THE The Effect of Gender Diversity of the Board of Directors and Board of Commissioners on Dividend Payment Policy
Study on Foods and Beverages Companies Listed on the Indonesia Stock Exchange in 2019-2023
Abstract
The purpose of this study is to analyze the effect of the proportion of female directors, the proportion of female commissioners, female independent directors, and female independent commissioners on dividend payment policy in Foods and Beverages companies listed on the Indonesia Stock Exchange in 2019-2023. In this study, dividend payment policy is the dependent variable, the proportion of female directors, the proportion of female commissioners, female independent directors, and female independent commissioners are independent variables. The sample used 18 Foods and Beverages companies in 2019-2023. Data for this variable was collected from the website www.idx.go.id in the form of company financial report data. This research method uses multiple linear analysis. The results of the study indicate that partially the proportion of female directors, the proportion of female commissioners, female independent directors, and female independent commissioners have a positive and significant effect on dividend payment policy. The results of this study provide important implications, companies that make dividend payments will provide benefits for both investors and companies. Among them are increasing shareholder trust, influencing stock prices, showing the company's financial performance, and influencing the company's value.
Keywords:
Dividend Payment Policy, Proportion of Female Directors, Proportion of Female Commissioners, Female Independent Directors, Female Independent Commissioners, Foods and Beverages.
References
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Risfandy T., Timotius R., Leo IW., (2021), Women In A Dual Board System And Dividend Policy, Bulletin of Monetary Economics and Banking, Special Issue 2021, pp. 129 - 150
Saeed, A and Sameer, M. (2017). Impact Of Board Gender Diversity On Dividend Payments: Evidence From Some Emerging Economies. International Business Review, Vol. 26 No. 6, pp. 1100-1113
Sartono A., (2017). Manajemen Keuangan Teori Dan Aplikasi: Edisi 4. Yogyakarta: BPFE
Setyawan M., Djuminah (2022), The Effect of Women's Representations in the Board of Directors and Their Educational Background and the Concentration of Company Ownership on the Dividend Policy of Companies Listed on IDX, Budapest International Research and Critics Institute-Journal (BIRCI-Journal), Volume 5, No 3, Page: 26806-26819
Sharma, V. (2011), Independent Directors And The Propensity To Pay Dividends, Journal of Corporate Finance, Vol. 17 No. 4, pp. 1001-1015
Sila, V., Gonzalez, A and Hagendorff, J. (2016), Women On Board: Does Boardroom Gender Diversity Affect Firm Risk?, Journal of Corporate Finance, Vol 36, pp. 26-53
Singh AK, Singhania S, Sardana V (2019), Do Women On Boards Affect Firm’s Financial Performance? Evidence From Indian Ipo Firms. Aust Account Bus Finance J 13(2):53–68
Solimene S, Coluccia D, Fontana S, (2017), Gender Diversity On Corporate Boards: An Empirical Investigation Of Italian Listed Companies. Palgrave Commun, 3:16109
Tejedo-Romero F, Rodrigues LL, Craig R, (2017), Women Directors And Disclosure Of Intellectual Capital Information. Eur Res Manag Bus Econ, 23(3):123–131
Terjesen S, Couto EB, Francisco PM, (2016), Does The Presence Of Independent And Female Directors Impact Firm Performance? A Multi-Country Study Of Board Diversity. J Manag Govern, 20(3):447–483
Thornton, G. (2015). Women in Business: The Path To Leadership. Grant Thornton International Business Re-port.
Ward, A., & Forker, J. (2015). Financial Management Effectiveness and Board Gender Diversity in Member-Governed, Community Financial Institutions. Journal of Business Ethics, 141(2), 351–366.
Zhu, J., Ye, K., Tucker, J. W and Chan, K. J. C. (2016), Board Hierarchy, Independent Directors, And Firm Value: Evidence From China, Journal of Corporate Finance, Vol 41, pp. 262-279.
Adams, R. B., Hermalin and Weisbach. (2010), The Role Of Boards Of Directors In Corporate Governance: A Conceptual Framework And Survey, Journal of Economic Literature, Vol. 48 No. 1, pp. 58-107
Awulle, I. D., Murni. S., & Rondonuwu. C. N. (2018). Pengaruh Profitabilitas Likuiditas Solvabilitas Dan Kepemilikan Institusional Terhadap Nilai Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2016. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, Vol. 6, No. 4, 1908 – 1917.
Andrés, P., Arranz-Aperte, L and Rodriguez-Sanz, J, A. (2017). Independent Versus Non-Independent Outside Directors In European Companies: Who Has A Say On CEO Compensation?, BRQ Business Research Quarterly, Vol. 20 No. 2, 79-95
Ang, J., Fatemi, A., & Tourani-Rad, A. (1997). Capital Structure And Dividend Policies Of Indonesian Firms. Pacific-Basin Finance Journal, 5(1), 87-103.
Ben-Nasr, H. (2015), Government Ownership And Dividend Policy: Evidence From Newly Privatized Firms, Journal of Business Finance & Accounting, Vol. 42 No. 5, pp. 665-704
Chay, J. B and Suh, J. (2009), Payout Policy And Cash-Flow Uncertainty, Journal of Financial Economics, Vol. 93 No. 1, pp. 88-107
Chen J, Leung WS, Goergen M (2017) The Impact Of Board Gender Composition On Dividend Payouts. J Corp Finan 43:86–105
De Cabo, M, R., Gimeno, R and Nieto, M. (2012), Gender Diversity on European Banks' Boards of Directors, Journal of Business Ethics, Vol. 109 No. 2, pp. 145-162.
Dewi HF., (2020), Pengaruh Gender Diversity Dan Latar Belakang Pendidikan Terhadap Kebijakan Dividen (Studi Kasus pada Seluruh Perusahaan yang Terdaftar di Bursa Efek Indonesia periode 2014-2018), Skripsi, Universitas Negeri Semarang.
Fauziah EI., Agung NP., Doddy S., (2022), The Effect of Board Gender Diversity on Dividend Payments: Evidence` from Indonesia, AABFJ Volume 16, Issue 6, Page 3-22..
Garcia-Torea N, Fernandez-Feijoo B, de la Cuesta M, (2016), Board of Director’s Effectiveness And The Stakeholder Perspective Of Corporate Governance: Do Effective Boards Promote The Interests Of Shareholders And Stakeholders? BRQ Bus Res Q 19(4):246–260
Grant Tornton, The Wo.rld's Fifth Largest Of Independent Accounting And Consulting Firm. (2017). Women In Business Report 2017: New Perspectives On Risk And Reward.
Gul, F. A., Srinidhi, B and Ng, A. C. (2011), Does Board Gender Diversity Improve The Informativeness Of Stock Prices?, Journal of Accounting and Economics, Vol. 51 No. 3, pp. 314-338
Gyapong E, Ahmed A, Ntim CG, Nadeem M (2019), Board Gender Diversity And Dividend Policy In Australian Listed Firms: The Effect Of Ownership Concentration. Asia Pacific J Manag, 1–41.
Huang, J and Kisgen, D. (2013). Gender And Corporate Finance: Are Male Executives Overconfident Relative To Women Executives?, Journal of Financial Economics, Vol. 108 No. 3, pp. 822-839.
Landry EE, Bernardi RA, Bosco SM, (2016), Recognition For Sustained Corporate Social Responsibility: Female Directors Make A Difference. Corp Soc Responsib Environ Manag, 23(1):27–36
La Porta, R., Lopez-de-Silanes, F., Shleifer, A and Vishny, R. W. (2000), Investor Protection And Corporate Governance, Journal of Financial Economics, Vol. 58 No. 1-2, pp. 3-27.
Mather, M and Lighthall, N. R. (2012), Risk And Reward Are Processed Differently In Decisions Made Under Stress, Current Directions In Psychological Science, Vol. 21 No. 1, pp. 36-41
Mulchandani K., Ketan M., Sahil SJ., (2021), Does Gender Diversity On Frm’s Board Afect Dividend Payouts? Evidence from India, Future Business Journal, 7(1):25
Nadeem M, (2020), Does Board Gender Diversity Influence Voluntary Disclosure Of Intellectual Capital In Initial Public Offering Prospectuses? Evidence from China. Corp Govern Int Rev 28(2):100–118
Natsir ADPAL., Sri M., Jessy P., Pengaruh Profitabilitas, Likuiditas dan Pertumbuhan Penjualan Terhadap Kebijakan Dividen Perusahaan Sektor Food And Beverage di Bursa Efek Indonesia, Jurnal EMBA, Vol. 11 No. 1 Januari 2023, Hal. 656-665.
Pahi D, Yadav IS, (2018), Role Of Corporate Governance In Determining Dividend Policy: Panel Evidence From India. Int J Trade Econ Financ 9(3):111–115
Probohudono, A.N., Tower, G and Rusmin, R. (2013), Risk Disclosure During The Global Financial Crisis. Social Responsibility Journal, Vol. 9 No. 1, pp.124-137
Pucheta-Martínez MC, Bel-Oms I, (2016), The Board Of Directors And Dividend Policy: The Effect Of Gender Diversity. Ind Corp Change 25(3):523–547.
Risfandy T., Timotius R., Leo IW., (2021), Women In A Dual Board System And Dividend Policy, Bulletin of Monetary Economics and Banking, Special Issue 2021, pp. 129 - 150
Saeed, A and Sameer, M. (2017). Impact Of Board Gender Diversity On Dividend Payments: Evidence From Some Emerging Economies. International Business Review, Vol. 26 No. 6, pp. 1100-1113
Sartono A., (2017). Manajemen Keuangan Teori Dan Aplikasi: Edisi 4. Yogyakarta: BPFE
Setyawan M., Djuminah (2022), The Effect of Women's Representations in the Board of Directors and Their Educational Background and the Concentration of Company Ownership on the Dividend Policy of Companies Listed on IDX, Budapest International Research and Critics Institute-Journal (BIRCI-Journal), Volume 5, No 3, Page: 26806-26819
Sharma, V. (2011), Independent Directors And The Propensity To Pay Dividends, Journal of Corporate Finance, Vol. 17 No. 4, pp. 1001-1015
Sila, V., Gonzalez, A and Hagendorff, J. (2016), Women On Board: Does Boardroom Gender Diversity Affect Firm Risk?, Journal of Corporate Finance, Vol 36, pp. 26-53
Singh AK, Singhania S, Sardana V (2019), Do Women On Boards Affect Firm’s Financial Performance? Evidence From Indian Ipo Firms. Aust Account Bus Finance J 13(2):53–68
Solimene S, Coluccia D, Fontana S, (2017), Gender Diversity On Corporate Boards: An Empirical Investigation Of Italian Listed Companies. Palgrave Commun, 3:16109
Tejedo-Romero F, Rodrigues LL, Craig R, (2017), Women Directors And Disclosure Of Intellectual Capital Information. Eur Res Manag Bus Econ, 23(3):123–131
Terjesen S, Couto EB, Francisco PM, (2016), Does The Presence Of Independent And Female Directors Impact Firm Performance? A Multi-Country Study Of Board Diversity. J Manag Govern, 20(3):447–483
Thornton, G. (2015). Women in Business: The Path To Leadership. Grant Thornton International Business Re-port.
Ward, A., & Forker, J. (2015). Financial Management Effectiveness and Board Gender Diversity in Member-Governed, Community Financial Institutions. Journal of Business Ethics, 141(2), 351–366.
Zhu, J., Ye, K., Tucker, J. W and Chan, K. J. C. (2016), Board Hierarchy, Independent Directors, And Firm Value: Evidence From China, Journal of Corporate Finance, Vol 41, pp. 262-279.
Published
2025-02-07
How to Cite
H, A., & Marheni, D. (2025). THE The Effect of Gender Diversity of the Board of Directors and Board of Commissioners on Dividend Payment Policy. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 8(1), 658-671. https://doi.org/https://doi.org/10.36778/jesya.v8i1.1955
Section
Articles
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