Dari Keberagaman ke Nilai: Bagaimana ESG Menghubungkan Keberagaman Gender dan Nilai Perusahaan
Keywords:
ESG, firm value, gender diversity
Abstract
This study aims to analyze the effect of gender diversity on firm value with ESG performance as a mediating variable. The research was conducted on 65 manufacturing companies in Indonesia that implement ESG performance and have published audited financial reports from 2019 to 2023. A quantitative method was employed using purposive sampling, and data analysis was conducted using Stata 17. The results show that slot777 gender diversity has a significant effect on firm value through ESG performance as a mediator. Gender diversity has a positive influence on ESG performance, while ESG performance has a negative impact on firm value. These findings highlight the important role of ESG in bridging the relationship between gender diversity and firm value.
References
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Monteiro, A. P., Cepêda, C., Borges, A. P., & Vieira, E. (2024). Does CSR committee presence, stakeholder engagement, gender equality (SDG 5) and firm value influence ESG performance reporting? An EU pre and during Covid-19 analysis. Measuring Business Excellence, 2020(Sdg 5). https://doi.org/10.1108/MBE-03-2024-0034
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Paolone, F., Pozzoli, M., Chhabra, M., & Di Vaio, A. (2024). Cultural and gender diversity for ESG performance towards knowledge sharing: empirical evidence from European banks. Journal of Knowledge Management, 28(11), 106–131. https://doi.org/10.1108/JKM-05-2023-0445
Rastogi, S., & Singh, K. (2023). The impact of ESG on the bank valuation: evidence of moderation by ICT. Journal of Global Responsibility, 14(2), 273–288. https://doi.org/10.1108/JGR-07-2022-0075
Seok, J., Kim, Y., & Oh, Y. K. (2024). How ESG shapes firm value: The mediating role of customer satisfaction. Technological Forecasting and Social Change, 208(February), 123714. https://doi.org/10.1016/j.techfore.2024.123714
Sepriani, L., & Candy. (2022). Pengaruh Enterprise Risk Management Terhadap Corporate Value Pada Perusahaan Manufaktur Dengan Firm Size, Leverage, Dan Age Sebagai Variabel Kontrol. Assets : Jurnal Ekonomi, Manajemen Dan Akuntansi, 12(2), 230–244. https://doi.org/10.24252/assets.v12i2.32441
Sepulveda-Nuñez, M. D. D. C., Fong Reynoso, C., & Llamosas-Rosas, I. (2024). Board of directors effect on environmental, social and governance performance in publicly traded non-financial firms. Corporate Governance (Bingley), September 2023. https://doi.org/10.1108/CG-09-2023-0409
Suprapto, Y., & Ng, I. (2023). Does Board Gender Diversity Affect Financial Distress. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 2020, 109. https://doi.org/10.24843/matrik:jmbk.2023.v17.i02.p01
Tania, K. S., & Hesniati, H. (2022). The effect of gender diversity on firm performance in Indonesia. Jurnal Manajemen Strategi Dan Aplikasi Bisnis, 5(2), 267–284. https://doi.org/10.36407/jmsab.v5i2.667
Truong, T. H. D. (2024). Environmental, social and governance performance and firm value: does ownership concentration matter? Management Decision. https://doi.org/10.1108/MD-10-2023-1993
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371–3387. https://doi.org/10.1002/bse.3089
Ademi, B., & Klungseth, N. J. (2022). Does it pay to deliver superior ESG performance? Evidence from US S&P 500 companies. Journal of Global Responsibility, 13(4), 421–449. https://doi.org/10.1108/JGR-01-2022-0006
Agustina, R. P., & Barokah, Z. (2024). Women on boards and ESG performance: empirical evidence before and during the COVID-19 pandemic in Indonesia and Malaysia. Corporate Governance (Bingley), 24(3), 489–508. https://doi.org/10.1108/CG-10-2023-0415
Al-Hiyari, A. (2024). Does top executive gender diversity matter for the value relevance of ESG controversies? Empirical evidence from European tech firms. Journal of Accounting and Organizational Change. https://doi.org/10.1108/JAOC-01-2024-0009
Al-Shammari, M., Dadanlar, H., Banerjee, S. N., & Doty, H. (2024). Do Female CEOs Promote Behavioral Consistency in Firm’s Nonmarket Strategy: The Moderating Effect of Board Gender Diversity. Group and Organization Management. https://doi.org/10.1177/10596011231225833
Al Kurdi, A., Al Amosh, H., & Khatib, S. F. A. (2023). The mediating role of carbon emissions in the relationship between the board attributes and ESG performance: European evidence. EuroMed Journal of Business. https://doi.org/10.1108/EMJB-08-2022-0144
Bukari, A., Agyemang, A. O., & Bawuah, B. (2024). Assessing the moderating role of ESG performance on corporate governance and firm value in developing countries. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2333941
Candy, Alex, D. K. M. (2024). Board gender diversity, dividend payout, and firm value: study on IDX high dividend 20 Candy, Alex, Dewi Khornida Marheni. 23(2), 1–14. https://doi.org/10.24123/jmb.v23i2.799
Chouaibi, S., & Chouaibi, J. (2021). Social and ethical practices and firm value: the moderating effect of green innovation: evidence from international ESG data. International Journal of Ethics and Systems, 37(3), 442–465. https://doi.org/10.1108/IJOES-12-2020-0203
del Mar Fuentes-Fuentes, M., Quintana-García, C., Marchante-Lara, M., & Benavides-Chicón, C. G. (2023). Gender diversity, inclusive innovation and firm performance. Sustainable Development, 31(5), 3622–3638. https://doi.org/10.1002/sd.2615
Desai, R. (2024). Analysing the Firm Value Effects of Environmental , Social and Governance Disclosure : Empirical Study of Indian Firms. https://doi.org/10.1177/09711023241264679
Dong, Y., Liang, C., & Wanyin, Z. (2023). Board diversity and firm performance: impact of ESG activities in China. Economic Research-Ekonomska Istrazivanja , 36(1), 1592–1609. https://doi.org/10.1080/1331677X.2022.2090406
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
Guedes, R., Neves, M. E., & Vieira, E. (2024). Bridging governance gaps: politically connected boards, gender diversity and the ESG performance puzzle in Iberian companies. Business Process Management Journal. https://doi.org/10.1108/BPMJ-01-2024-0039
Hesniati, H., Vernando, L., Haryanto, H., & Arviano, H. (2024). Board Gender Diversity and its Impact on Firm Risk-Taking. Jurnal Dinamika Manajemen, 15(1), 1–9. https://doi.org/10.15294/jdm.v15i1.47872
Ho, L., Nguyen, V. H., & Dang, T. L. (2024). ESG and firm performance: do stakeholder engagement, financial constraints and religiosity matter? Journal of Asian Business and Economic Studies. https://doi.org/10.1108/JABES-08-2023-0306
Jayaraman, J. D., Smita, R., & Nilakantan, N. (2024). The impact of board gender diversity on firm performance: does critical mass matter? Journal of Applied Accounting Research. https://doi.org/10.1108/JAAR-12-2022-0336
Khunkaew, R., Wichianrak, J., & Suttipun, M. (2023). Sustainability reporting, gender diversity, firm value and corporate performance in ASEAN region. Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2023.2200608
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. https://doi.org/10.1108/IJMF-10-2023-0546
Monteiro, A. P., Cepêda, C., Borges, A. P., & Vieira, E. (2024). Does CSR committee presence, stakeholder engagement, gender equality (SDG 5) and firm value influence ESG performance reporting? An EU pre and during Covid-19 analysis. Measuring Business Excellence, 2020(Sdg 5). https://doi.org/10.1108/MBE-03-2024-0034
Naseer, M. M., Khan, M. A., Bagh, T., Guo, Y., & Zhu, X. (2024). Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value. Borsa Istanbul Review, 24(1), 106–117. https://doi.org/10.1016/j.bir.2023.11.003
Odriozola, M. D., González, A. B., & Baraibar-Diez, E. (2024). The link of ESG performance and board gender diversity in European firms. Corporate Social Responsibility and Environmental Management, April, 1–14. https://doi.org/10.1002/csr.2881
Paolone, F., Pozzoli, M., Chhabra, M., & Di Vaio, A. (2024). Cultural and gender diversity for ESG performance towards knowledge sharing: empirical evidence from European banks. Journal of Knowledge Management, 28(11), 106–131. https://doi.org/10.1108/JKM-05-2023-0445
Rastogi, S., & Singh, K. (2023). The impact of ESG on the bank valuation: evidence of moderation by ICT. Journal of Global Responsibility, 14(2), 273–288. https://doi.org/10.1108/JGR-07-2022-0075
Seok, J., Kim, Y., & Oh, Y. K. (2024). How ESG shapes firm value: The mediating role of customer satisfaction. Technological Forecasting and Social Change, 208(February), 123714. https://doi.org/10.1016/j.techfore.2024.123714
Sepriani, L., & Candy. (2022). Pengaruh Enterprise Risk Management Terhadap Corporate Value Pada Perusahaan Manufaktur Dengan Firm Size, Leverage, Dan Age Sebagai Variabel Kontrol. Assets : Jurnal Ekonomi, Manajemen Dan Akuntansi, 12(2), 230–244. https://doi.org/10.24252/assets.v12i2.32441
Sepulveda-Nuñez, M. D. D. C., Fong Reynoso, C., & Llamosas-Rosas, I. (2024). Board of directors effect on environmental, social and governance performance in publicly traded non-financial firms. Corporate Governance (Bingley), September 2023. https://doi.org/10.1108/CG-09-2023-0409
Suprapto, Y., & Ng, I. (2023). Does Board Gender Diversity Affect Financial Distress. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 2020, 109. https://doi.org/10.24843/matrik:jmbk.2023.v17.i02.p01
Tania, K. S., & Hesniati, H. (2022). The effect of gender diversity on firm performance in Indonesia. Jurnal Manajemen Strategi Dan Aplikasi Bisnis, 5(2), 267–284. https://doi.org/10.36407/jmsab.v5i2.667
Truong, T. H. D. (2024). Environmental, social and governance performance and firm value: does ownership concentration matter? Management Decision. https://doi.org/10.1108/MD-10-2023-1993
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371–3387. https://doi.org/10.1002/bse.3089
Published
2025-11-25
How to Cite
Candy, Verawati, & Suprapto, Y. (2025). Dari Keberagaman ke Nilai: Bagaimana ESG Menghubungkan Keberagaman Gender dan Nilai Perusahaan. Jurnal Manajemen Dan Keuangan, 14(2), 288-305. https://doi.org/10.33059/jmk.v14i2.12843
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