64
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Adams, R.B., Gray, S., & Nowland, J. (2011). Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements. Australia. Ahern, K. R., & Dittmar, A.K. (2010) The changing of the boards: The value effect of a massive exogenous shock. Unpublished manuscript. University of Michigan. Carter, D.A., Simkins, B.J. & Simpson, W.G. (2003), Corporate Governance, Board Diversity and Firm Value. The Financial Review, 38. 33-53. Catalyst. (2004). The Bottom Line: Connecting Corporate Performance and Gender Diversity. Catalyst Publication Code D58, New York, 28 p. Davies, E.M. (2011), Women on boards. Department for Business, Innovation and Skills, London. Deloitte. (2011). Women in the Boardroom: A Global Perspective. UK: Deloitte Global Services. Eagly, A., & Karau, S. 2002. Role congruity theory of prejudice toward female leaders. Psychological review, 109, 573-598. ECFIN. Indonesian Capital Market Directory. 2004, 2005, 2006, 2007, 2008, 2009. Jakarta. Erhardt, N. L., Werbel, J.D. & Shrader, C.B.(2003). Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11. 102-110. Farrell, K. A. & Hersch, P.L. (2001). Additions to Corporate Boards: Does Gender Matter?, Lincoln: University of Nebraska. Ghozali, I. 2005. Aplikasi Analisis Multivariate dengan program SPSS. Badan Penerbit Universitas Diponegoro, Semarang. GMI – Governance Metrics International (2011), www.gmiratings.com (8 March, 2011). http://www.idx.co.id/id-id/beranda/perusahaantercatat/laporankeuangandantahunan. aspx Diunduh pada tanggal 15 Mei 2014.
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Jensen, M. and Meckling, W. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, 305–360. Keputusan Menteri (KEPMEN) Badan Usaha Milik Negara Nomor : KEP-117/MMBU/2002 tentang Penerapan Praktek Good Corporate Governance pada Badan Usaha Milik Negara (BUMN). Lukviarman, N. (2004). Ownership Structure and Firm Performance: the case of Indonesia. DBA Thesis. Curtin University of Technology. Priantinah, D., Baswedan, A.R., & Astuti, S. I. (2007). Fenomena Glass Ceiling Pada Wanita Bekerja Dan Faktor-faktor Yang Berperan. Yogyakarta: Lembaga Penelitian Universitas Negeri Yogyakarta. Robinson G. and Dechant K. (1997). Building a Business Case for Diversity. Academy of management Executive, Vol. 11 (3), 21-31. Rosadi, R.I. (2013). Komposisi Dewan Perusahaan dan Kinerja Perusahaan (Studi pada Perusahaan Perusahaan Sub Sektor Ritel, Media dan Asuransi yang terdaftar di Bursa Efek Indonesia). Thesis, Universitas Mercu Buana Stephenson, C. (2004). Leveraging diversity to maximum advantage: the business case for appointing more women to boards. Ivey Business Journal, September-October, 4-9. Syakhroza, A. (2003). Best Practices Corporate Governance dalam Konteks Kondisi Lokal Lokal Perbankan Indonesia. Majalah Usahawan, XXXII (06), 13-20. Syahroza, A. (2005). Corporate Governance: Sejarah dan Perkembangan, Teori, Model dan Sistem Governance serta Aplikasinya pada Perusahaan BUMN, Jakarta: Fakultas Ekonomi Universitas Indonesia. UU Republik Indonesia Nomor 40 Tahun 2007 Tentang Perseroan Terbatas. Van der Walt, N., & Ingley, C. (2003). Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors. Corporate Governance: An International Review, 11(3). 218-234. Warsono, S., Amalia, F., & Rahajeng, D.K. (2009). Corporate Governance : Concept and Model. Yogyakarta: Center for Good Corporate Governance. Wellalage, N.H & Locke, S. (2011). Women on Board, firm financial performance and agency costs. Asian Journal of Business Ethics. 1-15. Yi, A. (2011). Mind the Gap: Half of Asia's boards have no women, a risky position for governance and growth. Singapore: Korn/Ferry Institute.
66
LAMPIRAN
67
Tabel. Penelitian Terdahulu Tentang Hubungan Representasi Wanita di Dewan Perusahaan dengan Kinerja Perusahaan. Peneliti Wellalage, N.H & Locke, S. (2011)
Mentes, S.A. (2011)
Var. Independen Percentage of female Directors on the Boards
Var. Dependen Tobin’s Q
Metode Statistik
Sampel Perusahaan
Regression Analysis
88 Local Public non financial Companies listed on Colombo Stock Exchange (Srilanka)
Board diversity was significantly negative correlated with Tobin’s Q
123 listed companies in Istanbul Stock Exchange (ISE) for the period of 2004-2009
Board diversity was significantly negative correlated with Tobin’s Q
200 US firms for 1992 and 1993
1. Correlation Analysis :
Tobin’s Q Percentage of female board members
Regression Analysis ROA
Shrader, Blackburn dan Iles (1997)
Percentage of female Managers
Return on Sales (Profit Margin)
Correlation Analysis
Percentage of female top Managers
Percentage of female Directors on the Boards
Hierarchical Regression
Percentage of female Directors on the
Return on Sales
Hasil
Board diversity was insignificantly correlated with ROA
Low positive correlation for all performance measures with the percentage of female managers
Low, mostly negative correlation for all performance measure with percentage of female top managers
68
Boards Return on Invested Capital
Low, negative correlation for all performance with percent of female directors on boards
Return on Equity 2.
Hierarchial Regression :
The percentage of female managers was significant and positively related to all of the performance measures
The percentage of female directors on the boards were not significant in any of the regressions
Carter, Simkins dan Simpson (2003)
Percentage of female Directors on the Boards
If female Directors on the Boards, 0 otherwise
Tobin’s Q
OLS
Two stage least squares regression
638 fortune 1000 companies for the year
All diversity measures were significant and positively related to Tobin’s Q
69
Percentage of minority Directors on the Boards
If female Directors on the Board, 0 othewise
Erhardt, Werbel dan Shrader (2003)
Percentage white females plus minority directors on the board
Return on Assets 1993 and 1998
Correlation Analysis
Return on Equity 1993 and 1998
Hierarchical regression
117 firms from the Fortune 1000 for the years 1993 and 1998
Board diversity was significantly positively correlated with ROE in 1998 but not in 1993 and ROA was not correlated with board diversity
Board diversity was positive and significant in both the 1998 ROE and ROA regressions
BOC_RW Rosadi (2013)
ROA BOD_RW
RLB
26 prsh retail, media dan asuransi yg terdaftar di BEI 2006-2011
BOC_RW signifikan negatif thdp ROA
BOD_RW signifikan positif thdp ROA
70
Lampiran 2. Data Variabel Perusahaan Sampel No
Nama Perusahaan
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
PT. Ace Hardware Indonesia, Tbk PT. Alam Sutera Realty, Tbk PT. ANTAM (Persero), Tbk PT. Arwana Citramulia, Tbk PT. Astra Agro Lestari, Tbk PT. Benakat Petroleum Energy, Tbk PT. Bukit Uluwatu Villa, Tbk PT. Bumi Serpong Damai, Tbk
KODE
ACES ASRI ANTM ARNA AALI BIPI BUVA BSDE
Tahun
BOC_RW
BOD_RW
ROA
0,00 0,00 0,00 0,33 0,00 0,00 0,00 0,14 0,00 0,17 0,20 0,00 0,00 0,00 0,13 0,00 0,14 0,00 0,00 0,00 0,00 0,67 0,00 0,00 0,00 0,67 0,00 0,00 0,00 0,13 0,00 0,00 0,00 0,00
0,00 0,25 0,00 0,00 0,00 0,20 0,00 0,20 0,00 0,33 0,00 0,33 0,29 0,00 0,20 0,00 0,00 0,00 0,11 0,00 0,33 0,00 0,00 0,20 0,00 0,25 0,20 0,25 0,67 0,38 0,00 0,00 0,33 0,00
0,15 0,06 0,15 0,09 0,23 -0,02 0,05 0,03 0,34 0,04 0,10 0,13 0,10 0,06 0,08 0,17 0,08 0,23 0,15 0,06 0,09 0,08 0,32 0,18 0,19 0,11 0,51 0,09 0,06 0,11 0,08 0,00 0,18 0,33
PT. Indocement Tunggal Prakarsa, Tbk
INTP
PT. Indofood CBP Sukses Makmur, Tbk
ICBP
PT. Indomobil Sukses International Tbk
IMAS
PT. Indospring, Tbk
INDS
PT. J.A. Wattie, Tbk PT. Jasuindo Tiga Perkasa, Tbk PT. Kalbe Farma, Tbk PT. Malindo Feedmill, Tbk PT. Martina Berto, Tbk PT. Matahari Putra Prima, Tbk PT. Media Nusantara Citra, Tbk PT. Mitra Investindo, Tbk
JAWA JTPE KLBF MAIN MBTO MPPA MNCN MITI
PT. Mitrabahtera Segara Sejati, Tbk
MBSS
PT. Multi Indocitra, Tbk PT. MYOH Technology, Tbk
MICE MYOH
PT. Nippon Indosari Corpindo, Tbk
ROTI
PT. Perusahaan Gas Negara (Persero) Tbk
PGAS
2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010
35
PT. Pioneerindo Gourment International, Tbk
PTSP
2010
0,00
0,25
0,14
36 37 38
PT. Sampoerna Agro, Tbk PT. Selamat Sempurna, Tbk PT. Semen Gresik (Persero) Tbk
SGRO SMSM SMGR
2010 2010 2010
0,00 0,00 0,00
0,00 0,00 0,00
0,16 0,15 0,23
PT. Charoen Pokhpand Indonesia, Tbk
CPIN
PT. Ciputra Development, Tbk
CTRA
PT. Citra Marga Nusaphala Persada, Tbk
CMNP
PT. Ekadharma International, Tbk
EKAD
PT. Elang Mahkota Teknologi, Tbk
EMTK
PT. Exploitasi Energi Indonesia, Tbk
CNKO
PT. Gajah Tunggal, Tbk
GJTL
PT. Hexindo Adiperkasa, Tbk
HEXA
PT. Holcim Indonesia, Tbk
SMCB
71
39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77
PT. Star Pacific PT. Sumber Alfaria Trijaya, Tbk PT. Summarecon Agung, Tbk PT. Total Bangun Persada, Tbk PT. Trada Maritime, Tbk PT. Ace Hardware Indonesia, Tbk PT. Alam Sutera Realty, Tbk PT. ANTAM (Persero), Tbk PT. Arwana Citramulia, Tbk PT. Astra Agro Lestari, Tbk PT. Benakat Petroleum Energy, Tbk PT. Bukit Uluwatu Villa, Tbk PT. Bumi Serpong Damai, Tbk
LPLI AMRT SMRA TOTL TRAM ACES ASRI ANTM ARNA AALI BIPI BUVA BSDE
PT. Indocement Tunggal Prakarsa, Tbk
INTP
PT. Indofood CBP Sukses Makmur, Tbk
ICBP
PT. Indomobil Sukses International Tbk
IMAS
PT. Indospring, Tbk
INDS
PT. J.A. Wattie, Tbk PT. Jasuindo Tiga Perkasa, Tbk PT. Kalbe Farma, Tbk PT. Malindo Feedmill, Tbk PT. Martina Berto, Tbk PT. Matahari Putra Prima, Tbk PT. Media Nusantara Citra, Tbk PT. Mitra Investindo, Tbk
JAWA JTPE KLBF MAIN MBTO MPPA MNCN MITI
PT. Mitrabahtera Segara Sejati, Tbk
MBSS
PT. Multi Indocitra, Tbk PT. MYOH Technology, Tbk
MICE MYOH
PT. Nippon Indosari Corpindo, Tbk
ROTI
PT. Perusahaan Gas Negara (Persero) Tbk
PGAS
2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011
PT. Charoen Pokhpand Indonesia, Tbk
CPIN
78
PT. Pioneerindo Gourment International, Tbk
PTSP
2011
0,33
0,25
0,19
79
PT. Sampoerna Agro, Tbk
SGRO
2011
0,00
0,00
0,16
PT. Ciputra Development, Tbk
CTRA
PT. Citra Marga Nusaphala Persada, Tbk
CMNP
PT. Ekadharma International, Tbk
EKAD
PT. Elang Mahkota Teknologi, Tbk
EMTK
PT. Exploitasi Energi Indonesia, Tbk
CNKO
PT. Gajah Tunggal, Tbk
GJTL
PT. Hexindo Adiperkasa, Tbk
HEXA
PT. Holcim Indonesia, Tbk
SMCB
0,00 0,00 0,20 0,17 0,00 0,00 0,00 0,00 0,33 0,00 0,00 0,00 0,13 0,00 0,17 0,20 0,00 0,00 0,00 0,13 0,00 0,14 0,00 0,00 0,00 0,00 0,67 0,00 0,00 0,00 0,67 0,00 0,00 0,00 0,13 0,00 0,00 0,00 0,00
0,00 0,14 0,29 0,38 0,00 0,25 0,25 0,00 0,00 0,00 0,00 0,00 0,20 0,00 0,33 0,00 0,33 0,29 0,00 0,22 0,00 0,00 0,00 0,13 0,00 0,33 0,00 0,00 0,17 0,00 0,25 0,20 0,25 0,50 0,43 0,00 0,00 0,33 0,00
0,24 0,06 0,04 0,05 0,07 0,19 0,10 0,14 0,11 0,24 -0,02 0,06 0,07 0,27 0,04 0,11 0,11 0,09 0,05 0,06 0,18 0,10 0,22 0,15 0,06 0,11 0,09 0,26 0,18 0,15 0,08 0,01 0,12 0,23 0,12 0,07 -0,01 0,15 0,31
72
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121
PT. Selamat Sempurna, Tbk PT. Semen Gresik (Persero) Tbk PT. Star Pacific PT. Sumber Alfaria Trijaya, Tbk PT. Summarecon Agung, Tbk PT. Total Bangun Persada, Tbk PT. Trada Maritime, Tbk PT. Ace Hardware Indonesia, Tbk PT. Alam Sutera Realty, Tbk PT. ANTAM (Persero), Tbk PT. Arwana Citramulia, Tbk PT. Astra Agro Lestari, Tbk PT. Benakat Petroleum Energy, Tbk PT. Bukit Uluwatu Villa, Tbk PT. Bumi Serpong Damai, Tbk
SMSM SMGR LPLI AMRT SMRA TOTL TRAM ACES ASRI ANTM ARNA AALI BIPI BUVA BSDE
PT. Charoen Pokhpand Indonesia, Tbk
CPIN
PT. Ciputra Development, Tbk
CTRA
PT. Citra Marga Nusaphala Persada, Tbk
CMNP
PT. Ekadharma International, Tbk
EKAD
PT. Elang Mahkota Teknologi, Tbk
EMTK
PT. Exploitasi Energi Indonesia, Tbk
CNKO
PT. Gajah Tunggal, Tbk
GJTL
PT. Hexindo Adiperkasa, Tbk
HEXA
PT. Holcim Indonesia, Tbk
SMCB
PT. Indocement Tunggal Prakarsa, Tbk
INTP
PT. Indofood CBP Sukses Makmur, Tbk
ICBP
PT. Indomobil Sukses International Tbk
IMAS
PT. Indospring, Tbk
INDS
PT. J.A. Wattie, Tbk PT. Jasuindo Tiga Perkasa, Tbk PT. Kalbe Farma, Tbk PT. Malindo Feedmill, Tbk PT. Martina Berto, Tbk PT. Matahari Putra Prima, Tbk PT. Media Nusantara Citra, Tbk PT. Mitra Investindo, Tbk
JAWA JTPE KLBF MAIN MBTO MPPA MNCN MITI
PT. Mitrabahtera Segara Sejati, Tbk
MBSS
PT. Multi Indocitra, Tbk PT. MYOH Technology, Tbk
MICE MYOH
PT. Nippon Indosari Corpindo, Tbk
ROTI
PT. Perusahaan Gas Negara (Persero) Tbk
PGAS
PT. Pioneerindo Gourment International,
PTSP
2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012
0,00 0,00 0,00 0,00 0,25 0,17 0,00 0,00 0,00 0,00 0,33 0,00 0,00 0,00 0,13 0,00 0,40 0,40 0,00 0,00 0,00 0,17 0,00 0,17 0,00 0,00 0,00 0,00 0,67 0,00 0,00 0,00 0,67 0,00 0,00 0,00 0,25 0,00 0,00 0,00 0,00 0,25
0,00 0,00 0,00 0,38 0,29 0,38 0,00 0,25 0,20 0,00 0,00 0,00 0,00 0,00 0,20 0,00 0,25 0,00 0,33 0,60 0,20 0,20 0,00 0,00 0,00 0,11 0,00 0,33 0,00 0,00 0,20 0,00 0,25 0,20 0,25 0,33 0,50 0,00 0,00 0,33 0,00 0,25
0,18 0,20 -0,17 0,07 0,05 0,07 0,06 0,22 0,11 0,17 0,17 0,20 0,00 0,05 0,08 0,22 0,05 0,10 0,13 0,08 0,05 0,09 0,15 0,11 0,23 0,13 0,05 0,08 0,07 0,09 0,18 0,17 0,07 0,03 0,18 0,15 0,11 0,09 0,03 0,12 0,30 0,17
73
Tbk
122 123 124 125 126 127 128 129
PT. Sampoerna Agro, Tbk PT. Selamat Sempurna, Tbk PT. Semen Gresik (Persero) Tbk PT. Star Pacific PT. Sumber Alfaria Trijaya, Tbk PT. Summarecon Agung, Tbk PT. Total Bangun Persada, Tbk PT. Trada Maritime, Tbk
SGRO SMSM SMGR LPLI AMRT SMRA TOTL TRAM
2012 2012 2012 2012 2012 2012 2012 2012
0,00 0,00 0,00 0,00 0,00 0,25 0,17 0,00
0,00 0,00 0,00 0,00 0,38 0,29 0,29 0,25
0,08 0,19 0,18 0,18 0,06 0,07 0,09 -0,09
74
Lampiran 3. Output SPSS versi 21 GET DATA /TYPE=XLSX /FILE='E:\50 prsh\DATA RW ROA 3.xlsx' /SHEET=name 'Sheet1' /CELLRANGE=full /READNAMES=on /ASSUMEDSTRWIDTH=32767. DATASET NAME DataSet1 WINDOW=FRONT. REGRESSION /MISSING LISTWISE /STATISTICS COEFF OUTS R ANOVA COLLIN TOL /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT ROA /METHOD=ENTER BOC_RW BOD_RW /SCATTERPLOT=(*SRESID ,*ZPRED) /RESIDUALS DURBIN NORM(ZRESID) /SAVE RESID.
Regression
[DataSet1]
Variables Entered/Removed
Model 1
Variables
Variables
Entered
Removed
BOD_RW, BOC_RW
b
Method . Enter
a
a. All requested variables entered. b. Dependent Variable: ROA b
Model Summary
Model 1
R .302
R Square a
Adjusted R
Std. Error of the
Square
Estimate
.091
a. Predictors: (Constant), BOD_RW, BOC_RW b. Dependent Variable: ROA
.077
.0748765
Durbin-Watson 1.761
75
b
ANOVA Model 1
Sum of Squares
df
Mean Square
F
Regression
.070
2
.035
Residual
.695
124
.006
Total
.765
126
Sig.
6.224
.003
a
a. Predictors: (Constant), BOD_RW, BOC_RW b. Dependent Variable: ROA
Coefficients
Model 1
Unstandardized
Standardized
Coefficients
Coefficients
B
Std. Error
(Constant)
.144
.009
BOC_RW
-.085
.041
BOD_RW
-.113
.042
a
Collinearity Statistics
Beta
t
Sig.
Tolerance
15.610
.000
-.179
-2.079
.040
.994
1.006
-.231
-2.687
.008
.994
1.006
a. Dependent Variable: ROA
Collinearity Diagnostics
a
Variance Proportions
Dimensi Eigenvalue
Model
on
1
1
1.964
1.000
.11
.10
.10
2
.699
1.677
.04
.84
.18
3
.337
2.414
.86
.06
.71
a. Dependent Variable: ROA
Condition Index
VIF
(Constant)
BOC_RW
BOD_RW
76
Residuals Statistics Minimum Predicted Value Std. Predicted Value Standard Error of Predicted Value Adjusted Predicted Value Residual
Maximum
a
Mean
Std. Deviation
N
.058565
.143577
.121457
.0235351
127
-2.672
.940
.000
1.000
127
.007
.026
.011
.004
127
.051546
.146022
.121318
.0238721
127
.0742798
127
-
-
2.0682584E
.1964227 2.8411219
-1
E-18
Std. Residual
-2.762
2.623
.000
.992
127
Stud. Residual
-2.782
2.643
.001
1.001
127
.1994322
.0001397
.0755930
127
-2.862
2.710
.002
1.010
127
Mahal. Distance
.222
14.241
1.984
3.020
127
Cook's Distance
.000
.074
.006
.010
127
Centered Leverage Value
.002
.113
.016
.024
127
Deleted Residual
2.0981094E -1
Stud. Deleted Residual
a. Dependent Variable: ROA
Charts
77
NPAR TESTS /K-S(NORMAL)=RES_1 /MISSING ANALYSIS.
NPar Tests [DataSet1] One-Sample Kolmogorov-Smirnov Test Unstandardized Residual N Normal Parameters
127 a
Mean Std. Deviation
Most Extreme Differences
.0000000 .07427983
Absolute
.045
Positive
.045
Negative
-.032
Kolmogorov-Smirnov Z
.505
Asymp. Sig. (2-tailed)
.961
a. Test distribution is Normal.
78
NPAR TESTS /RUNS(MEDIAN)=RES_1 /MISSING ANALYSIS.
NPar Tests [DataSet1]
Runs Test Unstandardized Residual a
Test Value
-.00298
Cases < Test Value
63
Cases >= Test Value
64
Total Cases Number of Runs Z Asymp. Sig. (2-tailed) a. Median
127 60 -.801 .423
