The Impact of Gender Composition on Board of Director, Commissioner, Director, CEO and Ownership Structures on Dividend Payment Decisions in Indonesia: Agency Theory & Stewardship Theory
Abstract
This study examines the influence of several board composition variables and ownership structure on dividend payment policies with a more Agency Theory & Stewardship Theory approach. Sampling using the purposive sampling method in IDX-listed manufacturing companies in 2020-2023. The sample of this study was 445 samples. The data analysis method used is panel regression analysis with independent variables of Dividend Policy and dependent variables, namely the Gender Composition of the Board of Directors, the Gender Composition of the Board of Commissioners, the Female Director, the Female Independent Director, the Female Executive Director, the Female CEO, the Capital Structure. The application used is the STATA 17 application. The effect of the composition of the female board of directors, the composition of the female board of commissioners, and the composition of ownership on dividend policy in this study resulted in a significant positive effect. It supports the existence of stewardship theory. Meanwhile, the influence of female executive directors on dividend policy in this study has no effect. The results are significantly negative for the Effect of Women CEOs on dividend policy in this study.
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References
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Ajiza, N., & Mar’ah, N. (2018). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institutional Terhadap Kebijakan Dividen dan Nilai Perusahaan ( Studi pada Perusahaan BUMN yang Terdaftar Di BEI tahun 2011-2017). Jurnal Sketsa Bisnis, 5(2), 86–98. https://jurnal.yudharta.ac.id/v2/index.php/SKETSABISNIS/index
Almeida, T. A., Morais, C. R. F. de, & Coelho, A. C. (2020). Gender diversity, governance and dividend policy in Brazil. Revista de Gestao, 27(2), 189–205. https://doi.org/10.1108/REGE-03-2019-0041
Benjamin, S. J., & Biswas, P. (2019). Board gender composition, dividend policy and COD: the implications of CEO duality. Accounting Research Journal, 32(3), 454–476. https://doi.org/10.1108/ARJ-02-2018-0035
Bernardi, R., Cakici, R., Elliott, D., Erdem, A., Erdem, E., Ikizler-Cinbis, N., Keller, F., Muscat, A., & Plank, B. (2017). Automatic description generation from images: A survey of models, datasets, and evaluation measures. IJCAI International Joint Conference on Artificial Intelligence, 0, 4970–4974.
Duygun, M., Guney, Y., & Moin, A. (2018). Dividend policy of Indonesian listed firms: The role of families and the state. Economic Modelling, 75, 336–354. https://doi.org/10.1016/j.econmod.2018.07.007
García-Meca, E., López-Iturriaga, F. J., & Santana-Martín, D. J. (2022a). Board gender diversity and dividend payout: The critical mass and the family ties effect. International Review of Financial Analysis, 79, 101973. https://doi.org/https://doi.org/10.1016/j.irfa.2021.101973
García-Meca, E., López-Iturriaga, F. J., & Santana-Martín, D. J. (2022b). Board gender diversity and dividend payout: The critical mass and the family ties effect. International Review of Financial Analysis, 79. https://doi.org/10.1016/j.irfa.2021.101973
I Dewa Made, EndianaYuniastri, N. P. A. (2021). Pengaruh keputusan investasi, struktur modal, profitabilitas, dan kebijakan dividen terhadap nilai perusahaan. Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA), Analisa 2011, 1–11. https://doi.org/10.37631/e-bisma.v2i1.354
Ismiyanti, F., Prasetyo, A., & Agestya Cania, I. (2018). Do female CEO and female directors affect dividend policy? 186(Insyma), 51–53. https://doi.org/10.2991/insyma-18.2018.13
Isty Fauziah, E., & Nur Probohudono, A. (2018). Direksi dan Dewan Komisaris: Pengaruh Dewan Wanita terhadap Kebijakan Dividen di Indonesia. Jurnal Akuntansi Dan Bisnis, 18(1), 61. https://doi.org/10.20961/jab.v18i1.267
McAleer, M. (2020a). Prevention Is Better Than the Cure: Risk Management of COVID-19. Journal of Risk and Financial Management, 13(3), 1–5. https://doi.org/10.3390/jrfm13030046
McAleer, M. (2020b). Summary of advances in decision sciences (ADS) - 2020. Advances in Decision Sciences, 24(4). https://doi.org/10.47654/V24Y2020I4P89-100
Mustafa, A., Saeed, A., Awais, M., & Aziz, S. (2020). Board-Gender Diversity, Family Ownership, and Dividend Announcement: Evidence from Asian Emerging Economies. Journal of Risk and Financial Management, 13(4). https://doi.org/10.3390/jrfm13040062
Patiran, C. (2021). Jurnal Akuntansi, Manajemen, dan Bisnis.
Purwaningsih, E. (2019). Struktur Kepemilikan Memoderasi Pengaruh Profitabilitas Terhadap Kebijakan Dividen. Jurnal of Economic, 10(2), 111–120.
Serly, S., & Susanti, M. (2021a). Pengaruh atribut tata kelola dan karakteristik perusahaan terhadap kebijakan dividen pada perusahaan di BEI. Jurnal Ekonomi Modernisasi, 17(3 SE-Articles), 196–215. https://doi.org/10.21067/jem.v17i3.5872
Serly, & Susanti. (2021b). Jurnal Ekonomi Modernisasi. Jurnal Ekonomi Modernisasi, 17, 196–215. https://core.ac.uk/download/pdf/328154615.pdf%0Ahttps://ejournal.unikama.ac.id/index.php/JEKO/article/view/5872
Setiyowati, S. W., & Sari, A. R. (2017). Pengaruh Corporate Governance Dan Kinerja Keuangan Terhadap Kebijakan Deviden Pada Perusahaan Manufaktur Yang Listing Di Bursa Efek Indonesia Tahun 2014 -2015. Jurnal AKSI (Akuntansi Dan Sistem Informasi), 1(1), 45–57. https://doi.org/10.32486/aksi.v1i1.95
Sugiyono. (2017). Instrumen Pengendalian Moneter: Operasi Pasar Terbuka. https://books.google.co.id/books?id=EJfWDgAAQBAJ&lpg=PA1&ots=U9PcC-HygC&dq=Sugiyono%2C F. X. (2017). Instrumen Pengendalian Moneter%3A Operasi Pasar Terbuka (Vol. 10). Pusat Pendidikan Dan Studi Kebanksentralan (PPSK) Bank Indonesia.&lr&hl=id&pg=PA1#v=onepage&q&f=false
Sumantri, & Mardianto. (2018). Mekanisme Tata Kelola dan Perencanaan Suksesi terhadap Kinerja Perusahaan Keluarga yang Dikendalikan Anggota Keluarga dan Bukan Anggota Keluarga di Indonesia. Global Financial Accounting Journal, 2(1), 86–104. http://publication.petra.ac.id/index.php/manajemen-bisnis/article/view/223
Syahfitri, A. R., Risfandy, T., Ekonomi, F., Bisnis, D., Riset, G., Dan, I., & Keuangan, P. (2022). Prosiding Simposium Nasional Multidisiplin PERAN DIREKSI WANITA DALAM KEBIJAKAN DIVIDEN DI INSTITUSI KEUANGAN DI INDONESIA. Universitas Muhammadiyah Tangerang, 4, 213–219. http://jurnal.umt.ac.id/index.php/senamu/index
Trinh, V. Q., Cao, N. D., Dinh, L. H., & Nguyen, H. N. (2021). Boardroom gender diversity and dividend payout strategies: Effects of mergers and deals. International Journal of Finance and Economics, 26(4), 6014–6035. https://doi.org/10.1002/ijfe.2106
Triyuwono, E. (2018). Proses Kontrak, Teori Agensi dan Corporate Governance (Contracting Process, Agency Theory, and Corporate Governance). SSRN Electronic Journal, 1–14. https://doi.org/10.2139/ssrn.3250329
Utomo, M. N., Kaujan, K., Syahran, S., & Ulum, A. S. (2022). Peran gender diversity dewan perusahaan dalam menentukan kebijakan dividen di Indonesia. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(1), 86–93. https://doi.org/10.32670/fairvalue.v5i1.1677
Authors
maimun, T. Z., & Wahyuni windasari. (2025). The Impact of Gender Composition on Board of Director, Commissioner, Director, CEO and Ownership Structures on Dividend Payment Decisions in Indonesia: Agency Theory & Stewardship Theory. Agregat: Jurnal Ekonomi Dan Bisnis, 9(1), 75–89. https://doi.org/10.22236/agregat_vol9.i1/14058
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