CEO Gender, Massa Kritis Keberagamanan Gender Dewan, dan Kinerja ESG di Indonesia

Eka Natiya Saputri, Widijaya Widijaya

Abstract


Abstrak— Tujuan penelitian: Studi ini memperkuat Teori Massa Kritis dan Teori Upper Echelons untuk menjelaskan bagaimana kepemimpinan perempuan memengaruhi keberlanjutan. Desain/metode/pendekatan: Penelitian kuantitatif menggunakan regresi linear berganda dengan sampel 403 perusahaan yang mengikuti pedoman Global Reporting Initiative. Variabel meliputi CEO perempuan metrik critical mass (WOMEN10, WOMEN20, WOMEN40), dan Variabel interaksi. Hasil penelitian: CEO perempuan memiliki berdampak menguntungkan dan signifikan terhadap kinerja ESG. Hasil critical mass bervariasi: WOMEN10 signifikan positif, WOMEN20 signifikan negatif, sedangkan WOMEN40 tidak signifikan. Efek interaksi tidak signifikan, menunjukkan bahwa gender homophily tidak meningkatkan efektivitas dewan dalam konteks ini. Kontribusi teori: penelitian ini mengacu pada Teori Massa Kritis dan perspektif Upper Echelons untuk memperdalam pemahaman mengenai peran kepemimpinan perempuan dalam mendorong keberlanjutan. Kontribusi praktik/kebijakan: Merekomendasikan perusahaan untuk meningkatkan representasi perempuan dalam posisi kepemimpinan guna memperbaiki kinerja ESG. Keterbatasan: Terbatas oleh variasi kualitas pengungkapan GRI antar perusahaan.

Abstract— Objectives: This study examines how female CEOs, critical mass levels of female directors, and their interaction via gender homophily effect ESG performance among Indonesia firms Design/method/approach: A quantitative design employing multiple linear regression with a sample of 403 companies adhering to Global Reporting Initiative guidelines. Variables consist of female CEO, critical mass metric (WOMEN10, WOMEN20. WOMEN40) and interaction terms. Results/findings: Female CEOs have a beneficial and substantial impact on ESG performance. Results for critical mass show variability: WOMEN10 is significantly positive, WOMEN20 is significantly negative, and WOMEN40 shows no significance. Interaction effects are not significant, suggesting the gender homophily does not enhance board effectiveness in this case. Theoretical contribution: This research draws on Critical Mass Theory and the Upper Echelons perspective to enhance understanding of the role of female leadership in promoting sustainability.Practical contribution: Recommends that companies boost female representation in leadership positions to improve ESG outcomes. Limitations: Limited by variation in GRI disclosure quality across firms.


Keywords


CEO perempuan, critical mass, gender homophily, keberagaman dewan, kinerja ESG

References


Al-Shaer, H., Zaman, M., & Albitar, K. (2024). CEO gender, critical mass of board gender diversity and ESG performance: UK evidence. Journal of Accounting Literature. https://doi.org/10.1108/JAL-10-2023-0181

Allemand, I., Bédard, J., Brullebaut, B., & Deschênes, J. (2022). Role of Old Boys’ Networks and Regulatory Approaches in Selection Processes for Female Directors. British Journal of Management, 33(2), 784–805. https://doi.org/10.1111/1467-8551.12485

Anita, R., Endang, W., Merawati, E., Djaddang, S., & Ahmar, N. (2022). HOW GENDER DIVERSITY INFLUENCE CORPORATE SUSTAINABILITY PERFORMANCE : A LITERATURE REVIEW. 06, 84–95.

Baraibar-Diez, E., & Odriozola, M. D. (2019). CSR committees and their effect on ESG performance in UK, France, Germany, and Spain. Sustainability (Switzerland), 11(18). https://doi.org/10.3390/su11185077

Birindelli, G., Iannuzzi, A. P., & Savioli, M. (2019). The impact of women leaders on environmental performance: Evidence on gender diversity in banks. Corporate Social Responsibility and Environmental Management, 26(6), 1485–1499. https://doi.org/10.1002/csr.1762

Brett H. Neely, Jeffrey B. Lovelace, Amanda P. Cowen, nathan j. H. (2020). Metacritiques of Upper Echelons Theory : Verdicts and Recommendations for Future Research: Vol. XX (Issue X). https://doi.org/10.1177/0149206320908640

Consuelo, M., Martínez, P., & Gallego, I. (2019). Do board characteristics drive firm performance ? An international perspective. In Review of Managerial Science (Issue 0123456789). Springer Berlin Heidelberg. https://doi.org/10.1007/s11846-019-00330-x

Cucari, N., Esposito De Falco, S., & Orlando, B. (2018). Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies. Corporate Social Responsibility and Environmental Management, 25(3), 250–266. https://doi.org/10.1002/csr.1452

Eagly, A. H., & Crowley, M. (1986). Gender and helping behavior: A meta-analytic review of the social psychological literature. Psychological Bulletin, 100(3), 283–308. https://doi.org/10.1037//0033-2909.100.3.283

Elmagrhi, M. H., Ntim, C. G., Elamer, A. A., & Zhang, Q. (2019). A study of environmental policies and regulations, governance structures, and environmental performance: the role of female directors. Business Strategy and the Environment, 28(1), 206-220. https://doi.org/10.1002/bse.2250

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

Gianpolo abetecola, M. C. (2018). Hambrick and Mason ’ s “ Upper Echelons Theory ” : evolution and open avenues. https://doi.org/10.1108/JMH-02-2018-0016

Glass, C., Cook, A., & Ingersoll, A. R. (2016). Do Women Leaders Promote Sustainability? Analyzing the Effect of Corporate Governance Composition on Environmental Performance. 511(March 2015), 495–511. https://doi.org/10.1002/bse.1879

Hambrick, D. C., Mason, P. A., & Mason, P. A. (1984). Echelons : of Reflection The Its Organization as Top a. 9(2), 193–206.

Harjoto, M. (2023). Supply and demand for gender diversity in corporate leadership – the critical mass: evidence from Greece. American Journal of Business, 39(1), 1–28. https://doi.org/10.1108/ajb-11-2022-0190

Hasan, T. (2018). THE CRITICAL MASS HYPOTHESIS : EMPIRICAL EVIDENCE FROM THE MICROFINANCE INSTITUTIONS ’ BOARDS. 2(01), 1–8.

Huang, C. J., Wan Ahmad, W. N., & Saad, R. A. J. (2024). Can female CEOs improve corporate environmental, social and governance performance? Gender in Management. https://doi.org/10.1108/GM-11-2023-0450

Ivone, Amanda Putri Nur Anisa, K. T. (2024). Dinamika Kinerja Perusahaan: Peran kritis Diversitas Gender Sebagai Variabel Moderasi Ivone 1 , Amanda Putri Nur Anisa 2 , Kennardi Tanujaya 3. 15–32.

Kanter, R. M. (1977). Some Effects of Proportions on Group Life : Skewed Sex Ratios and Responses to Token Women1. 82(5), 965–990.

Kanter, R. M. (1997). (1997). No TiSome Effects of Proportions on Group Life: Skewed Sex Ratios and Responses to Token Womentle.

Kara, A., Nanteza, A., Ozkan, A., & Yildiz, Y. (2022). Board gender diversity and responsible banking during the COVID-19 pandemic. Journal of Corporate Finance, 74, 102213. https://doi.org/10.1016/j.jcorpfin.2022.102213

Kizys, R., Mamatzakis, E. C., & Tzouvanas, P. (2023). Does genetic diversity on corporate boards lead to improved environmental performance? Journal of International Financial Markets, Institutions and Money, 84(February), 101756. https://doi.org/10.1016/j.intfin.2023.101756

Lafuente, E., & Vaillant, Y. (2019). Balance rather than critical mass or tokenism performance in financial firms. https://doi.org/10.1108/IJM-10-2017-0268

Le, T. D., & Ngo, J. T. D. (2024). Linking executive pay to ESG goals: the role of board gender diversity. International Journal of Managerial Finance, 2022. https://doi.org/10.1108/IJMF-10-2023-0546

Liu, C. (2018). Are women greener? Corporate gender diversity and environmental violations. Journal of Corporate Finance, 52, 118–142. https://doi.org/10.1016/j.jcorpfin.2018.08.004

Manita, R., Bruna, M. G., & Dang, R. (2018). Board gender diversity and ESG disclosure : evidence from the USA. 19(2), 206–224. https://doi.org/10.1108/JAAR-01-2017-0024

Mateos de Cabo, R., Terjesen, S., Escot, L., & Gimeno, R. (2019). Do ‘soft law’ board gender quotas work? Evidence from a natural experiment. European Management Journal, 37(5), 611–624. https://doi.org/10.1016/j.emj.2019.01.004

Maulidia, H. (2021). Perempuan dalam Kajian Sosiologi Gender : 1(1), 71–79.

Mcpherson, M., Smith-lovin, L., & Cook, J. M. (2001). B IRDS OF A F EATHER : Homophily in Social Networks.

Menicucci, E., & Paolucci, G. (2024). Board gender equality and ESG performance. Evidence from European banking sector. Corporate Governance: The International Journal of Business in Society, 24(8), 147–174. https://doi.org/10.1108/CG-04-2023-0146

Mensi-Klarbach, H., & Seierstad, C. (2020). Gender Quotas on Corporate Boards: Similarities and Differences in Quota Scenarios. European Management Review, 17(3), 615–631. https://doi.org/10.1111/emre.12374

Nadeem, M., Gyapong, E., & Ahmed, A. (2020). Board gender diversity and environmental, social, and economic value creation: Does family ownership matter? Business Strategy and the Environment, 29(3), 1268–1284. https://doi.org/10.1002/bse.2432

Nadeem, M., Suleman, T., & Ahmed, A. (2019). Women on boards , fi rm risk and the pro fi tability nexus : Does gender diversity moderate the risk and return relationship ? International Review of Economics and Finance, 64(December 2018), 427–442. https://doi.org/10.1016/j.iref.2019.08.007

Natonis, S. A. (2019). Pengaruh Aspek Keperilakukan CEO terhadap Kinerja Perusahaan : Sebuah Studi Literatur. 3, 250–259.

Nekhili, M., Gull, A. A., Chtioui, T., & Radhouane, I. (2020). Gender-diverse boards and audit fees: What difference does gender quota legislation make? Journal of Business Finance and Accounting, 47(1–2), 52–99. https://doi.org/10.1111/jbfa.12409

Nuber, C., & Velte, P. (2020). Board gender diversity and carbon emissions : European evidence on curvilinear relationships and critical mass. April 2020, 1958–1992. https://doi.org/10.1002/bse.2727

Pizzi, S., Venturelli, A., Caputo, F., & Salento, U. (2021). The “ comply-or-explain ” principle in directive 95 / 2014 / EU . A rhetorical analysis of Italian PIEs. https://doi.org/10.1108/SAMPJ-07-2019-0254

Ramdana, M., Pratama, V. T., & Butar-butar, D. T. M. (2018). BREAKING BARRIERS : FEMALE DIRECTORS , EARNINGS MANAGEMENT , AND THE INFLUENCE OF EDUCATION AND. 17(2), 198–213.

Rao, K., & Tilt, C. (2016). Board Composition and Corporate Social Responsibility: The Role of Diversity, Gender, Strategy and Decision Making. Journal of Business Ethics, 138(2), 327–347. https://doi.org/10.1007/s10551-015-2613-5

Rosato, P. F., Caputo, A., Valente, D., & Pizzi, S. (2021). 2030 Agenda and sustainable business models in tourism: A bibliometric analysis. Ecological Indicators, 121, 106978. https://doi.org/10.1016/j.ecolind.2020.106978

Shakil, M. H., Tasnia, M., & Mostafiz, M. I. (2021). Board gender diversity and environmental, social and governance performance of US banks: moderating role of environmental, social and corporate governance controversies. International Journal of Bank Marketing, 39(4), 661–677. https://doi.org/10.1108/IJBM-04-2020-0210

Stolk, J. D., & Olin, F. W. (2017). Critical Mass or Critical Culture ? Gendered Perceptions of Women and Men in an Engineering School.

Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447–483. https://doi.org/10.1007/s10997-014-9307-8

Wasiuzzaman, S., & Wan Mohammad, W. M. (2020). Board gender diversity and transparency of environmental, social and governance disclosure: Evidence from Malaysia. Managerial and Decision Economics, 41(1), 145–156. https://doi.org/10.1002/mde.3099

Yarram, S. R., & Adapa, S. (2021). Board gender diversity and corporate social responsibility: Is there a case for critical mass? Journal of Cleaner Production, 278. https://doi.org/10.1016/j.jclepro.2020.123319




DOI: https://doi.org/10.52447/jam.v11i1.9261

Refbacks

  • There are currently no refbacks.


View My Stats