Do Gender and Education Matter for Company Financial Performance? Evidence from Indonesian Companies

This research is aimed to investigate the influence of gender diversity and educational level in board of commissioner on the performance of non-financial company listed in Indonesia Stock Exchange for 2013-2017 period. Gender diversity as the first research variable was measured by female existence as the head of commissioner, female existence on board of commissioner and its proportion. Meanwhile, education level of female in board of commissioner as the second variable was measured with dummy 1 for master and doctoral graduate and 0 for other levels. Next, the company performance variable is proxied with a return on assets (ROA), return on equity (ROE), and Tobin’s Q. The model employed in this research was an unbalanced data panel using fixed and random effect model approach. The results show that gender diversity has a significant impact on ROA, but an insignificant impact on ROE and Tobin’s Q. Further, education does not have a significant impact on financial performance. In general, board characteristics do not have an important role in determining financial performance.

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PENGARUH RISIKO LIKUIDITAS DAN LEVERAGE TERHADAP KINERJA BANK YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2010--2015

Jurnal Akuntansi Auditing dan Keuangan BALANCE ◽

10.25170/balance.v15i2.82 ◽

2018 ◽

Vol 15 (2) ◽

pp. 189-209

Author(s):

Novia Utami

Keyword(s):

Significant Influence ◽

Stock Exchange ◽

Random Effect ◽

Random Effect Model ◽

Liquidity Risk ◽

Third Party ◽

Tobin’S Q ◽

Tobin's Q ◽

Effect Model ◽

Liquidity Gap

This empirical study aims for examining the influence of liquidity risk on bank performance from the period 2010 to 2015 listed on Indonesia Stock Exchange. The measurement of liquidity risk will involve deposits or third-party fund, cash, and liquidity gap whereas the leverage will involve total debts to total assets as the independent variables. Meanwhile, the dependent variables of this study involve ROA and Tobin’s Q. This study was conducted under the purposive sampling method which involved 22 banks as samples. This study also used a panel data regression method and three testing models, including Common Effect Model, Fixed Effect Model, and Random Effect Model. The findings suggest a positive and significant influence of the third-party fund on ROA and Tobin’s Q. In contrast, the liquidity gap has a negative and significant influence on ROA and Tobin’s Q. Besides, the findings also suggest a positive and significant influence of cash on ROA and negatively significant on Tobin’s Q. The leverage has negative and significant influence on ROA and positively significant on Tobin’s Q.

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Return On Equity Terhadap Kinerja Perbankan Dan Nilai Emas Sebagai Variabel Moderasi

Akutansi Bisnis & Manajemen ( ABM ) ◽

10.35606/jabm.v26i02.458 ◽

2019 ◽

Vol 26 (02) ◽

pp. 190

Author(s):

Edi Winarto ◽

Suryadi .

Keyword(s):

Banking Sector ◽

Stock Exchange ◽

Sampling Technique ◽

Company Performance ◽

Tobin’S Q ◽

Tobin's Q ◽

Return On Equity ◽

Significant Negative Effect ◽

Negative Effect ◽

Indirect Relationship

This study purposes to determine the effect of Return on Equity on banking performance assessed by Tobin's Q through the value of gold, whether direct or indirect influence. This type of research is an explanatory research with a quantitative approach. The population used in this study were 40 banking sector companies listed on the Indonesia Stock Exchange from 2013 to 2018. The sampling technique used purposive sampling so that the chosen sample was 29. This study used descriptive statistical data analysis and part analysis. The results show that ROE is not a significant negative effect while Gold on Q is a significant negative effect, the indirect coefficient is 0.02139 and the Total Effect is -0.02261, it means that the actual relationship is an indirect relationship better affecting Tobin's Q (Banking Performance ) which also means that indirectly the gold value variable can drive influence on Company Performance.

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Impact of board gender diversity on the financial performance of the manufacturing and service companies listed on the Amman Stock Exchange

Corporate Governance and Organizational Behavior Review ◽

10.22495/cgobrv5i2p1 ◽

2021 ◽

Vol 5 (2) ◽

pp. 8-16

Author(s):

Sinan Abbadi ◽

Murad Abuaddous ◽

Ahmad Alwashah

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Gender Diversity ◽

Total Sample ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Tobin's Q ◽

Service Companies ◽

Amman Stock Exchange ◽

Board Gender Diversity

This study seeks to explore the significance of board gender diversity and its impact on the financial performance of the manufacturing and service companies listed on the Amman Stock Exchange (ASE) between 2013–2018. Prior studies have determined several benefits of female presence in the boardroom. However, gender diversity’s impact on financial performance is still unclear due to the mixed findings regarding this relation. In addition, studies about gender diversity roles in Jordanian companies’ performance are missing in the literature. Hence, in order to fill this gap, data from the listed companies was extracted from the ASE website with a total sample of 1088 companies as follows: 294 manufacturing companies (27%) and 794 service companies (73%). The results showed more males (96.2%) than females (3.8%) on the board of directors among the listed manufacturing and service companies. The manufacturing and service companies reported a mean Tobin’s Q value of 1.044 (SD = 2.164) and 1.304 (SD = 3.554), respectively. Results show that the linear regression shows that board gender diversity has a statistically significant impact on Tobin’s Q (p = 0.043) and ROA (p = 0.062). Therefore, there is a need for both the manufacturing and service companies to consider increasing the number of female members on the board for better financial performance

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Effects of Infrastructure Development, Inflation and Economic Growth to Performance Company (ROA, Tobin's Q, PBV): Study on Registered Infrastructure Support Companies in IDX Period 2014-2019

Journal of Economics and Business ◽

10.31014/aior.1992.04.03.382 ◽

2021 ◽

Vol 4 (3) ◽

Author(s):

Eko Sarjono ◽

◽

Kartika Hendra Titisari ◽

Supawi Pawenang

Keyword(s):

Economic Growth ◽

Performance Measurement ◽

Financial Performance ◽

Stock Exchange ◽

Hypothesis Test ◽

Linear Regression Analysis ◽

Infrastructure Development ◽

Tobin’S Q ◽

Tobin's Q ◽

The Impact

The financial performance can be used as a benchmark of the ability of an organization or company in achieving its goals. Performance measurement is one of the most important factors for an organization or company, performance measurement is a process of measuring the extent to which a company does work to achieve its goals. The research investigated the impact of infrastructure, economic growth and inflation on financial performance of infrastructure support companies listed in Indonesian Stock Exchange Period 2014-2019 which is proxied by ROA (Return on Assets), Tobin’s Q and PBV (Price to Book Value). The population of this research was the infrastructure support companies listed on the Indonesian Stock Exchange period 2014-2019. Research sampling was conducted using The Purposive Sampling Method. The data analysis was camed out using classical assumption test, multiple linear regression analysis, t-test, F-test and determinan (R2) test with SPSS 21. The research finding showed that the model has an effect on the financial performance as proxied by ROA. So the results of the hypothesis test show that: (1) Infrastructure development has a negative and significant effect on ROA. (2) The inflation rate has a positive and significant effect on ROA. (3) Economic growth has no significant effect on ROA. Meanwhile, the model has no effect on financial performance which is proxied in Tobin's Q and PBV.

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Income Diversification and Financial Performance of Selected Deposit Money Banks in Nigeria

International Journal of Applied Management Sciences and Engineering ◽

10.4018/ijamse.20210101.oa1 ◽

2021 ◽

Vol 8 (1) ◽

pp. 1-17

Author(s):

Emmanuel Uniamikogbo ◽

Emma I. Okoye ◽

Arowoshegbe O. Amos

Keyword(s):

Financial Performance ◽

Foreign Exchange ◽

Stock Exchange ◽

Sampling Technique ◽

Annual Reports ◽

Tobin’S Q ◽

Firm Age ◽

Income Diversification ◽

Tobin's Q ◽

Negative Effect

This study examined the effect of income diversification on financial performance of deposit money banks (DMBs) in Nigeria. Variables considered were commission, foreign exchange incomes, and firm age, which are proxies for income diversification and financial performance proxied by Tobin's Q ratio. The purposive sampling technique was used to select the 8 banks classified by Central Bank of Nigeria to be Domestic Systematically Important Banks in Nigeria. Data collected from the annual reports and the Nigerian Stock Exchange website for a period 2008-2018 were used. Statistical tools used were the descriptive statistics and econometric analysis using the panel data. Findings showed that while commission income has a significant positive effect on Tobin's Q ratio of DMBs, foreign exchange income and firm age each have a significant negative effect on Tobin's Q ratio of DMBs in Nigeria. It is recommended that banks in Nigeria minimize their income from foreign exchange to maximize performance since income from these transactions tend to inhibit bank financial performance.

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PENGARUH KRISIS MONETER PADA KINERJA KEUANGAN DAN NILAIPERUSAHAAN

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v9i1.666 ◽

2009 ◽

Vol 9 (1) ◽

pp. 34

Author(s):

Nelli Novyarni

Keyword(s):

Financial Performance ◽

Stock Exchange ◽

Tobin’S Q ◽

Corporate Value ◽

Manufacturing Companies ◽

Tobin's Q ◽

Financial Ratio ◽

Before And After ◽

Equity Ratio ◽

Monetary Crisis

This study was aimed analyzing the monetary crisis on financial performance and corporation value effect.This study found that the monetary crisis affect on financial performance and corporation value. The study on 50 manufacturing companies consist of 25 companies variety business and industry and pharmacist notes at Jakarta Stock Exchange from 1992 to 2002 revealed that the monetary crisis cause decrease in financial performance and corporate value. Based on before and after mean financial and Tobin 's Q ratio, it found that the monetary crisis cause decrease in financial performance especially in 1998 and corporation value from 1998 to 2002. This study also found that based on each sector, the monetary crisis affect all financial ratio at sector one, especially in 1998 and 2000 and the monetary crisis just affect debt to equity ratio from to 2002 at sector two. Beside that the monetary crisis affect corporation value of all sectors.Keywords: Monetary crisis; financial ratio; Tobin's Q; Financial Performance; Value of the firm.

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Components of working capital and profitability in Saudi Arabian companies

Investment Management and Financial Innovations ◽

10.21511/imfi.18(3).2021.05 ◽

2021 ◽

Vol 18 (3) ◽

pp. 52-62

Author(s):

Abdul Rahman Shaik

Keyword(s):

Stock Exchange ◽

Manufacturing Sector ◽

Tobin’S Q ◽

Working Capital ◽

Tobin's Q ◽

Return On Equity ◽

Cash Conversion Cycle ◽

Operating Profit ◽

Industrial Sectors ◽

Firm Profitability

The study examines the influence of the cash conversion cycle (one of the components of working capital) on the firm profitability measured in terms of return on equity (ROE), return on assets (ROA), Tobin’s q, and gross operating profit (GROP) in the manufacturing sector of Saudi Arabia. The study selects a sample of 100 companies from nine industrial sectors listed on the Tadawul Stock Exchange starting from 2008 to 2019. A pooled regression is estimated to report the empirical results. The results report a positive and significant association between the components of working capital in terms of cash conversion cycle and the firm profitability in terms of ROA, ROE, and Tobin’s q, except for the GROP, where there is a negative and significant relationship. The study reports that the growth in firm performance is associated with supplier’s financing terms and inventory ordering cost. The results also show that larger firms are more profitable than smaller firms. Hence, the current study confirms the formulated hypothesis of having a significant association between the components of working capital and firm profitability.

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Corporate governance and financial performance of listed companies: A case of an emerging market

Corporate Governance and Sustainability Review ◽

10.22495/cgsrv5i3p1 ◽

2021 ◽

Vol 5 (3) ◽

pp. 8-17

Author(s):

Emmanuel Selase Asamoah ◽

Albert Puni

Keyword(s):

Corporate Governance ◽

Financial Performance ◽

Performance Indicator ◽

Stock Exchange ◽

Emerging Market ◽

Target Population ◽

Governance Structure ◽

Tobin’S Q ◽

Tobin's Q ◽

A Performance

Corporate financial performance (CFP) is a key benefit that comes with the adoption and implementation of a good corporate governance structure in organizations. The objective of this paper is to analyze the effect of the six (6) broad corporate governance structures (board composition, board committees, separation of CEO/chairman, size of board, number of board meetings held, and shareholder concentration) on CFP measured by ROA, ROE, EPS, and Tobin’s Q among Ghanaian companies. The target population for the study was the companies that were listed on the Ghana Stock Exchange (GSE) for the period 2015–2020 and purposive sampling methods were deployed in the sample selection. The study found that using ROA as a performance indicator, corporate governance variables affected CFP by 18.95% whilst it influenced ROE by 29.71%. Additionally, corporate governance mechanisms impacted EPS by 52.53% when it was used as a performance indicator and 18.01% when Tobin’s Q was the performance index. The paper concludes that companies that implement the corporate governance guidelines on best practices stand a better chance of enhancing CFP especially with performance targets that integrate shareholder value maximization.

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Cost Leadership Strategy and Financial Performance: Empirical Evidence from Textile Sector Listed Companies of Pakistan

Journal of Business & Tourism ◽

10.34260/jbt.v4i1.100 ◽

2021 ◽

Vol 4 (1) ◽

pp. 191-197

Author(s):

MUHAMMAD ILYAS ◽

IHTESHAM KHAN ◽

MUHAMMAD NISAR KHAN

Keyword(s):

Financial Performance ◽

Organizational Performance ◽

Stock Exchange ◽

Random Effect ◽

Random Effect Model ◽

Control Variables ◽

Cost Leadership ◽

Leadership Strategy ◽

Cost Leadership Strategy ◽

Textile Sector

Organizations concentrate to maximize their value. Therefore, their management are interested in their financial performance. However, management is also interested in minimization of the operational cost. This study examines the cost leadership strategy (CLS) and financial performance in a sample of 132 textile sector firms listed on the Pakistan stock exchange (PSX) during 2008-2016. For analyses used panel data random effect model and the results demonstrate that CLS significantly and positively affect the financial performance of textile sector listed firms of Pakistan. Moreover, control variables such as leverage and dividend payout ratio are significantly affect organizational performance. Finally reveals that study supports the theoretical association of return on assets with independent and control variables. Hence, recommended to follow the CLS to reduce operational costs further and to perform efficiently in the competitive market.

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Pengaruh Board Diversity terhadap Manajemen Laba

Journal of Applied Accounting and Taxation ◽

10.30871/jaat.v4i2.908 ◽

2019 ◽

Vol 4 (2) ◽

pp. 223-233

Author(s):

Dewi Fatimah

Keyword(s):

Earnings Management ◽

Stock Exchange ◽

Random Effect ◽

Gender Diversity ◽

Random Effect Model ◽

Fixed Effect Model ◽

Ordinary Least Squares ◽

Least Squares Regression ◽

Board Diversity ◽

Effect Model

This study examines the effect on board diversity against earning management. The used samples are non-financial companies listed on the Indonesia Stock Exchange from 2010 to 2013. The data collection method using a purposive sampling method and data used are panel data. The regression used is ordinary least squares regression (OLS) with a fixed-effect model approach and the random effect model. The results showed that board diversity proxied by gender, age, education, and tenure no significant effect on earnings management, whereas the diversity proxy board with tenure significant effect on earnings management. Earnings management using discretionary accruals proxy and use a proxy for board gender diversity, age, minority education, and tenure.

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