THE EFFECT OF THE BOARD OF DIRECTORS ON FIRM PERFORMANCE: THE MODERATING ROLE OF FAMILY OWNERSHIP
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Abstract
This study aims to empirically test the influence of the board of directors on company performance with family ownership as a moderating variable. The sampling method used in this research was purposive sampling of manufacturing companies listed on the Indonesia Stock Exchange during the 2018-2022 period, resulting in 721 observations as a sample. The analysis technique applied to test the hypothesis is moderated regression analysis (MRA). This study empirically shows that female directors and larger boards will improve firm performance. However, family ownership reduces the positive impact of female directors on firm performance. Finally, family ownership does not strengthen the influence of board size on firm performance. This research provides an interesting view regarding the moderating role of family ownership on the effect of the board of directors on firm performance, which is analyzed comprehensively using two measurement proxies.
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Virdausy Salhami, M. T., & Armadani, A. (2024). THE EFFECT OF THE BOARD OF DIRECTORS ON FIRM PERFORMANCE: THE MODERATING ROLE OF FAMILY OWNERSHIP. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 7(2), 257 - 274. https://doi.org/10.29303/akurasi.v7i2.556
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References
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Ararat, M., Aksu, M., & Tansel Cetin, A. (2015). How board diversity affects firm performance in emerging markets: Evidence on channels in controlled firms. Corporate Governance: An International Review, 23(2), 83–103. https://doi.org/10.1111/corg.12103
Ararat, M., & Yurtoglu, B. B. (2021). Female directors, board committees, and firm performance: Time-series evidence from Turkey. Emerging Markets Review, 48(March 2020), 100768. https://doi.org/10.1016/j.ememar.2020.100768
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Donatella, P., & Tagesson, T. (2021). CFO characteristics and opportunistic accounting choice in public sector organizations. Journal of Management and Governance, 25(2), 509–534. https://doi.org/10.1007/s10997-020-09521-1
Fatma, H. Ben, & Chouaibi, J. (2021). Corporate governance and firm value: a study on European financial institutions. International Journal of Productivity and Performance Management. https://doi.org/10.1108/IJPPM-05-2021-0306
Gujarati, D. N. (2003). Basic econometrics. NY: McGraw-Hill.
Gupta, N., & Mahakud, J. (2021). Audit committee characteristics and bank performance : evidence from India. Managerial Auditing Journal, 36(6), 813–855. https://doi.org/10.1108/MAJ-04-2020-2622
Habtoor, O. S. (2020). The Moderating Role of Ownership Concentration on the Relationship between Board Composition and Saudi Bank Performance. Journal of Asian Finance, Economics and Business, 7(10), 675–685. https://doi.org/10.13106/jafeb.2020.vol7.no10.675
Hambrick, D. C., & Mason, P. (1984). Upper Echelons : The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206.
Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corporate Governance and Sustainability Performance: Analysis of Triple Bottom Line Performance. Journal of Business Ethics, 149(2), 411–432. https://doi.org/10.1007/s10551-016-3099-5
Jagoda, K., & Wojcik, P. (2019). Implementation of risk management and corporate sustainability in the Canadian oil and gas industry: An evolutionary perspective. Accounting Research Journal, 32(3), 381–398. https://doi.org/10.1108/ARJ-05-2016-0053
Jensen, M. c, & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360. https://doi.org/10.1177/0018726718812602
Karim, S., Naeem, M. A., & Ismail, R. B. (2022). Re-configuring ownership structure, board characteristics and firm value nexus in Malaysia: the role of board gender and ethnic diversity. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-01-2021-0004
Khemakhem, H., Maalej, M., & Fontaine, R. (2022). Inside the black box: How can gender diversity make a difference in the boardroom? Equality, Diversity and Inclusion, 41(6), 889–906. https://doi.org/10.1108/EDI-07-2021-0178
Kiharo, M. N., & Kariuki, P. W. (2018). Corporate governance practices and firm value of listed commercial banks in Kenya. The International Journal of Business and Management, 6(3), 184–192.
Lodh, S., Nandy, M., & Chen, J. (2014). Innovation and family ownership: Empirical evidence from India. Corporate Governance: An International Review, 22(1), 4–23. https://doi.org/10.1111/corg.12034
Luanglath, N., Ali, M., & Mohannak, K. (2019). Top management team gender diversity and productivity : the role of board gender diversity. Equality, Diversity and Inclusion: An International Journal, 38(1), 71–86. https://doi.org/10.1108/EDI-04-2018-0067
Meah, M. R., & Sen, K. K. (2021). Audit Characteristics , Gender Diversity and Firm Performance : Evidence from a Developing Economy. Indian Journal of Corporate Governance, 14(1), 48–70. https://doi.org/10.1177/09746862211007244
Mensah, E., & Onumah, J. M. (2023). Women on boards, firm earnings management (EM) and performance nexus: does gender diversity moderate the EM–performance relationship? Corporate Governance: The International Journal of Business in Society. https://doi.org/10.1108/cg-06-2022-0262
Momon, Wati, L. N., & Sutar. (2021). The role of political connections and family ownership in increasing firm value. ACRN Journal of Finance and Risk Perspectives, 10, 40–53. https://doi.org/10.35944/jofrp.2021.10.1.003
Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2017). Gender diversity in the board, women’s leadership and business performance. Gender in Management, 33(2), 104–122. https://doi.org/10.1108/GM-05-2017-0058
Musallam, S. R. M. (2020). Effects of board characteristics , audit committee and risk management on corporate performance : evidence from Palestinian listed companies. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 691–706. https://doi.org/10.1108/IMEFM-12-2017-0347
Noja, G. G., Thalassinos, E., Cristea, M., & Grecu, I. M. (2021). The Interplay between Board Characteristics , Financial Performance , and Risk Management Disclosure in the Financial Services Sector : New Empirical Evidence from Europe. Journal Risk Financial Mananagement, 14(79), 1–20.
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Provasi, R., & Harasheh, M. (2021). Gender diversity and corporate performance: Emphasis on sustainability performance. Corporate Social Responsibility and Environmental Management, 28(1), 127–137. https://doi.org/10.1002/csr.2037
Rahman, J., & Chen, X. (2022). CEO characteristics and fi rm performance : evidence from private listed fi rms in China. Corporate Governance, July. https://doi.org/10.1108/CG-01-2022-0004
Shahwan, T. M., & Fathalla, M. M. (2020). The mediating role of intellectual capital in corporate governance and the corporate performance relationship. International Journal of Ethics and Systems, 36(4), 531–561. https://doi.org/10.1108/IJOES-03-2020-0022
Simionescu, L. N., Gherghina, Ş. C., Tawil, H., & Sheikha, Z. (2021). Does board gender diversity affect firm performance ? Empirical evidence from Standard & Poor ’ s 500 Information Technology Sector. Financial Innovation. https://doi.org/10.1186/s40854-021-00265-x
Singhania, S., Singh, J., & Aggrawal, D. (2022). Board committees and financial performance : exploring the effects of gender diversity in the emerging economy of India. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-03-2022-0491
Suprianto, E., & Setiawan, D. (2018). Impact of family control on the relationship between earning management and future performance in Indonesia. Business and Economic Horizons, 14(2), 342–354. https://doi.org/10.15208/beh.2018.25
Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach. Heliyon, 7(3), e06453. https://doi.org/10.1016/j.heliyon.2021.e06453
Tran, M., Beddewela, E., & Ntim, C. G. (2021). Governance and sustainability in Southeast Asia. Accounting Research Journal, 34(6), 516–545. https://doi.org/10.1108/ARJ-05-2019-0095
Tran, N. M. (2022). Top management team gender diversity and the fi nancial performance of Vietnamese SMEs : family and non-family owned fi rms. Gender in Management: An International Journal. https://doi.org/10.1108/GM-11-2021-0345
Wahyudin, A., & Solikhah, B. (2017). Corporate governance implementation rating in Indonesia and its effects on financial performance. Corporate Governance (Bingley), 17(2), 250–265. https://doi.org/10.1108/CG-02-2016-0034
Wang, Y., Chang, X., Wang, T., & Wang, S. (2022). Female directors and environmental innovation: is stakeholder orientation a missing link? Gender in Management, 37(5), 587–602. https://doi.org/10.1108/GM-05-2021-0127
Wati, L. N., Pirzada, K., & Sudarsono, R. (2019). Political Connection, Blockholder Ownership and Performance. 7(1), 52–68.
Xue, B., Zhang, Z., & Li, P. (2020). Corporate environmental performance, environmental management and firm risk. Business Strategy and the Environment, 29(3), 1074–1096. https://doi.org/10.1002/bse.2418
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Al-okaily, J., & Naueihed, S. (2020). Audit committee effectiveness and family firms : impact on performance. Management Decision, 58(6), 1021–1034. https://doi.org/10.1108/MD-04-2018-0422
Almarayeh, T. (2021). Board gender diversity , board compensation and fi rm performance . Evidence from Jordan. Journal of Financial Reporting and Accounting, 2018, 1985–2517. https://doi.org/10.1108/JFRA-05-2021-0138
Alodat, A. Y., Salleh, Z., Hashim, H. A., & Sulong, F. (2022). Corporate governance and firm performance: empirical evidence from Jordan. Journal of Financial Reporting and Accounting, 20(5), 866–896. https://doi.org/10.1108/JFRA-12-2020-0361
Amin, A., Ali, R., Rehman, R. ur, Naseem, M. A., & Ahmad, M. I. (2022). Female presence in corporate governance, firm performance, and the moderating role of family ownership. Economic Research-Ekonomska Istrazivanja , 35(1), 929–948. https://doi.org/10.1080/1331677X.2021.1952086
Anderson, R. C., & Reeb, D. M. (2003). Founding-Family Ownership and Firm Performance : Evidence from the S & P 500. The Journal of Finance, 58(3), 1301–1328.
Ararat, M., Aksu, M., & Tansel Cetin, A. (2015). How board diversity affects firm performance in emerging markets: Evidence on channels in controlled firms. Corporate Governance: An International Review, 23(2), 83–103. https://doi.org/10.1111/corg.12103
Ararat, M., & Yurtoglu, B. B. (2021). Female directors, board committees, and firm performance: Time-series evidence from Turkey. Emerging Markets Review, 48(March 2020), 100768. https://doi.org/10.1016/j.ememar.2020.100768
Armadani, A., & Zarefar, A. (2023). Quality of Sustainability Disclosure, Foreign Board, and Firm Performance? Evidence from Indonesia. Jurnal Dinamika Akuntansi, 15(2), 129–138. https://doi.org/http://dx.doi.org/10.15294/jda.v15i2.40138
Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018). Female board directorship and firm performance: What really matters? Journal of Banking and Finance, 88, 267–291. https://doi.org/10.1016/j.jbankfin.2017.12.010
BPS. (2022). Proporsi Nilai Tambah Sektor Industri Manufaktur Terhadap PDB 2020-2022.
Broccardo, L., & Zicari, A. (2018). Internal corporate sustainability drivers : What evidence from family firms ? A literature review and research agenda. March, 1–18. https://doi.org/10.1002/csr.1672
Bustani, Kurniaty, & Widyanti, R. (2021). The Effect of Earning Per Share , Price to Book Value , Dividend Payout Ratio , and Net Profit Margin on the Stock Price in Indonesia Stock Exchange. Jurnal Maksipreneur, 11(1), 1–18.
Campos-garcía, I. (2022). The gender diversity – performance linkage at the board of directors and the workforce levels : testing two competing curvilinear models. Gender in Management: An International Journa. https://doi.org/10.1108/GM-02-2022-0054
Chijoke-Mgbame, A. M., Boateng, A., & Mgbame, C. O. (2020). Board gender diversity, audit committee and financial performance: evidence from Nigeria. Accounting Forum, 44(3), 262–286. https://doi.org/10.1080/01559982.2020.1766280
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1), 81–112.
Devie, D., Liman, L. P., Tarigan, J., & Jie, F. (2020). Corporate social responsibility, financial performance and risk in Indonesian natural resources industry. Social Responsibility Journal, 16(1), 73–90. https://doi.org/10.1108/SRJ-06-2018-0155
Dhifi, K., & Zouari, G. (2022). CEO’s characteristics, integrated reporting and performance in UK. Global Knowledge, Memory and Communication. https://doi.org/10.1108/GKMC-02-2022-0039
Díaz-Fernández, M. C., González- Rodríguez, M. R., & Simonetti, B. (2020). Top management team diversity and high performance: An integrative approach based on upper echelons and complexity theory. European Management Journal, 38(1), 157–168. https://doi.org/10.1016/j.emj.2019.06.006
Diaz, P. wada sari, & Armadani, A. (2024). Direktur Perempuan dan Kinerja Perusahaan di Indonesia: Peran Moderasi Kepemilikan Asing. Jurnal Akuntansi Manado (JAIM), 5(April), 143–157. https://doi.org/10.53682/jaim.vi.8523
Donatella, P., & Tagesson, T. (2021). CFO characteristics and opportunistic accounting choice in public sector organizations. Journal of Management and Governance, 25(2), 509–534. https://doi.org/10.1007/s10997-020-09521-1
Fatma, H. Ben, & Chouaibi, J. (2021). Corporate governance and firm value: a study on European financial institutions. International Journal of Productivity and Performance Management. https://doi.org/10.1108/IJPPM-05-2021-0306
Gujarati, D. N. (2003). Basic econometrics. NY: McGraw-Hill.
Gupta, N., & Mahakud, J. (2021). Audit committee characteristics and bank performance : evidence from India. Managerial Auditing Journal, 36(6), 813–855. https://doi.org/10.1108/MAJ-04-2020-2622
Habtoor, O. S. (2020). The Moderating Role of Ownership Concentration on the Relationship between Board Composition and Saudi Bank Performance. Journal of Asian Finance, Economics and Business, 7(10), 675–685. https://doi.org/10.13106/jafeb.2020.vol7.no10.675
Hambrick, D. C., & Mason, P. (1984). Upper Echelons : The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206.
Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corporate Governance and Sustainability Performance: Analysis of Triple Bottom Line Performance. Journal of Business Ethics, 149(2), 411–432. https://doi.org/10.1007/s10551-016-3099-5
Jagoda, K., & Wojcik, P. (2019). Implementation of risk management and corporate sustainability in the Canadian oil and gas industry: An evolutionary perspective. Accounting Research Journal, 32(3), 381–398. https://doi.org/10.1108/ARJ-05-2016-0053
Jensen, M. c, & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360. https://doi.org/10.1177/0018726718812602
Karim, S., Naeem, M. A., & Ismail, R. B. (2022). Re-configuring ownership structure, board characteristics and firm value nexus in Malaysia: the role of board gender and ethnic diversity. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-01-2021-0004
Khemakhem, H., Maalej, M., & Fontaine, R. (2022). Inside the black box: How can gender diversity make a difference in the boardroom? Equality, Diversity and Inclusion, 41(6), 889–906. https://doi.org/10.1108/EDI-07-2021-0178
Kiharo, M. N., & Kariuki, P. W. (2018). Corporate governance practices and firm value of listed commercial banks in Kenya. The International Journal of Business and Management, 6(3), 184–192.
Lodh, S., Nandy, M., & Chen, J. (2014). Innovation and family ownership: Empirical evidence from India. Corporate Governance: An International Review, 22(1), 4–23. https://doi.org/10.1111/corg.12034
Luanglath, N., Ali, M., & Mohannak, K. (2019). Top management team gender diversity and productivity : the role of board gender diversity. Equality, Diversity and Inclusion: An International Journal, 38(1), 71–86. https://doi.org/10.1108/EDI-04-2018-0067
Meah, M. R., & Sen, K. K. (2021). Audit Characteristics , Gender Diversity and Firm Performance : Evidence from a Developing Economy. Indian Journal of Corporate Governance, 14(1), 48–70. https://doi.org/10.1177/09746862211007244
Mensah, E., & Onumah, J. M. (2023). Women on boards, firm earnings management (EM) and performance nexus: does gender diversity moderate the EM–performance relationship? Corporate Governance: The International Journal of Business in Society. https://doi.org/10.1108/cg-06-2022-0262
Momon, Wati, L. N., & Sutar. (2021). The role of political connections and family ownership in increasing firm value. ACRN Journal of Finance and Risk Perspectives, 10, 40–53. https://doi.org/10.35944/jofrp.2021.10.1.003
Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2017). Gender diversity in the board, women’s leadership and business performance. Gender in Management, 33(2), 104–122. https://doi.org/10.1108/GM-05-2017-0058
Musallam, S. R. M. (2020). Effects of board characteristics , audit committee and risk management on corporate performance : evidence from Palestinian listed companies. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 691–706. https://doi.org/10.1108/IMEFM-12-2017-0347
Noja, G. G., Thalassinos, E., Cristea, M., & Grecu, I. M. (2021). The Interplay between Board Characteristics , Financial Performance , and Risk Management Disclosure in the Financial Services Sector : New Empirical Evidence from Europe. Journal Risk Financial Mananagement, 14(79), 1–20.
Nyeadi, J. D., Kamasa, K., & Kpinpuo, S. (2021). Female in top management and firm performance nexus: Empirical evidence from Ghana. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1921323
Provasi, R., & Harasheh, M. (2021). Gender diversity and corporate performance: Emphasis on sustainability performance. Corporate Social Responsibility and Environmental Management, 28(1), 127–137. https://doi.org/10.1002/csr.2037
Rahman, J., & Chen, X. (2022). CEO characteristics and fi rm performance : evidence from private listed fi rms in China. Corporate Governance, July. https://doi.org/10.1108/CG-01-2022-0004
Shahwan, T. M., & Fathalla, M. M. (2020). The mediating role of intellectual capital in corporate governance and the corporate performance relationship. International Journal of Ethics and Systems, 36(4), 531–561. https://doi.org/10.1108/IJOES-03-2020-0022
Simionescu, L. N., Gherghina, Ş. C., Tawil, H., & Sheikha, Z. (2021). Does board gender diversity affect firm performance ? Empirical evidence from Standard & Poor ’ s 500 Information Technology Sector. Financial Innovation. https://doi.org/10.1186/s40854-021-00265-x
Singhania, S., Singh, J., & Aggrawal, D. (2022). Board committees and financial performance : exploring the effects of gender diversity in the emerging economy of India. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-03-2022-0491
Suprianto, E., & Setiawan, D. (2018). Impact of family control on the relationship between earning management and future performance in Indonesia. Business and Economic Horizons, 14(2), 342–354. https://doi.org/10.15208/beh.2018.25
Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach. Heliyon, 7(3), e06453. https://doi.org/10.1016/j.heliyon.2021.e06453
Tran, M., Beddewela, E., & Ntim, C. G. (2021). Governance and sustainability in Southeast Asia. Accounting Research Journal, 34(6), 516–545. https://doi.org/10.1108/ARJ-05-2019-0095
Tran, N. M. (2022). Top management team gender diversity and the fi nancial performance of Vietnamese SMEs : family and non-family owned fi rms. Gender in Management: An International Journal. https://doi.org/10.1108/GM-11-2021-0345
Wahyudin, A., & Solikhah, B. (2017). Corporate governance implementation rating in Indonesia and its effects on financial performance. Corporate Governance (Bingley), 17(2), 250–265. https://doi.org/10.1108/CG-02-2016-0034
Wang, Y., Chang, X., Wang, T., & Wang, S. (2022). Female directors and environmental innovation: is stakeholder orientation a missing link? Gender in Management, 37(5), 587–602. https://doi.org/10.1108/GM-05-2021-0127
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