Keberagaman Gender Dewan, Capital Intensity, dan Financial Distress pada Sektor Manufaktur dan Ritel Indonesia

Evelyn Hariadi; Cliff Kohardinata

doi:10.47709/jebma.v6i2.9129

Authors

Evelyn Hariadi Universitas Ciputra Surabaya
Cliff Kohardinata Universitas Ciputra

DOI:

https://doi.org/10.47709/jebma.v6i2.9129

Keywords:

CAPITAL INTENSITY, DIREKSI PEREMPUAN, FINANCIAL DISTRESS, KEBERAGAMAN GENDER, PROSPECT THEORY

Abstract

Penelitian ini menganalisis pengaruh keberagaman gender dalam dewan direksi dan komisaris terhadap financial distress melalui mediasi capital intensity pada 18 perusahaan manufaktur dan ritel yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021-2024. Berlandaskan prospect theory, perempuan dalam dewan cenderung bersifat risk-averse sehingga mendorong kebijakan investasi yang lebih konservatif. Penelitian ini menggunakan analisis regresi linier berganda dan uji Sobel untuk melakukan uji mediasi. Hasil penelitian menunjukkan bahwa proporsi direksi perempuan berpengaruh negatif dan signifikan terhadap capital intensity (? = -1,126; t = -3,039; p < 0,01), yang mengindikasikan kecenderungan direksi perempuan untuk menghindari keputusan investasi yang berisiko tinggi sebagaimana diprediksi prospect theory. Pada model tanpa mediator, proporsi direksi perempuan menunjukkan koefisien positif terhadap financial distress (? = 0,159), namun pengaruh tersebut tidak signifikan pada taraf 5%. Setelah capital intensity dimasukkan sebagai mediator, pengaruh proporsi direksi perempuan tetap tidak signifikan (? = 0,148; t = 1,564). Selain itu, capital intensity juga tidak berpengaruh terhadap financial distress (? = -0,009; t = -0,287) dan tidak memediasi hubungan antara proporsi direksi perempuan dan financial distress (Sobel z = -1,391; p = 0,164). Temuan ini menegaskan bahwa pengaruh gender diversity bekerja melalui mekanisme tata kelola yang lebih kompleks, kemungkinan melalui kebijakan leverage dan struktur modal, sebagaimana ditunjukkan oleh dominasi DAR sebagai prediktor financial distress (t = -3,084; p < 0,01). Implikasi praktis: perusahaan dan regulator perlu memadukan keberagaman gender dengan penguatan mekanisme independensi dewan dan insentif kinerja jangka panjang agar keberagaman dewan dapat berkontribusi optimal terhadap ketahanan keuangan perusahaan.

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