Director's diversity, ownership concentration and company performance in Indonesian listed companies

This study investigates the relationship between directors’ diversity, ownership concentration and company performance in Indonesian listed companies. It is argued that the diversity in terms of ethnicity, gender, nationality, experiences and qualification should be able to improve company performa...

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Main Author:	Ilona, Desi
Format:	Thesis
Language:	eng eng
Published:	2015
Subjects:	HF5549-5549.5 Personnel Management Employment
Online Access:	https://etd.uum.edu.my/5426/1/s92486.pdf https://etd.uum.edu.my/5426/7/s92486_abstract.pdf
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id	my-uum-etd.5426
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Abidin, Shamharir Ahmad Zaluki, Nurwati Ashikkin
topic	HF5549-5549.5 Personnel Management Employment
spellingShingle	HF5549-5549.5 Personnel Management Employment Ilona, Desi Director's diversity, ownership concentration and company performance in Indonesian listed companies
description	This study investigates the relationship between directors’ diversity, ownership concentration and company performance in Indonesian listed companies. It is argued that the diversity in terms of ethnicity, gender, nationality, experiences and qualification should be able to improve company performance. In addition, ownership concentration is viewed as one of the primary corporate governance mechanisms to minimize agency problems. Indonesia has been selected for the study because, unlike other ASEAN countries, its corporate governance is based on the adapted version of the Continental European’s two-tier board system, which comprises of the Supervisory Board and the Board of Director. This study analyzed a number of 1981 company-year observations, which is drawn from the population of the Indonesian listed companies during the period of 2004-2010. With reference to the agency theory and the resources dependency theory, the present study finds that the Supervisory Board with diverse nationalities has a positive effect on accounting performance, while the Board of Directors with diverse nationalities has a positive effect on market performance. However, the Supervisory Board’s gender diversity and the Board of Directors’ ethnicity diversity are found to have negative effects, both on accounting and market performance. No evidence has been found to suggest the role of ownership concentration on company performance. The study also suggests that the implementation of the new revised Code of Corporate Governance does not significantly affect company performance. Based on the results of this study, it is recommended that the government should regulate the appointment and dismissal mechanism for the Supervisory Board, for instance, to include representatives selected by the employees. In addition, the authority should also limit the maximum number of multiple directorships by directors to ensure better performance
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Ilona, Desi
author_facet	Ilona, Desi
author_sort	Ilona, Desi
title	Director's diversity, ownership concentration and company performance in Indonesian listed companies
title_short	Director's diversity, ownership concentration and company performance in Indonesian listed companies
title_full	Director's diversity, ownership concentration and company performance in Indonesian listed companies
title_fullStr	Director's diversity, ownership concentration and company performance in Indonesian listed companies
title_full_unstemmed	Director's diversity, ownership concentration and company performance in Indonesian listed companies
title_sort	director's diversity, ownership concentration and company performance in indonesian listed companies
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2015
url	https://etd.uum.edu.my/5426/1/s92486.pdf https://etd.uum.edu.my/5426/7/s92486_abstract.pdf
_version_	1747827932290613248
spelling	my-uum-etd.54262021-03-18T08:13:49Z Director's diversity, ownership concentration and company performance in Indonesian listed companies 2015 Ilona, Desi Abidin, Shamharir Ahmad Zaluki, Nurwati Ashikkin Tunku Puteri Intan Safinaz School of Accountancy (TISSA) College of Business HF5549-5549.5 Personnel Management. Employment This study investigates the relationship between directors’ diversity, ownership concentration and company performance in Indonesian listed companies. It is argued that the diversity in terms of ethnicity, gender, nationality, experiences and qualification should be able to improve company performance. In addition, ownership concentration is viewed as one of the primary corporate governance mechanisms to minimize agency problems. Indonesia has been selected for the study because, unlike other ASEAN countries, its corporate governance is based on the adapted version of the Continental European’s two-tier board system, which comprises of the Supervisory Board and the Board of Director. This study analyzed a number of 1981 company-year observations, which is drawn from the population of the Indonesian listed companies during the period of 2004-2010. With reference to the agency theory and the resources dependency theory, the present study finds that the Supervisory Board with diverse nationalities has a positive effect on accounting performance, while the Board of Directors with diverse nationalities has a positive effect on market performance. However, the Supervisory Board’s gender diversity and the Board of Directors’ ethnicity diversity are found to have negative effects, both on accounting and market performance. No evidence has been found to suggest the role of ownership concentration on company performance. The study also suggests that the implementation of the new revised Code of Corporate Governance does not significantly affect company performance. Based on the results of this study, it is recommended that the government should regulate the appointment and dismissal mechanism for the Supervisory Board, for instance, to include representatives selected by the employees. In addition, the authority should also limit the maximum number of multiple directorships by directors to ensure better performance 2015 Thesis https://etd.uum.edu.my/5426/ https://etd.uum.edu.my/5426/1/s92486.pdf text eng public https://etd.uum.edu.my/5426/7/s92486_abstract.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abdul Rahman, R., & Mohamed Ali, F. H. (2006). Board, Audit Committee, Culture and Earnings Management: Malaysian Evidence. Managerial Auditing Journal, 21(7), 783-804. 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