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Budi Rustandi Kartawinata
Universitas Telkom
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Journal : Government

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Analysis of Gender Diversity in the Board of Commissioners and Its Influence on the Profitability of State-Owned Enterprises (SOEs) in Indonesia Kartawinata, Budi Rustandi; Nugraha , Diki Wahyu; Sujak, Aznul Fazrin Abu
Government & Resilience Vol. 4 No. 1 (2026): Government & Resilience (April 2026)
Publisher : Dealings Foundation Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62503/gr.v4i1.60

Abstract

This study examines the association between gender diversity on the Board of Commissioners and the financial performance of Indonesian State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX) over the 2020–2024 period. Grounded in Resource Dependence Theory and Agency Theory, a quantitative explanatory approach was applied to a balanced panel dataset of 125 observations from 26 SOEs. Profitability was proxied by Return on Assets (ROA), while firm size, leverage, and firm age served as control variables. Panel data regression using the Fixed Effects Model (FEM) was employed, with robust standard errors clustered at the firm level. The results reveal that gender diversity—specifically the proportion of female commissioners—has a statistically significant positive association with ROA (β = 1.7654, p < 0.05), whereas the dummy variable for the mere presence of women is positive but not statistically significant (p = 0.063). This finding suggests that the extent of female representation matters more than token presence. The study concludes that gender diversity in Indonesian SOEs is not merely a compliance mechanism but is positively associated with enhanced profitability. However, given the observational design and potential endogeneity concerns (Durbin-Wu-Hausman test p = 0.233), findings are reported as associations rather than causal effects. These results offer critical insights for policymakers in emerging markets to evaluate the effectiveness of gender diversity mandates beyond formalistic tokenism and provide a foundation for future research exploring mediating mechanisms such as board dynamics and risk committee effectiveness.
Co-Authors Achmad Fariz Aditya Wardhana Aditya Wardhana Agung Raya Agung Raya Agus Maolana Hidayat Ahmad Maulana Lotian Ahmad, Mokhtarrudin Akhmad Yunani Aldi Akbar Apriano, Raditya Arif Kuswanto Avinda, Ika Nur Bagus Novrianto Candra Wijayangka Citra, Khansa Fairuz Deden Witarsyah Dyah Maharani Elfarida Waty, Virgine Untari Faqih Hamami Farida Fajar Hidayati Fauzan Aziz Fauzia Rahman Hanansa R Dabinda Hidayati, Farida Fajar Hidayati, Farida Fajar Hiendra Kurniawan I Nyoman Bontot Indah Kusprasetya Jasinda Salsabila Nugrahani Karyadi Mahendra Fakhri Mahir Pradana Mangsor, Miza Monika Yovita Muhammad Hasan Rabbani Muhammad Ikhwan Mubaraq Mutiara, Nidia Ananda Nia Fitria Nurhalisa Nidia Ananda Mutiara Novarianty, Terisha Andra Nugraha , Diki Wahyu Nuslih Jamiat Pratiwi, Oktaria Nurul Radinka Dynand Mahessara Razali, Raja Razana Raja Rizki , Kurniady Safitri, Annisa Salma Aprilia Siahaan, Theresia Yolaika Silvi Amisha Putri Sita Deliyana Firmialy Sujak, Aznul Fazrin Abu Sujak, Aznul Fazrin bin Abu Susanto Hendiarto Syah Putra, Syah Syahputra Syahputra Syahputra, Syahputra Syarifuddin Syarifuddin Theresia Yolaika Siahaan Treshya Setya Maharani Wijayanti, Nur Zahid, Azham