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All Journal JDM (Jurnal Dinamika Manajemen) Golden Ratio of Finance Management
Arviano, Hengky
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Board Gender Diversity and its Impact on Firm Risk-Taking Hesniati, Hesniati; Vernando, Lovis; Haryanto, Hery; Arviano, Hengky
JDM (Jurnal Dinamika Manajemen) Vol 15, No 1 (2024): March 2024
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v15i1.47872

Abstract

This study aims to analyze the gender diversity of boards of directors and its impact on firm risk-taking. It is interesting to study because the presence of women on the board of directors of a firm has garnered considerable attention in the last few years. The sample is drawn from the industrial sector listed on the Indonesian Stock Exchange from 2017 to 2021. Firm risk-taking is measured by the volatility of stock returns. Using panel data, the results of the research indicate that gender diversity has a significantly positive impact on firm risk-taking. This finding contributes that a female board of directors would lead to greater risk-taking than their male counterparts. This research provides a literature on gender diversity and firm risk-taking in a male-dominated sector in Indonesia, providing insights for investors and companies to consider the potential benefits of gender diversity on board of directors in managing firm risk-taking. Further research could apply other measurements of firm risk-taking and observe other male-dominated sectors for comparison to enhance the study’s limitation.
Financial Knowledge, Self-Efficacy, and Financial Well-Being: The Role of Digital Inclusion in Indonesia Hesniati, H.; Anggriani, A.; Suprapto, Yandi; Arviano, Hengky
Golden Ratio of Finance Management Vol. 6 No. 1 (2026): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v6i1.1779

Abstract

This research examines the role of financial knowledge and self-efficacy in shaping financial well-being, with digital financial inclusion tested as a mediating factor. Survey data were collected from 407 Indonesian respondents and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that both financial knowledge and self-efficacy significantly influence digital financial inclusion. Digital financial inclusion, in turn, positively affects financial well-being. Self-efficacy also directly improves financial well-being, whereas financial knowledge shows no direct impact. Instead, financial knowledge indirectly contributes to financial well-being through digital financial inclusion, underscoring the mediating role of digital access. This study adds to the financial behavior literature by highlighting digital financial inclusion as a crucial channel that converts capability into improved outcomes, and by showing that self-efficacy plays a stronger role than knowledge alone. The findings suggest that policies and programs should go beyond literacy campaigns to also strengthen financial confidence and digital readiness, particularly among younger groups and vulnerable communities. The study is limited by its reliance on self-reported, cross-sectional data and its focus on the Indonesian context, which may constrain causal inference and limit the generalizability of the results.
Co-Authors Anggriani, A. Hery Haryanto Hesniati, H. Hesniati, Hesniati Suprapto, Yandi Vernando, Lovis