Do gender diversity and foreign investor affect sustainability disclosure

IF 4.8 Q1 BUSINESS Business Strategy and Development Pub Date : 2024-10-16 DOI:10.1002/bsd2.70024
Jahja Hamdani Widjaja, Joni Joni, Naomi Fani Riyanto
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Abstract

We examine the effect of female board members and foreign institutional investors on corporate social responsibility (sustainability) disclosure in Indonesian listed firms from 2015 to 2017. Our final sample comprised 1192 firm-year observations. We apply ordinary least squares pool regression to estimate the associations and address the endogeneity problem using the two-stage least squares model, generalized method of moments, and lagged variables. While previous studies have focused on the impact of female board members and foreign institutional investors on financial outcomes, we extend the literature by investigating the association between both female board members and foreign investors and sustainable disclosure in Indonesia, where the participation of women is nominal, especially at the top management level, and the level of foreign ownership is high. Our findings propose a proportion of women as board members for listed firms and promote attractive policies to increase the number of foreign investors investing in Indonesia. It also contributes to conflicting results regarding the relationship between corporate governance and corporate social responsibility (CSR) commitment. Our results were robust after testing for endogeneity and adding more control variables. Overall, the findings have practical implications for policymakers and investors regarding corporate disclosure and governance in Indonesia.

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性别多样性和外国投资者是否影响可持续发展信息披露
我们研究了 2015 年至 2017 年印尼上市公司中女性董事会成员和外国机构投资者对企业社会责任(可持续性)披露的影响。我们的最终样本包括 1192 个公司年度观测值。我们采用普通最小二乘法集合回归来估计相关性,并使用两阶段最小二乘法模型、广义矩法和滞后变量来解决内生性问题。以往的研究主要关注女性董事会成员和外国机构投资者对财务结果的影响,而在印尼,女性的参与只是名义上的,尤其是在高层管理层面,而且外资所有权水平很高,因此我们通过调查女性董事会成员和外国投资者与可持续信息披露之间的关联来扩展相关文献。我们的研究结果提出了女性在上市公司董事会成员中所占的比例,并提倡采取有吸引力的政策来增加在印尼投资的外国投资者数量。这也有助于解释公司治理与企业社会责任(CSR)承诺之间关系的矛盾结果。在检验了内生性并添加了更多控制变量后,我们的结果是稳健的。总之,研究结果对印尼企业信息披露和治理方面的政策制定者和投资者具有实际意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
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