Telaah Bisnis
Vol. 26 No. 2 (2025): December 2025

The The Impact of Women and Board Structure on Corporate Performance: A Study of Indonesian Palm Oil Firms

Purwito, Alga Aprila Dwi (Unknown)
Suparmono, Suparmono (Unknown)
Rafinda, Ascariena (Unknown)
Primadineska, Rasistia Wisandianing (Unknown)



Article Info

Publish Date
07 Jan 2026

Abstract

The primary objective of this study is to examine the impact of women on boards of directors (WOB), boards of directors (BOD), boards of commissioners (BOC), and independent boards of commissioners (BOCI) on company performance. The company's performance encompasses financial performance, assessed by return on assets (ROA), and market performance, evaluated by Tobin's Q. The population in this study consists of companies listed on the Indonesia Stock Exchange, with a sample of 20 companies selected using purposive sampling technique. The observation period is six years (2019-2024). Hypothesis testing with panel data regression. Following the execution of the Chow test, the Hausman test, and the LM test, the optimal model is identified as panel data regression using the Random Effect Model (Tobin's Q) and the Fixed Effect Model (ROA). The research findings indicate that Women on Board, the Board of Directors, the Board of Commissioners, and independent Commissioners do not affect company performance, whether measured by Tobin's Q or ROA. However, for Tobin's Q, the coefficient is negative, and for ROA, only the BOD and Boci have negative coefficients. The research contributes scientifically and can be utilized by subsequent researchers focusing on the issue of women on boards of directors and board of directors' structure.

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Journal Info

Abbrev

tb

Publisher

Subject

Economics, Econometrics & Finance

Description

TELAAH BISNIS is a scientific journal published by Sekolah Tinggi Ilmu Manajemen (STIM) YKPN Yogyakarta, for the purpose of information media which examines issues relating to the management, accounting, business and the general ...