<![CDATA[Environmental strategies are important in modern business, but evidence of their benefits is mixed. The board of directors plays a key role in shaping these strategies, and a diverse board can influence decision-making on environmental strategies. However, the influence of board diversity is still unclear, especially in Indonesia. This research investigates how environmental strategies relate to financial performance and explores the moderating effect of women on the board. Environmental strategies are measured through energy efficiency policy, emission reduction policy, and environmental supply chain management, while financial performance is measured by Return on Assets (ROA). Quantitative panel data regression is used to obtain the results. The study employs purposive sampling to select the sample, resulting in 1,205 unbalanced firm-year observations from 200 firms. This study uses random-effects panel regression with firm-clustered standard errors and robustness tests. Results show energy efficiency policy is positively associated with ROA; emission reduction is negatively associated with ROA, and environmental supply chain management is marginally and negatively associated with ROA. Women on the board significantly moderate the relationships between energy efficiency, environmental supply chain management, and ROA, but not emission reduction. These findings hold after adding year and industry fixed effects. However, the results do not hold with a one-year lag, which means that the association is immediate rather than delayed. This challenges the assumption that environmental strategies consistently benefit or influence financial performance. The study also offers practical and theoretical implications.]]>
Copyrights © 2026
