The Effect Of Board Diversity And Green Intellectual Capital On Financial Sustainability With Csr As A Moderating Variable (Empirical Study On Energy Companies For The Period 2020-2024)
DOI:
https://doi.org/10.24256/kharaj.v8i2.9405Keywords:
Board Diversity; Green Intellectual Capital; Corporate Social Responsibility; Financial Sustainability; Energy SectorAbstract
With corporate social responsibility (CSR) acting as a moderating variable, this study attempts to examine the impact of board diversity and green intellectual capital on financial sustainability. The growing need for sustainability and good corporate governance, especially in businesses in the energy industry, is what spurred this study. Using secondary data from the annual reports and sustainability reports of energy sector businesses listed on the Indonesia Stock Exchange between 2020 - 2024, the study takes a quantitative approach. Gender, age, and educational background variety are used to gauge board diversity. Moderated Regression Analysis (MRA) is used to investigate the moderating function of CSR, whereas multiple regression analysis is used to look at the direct effects among factors. The findings suggest that financial sustainability is influenced by board diversity and green intellectual capital. Additionally, CSR improves the connection between financial sustainability and green intellectual capital, but its moderating influence on board diversity yields contradictory findings. It is anticipated that this research will offer theoretical insights and useful recommendations for developing businesses long-term financial sustainability plans.
References
Apriyani, N. W., MAHARANI, N. P. A. Y., Komang, N., ASTINI, PARTIWI, & Ni Made Ari. (2024). THE IMPACT OF SUSTAINABILITY REPORTING ON COMPANY FINANCIAL PERFORMANCE: A LITERATURE STUDY. ELSA Austria Law Review, 3(1), 01–09. https://doi.org/10.33196/ealr202401010601
Ararat, M., El-Helaly, M., Lowe, A., & Shehata, N. (2021). Contingent Effect of Board Gender Diversity on Performance in Emerging Markets: Evidence from the Egyptian Revolution. Journal of Risk and Financial Management, 14(11). https://doi.org/10.3390/jrfm14110538
Arenas-Torres, F., Bustamante-Ubilla, M., & Campos-Troncoso, R. (2021). Diversity of the Board of Directors and Financial Performance of the Firms. Sustainability, 13(21), 11687. https://doi.org/10.3390/su132111687
Badriah Iis, Astriani Devi, & Fatihah Imroatul Dhea. (2025). Pengaruh Green Intellectual Capital Terhadap KinerjaKeuangan Perusahaan(Studi Empiris Pada Perusahaan Crude Palm Oil YangTerdaftar Di Bursa Efek Indonesia Tahun 2019-2023). Jurnal Ilmiah Akuntansi Indonesia, 10(1), 2620.
Barney. (1991). Firm Resources and Sustained Competitive Advantage.
Chaudhry, N. I., & Chaudhry, M. A. (2022). Green Intellectual Capital and Corporate Economic Sustainability: The Mediating Role of Financial Condition. Pakistan Journal of Commerce and Social Sciences, 16(2), 257–278.
EmadEldeen, R., Elbayuomi, A. F., Elmoursy, H., Bouaddi, M., & Basuony, M. A. K. (2025). Does Board Diversity Drive Sustainability? Evidence from UK-Listed Companies. Sustainability (Switzerland), 17(3), 1–25. https://doi.org/10.3390/su17031177
Fitriasari, R., & Soewarno, N. (2024). How Board Member’s Education Diversities and Financial Expertise Matter to Sustainability Report Disclosure: An Insight from Upper-echelon Theory. Jurnal Aplikasi Manajemen, 22(3), 878–890. https://doi.org/10.21776/ub.jam.2024.022.03.18
García-Sánchez, I. M., Hussain, N., Khan, S. A., & Martínez-Ferrero, J. (2021). Assurance of corporate social responsibility reports: Examining the role of internal and external corporate governance mechanisms. Corporate Social Responsibility and Environmental Management, 29(1), 89–106. https://doi.org/10.1002/csr.2186
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Universitas Diponegoro.
Hambrick, D. C. P. A. M. (1986). Upper Echelons : The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. 10.5465/AMR.1984.4277628%0Ahttp://0-search.ebscohost.com.pugwash.lib.warwick.ac.uk/login.aspx%3Fdirect%3Dtrue%26db%3Dbth%26AN%3D4277628%26site%3Deds-live&group=trial
Hasan, A., Saputra, R., Rini, E. S., & Absah, Y. (2024). kinerja keuangan perusahaan Pendahuluan. 8(1), 1–23.
Hulaemah, E., & Mulyasari, W. (2024). Green Intellectual Capital and Financial Performance : The Role of Sustainable Growth Rate. 3(2).
IEA. (2024). Executive summary – World Energy Outlook 2024 – Analysis - IEA. World Energy Outlook.
Jiang, L., Cherian, J., Sial, M. S., Wan, P., Filipe, J. A., Mata, M. N., & Chen, X. (2021). The moderating role of CSR in board gender diversity and firm financial performance: empirical evidence from an emerging economy. Economic Research-Ekonomska Istrazivanja , 34(1), 2354–2373. https://doi.org/10.1080/1331677X.2020.1863829
Kabara, A. S., Khatib, S. F. A., Bazhair, A. H., & Sulimany, H. G. H. (2022). The Effect of the Board ’ s Educational and Gender Diversity on the Firms ’ Performance : Evidence from Non-Financial Firms in Developing Country.
Kementrian ESDM. (2024). Kontribusi Minerba pada PDB 2023 Capai Rp2.198 Triliun. https://www.esdm.go.id/id/media-center/arsip-berita/kontribusi-minerba-pada-pdb-2023-capai-rp2198-triliun
Khoir, R. K. A., & Wafiroh, N. L. (2024). Profitability, Liquidity, Board Size, and Gender Diversity on Financial Distress. MEC-J (Management and Economics Journal), 8(2), 185–202. https://doi.org/10.18860/mec-j.v8i2.26558
Kontan. (2024). Kinerja Perusahaan Tambang dan Energi Merosot di 2023, Cermati Pemicunya. https://industri.kontan.co.id/news/kinerja-perusahaan-tambang-dan-energi-merosot-di-2023-cermati-pemicunya
Kurniawati, H., & Sriwati, S. (2023). THE IMPACT OF BOARD OF DIRECTOR ’ S DIVERSITY ON FINANCIAL PERFORMANCE AMONG BANKING COMPANIES. 1(3), 1457–1473.
Kustinah, S., Susyani, N., & Marlina. (2025). The Impact of Board Diversity on Sustainability Finance : The Mediating Role of Green Intellectual Capital in Indonesian Manufacturing Firms. 5(1), 79–102.
Liu, S., Yu, Q., Zhang, L., Xu, J., & Jin, Z. (2021). Does Intellectual Capital Investment Improve Financial Competitiveness and Green Innovation Performance? Evidence from Renewable Energy Companies in China. Mathematical Problems in Engineering, 2021. https://doi.org/10.1155/2021/9929202
Murhadi, W. R., & S, B. S. (2020). BOARD DIVERSITY AND FINANCIAL PERFORMANCE IN. 2(2), 86–95.
Napaky, R. D., & Sastradipraja, U. (2025). The Effect of Green Intellectual Capital on Green Performance. 8, 3517–3529.
Ningrum, S. C. (2024). Dampak Board of Diversity pada Kinerja Keuangan dan Nilai Pasar Perusahaan: Studi Kasus di Bursa Efek Indonesia. Owner, 8(3), 2195–2204. https://doi.org/10.33395/owner.v8i3.2172
Nurmalasari, N., Laturrohman, N., Widarwati, E., & Wityasminingsih, E. (2024). The Impact of Green Intellectual Capital on Financial Performance : Case of Indonesian Manufacturing Industry During Pandemic. 14(1), 36–51.
OJK. (2025). Buku Taksonomi untuk Keuangan Berkelanjutan Indonesia (TKBI) Versi 2. https://ojk.go.id/id/Publikasi/Roadmap-dan-Pedoman/Sektor-Jasa-Keuangan/Keuangan-Berkelanjutan/Pages/Buku-Taksonomi-untuk-Keuangan-Berkelanjutan-Indonesia-(TKBI)-Versi-2.aspx
Raza, M., Madiha, R., Zakir, K., & Shaikh, H. (2025). Financing the future : insights into sustainable energy investments through scientific mapping and meta ‑ analysis. Discover Sustainability. https://doi.org/10.1007/s43621-024-00788-0
Renaldo, N., & Augustine, Y. (2022). The Effect of Green Supply Chain Management, Green Intellectual Capital, and Green Information System on Environmental Performance and Financial Performance. Archives of Business Research, 10(10), 53–77. https://doi.org/10.14738/abr.1010.13254
Retnoningsih, S., Astuti, W. B., Mahanani, S., & Alfiyah, M. (2024). Pengaruh Corporate Social Responsibility ( CSR ), Good Corporate Governance ( GCG ), Manajemen Kompensasi , dan Manajemen Laba Terhadap. 8(April), 1367–1373.
S. Kustinah, E. W. (2025). DETERMINANTS OF FINANCIAL SUSTAINABILITY FOR MICRO , SMALL , AND MEDIUM ENTERPRISES IN THE CITY OF CIMAHI. 18(2), 323–333.
Soemantri, A. I., Gamal, A., & Sekar, K. (2023). Manufacturing companies and financial performance: what isthe role of intellectual capital, environmental performanceand environmental cost? Enrichment: Journal of Management, 12(6), 5191–5201. https://doi.org/10.35335/enrichment.v12i6.1150
Tricahya Avilya, L., & Ghozali, I. (2022). Pengaruh Intellectual Capital, Good Corporate Governance dan Corporate Social Responsibility terhadap kinerja Keuangan Dengan Manajemen Laba Sebagai Variabel Mediasi (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2018-2020). Diponegoro Journal of Accounting, 11(4), 1–15. http://ejournal-s1.undip.ac.id/index.php/accounting
valbury. (2025). Faktor Global yang Mempengaruhi Harga Minyak Dunia (WTI & Brent). https://valbury.co.id/journal/faktor-global-yang-mempengaruhi-harga-minyak-dunia-wti-brent/
Wati, Y., Irman, M., & Renaldo, N. (2024). Jurnal Akuntansi Keuangan dan Bisnis Politeknik Caltex Riau Green Intellectual Capital , Financial Performance , and Good Corporate Governance. 17, 28–37.
Xu, R., & Liu, J. (2023). The Formation of Reputation in CSR Disclosure : The Role of Signal Transmission and Sensemaking Processes of Stakeholders.
Yopie, S., & Aw, F. (2021). Fakultas Ekonomi Universitas Internasional Batam, Indonesia. 2415–2428.
Yusoff, Y. M., Omar, M. K., Kamarul Zaman, M. D., & Samad, S. (2019). Do all elements of green intellectual capital contribute toward business sustainability? Evidence from the Malaysian context using the Partial Least Squares method. Journal of Cleaner Production, 234, 626–637. https://doi.org/10.1016/j.jclepro.2019.06.153
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 ayu lestari, Siti Kustinah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
