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PENGARUH KETERLIBATAN WANITA DALAM KEPUTUSAN STRUKTUR MODAL DI INDONESIA
This research aims to empirically examine the impact of women’s involvement on the board of directors on capital structure decisions in non-financial companies in Indonesia during the period from 2018 – 2022. The sampling technique used was purposive sampling, resulting in 431 observations. Capital structure decisions in this study are proxied by four measurements, namely, Debt to assets ratio (DAR), Debt to equity ratio (DER), Short-term debt to total assets (STD), and Long-term debt to total assets (LTD). This research used four control variables, including Firm size, Firm growth, Return on Assets, and Board of directors size. The research hypothesis was tested using the Fixed Effects Model (FEM) and Random Effects Model (REM) approaches. The analysis results show that Gender diversity, measured by the presence of women on the board of directors, has a proven negative and significant impact on capital structure decisions, as proxied by Short-term debt to total assets.
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