Keberagaman gender dewan sebagai pemoderasi pengaruh pengungkapan ESG terhadap kualitas laba pada perusahaan sektor pertambangan

Authors

  • Dinda Amelia Kusumastuti Universitas Brawijaya
  • Laila Fitriyah LH Universitas Brawijaya
  • Kusairi Kusairi Universitas Brawijaya
  • Khoirul Umam Hasbiy Universitas Brawijaya

DOI:

https://doi.org/10.26905/j.bijak.v8i2.17644

Keywords:

ESG Disclosure, Earnings Quality.

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on earnings quality and investigate the moderating role of board gender diversity in this relationship. Furthermore, board gender diversity is believed to improve board effectiveness by providing diverse perspectives, strengthening oversight functions, and promoting better corporate governance practices. The study utilizes 22 annual reports of companies from the period 2022–2024 listed on the Indonesia Stock Exchange as a sample for moderated regression analysis (MRA) using STATA software. The findings indicate how ESG affects Earnings Quality as determined by katadata ESG (Kesgi). In other words, the higher the ESG, the more companies can increase earnings quality. The research also demonstrates that board of gender diversity as a moderating variable empirically strengthens the influence of ESG on earnings quality. This study underscores the importance of board gender diversity in the development of ESG strategies and the corporate world's position. Therefore, promoting director board in corporate decision-making will assist governments and key policymakers worldwide in achieving the Sustainable Development Goals (SDGs).

Downloads

Download data is not yet available.

References

Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2008). The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey. In National Bureau of Economic Research. https://doi.org/10.3386/w14486

Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010). The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey. Journal of Economic Literature, 48(1), 58–107. https://doi.org/10.1257/jel.48.1.58

Ali, W., Mahmood, Z., Wilson, J., & Ismail, H. (2023). The impact of sustainability governance attributes on comprehensive ESG reporting: A developing country setting. Corporate Social Responsibility and Environmental Management, 31(3), 1802–1817. https://doi.org/10.1002/esg.2677

Allam, A., Moussa, T., & Elmarzouky, M. (2024). Examining the relationship between CEO power and modern slavery disclosures: The moderating role of board gender diversity in UK companies. Business Strategy and the Environment, 33(8), 8067–8085. https://doi.org/10.1002/bse.3910

Almubarak, W. I., Chebbi, K., & Ammer, M. A. (2023). Unveiling the Connection among ESG, Earnings Management, and Financial Distress: Insights from an Emerging Market. Sustainability, 15(16), 12348–12348. https://doi.org/10.3390/su151612348

Alodat, A. Y., Amosh, H. A., Alorayni, O. J., & Khatib, S. F. A. (2023). Does corporate sustainability disclosure mitigate earnings management: empirical evidence from Jordan. International Journal of Disclosure and Governance, 21(1), 165–174. https://doi.org/10.1057/s41310-023-00213-4

Alves, S. (2023). Do female directors affect accounting conservatism in European Union? Cogent Business & Management, 10(2). https://doi.org/10.1080/23311975.2023.2219088

Amanamah, R. B. (2024). Corporate Governance, Financial Leverage, External Audit Quality, and Financial Reporting Quality in Ghanaian Companies. Financial Markets Institutions and Risks, 8(1), 43–62. https://doi.org/10.61093/fmir.8(1).43-62.2024

Ardhaoui, R., Amar, A. B., & Fakhfakh, I. (2024). Does corporate environmental disclosure affect earnings management? The moderating effect of female board representation. EuroMed Journal of Business, 20(4), 1199–1225. https://doi.org/10.1108/emjb-10-2023-0275

Ariadi, D., Serly, & Susanto, A. (2024). Does Gender Diversity among the Board of Directors Significantly Affect a Company’s Financial Performance? Jurnal Manajemen, 15(1), 14–29. https://doi.org/10.32832/jm-uika.v15i1.15271

Aribi, Z. A., Alqatamin, R. M., & Arun, T. (2018). Gender diversity on boards and forward-looking information disclosure: evidence from Jordan. Journal of Accounting in Emerging Economies, 8(2), 205–222. https://doi.org/10.1108/jaee-05-2016-0039

Arun, T., Almahrog, Y. E., & Ali, Z. I. (2015). Female directors and earnings management: Evidence from UK companies. International Review of Financial Analysis, 39, 137–146. https://doi.org/10.1016/j.irfa.2015.03.002

Bala, H., Naim, A., & Alomair, A. (2025). Demystifying the influence of board gender diversity on the nexus between ESG performance and carbon emissions. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-05733-8

Bui, B., Houqe, M. N., & Zaman, M. (2021). Climate change mitigation: Carbon assurance and reporting integrity. Business Strategy and the Environment, 30(8), 3839–3853. https://doi.org/10.1002/bse.2843

Cho, C. H., & Roberts, R. W. (2010). Environmental reporting on the internet by America’s Toxic 100: Legitimacy and self-presentation. International Journal of Accounting Information Systems, 11(1), 1–16. https://doi.org/10.1016/j.accinf.2009.12.003

Cicchiello, A. F., Fellegara, A. M., Kazemikhasragh, A., & Monferrà, S. (2021). Gender diversity on corporate boards: How Asian and African women contribute on sustainability reporting activity. Gender in Management An International Journal, 36(7), 801–820. https://doi.org/10.1108/gm-05-2020-0147

Deegan, C. (2019). Legitimacy theory. Accounting Auditing & Accountability Journal. https://doi.org/10.1108/aaaj-08-2018-3638

Deng, Y., Ong, T. S., & Senik, R. (2024). Trick or treat? A bibliometric literature review of corporate social responsibility and earnings management. Corporate Social Responsibility and Environmental Management, 31(5), 4361–4383. https://doi.org/10.1002/esg.2806

Dewi, L. G. K., Wiagustini, N. L. P., Rahyuda, H., & Sudana, I. P. (2023). Sustainability context and industry profile on the effect of gender diversity on firm value. Uncertain Supply Chain Management, 11(3), 1343–1358. https://doi.org/10.5267/j.uscm.2023.3.013

Eliwa, Y., Aboud, A., & Saleh, A. (2023). Board gender diversity and ESG decoupling: Does religiosity matter? Business Strategy and the Environment, 32(7), 4046–4067. https://doi.org/10.1002/bse.3353

Elzahar, H., Zalata, A. M., & Hassaan, M. (2022). Attributes of female directors and accruals-based earnings management. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2139212

Fleitas‐Castillo, G. C., Peña‐Martel, D., Martín, D. J. S., & Santana‐Negrín, Y. (2025). Board Gender Diversity and Greenwashing in Europe. Corporate Social Responsibility and Environmental Management, 32(3), 4315–4327. https://doi.org/10.1002/esg.3187

Fragoso, J. L. F. R., & Pinheiro, C. M. (2024). Exploring the nexus between earnings quality and ESG disclosure: A systematic literature review. In Repositório Institucional do ISCTE-IUL (ISCTE-IUL). Iscte – Instituto Universitário de Lisboa. http://hdl.handle.net/10071/35116

Gavious, I., Segev, E., & Yosef, R. (2012). Female directors and earnings management in high‐technology firms. Pacific Accounting Review, 24(1), 4–32. https://doi.org/10.1108/01140581211221533

Gesso, C. D., & Lodhi, R. N. (2024). Theories underlying environmental, social and governance (ESG) disclosure: asystematic review of accounting studies. Archivio Istituzionale Della Ricerca (Universita Degli Studi Di Milano), 47(2), 433–461. https://doi.org/10.1108/jal-08-2023-0143

Githaiga, P. N. (2023). Sustainability reporting, board gender diversity and earnings management: evidence from East Africa community. Journal of Business and Socio-Economic Development, 4(2), 142–160. https://doi.org/10.1108/jbsed-09-2022-0099

Gönenç, H., & Krasnikova, A. V. (2022). Board Gender Diversity and Voluntary Carbon Emission Disclosure. Sustainability, 14(21), 14418–14418. https://doi.org/10.3390/su142114418

Harakeh, M., Elgammal, W., & Matar, G. (2019). Female directors, earnings management, and CEO incentive compensation: UK evidence. Research in International Business and Finance, 50, 153–170. https://doi.org/10.1016/j.ribaf.2019.05.001

Harakeh, M., Leventis, S., Masri, T. E., & Tsileponis, N. (2022). The moderating role of board gender diversity on the relationship between firm opacity and stock returns. The British Accounting Review, 55(4), 101145–101145. https://doi.org/10.1016/j.bar.2022.101145

Hassan, I. M., Amin, H., Mostafa, D., & Elamer, A. A. (2023). Roles of board of directors and earnings management across SMEs life cycle: evidence from the UK. International Journal of Accounting and Information Management, 31(4), 676–703. https://doi.org/10.1108/ijaim-01-2023-0017

Hemdan, D. A. M., Saif-Ur-Rehman, & Khan, F. (2023). CEO Power, Corporate Governance Mechanisms and Earnings Quality. Asian Academy of Management Journal of Accounting and Finance, 19(1). https://doi.org/10.21315/aamjaf2023.19.1.7

Horobeţ, A., Bulai, V.-C., Rădulescu, M., Belaşcu, L., & Dumitrescu, D. G. (2024). ESG Actions, Corporate Discourse, And Market Assessment Nexus: Evidence From The Oil And Gas Sector. Journal of Business Economics and Management, 25(1), 153–174. https://doi.org/10.3846/jbem.2024.21070

Inneh, E. G., Ayoola, T. J., Olasanmi, O. O., Fakunle, I., & Ologunde, O. A. (2024). Does the strength of women in the upper echelon influence earnings quality? The application of critical mass theory. International Journal of Applied Economics Finance and Accounting, 18(2), 270–281. https://doi.org/10.33094/ijaefa.v18i2.1387

Jain, N. (2025). Are Women on Boards Associated With Disclosure Asymmetry? Evidence From Environmental and Social Disclosures in S&P 500 Firms. Business Strategy and the Environment, 35(3), 3813–3825. https://doi.org/10.1002/bse.70367

Khan, S., Kamal, Y., Abbas, M., & Hussain, S. (2022). Board of directors and earnings manipulation: evidence from regulatory change. Future Business Journal, 8(1). https://doi.org/10.1186/s43093-022-00173-1

Knežević, G., Pavlović, V., & Bojičić, R. (2023). Does gender diversity improve ESG reporting? Evidence from the Central and West Balkan banking sector. Economics & Sociology, 16(3), 261–280. https://doi.org/10.14254/2071-789x.2023/16-3/14

Lai, K., Khedmati, M., Gul, F. A., & Mount, M. (2022). Making honest men of them: Institutional investors, financial reporting, and the appointment of female directors to all-male boards. Journal of Corporate Finance, 78, 102334–102334. https://doi.org/10.1016/j.jcorpfin.2022.102334

Lara, J. M. G., Osma, B. G., Enguídanos, A. M., & Scapin, M. (2017). The monitoring role of female directors over accounting quality. Journal of Corporate Finance, 45, 651–668. https://doi.org/10.1016/j.jcorpfin.2017.05.016

Lawati, H. A., Hussainey, K., & Sagitova, R. (2021). Disclosure quality vis-à-vis disclosure quantity: Does audit committee matter in Omani financial institutions? Review of Quantitative Finance and Accounting, 57(2), 557–594. https://doi.org/10.1007/s11156-020-00955-0

Liu, T., Abdelbaky, A., Elamer, A. A., & Elmahgoub, M. (2023). Real earnings management and ESG disclosure in emerging markets: The moderating effect of managerial ownership from a social norm perspective. Heliyon, 9(12). https://doi.org/10.1016/j.heliyon.2023.e22832

Maglio, R., Rey, A., Agliata, F., & Lombardi, R. (2019). Connecting earnings management and corporate social responsibility: A renewed perspective. Corporate Social Responsibility and Environmental Management, 27(2), 1108–1116. https://doi.org/10.1002/esg.1868

Mao, Z., Wang, S., & Lin, Y. (2024). ESG, ESG rating divergence and earnings management: Evidence from China. Corporate Social Responsibility and Environmental Management, 31(4), 3328–3347. https://doi.org/10.1002/esg.2748

Marheni, D. K., Sherry, S., & Yulfiswandi, Y. (2024). ESG and firm performance: The moderating role of gender diversity. Optimum Jurnal Ekonomi Dan Pembangunan, 14(1), 49–61. https://doi.org/10.12928/optimum.v14i1.8647

Marrone, A., Pontrelli, V., & Oliva, L. (2023). Boards of Directors and High-Tech Sectors Affect ESG Disclosure Quality: An Empirical Analysis of Global Firms. International Journal of Business and Management, 18(6), 97–97. https://doi.org/10.5539/ijbm.v18n6p97

Mauro, P., Guido, P., & Elisa, M. (2017). Fair value accounting and earnings quality (EQ) in banking sector: Evidence from Europe. AFRICAN JOURNAL OF BUSINESS MANAGEMENT, 11(20), 597–607. https://doi.org/10.5897/ajbm2017.8407

Mollah, S., Farooque, O. A., Mobarek, A., & Molyneux, P. (2013). Journal of Financial Services Research. Journal of Financial Services Research. https://doi.org/10.1007/10693.1573-0735

Muhammad, H., Paolone, F., & Migliori, S. (2024). Board gender diversity and accounting conservatism: the role of corporate social responsibility. Sustainability Accounting Management and Policy Journal, 16(1), 107–136. https://doi.org/10.1108/sampj-11-2023-0835

Nicolò, G., Zanellato, G., Tiron‐Tudor, A., & Polcini, P. T. (2022). Revealing the corporate contribution to sustainable development goals through integrated reporting: a worldwide perspective. Social Responsibility Journal, 19(5), 829–857. https://doi.org/10.1108/srj-09-2021-0373

Oradi, J., & Izadi, J. (2019). Audit committee gender diversity and financial reporting: evidence from restatements. Managerial Auditing Journal, 35(1), 67–92. https://doi.org/10.1108/maj-10-2018-2048

Ozili, P. K. (2020). Financial reporting under economic policy uncertainty. Journal of Financial Reporting & Accounting, 19(2), 325–338. https://doi.org/10.1108/jfra-08-2020-0242

Persakis, A., Fassas, A., & Philippas, D. (2025). Earnings Quality and ESG Performance in Energy and Utilities: What Really Matters? International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.70007

Pranesti, A., Mustakini, J. H., Wijayana, S., & Arifa, C. (2026). The role of IFRS S1 and S2 in addressing ESG–earnings quality research fragmentation. Discover Sustainability, 7(1). https://doi.org/10.1007/s43621-026-02889-4

Primacintya, V. A., & Kusuma, I. W. (2025). Environmental, social and governance (ESG) performance and earnings management: the role ofgender diversity. Asian Journal of Accounting Research, 10(3), 294–314. https://doi.org/10.1108/ajar-12-2023-0414

Pucheta‐Martínez, M. C., Álvarez, I. G., & Bel‐Oms, I. (2021). Corporate social and environmental disclosure as a sustainable development tool provided by board sub‐committees: Do women directors play a relevant moderating role? Business Strategy and the Environment, 30(8), 3485–3501. https://doi.org/10.1002/bse.2815

Shin, Y. Z., Chang, J., Jeon, K., & Kim, H. (2019). Female directors on the board and investment efficiency: evidence from Korea. Asian Business & Management, 19(4), 438–479. https://doi.org/10.1057/s41291-019-00066-2

Simionescu, L. N., Gherghina,Ștefan C., Tawil, H., & Sheikha, Z. (2021). Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector. Financial Innovation, 7(1). https://doi.org/10.1186/s40854-021-00265-x

Singoei, D. K. (2022). Board Gender Diversity, Audit Committee Activities and Financial Reporting Quality of Firms Listed in Nairobi Securities Exchange, Kenya. Eastern Journal of Economics and Finance, 7(1), 1–13. https://doi.org/10.55284/eastjecofin.v7i1.681

Sululing, S., Pagalung, G., & Amiruddin, A. (2025). ESG DISCLOSURE AND ITS EFFECT ON EARNINGS QUALITY. Veredas Do Direito Direito Ambiental e Desenvolvimento Sustentável, 22(5). https://doi.org/10.18623/rvd.v22.n5.3581

Teixeira, J. F., Carvalho, A., & Carmo, C. (2026). ESG Integrity and Financial Performance: The Interplay Between Sustainability and Earnings Management. Sustainability, 18(4), 1764–1764. https://doi.org/10.3390/su18041764

Vatis, S. E., Drogalas, G., Persakis, A., & Chytis, E. (2025). The Impact of ESG on Earnings Quality and Real Earnings Management: The Role of Firm Size. Sustainability, 17(11), 5027–5027. https://doi.org/10.3390/su17115027

Zalata, A. M., Ntim, C. G., Alsohagy, M. H., & Malagila, J. (2021). Gender diversity and earnings management: the case of female directors with financial background. Review of Quantitative Finance and Accounting, 58(1), 101–136. https://doi.org/10.1007/s11156-021-00991-4

Zona, F., & Zattoni, A. (2007). Beyond the Black Box of Demography: board processes and task effectiveness within Italian firms. Corporate Governance An International Review, 15(5), 852–864. https://doi.org/10.1111/j.1467-8683.2007.00606.x

Downloads

Published

2026-08-31

How to Cite

Amelia Kusumastuti, D., Fitriyah LH, L., Kusairi, K., & Umam Hasbiy, K. (2026). Keberagaman gender dewan sebagai pemoderasi pengaruh pengungkapan ESG terhadap kualitas laba pada perusahaan sektor pertambangan. Jurnal Ilmiah Bisnis Dan Perpajakan (Bijak), 8(2), 138–150. https://doi.org/10.26905/j.bijak.v8i2.17644

Issue

Vol. 8 No. 2 (2026): Agustus 2026

Section

Articles

License

Copyright (c) 2026 Jurnal Ilmiah Bisnis dan Perpajakan (Bijak)

Creative Commons License

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

Authors who publish in JURNAL BISNIS DAN PERPAJAKAN (BIJAK) agree to the following terms:

  • Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  • Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access)

 

Creative Commons License

JURNAL BISNIS DAN PERPAJAKAN (BIJAK) - D3 Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Merdeka Malang Published by University of Merdeka Malang, is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.