Pengaruh Female Board terhadap Social Disclosures dengan Manajemen Laba sebagai Variabel Moderasi

Abstract

This study aims to find empirical evidence of the impact of the female board on social disclosures and suspect earnings management moderates the causal relationship between the two. The sample for this research is 98 financial sector companies listed on the Indonesia Stock Exchange for the 2018-2021 period with a total of 389 observations. Female board is measured by the percentage of female directors and commissioners in the company. Social disclosures use 52 GRI indicators which consist of 40 general indicators and 12 indicators of sector specific aspects and are measured with a weight between 0-2. Earnings management as a moderating variable by managing abnormal cash flow from operating activities, abnormal discretionary expenses, and allowance for impairment losses. Hypothesis testing uses panel data regression analysis techniques. The results of the study prove that the more female boards in a companies with increasing female boards would be reluctant to reveal social disclosures, especially aspects of labor practices and decent work, human rights, and product responsibility. Earnings management was found not to moderate the effect of the female board on social disclosures but there are indications of weakening the causal relationship between the two. The practice of earnings management by managing the allowance for impairment losses partially increases social disclosures, especially aspects of product responsibility.

Penelitian ini bertujuan untuk menemukan bukti empiris dampak female board terhadap social disclosures dan menduga manajemen laba memoderasi hubungan kausal keduanya. Sampel penelitian ini adalah 98 perusahaan sektor keuangan yang terdaftar di Bursa Efek Indonesia periode 2018-2021 dengan total 389 observasi. Female board diukur dengan persentase direksi dan komisaris wanita dalam perusahaan. Social disclosures menggunakan 52 indikator GRI yang terdiri dari 40 indikator umum dan 12 indikator aspek spesifik sektor serta diukur dengan dibobot antara 0-2. Manajemen laba sebagai variabel moderasi dengan mengelola abnormal cash flow from operating activities, abnormal discretionary expenses, dan cadangan kerugian penurunan nilai. Pengujian hipotesis menggunakan teknik analisis regresi data panel. Hasil penelitian membuktikan bahwa perusahaan dengan female board yang semakin banyak akan membuat perusahaan justru enggan mengungkapkan social disclosures, khususnya aspek ketenagakerjaan dan pekerjaan yang layak, hak asasi manusia dan tanggung jawab produk. Manajemen laba ditemukan tidak memoderasi pengaruh female board terhadap social disclosures namun ada indikasi memperlemah hubungan kausal keduanya. Praktik manajemen laba dengan mengelola cadangan kerugian penurunan nilai secara parsial meningkatkan social disclosures, khususnya aspek tanggung jawab produk.