Pengaruh Board Directors Diversity Terhadap Nilai Perusahaan dalam Perspektif Corporate Governance

Wahyu Elsa Putri


The economic crisis that occurred in 1998 in Asia resulted in the economic conditions in several countries becoming worse. Indonesian Institute of Corporate Governance (IICG), revealed that the cause of the economic crisis in the Asian region is believed to arise due to the failure of the implementation of corporate governance (GCG). This study aims to examine the effect of the board directors diversity on company value. The independent variables used in this study are the term of office of the board of directors, the age of the board of directors, the educational background of the board of directors and the board of directors of foreign citizenship. Meanwhile, the dependent variable in this study is firm valueThe population of this research is the manufacturing sub sector companies listed on the Indonesia Stock Exchange in the period 2015-2017. The sample selection is done by using purposive sampling technique with the total number of final samples obtained totaling 144 companies. The company's value in this study is proxied by Price to Book Value (PBV). The results of this study indicate that the age of the board of directors and the background of the board of directors influence the value of the company.

Abstrak. Krisis ekonomi yang terjadi tahun 1998 di Asia mengakibatkan kondisi prekonomian di beberapa negara menjadi terpuruk. Indonesian Institute of Corporate Governance (IICG), menyatakan bahwa penyebab krisis ekonomi di wilayah Asia tersebut diyakini muncul karena kegagalan penerapan corporate governance (GCG). Penelitian ini bertujuan untuk menguji pengaruh board director diversity terhadap nilai perusahaan. Variabel independen yang digunakan dalam penelitian ini yaitu masa jabatan dewan direksi, usia dewan direksi, latar belakang pendidikan dewan direksi dan dewan direksi berkewarganegaraan asing. Sedangkan, variabel dependen dalam penelitian ini yaitu nilai perusahaan. Populasi penelitian ini adalah perusahaan sub sektor manufaktur yang terdaftar dalam Bursa Efek Indonesia periode tahun 2015-2017. Pemilihan sampel dilakukan dengan menggunakan teknik purposive sampling dengan jumlah total sampel akhir yang diperoleh berjumlah 144 perusahaan. Nilai perusahaan dalam penelitian ini diproksikan dengan Price to Book Value (PBV). Hasil penelitian ini menunjukkan bahwa usia dewan direksi dan latar belakang dewan direksi berpengaruh terhadap nilai perusahaan.


Masa Jabatan Dewan Direksi; Usia Dewan Direksi; Latar Belakang Pendidikan Dewan Direksi; Dewan Direksi Berkewarganegaraan Asing; Nilai Perusahaan.

Full Text:



Ararat, M., Aksu, M., and Cetin, A.T. (2010). “Impact of board diversity on boards’ monitoring interesting and firm performance: Evidance from the Istanbul stock Exchange”, Paper presented at the 17 th annual conference of the Multinational finance society, 27-30 June, Barcelona.

Australian Government. (2009). “Diversity on Boards of Directors”. Corporations and Markets Advisory Committee 2009: Sydney NSW 2001.

Ben Amar, W., Francoeur, C., Hafsi, T. and Labelle , R. (2013). “What Makes Better Boards? A Closer Look at Diversity and Ownership”. British Journal of Management, Vol. 24, 85–101.

Brigham & Houston (2012). “Fundamentals of Finacial Management (Tenth Edition)”.

Carter, D. A., Simkins, B. J., and Simpson, W. G. (2010). ”Corporate Governance, Board Diversity, and Firm Value”. The Financial Review, 38, 33–53

Darmadi, S. (2011). “Board Diversity And Firm Perfomance: The Indonesian Evidence”. Journal of Corporate Ownership And Control, Volume 8, 2011.

Gede, K. D & Aryista Dewi, A. (2016). “Pengaruh Diversitas Dewan Komisaris Dan Direksi Pada Nilai Perusahaan Pada Perusahaan Sektor Keuangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2009-2013”. Journal of E-Jurnal Akuntansi Universitas Udayana. Vol.16.1. Juli 2016: 812-836.

Hambrick, D.C & Mason P.A. (1984). “Upper Echelons: The Organization as a Reflection of Its Top Managers”. The Academy of Management Review, Vol. 9, Issue 2, 193-206.

Hassan, R., and Marimuthu, M. (2016). Corporate Governance, Board Diversity, and Firm Value : Examining Large Companies Using Panel Data Approach. Economics Bulletin, 36(3), 1737–1750.

Higgs, D. (2003). “Review of the role and effectiveness of non-executive directors”. Printed in the United Kingdom by The Stationery Office: London.

Kakabadse, N.K. Kakabadse, A.K & Kouzmin, A. (2001). "Board Governance and Company Performance: Any Correlations?", The International Journal of Business in Society, Vol. 1 Iss 1 pp. 24 – 30.

Khairani Nadia, Devianti Yunita (2017). Firm Value: From The Board Diversity and Board Compensation Perspective. Jurnal Riset Akuntansi dan Keuangan, 5 (3), 1551-1564.

Kusumastuti, Sari, Supatmi, dan Perdana Sastra. (2007). “Pengaruh Board Diversity Terhadap Nilai Perusahaan dalam Persepktif Corporate Governance”. Jurnal Akuntansi dan Keuangan, Vol. 9, No. 2, Nopember 2007: 88-98.

M. Cook., M. Burrest (2011). “Director Development and Bond CEO Relation: Do Recommendation from Corporate Governance Apply to The Agribusiness Cooperative?”. Annual World Symposium.

Manthos D. D, (2015). “The Effect Of Board Directors From Countries With Different Genetic Diversity Levels On Corporate Performance”. Journal Of Bank Of Finland Research Discussion Papers 14, 2015. JEL: M10, M14, G30.

Marimuthu, Maran (2005). “Ethnic Diversity on Boards of directors and Its Implications on Firm Financial Performance”. Journal of International Social Research, Vol. 1/4 summer 2008.

Peraturan Otoritas Jasa Keuangan No. 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

Pfeffer, J. and Salancik, G.R. (1978). The External Control of Organization: A Resource Dependence Perspective, Harper and Row, New York.

Putri, P. S. U., dan Dwija Putri, I G. A. M. Asri (2016). Opini Auditor sebagai Pemoderasi Pengaruh Good Corporate Governance pada Nilai Perusahaan Perbankan Tahun 2012-2014. E-, 17(1), 29–55.

Raymond K. (2010). “Board of Director Composition and Financial Performance in Sarbanes-Oxley World”. Academy of Business and Economics Journal 10 (5), 56-74.

Williams, K. Y., dan O’Reilly, C. A. (1998). Demography and Diversity in Organizations: A Review of 40 Years off Research. Research in Organizational Behavior.

Winoto, P. J., dan Supatmi (2014). Pengaruh Diversitas Kebangsaan Board of Director Terhadap Nilai Perusahaan, (2008), Jurnal Akuntansi Keuangan, 1–10.



  • There are currently no refbacks.

Creative Commons License

Jurnal Riset Akuntansi dan Keuangan  is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats