The Influence of Female Directors and Female Commissioners on Firm Performance with CSR Disclosure as an Intervening Variable
Abstract
This study aims to examine the influence of female directors and commissioners on firm performance, with CSR disclosure as an intervening variable in Basic Materials companies listed on the Indonesia Stock Exchange (IDX) for the 2022-2024 period. The population comprised all companies in the sector, with a sample of 48 companies (144 observations) selected through purposive sampling based on the availability of complete annual and sustainability reports. This study used quantitative methods and secondary data, panel data regression with E-Views testing tools in the form of classical assumption tests, t-tests, F-tests, R-Square tests, and Sobel tests to examine the mediation effect. Female directors were measured by the proportion of female directors, female commissioners by the proportion of female commissioners, firm performance by Tobin's Q, and CSR disclosure by the GRI index of 24 indicators (economic, social, and environmental). The results show that female directors do not have a significant positive effect on CSR Disclosure (H3 is rejected, p = 0.6575) and firm performance (H1 is rejected, p = 0.3896), while female commissioners have a significant positive effect on both (H2 and H4 are accepted, p = 0.0000 and p = 0.0052). CSR Disclosure does not have a significant effect on firm performance (H5 is rejected, p = 0.2672) and does not mediate the relationship between the two (H6 is rejected, the Sobel test is not significant). Adjusted R-Square for structural factor I is 0.72 and for structural factor II is 0.671. Conclusion: female commissioners can improve company performance directly, but CSR Disclosure does not play a mediating role in the Indonesian extractive sector.
Downloads
References
AM, Lutfirrahman, Erwin Saraswati, and Imam Subekti. 2024. “The Effects of Corporate Social Responsibility Disclosure on Firm Performance with Market Share Mediation.” Journal of Accounting and Investment 25 (2): 652–72. https://doi.org/10.18196/jai.v25i2.20111.
Amadi, Chibuzo, Inalegwu Ode-Ichakpa, Weitong Guo, Robert Thomas, and Carol Dimopoulus. 2023. “Gender Diversity as a CSR Tool and Financial Performance in China.” Cogent Business and Management 10 (2). https://doi.org/10.1080/23311975.2023.2207695.
Anjar, Arien, and Andi Nu. 2024. “The Moderating Effect of Female Director on the Relationship between CSR and Company Performance : Evidence in from Indonesian Transportation Sector” 12 (1): 33–43.
Anwar, and Muhammad Nursan. 2025. “BUKU AJAR ANALISIS REGRESI DATA PANEL DENGAN.”
Ayu, Ida, Lidya Primadona, Ni Putu, Mita Ari, and Universitas Mahasaraswati Denpasar. 2024. “FOREIGN COMMISSIONERS ’ IMPACT ON BOARD CHARACTERISTICS.”
Basuki. 2021. “ANALISIS DATA PANEL DALAM.”
Benaguid, Oumaima, Hicham Sbai, Hicham Meghouar, and Oumaima Antari. 2023. “Board Gender Diversity and CSR Performance: A French Study.” Cogent Business and Management 10 (3). https://doi.org/10.1080/23311975.2023.2247226.
Chang, Yuan, Kun-Tsung Wu, Shu-Hui Lin, and Chia-Jung Lin. 2024. “Board Gender Diversity and Corporate Social Responsibility.” International Journal of Corporate Social Responsibility 9 (1). https://doi.org/10.1186/s40991-024-00095-x.
Chapagain, Bal Ram. 2022. “The Effects of Internal, External and Aggregated CSR Practices on the Firm’s Reputation and Profitability.” Rajagiri Management Journal 16 (2): 118–30. https://doi.org/10.1108/ramj-12-2020-0070.
Christine Cicilia Saputra, Rivaldo Martadinata Anthonie, and Hwihanus Hwihanus. 2024. “Corporate Social Responsibility and International Business: A Study of the Impact on Firm Performance.” International Journal of Educational Research 1 (2): 63–73. https://doi.org/10.62951/ijer.v1i2.27.
Das, Pradip Kumar. 2019. “Impact of Women Directors on Corporate Financial Performance-Indian Context.” World Journal of Social Science Research 6 (3): p320. https://doi.org/10.22158/wjssr.v6n3p320.
Devy, Happy Sista, and Arsyad Hukmi. 2021. “Women In Moderating Corporate Social Responsibility.” Yinyang: Jurnal Studi Islam Gender Dan Anak 16 (1): 1–14. https://doi.org/10.24090/yinyang.v16i1.4479.
Dewi, Rani Putri Kusuma, Elis Ratna Wulan, and Yuni Mayanti. 2021. “Pengaruh Direktur Perempuan Terhadap Kinerja Bank Syariah: Studi Pada Perbankan Syariah Di Indonesia.” Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, Dan Akuntansi 13 (2): 125–32. https://doi.org/10.35313/ekspansi.v13i2.2621.
Dinda, Bahiira Albasitha Permata, Septia Wicaksono, and Hwihanus Hwihanus. 2024. “Corporate Social Responsibility Impact on Financial Performance.” Asian Journal of Management Analytics 3 (3): 759–68. https://doi.org/10.55927/ajma.v3i3.9921.
Ermawati, Nanik, and Noorlailie Soewarno. 2024. “The Effect of the Sex Diversity of the Board of Commissioners on Firm Performance and the Role of the Ethnic Background of President Commissioners.” Cogent Business and Management 11 (1). https://doi.org/10.1080/23311975.2024.2319115.
Fairuzi, Atika, and Bambang Tjahjadi. 2022. “Women Directors and Firm Profitability: The Role of Corporate Environmental Responsibility Engagement.” Jurnal Akuntansi Dan Keuangan 24 (2): 106–16. https://doi.org/10.9744/jak.24.2.106-116.
Gaio, Cristina, and Tiago Cruz Gonçalves. 2022. “Gender Diversity on the Board and Firms’ Corporate Social Responsibility.” International Journal of Financial Studies 10 (1). https://doi.org/10.3390/ijfs10010015.
Gunawan, Boby Valentinus, and Hendra Wijaya. 2021. “Perempuan , Dan Komite Audit Perempuan Terhadap.” Jurnal Ilmiah Mahasiswa Akuntansi 10 (2): 61–69. https://doi.org/10.33508/jima.v10i2.3563.
Ishaq, Maryam, Yasir Islam, and Ghulam Ghouse. 2021. “Tobin ’ s Q as an Indicator of Firm Performance : Empirical Evidence from Manufacturing Sector Firms of Pakistan” IX (1): 425–41.
Joni, Joni, Maria Natalia, Tan Kwang En, and Leliana Leliana. 2024. “Comprehensive Board of Commissioner Diversity and Corporate Social Responsibility Disclosure in Indonesia.” Organization and Human Capital Development 3 (1): 43–54. https://doi.org/10.31098/orcadev.v3i1.1917.
Ludya, Angeliqa, and Sari Dewi. 2024. “The Role of Female Directors and CSR Committees on Corporate Social Responsibility Disclosure.” Jurnal Ilmiah Akuntansi Dan Bisnis 19 (1). https://doi.org/10.24843/JIAB.2024.v19.i01.p04.
Nabil, Nibrosun., and Jojok Dwiridotjahjono. 2024. “Al-Kharaj : Jurnal Ekonomi , Keuangan & Bisnis Syariah Al-Kharaj : Jurnal Ekonomi , Keuangan & Bisnis Syariah.” Al-Kharaj : Jurnal Ekonomi , Keuangan & Bisnis Syariah 6 (2): 2547–62. https://doi.org/10.47467/alkharaj.v7i2.7007.
Natalia, Irene, and Isnalita Isnalita. 2023. “Do Females on Boards Enhance Firm Performance? Evidence from Indonesia Manufacturing Firm.” Contaduria y Administracion 69 (1): 213–46. https://doi.org/10.22201/fca.24488410e.2024.4983.
Nurmutia, Elga, published May 30, 2021. “Peluang Perempuan Jadi CEO Semakin Tinggi.” https://www.liputan6.com/saham/read/4974627/peluang-perempuan-jadi-ceo-semakin-tinggi?page=2.
Oino, Isaiah, and Jonathan Liu. 2022. “Do Female Board Members Influence Corporate Social Responsibility Performance?” IIM Kozhikode Society and Management Review 11 (2): 195–206. https://doi.org/10.1177/22779752211073643.
Rahma, Anita Ade, and Febri Aldi. 2020. “Effect of Foreign Commissioners, Ethnic Commissioners, Feminism Commissioners Towards CSR Disclosure.” Assets: Jurnal Akuntansi Dan Pendidikan 9 (1): 16. https://doi.org/10.25273/jap.v9i1.5564.
Ren, Xingzi, Jiarong Li, Xing Wang, and Xingfan Lei. 2024. “Female Directors and CSR: Does the Presence of Female Directors Affect CSR Focus?” International Review of Financial Analysis 92 (October 2023): 103101. https://doi.org/10.1016/j.irfa.2024.103101.
Song, Lihong, Wanshi He, Likai Zou, and Menghui Xu. 2024. “Do Female Family Managers Affect Corporate Social Responsibility in Chinese Family Firms?” Asia Pacific Business Review 00 (00): 1–21. https://doi.org/10.1080/13602381.2024.2336032.
Sriviana, Eva. 2025. “Pengaruh Pengungkapan Corporate Social Responsibilitydan Ukuran Perusahaan Terhadap Profitabilitas Pada Perusahaan Manufaktur Yang Listing Di Bursa Efek Indonesia” 9 (2): 573–84.
Thambugala, T., and H. Rathwatta. 2021. “Board Characteristics and Corporate Social Responsibility Practices: In Upper Echelon Theory Perspective Evidence from Sri Lankan Firms.” International Journal of Accounting and Business Finance 7 (1): 140. https://doi.org/10.4038/ijabf.v7i1.90.
Wiryani, Dewa Ayu Sri Swasti Putri, Eko Ganis Sukoharsono, and Endang Mardiati. 2019. “Profitability, Feminism of Board of Directors and Corporate Sustainability Performance.” International Journal of Research in Business and Social Science (2147- 4478) 8 (6): 351–56. https://doi.org/10.20525/ijrbs.v8i6.570.
Zaki, Muhammad, Adriansyah Zaman, Edy Supriyono, Nurmadi Harsa Sumarta, and Corina Joseph. 2024. “The Corporate Social Responsibility Disclosure Reflect Ethical and Provides A Signal in the Form of Good News.” AKRUAL: Jurnal Akuntansi 15 (2): 2085–9643. https://doi.org/10.26740/jaj.v15n2.p137-p150.
Zuana, M. M. M., Toha, M., & Isbahi, M. B. (2024). Exploration of Community Empowerment in a Village as the Entrance to a Lake in East Java. Malacca: Journal of Management and Business Development , 1(1), 47–55. https://doi.org/10.69965/malacca.v1i1.52
Copyright (c) 2026 Citra Amanda Febrianti, Sanusi Ariyanto
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.
