PENGARUH KEBERAGAMAN GENDER DEWAN TERHADAP KINERJA PERUSAHAAN: BUKTI DARI INDONESIA

Abstract

This study aims to determine the influence of women’s board, women’s board of commissioners, and women’s board of directors on firm performance in non-financial sector companies listed on the Indonesia Stock Exchange (IDX) the period 2020-2023. This research is a quantitative study that uses secondary data, sourced from annual reports and firm reports disclosed on the Indonesia Stock Exchange and the company's website. The population of this study consists of non-financial sector companies listed on the Indonesian Stock Exchange from 2020 to 2023. Observation resulting in 1,011 samples observations through purposive sampling. Data analysis techniques used in research include classical assumption tests, regression tests, correlation analysis, t-tests, and robust tests, all of which are performed using STATA 17 software. The results of this study show women’s board has a significant negative effect on firm performance, women’s board of commissioners has a significant positive effect on firm performance, and women’s board of directors has a significant negative effect on firm performance. The results of this study cannot be generalized because its scope is limited to the non-financial sector. These findings enrich the existing literature on corporate governance and board diversity, while also offering practical insights for firms in structuring their boards and for policymakers in designing more effective gender diversity regulations. Beyond the academic contribution, the study carries broader social relevance by promoting a balanced understanding of women’s leadership and supporting inclusive and sustainable corporate governance practices. The novelty of this research is the separation of gender variables on the board into three categories.