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All Journal Jurnal Proaksi Image : Jurnal Riset Manajemen
Hesniati Hesniati
International University of Batam
Economics, Econometrics & Finance Education

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CEO Power and ESG: The Moderating Role of Gender Diversity in Indonesia Hesniati Hesniati; Madeline Natasha Arifin; Dewi Khornida Marheni; Tony Chandra
Jurnal Proaksi Vol. 12 No. 4 (2025): Oktober - Desember
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v12i4.7782

Abstract

Main Purpose - The purpose of this study is to examine how CEO power influences ESG performance, taking into account board gender diversity. Method -  A total of 82 companies that issued sustainability reports in Indonesia between 2018 and 2022 were selected as the research subjects  and were analyzed using Ordinary Least Squares (OLS) regression.Main Findings -  The study shows that CEO Power contributes positively and significantly to ESG, and that the level of CEO power is related to the company's ESG performance. Although, gender diversity in the board is expected to strengthen inclusive governance and promote sustainability practices, in the context of Indonesian companies, this moderating influence has not yet been statistically observed. Theory and Practical Implications - This study extends upper echelons theory by showing that excessive CEO power weakens ESG performance, while board gender diversity serves as an effective internal governance mechanism to counterbalance such dominance. Novelty - Unlike prior studies that treat CEO power and board characteristics separately, this research introduces board gender diversity as a moderating mechanism that mitigates the negative impact of CEO power on ESG outcomes.
Impact of Agency Costs, Board Environmental Committee, Board Gender Diversity, Environmental Performance and Institutional Ownership on Firm Performance Yandi Suprapto; Nicholas Sunaidi; Hesniati Hesniati
Image : Jurnal Riset Manajemen Vol. 13 No. 1 (2025): November 2024 - April 2025
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/image.2025.174

Abstract

The research objective is to evaluate the effect of environmental corporate governance on firm performance measured by return on assets. The independent variables consist of environmental performance, board gender diversity, institutional ownership, agency costs, and board environmental committee. This study involved 260 observations of 52 Indonesian companies from the energy sector in the 2018-2022 period. The results of this study indicate that there is a significant relationship between environmental performance and board environmental committee on firm performance of Indonesian companies in the energy sector. Meanwhile, board gender diversity and institutional ownership show no significant relationship to firm performance of Indonesian companies in the energy sector. Lastly, low agency costs are proven to show a significant relationship towards firm performance. In this research, agency cost measured by total asset turnover significantly improves the firm’s return on assets. The results of this study provide additional knowledge about the relationship between environmental corporate governance towards firm performance.
Co-Authors Dewi Khornida Marheni Madeline Natasha Arifin Nicholas Sunaidi Tony Chandra Yandi Suprapto