The effects of gender diversification and CSR on financial performance: A case study of publicly listed firms in Indonesia

Previous studies of developed countries have found that gender diversification and corporate social responsibility (CSR) have a positive impact on a firm’s financial performance. Thus, the purpose of this research is to investigate the impact of gender diversification and CSR on the financial performance of publicly listed firms in Indonesia. Based on the findings from 2013 to 2017, this study found that firms with good CSR practices tend to have better performance results, since such practices satisfy stakeholders, reduce costs, and increase overall efficiency. However, although female representation on the boards of directors has been shown to have a positive impact on firms, the effect was not as significant among the publicly listed firms in Indonesia, due to gender biases, educational barriers, and the social assumption that females should primarily focus on their households and families.