Women on the Executive Board and Woman CEO: Indonesia's Financial Firm

摘要

The goal of this research is to understand the role of women on the executive board's participation as a vital factor in a firm and the roles and struggles of women CEOs as the highest decision-maker in a firm that influence the performance of financial firms in Indonesia. In this research, the sample comprises 64 financial firms listed in Indonesia Stock Exchange (IDX) FactBook within the observation years (2015-2018). Weighted Least Square (WLS) is the statistical approach used in testing our hypotheses. Some of our research findings are: Women on the executive board's participation significantly improve the performance of financial firms or increase firm value, while the contribution of women CEOs is seen as reducing the firm value. It is hoped that the result of this research can contribute to the readers by giving a new insight about the importance of women on the executive board' participation and the role of women CEO to the firm performance or firm value, especially in financial firms in Indonesia which have very minimum participation of women on the executive board at this time.