Pengaruh Keberagaman Gender dan Pengungkapan Risiko Terhadap Efisiensi Investasi

https://doi.org/10.35912/gaar.v1i1.1484
Published: Nov 1, 2022

Abstract:

Purpose: This study aims to empirically examine the effect of gender diversity and risk disclosure on investment.

Research Methodology: The population in this study are companies listed on the Jakarta Islamic Index 70 (JII 70) during the 2018-2020 research period which has a population of 41 companies using annual financial reports and annual reports in a row for 3 years so that the sample used is 123 sample data. This research was conducted using descriptive statistics and multiple linear regression with a 95% confidence level with secondary data collection methods and purposive sampling using the SPSS version 25 measurement program.

Result: The test results and discussion prove that the independent variable Risk Disclosure has an influence on investment efficiency. The independent variable Gender Diversity has no effect on Investment Efficiency.

Limitation: The limitations of the study were that there were only 2 X variables and only examined companies listed in JII 70.

Contribution: Provides the benefit of knowledge about how the influence of gender diversity and risk disclosure can affect investment efficiency.

Keywords:
1. Overinvestment
2. Underinvestment
3. Gender Diversity
4. Risk Disclosure
5. Investment Efficiency
Authors:
1 . Jaka Darmawan
2 . Haris Roba’in
View PDF
How to Cite
Darmawan, J., & Roba’in, H. (2022). Pengaruh Keberagaman Gender dan Pengungkapan Risiko Terhadap Efisiensi Investasi. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 29–47. https://doi.org/10.35912/gaar.v1i1.1484
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 1 No. 1 (2022): November
Articles
References

    Abraham, S., & Cox, P. (2007). Analysing the determinants of narrative risk information in UK FTSE 100 annual reports. British Accounting Review, 39(3), 227–248. https://doi.org/10.1016/j.bar.2007.06.002.

    Abraham, S., & Shrives, P. J. (2014). Improving the relevance of risk factor disclosure in corporate annual reports. British Accounting Review, 46(1), 91–107. https://doi.org/10.1016/j.bar.2013.10.002.

    Achmad, T., Faisal, F., & Oktarina, M. (2017). Factors influencing voluntary corporate risk disclosure practices by Indonesian companies. Corporate Ownership and Control, 14(3), 286–292. https://doi.org/10.22495/cocv14i3c2art2.

    Al-Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Monzur Hasan, M. (2017). Corporate social responsibility performance, financial distress and firm life cycle: evidence from Australia. Accounting and Finance, 59(2), 961–989. https://doi.org/10.1111/acfi.12277.

    Al’Alam, M. P. A., & Firmansyah, A. (2019). The effect of financial reporting quality, debt maturity, political connection, and corporate governance on investment efficiency: Evidence from Indonesia. International Journal of Innovation, Creativity and Change, 7(6), 39–56.

    Amran, A., Manaf Rosli Bin, A., & Che Haat Mohd Hassan, B. (2009). Risk reporting: An exploratory study on risk management disclosure in Malaysian annual reports. Managerial Auditing Journal, 24(1), 39–57. https://doi.org/10.1108/02686900910919893.

    Arbain, J., Azizah, N., & Sari, I. N. (2017). PEMIKIRAN GENDER MENURUT PARA AHLI: Telaah atas Pemikiran Amina Wadud Muhsin, Asghar Ali Engineer, dan Mansour Fakih. Sawwa: Jurnal Studi Gender, 11(1), 75. https://doi.org/10.21580/sa.v11i1.1447.

    Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001.

    Borghans, L., Golsteyn, B. H. H., Heckman, J. J., & Meijers, H. (2009). Gender differences in risk aversion and ambiguity aversion. Journal of the European Economic Association, 7(2–3), 649–658. https://doi.org/10.1162/JEEA.2009.7.2-3.649.

    Chen, F., Hope, O. K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review, 86(4), 1255–1288. https://doi.org/10.2308/accr-10040.

    Damayanti, E., Larasati, R. D., & Kharis Fadlullah Hana. (2020). Reaksi Pasar Modal Indonesia Terhadap Pengumuman. Jurnal Ekonomi Dan Manajemen, 1(3), 1–5.

    Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008.

    Falendro, A., Faisal, F., & Ghozali, I. (2018). Karakteristik Dewan Komisaris, Komite Dan Pengungkapan Risiko Perusahaan. Jurnal Reviu Akuntansi Dan Keuangan, 8(2), 115. https://doi.org/10.22219/jrak.v8i2.31.

    Ghozali, I. (2011). Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang?: Badan Penerbit Universitas Diponegoro.

    Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang?: Badan Penerbit Universitas Diponegoro.

    Gordini, N. (2017). Management Research Review Article information?: Gender diversity in the Italian boardroom and firm financial performan. Management Research Review, 40, 1–34.

    Gusmawan, F., & Novita, N. (2017). Kualitas pelaporan keuangan, diversitas manajerial dan efisiensi investasi. Jurnal Ekonomi, Manajemen Dan Perbankan, 3(2), 56–66.

    Hillman, A. J., Cannella, A. A., & Harris, I. C. (2002). Women and racial monorities in the boardroom: how do they differ? Journal of Management, 28(6), 747–763.

    Huang, S. K. (2013). The impact of CEO characteristics on corporate sustainable development. Corporate Social Responsibility and Environmental Management, 20(4), 234–244. https://doi.org/10.1002/csr.1295.

    Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate Governance: Values, Ethics and Leadership, 77–132. https://doi.org/10.2139/ssrn.94043.

    Jogiyanto, H. (2010). Teori Portofolio dan Analisis Investasi (Ketujuh). Yogyakarta?: BPFE.

    Kristono, Zulbahidar, & Azhar, A. (2016). Pengaruh struktur kepemilikan, struktur modal dan ukuran perusahaan terhadap risk management disclodure pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. 4(1), 1–23.

    Kurniawan, B. (2020). Pengaruh Pengungkapan Manajemen Risiko Terhadap Asimetris Informasi Dengan Kualitas Audit Dan Fungsi Internal Audit Sebagai Variabel Pemoderasi. Jurnal Akuntansi Bisnis, 13(1), 11–21. https://doi.org/10.30813/jab.v13i1.1960.

    Li, Y., He, J., & Xiao, M. (2018). Risk disclosure in annual reports and corporate investment efficiency. International Review of Economics and Finance, 63(1970), 138–151. https://doi.org/10.1016/j.iref.2018.08.021.

    Mahbubi, J. (2016). Gender CEO Dan Keputusan Keuangan Perushaaan Di Indonesia. Doctoral Dissertation UNAIR. http://repository.unair.ac.id/52808/.

    Miihkinen, A. (2013). The usefulness of firm risk disclosures under different firm riskiness, investor-interest, and market conditions: New evidence from Finland. Advances in Accounting, 29(2), 312–331. https://doi.org/10.1016/j.adiac.2013.09.006.

    Millah, S. (2020). Strategi Investasi di Tengah Pandemi Virus Corona. Bisnis.Com. https://finansial.bisnis.com/read/20200329/55/1219348/strategi-investasi-di-tengah- pandemi-virus-corona.

    Nathaniel, A. S., & Butar, S. (2019). Determinan Efisiensi Investasi Perusahaan Publik di Indonesia. 17(1), 1–201.

    Olechowski, A., Oehmen, J., Seering, W., & Ben-Daya, M. (2016). The professionalization of risk management: What role can the ISO 31000 risk management principles play? International Journal of Project Management, 34(8), 1568–1578. https://doi.org/10.1016/j.ijproman.2016.08.002.

    Otoritas, J. K. (2020). Kolaborasi Membangun Optimisme dan Akselerasi Pertumbuhan Berkelanjutan. Laporan Tahunan 2019.

    Putra, G. D., & Damayanthi, I. G. A. E. (2019). Pengaruh Kualitas Laporan Keuangan Terhadap Efisiensi Investasi. E-Jurnal Akuntansi, 28(2), 828. https://doi.org/10.24843/eja.2019.v28.i02.p02.

    Rahajeng, K. (2021). Sejumlah alasan untuk hijrah ke pasar modal syariah. CNBC Indonesia. https://www.cnbcindonesia.com/market/20210623201025-17- 255471/sejumlah-alasan-untuk-hijrah-ke-pasar-modal-syariah.

    Ramadhani, Z. I, & Adhariani, D. (2015). Pengaruh Keberagaman Gender Terhadap Kinerja Keuangan Perusahaan dan Efisiensi Investasi. Simposium Nasional Akuntansi XVIII, 21(1), 1–20.

    Ramadhani, Zhafarina Isti, & Adhariani, D. (2017). Semakin Beragam Semakin Baik? Isu Keberagaman Gender, Keuangan, Dan Investasi Perusahaan. Jurnal Keuangan Dan Perbankan, 21(1), 1–13. https://doi.org/10.26905/jkdp.v21i1.1222.

    Rastad, M., & Dobson, J. (2020). Gender diversity on corporate boards: Evaluating the effectiveness of shareholder activism. Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2020.09.007.

    Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2–3), 159–189. https://doi.org/10.1007/s11142-006-9012-1.

    Sari, N. K. A. P., & Budiasih, I. G. A. N. (2016). Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Free Cash Flow Dan Profitabilitas Pada Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana, 15(3), 2439–2466.

    Sari, N., Suaryana, I. G. N. A., & Indah, L. (2014). Pengaruh Kualitas Laporan Keuangan pada Efisiensi Investasi Perusahaan Pertambangan. E-Jurnal Akuntansi Universitas Udayana, 3(8), 524–537.

    Sawitri, H. S. R., Untoro, W., & Trinugroho, I. (2016). Women in Top Management and Bank Performance: Evidence from Indonesia. Indonesian Capital Market Review, 8(1), 23–31. https://doi.org/10.21002/icmr.v8i1.5537.

    ?ener, ?., & Karaye, A. B. (2014). Board Composition and Gender Diversity: Comparison of Turkish and Nigerian Listed Companies. Procedia - Social and Behavioral Sciences, 150, 1002–1011. https://doi.org/10.1016/j.sbspro.2014.09.112.

    Sugiyono. (2015). Metode Penelitian Kombinasi (Mix Methods). Bandung?: Alvabeta, CV.

    Sulistyanto, S. (2018). Manajemen laba?: teori dan model empiris. In PT. Grasindo (Vol.2).

    Syaifurakhman, B., & Laksito, H. (2016). Faktor-Faktor Yang Mempengaruhi Pengungkapan Risiko (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014). Diponegoro Journal of Accounting, 5(4), 1– 12.

    van den Oever, K., & Beerens, B. (2021). Does task-related conflict mediate the board gender diversity–organizational performance relationship? European Management Journal, 39(4), 445–455. https://doi.org/10.1016/j.emj.2020.09.008.

    Wardhana, A. A., & Cahyonowati, N. (2013). PENGARUH KARAKTERISKTIK PERUSAHAAN TERHADAP TINGKAT PENGUNGKAPAN RISIKO (Studi Empiris pada Perusahaan Nonkeuangan yang Terdaftar di Bursa Efek Indonesia). Diponegoro Journal of Accounting, 2(3), 1–14.

    Zuhroh, D., & Sukmawati, I. P. P. H. (2003). Analisis pengaruh luas pengungkapan sosial dalam laporan tahunan perusahaan terhadap reaksi investor.

  1. Abraham, S., & Cox, P. (2007). Analysing the determinants of narrative risk information in UK FTSE 100 annual reports. British Accounting Review, 39(3), 227–248. https://doi.org/10.1016/j.bar.2007.06.002.
  2. Abraham, S., & Shrives, P. J. (2014). Improving the relevance of risk factor disclosure in corporate annual reports. British Accounting Review, 46(1), 91–107. https://doi.org/10.1016/j.bar.2013.10.002.
  3. Achmad, T., Faisal, F., & Oktarina, M. (2017). Factors influencing voluntary corporate risk disclosure practices by Indonesian companies. Corporate Ownership and Control, 14(3), 286–292. https://doi.org/10.22495/cocv14i3c2art2.
  4. Al-Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Monzur Hasan, M. (2017). Corporate social responsibility performance, financial distress and firm life cycle: evidence from Australia. Accounting and Finance, 59(2), 961–989. https://doi.org/10.1111/acfi.12277.
  5. Al’Alam, M. P. A., & Firmansyah, A. (2019). The effect of financial reporting quality, debt maturity, political connection, and corporate governance on investment efficiency: Evidence from Indonesia. International Journal of Innovation, Creativity and Change, 7(6), 39–56.
  6. Amran, A., Manaf Rosli Bin, A., & Che Haat Mohd Hassan, B. (2009). Risk reporting: An exploratory study on risk management disclosure in Malaysian annual reports. Managerial Auditing Journal, 24(1), 39–57. https://doi.org/10.1108/02686900910919893.
  7. Arbain, J., Azizah, N., & Sari, I. N. (2017). PEMIKIRAN GENDER MENURUT PARA AHLI: Telaah atas Pemikiran Amina Wadud Muhsin, Asghar Ali Engineer, dan Mansour Fakih. Sawwa: Jurnal Studi Gender, 11(1), 75. https://doi.org/10.21580/sa.v11i1.1447.
  8. Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001.
  9. Borghans, L., Golsteyn, B. H. H., Heckman, J. J., & Meijers, H. (2009). Gender differences in risk aversion and ambiguity aversion. Journal of the European Economic Association, 7(2–3), 649–658. https://doi.org/10.1162/JEEA.2009.7.2-3.649.
  10. Chen, F., Hope, O. K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review, 86(4), 1255–1288. https://doi.org/10.2308/accr-10040.
  11. Damayanti, E., Larasati, R. D., & Kharis Fadlullah Hana. (2020). Reaksi Pasar Modal Indonesia Terhadap Pengumuman. Jurnal Ekonomi Dan Manajemen, 1(3), 1–5.
  12. Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008.
  13. Falendro, A., Faisal, F., & Ghozali, I. (2018). Karakteristik Dewan Komisaris, Komite Dan Pengungkapan Risiko Perusahaan. Jurnal Reviu Akuntansi Dan Keuangan, 8(2), 115. https://doi.org/10.22219/jrak.v8i2.31.
  14. Ghozali, I. (2011). Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang?: Badan Penerbit Universitas Diponegoro.
  15. Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang?: Badan Penerbit Universitas Diponegoro.
  16. Gordini, N. (2017). Management Research Review Article information?: Gender diversity in the Italian boardroom and firm financial performan. Management Research Review, 40, 1–34.
  17. Gusmawan, F., & Novita, N. (2017). Kualitas pelaporan keuangan, diversitas manajerial dan efisiensi investasi. Jurnal Ekonomi, Manajemen Dan Perbankan, 3(2), 56–66.
  18. Hillman, A. J., Cannella, A. A., & Harris, I. C. (2002). Women and racial monorities in the boardroom: how do they differ? Journal of Management, 28(6), 747–763.
  19. Huang, S. K. (2013). The impact of CEO characteristics on corporate sustainable development. Corporate Social Responsibility and Environmental Management, 20(4), 234–244. https://doi.org/10.1002/csr.1295.
  20. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate Governance: Values, Ethics and Leadership, 77–132. https://doi.org/10.2139/ssrn.94043.
  21. Jogiyanto, H. (2010). Teori Portofolio dan Analisis Investasi (Ketujuh). Yogyakarta?: BPFE.
  22. Kristono, Zulbahidar, & Azhar, A. (2016). Pengaruh struktur kepemilikan, struktur modal dan ukuran perusahaan terhadap risk management disclodure pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. 4(1), 1–23.
  23. Kurniawan, B. (2020). Pengaruh Pengungkapan Manajemen Risiko Terhadap Asimetris Informasi Dengan Kualitas Audit Dan Fungsi Internal Audit Sebagai Variabel Pemoderasi. Jurnal Akuntansi Bisnis, 13(1), 11–21. https://doi.org/10.30813/jab.v13i1.1960.
  24. Li, Y., He, J., & Xiao, M. (2018). Risk disclosure in annual reports and corporate investment efficiency. International Review of Economics and Finance, 63(1970), 138–151. https://doi.org/10.1016/j.iref.2018.08.021.
  25. Mahbubi, J. (2016). Gender CEO Dan Keputusan Keuangan Perushaaan Di Indonesia. Doctoral Dissertation UNAIR. http://repository.unair.ac.id/52808/.
  26. Miihkinen, A. (2013). The usefulness of firm risk disclosures under different firm riskiness, investor-interest, and market conditions: New evidence from Finland. Advances in Accounting, 29(2), 312–331. https://doi.org/10.1016/j.adiac.2013.09.006.
  27. Millah, S. (2020). Strategi Investasi di Tengah Pandemi Virus Corona. Bisnis.Com. https://finansial.bisnis.com/read/20200329/55/1219348/strategi-investasi-di-tengah- pandemi-virus-corona.
  28. Nathaniel, A. S., & Butar, S. (2019). Determinan Efisiensi Investasi Perusahaan Publik di Indonesia. 17(1), 1–201.
  29. Olechowski, A., Oehmen, J., Seering, W., & Ben-Daya, M. (2016). The professionalization of risk management: What role can the ISO 31000 risk management principles play? International Journal of Project Management, 34(8), 1568–1578. https://doi.org/10.1016/j.ijproman.2016.08.002.
  30. Otoritas, J. K. (2020). Kolaborasi Membangun Optimisme dan Akselerasi Pertumbuhan Berkelanjutan. Laporan Tahunan 2019.
  31. Putra, G. D., & Damayanthi, I. G. A. E. (2019). Pengaruh Kualitas Laporan Keuangan Terhadap Efisiensi Investasi. E-Jurnal Akuntansi, 28(2), 828. https://doi.org/10.24843/eja.2019.v28.i02.p02.
  32. Rahajeng, K. (2021). Sejumlah alasan untuk hijrah ke pasar modal syariah. CNBC Indonesia. https://www.cnbcindonesia.com/market/20210623201025-17- 255471/sejumlah-alasan-untuk-hijrah-ke-pasar-modal-syariah.
  33. Ramadhani, Z. I, & Adhariani, D. (2015). Pengaruh Keberagaman Gender Terhadap Kinerja Keuangan Perusahaan dan Efisiensi Investasi. Simposium Nasional Akuntansi XVIII, 21(1), 1–20.
  34. Ramadhani, Zhafarina Isti, & Adhariani, D. (2017). Semakin Beragam Semakin Baik? Isu Keberagaman Gender, Keuangan, Dan Investasi Perusahaan. Jurnal Keuangan Dan Perbankan, 21(1), 1–13. https://doi.org/10.26905/jkdp.v21i1.1222.
  35. Rastad, M., & Dobson, J. (2020). Gender diversity on corporate boards: Evaluating the effectiveness of shareholder activism. Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2020.09.007.
  36. Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2–3), 159–189. https://doi.org/10.1007/s11142-006-9012-1.
  37. Sari, N. K. A. P., & Budiasih, I. G. A. N. (2016). Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Free Cash Flow Dan Profitabilitas Pada Kebijakan Dividen. E-Jurnal Akuntansi Universitas Udayana, 15(3), 2439–2466.
  38. Sari, N., Suaryana, I. G. N. A., & Indah, L. (2014). Pengaruh Kualitas Laporan Keuangan pada Efisiensi Investasi Perusahaan Pertambangan. E-Jurnal Akuntansi Universitas Udayana, 3(8), 524–537.
  39. Sawitri, H. S. R., Untoro, W., & Trinugroho, I. (2016). Women in Top Management and Bank Performance: Evidence from Indonesia. Indonesian Capital Market Review, 8(1), 23–31. https://doi.org/10.21002/icmr.v8i1.5537.
  40. ?ener, ?., & Karaye, A. B. (2014). Board Composition and Gender Diversity: Comparison of Turkish and Nigerian Listed Companies. Procedia - Social and Behavioral Sciences, 150, 1002–1011. https://doi.org/10.1016/j.sbspro.2014.09.112.
  41. Sugiyono. (2015). Metode Penelitian Kombinasi (Mix Methods). Bandung?: Alvabeta, CV.
  42. Sulistyanto, S. (2018). Manajemen laba?: teori dan model empiris. In PT. Grasindo (Vol.2).
  43. Syaifurakhman, B., & Laksito, H. (2016). Faktor-Faktor Yang Mempengaruhi Pengungkapan Risiko (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014). Diponegoro Journal of Accounting, 5(4), 1– 12.
  44. van den Oever, K., & Beerens, B. (2021). Does task-related conflict mediate the board gender diversity–organizational performance relationship? European Management Journal, 39(4), 445–455. https://doi.org/10.1016/j.emj.2020.09.008.
  45. Wardhana, A. A., & Cahyonowati, N. (2013). PENGARUH KARAKTERISKTIK PERUSAHAAN TERHADAP TINGKAT PENGUNGKAPAN RISIKO (Studi Empiris pada Perusahaan Nonkeuangan yang Terdaftar di Bursa Efek Indonesia). Diponegoro Journal of Accounting, 2(3), 1–14.
  46. Zuhroh, D., & Sukmawati, I. P. P. H. (2003). Analisis pengaruh luas pengungkapan sosial dalam laporan tahunan perusahaan terhadap reaksi investor.