Enhancing Firm Value in Sharia Stocks: The Interplay of Environmental, Financial Performance, and Board Gender Diversity
Abstract
In the current era, companies are required to prioritize and pay attention to employees, consumers, society and the natural environment. Investors can use firm value as a basis for seeing the company's performance in the coming period. This study aims to examine the effect of environmental performance and financial performance on firm value, with board gender diversity as a moderating variable. This study uses quantitative methods with secondary data. The sample used is 13 companies listed on ISSI and PROPER for the period 2019 - 2023. Data analysis using panel data regression with Eviews12 software. The research findings show that environmental performance has a negative effect on firm value, financial performance (EPS) has a positive effect on firm value and financial performance (ROA and DER) has no effect on firm value. Board gender diversity can strengthen the influence of environmental performance and financial performance (EPS) on firm value and board gender diversity cannot strengthen the influence of environmental performance and financial performance (ROA and DER) on firm value. Based on the results of this study, it is expected to provide the development of the concept of sustainable investment, which considers the social and environmental impacts of its investment on companies in Indonesia
Downloads
References
Adams, R. B., & Ferreira, D. (2005). Gender Diversity in the Boardroom. SSRN Electronic Journal, November.
Davidson, D. J., & Freudenburg, W. R. (1996). Gender and environmental risk concerns: a review and analysis of available research. Environment and Behavior, 28(3), 302–339.
Eliya, S., & Suprapto, Y. (2022). Pengaruh Keberagaman Gender terhadap Kinerja Keuangan pada Perusahaan Manufaktur Barang Konsumsi Publik di Indonesia. Journal of Management & Business, 5(2), 2022–2045. https://doi.org/10.37531/sejaman.v5i1.2024
Falikhatun, F., Kumalasari, D. M., & Wijayanto, A. (2020). Corporate Governance and Firm Value. Stability: Journal of Management and Business, 3(2), 1–7.
Fatihudin, D., Jusni, & Mochklas, M. (2018). ISSN Print : 0976 - 6308 ISSN Online : 0976 - 6316. International Journal of Civil Engineering and Technology, Volume 9(Issue 6), 553–557.
Gartiwa, M. S., Pratiwi, L. N., Juniwati, E. H., & Purbayati, R. (2023). Analisis Pengaruh Pengungkapan CSR dan EPS terhadap Nilai Perusahaan dengan Size sebagai Variabel Moderasi. Journal of Applied Islamic Economics and Finance, 3(2), 414–424. https://doi.org/10.35313/jaief.v3i2.3823
Hidayat, I., & Khotimah, K. (2022). Pengaruh Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan sub sektor kimia. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 1–8. https://doi.org/10.37641/jiakes.v10i1.1175
Hindasah, L., & Harsono, M. (2021). Gender Diversity on the Board of Director and Firm Performance: Agency Theory Perspective. Jurnal Manajemen Bisnis, 12(2).
Haryono, U., & Iskandar, R. (2015). Corporate Social Performance and Firm Value. International Journal of Business and Management Invention ISSN, 4(11), 69–75.
Isidro, H., & Sobral, M. (2015). The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance. Journal of Business Ethics, 132(1), 1–19. https://doi.org/10.1007/s10551-014-2302-9
Kent Baker, H., Pandey, N., Kumar, S., & Haldar, A. (2020). A bibliometric analysis of board diversity: Current status, development, and future research directions. Journal of Business Research, 108(November 2019), 232–246.
Kusuma, S. Y., Sudarman, S., & Astutik, D. (2018). Pengaruh Diversitas Gender Dewan Terhadap Kinerja Keuangan Pada Perbankan Yang Terdaftar Di Bei Periode 2014-2017. Equilibrium: Jurnal Ekonomi Syariah, 6(2), 253. https://doi.org/10.21043/equilibrium.v6i2.4782
Prena, G. Das, & Muliyawan, I. G. I. (2020). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Pemoderasi. Wacana ekonomi (Jurnal Ekonomi, Bisnis Dan Akuntansi), 19(2), 131–142.
Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199–1214. https://doi.org/10.1002/bse.2427
Sondakh, P., Saerang, I., & Samadi, R. (2019). Pengaruh Struktur Modal (ROA, ROE DAN DER) Terhadap Nilai Perusahaan (PBV) Pada Perusahaan Sektor Properti yang Terdaftar di BEI (Periode 2013-2016). Jurnal EMBA, 7(3), 3079–3088.
Siregar, D. A., & Tampubolon, E. G. (2019). Pengaruh profitabilitas dan ukuran perusahaan terhadap pengungkapan tanggung jawab sosial pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia. Jurnal Maneksi, 8(2), 223.
Supsermpol, P., Huynh, V. N., Thajchayapong, S., & Chiadamrong, N. (2023). Predicting financial performance for listed companies in Thailand during the transition period: A class-based approach using logistic regression and random forest algorithm. Journal of Open Innovation: Technology, Market, and Complexity, 9(3).
Utomo, M. N., Rahayu, S., Kaujan, K., & Irwandi, S. A. (2020). Environmental performance, environmental disclosure, and firm value: empirical study of non-financial companies at Indonesia Stock Exchange. Green Finance, 2(1), 100–113.
Wiranata, I. W. E. (2014). Reaksi Pasar atas Pengumuman Peringkat Kinerja Perusahaan dlam Pengelolaan Lingkungan. E-Jurnal Akuntansi Universitas Udayana, 8(3), 408–422.
Wirawan, J., & Willim, A. P. (2024). The effect of board diversity and financial stability on financial performance of banking sector in Indonesian Stock Exchange. Journal of Asian Multicultural Research for Economy and Management Study, 4(4), 8–18.
Yanti, T. S., & Annisa, M. L. (2023). Analisis hubungan kinerja lingkungan dan ukuran perusahaan terhadap kinerja keuangan perusahaan farmasi. MDP Student Conference, 2(2), 415–423.
Copyright (c) 2025 Ajeng Lestari, Nilawati Nilawati, Rika Lidiyah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
