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"Environmental, social and governance (ESG) konsep semakin banyak diadopsi di pasar saham, sehingga isu lingkungan, sosial, dan tata kelola penting bagi konsumen, investor, dan pemangku kepentingan. Hal yang sama berlaku untuk keberadaan board gender diversity (BGD). Penelitian ini menggunakan sampel perusahaan yang mengungkapkan ESG yang terdaftar di BEI selama tiga tahun. Menerapkan analisis regresi data panel sebagai framework ekonometrik, dalam menjelaskan efek tidak langsung dari keberadaan BGD terhadap konsekuensi pengungkapan ESG dan reaksi pasar. Hasil temuan konsisten dengan penelitian sebelumnya yaitu menemukan pengaruh negatif signifikan pengungkapan ESG terhadap reaksi pasar dan keberadaan BGD memperkuat pengaruh negatif pengungkapan ESG pada sub-score lingkungan.Temuan konsisten dengan teori stakeholder, dan agency. Penelitian berkontribusi untuk membantu investor dan manajer portofolio mengevaluasi keberadaan BGD mempengaruhi ESG dan pasar serta membantu mereka membuat keputusan investasi yang lebih baik. Selain itu, regulator dapat menambah kebijakan untuk memasukkan BGD sebagai persyaratan perusahaan publik. Keterbatasan penelitian pada ketersediaan informasi komposisi gender perusahaan yang mengungkapkan ESG dan masih sedikitnya perusahaan di Indonesia yang menerapkannya, sehingga penelitian tentang pengaruih tidak langsung BGD terhadap pengungkapan ESG dan pasar belum banyak dilakukan.

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Environmental, social and governance (ESG) concepts are increasingly being adopted in the stock market and are important to consumers, investors and stakeholders. The conditions are the same for presence of board gender diversity. This study uses all samples of companies listed on the IDX for three years that have issued ESG disclosures. Applying panel data regression analysis as an econometric framework, in explaining the indirect effect of the presence of BGD on the consequences of ESG disclosure and market reaction. The findings are consistent with previous research, a significant negative effect of ESG disclosure on market reaction and the presence of BGD strengthens the negative effect of ESG disclosure, but on the environmental sub-score. The findings are consistent with stakeholder and agency theory. Research contributes to helping investors and portfolio managers evaluate how the presence of BGD affects ESG and the market and helps them make better investment decisions. In addition, regulators may add policies to include gender diversity as a standard requirement for public companies. This research is limited by the availability of information regarding the gender composition of companies that disclose ESG and there are still very few companies in Indonesia that apply it, and not much research has been conducted on the indirect effect of BGD on ESG disclosure and the market."

"Penelitian ini bertujuan untuk menganalisis pengaruh dari kinerja lingkungan, sosial, dan tata kelola atau yang kini biasa disebut dengan environmental, social, and governance (ESG), serta pengaruh moderasi dari ESG controversies dan board gender diversity terhadap risiko perusahaan di Indonesia. Kinerja ESG diukur menggunakan indikator ESG Score yang dibuat oleh Thomson Reuters. Indikator risiko yang digunakan adalah risiko total, dan risiko sistematis. Sampel dalam penelitian ini terdiri dari 38 perusahaan di Indonesia untuk periode 2016-2020. Ditemukan bahwa kinerja ESG perusahaan tidak berpengaruh kepada risiko total dan risiko sistematis perusahaan di Indonesia. Selain itu, juga tidak terdapat pengaruh moderasi dari ESG controversy dan board gender diversity terhadap hubungan kinerja ESG terhadap risiko total dan risiko sistematis perusahaan. Hasil penelitian ini dapat menjadi bukti empiris bahwa di Indonesia, mulai menaruh perhatian kepada aspek keberlanjutan yaitu ESG, namun hasil penelitian belum bisa menggambarkan apa hubungan antara kinerja ESG dengan risiko perusahaan akibat masih terbatasnya perusahaan yang mendapatkan nilai ESG dari Thomson Reuters. Diharapkan dengan adanya bukti ini, perusahaan dapat lebih terdorong untuk memulai dan meningkatkan kinerja ESG perusahaannya.

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This study aims to analyse the effect of environmental, social, and governance performance or what is now commonly referred to as environmental, social, and governance (ESG), also the moderating effect of ESG controversies and board gender diversity on corporate risk in Indonesia. ESG performance is measured using the ESG Score indicator created by Thomson Reuters. The risk indicators used are total risk and systematic risk. The sample in this study consisted of 38 companies in Indonesia for the 2016-2020 period. It was found that the company's ESG performance had no effect on the total risk and systematic risk of companies in Indonesia. In addition, there is also no moderating effect of the ESG controversy and board gender diversity on the relationship between ESG performance and the company's total and systematic risk. The results of this study can be empirical evidence that in Indonesia, starting to pay attention to the sustainability aspect, namely ESG, but the results of the study have not been able to describe the relationship between ESG performance and company risk due to the limited number of companies receiving ESG scores from Thomson Reuters. It is hoped that with this evidence, companies can be more motivated to start and improve their company's ESG performance."

"[Penelitian ini bertujuan untuk menganalisis pengaruh Corporate Governance terhadap kinerja Bank Perkreditan Rakyat Konvensional periode 2010-2014. Penelitian ini menggunakan uji analisis Fixed Effect Model (FEM). Variabel independen pada penelitian ini adalah EQTA, NLTA, ukuran dewan komisaris (Bsize), komposisi dewan komisaris wanita perempuan (jumlah dewan komisariswanita) serta latar belakang pendidikan dewan komisaris (S1, S2, S3 dan D3), Variabel dependen diproksikan oleh ROIAE, ROIAA dan ROAE. Penelitian inimenggunakan data panel yang berjumlah 171 observasi dari sampel Bank Perkreditan Rakyat Konvensional yang terdaftar di Bank Indonesia dan Otoritas Jasa Keuangan (2012-2014). Hasil penelitian ini menunjukkan bahwa: (1) EQTA, Ukuran dewan komisaris dan Dewan komisaris yang memiliki latar belakang pendidikan S2 mempengaruhi kinerja BPR secara negatif dan signifikan terhadap kinerja BPR. Sedangkan komposisi dewan komisaris wanita mempengaruh secara positif dan signifikan terhadap kinerja BPR. (2) EQTA, NLTA, Ukuran dewan komisaris mempengaruhi kinerja BPR secara negatif dan signifikan terhadap kinerja BPR. Sedangkan komposisi dewan komisaris wanita dan dewan komisaris yang memiliki latar belakang pendidikan S3 mempengaruhi secara positif dan signifikan terhadap kinerja BPR. (3) EQTA, NLTA, ukuran dewan komisaris memberikan pengaruh yang negatif dan signifikan terhadap kinerja BPR. Sedangkan dewan komisaris yang memiliki latar belakang S1 dan S2 mempengaruhi kinerja BPR secara positif dan signifikan.

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The objective of this research is to analyze the effects of corporate governance and performance of conventional rural banks in periode 2012-2014. This

research analyzes with the Fixed Effect Model (FEM). The Independent variabels in this research are the EQTA, NLTA, board size, board gender composition (the

number of female commissioners) and board education composition (S1,S2,S3 and D3), and the dependent variables are ROIAE, ROIAA and ROAE. This study uses a panel data sample of 171 observations listed conventional rural banks in Bank Indonesia and Financial Services Authority of Indonesia (OJK) in periode 2010-2014. The result shows that: (1) EQTA, Board Size and board who have the educational background of S2 negatively and significantly affect the performance of conventional rural banks. While The number of female commissioners positevely affect the performance of conventional rural banks. (2) EQTA, NLTA and Board Size negatively affect the performance of conventional rural banks while The number of female commissioners and board who have the educational

background S3 positevely affect the performance of conventional rural banks .(3) EQTA, NLTA and Board Size negatively and significantly affect the performance of conventional rural banks.. While board who have the educational background S1 and S2 positevely affect the performance of conventional rural banks., The objective of this research is to analyze the effects of corporate governance

and performance of conventional rural banks in periode 2012-2014. This

research analyzes with the Fixed Effect Model (FEM). The Independent variabels

in this research are the EQTA, NLTA, board size, board gender composition (the

number of female commissioners) and board education composition (S1,S2,S3

and D3), and the dependent variables are ROIAE, ROIAA and ROAE. This study

uses a panel data sample of 171 observations listed conventional rural banks in

Bank Indonesia and Financial Services Authority of Indonesia (OJK) in periode

2010-2014. The result shows that: (1) EQTA, Board Size and board who have the

educational background of S2 negatively and significantly affect the performance

of conventional rural banks. While The number of female commissioners

positevely affect the performance of conventional rural banks. (2) EQTA, NLTA

and Board Size negatively affect the performance of conventional rural banks

while The number of female commissioners and board who have the educational

background S3 positevely affect the performance of conventional rural banks .(3)

EQTA, NLTA and Board Size negatively and significantly affect the performance

of conventional rural banks.. While board who have the educational background

S1 and S2 positevely affect the performance of conventional rural banks]"

"Salah satu aspek keberlanjutan terletak pada implementasi dari ESG yang dilakukan oleh perusahaan bisnis, serta bagaimana pengungkapan terkait informasi tersebut dilakukan. Indeks pasar yang fluktuatif dapat menciptakan ekosistem informasi yang buruk serta dapat meningkatkan risiko idiosyncratic. Ekosistem informasi yang baik tentu ditentukan oleh sistem dari tata kelola perusahaan. Hanya terdapat sedikit literatur penelitian terkait hal tersebut. Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan aktivitas ESG dan karakteristik corporate governance terhadap idiosyncratic risk untuk perusahaan publik di Indonesia. Menggunakan data sekunder berupa perusahaan publik yang terdaftar di BEI sebagai sampel dan periode yang diambil dari tahun 2015 – 2021. Idiosyncratic risk diukur menggunakan Fama-French Three Factor Model. Pengungkapan ESG diukur menggunakan ESG score, diperoleh dari Thomson Reuter’s website. Metode analisis yang digunakan adalah regresi berganda dengan data panel. Penelitian ini menemukan bahwa tidak terdapat pengaruh signifikan antara ESG Disclosure terhadap Idiosyncratic Risk. Terdapat pengaruh negatif signifikan Ukuran Dewan Komisaris terhadap Idiosyncratic Risk dan Terdapat pengaruh negatif signifikan Keberagaman Gender Dewan Komisaris terhadap Idiosyncratic Risk. Kemudian, tidak terdapat pengaruh signifikan variabel moderasi Busy Board (Kesibukan Dewan Komisaris) terhadap hubungan ESG Disclosure dengan Idiosyncratic Risk. Penelitian ini dapat memberikan kontribusi untuk para manajer dan investor, serta memberikan manfaat teoritis.

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One of the aspect of sustainability lies in the implementation of ESG activities that is done by companies, as well as how they disclose this information to public. Market index that is fluctuative would create a poor information ecosystem and could increase idiosyncratic risk. A good information ecosystem is determined by the charactheristic of their corporate governance. There are only little amount of research regarding this subjects. This study aims to analyze the effect of disclosing ESG activities and the characteristics of corporate governance on idiosyncratic risks for public companies in Indonesia. The research used secondary data, consisting of public companies that are listed in IDX website from 2015 – 2021. Idiosyncratic risk is measured using the Fama-French Three Factor Model. ESG disclosure is measured using the ESG score, obtained from the Thomson Reuter website. The analytical method used is multiple regression with panel data. This study found that there was no significant effect of ESG disclosure on idiosyncratic risk. There is a significant negative effect of the size of the Board of Commissioners on idiosyncratic risk and there is a significant negative effect of Gender Diversity on idiosyncratic risk. Then, there is no significant effect of the busy board as a moderating variable on the relationship between ESG Disclosure and idiosyncratic risk. This research could contribute to managers and investors, as well as provide theoretical benefits."

"Penelitian ini bertujuan untuk mengetahui pengaruh board dan management gender diversity terhadap struktur permodalan dengan komponen debt-to-equity ratio dan pinjaman, termasuk di dalamnya portofolio risiko kredit pada lembaga keuangan mikro di negara berkembang. Penelitian ini dilakukan dengan panel data balanced serta menggunakan metode common effect robust dan fixed effect robust. Data penelitian terdiri dari 93 lembaga keuangan mikro dari 38 negara dan merupakan data tahunan periode 2014-2018 dengan jumlah 465 observasi. Hasil penelitian ini menunjukkan bahwa keberagaman gender pada jajaran dewan dan manajemen tidak berpengaruh secara signifikan terhadap pemilihan pendanaan untuk struktur modal lembaga keuangan mikro.

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This study aims to determine the impact of board and management gender diversity on microfinance organizations in developing nations' capital structure, including the debt-to-equity ratio and borrowings, including credit risk portfolio. Using a balanced data panel and the common effect robust and fixed effect robust methodologies, this research was conducted. The research data comprises of 93 microfinance organizations from 38 countries, with a total of 465 observations over the years 2014 to 2018. The results of this study reveal that gender diversity in the board and management does not have any significant effect on the determination of microfinance’ capital structure."

"This research aims to analyze the impact of corporate governance on firm value. Corporate governance is the range of control mechanisms in a company aimed at aligning relationships among various stakeholders involved with companies – including owners (shareholders), managers, employees, customers, suppliers, and other business partners – and effectively monitoring its performance. Meanwhile, firm value is the economic worth of a company assessed through its ability to generate future cash flows and earnings, taking into account both tangible and intangible assets. This research uses a sample of non-financial companies listed on the Indonesia Stock Exchange in the 2014-2023 period using a purposive sampling technique. The type of data used in this research is panel data consisting of time series and cross section data. The results of this research show that corporate governance has an insignificant impact on firm value, using independent variables of board size, board independence, board gender diversity, ownership concentration, and CEO ownership.

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Penelitian ini bertujuan untuk menganalisis pengaruh corporate governance terhadap firm value. Corporate governance adalah serangkaian mekanisme pengendalian dalam suatu perusahaan yang bertujuan untuk menyelaraskan hubungan antara berbagai pemangku kepentingan yang terlibat dengan perusahaan – termasuk pemilik (pemegang saham), manajer, karyawan, pelanggan, pemasok, dan mitra bisnis lainnya – dan memantau kinerjanya secara efektif. Sedangkan firm value adalah nilai ekonomi suatu perusahaan yang dinilai melalui kemampuannya menghasilkan arus kas dan pendapatan di masa depan, dengan mempertimbangkan aset berwujud dan tidak berwujud. Penelitian ini menggunakan sampel perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2014-2023 dengan menggunakan teknik penarikan sampel purposive sampling. Jenis data yang digunakan dalam penelitian ini adalah data panel yang terdiri dari data time series dan cross section. Hasil penelitian menunjukkan bahwa tata kelola perusahaan mempunyai pengaruh yang tidak signifikan terhadap nilai perusahaan, dengan menggunakan variabel independen ukuran dewan direksi, independensi dewan direksi, keberagaman gender dewan direksi, konsentrasi kepemilikan, dan kepemilikan CEO.

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"Penelitian ini bertujuan untuk mengetahui pengaruh komposisi dewan komisaris sebagai aspek dari internal corporate governance terhadap risiko perusahaan khususnya industri pertambangan yang terdaftar pada Bursa Efek Indonesia. Risiko perusahaan dicerminkan dengan proksi Total Risk dan Asset Return Risk, sedangkan internal corporate governance diproksikan menggunakan Board Size, Board Independence, Board Gender, dan Board Ownership dari dewan komisaris perusahaan. Penelitian ini menggunakan data panel dengan metode Pooled Least Square dan Fixed Effect Model pada periode 2017 – 2021 untuk menguji hipotesis. Sampel penelitian terkumpul sebanyak 29 perusahaan dengan total 145 observasi untuk periode 5 tahun. Hasil penelitian menunjukan bahwa tidak terdapat pengaruh yang signifikan antara Board Size, Board Independence, Board Gender, dan Board Ownership terhadap Total Risk. Tetapi, ditemukan pengaruh signifikan antara Board Size terhadap Asset Return Risk, sedangakan Board Independence, Board Gender, dan Board Ownership tidak ditemukan signifikan terhadap Asset Return Risk.

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This research aims to investigate the influence of the composition of the board of commissioners as an aspect of internal corporate governance on firm risk, particularly in the mining industry listed on the Indonesia Stock Exchange. Firm risk is reflected by proxies such as Total Risk and Asset Return Risk, while internal corporate governance is proxied using Board Size, Board Independence, Board Gender, and Board Ownership of the company's board of commissioners. This study utilizes panel data with the Pooled Least Square and Fixed Effect Model methods for the period 2017-2021 to test hypotheses. The research sample consists of 29 companies, totaling 145 observations over a 5-year period. The research results indicate that there is no significant influence between Board Size, Board Independence, Board Gender, and Board Ownership on Total Risk. However, a significant influence was found between Board Size and Asset Return Risk, while Board Independence, Board Gender, and Board Ownership were not found to be significant factors affecting Asset Return Risk.

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