Female Board Terhadap Social Disclosures dengan Manajemen Laba sebagai Pemoderasi

Ayu Anastya Putri, Supatmi Supatmi


This study aims to find empirical evidence of the impact of the female board on social disclosures and suspect earnings management moderates the causal relationship between the two. The sample for this research is 98 financial sector companies listed on the Indonesia Stock Exchange for the 2018-2021 period with a total of 389 observations. Female board is measured by the percentage of female directors and commissioners in the company. Social disclosures use 52 GRI indicators which consist of 40 general indicators and 12 indicators of sector specific aspects and are measured with a weight between 0-2. Earnings management as a moderating variable by managing abnormal cash flow from operating activities, abnormal discretionary expenses, and allowance for impairment losses. Hypothesis testing uses panel data regression analysis techniques. The results of the study prove that the more female boards in a company, the lower the social disclosures, especially aspects of labor practices and decent work, human rights, and product responsibility. Earnings management was found not to moderate the effect of the female board on social disclosures but there are indications of weakening the causal relationship between the two. The practice of earnings management by managing the allowance for impairment losses partially increases social disclosures, especially aspects of product responsibility.

DOI: https://doi.org/10.26905/afr.v6i2.9984


Female board, Social disclosures, Earnings management.

Full Text:



Abdullah, S. N., & Ismail, K. N. I. K. (2016). Women directors , family ownership and earnings management in Malaysia. https://doi.org/10.1108/ARA-07-2015-0067

Aguilera-caracuel, J., & Guerrero-villegas, J. (2017). How Corporate Social Responsibility Helps MNEs to Improve their Reputation. The Moderating Effects of Geographical Diversi fi cation and Operating in Developing Regions. May. https://doi.org/10.1002/csr.1465

Agyemang, O. S., & Ansong, A. (2017). Corporate social responsibility and firm performance of ghanaian sme’s: mediating role of access to capital and firm reputation. Journal of Global Responsibility, 8(1), 47–62. https://doi.org/10.1108/JGR-03-2016-0007

Al-Shaer, H., & Zaman, M. (2016). Board Gender Diversity and Sustainabilty Reporting Quality. Journal of Contemporary Accounting & Economics. https://doi.org/10.1016/j.jcae.2016.09.001

Alazzani, A., Wan-Hussin, W. N., & Jones, M. (2017). Muslim CEO, women on boards and corporate responsibility reporting: some evidence from Malaysia.

Alexander, N., & Palupi, A. (2020). Pengaruh Corporate Social Responsibility Reporting. 22(1), 105–112.

Almahrog, Y., Aribi, Z. A., & Arun, T. (2016). Earnings management and corporate social responsibility: UK evidence.

Alvesa, P., Coutob, E. B., & Franciscoc, P. M. (2015). Board of directors’ composition and capital structure. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2015.03.005

Anggraeni, D. Y., & Djakman, C. D. (2017). SLACK Resources, Feminisme Dewan Dan Kualitas Pengungkapan Tanggung Jawab Sossial Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 14(1). https://doi.org/10.21002/jaki.2017.06

Asghar, A., Sajjad, S., Shahzad, A., & Matemilola, B. T. (2020). Role of discretionary earning management in corporate governance-value and corporate governance-risk relationships. Corporate Governance (Bingley), 20(4), 561–581. https://doi.org/10.1108/CG-11-2019-0347

Bao, S., Fainshmidt, S., Nair, A., & Vracheva, V. (2014). Women in Upper Echelons of Management , Tenure and Legal Risk. 25, 388–405. https://doi.org/10.1111/j.1467-8551.2012.00847.x

Baric, A. (2017). Corporate social responsibility and stakeholders: Review of the last decade (2006-2015). Business Systems Research, 8(1), 133–146. https://doi.org/10.1515/bsrj-2017-0011

Bear, S., Rahman, N., & Post, C. (2010). The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation. 207–221. https://doi.org/10.1007/s10551-010-0505-2

Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender Differences in Risk Taking : A Meta-Analysis. 125(3), 367–383.

Capezio, A., & Mavisakalyan, A. (2015). Women in the boardroom and fraud : Evidence from Australia. March. https://doi.org/10.1177/0312896215579463

Chang, Y. K., Oh, W., Park, J. H., & Jang, M. G. (2015). Exploring the Relationship Between Board Characteristics and CSR : Empirical Evidence from Korea. Journal of Business Ethics. https://doi.org/10.1007/s10551-015-2651-z

Elsakit, O. M., & Worthington, A. C. (2014). The Impact of Corporate Characteristics and Corporate Governance on Corporate Social and Environmental Disclosure : A Literature Review. 9(9), 1–15. https://doi.org/10.5539/ijbm.v9n9p1

Endrikat, J., de Villiers, C., Guenther, T. W., & Guenther, E. M. (2021). Board Characteristics and Corporate Social Responsibility: A Meta-Analytic Investigation. Business and Society, 60(8), 2099–2135. https://doi.org/10.1177/0007650320930638

Fama, E. F., & Jensen, M. C. (1983). Separtion of Ownership and Control *. XXVI(June), 301–325.

Fernandez-Feijo, B., Romero, S., & Ruiz, S. (2012). Does Board Gender Composition affect Corporate Social Responsibility Reporting? 3(1), 31–38.

García-Sánchez, I. M., & Martínez-Ferrero, J. (2016). Independent Directors and CSR Disclosures: The moderating effects of proprietary costs. Independent Directors and CSR Disclosures: The Moderating Effects of Proprietary Costs, 24(1), 28–43. https://doi.org/10.1002/csr.1389

Gavious, I., Segev, E., & Yosef, R. (2012). Female directors and earnings management in high-technology firms. 4–32. https://doi.org/10.1108/01140581211221533

Ghozali, I., & Chariri, A. (2007). Teori Akuntansi. Semarang: Badan Penerbit Universitas Diponegoro.

Giannarakis, G. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10(4), 569–590. https://doi.org/10.1108/SRJ-02-2013-0008

Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed). McGraw-Hill.

Gull, A. A., Nekhili, M., Nagati, H., & Chtioui, T. (2017). Beyond gender diversity : How speci fi c attributes of female directors affect earnings management. The British Accounting Review. https://doi.org/10.1016/j.bar.2017.09.001

Handajani, L., Subroto, B., & Erwin, S. T. (2014). Does Board Diversity Matter on Corporate Social Disclosure ? An Indonesian Evidence. 5(9), 8–17.

Harjoto, M., Laksmana, I., & Lee, R. (2014). Board Diversity and Corporate Social Responsibility. https://doi.org/10.1007/s10551-014-2343-0

Ittonen, K., Peni, E., & Vahamaa, S. (2013). Female Auditor and Accruals Quality.

Jalan, A., Al-Gamrh, B., & Badrinath, S. G. (2020). Women on audit committees and the relationship between related party transactions and earnings management. Strategic Change, 29(3), 389–406. https://doi.org/10.1002/jsc.2337

Jensen, C., & Meckling, H. (1976). Theory of the Firm Managerial Behavior, Agency Cost and Ownership Structure I Introduction and summary In this paper WC draw on recent progress in the theory of ( 1 ) property rights , firm . In addition to tying together elements of the theory of e. 3, 305–360.

Kassinis, G., Panayiotou, A., Dimou, A., & Katsifaraki, G. (2016). Gender and Environmental Sustainability: A Longitudional Analysis. https://doi.org/10.1002/csr.1386

Kaymak, T., & Bektas, E. (2017). Corporate Social Responsibility and Governance: Information Disclosure in Multinational Corporations. https://doi.org/10.1002/csr.1428

Khan, I., Khan, I., & Saeed, B. bin. (2019). Does board diversity affect quality of corporate social responsibility disclosure ? Evidence from Pakistan. February, 1–11. https://doi.org/10.1002/csr.1753

Krishnan, G. V, & Parsons, L. M. (2008). Getting to the Bottom Line : An Exploration of Gender and Earnings Quality. 65–76. https://doi.org/10.1007/s10551-006-9314-z

Liao, L., Luo, L., & Tang, Q. (2014). Gender diversity , board independence , environmental committee and greenhouse gas disclosure q. The British Accounting Review, 1–16. https://doi.org/10.1016/j.bar.2014.01.002

Liu, Y., Lei, L., & Buttner, E. H. (2020). Establishing the boundary conditions for female board directors ’ influence on firm performance through CSR. Journal of Business Research, 121(August), 112–120. https://doi.org/10.1016/j.jbusres.2020.08.026

Maglio, R., Rey, A., Agliata, F., & Lombardi, R. (2019). Connecting earnings management and corporate social responsibility : A renewed perspective. July, 1–9. https://doi.org/10.1002/csr.1868

Margaretha, F., & Isnaini, R. (2014). Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation in INdonesia. 16(1), 1–8. https://doi.org/10.9744/jmk.16.1.1

Mnif, Y., & Cherif, I. (2020). Female board directorship and earnings management. https://doi.org/10.1108/PAR-04-2020-0049

Motlagh, J. (2013). Survivors of Bangladesh garment factory collapse still suffering, 5 months later.

Muttakin, M. B., Khan, A., & Subramaniam, N. (2015). Firm characteristics, board diversity and corporate social responsibility Evidence from Bangladesh.

Nadeem, M., Zaman, R., & Saleem, I. (2017). Boardroom Gender Diversity and Corporate Sustainability Practices: Evidence from Australian Securities Exchange Listed Firms. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2017.02.141

Primadhyta, S. (2022). Perempuan di Jajaran Direksi BUMN Cuma 13 Persen. CNN Indonesia.

Prior, D., Surroca, J., & Tribo, J. A. (2007). Earning Management and Corporate Social Responsibility. September.

Putriana, M., Artati, S., & Utami, V. J. (2018). Pengaruh Corporate Social Responsibility Terhadap Manajemen Laba Dengan Leverage Dan Growth Sebagai Variabel Control Pada Industri Farmasi Yang Terdaftar Di Bursa Efek Indonesia. J-MAS (Jurnal Manajemen Dan Sains), 3(2), 226. https://doi.org/10.33087/jmas.v3i2.60

Rao, K., & Tilt, C. (2015). Board Composition and Corporate Social Responsibility : The Role of Diversity , Gender , Strategy and Decision Making. https://doi.org/10.1007/s10551-015-2613-5

Rokhlinasari, S. (2016). Teori –Teori dalam Pengungkapan Informasi Corporate Social Responbility Perbankan. Al-Amwal: Jurnal Ekonomi Dan Perbankan Syari’ah, 7(Februarir), 1–6.

Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002

Sari, N. K., Turjono, E., & Widaninggar, N. (2017). Penerapan IFRS Dalam Praktik Manajemen Laba Pada Bank Pemerintahan Indonesia. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(2). https://doi.org/10.31093/jraba.v2i2.47

Sellami, Y. M., & Cherif, I. (2019). Female audit committee directorship and audit fees. https://doi.org/10.1108/MAJ-12-2018-2121

Setiawati, L. W. (2018). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Leverage, Dan Pengungkapan Sosial Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015. Jurnal Akuntansi, 12(1), 29–57. https://doi.org/10.25170/jara.v12i1.57

Setó-Pamies, D. (2013). The Relationship between Women Directors and Corporate Social Responsibility. https://doi.org/10.1002/csr.1349

Sofwan, M. U. (2019). Efek Moderasi Dewan Komisaris Antara Manajemen Laba Riil, Profitabilitas, Likuiditas Dan Leverage Terhadap Pengungkapan Corporate Social Responsibility. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 14(2), 147–168. https://doi.org/10.25105/jipak.v14i2.5017

Sudana, I. M., & Arlindania W, P. A. (2011). Corporate Governance dan Pengungkapan Corporate Social Responsibility Pada Perusahaan Go Public di Bursa Efek Indonesia. 1, 37–49.

Sun, J., Liu, G., & Lan, G. (2011). Does Female Directorship on Independent Audit Committees Constrain Earnings Management ? 369–382. https://doi.org/10.1007/s10551-010-0657-0

Supatmi, S., & Handayani, L. (2022). Koneksi politik dan praktik manajemen laba riil: studi pada industri keuangan di indonesia. 5(1), 121–134. https://doi.org/10.22219/jaa.v5i1.19507

DOI: https://doi.org/10.26905/afr.v6i2.9984


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

AFRE (Accounting and Financial Review)

Postgraduate - University of Merdeka Malang

Postgraduate  Building, Terusan Dieng Street 62-64
Malang City, East Java, Indonesia, 65146.

View My Stats      Web

Other Link

Follow Us

Site Home Journal
Unmer Malang
(0341) 567617
 Fax(0341) 567617

AFRE (Accounting and Financial Review)  Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.