The Effect of Female Board of Commissioners on Corporate Governance

One of the objectives of a business (company) is to increase the value of the company by maximizing
shareholder wealth. The implementation of corporate governance is believed to increase firm value,
because governance explains how a company is directed and monitored. One of the issues regarding
board diversity (gender diversity) is the proportion of a particular gender in the Board of Commissioners
and Directors. In Indonesia, there are several companies that open opportunities for women to occupy
important positions. Research conducted by the Centre of Government, Institution, and Organization
Study, National University of Singapore (NUS) Business School shows that of the 424 companies listed on
the Indonesia Stock Exchange (IDX), 40% of them have women as members of the Board of Directors or
Board of Commissioners (Aria, 2012). Research analyzing the relationship between educational
background and firm value is still relatively rare. Kusumastuti et al. (2007) conducted research on the
effect of gender proportion of Board of Directors members on firm value in manufacturing companies
listed on the Jakarta Stock Exchange in 2005. The results showed that the presence of women and
educational background in economics and business statistically had no significant effect on firm value.
This study uses secondary data obtained from the Indonesia Stock Exchange (IDX) website (http://
www.idx.co.id) in the form of annual reports. The sample was selected using purposive sampling method
by selecting companies that present the data needed in the analysis. This study provides evidence that
gender diversity in the Board of Commissioners has a positive and significant effect on firm value, which
means that the more gender diverse the members of the Board of Commissioners, the higher the firm
value.

Keyword : IDX, Gender, Board of Commissioners

Inovasi yang terus berkembang berpengaruh sangat besar pada berbagai aspek kehidupan manusia.
Pengaruh tersebut dapat berupa pengaruh positif yang berkontribusi pada efektivitas dan efisiensi
tindakan manusia, atau pengaruh negatif, yaitu berupa penyalahgunaan teknologi untuk keuntungan
pribadi dan penciptaan kerugian bagi pihak lain. Diharapkan pengaruh dari perkembangan teknologi
pada akuntansi sektor publik adalah berbagai proses akuntansi akan lebih mudah dan lebih cepat untuk
diimplementasikan dan informasi yang lebih akurat akan dihasilkan oleh proses tersebut. Akuntansi
sektor publik adalah metode akuntansi sektor yang digunakan dalam operasi otoritas pemerintah.
Ditambah dengan kemajuan teknologi yang telah mencapai tingkat digital saat ini, kemampuan individu
untuk menggunakan produk teknologi digital dapat menjadi pendorong yang kuat adanya fraud.