APAKAH DIVERSITAS GENDER MEMENGARUHI STRUKTUR MODAL? BUKTI EMPIRIS DI INDONESIA

Abstract

The purpose of this study was to know the effect of gender diversity on capital structure. Gender diversity was measured with the existence and proportion of female directors in a firm. The capital structure was measured with debt to asset ratio (DAR) and debt to equity ratio (DER). The samples of this study were 78 firms (384 observations) listed in Index Kompas100 between 2011 and 2015. Controlling for firm size, profitability and firm growth, the results showed that the existence of female on board of directors had positive and significant effect on debt to asset ratio, female proportion on board of directors had no significant effect on debt to asset ratio, the existence of female on board of directors had no significant effect on debt to equity ratio, and female proportion on board of directors had no significant effect on debt to equity ratio. This implied that in general gender diversity did not have an impact on financing decision. It could be that females were appointed as directors because of family relationship or just a policy made by the firm.