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BOARD DIVERSITY, CORPORATE SOCIAL RESPONSIBILITY, AND FINANCIAL PERFORMANCE: AN EMPIRICAL STUDY ON CONSUMER NON-CYCLICAL FIRMS Ainun Nizmah, Kemala; Nurul Innayah, Maulida; Purwidianti, Wida; Bagis, Fatmah
Distribusi - Journal of Management and Business Vol. 12 No. 2 (2024): Distribusi, September 2024
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/distribusi.v12i2.483

Abstract

This study aimed to examine the effect of board diversity on financial performance of consumer non-cyclicals companies listed on the Indonesia Stock Exchange. This study also examined the mediating effect of Corporate Social Responsibility on the relationship between board diversity and financial performance which was limited in previous studies. The sampling technique used was purposive sampling which obtained 136 observations. The results showed that female directors, foreign directors, and directors with economic education have a negative effect on financial performance. Female directors and foreign directors have a positive effect on CSR, while directors with economic education have a negative effect on CSR. CSR has a positive effect on financial performance. However, based on the sobel test results, CSR is not able to mediate the relationship between board diversity on financial performance. This research has contributed for consumer non-cyclicals companies to consider the role of board diversity, because this research found that they are able to increase CSR disclosure and firm performance.
The Maturing Multiplier: Does Firm Age Matter in the Relationship Between Leverage, Liquidity and Profitability on Firm Value? Imaniar Zahwa, Tiara; Nurul Innayah, Maulida; Yustina Rahmawati, Ika; Widyaningtyas, Dian
Journal of Accounting and Finance Management Vol. 6 No. 3 (2025): Journal of Accounting and Finance Management (July - August 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v6i3.2300

Abstract

This study examines the influence of leverage, liquidity, and profitability on firm value, with firm age analyzed as a moderating factor and company size included as a control variable. The research is conducted on firms within the non-cyclical consumer sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Through purposive sampling, 41 companies were selected, producing a total of 151 firm-year observations. The analysis employs the Fixed Effects Regression Model, as identified by preliminary panel data diagnostic tests. The findings indicate that leverage and firm age significantly and positively affect firm value, whereas liquidity and profitability do not exhibit statistically significant impacts. Furthermore, the moderating effect analysis shows that firm age strengthens the positive link between leverage and firm value, does not moderate the relationship between liquidity and firm value, and diminishes the positive effect of profitability.
Digital Financial Literacy and Financial Technology on Financial Performance through Financial Behavior as a Mediating Variable Wulandari, Nur Apni; Purwidianti, Wida; Nurul Innayah, Maulida; Frida Utami, Restu
Airlangga Journal of Innovation Management Vol. 6 No. 3 (2025): Airlangga Journal of Innovation Management
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/ajim.v6i3.75572

Abstract

This research analyzes the effect of digital financial literacy and financial technology on financial performance, with financial behavior as a mediator. The population used is the MSE actors in the South Brebes Regency area, consisting of 6 sub-districts. Sampling using the convenience sampling technique calculated by the Slovin formula, resulting in 110 participants. The data were collected through the distribution of questionnaires using a Likert scale, and then examined with SmartPLS 3.0 software. According to the results, adopting fintech is not the only way for MSEs to achieve excellent financial performance; responsible financial behavior and a firm understanding of digital financial literacy are also essential. Theoretically, this study highlights that enhancing MSE financial performance requires a combination of financial expertise and efficient technology use, since technology is insufficient on its own without the capacity to understand and utilize financial data strategically. From a managerial standpoint, the findings suggest that improving MSE actors’ financial capabilities, especially their comprehension, interpretation, and application of digital financial tools and concepts, is essential to guaranteeing that fintech solutions can be utilized efficiently. In an increasingly digital economic world, this capacity helps business owners make strategic, sustainable, and well-informed decisions that support the long-term resilience and success of their companies.