• Elfina Astrella Sambuaga Universitas Pelita Harapan
  • Leonardo Laksamana Universitas Pelita Harapan
  • Kevin Soetemto Universitas Pelita Harapan
  • Adrian Karundeng Universitas Pelita Harapan


This research aims to investigate the effect leverage has towards firm performance when moderated by board of director’s gender. Net profit margin is used as the firm performance measure, both DAR and DER measures are used as leverage measure, and the as for BOD gender, dummy and proportion approach will be used. The research uses 69 out of 100 companies listed on Kompas100 on the year 2018 using purposive sampling method and the data is collected via Market Intelligence platform and inputted it to statistic software SPSS. The output shows that leverage has a negative impact towards firm performance and BOD gender weakens their negative relationship. This means that too much borrowing isn’t always necessarily good for a firm and females on the BOD can neutralize this effect.

Keywords: BOD, firm performance, gender, leverage


Ahmed, F., Awais, I. and Kashif, M. (2018). Financial Leverage and Firms’ Performance: Empirical Evidence from KSE-100 Index. Etikonomi, 17(1).

Bashir, T., Riaz, A., Butt, S. and Parveen, A. (2013). Firm Performance: A Comparative Analysis of Ownership Structure. European Scientific Journal, 9(31), pp.413-430.

Caprino, K. (2016, May 12). How Decision-Making Is Different Between Men And Women And Why It Matters In Business. Retrieved from

Chytis, E., Tasios, S. and Arnis, N. (2018). Factors affecting Firm Performance in Periods of Financial Crisis: Evidence from the listed on the Athens Stock Exchange Food Companies. MIBES Transactions, 12(1).

Donaldson, G. (1961). Corporate Debt Capacity a Study of Corporate Debt Policy and the Determination Journal. Washington D.C.: BeardBooks.

Faccio, M., Marchica, M. and Mura, R. (2016). CEO Gender, Corporate Risk-taking, and the Efficiency of Capital Allocation. Journal of Corporate Finance, 39(C).

Kompas. (2016, Febuary 7). Pertumbuhan Ekonomi 2015 Terendah dalam 6 Tahun Terakhir. Retrieved from 2016/02/07/182803626/Pertumbuhan.Ekonomi.2015.Terendah.dalam.Enam.Tahun.Terakhir?page=all

Kompas. (2019, March 9). Peran Perempuan di Dunia Bisnis Global Terus Meningkat. Retrieved from 134109326/peran-perempuan-di-dunia-bisnis-global-terus-meningkat

Marsha, N. and Murtaqi, I. (2017). The Effect of Financial Ratios on Firm Value in the Food and Beverage Sector of the IDX. Journal of Business and Management, 6(2), pp.214-226.

Myšková, R. and Hájek, P. (2017). Comprehensive assessment of Firm Financial Performance Using Financial Ratios and Linguistic Analysis of Annual Reports. Journal of International Studies, 10(4), pp.96-108.

Olawale, L., Ilo, B., Lawal, F. (2017). The Effect of Firm Size on Performance of Firms in Nigeria. Aestimato, The IEB International Journal of Finance, 15(4), pp.2-21.

Oyelade, A. (2019). The Impact of Firm Size on Firms Performance in Nigeria: A Comparative Study of Seclected Firms in the Building Industry in Nigeria. Asian Development Policy Review, 7(1).

Pouraghajan, A., Malekian, E., Emamgholipour, M., Lotfollahpour, V. and Bagheri, M. (2012). The Relationship between Capital Structure and Firm Performance Evaluation Measures: Evidence from the Tehran Stock Exchange. International Journal of Business and Commerce, 1(9), pp.166-181.

Shao, L. and Liu, Z. (2014). CEO Gender and Firm Performance. Simon Fraser University.

Strebulaev, I. and Yang, B. (2013). The Mystery of Zero-Leverage Firms. SSRN Electronic Journal.

Suherman, S. (2017). Apakah Diversitas Gender Memengaruhi Struktur Modal? Bukti Empiris di Indonesia. Jurnal Keuangan dan Perbankan, 21(2), p.224.

Taouab, O. and Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal, 15(1).

Trigueiros, D. (2000). A Theoretical Definition and Statistical Description of Firm Size. University of Macau.

Warrad, L. (2014). The Effect of Current Ratio on Jordanian Real Estate Sector’s Net Profit Margin. European Journal of Economics, Finance and Administrative Sciences, (63).

Warrad, L. and Omari, R. (2015). The Impact of Turnover Ratios on Jordanian Services Sectors’ Performance. Journal of Modern Accounting and Auditing, 11(2).

Zahoor, N., Malik, M., Debaj, D. and Zyed, Z. (2015). Relationship Between Gender Diversity in Top Management Teams and Profitability of Pakistani Firms. Journal of Resources Development and Management, 16.
How to Cite
SAMBUAGA, Elfina Astrella et al. THE EFFECT OF BOD GENDER AND LEVERAGE TOWARDS FIRM PERFORMANCE. Klabat Accounting Review, [S.l.], v. 3, n. 1, p. 1-19, feb. 2022. ISSN 2721-723X. Available at: <>. Date accessed: 07 july 2022. doi: