Keberagaman Dewan Direksi dan Kinerja Keuangan: Peran Mediasi ESG pada Perusahaan ASEAN
Article Sidebar
Main Article Content
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh keberagaman dewan direksi (gender dan keahlian) terhadap kinerja keuangan perusahaan, serta menguji peran kinerja Environmental, Social, and Governance (ESG) sebagai variabel mediasi. Metode penelitian menggunakan pendekatan kuantitatif dengan data panel seimbang (balanced panel) yang mencakup 34 perusahaan non-keuangan di kawasan ASEAN periode 2017–2024. Analisis data dilakukan menggunakan regresi data panel model Fixed Effect Model (FEM) serta analisis jalur (path analysis) dengan Uji Sobel untuk memvalidasi hipotesis mediasi. Hasil penelitian menunjukkan bahwa keberagaman gender berpengaruh positif signifikan terhadap kinerja ESG dan kinerja keuangan. Sebaliknya, keberagaman keahlian berpengaruh negatif terhadap kinerja ESG namun tetap berkontribusi positif terhadap kinerja keuangan. Secara spesifik, kinerja ESG terbukti memediasi hubungan antara keberagaman gender dan kinerja keuangan, namun tidak signifikan memediasi hubungan keberagaman keahlian. Kesimpulannya, keberagaman gender efektif menyelaraskan tujuan keberlanjutan dan profitabilitas, sedangkan keberagaman keahlian cenderung memicu konflik kognitif dalam aspek ESG meskipun menguntungkan secara finansial. Penelitian ini menyarankan penguatan representasi perempuan dan penyeimbangan komposisi keahlian dewan untuk optimalisasi nilai perusahaan jangka panjang.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Abdullah, A. (2025). Gender diversity and ESG performance: The moderating role of the sustainability committee. Business Strategy and the Environment. https://doi.org/10.1002/bse.3965
Aladwey, L., Elsayed, M. F. M., & Diab, A. (2025). Breaking barriers: Gender diversity, ESG, and corporate misconduct in the GCC region. Risks, 13(1). https://doi.org/10.3390/risks13010000
Alkhawaja, A., Hu, F., Johl, S., & Nadarajah, S. (2023). Board gender diversity, quotas, and ESG disclosure: Global evidence. International Review of Financial Analysis.
Almaqtari, F. A., Elmashtawy, A., Farhan, N. H. S., Almasria, N. A., & Alhajri, A. (2024). The moderating effect of board gender diversity in the environmental sustainability and financial performance nexus. Discover Sustainability, 5(1). https://doi.org/10.1007/s43621-024-00517-7
Amara, T., & Ahmadi, A. (2024). The ESG performance in relation to the board of directors’ characteristics and sustainability incentives: A cross-national study. Montenegrin Journal of Economics.
Amo-Navas, D., Garcia-Lopez, M.-J., & Hamoudi, H. (2025). Optimal thresholds of board gender diversity for maximizing sustainability performance. Discover Sustainability.
Atalay, M. O., Altin, M., & Al Ani, M. K. (2025). From diversity to sustainability: How board meeting frequency, financial performance and foreign members enhance the board gender diversity – ESG performance link. Borsa Istanbul Review, 25(3), 552–567. https://doi.org/10.1016/j.bir.2025.02.007
Aureli, S., & Brighi, P. (2025). Gender, age, and nationality diversity in banks’ board: Do they affect financial and sustainability performance? Dalam P. Paoloni (Ed.), Shaping tomorrow: Gender perspectives in a sustainable world (hlm. 3–21). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-78999-1_1
Aziz, H., & Cek, K. (2025). The role of board gender diversity in financial performance: Role of sustainability, climate risk and internal control systems. Applied Economics, 1–16. https://doi.org/10.1080/00036846.2025.2456129
Baker, H. K., Khan, A., von Rosing, M., Shepperson, L., & Czichos, H. (2025). Board diversity and sustainable corporate performance: A research use case study from Turkey. Dalam M. von Rosing (Ed.), Total sustainability (Vol. 1, hlm. 387–414). Elsevier. https://doi.org/10.1016/B978-0-323-90110-9.00004-0
Bel-Oms, I., Grau-Grau, A. J., & Núñez-Almonte, J. (2024). The impact of board gender diversity commitment on firm performance moderated by board characteristics: Evidence from sustainable European firms and financial orientation. Business Strategy and Development, 7(4). https://doi.org/10.1002/bsd2.70040
Carmo, C., Alves, S., & Quaresma, B. (2022). Women on boards in Portuguese listed companies: Does gender diversity influence financial performance? Sustainability, 14(10), 1–21. https://doi.org/10.3390/su14106186
Dong, Y., Liang, C., & Wanyin, Z. (2023). Board diversity and firm performance: Impact of ESG activities in China. Economic Research-Ekonomska Istraživanja, 36(1). https://doi.org/10.1080/1331677X.2022.2128266
EmadEldeen, R., Elbayuomi, A. F., Elmoursy, H., Bouaddi, M., & Basuony, M. A. K. (2025). Does board diversity drive sustainability? Evidence from UK-listed companies. Sustainability, 17(3), 1–25. https://doi.org/10.3390/su17031177
Fayyaz, U.-E.-R., Jalal, R. N.-U.-D., Venditti, M., & Minguez-Vera, A. (2023). Diverse boards and firm performance: The role of environmental, social and governance disclosure. Corporate Social Responsibility and Environmental Management, 30(3), 1457–1472. https://doi.org/10.1002/csr.2430
Guedes, M. J., & Grübler, A. S. (2025). Balanced gender boards and environmental, social, and governance performance. Risk Governance and Control: Financial Markets and Institutions, 15(1). https://doi.org/10.22495/rgc
Hernández-Atienza, F., Rodríguez-Sanz, J. A., & Tejerina-Gaite, F. (2024). The pathways of board diversity in European contexts: Exploring the influence of director types on firm performance. Research in International Business and Finance, 68, 102187. https://doi.org/10.1016/j.ribaf.2023.102187
Jeyhunov, A., Kim, J. D., & Bae, S. M. (2025). The effects of board diversity on Korean companies’ ESG performance. Sustainability.
Khan, A. W. (2025). Diversity management in corporate boards and its impact on sustainable financial performance. Corporate Board: Role, Duties and Composition, 21(1), 31–36. https://doi.org/10.22495/cbv21i1art3
Khemakhem, H., Arroyo, P., & Montecinos, J. (2023). Gender diversity on board committees and ESG disclosure: Evidence from Canada. Journal of Management and Governance.
Kravchenko, G., Brezovnik, B., Mlinarič, F., & Tselinko, I. (2025). Unlocking ESG potential: The interaction of gender diversity and specialized skills. Corporate Governance: The International Journal of Business in Society.
Marie, M., Qi, B., Elamer, A. A., & Al-Fakir Al Rabab'a, E. (2025). How does board gender diversity drive the ESG performance-cash holdings relationship? Evidence from China. International Journal of Finance and Economics.
Mei, M., Saat, M. M., & Salleh, N. Z. B. M. (2025). Female directors and environmental, social, and governance performance: Moderating role of group dynamics. Corporate Social Responsibility and Environmental Management.
Menicucci, E., & Paolucci, G. (2022). Board diversity and ESG performance: Evidence from the Italian banking sector. Sustainability.
Muttaqi, J. A. A., & Nur, T. (2025). How gender diversity shapes the influence of ESG on dividend policy: Insights from the corporate boards in an emerging market. Corporate Board: Role, Duties and Composition.
Nguyen, D. T., Hoang, T. G., Phi, N. T. M., & Truong, T. H. H. (2023). Do ESG ratings mediate the relationship between board gender diversity and firm financial performance? Evidence from the U.S. market. Economics and Finance Letters, 10(2), 215–228.
Nicolò, G., Zampone, G., Sannino, G., & De Iorio, S. (2022). Sustainable corporate governance and non-financial disclosure in Europe: Does the gender diversity matter? Journal of Applied Accounting Research, 23(1). https://doi.org/10.1108/JAAR-04-2021-0100
Pandey, A., & Chaturvedi Sharma, P. (2025). Boardroom dynamics in Indian private banks: How nonexecutive and women directors affect financial performance. Corporate Governance, 25(5), 1036–1054. https://doi.org/10.1108/CG-01-2024-0002
Pinheiro, A. B., Behm, A. J. B., do Prado, N. B., & Mazzioni, S. (2024). The impact of board composition on ESG performance: Comparing results from symmetrical and asymmetrical approaches. Business Strategy and Development.
Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, social and governance) performance and board gender diversity: The moderating role of CEO duality. Sustainability.
Sahu, M., Alahdal, W. M., Pandey, D. K., & Bajaher, M. S. (2025). Board gender diversity and firm performance: Unveiling the ESG effect. Sustainable Futures, 7, 100155. https://doi.org/10.1016/j.sftr.2024.100155
Sandretto, D., Rizzi, A., & Esposito, G. (2025). Gender diversity leadership and ESG performance: The influence of women on boards and in management. Business Strategy and the Environment.
Tahat, Y. A., & Hassanein, A. (2024). Exploring the synergy of corporate gender diversity, sustainability committee, and reporting ESG practices: An international evidence. Journal of Environmental Management. https://doi.org/10.1016/j.jenvman.2024.00000
Tran, T. H., Lu, W.-M., Ting, I. W. K., Kweh, Q. L., & Fauzi, M. A. (2024). Examining the impact of board gender diversity and regional differentiation in the ESG-corporate performance nexus: Evidence from financial service industry. Managerial and Decision Economics.
Ujunwa, A., Nwakoby, I., & Ugbam, C. O. (2012). Corporate board diversity and firm performance: Evidence from Nigeria. Corporate Ownership and Control, 9(2), 216–226. https://doi.org/10.22495/cocv9i2c1p5
Wu, Z., Gao, J., Luo, C., Xu, H., & Shi, G. (2024). How does boardroom diversity influence the relationship between ESG and firm financial performance? International Review of Economics & Finance, 89, 713–730. https://doi.org/10.1016/j.iref.2023.10.045
Zhao, Q., & Zhang, W. (2025). How does “female-power” in the boardroom contribute to corporate ESG?—An examination based on a dual machine learning method. Corporate Social Responsibility and Environmental Management.
Zharfpeykan, R., & Bai, Y. (2025). Board gender diversity and corporate environmental, social and governance performance: Evidence from New Zealand listed firms. Pacific Accounting Review.
Zhu, Y., & Chen, J. (2025). How does board gender diversity shape ESG performance? Finance Research Letters