The Effect of Board of Director Diversity On Firm�¢ï¿½ï¿½s Strategic Change

FRISKA SINURAYA, Dr. Ying Feng

2015 | Tesis | S2 Manajemen

Dari lensa teori ketergantungan sumber daya, penelitian ini bertujuan untuk mengetahui pengaruh keragaman demografi dewan direksi terhadap perubahan strategis dan bagaimana kinerja perusahaan memoderasi hubungan tersebut. Dewan Direksi bertanggung jawab untuk secara aktif mengontrol dan memonitor perilaku manajemen puncak untuk memastikan bahwa mereka bertindak dalam kepentingan pemegang saham. Dewan direksi perlu menghubungkan perusahaan dan faktor eksternal dengan mengkooptasi sumber daya yang dibutuhkan untuk bertahan hidup. Integrasi beragam pemangku kepentingan dalam papan membantu organisasi untuk mendapatkan sumber daya yang penting. Promosi beragam perspektif dapat memperluas solusi dan kriteria untuk perubahan strategis, di mana perubahan strategis dianggap sebagai salah satu sumber penting dari keunggulan kompetitif dan memainkan penting dalam kelangsungan hidup perusahaan. Sebuah panel dataset periode 2007-2013 dikembangkan dari Compustat, RiskMetrics, Capital IQ dan BoardEx. Sampel dari perusahaan S&P 500 digunakan untuk menyelidiki hubungan antara keragaman papan dan perubahan strategis, dan moderasi dari kinerja perusahaan. Pada penelitian ini, perusahaan dikeluarkan jika informasi demografis dan keuangan yang relevan tidak tersedia. Kriteria ini menghasilkan sampel 273. Hasil penelitian ini menunjukkan hubungan antara tiga dari enam variabel keragaman dewan direkasi dan perubahan strategis perusahaan. Perusahaan yang paling mungkin untuk mengalami perubahan strategis memiliki dewan direksi beragam pendidikan, umur dan etnis. Oleh karena itu keanekaragaman dalam pendidikan, usia dan etnis di antara papan perusahaan mempromosikan perubahan strategis. Variabel interaksi memberikan temuan menarik bahwa di semua model interaksi; kinerja perusahaan secara negatif memoderasi hubungan antara keragaman demografi dewan direksi dan perubahan strategis (etnis keragaman). Tetapi menggunakan lima variabel keragaman dewan direksi lainnya (pendidikan, fungsional, jabatan, usia dan jenis kelamin), kinerja perusahaan tidak memoderasi hubungan keanekaragaman dewan direksi dan perubahan strategis.

From the lens of resource dependence theory, this research aim to determine the effect of demographic diversity of board of directors on strategic change and how firm performance moderates the relationship. Board of directors responsible to actively control and monitor top management behaviors in order to ensure that they act in the interests of shareholders. Boards of directors need to connect the firm with external factors by co-opting the resources needed to survive. Integration of diverse stakeholders into the board helps the organization to acquire critical resources. The promotion of diverse perspectives can create a wider range of solutions and criteria for strategic change, where strategic change is considered as one of important sources of competitive advantage and play a critical in firm survival. A panel dataset for period of 2007-2013 is developed from Compustat, RiskMetrics, Capital IQ and BoardEx. Sample of S&P 500 firms is used to investigate the relationship between boards diversity and strategic change, and the moderation of firm performance. For the purpose of this study, companies were excluded if the relevant demographic and financial information were unavailable. These criteria resulted in a sample of 273. The independent variable is lagged by one year, because the effect of board diversity on strategic change will occur over time. The results of this study show a relationship between three of six boards diversity variables and strategic change in corporate strategy. The firms most likely to undergo strategic change had board of directors diverse on education, age and ethnicity. Therefore diversity in educational, age and ethnicity among corporate boards promotes strategic change. The interaction variable provides interesting findings that across all the interaction models; firm performance negatively moderates the relationship between board demographic diversity and strategic change (ethnicity diversity). But using five other board diversity variables (educational, functional, tenure, age and gender), firm performance does not moderate the relationship board of diversity and strategic change.

Kata Kunci : Diversity, Strategic Change, Firm Performance, Board of Director