Sutrisno Sutrisno, Hana Nafia Fella




The presence of women and their contribution on company boards has become a concern. Many countries have issued policies that require the presence of woman on boards. Political connection is a familiar phenomenon in the business world. According to resource dependency theory, political connection is a way for firms to reduce the uncertainty of the external environment. This study aims to examine the effect of women on the board of commissioners (BOC), women on the board of directors (BOD), and political connection on firm value. The samples used were 109 firms listed in Indonesia Stock Exchange in the sectors of Infrastructure, Utilities, and Transportation; Miscellaneous Industry; Consumer Goods Industry; Property, Real Estate, and Building Construction. This study used multiple linear regression analysis method which shows the result that women on BOC has a significant negative effect on firm value while women on BOD has a significant positive effect, and political connection has no significant positive effect on firm value.


Keywords: women on boards; political connection; firm value; leverage



Kehadiran wanita dan kontribusi mereka dalam dewan komisaris dan direksi perusahaan telah menjadi perhatian. Banyak negara telah memiliki kebijakan yang meminta kehadiran wanita dalam dewan perusahaan. Koneksi politik merupakan fenomena yang sering dijumpai dalam dunia bisnis. Menurut resource dependency theory, koneksi politik merupakan cara perusahaan untuk mengurangi risiko ketidakpastian lingkungan eksternal. Penelitian ini bertujuan untuk melihat pengaruh wanita dalam dewan komisaris dan dewan direksi, dan koneksi politik terhadap nilai perusahaan. Sampel yang digunakan adalah 109 perusahaan yang terdaftar dalam Bursa Efek Indonesia yang termasuk dalam sektor Infrastruktur, Utilitas dan Transportasi; Aneka Industri; Industri Barang Konsumsi; Properti, Real Estate dan Konstruksi Bangunan. Penelitian ini menggunakan metode regresi linier berganda yang menunjukkan hasil bahwa kehadiran wanita dalam dewan komisaris memiliki pengaruh negatif signifikan terhadap nilai perusahaan, kehadiran wanita dalam dewan direksi berpengaruh positif signifikan, dan koneksi politik tidak memiliki pengaruh positif signifikan terhadap nilai perusahaan.

Kata kunci: wanita dalam dewan; koneksi politik; nilai perusahaan; leverage

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DOI: https://doi.org/10.24002/modus.v32i2.3497


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