The Effect of Good Corporate Governance (GCG) on Financial Performance with Gender Diversity as a Moderating: Empirical Study of Property and Real Estate Companies Listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 Period
Keywords:
Good Corporate Governance, Gender Diversity, Financial Performance
Abstract
This study aims to examine the effect of Good Corporate Governance (GCG) mechanisms proxied by the board of commissioners, audit committee, and audit firm reputation on financial performance, with gender diversity as a moderating variable, in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The increasing complexity and risk in the property sector highlight the importance of effective governance in maintaining firm performance. Financial performance is measured using Return on Assets (ROA). This research employs a quantitative approach using secondary data obtained from 48 companies (240 observations) in the property and real estate sector over five years. The results indicate that the board of commissioners does not have a significant effect on financial performance, while the audit committee and audit firm reputation have a significant positive effect. Furthermore, gender diversity is not able to moderate the effect of the board of commissioners on financial performance. However, gender diversity significantly moderates the effect of the audit committee on financial performance by weakening it. These findings indicate that the effectiveness of GCG mechanisms varies and that the role of gender diversity depends on the governance structure.
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References
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Alaidha, S., & Syafruddin, M. (2023). PENGARUH KUALITAS AUDIT TERHADAP KINERJA PERUSAHAAN DENGAN MANAJEMEN LABA SEBAGAI VARIABEL MEDIASI. DIPONEGORO JOURNAL OF ACCOUNTING, 12(2), 1–15. http://ejournal-s1.undip.ac.id/index.php/accounting
Alhababsah, S., & Yekini, S. (2021). Audit committee and audit quality: An empirical analysis considering industry expertise, legal expertise and gender diversity. Journal of International Accounting, Auditing and Taxation, 42. https://doi.org/10.1016/j.intaccaudtax.2021.100377
Alkhalaileh, R., Alshurafat, H., Ananzeh, H., & Al Amosh, H. (2024). The impact of external auditors with forensic accounting competencies on auditee firm performance. Heliyon, 10(11). https://doi.org/10.1016/j.heliyon.2024.e32099
Alsmady. (2022). Quality of financial reporting, external audit, earnings power and companies performance: The case of Gulf Corporate Council Countries. Research in Globalization, 5. https://doi.org/10.1016/j.resglo.2022.100093
Amaliah, E. N., Darnah, D., & Sifriyani, S. (2020). Regresi Data Panel dengan Pendekatan Common Effect Model (CEM), Fixed Effect model (FEM) dan Random Effect Model (REM) (Studi Kasus: Persentase Penduduk Miskin Menurut Kabupaten/Kota di Kalimantan Timur Tahun 2015-2018). ESTIMASI: Journal of Statistics and Its Application, 1(2), 106. https://doi.org/10.20956/ejsa.v1i2.10574
Anggraini, F., Annisa, A., & Zefriyenni, Z. (2023). PENGARUH KERAGAMAN GENDER DEWAN, DAN EARNINGS MANAGEMENT TERHADAP KINERJA KEUANGAN PERUSAHAAN. Jurnal Proaksi, 10(4), 437–449. https://doi.org/10.32534/jpk.v10i4.4534
Anni’Mah, Sumiati, & Susanti. (2021). Pengaruh Leverage, Likuiditas, Profitabilitas terhadap Nilai Perusahaan Indeks IDX SMC Composite 2019.
Awwad, Norfadzilah, & Abdullah. (2020). Impact of Audit Committees on the Financial Performance: Evidence from Jordan. https://doi.org/10.35940/ijrte.B3575.079220
Baltagi. (2005). Econometric Analysis of Panel Data.
BPS. (2025). INDEKS HARGA PROPERTI PERUMAHAN RESIDENTIAL PROPERTY PRICE INDEX Volume 2, 2025.
Chee, & Bakri. (2024). DOES BOARD SIZE MOERATE THE RELATIONSHIP BETWEEN SUSTAINABILITY REPORTING AND FIRM PERFOMANCE.
Danilov, G. (2024). The impact of corporate governance on firm performance: panel data evidence from S&P 500 Information Technology. Future Business Journal, 10(1). https://doi.org/10.1186/s43093-024-00376-8
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review (Vol. 14, Number 1). Academy of Management Review.
Febrianti Mita Lutvyana, & Rina Susanti. (2025). Pengaruh Board Gender Diversity dan Dewan Komisaris Independen Terhadap Kinerja Keuangan pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024. Ekopedia: Jurnal Ilmiah Ekonomi, 1(3), 1682–1699. https://doi.org/10.63822/fkr7qb95
Febriyanti, N. R., Aryani, F., Hendratni, T. W., Fakultas Ekonomi, M., & Bisnis, D. (2023). PENGARUH LEVERAGE DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN (Studi Kasus pada Perusahaan Sub Sektor Telekomunikasi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2016-2021. JIMP, 3(2), 99–109.
Gamal, A., Rohmah, L., & Muhyi, M. M. (2023). Housing preference shifting during COVID-19 pandemic in Indonesia. Journal of Urban Management, 12(3), 268–283. https://doi.org/10.1016/j.jum.2023.05.002
Ghozali. (2018). Book_2018_Ghozali.
Gujarati, & Porter. (2009). Basic Econometrics.
Habsari, A., & Akhmadi. (2018). Ukuran Perusahaan, Profitabilitas dan Nilai Perusahaan (Vol. 13, Number 2).
Handayani, E., Yeni Anwar, F., Dwi Maryanto, R., & Nilawati, E. (2024). Pengaruh Dewan Direksi, Komisaris Independen, Komite Audit, dan Kepemilikan Institusional Terhadap Return On Asset (ROA) Perusahaan Perbankan yang Terdaftar pada Bursa Efek Indonesia Periode 2018-2022. https://doi.org/10.37817/ikraith-ekonomika.v7i1
Hazzaa, O. T., Abdullah, D. F., & Sadaa, A. M. (2024). Influence of CEO characteristics and audit committee on financial performance: Evidence from Iraq. Journal of Open Innovation: Technology, Market, and Complexity, 10(2). https://doi.org/10.1016/j.joitmc.2024.100290
Hidayat, & Vestari. (2024). PENGARUH REPUTASI KANTOR AKUNTAN PUBLIK (KAP).
IAASB. (2024). HANDBOOK OF INTERNATIONAL QUALITY MANAGEMENT, AUDITING, REVIEW, OTHER ASSURANCE, AND RELATED SERVICES PRONOUNCEMENTS. INTL FEDERATION OF ACCOUN.
IFC. (2018). CORPORATE GOVERNANCE MANUAL Second Edition. www.ifc.org
Izza. (2020). TEORI KONFLIK DIALEKTIKA RALF DAHRENDORF. In Jurnal Studi Keislaman (Vol. 9, Number 1).
Jensen, & Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. In Journal of Financial Economics (Number 4). Harvard University Press. http://hupress.harvard.edu/catalog/JENTHF.html
Juanda, & Jalaluddin. (2021). Board size and firm performance of listed companies in Indonesia. 13(2), 292–296.
Judijanto, L., & Iskandar, D. (2024). The Impact of Audit Quality, Auditor Reputation, and Auditor Rotation on the Market Value of Companies on the Indonesia Stock Exchange. In West Science Accounting and Finance (Vol. 2, Number 03).
Juliana, Olayemi, & Segun. (2025). Robust Estimation Techniques in Panel Data Models in the Presence of Multicollinearity, Heteroscedasticity, and Autocorrelation Violations. African Journal of Mathematics and Statistics Studies, 8(4), 1–17. https://doi.org/10.52589/ajmss-ywobiaw1
Lestari, R. A. (2021). Gender Diversity, Board Composition, Intellectual Capital and Its Effect on Firm Performance Article Information. In Management Analysis Journal. http://maj.unnes.ac.id
Matchanova, F. (2021). International Journal of Economics, Commerce and Management A MECHANISM FOR ASSESSING FACTORS AFFECTING THE COMPETITIVENESS OF TEXTILE COMPANIES. http://ijecm.co.uk/
Mehnaz, L., & Yang, C. (2025). Women in accounting research: a review of gender diversity, equity and inclusion. In Meditari Accountancy Research (Vol. 33, Number 7, pp. 30–59). Emerald Publishing. https://doi.org/10.1108/MEDAR-05-2024-2479
Nasredine, Said, & Othman. (2024). Do BIG-4 auditors perform a corporate governance role in the Moroccan context? Evidence from accounting and market-based performance measures. https://doi.org/10.5281/zenodo.14025066
Nugraha, N., Sunindyo, A., Savitri Kusmargiani, I., Nurul Fajria, R., Akuntansi, J., Negeri Semarang, P., Sudarto, J., & Semarang, K. (2023). PENGARUH KOMITE AUDIT, DEWAN KOMISARIS DAN DEWAN PENGAWAS SYARIAH TERHADAP PROFITABILITAS. In Nyata Nugraha, dkk / SENTRIKOM (Vol. 5).
Nugroho, & Jayanti. (2024). PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KINERJA KEUANGAN PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI. 13(1), 9–22.
Nurjannah, & Oktaryani. (2025). THE IMPACT OF BOARD GENDER DIVERSITY, INDEPENDENT COMIISSIONERS, AND MEETING FREQUENCY ON FINANCIAL PERFOMANCE: EVIDENCE FROM INDONESIAN LISTED BANK (2019-2023).
OECD. (2023). G20/OECD Principles of Corporate Governance 2023. OECD Publishing. https://doi.org/10.1787/ed750b30-en
Oradi, J., & Izadi, J. (2020). Audit committee gender diversity and financial reporting: evidence from restatements. Managerial Auditing Journal, 35(1), 67–92. https://doi.org/10.1108/MAJ-10-2018-2048
Pratiwi, W., Sumiati, A., & Muliasari, I. (2023). International Journal of Multidisciplinary Research and Literature THE EFFECT OF INDEPENDENT BOARD OF COMMISSIONERS, FIRM SIZE AND LEVERAGE ON BANKING FINANCIAL PERFORMANCE IN INDONESIA. International Journal of Multidisciplinary Research and Literature IJOMRAL, 2(1), 1–120. https://doi.org/10.53067/ijomral.v2i1
Putri, F. G., & Muchtar, S. (2024). Journal Ilmiah Manajemen dan Bisnis The Effect of Board Diversity on Performance Mediated by Company Risk in Consumer Cyclicals Companies.
Rahardjo, A. P., & Wuryani, E. (2021). AKUNESA: Jurnal Akuntansi Unesa (Vol. 10, Number 1). https://journal.unesa.ac.id/index.php/akunesa/
Rahmadan, Z., Yuliusman, Friyani, R., Hizazi, A., & Gowon, M. (2023). Gender-Diverse Audit Committees, Size of Public Accounting Firms, and Audit Opinions on Stock Prices Mediated by Audit Report Lag. Indonesian Journal of Business Analytics, 3(4), 1275–1290. https://doi.org/10.55927/ijba.v3i4.5204
Rompis, H. F., Tulung, J. E., Sumarauw, J. S. B., Hidecky, Rompis, F., & Tulung, J. E. (2025). THE EFFECT OF LEVERAGE, CASH FLOW, AND COMPANY SIZE ON THE PROFITABILITY (ROA) OF AUTOMOTIVE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) FROM 2020 TO 2024.
Roslynwibowo, & Suartana. (2025). The Effect of Good Corporate Governance, Intellectual Capital, Firm Size, and Company Growth on Company Profitability. International Journal of Economics, Commerce, and Management, 2(3), 294–308. https://doi.org/10.62951/ijecm.v2i3.769
Rudyanto, A., & Kusnadi, Y. (2025). Audit committee status and gender diversity: Implications for real earnings management. Finance Research Letters, 86. https://doi.org/10.1016/j.frl.2025.108433
Sellina, S., & Zuliawati Zed, E. (2025). GENDER DIVERSITY MODERATES THE EFFECT OF GOOD CORPORATE GOVERNANCE ON THE FINANCIAL PERFORMANCE OF SHARIA AND CONVENTIONAL BANKING COMPANIES REGISTERED WITH THE OJK. In Gender Diversity Moderates the Effect of Good Corporate … (Vol. 5, Number 4).
Setiyowati Rudi Setiadi Tjahjono, R. (2022). LIKUIDITAS, LEVERAGE, DAN PERTUMBUHAN ENTITAS TERHADAP NILAI PERUSAHAAN. 2(4), 503–514. http://jurnaltsm.id/index.php/EJATSM
Shatnawi, S., Eldaia, M., Marei, A., & Aaraj, S. AL. (2021). The Relationship between Audit Committee Characteristics on Accounting-based Performance (ROA and ROE) as a Measure of Performance Evidence from Jordan. In International Journal of Business and Digital Economy (Vol. 2, Number 2). http://www.ijbde.com
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Published
2026-05-29
How to Cite
Afifa, A., & Mariana, M. (2026). The Effect of Good Corporate Governance (GCG) on Financial Performance with Gender Diversity as a Moderating: Empirical Study of Property and Real Estate Companies Listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 Period. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(2), 12286-12307. https://doi.org/10.31538/iijse.v9i2.10352
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Articles
Copyright (c) 2026 Azka Afifa, Mariana Mariana
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