CEO Gender and Firm Debt Policy: An Empirical Study in Indonesia Rahmat Setiawan (a*), Dynes Rizky Navianti (b)
a) Economics and Bussiness Faculty of Airlangga University
Jalan Airlangga 4, Surabaya, Indonesia
*rahmatsetiawan[at]feb.unair.ac.id
b) Economics and Bussiness Faculty of Airlangga University
Jalan Airlangga 4, Surabaya, Indonesia
dnavianti[at]gmail.com
Abstract
This research that contained in the paper aims to investigate the influence of female director and female commissioner on the firm structure capital of non-financial companies listed on Indonesia Stock Exchange (IDX) since the 2010 to 2014 with 372 observations. A structure capital of the firms is measured by the leverage ratio that implicate to debt policy. The leverage ratio shows the level of usage in the company as variable dependent. Dividend payout ratio, return on asset, size of director, and size of commissioner as control variables. Modeling the leverage of firm using multiple regression. Here, the result of this study indicate that firms with a larger fraction of female director have negative effect on debt policy significantly. Otherwise, female commissioner is not significant effect on debt policy. As control variables that is significantly effect on debt policy is dividend payout ratio and size of director.
Keywords: debt policy, gender commissioner, gender director
