Analisis Pengaruh Karakteristik Dewan dan Modal Intelektual terhadap Profitabilitas pada Sektor Perbankan di Bursa Efek Indonesia

Mariska Ramadana, Wisnu Yuwono, Robin Robin


This study aims to analyze the effect of Women on Board, Director Educational Background, and Intellectual Capital (IC) on banking performance as measured by ROA and ROE in the 2016-2020 period. This study adopts the Value Added Intellectual Coefficient (VAIC) as an IC indicator, but adds a focus on the implications of individual components on company performance. The results of the study reveal that VAIC has a direct positive significant effect on ROA and ROE. The percentage of women on the board of directors was found to have a significant negative effect on ROA and ROE. The educational background (Edu) of the board of directors shows a positive and insignificant effect on ROA and ROE. The results of the analysis of the individual components of VAIC show that HCE has a significant positive effect on ROE, which means that banks prefer HCE as a financial predictor that can increase the bank's ability to generate net income for investors. Meanwhile, for ROA indicators, banks prefer CEE to be an important component to improve performance, in line with research results which show a significant positive effect. In line with technological developments, the bank is very focused and considers human resources the most to increase profitability.


Educational Background, Intellectual Capital; Profitability; Women on Board

Full Text:



Adnyana, I. M. D. M. (2021). Metode Penelitian Pendekatan Kuantitatif Kualitatif (Issue June).

Akbar, S., Kharabsheh, B., Poletti-Hughes, J., & Shah, S. Z. A. (2017). Board structure and corporate risk taking in the UK financial sector. International Review of Financial Analysis, 50, 101–110.

Alhassan, A. L., & Asare, N. (2016). Intellectual capital and bank productivity in emerging markets: evidence from Ghana. Management Decision, 54(3), 589–609.

Allameh, S. M. (2018). Antecedents and consequences of intellectual capital: The role of social capital, knowledge sharing and innovation. Journal of Intellectual Capital, 19(5), 858–874.

AlQudah, A. M., Azzam, M. J., Aleqab, M. M., & Shakhatreh, M. Z. (2019). The impact of board of directors characteristics on banks performance: Evidence from Jordan. Academy of Accounting and Financial Studies Journal, 23(2), 1–16.

Altuwaijri, B. M., & Kalyanaraman, L. (2020). CEO education-performance relationship: Evidence from Saudi Arabia. Journal of Asian Finance, Economics and Business, 7(8), 259–268.

Anifowose, M., Abdul Rashid, H. M., Annuar, H. A., & Ibrahim, H. (2018). Intellectual capital efficiency and corporate book value: evidence from Nigerian economy. Journal of Intellectual Capital, 19(3), 644–668.

Bhatia, M., & Gulati, R. (2020). Does board effectiveness matter for bank performance Evidence from India. International Journal of Comparative Management, 3(1/2), 9.

Buallay, A., Cummings, R., & Hamdan, A. (2019). Intellectual capital efficiency and bank’s performance: A comparative study after the global financial crisis. Pacific Accounting Review, 31(4), 672–694.

Bukair, A. A., & Abdul Rahman, A. (2015). Bank performance and board of directors attributes by Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 8(3), 291–309.

Cheng, T. Y., Li, Y. Q., Lin, Y. E., & Chih, H. H. (2020). Does the fit of managerial ability with firm strategy matters on firm performance. Journal of Asian Finance, Economics and Business, 7(4), 9–19.

Conyon, M. J., & He, L. (2017). Firm performance and boardroom gender diversity: A quantile regression approach. Journal of Business Research, 79, 198–211.

Daadaa, W. (2020). Board characteristics and bank performance in emerging stock markets. International Journal of Business and Emerging Markets, 12(2), 119–132.

Darmadi, S. (2013). Do women in top management affect firm performance? Evidence from Indonesia. Corporate Governance (Bingley), 13(3), 288–304.

Endraswati, H. (2018). Gender Diversity in Board of Directors and Firm Performance: A Study in Indonesia Sharia Banks. Review of Integrative Business and Economics Research, 7(1), 299.,

Falato, A., Li, D., & Milbourn, T. (2015). Which skills matter in the market for CEOs? Evidence from pay for CEO credentials. Management Science, 61(12), 2845–2869.

Farag, H., & Mallin, C. (2018). The influence of CEO demographic characteristics on corporate risk-taking: evidence from Chinese IPOs. European Journal of Finance, 24(16), 1528–1551.

Fauzi, F., & Locke, S. (2012). Board structure, ownership structure and firm performance: A study of New Zealand listed-firms. Asian Academy of Management Journal of Accounting and Finance, 8(2), 43–67.

Galbraith, J. K. (1969). The New Industrial State, Penguin, Harmondsworth.

Githaiga, P. N. (2022). Intellectual capital and bank performance : the moderating role of income diversification. May.

Hakimi, A., Rachdi, H., Ben Selma Mokni, R., & Hssini, H. (2018). Do board characteristics affect bank performance? Evidence from the Bahrain Islamic banks. Journal of Islamic Accounting and Business Research, 9(2), 251–272.

Hala, G. S. (2019). Women on boards and earnings management: What really matters? Jurnal Keuangan Dan Perbankan, 23(4), 566–578.

Handa, R. (2018). Does corporate governance affect financial performance: A study of select Indian banks. Asian Economic and Financial Review, 8(4), 478–486.

Haris, M., Yao, H., Tariq, G., Javaid, H. M., & Ul Ain, Q. (2019). Corporate governance, political connections, and bank performance. International Journal of Financial Studies, 7(4).

Haris, M., Yao, H., Tariq, G., Malik, A., & Javaid, H. (2019). Intellectual Capital Performance and Profitability of Banks: Evidence from Pakistan. Journal of Risk and Financial Management, 12(2), 56.

Hendrawan, Y. P., & Lestari, H. S. (2017). Faktor - Faktor Penentu Profitabilitas Bank Umum Yang Terdaftar Di Bursa Efek Indonesia (Bei). Jurnal Manajemen Dan Pemasaran Jasa, 9(1), 99.

Herli, M., Tjahjadi, B., & Hafidhah, H. (2021). Gender Diversity on Board of Directors and Intellectual Capital Disclosure in Indonesia*. Journal of Asian Finance, Economics and Business, 8(1), 135–144.

Innayah, M. N., Pratama, B. C., & Hanafi, M. M. (2020). The Effect of Intellectual Capital towards Firm Performance and Risk with Board Diversity as a Moderating Variable: Study in ASEAN Banking Firms. Jurnal Dinamika Manajemen, 11(1), 27–38.

Isola, W. A., Adeleye, B. N., & Olohunlana, A. O. (2020). Boardroom female participation, intellectual capital efficiency and firm performance in developing countries: Evidence from Nigeria. Journal of Economics, Finance and Administrative Science, 25(50), 413–424.

Javed, M., Saeed, R., Lodhi, R. N., & Malik, Q. U. Z. (2013). The effect of board size and structure on firm financial performance: A case of banking sector in Pakistan. Middle East Journal of Scientific Research, 15(2), 243–251.

Kaur, R., & Singh, B. (2018). CEOs’ Characteristics and Firm Performance: A Study of Indian Firms. Indian Journal of Corporate Governance, 11(2), 185–200.

Khalil, A., & Chihi, S. (2020). Does the Shariah Board Structure Influence the Financial Performance of Islamic Banks? Journal of the International Academy for Case …, October.

King, T., Srivastav, A., & Williams, J. (2016). What’s in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, 37, 287–308.

Kunt, D.-A., Morales, A., & Ortega, C. R. (2020). Banking Sector Performance During the COVID-19 Crisis. SSRN Electronic Journal, August.

Le, T. D. Q., & Nguyen, D. T. (2020). Intellectual capital and bank profitability: New evidence from Vietnam. Cogent Business and Management, 7(1).

Lee-Kuen, I. Y., Sok-Gee, C., & Zainudin, R. (2017). Gender diversity and firms’ financial performance in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 13(1), 41–62.

Martín-Ugedo, J. F., Mínguez-Vera, A., & Rossi, F. (2019). Female directors and firm performance in Italian and Spanish listed firms: Does masculinity matter? Academia Revista Latinoamericana de Administracion, 32(3), 411–436.

Martinez-Jimenez, R., Hernández-Ortiz, M. J., & Cabrera Fernández, A. I. (2020). Gender diversity influence on board effectiveness and business performance. Corporate Governance (Bingley), 20(2), 307–323.

Mayur, M., & Saravanan, P. (2017). Performance implications of board size, composition and activity: empirical evidence from the Indian banking sector. Corporate Governance (Bingley), 17(3), 466–489.

Meles, A., Porzio, C., Sampagnaro, G., & Verdoliva, V. (2016). The impact of intellectual capital efficiency on commercial bank performance: Evidence from the US. Journal of Multinational Financial Management, 36, 64–74.

Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2018). Gender diversity in the board, women’s leadership and business performance. Gender in Management, 33(2), 104–122.

Nadeem, M., Farooq, M. B., & Ahmed, A. (2019). Does female representation on corporate boards improve intellectual capital efficiency? Journal of Intellectual Capital, 20(5), 680–700.

Olarewaju, O. M., & Msomi, T. S. (2021). Intellectual capital and financial performance of South African development community’s general insurance companies. Heliyon, 7(4), e06712.

Onumah, J. M., & Duho, K. C. T. (2020). Impact of intellectual capital on bank efficiency in emerging markets: Evidence from Ghana. International Journal of Banking, Accounting and Finance, 11(4), 435–460.

Ozkan, N., Cakan, S., & Kayacan, M. (2017). Intellectual capital and financial performance: A study of the Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190–198.

Papadimitri, P., Pasiouras, F., Tasiou, M., & Ventouri, A. (2020). The effects of board of directors’ education on firms’ credit ratings. Journal of Business Research, 116(462), 294–313.

Pham, H. M., & Nguyen, T. H. T. (2020). the Impact of the Board of Director Characteristics and Ownership Structure on Vietnamese Bank Performance. International Journal of Advanced Engineering and Management Research, 5(01), 16–30.

Poh, L. T., Kilicman, A., & Ibrahim, S. N. I. (2018). On intellectual capital and financial performances of banks in Malaysia. Cogent Economics and Finance, 6(1).

Reguera-Alvarado, N., de Fuentes, P., & Laffarga, J. (2017). Does Board Gender Diversity Influence Financial Performance? Evidence from Spain. Journal of Business Ethics, 141(2), 337–350.

Rukminingsih, Adnan, G., & Latief, M. A. (2020). Metode Penelitian Pendidikan. Penelitian Kuantitatif, Penelitian Kualitatif, Penelitian Tindakan Kelas. In Journal of Chemical Information and Modeling (Vol. 53, Issue 9).

Salbila, Z. S., Hanisah, M., Akhma, J., & Khalid, A. (2019). Women Towards Firm’S Positive Vibration: Examining the Role of Women on Board Towards Firm’S Performance. International Journal of Business, Economics and Law, 20(1), 1.

Salehi, M., Dashtbayaz, M. L., & Gouji, A. S. (2020). The Effect Of Intellectual Capital On Corporate Performance. ABAC Journal, 40(4), 149–173.

Salim, R., Arjomandi, A., & Seufert, J. H. (2016). Does corporate governance affect Australian banks’ performance? Journal of International Financial Markets, Institutions and Money, 43, 113–125.

Samuel, G. G., & Samuel, K. A. (2018). Assessment of the relationship between leverage and performance: An empirical study of unlisted banks in Ghana. Journal of Economics and International Finance, 10(10), 123–133.

Sardo, F., & Serrasqueiro, Z. (2017). A European empirical study of the relationship between firms’ intellectual capital, financial performance and market value. Journal of Intellectual Capital, 18(4), 771–788.

Sarkar, J., & Sarkar, S. (2018). Bank Ownership, Board Characteristics and Performance: Evidence from Commercial Banks in India. International Journal of Financial Studies, 6(1), 17.

Sarkar, J., & Selarka, E. (2021). Women on board and performance of family firms: Evidence from India. Emerging Markets Review, 46(October).

Singh, A. K., Singhania, S., & Sardana, V. (2019). Do Women on Boards affect Firm’s Financial Performance? Evidence from Indian IPO Firms. Australasian Accounting, Business and Finance Journal, 13(2), 53–68.

Soewarno, N., & Tjahjadi, B. (2020). Measures that matter: an empirical investigation of intellectual capital and financial performance of banking firms in Indonesia. Journal of Intellectual Capital, 21(6), 1085–1106.

Solalakoglu, M. N., & Demir, N. (2018). The role of firm characteristics on the relationship between gender diversity and firm performance. The Eletronic Library, 34(1), 1–5.

Sucuahi, W., & Cambarihan, J. M. (2016). Influence of Profitability to the Firm Value of Diversified Companies in the Philippines. Accounting and Finance Research, 5(2).

Tran, D. B., & Vo, D. H. (2018). Should bankers be concerned with Intellectual capital? A study of the Thai banking sector. Journal of Intellectual Capital, 19(5), 897–914.

Uribe-Bohorquez, M. V., Martínez-Ferrero, J., & García-Sánchez, I. M. (2018). Board independence and firm performance: The moderating effect of institutional context. Journal of Business Research, 88(September 2017), 28–43.

Vishwakarma, R. (2017). Women on board and its impact on performance: Evidence from microfinance sector. Indian Journal of Corporate Governance, 10(1), 58–73.

Wellalage, N. H., & Locke, S. (2013). Women on board, firm financial performance and agency costs. Asian Journal of Business Ethics, 2(2), 113–127.

Yang, P., Riepe, J., Moser, K., Pull, K., & Terjesen, S. (2019). Women directors, firm performance, and firm risk: A causal perspective. Leadership Quarterly, 30(5), 101297.

Yusuf, M., & Surjaatmadja, S. (2018). Analysis of Financial Performance on Profitability with Non Performance Financing as Variable Moderation (Study at Sharia Commercial Bank in Indonesia Period 2012 – 2016). Journal of Economics and Financial, 8(4), 126–132.



  • There are currently no refbacks.

Copyright (c) 2022 Universitas Pendidikan Indonesia

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

Creative Commons License

Strategic: Jurnal Pendidikan Manajemen Bisnis is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

View My Stats