WOMEN AND CORPORATE TRANSPARENCY: CHALLENGES IN ANTI-BRIBERY AND CORRUPTION POLICIES
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Published:
Jun 18, 2025
Keywords:
Bribery and corruption policy disclosure, independent board, gender diversity, PVECM
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Abstract
This research aims to evaluate the effect of an independent board of commissioners on the disclosure of bribery and corruption policies and to test whether gender diversity moderates these relationships in the short and long term. This research addresses the empirical gap in Indonesia concerning the role of gender diversity in increasing transparency. The method used is the Panel Vector Error Correction Model (PVECM) on 42 public companies in Indonesia during the 2021–2023 period, with data obtained from Refinitiv Eikon DataStream. The findings indicate that the presence of an independent board of commissioners is significant in the long-term disclosure of bribery and corruption policies, but gender diversity cannot moderate these relationships. Research highlights the importance of empowering women on boards to meaningfully improve supervisory functions.
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Siska, Susanti, E., Yesitasari, & Putri Juleta, T. A. (2025). WOMEN AND CORPORATE TRANSPARENCY: CHALLENGES IN ANTI-BRIBERY AND CORRUPTION POLICIES. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 8(1), 209-226. https://doi.org/10.29303/akurasi.v8i1.709
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References
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Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.
Garcia-Sanchez, I. M., Rodriguez-Dominguez, L., & Gallego-Alvarez, I. (2011). Effectiveness of ethics codes in the public sphere: Are they useful in controlling corruption? International Journal of Public Administration, 34(3), 190-195. https://doi.org/10.1080/01900692.2010.532184
Gerged, Ali M., Salem, R., & Ghazwani, M. (2024). Corporate anti-corruption disclosure and corporate sustainability performance in the United Kingdom: Does sustainability governance matter? Business Strategy and the Environment, 1-18. https://doi.org/10.1002/bse.4108
Ghazwani, M., Alamir, I., Salem, R. I. A., & Sawan, N. (2024). Anti-corruption disclosure and corporate governance mechanisms: Insights from FTSE 100. International Journal of Accounting & Information Management, 32(2), 279-307. https://doi.org/10.1108/IJAIM-08-2023-0211
Hartomo, O. D., & Hutomo, S. H. P. (2020). The ownership structure, board of directors, diversification, and disclosure of anti-corruption policies. Assets: Jurnal Akuntansi dan Pendidikan, 9(2), 121-130.
Hashmi, M. A., Abdullah, Brahmana, R. K., Ansari, T., & Hasan, M. A. (2022). Do effective audit committees, gender-diverse boards, and corruption controls influence the voluntary disclosures of Asian banks? The moderating role of directors’ experience. Cogent Business & Management, 9(1), 2135205. https://doi.org/10.1080/23311975.2022.2135205
Hoogendoorn, S., Oosterbeek, H., & Van Praag, M. (2013). The impact of gender diversity on the performance of business teams: Evidence from a field experiment. Management Science, 59(7), 1514-1528.
IFC. (2019). Annual report 2019, Investing For Impact.
International, T. (2024). Corruption Perceptions Index. Transparency International. Retrieved 5/6/2025 from https://www.transparency.org/en/cpi/2024/index/idn
Jaggi, B., Allini, A., Ginesti, G., & Macchioni, R. (2021). Determinants of corporate corruption disclosures: evidence based on EU listed firms. Meditari Accountancy Research, 29(1), 21-38.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405x(76)90026-x
Kamaludin, K., Ibrahim, I., Sundarasen, S., & Faizal, O. V. A. (2022). ESG in the boardroom: evidence from the Malaysian market. International Journal of Corporate Social Responsibility. https://doi.org/10.1186/s40991-022-00072-2
Kennedy, J. A., & Kray, L. J. (2014). Who is willing to sacrifice ethical values for money and social status?: Gender differences in reactions to ethical compromises. 5(1), 52-59. https://doi.org/10.1177/1948550613482987
Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of Business Ethics, 114, 207-223.
Li, H., Xu, L. C., & Zou, H. F. (2000). Corruption, income distribution, and growth. Economics and Politics, 12(2), 155-182. https://doi.org/10.1111/1468-0343.00073
Liedong, T. A., Aghanya, D., Jimenez, A., & Rajwani, T. (2023). Corporate political activity and bribery in Africa: Do internet penetration and foreign ownership matter? Journal of Business Research, 154(October 2020), 113326-113326. https://doi.org/10.1016/j.jbusres.2022.113326
Lütkepohl, H. (2004). Applied time series econometrics. In: Cambridge University Press.
Masud, M. A. K., Rahman, M., & Rashid, M. H. U. (2022). Anti-corruption disclosure, corporate social expenditure, and political corporate social responsibility: empirical evidence from Bangladesh. Sustainability, 14(10), 6140.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2020). Proactive government intervention, board gender balance, and stakeholder engagement in China and Europe. ASIA Pacific Journal of Management, 37, 719-762.
Méndez, F., & Sepúlveda, F. (2006). Corruption, growth, and political regimes: Cross country evidence. European Journal of Political Economy, 22(1), 82-98. https://doi.org/10.1016/j.ejpoleco.2005.04.005
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33, 59-78.
Mo, P. H. (2001). Corruption and economic growth. Journal of Comparative Economics, 29(1), 66-79. https://doi.org/10.1006/jcec.2000.1703
Nadeem, M., Zaman, R., & Saleem, I. (2017). Boardroom gender diversity and corporate sustainability practices: Evidence from Australian Securities Exchange listed firms. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2017.02.141
Nguyen, A. N. N., Minh, N. N., & Tran-Nam, B. (2014). Corruption and economic growth, with a focus on Vietnam. Crime, Law and Social Change, 65(4-5), 307-324. https://doi.org/10.1007/s10611-016-9603-0
Nobanee, H., Atayah, O. F., & Mertzanis, C. (2020). Does anti-corruption disclosure affect banking performance? Journal of Financial Crime, 27(4), 1161-1172.
Nobanee, H., & Ellili, N. (2020). Anti-bribery information: Extent and impact on banking performance of UAE Islamic and conventional banks. Journal of Financial Crime, 27(2), 683-695. https://doi.org/10.1108/JFC-11-2019-0144
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Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2020). Do board characteristics drive firm performance? An international perspective. Review of Managerial Science, 14(6), 1251-1297.
Pucheta‐Martínez, M. C., & Gallego‐Álvarez, I. (2024). Environmental disclosure as a response to civil liberties and political rights in countries, myth or reality? The moderating role performed by board gender diversity. Corporate Social Responsibility and Environmental Management, 31(6), 6363-6386. https://doi.org/10.1002/csr.2929
Ruel, S., Fritz, M., & Subramanian, N. (2020). Gender diversity for sustainability management: developing a research agenda from a supply chain perspective. Logistique & Management, 00(00), 1-16. https://doi.org/10.1080/12507970.2020.1827994
Ruel, S., & Fritz, M. M. C. (2021). Gender diversity in supply chains: towards more sustainable decisions? Evidence from interviews. Supply Chain Forum: An International Journal, 00(00), 1-18. https://doi.org/10.1080/16258312.2021.1948307
Salati, L., Mbago, M., & Mosha, D. (2025). Bidirectional relationship between corruption and economic performance in Tanzania. Journal of Economic Criminology, 7(October 2024), 100121-100121. https://doi.org/10.1016/j.jeconc.2024.100121
Sarhan, A. A., & Gerged, A. M. (2023). Do corporate anti-bribery and corruption commitments enhance environmental management performance? The moderating role of corporate social responsibility accountability and executive compensation governance. Journal of Environmental Management, 341(January), 118063-118063. https://doi.org/10.1016/j.jenvman.2023.118063
Smulowitz, S., Becerra, M., & Mayo, M. (2019). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Relations, 72(10), 1671-1696. https://doi.org/10.1177/0018726718812602
Stefani Lily, I. (2023). Determinan pengungkapan kebijakan anti korupsi ditinjau dari good corporate governance dan reputasi auditor. Journal of Trends Economics and Accounting Research, 3(3), 277-286. https://doi.org/10.47065/jtear.v3i3.581
Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320-337.
Tirtasari, I. D. A., & Hartomo, O. D. (2019). Pengaruh GCG dan karakteristik perusahaan terhadap kecenderungan mengungkapkan kebijakan anti korupsi. Jurnal Akuntansi Bisnis, 17(2), 131-131. https://doi.org/10.24167/jab.v17i2.2337
Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102, 299-317. https://doi.org/10.1007/s10551-011-0815-z
Adams, S., & Simnett, R. (2011). Integrated reporting: An opportunity for Australia's not‐for‐profit sector. Australian Accounting Review, 21(3), 292–301.
Aldaz Odriozola, M., & Álvarez Etxeberria, I. (2021). Determinants of corporate anti-corruption disclosure: The case of the emerging economics. Sustainability, 13(6), 3462.
Almaqtari, F. A., Elmashtawy, A., Farhan, N. H. S., Almasria, N. A., & Alhajri, A. (2024). The moderating effect of board gender diversity in the environmental sustainability and financial performance nexus. Discover Sustainability, 5(1). https://doi.org/10.1007/s43621-024-00517-7
Ararat, M., Claessens, S., & Yurtoglu, B. B. (2021). Corporate governance in emerging markets: A selective review and an agenda for future research. Emerging Markets Review, 48, 100767. https://doi.org/10.1016/j.ememar.2020.100767
Azzahra, N., Alanus, V., & Athallah, L. (2023). Dampak korupsi PT Waskita Karya (Persero) Tbk terhadap keberlangsungan BUMN dan masyarakat Indonesia. Kultura: Jurnal Ilmu Hukum, Sosial, Dan Humaniora, 1(3), 56-64.
Bear, J. B., & Woolley, A. W. (2011). The role of gender in team collaboration and performance. Interdisciplinary Science Reviews, 36(2), 146-153. https://doi.org/10.1179/030801811X13013181961473
Bhasin, M. L. (2015). Menace of frauds in the Indian banking industry: an empirical study. Australian Journal of Business and Management Research, 4(12).
Birindelli, G., Atti, S. D., & Iannuzzi, A. P. (2018). Composition and activity of the board of directors: Impact on ESG performance in the banking system. 1-20. https://doi.org/10.3390/su10124699
Chebbi, K., & Ammer, M. A. (2022). Board composition and ESG disclosure in Saudi Arabia: The moderating role of corporate governance reforms. Sustainability, 14(19). https://doi.org/10.3390/su141912173
Christian, N., & Julyanti, L. (2022). Analisis kasus PT. Asuransi Jiwasraya (Persero) dengan teori dasar fraud. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(1), 595.
Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. The Pacific Sociological Review, 18(1), 122-136. https://doi.org/10.2307/1388226
Eagly, A. H. (1987). Reporting sex differences. American Psychologist, 42(7), 756-757. https://doi.org/10.1037/0003-066X.42.7.755
Esa, E., Anum, N., & Ghazali, M. (2012). Corporate social responsibility and corporate governance in Malaysian government-linked companies. 12(3), 292-305. https://doi.org/10.1108/14720701211234564
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.
Garcia-Sanchez, I. M., Rodriguez-Dominguez, L., & Gallego-Alvarez, I. (2011). Effectiveness of ethics codes in the public sphere: Are they useful in controlling corruption? International Journal of Public Administration, 34(3), 190-195. https://doi.org/10.1080/01900692.2010.532184
Gerged, Ali M., Salem, R., & Ghazwani, M. (2024). Corporate anti-corruption disclosure and corporate sustainability performance in the United Kingdom: Does sustainability governance matter? Business Strategy and the Environment, 1-18. https://doi.org/10.1002/bse.4108
Ghazwani, M., Alamir, I., Salem, R. I. A., & Sawan, N. (2024). Anti-corruption disclosure and corporate governance mechanisms: Insights from FTSE 100. International Journal of Accounting & Information Management, 32(2), 279-307. https://doi.org/10.1108/IJAIM-08-2023-0211
Hartomo, O. D., & Hutomo, S. H. P. (2020). The ownership structure, board of directors, diversification, and disclosure of anti-corruption policies. Assets: Jurnal Akuntansi dan Pendidikan, 9(2), 121-130.
Hashmi, M. A., Abdullah, Brahmana, R. K., Ansari, T., & Hasan, M. A. (2022). Do effective audit committees, gender-diverse boards, and corruption controls influence the voluntary disclosures of Asian banks? The moderating role of directors’ experience. Cogent Business & Management, 9(1), 2135205. https://doi.org/10.1080/23311975.2022.2135205
Hoogendoorn, S., Oosterbeek, H., & Van Praag, M. (2013). The impact of gender diversity on the performance of business teams: Evidence from a field experiment. Management Science, 59(7), 1514-1528.
IFC. (2019). Annual report 2019, Investing For Impact.
International, T. (2024). Corruption Perceptions Index. Transparency International. Retrieved 5/6/2025 from https://www.transparency.org/en/cpi/2024/index/idn
Jaggi, B., Allini, A., Ginesti, G., & Macchioni, R. (2021). Determinants of corporate corruption disclosures: evidence based on EU listed firms. Meditari Accountancy Research, 29(1), 21-38.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405x(76)90026-x
Kamaludin, K., Ibrahim, I., Sundarasen, S., & Faizal, O. V. A. (2022). ESG in the boardroom: evidence from the Malaysian market. International Journal of Corporate Social Responsibility. https://doi.org/10.1186/s40991-022-00072-2
Kennedy, J. A., & Kray, L. J. (2014). Who is willing to sacrifice ethical values for money and social status?: Gender differences in reactions to ethical compromises. 5(1), 52-59. https://doi.org/10.1177/1948550613482987
Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of Business Ethics, 114, 207-223.
Li, H., Xu, L. C., & Zou, H. F. (2000). Corruption, income distribution, and growth. Economics and Politics, 12(2), 155-182. https://doi.org/10.1111/1468-0343.00073
Liedong, T. A., Aghanya, D., Jimenez, A., & Rajwani, T. (2023). Corporate political activity and bribery in Africa: Do internet penetration and foreign ownership matter? Journal of Business Research, 154(October 2020), 113326-113326. https://doi.org/10.1016/j.jbusres.2022.113326
Lütkepohl, H. (2004). Applied time series econometrics. In: Cambridge University Press.
Masud, M. A. K., Rahman, M., & Rashid, M. H. U. (2022). Anti-corruption disclosure, corporate social expenditure, and political corporate social responsibility: empirical evidence from Bangladesh. Sustainability, 14(10), 6140.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2020). Proactive government intervention, board gender balance, and stakeholder engagement in China and Europe. ASIA Pacific Journal of Management, 37, 719-762.
Méndez, F., & Sepúlveda, F. (2006). Corruption, growth, and political regimes: Cross country evidence. European Journal of Political Economy, 22(1), 82-98. https://doi.org/10.1016/j.ejpoleco.2005.04.005
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33, 59-78.
Mo, P. H. (2001). Corruption and economic growth. Journal of Comparative Economics, 29(1), 66-79. https://doi.org/10.1006/jcec.2000.1703
Nadeem, M., Zaman, R., & Saleem, I. (2017). Boardroom gender diversity and corporate sustainability practices: Evidence from Australian Securities Exchange listed firms. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2017.02.141
Nguyen, A. N. N., Minh, N. N., & Tran-Nam, B. (2014). Corruption and economic growth, with a focus on Vietnam. Crime, Law and Social Change, 65(4-5), 307-324. https://doi.org/10.1007/s10611-016-9603-0
Nobanee, H., Atayah, O. F., & Mertzanis, C. (2020). Does anti-corruption disclosure affect banking performance? Journal of Financial Crime, 27(4), 1161-1172.
Nobanee, H., & Ellili, N. (2020). Anti-bribery information: Extent and impact on banking performance of UAE Islamic and conventional banks. Journal of Financial Crime, 27(2), 683-695. https://doi.org/10.1108/JFC-11-2019-0144
OJK, (2022). Laporan Tahunan
OJK. (2015). Peraturan Otoritas Jasa Keuangan (POJK) Nomor 21/POJK.04/ 2015. ojk.go.id, 1-8. http://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-keuangan-mikro/peraturan-ojk/Documents/SAL-POJK
Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2020). Do board characteristics drive firm performance? An international perspective. Review of Managerial Science, 14(6), 1251-1297.
Pucheta‐Martínez, M. C., & Gallego‐Álvarez, I. (2024). Environmental disclosure as a response to civil liberties and political rights in countries, myth or reality? The moderating role performed by board gender diversity. Corporate Social Responsibility and Environmental Management, 31(6), 6363-6386. https://doi.org/10.1002/csr.2929
Ruel, S., Fritz, M., & Subramanian, N. (2020). Gender diversity for sustainability management: developing a research agenda from a supply chain perspective. Logistique & Management, 00(00), 1-16. https://doi.org/10.1080/12507970.2020.1827994
Ruel, S., & Fritz, M. M. C. (2021). Gender diversity in supply chains: towards more sustainable decisions? Evidence from interviews. Supply Chain Forum: An International Journal, 00(00), 1-18. https://doi.org/10.1080/16258312.2021.1948307
Salati, L., Mbago, M., & Mosha, D. (2025). Bidirectional relationship between corruption and economic performance in Tanzania. Journal of Economic Criminology, 7(October 2024), 100121-100121. https://doi.org/10.1016/j.jeconc.2024.100121
Sarhan, A. A., & Gerged, A. M. (2023). Do corporate anti-bribery and corruption commitments enhance environmental management performance? The moderating role of corporate social responsibility accountability and executive compensation governance. Journal of Environmental Management, 341(January), 118063-118063. https://doi.org/10.1016/j.jenvman.2023.118063
Smulowitz, S., Becerra, M., & Mayo, M. (2019). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Relations, 72(10), 1671-1696. https://doi.org/10.1177/0018726718812602
Stefani Lily, I. (2023). Determinan pengungkapan kebijakan anti korupsi ditinjau dari good corporate governance dan reputasi auditor. Journal of Trends Economics and Accounting Research, 3(3), 277-286. https://doi.org/10.47065/jtear.v3i3.581
Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320-337.
Tirtasari, I. D. A., & Hartomo, O. D. (2019). Pengaruh GCG dan karakteristik perusahaan terhadap kecenderungan mengungkapkan kebijakan anti korupsi. Jurnal Akuntansi Bisnis, 17(2), 131-131. https://doi.org/10.24167/jab.v17i2.2337
Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102, 299-317. https://doi.org/10.1007/s10551-011-0815-z