Gender Diversity on Commissioner Board and Decision Making: Evidence Using Capital Raised Through IPOs
DOI:
https://doi.org/10.24269/ekuilibrium.v19i1.2024.pp122-135Abstract
This study aims to analyze the influence of the presence of women in the board of commissioners’ structure on the funds allocating decisions to finance various company investment opportunities sourced from corporate actions, such as an initial public offering (IPO). Service companies, especially the financial sector became a vast field for a woman, therefore, the financial sector that has conducted IPOs on the Indonesia Stock Exchange (IDX) for the past 21 years was selected as a research sample. The analytical tool used is multiple linear regression with OLS method which examines cross-sectionally the effect of the presence of women in 53 companies. This result shows that the presence of women on the board of commissioners affects the decision-making process on the amount of funding allocation for the company's investment opportunities. Their existence minimizes the allocation of IPO funds to finance various company investment opportunities in the future. Thus, gender studies in IPO corporate actions, especially in developing countries, are still very rarely studied. Women are known to have a short-term problem-solving perspective and are less confident than men, but they are more careful when making decisions. Despite the dominating nature of prudence, women can reduce the potential for financial distress due to risky investment decisions by choosing the decision to hoard funds in the form of cash to strengthen working capital.
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Assenga, M. P., Aly, D., & Hussainey, K. (2018). The impact of board characteristics on the financial performance of Tanzanian firms. Corporate Governance, 18(6), 1089–1106. https://doi.org/10.1108/CG-09-2016-0174
Badriah, L. S., & Istiqomah, I. (2022). Does Gender Inequality Lead to Income Inequality? Evidence From Indonesia. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 17(1), 1. https://doi.org/10.24269/ekuilibrium.v17i1.4003
Badru, B. O., Ahmad-Zaluki, N. A., & Wan-Hussin, W. N. (2017). Board characteristics and the amount of capital raised in the Malaysian IPO market. International Journal of Management Practice, 10(4), 327–360. https://doi.org/10.1504/IJMP.2017.086906
Badru, B. O., Ahmad-Zaluki, N. A., & Wan-Hussin, W. N. (2019). Women on corporate boards and allocation of capital raised through IPOs. Management Decision, 57(3), 547–568. https://doi.org/badri
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Di Pietra, R., Grambovas, C., Raonic, I., & Riccaboni, A. (2008). The effects of board size and “busy†directors on the market value of Italian companies. Journal of Management and Governance, 12(1), 73–91. https://doi.org/10.1007/s10997-008-9044-y
Dragoni, L., Oh, I.-S., Vankatwyk, P., & Tesluk, P. E. (2011). Developing executive leaders: The relative contribution of cognitive ability, personality, and the accumulation of work experience in predicting strategic thinking competency. Personnel Psychology, 64(4), 829–864. https://doi.org/10.1111/j.1744-6570.2011.01229.x
Eklund, J. E. (2013). Theories of Investment: A Theoretical Review with Empirical Applications. https://entreprenorskapsforum.se/wp-content/uploads/2013/03/WP_22.pdf
Ferrer, R. C. (2012). The Influence Of Corporate Board Characteristics On Firm Performance Of Publicly Listed Property Companies In The Philippines. Academy of Accounting and Financial Studies Journal, 16(4), 123–142.
Fidanoski, F., Simeonovski, K., & Mateska, V. (2014). The Impact Of Board Diversity On Corporate Performance: New Evidence From Southeast Europe. Advances in Financial Economics, 17, 81–123. https://doi.org/10.1108/S1569-373220140000017003
Garba, T., & Abubakar, B. A. (2014). Corporate board diversity and financial performance of insurance companies in Nigeria: an application of panel data approach. Asian Economic and Financial Review, 4(2), 257–277.
Hasina, Z., & Bernawati, Y. (2021). Gender on Board and the Impact to Firm Performance through Innovation as Mediating Variable: Evidence from Indonesian non-Financial Firms. Jurnal Keuangan Dan Perbankan, 25(2), 400–414. https://doi.org/10.26905/jkdp.v25i2.5462
Hillman, A. J., Nicholson, G., & Shropshire, C. (2008). Directors’ multiple identities, identification, and board monitoring and resource provision. Organization Science, 19(3), 441–456. https://doi.org/10.1287/orsc.1080.0355
Hodges, L. (2017). Cracking the Walls of Leadership: Women in Saudi Arabia. Gender in Management: An International Journal, 32(1), 34–46. https://doi.org/10.1108/GM-11-2015-0106
Hoobler, J. M., Masterson, C. R., Nkomo, S. M., & Michel, E. J. (2016). The business case for women leaders: meta-analysis, research critique, and path forward. Journal of Management, 20(10), 1–27. https://doi.org/10.1177/0149206316628643
Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839. https://doi.org/10.1016/j.jfineco.2012.12.005
Jain, B. A., & Kini, O. (2000). Does the presence of venture capitalists improve the survival profile of IPO firms? Journal of Business Finance & Accounting, 27(9–10), 1139–1183. https://doi.org/10.1111/1468-5957.00350
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost, and ownersip structure. Journal of Financial Economics, 3, 305–360.
Jia, J. (2019). Does risk management committee gender diversity matter? A financial distress perspective. Managerial Auditing Journal, 34(8), 1050–1072. https://doi.org/10.1108/MAJ-05-2018-1874
Jin, C., Li, T., Zheng, S. X., & Zhong, K. (2017). The new capital raised in IPOs. Managerial Finance, 43(9), 966–981. https://doi.org/10.1108/MF-04-2017-0111
Juliani Putri, R. (2023). The Effect of Dividend Policy and Profitability on Firm Value. Accounting and Finance Studies, 3(2), 142–156. https://doi.org/10.47153/afs32.6622023
Kallapur, S., & Trombley, M. A. (2001). The investment opportunity set: determinants, consequences and measurement. Managerial Finance, 27(3), 3–15. https://doi.org/10.1108/03074350110767060
Khurana, I. K., Pereira, R., & Martin, X. (2006). Firm growth and disclosure: an empirical analysis. Journal of Financial and Quantitative Analysis, 41(2), 357–380. https://doi.org/10.1017/S0022109000002106
Kim, K., Mauldin, E., & Patro, S. (2014). Outside directors and board advising and monitoring performance. Journal of Accounting and Economics, 57(2–3), 110–131. https://doi.org/10.1016/j.jacceco.2014.02.001
Kusuma, M. (2021). Measurement of Return on Asset (ROA) based on Comprehensive Income and its Ability to Predict Investment Returns: an Empirical Evidence on Go Public Companies in Indonesia before and during the Covid-19 Pandemic. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 16(1), 94. https://doi.org/10.24269/ekuilibrium.v16i1.3238
La Rocca, M., La Rocca, T., Stagliano`, R., Vecellio, P., & Montalto, F. (2019). Gender diversity, cash holdings and the role of the institutional environment: empirical evidence in Europe. Applied Economics, 51(29), 3137–3152. https://doi.org/10.1080/00036846.2019.1566687
Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–200. https://doi.org/10.1016/j.jcorpfin.2013.11.005
Mak, Y. T., & Roush, M. L. (2000). Factors affecting the characteristics of boards of directors: an empirical study of New Zealand initial public offering firms. Journal of Business Research, 47(2), 147–159.
Maksimovic, V., & Pichler, P. (2001). Technological innovation and initial public offerings. Review of Financial Studies, 14(2), 459–494. https://doi.org/10.1093/rfs/14.2.459
McClean, E., Martin, S. R., Emich, K., & Woodruff, T. (2018). The social consequences of voice: An examination of voice type and gender on status and subsequent leader emergence. Academy of Management Journal, 61(5), 1839–1891. https://doi.org/10.5465/amj.2016.0148
Miller, T., & Triana, M. D. C. (2009). Demographic diversity in the boardroom: Mediators of the board diversity– firm performance relationship. Journal of Management Studies, 46(5), 755–786. https://doi.org/10.1111/j.1467-6486.2009.00839.x
Moon, D., & Tandon, K. (2007). The influence of growth opportunities on the relationship between equity ownership and leverage. Review of Quantitative Finance and Accounting, 29(4), 339–351. https://doi.org/10.1007/s11156-007-0039-6
Mumpuni, F. S., & Indrastuti, D. K. (2021). Keputusan Investasi Dan Nilai Perusahaan. E-Jurnal Akuntansi TSM, 1(1), 83–96.
Nguyen, H. T., & Nguyen, A. H. (2020). The impact of capital structure on firm performance: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7(4), 97–105. https://doi.org/10.13106/JAFEB.2020.VOL7.NO4.97
Omair, K. (2010). Typology of Career Development for Arab Women Managers in the United Arab Emirates. Career Development International, 15(2), 121–143. https://doi.org/10.1108/13620431011040932
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103–2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
Prihadi, T. (2013). Analisis Laporan Keuangan. PPM.
Reddy, S., & Jadhav, A. M. (2019). Gender diversity in boardrooms – A literature review. Cogent Economics & Finance, 7(1). https://doi.org/10.1080/23322039.2019.1644703
Rossi, F., Hu, C., & Foley, M. (2017). Women in the boardroom and corporate decisions of Italian listed companies: does the “critical mass†matter? Management Decision, 55(7), 1578–1595. https://doi.org/10.1108/MD-01-2017-0029
Samuel, C. (1996). The investment decision. Policy Research Working Paper.
Schimke, A., & Brenner, T. (2014). The role of R&D investments in higly R&D-based firms. Studies in Economics and Finance, 31(1), 3–45. https://doi.org/10.1108/SEF-02-2012-0017
Shen, W., & Joseph, D. L. (2021). Gender and leadership: A criterion-focused review and research agenda. Human Resource Management Review, 31(2). https://doi.org/10.1016/j.hrmr.2020.100765
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Published
2024-03-15
How to Cite
Soesetio, Y., Rudiningtyas, D. A., Winarta, W., & Dhevi, C. (2024). Gender Diversity on Commissioner Board and Decision Making: Evidence Using Capital Raised Through IPOs. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 19(1), 122–135. https://doi.org/10.24269/ekuilibrium.v19i1.2024.pp122-135
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