Corporate Governance and Bank Size Effects on Funding-Based Liquidity Through Operational Efficiency in Banks, 2021–2025
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Abstract
Banking liquidity is essential for financial stability, yet the role of corporate governance and operational efficiency in explaining funding-based liquidity remains insufficiently understood. This study examined the effects of the Independent Commissioner Proportion, Audit Committee Proportion, and Bank Size on Funding-Based Liquidity, with Operational Efficiency as a mediating variable. A quantitative explanatory approach was employed using secondary data from annual reports and audited financial statements of 40 conventional commercial banks listed on the Indonesia Stock Exchange during 2021–2025, yielding 200 balanced bank-year observations. Panel regression was estimated using a one-way Fixed Effect Model with Driscoll-Kraay standard errors (maxlag = 1) for both the mediator and outcome equations. Mediation was tested using bank-level bootstrap resampling with 5,000 replications. The results showed that the Independent Commissioner Proportion, Audit Committee Proportion, and Bank Size did not significantly affect Operational Efficiency. In the Funding-Based Liquidity equation, the Independent Commissioner Proportion had a positive and significant effect (p < 0.001), whereas the Audit Committee Proportion and Bank Size were not significant. Operational Efficiency had a negative and significant effect on Funding-Based Liquidity (p = 0.0066). None of the indirect effects through Operational Efficiency was significant because the bootstrap confidence intervals included zero. Thus, only H4 and H7 were supported, while H1–H3, H5–H6, and H8–H10 were not supported. The findings indicate that Independent Commissioners are more directly associated with funding-based liquidity, while operational efficiency is significantly related to liquidity but does not function as a mediating mechanism.
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