APAKAH DIREKTUR WANITA MAMPU MENGURANGI RESIKO KEUANGAN? STUDI PADA PERUSAHAAN TERCATAT DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.21009/JRMSI.013.2.02Keywords:
Resiko Keuangan, DER (Debt to Equity Ratio), Direktur Wanita, Direktur Keuangan WanitaAbstract
Saat ini, isu keberagaman gender telah menjadi perhatian utama banyak perusahaan di dunia. Keberagaman gender sebagai bagian dari sistem tata kelola dalam manajemen yang dinilai dapat meningkatkan kualitas keputusan yang diambil, terutama dengan adanya peran wanita. Hal itu terjadi karena kecenderungan sifat direktur wanita yang lebih berhati-hati dalam pengambilan resiko dan lebih transparan. Oleh sebab itu, penelitian ini bertujuan untuk melihat peran direktur wanita pada resiko keuangan perusahaan publik di Indonesia. Jumlah sampel studi yang dilakukan pada 219 perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia berturut-turut selama tahun 2016-2020. Penelitian dilakukan dengan regresi linear berganda dalam menguji hipotesis dengan program STATA. Hasil studi menunjukkan bahwa direktur wanita dan direktur keuangan wanita memberikan pengaruh yang signifikan negatif terhadap nilai DER (Debt to Equity Ratio) sebagai pengukur resiko keuangan perusahaan. Hal itu mengartikan bahwa direktur wanita efektif dalam menurunkan resiko keuangan sebuah perusahaan. Hasil studi ini dapat memberikan implikasi manajerial berupa dukungan pertimbangan perusahaan untuk meningkatkan peran wanita dalam jajaran manajemennya, terutama pada jajaran direksi.
References
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Mathew, S., Ibrahim, S., & Archbold, S. (2018). Corporate governance and firm risk. Corporate Governance (Bingley), 18(1), 52–67.
Mubarika, N. R., & Handayani, R. S. (2019). ATTRIBUTES OF THE BOARD OF COMMISSIONERS AND CORPORATE RISK (Banking On The Indonesia Stock Exchange). Jurnal Reviu Akuntansi Dan Keuangan, 9(2), 240.
Nadeem, M., Suleman, T., & Ahmed, A. (2019). Women on boards, firm risk and the profitability nexus: Does gender diversity moderate the risk and return relationship? International Review of Economics and Finance, 64(August), 427–442.
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Salinan Peraturan Otoritas Jasa Keuangan nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik
Salinan Peraturan Otoritas Jasa Keuangan nomor 21/POJK.04/2015 tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka
Salinan Peraturan Otoritas Jasa Keuangan nomor 1/POJK.05/2015 tentang Penerapan Manajemen Risiko Bagi Lembaga Jasa Keuangan Non-Bank
Schonberg, T., Fox, C. R., & Poldrack, R. A. (2011). Mind the gap: Bridging economic and naturalistic risk-taking with cognitive neuroscience. Trends in Cognitive Sciences, 15(1), 11–19.
Sila, V., Gonzalez, A., & Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance, 36, 26–53.
Tang, S., & Suwarsini, L. (2021). the Effect of the Boards Directors and Women Audit Committee on Earnings Management. 8(3), 593–612.
Thornton, G. (2021). Women in business 2021. Grant Thornton International Ltd. https://www.grantthornton.global/en/insights/women-in-business-2021/
Trimpop, R. M. (1994). The psychology of risk taking behavior. In Advances in Psychology (Vol. 107).
Ullah, M., Malik, H. A., Zeb, A., & Rehman, A. (2019). Mediating Role of Capital Structure between Corporate Governance and Risk. Journal of Managerial Sciences, 13(3), 47–57.
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007. (2007). Perseroan Terbatas.
Yopie, S., & Aw, F. (2021). Diversitas Dewan Direksi dan Profitabilitas pada Perusahaan Terdaftar di Bursa Efek Indonesia. E-Jurnal Akuntansi, 31(10), 2415.
www. idx.co.id
Adams, S. M., & Flynn, P. M. (2005). Local knowledge advances women’s access to corporate boards. Corporate Governance: An International Review, 13(6), 836–846.
Antonczyk, R. C., & Salzmann, A. J. (2014). Corporate governance, risk aversion and firm value. Applied Financial Economics, 24(8), 543–556.
Badan Pusat Statistik. (2022). Tingkat Proporsi perempuan yang berada di posisi managerial menurut provinsi 2019-2021. www.bps.go.id
Birindelli, G., Chiappini, H., & Savioli, M. (2020). When do women on board of directors reduce bank risk? Corporate Governance (Bingley), 20(7), 1307–1327.
Cai, L., Cui, J., & Jo, H. (2016). Corporate Environmental Responsibility and Firm Risk. Journal of Business Ethic, 139(3), 563–594.
Chakraborty, A., Gao, L., & Sheikh, S. (2019). Corporate governance and risk in cross-listed and Canadian only companies. Management Decision, 57(10), 2740–2757.
Chaudhary, P. (2020). Impact of board structure, board activities and institutional investors on the firm risk: evidence from India. Managerial Finance, 47(4), 506–524.
Chong, L. L., Ong, H. B., & Tan, S. H. (2018). Corporate risk-taking and performance in Malaysia: the effect of board composition, political connections and sustainability practices. Corporate Governance (Bingley), 18(4), 635–654.
CNBC Indonesia. (2018). Emiten Tak Lagi Wajib Miliki Direktur Independen, Kenapa? https://www.cnbcindonesia.com/market/20181226161205-17-48036/emiten-tak-lagi-wajib-miliki-direktur-independen-kenapa
Deloitte Global Boardroom Program’s Seventh Edition. (2015). Women in the boardroom: A global perspective Seventh edition. Deloitte. https://www2.deloitte.com/sg/en/pages/risk/articles/women-in-the-boardroom-global-perspective-seventh-edition.html
El-Khatib, R., & Joy, N. (2020). Do Women Directors Improve Firm Performance and Risk in India? Quarterly Journal of Finance, 2150006.
Fauzi, F., Basyith, A., & Ho, P. L. (2017). Women on boardroom: Does it create risk? Cogent Economics and Finance, 5(1), 1–14.
Francis, B., Hasan, I., Park, J. C., & Wu, Q. (2015). Gender Differences in Financial Reporting Decision Making: Evidence from Accounting Conservatism. Contemporary Accounting Research, 32(3), 1285–1318.
Haider, J. (2016). Board Size, Ownership Concentration and Future Firm Risk. Chinese Management Studies, 10(4), 692–709.
Hatane, S. E., Supangat, S., Tarigan, J., & Jie, F. (2019). Does internal corporate governance mechanism control firm risk? Evidence from Indonesia’s three high-risk sectors. Corporate Governance (Bingley), 19(6), 1362–1376.
Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839.
Huang, Y. S., & Wang, C. J. (2015). Corporate governance and risk-taking of Chinese firms: The role of board size. International Review of Economics and Finance, 37, 96–113. https://doi.org/10.1016/j.iref.2014.11.016
Hurley, D., & Choudhary, A. (2020). Role of gender and corporate risk taking. Corporate Governance (Bingley), 20(3), 383–399.
International Labour Organization. (2020). Leading to Success: The business case for women in business and management in Indonesia. International Labour Organization, June, 1–32.
Jia, J. (2019). Does risk management committee gender diversity matter? A financial distress perspective. Managerial Auditing Journal, 34(8), 1050–1072.
Jizi, M. I., & Nehme, R. (2017). Board gender diversity and firm’s equity risk. An International Journal, 36(7), 590–606.
Karina, R., & Marcia, S. (2021). Analisa Pengaruh Keragaman Dewan Direksi dan Audit terhadap Kinerja Perusahaan pada Perusahaan yang Terdaftar di BEI. Conference on Management, Business, Innovation, Education and Social Science, 1(1), 1114–1126.
Khaw, K. L. H., & Liao, J. (2018). Board gender diversity and its risk monitoring role: Is it significant? Asian Academy of Management Journal of Accounting and Finance, 14(1), 83–106.
Kompas. (2021). Hari Perempuan Sedunia, Erick Thohir Targetkan Tiap BUMN Punya Direktur Perempuan. https://money.kompas.com/read/2021/03/08/114146726/hari-perempuan-sedunia-erick-thohir-targetkan-tiap-bumn-punya-direktur
Lenard, M. J., Yu, B., York, E. A., & Wu, S. (2014). Impact of board gender diversity on firm risk. Managerial Finance, 40(8), 787–803.
Libby, R., & Fishburn, P. C. (1977). Behavioral Models of Risk Taking in Business Decisions: A Survey and Evaluation. Journal of Accounting Research, 15(2), 272.
Mathew, S., Ibrahim, S., & Archbold, S. (2018). Corporate governance and firm risk. Corporate Governance (Bingley), 18(1), 52–67.
Mubarika, N. R., & Handayani, R. S. (2019). ATTRIBUTES OF THE BOARD OF COMMISSIONERS AND CORPORATE RISK (Banking On The Indonesia Stock Exchange). Jurnal Reviu Akuntansi Dan Keuangan, 9(2), 240.
Nadeem, M., Suleman, T., & Ahmed, A. (2019). Women on boards, firm risk and the profitability nexus: Does gender diversity moderate the risk and return relationship? International Review of Economics and Finance, 64(August), 427–442.
Poletti-Hughes, J., & Briano-Turrent, G. C. (2019). Gender diversity on the board of directors and corporate risk: A behavioural agency theory perspective. International Review of Financial Analysis, 62(March 2019), 80–90. https://doi.org/10.1016/j.irfa.2019.02.004
Salinan Peraturan Otoritas Jasa Keuangan nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik
Salinan Peraturan Otoritas Jasa Keuangan nomor 21/POJK.04/2015 tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka
Salinan Peraturan Otoritas Jasa Keuangan nomor 1/POJK.05/2015 tentang Penerapan Manajemen Risiko Bagi Lembaga Jasa Keuangan Non-Bank
Schonberg, T., Fox, C. R., & Poldrack, R. A. (2011). Mind the gap: Bridging economic and naturalistic risk-taking with cognitive neuroscience. Trends in Cognitive Sciences, 15(1), 11–19.
Sila, V., Gonzalez, A., & Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance, 36, 26–53.
Tang, S., & Suwarsini, L. (2021). the Effect of the Boards Directors and Women Audit Committee on Earnings Management. 8(3), 593–612.
Thornton, G. (2021). Women in business 2021. Grant Thornton International Ltd. https://www.grantthornton.global/en/insights/women-in-business-2021/
Trimpop, R. M. (1994). The psychology of risk taking behavior. In Advances in Psychology (Vol. 107).
Ullah, M., Malik, H. A., Zeb, A., & Rehman, A. (2019). Mediating Role of Capital Structure between Corporate Governance and Risk. Journal of Managerial Sciences, 13(3), 47–57.
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007. (2007). Perseroan Terbatas.
Yopie, S., & Aw, F. (2021). Diversitas Dewan Direksi dan Profitabilitas pada Perusahaan Terdaftar di Bursa Efek Indonesia. E-Jurnal Akuntansi, 31(10), 2415.
www. idx.co.id
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Published
2022-09-01
How to Cite
Leviana, Yuwono, W., & Lily , S. (2022). APAKAH DIREKTUR WANITA MAMPU MENGURANGI RESIKO KEUANGAN? STUDI PADA PERUSAHAAN TERCATAT DI BURSA EFEK INDONESIA. JRMSI - Jurnal Riset Manajemen Sains Indonesia, 13(02), 199–219. https://doi.org/10.21009/JRMSI.013.2.02
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