Empirical Analysis of Indonesian Companies. Journal of Economics and Business Letters, 3(3), 49-52. doi:https://doi.org/10.55942/jebl.v3i3.224
  19. Idawati, I. A. A., & Pratama, I. G. S. (2020). Pengaruh Literasi Keuangan Terhadap Kinerja dan Keberlangsungan UMKM di Kota Denpasar. Warmadewa Management and Business Journal (WMBJ), 2(1), 1-9. doi:https://doi.org/10.22225/wmbj.2.1.2020.1-9
  20. Jayanti, R. D., Probohudono, A. N., & Endiramurti, S. R. (2023). Gender Diversity Among the Board of Commissioners and Firm Value in Indonesia. International Journal of Economics, Business and Accounting Research (IJEBAR), 7(1), 84-93. doi:https://doi.org/10.29040/ijebar.v7i1.8100
  21. Li, Z., Liu, X., & Wang, B. (2024). Military-Experienced Senior Executives, Corporate Earnings Quality and Firm Value. Journal of Accounting Literature, 46(3), 401-445. doi:https://doi.org/10.1108/JAL-08-2022-0089
  22. Ligita, E. C., & Muazaroh. (2020). Koneksi Politik, Kinerja Keuangan, dan Kinerja Pasar pada Perusahaan di Bursa Efek Indonesia (periode 2014-2017). Journal of Business and Banking, 9(2), 309-322. doi:https://doi.org/10.14414/jbb.v9i2.1749
  23. Mahaputra, I. N. K. A., Sudiartana, I. M., Bagiana, I. K., Primadona, I. A. L., & Murti, N. P. M. A. (2024). Foreign Commissioners' Impact on Board Characteristics and Firm Performance. JRAK: Jurnal Riset Akuntansi Kontemporer, 16(2), 317-326. doi:https://doi.org/10.23969/jrak.v16i2.17006
  24. Manurung, A. D. P. (2022). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Intervening. Jurnal Akuntansi, Keuangan, dan Manajemen, 4(1), 57-71. doi:https://doi.org/10.35912/jakman.v4i1.1769
  25. Maryati, S., Nurullah, A., & Prasetyo, H. (2024). Managerial Ownership Structure, Presence of Female Directors and Independent Commissioners on Organizational Performance. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 7(3), 8178-8186. doi:https://doi.org/10.31538/iijse.v7i3.5891
  26. Milasari, W. A., & Nuryadi, N. (2023). Analisis Rasio Keuangan untuk Penilaian Kinerja Keuangan PT Semen Indonesia (Persero) Tbk. Journal Economic Excellence Ibnu Sina, 1(3), 99-117. doi:https://doi.org/10.59841/excellence.v1i3.307
  27. Munif, N. R., & Firmansyah, A. (2024). Peran Efektivitas Penggunaan Dana pada Hubungan Antara Kinerja Keuangan dan Tingkat Kemandirian Keuangan Rumah Sakit. Jurnal Akuntansi, Keuangan, dan Manajemen, 6(1), 245- 261. doi:https://doi.org/10.35912/jakman.v6i1.3328
  28. Murhadi, W. R., Handoyo, A., & Ernawati, E. (2024). The Good Corporate Governance: Case Study in Indonesia and Philippines. JBTI: Jurnal Bisnis: Teori dan Implementas, 15(1), 1-15. doi:https://doi.org/10.18196/jbti.v15i1.19871
  29. Nizar, M., & Mulyani, S. D. (2023). Pengaruh Penerapan Green Accounting, Environmental Performance dan Manajemen Laba terhadap Sustainable Growth. Jurnal Informatika Ekonomi Bisnis, 5(3), 1084-1089. doi:https://doi.org/10.37034/infeb.v5i3.628
  30. Nurjanah, F. (2022). The Influence of Managerial Ownership and Characteristics of the Board of Commissioners on Company Performance. Jurnal Scientia, 11(1), 236-242.
  31. Olawuyi, I. B., & Chukwuma, A. (2022). The Impact and Factors Limiting the Pre-Retirement Entrepreneurship Training of Nigerian Military Veterans. Management, 4(3), 446-463.
  32. Permana, D., & Fadjarenie, R. A. (2024). Corporate Scandals, Leadership Traits, and Governance: Insights from Indonesian State Owned Enterprises (2021-2022). JPPI (Jurnal Penelitian Pendidikan Indonesia), 10(4), 1027-1038. doi:http://dx.doi.org/10.29210/020244590
  33. Ramadhania, M., Ahmad, G. N., Zakaria, A., & Witiastuti, R. S. (2021). The Effect of Gender Diversity and the Business Expertise of Female Directors on Firm Performance: Evidence from the Indonesia Stock Exchange. International Journal of Business, 26(3), 38-52.
  34. Saputra, A. W. (2021). Manajemen Manajemen Pembiayaan Ijarah pada BMT Al Fataya Payakumbuh. IHTIYATH: Jurnal Manajemen Keuangan Syariah, 5(1), 1-15. doi:https://doi.org/10.32505/ihtiyath.v5i1.2168
  35. Sugiyono. (2018). Metode Penelitian Bisnis (Pendekatan Kuantitatif, Kualitatif dan R&D). Bandung: Alfabeta.
  36. Wasdani, K. P., Vijaygopal, A., Manimala, M. J., & Verghese, A. K. (2021). Impact of Corporate Governance on Organisational Performance of Indian Firms. Indian Journal of Corporate Governance, 14(2), 180-208. doi:https://doi.org/10.1177/09746862211047396
  37. Wulan, D. F. (2022). Board Diversity and Firm Performance: Evidence from Indonesia. Prosiding National Seminar on Accounting, Finance, and Economics (NSAFE), 2(10), 12-25.
  38. Zaitul, Z., Melmusi, Z., & Ilona, D. (2021). Board Governance Diversity and International Decision of Indonesia’s Service Companies. Studies of Applied Economics, 39(4), 1-12. doi:https://doi.org/10.25115/eea.v39i4.4309