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Abstract
Abstract
Various studies show that women are more risk averse in making decisions and better long-term oriented. Women would rather risk averse than men, making it less likely they will use debt in their capital structure, since by increasing debt increases the risk of the company's financial means. This study want to test whether gender became a significant factor in financial leverage, to see whether there are differences in policy between the company's leverage, led by men and women. Financial leverage is used as a measure of corporate risk because these variables can be changed by the CEO. Data from companies listed on the Jakarta Stock Exchange as sample. The results showed that there were differences in leverage between firms that have a men CEO with the women CEO of a company. Men CEO use more debt than the women CEO. But for the performance measured by ROI, obtained different results for the type of industry studied. For the consumer goods industry, there are performance differences between the men CEO and the women. But for the internet service industry and enamel kitchen showed no performance difference between women CEO with men CEO.
Key words: leverage, woman CEO, man CEO, performance
Abstrak
Berbagai penelitian menunjukkan bahwa wanita lebih risk averse dalam mengambil keputusan dan lebih berorientasi jangka panjang. Wanita lebih suka menolak risiko dibandingkan pria, sehingga kecil kemungkinan mereka akan menggunakan hutang dalam struktur modalnya, karena dengan menambah hutang berarti memperbesar risiko keuangan perusahaan. Penelitian ini ingin menguji apakah jender menjadi faktor yang cukup signifikan dalam financial leverage, dengan melihat apakah ada perbedaan dalam kebijakan leverage antara perusahaan yang dipimpin oleh pria dan wanita. Financial leverage dipakai sebagai ukuran risiko perusahaan karena variabel ini bisa diubah oleh CEO. Sampel menggunakan data dari perusahaan yang listed di Jakarta Stock Exchange. Hasil penelitian menunjukkan bahwa ada perbedaan leverage antara perusahaan yang memilki CEO pria dan perusahaan dengan CEO wanita. CEO Pria menggunakan rata-rata hutang lebih banyak dibandingkan dengan CEO wanita. Namun untuk kinerja yang diukur dengan ROI, diperoleh hasil yang berbeda untuk jenis industri yang diteliti. Untuk industri consumer goods, ada perbedaan kinerja antara CEO wanita dan CEO Pria. Namun untuk industri internet service dan enamel kitchen menunjukan tidak ada perbedaan kinerja antara CEO wanita dengan CEO Pria.
Kata kunci: leverage, CEO wanita, CEO pria, kinerja
Various studies show that women are more risk averse in making decisions and better long-term oriented. Women would rather risk averse than men, making it less likely they will use debt in their capital structure, since by increasing debt increases the risk of the company's financial means. This study want to test whether gender became a significant factor in financial leverage, to see whether there are differences in policy between the company's leverage, led by men and women. Financial leverage is used as a measure of corporate risk because these variables can be changed by the CEO. Data from companies listed on the Jakarta Stock Exchange as sample. The results showed that there were differences in leverage between firms that have a men CEO with the women CEO of a company. Men CEO use more debt than the women CEO. But for the performance measured by ROI, obtained different results for the type of industry studied. For the consumer goods industry, there are performance differences between the men CEO and the women. But for the internet service industry and enamel kitchen showed no performance difference between women CEO with men CEO.
Key words: leverage, woman CEO, man CEO, performance
Abstrak
Berbagai penelitian menunjukkan bahwa wanita lebih risk averse dalam mengambil keputusan dan lebih berorientasi jangka panjang. Wanita lebih suka menolak risiko dibandingkan pria, sehingga kecil kemungkinan mereka akan menggunakan hutang dalam struktur modalnya, karena dengan menambah hutang berarti memperbesar risiko keuangan perusahaan. Penelitian ini ingin menguji apakah jender menjadi faktor yang cukup signifikan dalam financial leverage, dengan melihat apakah ada perbedaan dalam kebijakan leverage antara perusahaan yang dipimpin oleh pria dan wanita. Financial leverage dipakai sebagai ukuran risiko perusahaan karena variabel ini bisa diubah oleh CEO. Sampel menggunakan data dari perusahaan yang listed di Jakarta Stock Exchange. Hasil penelitian menunjukkan bahwa ada perbedaan leverage antara perusahaan yang memilki CEO pria dan perusahaan dengan CEO wanita. CEO Pria menggunakan rata-rata hutang lebih banyak dibandingkan dengan CEO wanita. Namun untuk kinerja yang diukur dengan ROI, diperoleh hasil yang berbeda untuk jenis industri yang diteliti. Untuk industri consumer goods, ada perbedaan kinerja antara CEO wanita dan CEO Pria. Namun untuk industri internet service dan enamel kitchen menunjukan tidak ada perbedaan kinerja antara CEO wanita dengan CEO Pria.
Kata kunci: leverage, CEO wanita, CEO pria, kinerja
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How to Cite
Kritanti, F. T. (2014). PENGGUNAAN LEVERAGE PADA PERUSAHAAN: PERBEDAAN ANTARA CEO PRIA DAN WANITA. Jurnal Siasat Bisnis, 16(2). Retrieved from https://journal.uii.ac.id/JSB/article/view/3305