<![CDATA[Purpose: This study examines the effect of gender diversity on ESG performance and the moderating role of blockholder ownership. Method: Using OLS regression, this study analyzes an unbalanced panel of 413 firm-year observations from companies listed on the Indonesia Stock Exchange during 2018–2024, selected through purposive sampling. ESG data were obtained from Refinitiv. Findings: Gender diversity positively impacts on ESG performance when measured by both the proportion of female directors (FEMALE) and the Blau Index (BLAU). In addition, the interaction terms between blockholder ownership and gender diversity are significantly positive, indicating that ownership concentration strengthens the positive effect of gender diversity on ESG performance. The robustness analysis further confirms that the positive effect of gender diversity is evident only among firms with higher blockholder ownership. Implications: Firms should promote gender-diverse boards and maintain effective governance mechanisms to maximize ESG performance. Originality/Value: This study contributes to the literature by demonstrating that the effectiveness of gender diversity depends on ownership structure, particularly in Indonesia, where ownership concentration is high and female board representation remains relatively low.]]>
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