gender diversity; board of directors; market-based; accounting-based; performance

Adams, R. B., Ferreira, D., et al. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007 Ahern, K. R., Dittmar, A. K. (2012). The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation. The Quarterly Journal of Economics, 127(1), 137–197. https://doi.org/10.1093/qje/qjr049 Ali, J., Shabir, S. (2017). Does gender make a difference in business performance? In Gender in Management: An International Journal, 32(3), 218–233. Emerald. https://doi.org/10.1108/gm-09-2016-0159 Anderson, R. C., Mansi, S. A. Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263–285. https://doi.org/10.1016/S0304-405X(03)00067-9 Anderson, R. C., Reeb, D. M. (2003). Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301–1328. https://doi.org/10.1111/1540-6261.00567 Andres, C. (2008). Large shareholders and firm performance—An empirical examination of founding-family ownership. Journal of Corporate Finance, 14(4), 431–445. https://doi.org/10.1016/j.jcorpfin.2008.05.003 Arquisola, M. J., Shella, K., Hutabarat, E. (2018). How does board diversity affect the financial performance of commercial banks in Indonesia? An inquiry. Jurnal Manajemen. 22(1): 62–73. https://doi.org/10.24912/jm.v22i1.313 Bear, S., Rahman, N. and Post, C. (2010). The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation. Journal of Business Ethics, 97(2), 207–221. https://doi.org/10.1007/s10551-010-0505-2 Beckman, C. M., Haunschild, P. R., et al. (2002). Network Learning: The Effects of Partners’ Heterogeneity of Experience on Corporate Acquisitions. Administrative Science Quarterly, 47(1), 92–124. https://doi.org/10.2307/3094892 Benkraiem, R., Hamrouni, A., Faten Lakhal, Famrouni, F., et al. (2017). Board independence, gender diversity and CEO compensation. The International Journal of Business in Society, 17(5), 845–860. https://doi.org/10.1108/cg-02-2017-0027 Bennouri, M., Chtioui T., Nagati, H., et al. (2018). Female board directorship and firm performance: What really matters? Journal of Banking & Finance, 88, 267–291. https://doi.org/10.1016/j.jbankfin.2017.12.010 Bjuggren, P. O., Nordström, L., Palmberg, J., et al. (2018). Are female leaders more efficient in family firms than in non-family firms? The International Journal of Business in Society, 18(2), 185–205. https://doi.org/10.1108/cg-01-2017-0017 Campbell, K., Mínguez-Vera A, et al. (2007). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3), 435–451. https://doi.org/10.1007/s10551-007-9630-y Carter, D. A., Simkins, B. J. Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034 Chapple, L., Humphrey, J. E. (2013). Does Board Gender Diversity Have a Financial Impact? Evidence Using Stock Portfolio Performance. In Journal of Business Ethics, 122(4), 709–723. https://doi.org/10.1007/s10551-013-1785-0 Chu, W. (2009). Family ownership and firm performance: Influence of family management, family control, and firm size. Asia Pacific Journal of Management, 28(4), 833–851. https://doi.org/10.1007/s10490-009-9180-1 Chua, J. H., Chrisman, J. J., Steier, L. P. et al. (2012). Sources of Heterogeneity in Family Firms: An Introduction. Entrepreneurship Theory and Practice, 36(6), 1103–1113. https://doi.org/10.1111/j.1540-6520.2012.00540.x Connelly, J. T., Limpaphayom, P. Nagarajan, N. J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking Finance, 36(6), 1722–1743. https://doi.org/10.1016/j.jbankfin.2012.01.017 Cox, T. (1991). The multicultural organization. Academy of Management Perspectives, 5(2), 34–47. https://doi.org/10.5465/ame.1991.4274675 Cox, T. H., Blake, S. (1991). Managing cultural diversity: Implications for organizational competitiveness. Academy of Management Perspectives, 5(3), 45–56. https://doi.org/10.5465/ame.1991.4274465 Crossan, M. M., Lane, H. W., White, R. E. (1999). An Organizational Learning Framework: From Intuition to Institution. The Academy of Management Review, 24(3), 522. https://doi.org/10.2307/259140 Darmadi, S. (2013). Do women in top management affect firm performance? Evidence from Indonesia. Corporate Governance: The International Journal of Business in Society, 13(3), 288–304. https://doi.org/10.1108/cg-12-2010-0096 Eagly, A. H., Johnson, B. T. (1990). Gender and leadership style: A meta-analysis. Psychological Bulletin, 108(2), 233–256. https://doi.org/10.1037/0033-2909.108.2.233 Earley, P. C., Mosakowski, E. (2000). Creating hybrid team cultures: An empirical test of transnational team functioning. Academy of Management Journal, 43(1), 26–49. https://doi.org/10.2307/1556384 Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. The Academy of Management Review, 14(1), 57. https://doi.org/10.2307/258191 Erhardt, N. L., Werbel, J. D., Shrader, C. B. (2003). Board of Director Diversity and Firm Financial Performance. Corporate Governance, 11(2), 102–111. https://doi.org/10.1111/1467-8683.00011 Fama, E. F., Jensen, M. C. (1983). Agency Problems and Residual Claims. The Journal of Law and Economics, 26(2), 327–349. https://doi.org/10.1086/467038 Fėlix, E. G. S., David, D. S. T. (2019). Performance of family-owned firms: The impact of gender at the management level. Journal of Family Business Management, 9(2), 228–250. https://doi.org/10.1108/jfbm-10-2018-0051 Fidanoski, F., Simeonovski, K., Mateska, V. (2014). The Impact of Board Diversity on Corporate Performance: New Evidence from Southeast Europe. In: Advances in Financial Economics. Emerald Group Publishing Limited. pp. 81–123. https://doi.org/10.1108/s1569-373220140000017003 Flynn, P. M., Haynes, K., Kilgour, M. A. (2017). Integrating Gender Equality into Business and Management Education. Routledge. https://doi.org/10.4324/9781351285766 Gerdeman, D. (2019). How gender stereotypes kill a woman’s self-confidence. Available online: https://hbswk.hbs.edu/item/how-gender-stereotypes-less-than-br-greater-than-kill-a-woman-s-less-than-br-greater-than-self-confidence (accessed on 15 June 2021). Gordini, N., Rancati, E. (2017). Gender diversity in the Italian boardroom and firm financial performance. Management Research Review, 40(1), 75–94. https://doi.org/10.1108/mrr-02-2016-0039 Gul, F. Srinidhi, B., Ng, A. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338. https://doi.org/10.1016/j.jacceco.2011.01.005 Hafsi, T., Turgut, G. (2012). Boardroom Diversity and its Effect on Social Performance: Conceptualization and Empirical Evidence. Journal of Business Ethics, 112(3), 463–479. https://doi.org/10.1007/s10551-012-1272-z Hambrick, D. C., Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9(2), 193. https://doi.org/10.2307/258434 Hillman, A. J., Dalziel, T. (2003). Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives. Academy of Management Review, 28(3), 383–396. https://doi.org/10.5465/amr.2003.10196729 Humbert, A. L. Guenther, E. A. (2017). The gender diversity index, preliminary considerations and results. Available online: https://www.gedii.eu/wp-content/uploads/D3.1GenderDiversityIndex_final.pdf (accessed on 18 October 2022). Ionascu, M., Ion, I., Sacarin, M., et al. (2018). Women on Boards and Financial Performance: Evidence from a European Emerging Market. In Sustainability, 10(5), 1644. https://doi.org/10.3390/su10051644 Issa, A., Fang, H. X. (2019). The impact of board gender diversity on corporate social responsibility in the Arab Gulf states. Gender in Management: An International Journal, 34(7), 577–605. https://doi.org/10.1108/gm-07-2018-0087 Kılıç, M., Kuzey, C. (2016). The effect of board gender diversity on firm performance: Evidence from Turkey. Gender in Management: An International Journal, 31(7), 434–455. https://doi.org/10.1108/gm-10-2015-0088 Kirsch, A. (2018). The gender composition of corporate boards: A review and research agenda. The Leadership Quarterly, 29(2), 346–364. https://doi.org/10.1016/j.leaqua.2017.06.001 Krishnan, H. A., Park, D. (2005). A few good women—On top management teams. In Journal of Business Research, 58(12), 1712–1720. Elsevier BV. https://doi.org/10.1016/j.jbusres.2004.09.003 Kusumastuti, S., Supatmi, Sastra, P. (2007). The Effect of Board Diversity on Firm Value in the Perspective of Corporate Governance (Indonesian). Jurnal Akuntansi dan Keuangan, 9(2), 88–98. Kyaw, K., Olugbode, M., Petracci, B. (2015). Does gender diverse board mean less earnings management? Finance Research Letters, 14, 135–141. https://doi.org/10.1016/j.frl.2015.05.006 Lee-Kuen, I. Y., Sok-Gee, C., Zainudin, R. (2017). Gender Diversity and Firms’ Financial Performance in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 13(1), 41–62. https://doi.org/10.21315/aamjaf2017.13.1.2 Lindawati, A. S. L., Smark, C. (2015). Barriers to Women’s Participation in the Accounting Profession in Java, Indonesia. Australasian Accounting, Business and Finance Journal, 9(1), 89–101. https://doi.org/10.14453/aabfj.v9i1.7 Mahadeo, J. D., Soobaroyen, T., Hanuman, V. O. (2011). Board Composition and Financial Performance: Uncovering the Effects of Diversity in an Emerging Economy. Journal of Business Ethics, 105(3), 375–388. https://doi.org/10.1007/s10551-011-0973-z Marinova, J., Plantenga, J., Remery, C. (2015). Gender diversity and firm performance: Evidence from Dutch and Danish boardrooms. The International Journal of Human Resource Management, 27(15), 1777–1790. https://doi.org/10.1080/09585192.2015.1079229 Martín-Ugedo, J. F., Minguez-Vera, A. (2014). Firm Performance and Women on the Board: Evidence from Spanish Small and Medium-Sized Enterprises. Feminist Economics, 20(3), 136–162. https://doi.org/10.1080/13545701.2014.895404 Noviera, A., Adhariani, D. (2018). CEO gender, financial performance and firm risk level: Evidence from Indonesia. International Journal of Economics and Management, 12, 67–77. Pasaribu, P., Masripah, M., Mindosa, B. (2019). Does Gender Diversity in the Boardroom Improve Firm Performance? Evidence from Indonesia. Economics and Finance in Indonesia, 65(1), 1. https://doi.org/10.47291/efi.v65i1.597 Pérez-González, F. (2006). Inherited Control and Firm Performance. American Economic Review, 96(5), 1559–1588. https://doi.org/10.1257/aer.96.5.1559 Pudjiastuti, W., Mardiyah, A. A. (2007). The influence of board structure on firm performance. Available online: http://pdeb.fe.ui.ac.id/?p=7448 (accessed on 10 March 2019). PwC. (2014). Survey Bisnis Keluarga 2014 Indonesia. PwC Indonesia. Available online: https://www.pwc.com/id/en/publications/assets/ (accessed on 5 March 2019). Ramadani, V., Hisrich, R. D., Anggadwita, G., Alamanda, D. T. (2017). Gender and succession planning: Opportunities for females to lead Indonesian family businesses. International Journal of Gender and Entrepreneurship, 9(3), 229–251. https://doi.org/10.1108/ijge-02-2017-0012 Rehman, A., Shah, S. Z. A. (2013). Board independence, ownership structure and firm Performance: Evidence from Pakistan. Interdisciplinary Journal of Research in Business, 5(3), 832–845. Remery, C., Matser, I., Hans Flören, R. (2014). Successors in Dutch family businesses: Gender differences. Journal of Family Business Management, 4(1), 79–91. https://doi.org/10.1108/jfbm-09-2013-0021 Robinson, G., Dechant, K. (1997). Building a business case for diversity. Academy of Management Perspectives, 11(3), 21–31. https://doi.org/10.5465/ame.1997.9709231661 Rodríguez‐Ariza, L., Cuadrado‐Ballesteros, B., Martínez‐Ferrero, J., et al. (2017). The role of female directors in promoting CSR practices: An international comparison between family and non‐family businesses. Business Ethics: A European Review, 26(2), 162–174. Portico. https://doi.org/10.1111/beer.12140 Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404–413. https://doi.org/10.1111/j.1467-8683.2007.00570.x Trinugroho, I., Sawitri, H. S. R., Untoro, W. (2016). Women in Top Management and Bank Performance: Evidence from Indonesia. Indonesian Capital Market Review, 8(1). https://doi.org/10.21002/icmr.v8i1.5537 Schein, V. E., Mueller, R., Lituchy, T., et al. (1996). Think manager—Think male: A global phenomenon? Journal of Organizational Behavior, 17(1), 33–41. https://doi.org/10.1002/(sici)1099-1379(199601)17:1<33::aid-job778>3.0.co;2-f Setó‐Pamies, D. (2013). The Relationship between Women Directors and Corporate Social Responsibility. Corporate Social Responsibility and Environmental Management, 22(6), 334–345. Portico. https://doi.org/10.1002/csr.1349 Shyu, J. (2011). Family ownership and firm performance: Evidence from Taiwanese firms. International Journal of Managerial Finance, 7(4), 397–411. https://doi.org/10.1108/17439131111166393 Smith, N., Smith, V., Verner, M. (2005). Do Women in Top Management Affect Firm Performance? A Panel Study of 2500 Danish Firms. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.780910 Syamsudin, S., Setiany, E., Sajidah, S. (2017). Gender diversity and firm value: A study on boards of public manufacturing firms in Indonesia. Problems and Perspectives in Management, 15(3), 276–284. https://doi.org/10.21511/ppm.15(3-1).2017.11 Tarigan, J., Hervindra, C., Hatane, S. E. (2018). Does Board Diversity Influence Financial Performance? International Research Journal of Business Studies, 11(3), 195–215. https://doi.org/10.21632/irjbs.11.3.195-215 Triana, Asri, M. (2017). The Impact of Female Directors on Firm Performance: Evidence from Indonesia. Journal of Indonesian Economy and Business, 31(1), 19. https://doi.org/10.22146/jieb.21994 Wang, K. T., Shailer, G. (2017). Family ownership and financial performance relations in emerging markets. International Review of Economics & Finance, 51, 82–98. https://doi.org/10.1016/j.iref.2017.05.014 Wright, L., Tellei, V. C. (1993). Women in Management in Indonesia. International Studies of Management & Organization, 23(4), 19–45. https://doi.org/10.1080/00208825.1993.11656617