IJFAM

Article Details

Vol. 7 No. 4 (2026): March

Independent Board of Commissioners, Gender Diversity, and Corporate Social Responsibility Disclosure: Evidence from Indonesia

https://doi.org/10.35912/ijfam.v7i4.2777

Abstract

Purpose: This study examines the impact of independent supervisory boards on CSR disclosure with board gender diversity as a moderating variable in Indonesia’s two-tier board system.

Research Methodology: The sample in this study consists of 2,118 firm-year observations based on Indonesian-listed firms from 2017 to 2020. Multiple linear regression is used to estimate the models, and the generalized method of moments (GMM) method addresses endogeneity issues.

Results: This study finds a positive correlation between independent supervisory boards and CSR disclosure, but board gender diversity does not significantly affect this relationship.

Conclusions: Independent supervisory boards positively influence CSR disclosures in Indonesia’s two-tiered system. However, board gender diversity does not moderate this relationship, contributing new insights to CSR research in contrast to the one-tier systems in the US and Europe.

Limitations: This study’s limitations include focusing on the quantity rather than the quality of CSR disclosures, manual data collection from firm reports, and reliance solely on a quantitative approach.

Contributions: This study highlights the effectiveness of independent supervisory boards in CSR disclosure within Indonesia’s two-tier system and contrasts it with findings from one-tier systems in other countries.

Keywords

independent commissioner Board Gender Diversity Corporate Social Responsibility

How to Cite

Ivanna, G. N. F. T. ., & Joni, J. (2026). Independent Board of Commissioners, Gender Diversity, and Corporate Social Responsibility Disclosure: Evidence from Indonesia. International Journal of Financial, Accounting, and Management, 7(4), 577–592. https://doi.org/10.35912/ijfam.v7i4.2777

Download Citation

Endnote/Zotero/Mendeley (RIS) BibTeX

References

  1. Abu Qa’dan, M. B., & Suwaidan, M. S. (2019). Board composition, ownership structure and corporate social responsibility disclosure: the case of Jordan. Social Responsibility Journal, 15(1), 28-46. doi:https://doi.org/10.1108/SRJ-11-2017-0225
  2. Azizov, E., & Azizli, A. (2025). Strengthening environmental, social, and governance accountability in international financial institutions. International Journal for Educational and Vocational Studies, 7(3), 435-452. doi:https://doi.org/10.35912/ijfam.v7i3.3579
  3. Azmat, G., & Boring, A. (2020). Gender diversity in firms Oxford Review of Economic Policy, 36(4), 760-782. doi:https://doi.org/10.1093/oxrep/graa043
  4. Báez, A. B., Báez-García, A. J., Flores-Muñoz, F., & Gutiérrez-Barroso, J. (2018). Gender diversity, corporate governance and firm behavior: The challenge of emotional management. European Research on Management and Business Economics, 24(3), 121-129. doi:https://doi.org/10.1016/j.iedeen.2018.07.001
  5. Bansal, S., Lopez-Perez, M. V., & Rodriguez-Ariza, L. (2018). Board independence and corporate social responsibility disclosure: The mediating role of the presence of family ownership. Administrative Sciences, 8(3), 33. doi:https://doi.org/10.3390/admsci8030033
  6. Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2021). Board diversity and corporate social responsibility: Empirical evidence from France. Journal of Business Ethics, 173(1), 133-155. doi:https://doi.org/10.1007/s10551-020-04522-4
  7. Ben-Amar, W., Chang, M., & McIlkenny, P. (2017). Board gender diversity and corporate response to sustainability initiatives: Evidence from the carbon disclosure project. Journal of Business Ethics, 142(2), 369-383. doi:https://doi.org/10.1007/s10551-015-2759-1
  8. Carney, R. W., & Hamilton-Hart, N. (2015). What do changes in corporate ownership in Indonesia tell us? Bulletin of Indonesian Economic Studies, 51(1), 123-145. doi:https://doi.org/10.1080/00074918.2015.1016570
  9. Carroll, A. B. (2021). Corporate social responsibility: Perspectives on the CSR construct’s development and future. Business & Society, 60(6), 1258-1278. doi:https://doi.org/10.1177/00076503211001765
  10. Courteau, L., Di Pietra, R., Giudici, P., & Melis, A. (2017). The role and effect of controlling shareholders in corporate governance. Journal of Management & Governance, 21(3), 561-572. doi:https://doi.org/10.1007/s10997-016-9365-1
  11. Cuadrado-Ballesteros, B., Rodríguez-Ariza, L., & García-Sánchez, I.-M. (2015). The role of independent directors at family firms in relation to corporate social responsibility disclosures. International Business Review, 24(5), 890-901. doi:https://doi.org/10.1016/j.ibusrev.2015.04.002
  12. Darmawan, W. F., & Umaimah, U. (2025). The Effect of Good Corporate Governance, Earning Management on Firm Value. Journal of Accounting Science, 9(1), 79-96. doi:https://doi.org/10.21070/jas.v9i1.1922
  13. Dawar, G., & Singh, S. (2016). Corporate social responsibility and gender diversity: A literature review. Journal of IMS Group, 13(1), 61-71.
  14. Devnew, L. E., Le Ber, M. J., Torchia, M., & Burke, R. J. (2018). More women on boards: an international perspective: IAP.
  15. Dharmawan, L. V., Joni, J., & Setyawan, S. (2024). Politically connected independent supervisory boards and corporate performance during COVID?19: Evidence from Indonesia. Journal of Public Affairs, 24(2), e2921. doi:https://doi.org/10.1002/pa.2921
  16. European Institute for Gender, E., Barbieri, D., Bernardo, C., Eldermans, E. L., Mezza, A., Mollard, B., Wildschut, A. (2023). Gender Equality Index 2023 – Towards a green transition in transport and energy: Publications Office of the European Union.
  17. Fernández?Gago, R., Cabeza?García, L., & Nieto, M. (2018). Independent directors' background and CSR disclosure. Corporate Social Responsibility and Environmental Management, 25(5), 991-1001. doi:https://doi.org/10.1002/csr.1515
  18. Francoeur, C., Labelle, R., Balti, S., & EL Bouzaidi, S. (2019). To what extent do gender diverse boards enhance corporate social performance? Journal of Business Ethics, 155(2), 343-357. doi:https://doi.org/10.1007/s10551-017-3529-z
  19. García?Sánchez, I. M., & Martínez?Ferrero, J. (2017). Independent directors and CSR disclosures: The moderating effects of proprietary costs. Corporate Social Responsibility and Environmental Management, 24(1), 28-43. doi:https://doi.org/10.1002/csr.1389
  20. Goodyear, V. A., & Armour, K. M. (2021). Young People’s health-related learning through social media: What do teachers need to know? Teaching and Teacher Education, 102, 103340.
  21. Gunawan, C., & Utama, C. A. (2025). The relationship between the ratio of independent commissioners and ESG performance in Indonesia. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(3), 11239-11252. doi:https://doi.org/10.31538/iijse.v8i3.7676
  22. Hadisurya, J., Joni, J., En, T. K., & Setiana, S. (2025). How ESG and Gender Diversity Affect Firm Performance. Corporate Social Responsibility and Environmental Management, 32(3), 3181-3192. doi:https://doi.org/10.1002/csr.3122
  23. Hossain, M. K., Rahman, F., Golder, U., & Kabir, H. (2025). Effectiveness of internal corporate governance mechanisms in controlling non-performing loans of an emerging economy. Schmalenbach Journal of Business Research, 77(2), 557-584. doi:https://doi.org/10.1007/s41471-025-00216-7
  24. Ibrahim, A. H., & Hanefah, M. M. (2016). Board diversity and corporate social responsibility in Jordan. Journal of Financial Reporting and Accounting, 14(2), 279-298. doi:https://doi.org/10.1108/JFRA-06-2015-0065
  25. Ishak, J. F. (2024). The role of earnings quality in the impact of earnings management and leverage on firm value. International Journal for Educational and Vocational Studies, 5(4), 433-442. doi:https://doi.org/10.35912/ijfam.v5i4.1204
  26. Issa, A., & Fang, H.-X. (2019). The impact of board gender diversity on corporate social responsibility in the Arab Gulf states. Gender in Management: An International Journal, 34(7), 577-605. doi:https://doi.org/10.1108/GM-07-2018-0087
  27. Joni, J., Ahmed, K., & Hamilton, J. (2020). Politically connected boards, family and business group affiliations, and cost of capital: Evidence from Indonesia. The British Accounting Review, 52(3), 100878. doi:https://doi.org/10.1016/j.bar.2019.100878
  28. Khan, I., Khan, I., & Senturk, I. (2019). Board diversity and quality of CSR disclosure: evidence from Pakistan. Corporate Governance: The International Journal of Business in Society, 19(6), 1187-1203. doi:https://doi.org/10.1108/CG-12-2018-0371
  29. K?l?ç, M., & Kuzey, C. (2016). The effect of board gender diversity on firm performance: evidence from Turkey. Gender in Management: An International Journal, 31(7), 434-455. doi:https://doi.org/10.1108/GM-10-2015-0088
  30. Kiliç, M., Kuzey, C., & Uyar, A. (2015). The impact of ownership and board structure on Corporate Social Responsibility (CSR) reporting in the Turkish banking industry. Corporate Governance, 15(3), 357-374. doi:https://doi.org/10.1108/CG-02-2014-0022
  31. Kurniawan, R., & Managi, S. (2018). Economic growth and sustainable development in Indonesia: an assessment. Bulletin of Indonesian Economic Studies, 54(3), 339-361. doi:https://doi.org/10.1080/00074918.2018.1450962
  32. Majeed, S., Aziz, T., & Saleem, S. (2015). The effect of corporate governance elements on corporate social responsibility (CSR) disclosure: An empirical evidence from listed companies at KSE Pakistan. International Journal of Financial Studies, 3(4), 530-556. doi:https://doi.org/10.3390/ijfs3040530
  33. Martínez, M. d. C. V., & Rambaud, S. C. (2019). Women on corporate boards and firm's financial performance. Paper presented at the Women's Studies International Forum.
  34. McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99. doi:https://doi.org/10.1016/j.jcorpfin.2016.11.001
  35. Mulia, R. A., & Joni, J. (2019). Corporate social responsibility (CSR) and risk taking: Evidence from Indonesia. ACRN Journal of Finance and Risk Perspectives, 8(1), 152-162. doi:https://doi.org/10.35944/jofrp.2019.8.1.010
  36. Nasution, I. A., Yudianto, I., & Mulyani, S. (2025). Determinants of local government financial performance: The mediating role of e-government. Intenational Journal of Financial, Accounting, and Management, 7(3), 353-370. doi:https://doi.org/10.35912/ijfam.v7i3.2648
  37. Nguyen, T. T. B., & Huang, Q.-W. (2020). Impact of gender and education on corporate social responsibility: evidence from Taiwan. Problems and Perspectives in Management, 18(1), 334-344. doi:https://doi.org/10.21511/ppm.18(1).2020.29
  38. Pernamasari, R. (2025). Does board gender diversity enhance ESG performance? Empirical evidence from Indonesia. Journal of Contemporary Accounting. doi:https://doi.org/10.20885/jca.vol7.iss1.art3
  39. Pucheta-Martínez, M., & Gallego-Álvarez, I. (2020). Do board characteristics drive firm performance? An international perspective., 14 (6), 1251–1297. Review of Managerial Science, 14(6), 1251-1297. doi:https://doi.org/10.1007/s11846?019?00330?x
  40. Rao, K., & Tilt, C. (2016). Board diversity and CSR reporting: an Australian study. Meditari Accountancy Research, 24(2), 182-210. doi:https://doi.org/10.1108/MEDAR-08-2015-0052
  41. Rashid, A. (2021). Board independence and corporate social responsibility reporting: mediating role of stakeholder power. Management Research Review, 44(8), 1217-1240. doi:https://doi.org/10.1108/MRR-09-2020-0590
  42. Rouf, M. A., & Hossan, M. A. (2021). The effects of board size and board composition on CSR disclosure: a study of banking sectors in Bangladesh. International Journal of Ethics and Systems, 37(1), 105-121. doi:https://doi.org/10.1108/IJOES-06-2020-0079
  43. Selin, M., Joni, J., & Ahmed, K. (2023). Political affiliation types and corporate social responsibility (CSR) commitment: evidence from Indonesia. Journal of Accounting & Organizational Change, 19(1), 24-39. doi:https://doi.org/10.1108/JAOC-08-2021-0109
  44. Sial, M. S., Zheng, C., Cherian, J., Gulzar, M., Thu, P. A., Khan, T., & Khuong, N. V. (2018). Does corporate social responsibility mediate the relation between boardroom gender diversity and firm performance of Chinese listed companies? Sustainability, 10(10), 3591. doi:https://doi.org/10.3390/su10103591
  45. Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447-483. doi:https://doi.org/10.1007/s10997-014-9307-8
  46. Valls Martínez, M. d. C., Martín Cervantes, P. A., & Cruz Rambaud, S. (2020). Women on corporate boards and sustainable development in the American and European markets: Is there a limit to gender policies? Corporate Social Responsibility and Environmental Management, 27(6), 2642-2656. doi:https://doi.org/10.1002/csr.1989
  47. Wang, C., Deng, X., Álvarez-Otero, S., Sial, M. S., Comite, U., Cherian, J., & Oláh, J. (2021). Impact of women and independent directors on corporate social responsibility and financial performance: empirical evidence from an emerging economy. Sustainability, 13(11), 6053. doi:https://doi.org/10.3390/su13116053
  48. Widjaja, J. H., Joni, J., & Riyanto, N. F. (2024). Do gender diversity and foreign investor affect sustainability disclosure. Business Strategy & Development, 7(4), e70024. doi:https://doi.org/10.1002/bsd2.70024
  49. Willows, G., & van der Linde, M. (2016). Women representation on boards: A South African perspective. Meditari Accountancy Research, 24(2), 211-225. doi:https://doi.org/10.1108/MEDAR-01-2016-0001
  50. Wu, S., Zhang, H., & Wei, T. (2021). Corporate social responsibility disclosure, media reports, and enterprise innovation: Evidence from Chinese listed companies. Sustainability, 13(15), 8466. doi:https://doi.org/10.3390/su13158466
  51. Yasser, Q. R., Al Mamun, A., & Ahmed, I. (2017). Corporate social responsibility and gender diversity: Insights from Asia Pacific. Corporate Social Responsibility and Environmental Management, 24(3), 210-221. doi:https://doi.org/10.1002/csr.1400
  52. Zhang, Y., & Yang, F. (2021). Corporate social responsibility disclosure: Responding to investors’ criticism on social media. International Journal of Environmental Research and Public Health, 18(14), 7396. doi:https://doi.org/10.3390/ijerph18147396

License

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors

1 . Gebrella Nadia Fiorin Tantya Ivanna
Universitas Kristen Maranatha, Bandung, Indonesia
2 . Joni Joni
Universitas Kristen Maranatha, Bandung, Indonesia

Downloads

View PDF

Statistics

Downloads

Download data is not yet available.

Issue

Vol. 7 No. 4 (2026): March
Section: Articles
WhatsApp Instagram Facebook LinkedIn Email