Pengaruh Keragaman Gender Direksi dan Komisaris terhadap Return on Assets pada Perusahaan

  • Kalista Krisdatama
  • Ahmad Setiawan Nuraya STIE Indonesia Banking School
Keywords: Financial performance, ROA (Return on Assets), Gender Diversity, Two-tier Board

Abstract

Abstract: This research intends to determine the impact of board gender diversity on the financial performance of Indonesian listed companies during the year of 2015 – 2019. The companies studied are construction and infrastructure sector companies related to toll roads, airports, ports, and the like. Purposive sampling method was used to determine the sample selection. Of the 23 companies that became the population, the final sample was 11 companies. The company's financial performance is measured using ROA (Return on Assets) as the dependent variable, while the board gender diversity as the independent variable is measured in three ways using the proportion of female directors, the proportion of female commissioners, and Blau Index. Firm size is also used in this research as a control variable. This study uses panel data as measured by multiple linear regression analysis method. The outcomes of this research show that board gender diversity has no significant effect on ROA.

 

Abstrak: Penelitian ini memiliki sasaran untuk mengetahui apakah keragaman gender dewan berdampak kepada kinerja keuangan perusahaan di Indonesia selama tahun 2015 – 2019. Perusahaan yang diteliti adalah perusahaan sektor konstruksi dan infrastruktur yang terkait dengan jalan tol, bandara, pelabuhan, dan sejenisnya. Metode purposive sampling diterapkan dalam pemilihan sampel. Dari 23 perusahaan yang ditetapkan sebagai populasi, sebanyak 11 perusahaan terpilih menjadi sampel akhir. Kinerja keuangan perusahaan diukur dengan ROA (Return on Assets) sebagai variabel dependen. Tiga variabel independen yang digunakan untuk mengukur keragaman gender dewan yaitu dengan proporsi direksi wanita, proporsi dewan komisaris wanita, dan Indeks Blau. Selain itu, ada pula ukuran perusahaan sebagai variabel kontrol. Metode analisis regresi linier berganda ditetapkan sebagai metode pengukuran data panel pada penelitian. Hasil dari riset ini tidak menemukan bahwa keragaman gender dewan memiliki pengaruh signifikan atas ROA.

References

[1] Brigham, E. F. & Houston, J. F., 2019, Fundamentals of Financial Management, Ed.15, Cengage Learning, Boston.
[2] Subramanyam, K. R. & Wild, J. J., 2009, Financial Statement Analysis, Ed.10, McGraw-Hill/Irwin, New York.
[3] Wahlen, J. M., Baginski, S. P., & Bradshaw, M. T., 2015, Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective, Ed.8, Cengage Learning, Boston.
[4] Kunjana, G., 2019, Sektor Infrastruktur Kian Melaju, https://investor.id/editorial/sektor-infrastruktur-kian-melaju, diakses tanggal 1 Agustus 2020.
[5] Mishra, R. K. & Jhunjhunwala, S., 2013, Diversity and the Effective Corporate Board, Academic Press, Massachusetts.
[6] Moreno-Gómez, J., Lafuente, E., & Vaillant, Y., 2018, Gender diversity in the board, women’s leadership and business performance, Gender in Management, 33(2), 104–122, https://doi.org/10.1108/GM-05-2017-0058.
[7] International Finance Corporation, 2019, Board Gender Diversity in ASEAN, https://www.ifc.org/wps/wcm/connect/21f19cfe-9cce-4089-bfc1-e4c38767394e/Board_Gender_Diversity_in_ASEAN.pdf?MOD=AJPERES, diakses tanggal 1 Agustus 2020.
[8] Huse, M., 2007, Boards, Governance and Value Creation: The Human Side of Corporate Governance, Cambridge University Press, Cambridge.
[9] Indonesia, 2007, Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas, Sekretariat Negara, Jakarta.
[10] Kılıç, M., & Kuzey, C., 2016, The effect of board gender diversity on firm performance: evidence from Turkey, Gender in Management, 31(7), 434–455, https://doi.org/10.1108/GM-10-2015-0088.
[11] Gordini, N., & Racanti, E., 2017, Management Research Review Article information: Gender diversity in the Italian boardroom and firm financial performance, Management Research Review, 40(1), https://doi.org/10.1108/MRR-09-2014-0225.
[12] Li, H., & Chen, P., 2018, Board gender diversity and firm performance: The moderating role of firm size, Business Ethics, 27(4), 294–308, https://doi.org/10.1111/beer.12188.
[13] Del Prete, S., & Stefani, M. L., 2015, Women as Gold Dust: Gender Diversity in Top Boards and the Performance of Italian Banks, SSRN Electronic Journal, https://doi.org/10.2139/ssrn.2645731.
[14] Joecks, J., Pull, K., & Vetter, K., 2013, Gender Diversity in the Boardroom and Firm Performance: What Exactly Constitutes a “Critical Mass?”, Journal of Business Ethics, 118(1), 61–72, https://doi.org/10.1007/s10551-012-1553-6.
[15] Marinova, J., Plantenga, J., & Remery, C., 2016, Gender diversity and firm performance: evidence from Dutch and Danish boardrooms, The International Journal of Human Resource Management, 5192, 1–14, https://doi.org/10.1080/09585192.2015.1079229.
[16] Herrera-Cano, C., & Gonzalez-Perez, M. A., 2019, Representation of Women on Corporate Boards of Directors and Firm Financial Performance, Diversity within Diversity Management, https://doi.org/10.1108/S1877-636120190000022003.
[17] World Economic Forum, 2019, Global Gender Gap Report 2020, https://www3.weforum.org/docs/WEF_GGGR_2020.pdf.
[18] United Nations, 2015, Sustainable Development Goals, https://sdgs.un.org/goals.
[19] Darmadi, S., 2013, Do women in top management affect firm performance? Evidence from Indonesia, Corporate Governance, 13(3), 288–304, https://doi.org/10.1108/CG-12-2010-0096.
[20] Terjesen, S., Couto, E. B., & Francisco, P. M., 2016, Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity, Journal of Management and Governance, 20(3), 447–483, https://doi.org/10.1007/s10997-014-9307-8
[21] Chapple, L. & Humphrey, J. E., 2014, Does board gender diversity have a financial impact? Evidence using stock portfolio performance, Journal of Business Ethics, 122(4), 709–723, https://doi.org/10.1007/s10551-013-1785-0.
[22] Dick, A., 2015, Female directors on German supervisory boards and firms’ financial performance, 5th IBA Bachelor Thesis Conference, 1–10.
[23] García-Meca, E., García-Sánchez, I. M., & Martínez-Ferrero, J., 2015, Board diversity and its effects on bank performance: An international analysis, Journal of Banking and Finance, 53, 202–214. https://doi.org/10.1016/j.jbankfin.2014.12.002.
Published
2022-01-28