SEMAKIN BERAGAM SEMAKIN BAIK? ISU KEBERAGAMAN GENDER, KEUANGAN, DAN INVESTASI PERUSAHAAN

Zhafarina Isti Ramadhani, Desi Adhariani

Abstract


This research aimed at investigating the impact of gender diversity on financial performance and investment efficiency in public companies listed in Indonesia Stock Exchange. As there was an increase in the number of women on board of directors and commissioners in several countries including Indonesia, it was important to know whether there was an influence to evaluate the role of gender diversity. The sample consisted of 282 and 253 public companies listed in Indonesia Stock Exchange in 2012 (for two different models). Using secondary data and regression tests to analyze the data, this study did not find the significant impact of gender diversity on financial performance and investment efficiency. This could be interpreted as there were still many things to do to improve the role of gender diversity and women capabilities in the board of commissioners and directors.


Keywords


Financial Performance, Gender Diversity, Investment Efficiency

Full Text:

pdf

References


Adams, R.B. & Ferreira, D. 2009. Women in the Boardroom and Their Impact on Governance and Performance. Journal of Financial Economics, 94(2): 291-309.

Ahern, K.R., & Dittmar, A.K. 2012. The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation. The Quarterly Journal of Economics, 127(1): 137-197.

Bantel, K. A., & Jackson, S. E. 1989. Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference? Strategic Management Sournal, 10(1): 107-124.

Beck, T., Levine, R., & Loayza, N. 2000. Finance and the Sources of Growth. Journal of Financial Economics, 58(1): 261-300.

Biddle, G.C., Hilary, G., & Verdi, R.S. 2009. How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48(2): 112-131.

Campbell, K., & Minguez-Vera, A. 2008. Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Bussiness Ethics, 83(3): 435- 451.

Carter, D.A., D’Souza, F., Simkins, B.J., & Simpson, W.G. 2007. The Diversity of Corporate Board Committees and Financial Performance. http://ssrn.com/abstract=1106698. Diakses tanggal 17 Nopember 2016.

Centre for Governance, Institutions, and Organisations (CGIO). 2012. Indonesia Boardroom Diversity Report 2012: Female Footprints in IDX-listed Companies. NUS Business School. Singapore.

Coffey, B.S., & Wang, J. 1998. Board Diversity and Managerial Control as Predictors of Corporate Social Performance. Journal of Business Ethics, 17(14): 1595-1603.

Darmadi, S. 2011. Board Diversity and Firm Performance: The Indonesian Evidence. Corporate Ownership and Control, 1(9): 524-539.

Faccio, M., Marchica, M. T., & Mura, R. 2016. CEO Gender, Corporate Risk-taking, and the Efficiency of Capital Allocation. Journal of Corporate Finance, 39: 193-209.

Fama, E.F. & Miller, M.H. 1972. The Theory of Finance. Holt Rinehart & Winston.

Goodstein, J., Gautam, K., & Boeker, W. 1994. The Effects of Board Size and Diversity on Strategic Change. Strategic Management Journal, 15(3):241-250.

Jackson, S.E., & Alvarez, E.B. 1992. Working through Diversity as A Strategic Imperative. New York: The Guilford Press.

Jensen, M.C., & Meckling, W.H. 1976. Theory of The Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4): 305-360.

John, K., Litov, L., & Yeung, B. 2008. Corporate Governance and Risk‐taking. The Journal of Finance, 63(4): 1679-1728.

Johnson, J.E., & Powell, P.L. 1994. Decision Making, Risk and Gender: Are Managers Different? British Journal of Management, 5(2): 123-138.

Kim, K., Nofsinger, J., & Mohr, D. 2009. Corporate Governance. 3rd Edition. London: Prentice Hall.

Rose, C. 2007. Does Female Board Representation Influence Firm Performance? The Danish Evidence. Corporate Governance: An International Review, 15(2): 404–413.

Sessa, V. I., & Jackson, S.E. 1995. Diversity in Decision-making Teams: All Differences are Not Created Equal. In: Diversity in Organizations: New Perspectives for a Changing Workplace. Edited by: Chemers, M.M., Oskamp, S., & Costanzo, M.A. Thousands Oak, CA: Sage.

Verdi, R.S. 2006. Financial Reporting Quality and Investment Efficiency. https://papers.ssrn.com/sol3/papers2.cfm?abstract_id=930922. Diakses tanggal 23 Oktober 2016.

Wiersema, M.F. & Bantel, K.A. 1992. Top Management Team Demography and Corporate Strategic Change. Academy of Management Journal, 35(1): 91-121.

Zhuang, J., Edwards, D., Webb, D., & Capulong, M.V. 2000. Corporate Governance and Finance in East Asia. Manila: Asian Development Bank.




DOI: https://doi.org/10.26905/jkdp.v21i1.1222

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

Published by University of Merdeka Malang

Mailing Address:
2nd floor Finance and Banking Building, Jl. Terusan Raya Dieng No. 57 Malang, East Java, Indonesia
Phone: -
Email: [email protected]

This work is licensed under a Creative
Commons Attribution-ShareAlike 4.0