GENDER DIVERSITY ON BOARD OF DIRECTORS AND FINANCIAL DISTRESS : DIGITAL TRANSFORMATION AS MODERATING VARIABLE
Abstrak
Introduction/Main Objectives: Financial distress is an important topic in accounting and business management as it impacts markets and stakeholders' decisions. This study aims to examine the impact of gender diversity on financial distress and the moderating role of digital transformation. The population of this study is consumer non-cyclical companies listed on the Indonesian Stock Exchange between the 2018-2022 period. Using purposive sampling techniques, 54 companies were selected as the samples (270 firm-year-observation). Background Problems: The International Monetary Fund (IMF) estimates that the global economy will slow down from 3.4% in 2022 to 2.8% in 2023 and rise again to 3% in 2024. Globally, this affects the company’s financial condition and causes the likelihood of financial distress. Gender diversity as a component of the corporate board can mitigate the likelihood of financial distress. Novelty: This study uses digital transformation as a moderating variable. Previous research use digital transformation as independent variable and none of them use digital transformation as moderating variable. Research Methods: The data analysis method in this study uses Partial Least Squares (PLS) - Structural Equation Modeling (SEM). Finding/Results: The first finding explains that gender diversity has a negative effect on financial distress. The second finding explains that digital transformation does not mitigate the negative effect between gender diversity and financial distress. Conclusion: Gender diversity negatively affect financial distress and digital transformation does not mitigate negative effect between gender diversity and financial distress.Referensi
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Gerged, A. M., Yao, S., & Albitar, K. (2023). Board composition, ownership structure and financial distress: insights from UK FTSE 350. Corporate Governance (Bingley), 23(3), 628–649. https://doi.org/10.1108/CG-02-2022-0069
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Harjoto, M. A., Laksmana, I., & Yang, Y. wen. (2018). Board diversity and corporate investment oversight. Journal of Business Research, 90(May 2018), 40–47. https://doi.org/10.1016/j.jbusres.2018.04.033
He, Y., Xu, L., & McIver, R. P. (2019). How Does Political Connection Affect Firm Financial Distress and Resolution in China? Applied Economics, 51(26), 2770–2792. https://doi.org/10.1080/00036846.2018.1558358
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Bhaskar, L.S., Krishnan, G.V., dan Yu, W. (2017). Debt Covenant Violations, Firm Financial Distress, and Auditor Actions. Contemporary Accounting Research, 34(1), 186–215. https://doi.org/https://doi.org/10.1111/1911-3846.12241
Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does corporate social responsibility reduce financial distress risk? Economic Modelling, 91, 835–851. https://doi.org/10.1016/j.econmod.2020.05.012
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García, C. J., & Herrero, B. (2021b). Female Directors, Capital Structure, and Financial Distress. Journal of Business Research, 136(November 2020), 592–601. https://doi.org/10.1016/j.jbusres.2021.07.061
Gerged, A. M., Yao, S., & Albitar, K. (2023). Board composition, ownership structure and financial distress: insights from UK FTSE 350. Corporate Governance (Bingley), 23(3), 628–649. https://doi.org/10.1108/CG-02-2022-0069
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS. Universitas Diponegoro.
Giarto, R. Vi. D. & F. (2020). The Effect of Leverage , Sales Growth , Cash Flow on Financial Distress with Corporate Governance as a Moderating Variable. Accounting Analysis Journal, 9(1), 15–21. https://doi.org/10.15294/aaj.v9i1.31022
Habib, A. M. (2023). Do business strategies and environmental, social, and governance (ESG) performance mitigate the likelihood of financial distress? A multiple mediation model. Heliyon, 9(7), e17847. https://doi.org/10.1016/j.heliyon.2023.e17847
Harjoto, M. A., Laksmana, I., & Yang, Y. wen. (2018). Board diversity and corporate investment oversight. Journal of Business Research, 90(May 2018), 40–47. https://doi.org/10.1016/j.jbusres.2018.04.033
He, Y., Xu, L., & McIver, R. P. (2019). How Does Political Connection Affect Firm Financial Distress and Resolution in China? Applied Economics, 51(26), 2770–2792. https://doi.org/10.1080/00036846.2018.1558358
Hermawan, A., Septiawan, B., & I, A. T. (2021). Dominant Factors Affecting Financial Distress : A Study on Miscellaneous Industry Sectors Listed in the Stock Exchange Years of 2014 to 2019 in Indonesia. 22(185), 64–69. https://doi.org/10.47750/QAS/22.185.09
Hu, Y., Che, D., Wu, F., & Chang, X. (2023). Corporate maturity mismatch and enterprise digital transformation: Evidence from China. Finance Research Letters, 53(January), 103677. https://doi.org/10.1016/j.frl.2023.103677
Hua, Z., & Yu, Y. (2023). Digital transformation and the impact of local tournament incentives: Evidence from publicly listed companies in China. Finance Research Letters, 57(May), 104204. https://doi.org/10.1016/j.frl.2023.104204
Isayas, Y. N. (2021). Financial Distress and Its Determinants: Evidence from Insurance Companies in Ethiopia. Cogent Business and Management, 8(1), 1–16. https://doi.org/10.1080/23311975.2021.1951110
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
Kalbuana, N., Taqi, M., Uzliawati, L., & Ramdhani, D. (2022). The Effect of Profitability, Board Size, Woman on Boards, and Political Connection on Financial Distress Conditions. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2142997
Kariani, Ni Putu Eka Kartika. & Budiasih, I. G. A. N. (2017). Firm Size Sebagai Pemoderasi Pengaruh Likuiditas, Leverage, dan Operating Capacity Pada Financial Distress. E-Jurnal Akuntansi Universitas Udayana, 20(3), 2187–2216.
Keay, A. (2017). Stewardship theory: is board accountability necessary? International Journal of Law and Management, 59(6), 1292–1314. https://doi.org/10.1108/IJLMA-11-2016-0118
Kushermanto, A., Alisa, I. R., Ulum, A. S., & Zulaikha, . (2023). COVID-19 Spread and Financial Distress: Does Managerial Ability Matter? Jurnal Dinamika Akuntansi Dan Bisnis, 10(2), 249–264. https://doi.org/10.24815/jdab.v10i2.28905
Larasati, H., & Wahyudin, A. (2019). Accounting Analysis Journal The Effect of Liquidity, Leverage, and Operating Capacity on Financial Distress with Managerial Ownership as a Moderating Variable ARTICLE INFO ABSTRACT. Accounting Analysis Journal, 8(3), 214–220. https://doi.org/10.15294/aaj.v8i3.30176
Lee, K. W., & Thong, T. Y. (2023). Board gender diversity, firm performance and corporate financial distress risk: international evidence from tourism industry. Equality, Diversity and Inclusion, 42(4), 530–550. https://doi.org/10.1108/EDI-11-2021-0283
Li, Zhun., Li, Qiang., & Zeng, Y. (2020). Contraction Flexibility, Operating Leverage, and Financial Leverage. Journal of Management Science and Engineering, 5(1), 43–56. https://doi.org/10.1016/j.jmse.2020.02.002
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