Kiki Ayuandani, Nuraini A. Nuraini, Islahuddin
This study examined non-financial companies listed on the Indonesia Stock Exchange (IDX) to see whether a more diverse board improved their ESG performance. In particular, it delves at how environmental, social, and governance performance is affected by gender diversity on boards, international directors, and board education. In this research, a purposive sampling method is used to conduct an analysis of 135 non-financial companies that operate over the period of 2020-2024. Secondary data were gathered via annual reports and sustainability reports, and an unbalanced panel data regression model was used in order to assess the hypotheses. The results show that women on board and foreign directors have a positive but statistically insignificant relationship with ESG disclosure, while board education has a significant negative effect. Based on these findings, it seems that firm sustainability initiatives benefit from diverse perspectives and worldwide expertise. In contrast, research on the impact of board education on ESG (environmental, social, and governance) performance is limited. These results highlight the strategic importance of board composition in fostering sustainable corporate governance, and empirical evidence is provided to promote diversity-driven environmental, social, and governance development in developing markets. © 2026 IEEE.
Universitas Syiah Kuala, Magister Accounting Program, Banda Aceh, Indonesia; Universitas Syiah Kuala, Departement of Accounting, Banda Aceh, Indonesia
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