The impact of family ownership on the relationship between the existence of the woman Board of Commissioners and firm performance

Nanik Ermawati, Wiwiek Dianawati


Purpose: The primary purpose of this study is to see the impact of the presence of a woman board of commissioners (WBoC) on firm performance (FP). In addition, this study looked at the effect of moderation of family ownership (FO) on the influence of WBoC on FP.

Design/methodology/approach: This study used secondary data with a sample of all companies listed on the Indonesia Stock Exchange from 2017 to 2021. The study used a total of 788 observations. The data were analyzed using moderate regression analysis with unbalanced panel data.

Findings: The results revealed that WBoC did not affect TQ and ROA. Empirical research shows that FO strengthens WBoC in increasing ROA and TQ.

Research limitations/implications: In Indonesia, the portion of the representation of each company's woman board of commissioners is only one member on average at 78%. As many as 22% of companies with a board of commissioners are more or equal to 2 members.

Practical implications: This study also serves as a guide for shareholders in selecting competent woman boards of commissioners for an effective supervisory system that drives the company's success.

Originality/value: This study analyzes the impact of share ownership dominated by family companies on the relationship between the existence of a woman board of commissioners and firm performance. Therefore, this research is significant to understand the role of FO in helping women build leadership, gain recognition, and be empowered to improve firm performance.


Woman board of commissioners (WboC), Family Ownership (FO), Return on assets (ROA), Tobins’q (TQ), Firm Performance (FP), Indonesia stock exchange

Full Text:



Licencia de Creative Commons 

This work is licensed under a Creative Commons Attribution 4.0 International License

Intangible Capital, 2004-2024

Online ISSN: 1697-9818; Print ISSN: 2014-3214; DL: B-33375-2004

Publisher: OmniaScience