Women on Boards and Firm Value: Do Related-Party Transactions Change the Outcome?

Elisa Tjondro (Accounting Department, School of Business and Management, Petra Christian University, Indonesia)
Calista Vidi Hartono (Accounting Department, School of Business and Management, Petra Christian University, Indonesia)
Patricia Rosedelaney Renan Corbella (Accounting Department, School of Business and Management, Petra Christian University, Indonesia)

International Journal of Organizational Behavior and Policy
Vol 5 No 2 (2026): JULY 2026

The purpose of this study is to examine the influence of women on boards of directors (WOB) on firm value and to determine the moderating influence of related party transactions (RPTs) in the WOB-firm value relationship. This study uses 953 observations of firms-years from 218 manufacturing firms listed on the IDX from the period of 2018-2022. The dependent variable used is Tobin’s Q, whereas the independent variables are the WOB. Related party transactions are examined through sales, purchases, and receivable-payable transactions with related parties. Technical analysis uses panel regression. Furthermore, the results show that RPT weaken the positive relationship between WOB and firm value, particularly for RPT sales and purchases. These findings suggest that the benefits of female representation on corporate boards may depend on the agency environment in which directors operate. The study contributes to the corporate governance literature by identifying RPT as a boundary condition in the relationship between female directors and firm value.