ESG Analysis of Profitability: A Perspective on Board Gender Diversity in Indonesian Healthcare Companies
Keywords:
ESG, Profitability, Board Gender Diversity, HealthcareAbstract
This study aims to examine the impact of ESG on profitability, with board gender diversity serving as a moderating variable, among healthcare companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative approach was employed, utilizing secondary data obtained from corporate annual reports and sustainability reports. The study sample comprised 22 companies, resulting in a total of 88 observations selected through purposive sampling. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with the aid of SPSS v32. The results indicate that neither ESG nor board gender diversity has a significant effect on profitability in isolation. However, board gender diversity was found to positively moderate the impact of ESG on profitability. These findings suggest that gender diversity within the board of directors can enhance the effectiveness of ESG implementation in boosting the profitability of healthcare companies in Indonesia.
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