KEBERAGAMAN GENDER DEWAN DIREKSI, IPO UNDERPRICING DAN KINERJA JANGKA PANJANG IPO DI INDONESIA

DIANA RIYANA HARJAYANTI, . (2024) KEBERAGAMAN GENDER DEWAN DIREKSI, IPO UNDERPRICING DAN KINERJA JANGKA PANJANG IPO DI INDONESIA. Doktor thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

This study examines the effect of board gender diversity on IPO underpricing in initial public offerings (IPO) in Indonesia, with CEO ownership as a moderating variable. Furthermore, this study measures the long-term performance of companies conducting IPOs in Indonesia over a period of 6-36 months using CARs and BHARs. This study also expands by examining gender diversity, IPO underpricing, board size, firm size, firm age, and IPO proceeds, all of which have been theoretically and empirically proven to influence long-term IPO performance. The sample used is 445 IPO companies listed on the Indonesia Stock Exchange from 2010 to 2022. In the first model, to examine other factors that can strengthen the influence of gender diversity on IPO underpricing, CEO ownership is used as a moderating variable. The second model examines whether IPO underperform or overperform in the long term using CARs and BHARs. The third model examines the effect of gender diversity, IPO underpricing, board size, firm size, firm age, and IPO proceeds on IPOs' long term performance. The analysis uses moderated multiple linear regression. Robustness tests consistent with the main analysis. The finding novelty in this research the presence and number of female executives on the board of directors are significantly and negatively related to IPO underpricing. CEO ownership is shown to moderate the relationship between board gender diversity and IPO underpricing and also has a significant negative effect on long-term IPO performance. These results differ from previous studies that used firm characteristics and financial indicators to measure IPO underpricing and long-term IPO performance. This research recommends the implementation of the presence of female executives, in addition to fulfilling the requirement for gender diversity on the board of directors, should be sufficient to represent percentage of the total directors in the board structure as an indicator of proportional diversity. Regulations need that require diversity in board structures, it is hoped that it will encourage companies to be more responsive in determining the minimum quota of female executives on the board of directors. CEO ownership can reduce the influence of gender diversity in lower IPO underpricing because when the CEO owns a significant number of shares, the company owner will consider the interests of the company and external investors. Keywords: Gender Diversity, IPO Underpricing, CEO Ownership, IPO Long-Term Performance, Indonesia ****************************************************************************************************************************************************** Penelitian ini untuk meneliti keberagaman gender dewan direksi terhadap IPO underpricing pada penawaran umum perdana (IPO) di Indonesia dengan kepemilikan CEO sebagai variabel moderasi. Selain itu penelitian ini juga mengukur kinerja jangka panjang perusahaan yang melakukan IPO di Indonesia 6-36 bulan dengan menggunakan metode CARs dan BHARs. Penelitian ini juga dikembangkan dengan meneliti keberagaman gender, IPO underpricing, board size, firm size, firm age, IPO proceeds, dimana secara teori dan empiris telah terbukti mempengaruhi kinerja jangka panjang IPO. Sampel yang digunakan adalah 445 perusahaan IPO yang terdaftar di bursa efek Indonesia dari tahun 2010 hingga 2022. Pada model pertama untuk melihat faktor lain yang dapat memperkuat pengaruh keberagaman gender terhadap IPO underpricing maka digunakan CEO ownership sebagai variabel moderating. Model kedua meneliti apakah kinerja jangka panjang IPO underperformed atau overperformed dengan menggunakan metode CARs dan BHARs. Model ketiga meneliti pengaruh keberagaman gender, IPO underpricing, board size, firm size, firm age, IPO proceeds terhadap kinerja jangka panjang IPO. Analisis menggunakan regresi linier berganda yang dimoderasi. Hasil uji ketahanan konsisten dengan analisis utama. Temuan yang menjadi novelty dalam penelitian ini adalah kehadiran dan jumlah eksekutif perempuan dalam dewan direksi secara signifikan dan negatif berhubungan dengan underpricing IPO dan juga terhadap kinerja jangka panjang IPO. CEO ownership terbukti memoderasi hubungan keberagaman gender dewan direksi terhadap IPO underpricing. Hasil ini berbeda dengan penelitian sebelumnya yang menggunakan variabel karakteristik perusahaan dan indikator keuangan untuk mengukur IPO underpricing dan kinerja jangka panjang IPO. Sehingga penelitian ini merekomendasi penerapan kehadiran eksekutif perempuan selain memenuhi syarat adanya keberagaman gender dewan direksi sebaiknya jumlahnya harus cukup mewakili persentase terhadap total direksi dalam struktur dewan sebagai indikator keberagaman yang proporsional. Perlu adanya regulasi yang mewajibkan keberagaman dalam struktur dewan, diharapkan dapat mendorong perusahaan untuk lebih responsive dalam penetapan jumlah kuota minimal eksekutif perempuan dalam dewan direksi. Kepemilikan CEO dapat mengurangi pengaruh keberagaman gender dalam menurunkan IPO underpricing karena ketika CEO memiliki saham dalam jumlah signifikan maka pemilik perusahaan akan mempertimbangkan kepentingan perusahaan dan eksternal investor. Kata Kunci: Keberagaman Gender, IPO Underpricing, CEO Ownership, Kinerja Jangka Panjang IPO, Indonesia

Item Type:	Thesis (Doktor)
Additional Information:	1) Prof. Dr. Suherman, M.Si. 2) Prof. Dr. Gatot Nazir Ahmad, M.Si.
Subjects:	Manajemen > Manajemen , Business Manajemen > Manajemen Kantor, Organisasi
Divisions:	PASCASARJANA > S3 Ilmu Manajemen
Depositing User:	Diana Riyana Harjayanti .
Date Deposited:	07 Aug 2025 08:14
Last Modified:	07 Aug 2025 08:14
URI:	http://repository.unj.ac.id/id/eprint/57845

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