PERAN FOREIGN OWNERSHIP DALAM HUBUNGAN ANTARA BOARD GENDER DIVERSITY DAN NILAI PERUSAHAAN

Katarina Agnes, Chici Askotamiya, Vika Oktaviani Siboro

Abstract


ABSTRAK


Realisasi investasi di Indonesia pasca dilanda oleh pandemi COVID-19 menunjukkan pertumbuhan yang sigifikan sehingga para investor tertarik untuk melakukan penanaman modal yang membuat perusahaan harus mampu bersaing dari sisi kinerja keuangan dan tata kelola yang baik. Dewan perusahaan memiliki peran inti dalam hal pengawasan manajemen dan kehadiran perempuan dalam dewan dipercaya mampu menghadirkan perspektif yang lebih beragam. Kepemilikan asing dapat memperkuat hubungan ini karena investor asing menuntut standar tata kelola yang lebih tinggi serta transparasi yang lebih besar dibandingkan investor domestik. Tujuan kajian ini ialah untuk menguji dampak board gender diversity pada nilai perusahaan yang diproksikan dengan Tobin’s Q serta peran foreign ownership sebagai variable moderasi. Populasi dan durasi kajian ini ialah sector consumer non-cyclical yang tercatat di Bursa Efek Indonesia selama tahun 2020 hingga 2024. Bentuk kajian ini ialah asosiatif hubungan kausal dengan metode kuantitatif. Jumlah sampel adalah 34 perusahaan. Pengujian regresi data panel menggunakan bantuan software Eviews 14. Perolehan pengujian data mengindikasikan bahwasanya tidak adanya dampak antara keberagaman gender dalam dewan pada nilai perusahaan, namun foreign ownership terbukti dapat memperkuat hubungan keduanya.


ABSTRACT


Investment realization in Indonesia has experienced significant growth following the COVID-19 pandemic, attracting greater investor interest and encouraging companies to enhance both their financial performance and corporate governance practices. Corporate boards play a central role in overseeing management, and the presence of female directors is believed to contribute more diverse perspectives to the decision-making process. Foreign ownership may strengthen this relationship, as foreign investors generally demand higher standards of corporate governance and greater transparency than domestic investors. This study aims to examine the effect of board gender diversity on firm value, proxied by Tobin's Q, and to investigate the moderating role of foreign ownership. The population of this study consists of consumer non-cyclical companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a causal associative design with a quantitative approach. The final sample comprises 34 companies. Panel data regression analysis was conducted using EViews 14 software. The findings indicate that board gender diversity has no significant effect on firm value. However, foreign ownership is found to strengthen the relationship between board gender diversity and firm value.


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DOI: http://dx.doi.org/10.35906/jep.v12i1.2925

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