Nadia Khairani, Devianti Yunita Harahap


Abstract. Recently, as markets globalize, listed companies in Indonesia must look ahead and find the ways to boost value for their shareholders. This study investigates the impact of board diversity and board compensation as the proxy of corporate governance to firm’s value.  

We used 216 companies listed in the IDX that disclosed the relevant information about the member of board of commissioners. We propose board diversity (gender, accounting background education or certification, foreigner and age); and board compensation (percentage of the commissioner’s compensations among the company’s net income before tax); will affect the firm’s value (Tobin’s Q). The study employs regression analysis to investigate the empirical data. 

The result proved the board of commissioners’ gender and age did not increase firm’s value, meanwhile other indicators as accounting background education or certification and foreigner did increase the firm’s value. We proved that the board compensation did significantly increase the firm’s value.


Keywords: board diversity; board compensation; corporate governance; firm value


Abstrak. Agar dapat tetap eksis di tengah pasar yang makin kompetitif di era globalisasi sekarang ini, tentunya perusahaan publik di Indonesia harus memiliki tujuan jangka panjang yaitu dengan cara meningkatkan nilai perusahaan. Penelitian ini memiliki tujuan untuk meneliti pengaruh board diversity dan board compensation sebagai proxy dari tata kelola terhadap nilai perusahaan.

Penelitian ini menggunakan data dari 216 perusahaan yang terdaftar di BEI dan menggunakan analisis regresi linier berganda. Hipotesis yang dibangun dalam penelitian ini adalah bahwa board diversity yaitu berupa keberadaan wanita, keberadaan WNA, latar belakang pendidikan, usia, dan besarnya board compensation berpengaruh terhadap nilai perusahaan yang diukur dengan rasio Tobin’s Q.

Hasil dari pengujian menunjukkan bahwa terdapat hubungan yang negatif dan signifikan oleh keberadaan wanita, dan keberagaman usia terhadap nilai perusahaan; dan terdapat hubungan yang positif dan signifikan oleh keberadaan WNA, keberadaan latar belakang akuntansi atau sertifikasi akuntansi dan board compensation pada nilai perusahaan.


Kata Kunci: board diversity; board compensation; nilai perusahaan; tata kelola


board diversity; board compensation; corporate governance; firm value; board diversity; board compensation; nilai perusahaan; tata kelola

Full Text:



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