Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia
El propósito de esta investigación es determinar el impacto de las mujeres consejeras que pertenecen a la junta directiva en el desempeño de la empresa. Este estudio empleó una técnica de muestreo intencional con una muestra de investigación compuesta por 264 empresas no financieras que cotizan en la Bolsa de Valores de Indonesia entre 2013 y 2019. Como sustitutos de la variable independiente de mujeres en las salas de juntas, este estudio examina la presencia de directoras, una variable ficticia para directoras ejecutivas, la proporción de directoras y la capacidad empresarial de las directoras. El rendimiento de los activos (ROA), el rendimiento del capital (ROE) y la Q de Tobin son indicadores para medir el desempeño corporativo. La técn... Ver más
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Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia Sala de juntas Revista Finanzas y Política Económica Universidad Católica de Colombia Artículo de revista 1 regresión robusta diversidad de género directora experiencia empresarial 16 Siregar , Edo Sebayang, Dianta A. Iranto , Dicky Ahmad, Gatot Nazir El propósito de esta investigación es determinar el impacto de las mujeres consejeras que pertenecen a la junta directiva en el desempeño de la empresa. Este estudio empleó una técnica de muestreo intencional con una muestra de investigación compuesta por 264 empresas no financieras que cotizan en la Bolsa de Valores de Indonesia entre 2013 y 2019. Como sustitutos de la variable independiente de mujeres en las salas de juntas, este estudio examina la presencia de directoras, una variable ficticia para directoras ejecutivas, la proporción de directoras y la capacidad empresarial de las directoras. El rendimiento de los activos (ROA), el rendimiento del capital (ROE) y la Q de Tobin son indicadores para medir el desempeño corporativo. La técnica de análisis de este estudio es el análisis de regresión robusta. Según los resultados, las mujeres miembros de las juntas directivas tuvieron la mayor influencia en el desempeño de la empresa. En general, la variable ficticia de la directora ejecutiva sirve como indicador de la solidez del desempeño de la empresa. Kim, D., & Starks, L. T. (2016). Gender diversity on corporate boards: Do women contribute unique skills? American Economic Reviews, 106(5), 267-271. http://doi.org/10.1257/aer.p20161032 Magrelli, V., Rondi, E., De Massis, A., & Kotlar, J. (2020). Generational brokerage: An intersubjective perspective on managing temporal orientations in family firm succession. Strategic Organization, 20(1), 164-199. https://doi.org/10.1177/1476127020976972 Reino, A., Roigas, K., & Müürsepp, M. (2020). Connections between organizational culture and financial performance in Estonian service and production companies. Baltic Journal of Management, 15(3), 375-393. https://doi.org/10.1108/BJM-01-2019-0017 Porcena, Y.-R., Parboteeah, K. P., & Mero, N. P. (2021). Diversity and firm performance: Role of corporate ethics. Management Decision, 59(11), 2620-2644. https://doi.org/10.1108/MD-01-2019-0142 Pandey, N., Andres, C., & Kumar, S. (2023). Mapping the corporate governance scholarship: Current state and future directions. Corporate Governance: An International Review, 31(1), 127-160. https://doi.org/10.1111/corg.12444 Mohsen Al-Absy, M.S. (2023). Impactful women directors and earnings management. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2148873 Mishra, A., & Müller, C. L. (2022). Robust regression with compositional covariates. Computational Statistics & Data Analysis, 165, 107315. https://doi.org/10.1016/j.csda.2021.107315 Martínez-Alonso, R., Martínez-Romero, M. J., & Rojo-Ramírez A. A. (2020). Refining the influence of family involvement in management on firm performance: The mediating role of technological innovation efficiency. BRQ Business Research Quarterly, 25(4), 337-351. https://doi.org/10.1177/2340944420957330 Issa, A., & Zaid, M. A. A. (2023). Firm's biodiversity initiatives disclosure and board gender diversity: A multi-country analysis of corporations operating in Europe. Business Strategy and the Environment, 32((7), 4991-5007. https://doi.org/10.1002/bse.3404 Lee, H. W., Choi, J. N., & Kim, S. (2018). Does gender diversity help teams constructively manage status conflict? An evolutionary perspective of status conflict, team psychological safety, and team creativity. Organizational Behavior and Human Decision Processes, 144, 187-199. https://doi.org/10.1016/j.obhdp.2017.09.005 Love, I., Nikolaev, B. & Dhakal, C. (2023). The well-being of women entrepreneurs: the role of gender inequality and gender roles. Small Business Economics. https://doi.org/10.1007/s11187-023-00769-z Lee, S., Jeon, S., & Lee, B. (2019). Security controls for employees’ satisfaction: Perspective of controls framework. SAGE Open, 9(2), 1-17. https://doi.org/10.1177/2158244019853908 Kong, G., Kong, T.D., Qin, N., & Yu, L. (2022). Ethnic diversity, trust, and corporate social responsibility: The moderating effects of marketization and language. Journal of Business Ethics, 187, 449-471. https://doi.org/10.1007/s10551-022-05236-5 Lassoued, N., & Khanchel, I. (2023). Voluntary CSR disclosure and CEO narcissism: The moderating role of CEO duality and board gender diversity. Review of Managerial Science, 17, 1075-1123. https://doi.org/10.1007/s11846-022-00555-3 Knyazeva, A., Knyazeva, D., & Masulis, R.W. (2013). The supply of corporate directors and board independence. Review of Financial Studies, 26(6), 1561-1605. https://doi.org/10.1093/rfs/hht020 Safiullah, Md., Akhter, T., Saona, P., Azad, Md.A.K. (2022). Gender diversity on corporate boards, firm performance, and risk-taking: New evidence from Spain. Journal of Behavioral and Experimental Finance, 35, 100721. https://doi.org/10.1016/j.jbef.2022.100721 Issa, A., Zaid, M. A. A., & Hanaysha, J. R. (2022). Exploring the relationship between female director's profile and sustainability performance: Evidence from the Middle East. Managerial and Decision Economics, 43(6), 1980-2002. https://doi.org/10.1002/mde.3503 Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. https://www.jstor.org/stable/1818789 Kauff, M., Asbrock, F., & Schmid, K. (2020). Pro-diversity beliefs and intergroup relations. European Review of Social Psychology, 32(2), 269-304. https://doi.org/10.1080/10463283.2020.1853377 Roque, A., Moreira, J. M., Dias Figueiredo, J., Albuquerque, R., & Gonçalves, H. (2020). Ethics beyond leadership: can ethics survive bad leadership? Journal of Global Responsibility, 11(3), 275-294. https://doi.org/10.1108/JGR-06-2019-0065 Wang, S., & Lv, J. (2023). CEO-TMT faultline and corporate green innovation: The contextual role of Confucian culture. Managerial and Decision Economics, 44(8), 4422-4438. https://doi.org/10.1002/mde.3959 Sanchez-Marin, G., Lozano-Reina, G., Baixauli-Soler, J. S., & Lucas-Perez, M.E. (2017). Say on pay effectiveness, corporate governance mechanisms, and CEO compensation alignment. BRQ Business Research Quarterly, 20(4), 226-239. https://doi.org/10.1016/j.brq.2017.07.001 info:eu-repo/semantics/article Text http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/publishedVersion http://purl.org/redcol/resource_type/ART http://purl.org/coar/resource_type/c_2df8fbb1 http://purl.org/coar/resource_type/c_6501 Zirgulis, A., Huettinger, & M. Misiunas, D. (2021). No woman, no aggressive tax planning? A study on CEO gender and effective tax rates in the Lithuanian retail sector. Review of Behavioral Finance, 14(3), 394 - 409. https://doi.org/10.1108/RBF-09-2020-0232 Sapienza, P., Zingales, L., & Maestripieri, D. (2009). Gender differences in financial risk aversion and career choices are affected by testosterone. Proceedings of the National Academy of Sciences, 106(36), 15268-15273. https://doi.org/10.1073/pnas.0907352106 Yan, X., Wang, X., & Sheng Liu. (2023). A U-shaped relationship between real financialization and financial risk: Evidence from a single threshold model. Finance Research Letters, 56, 104017. https://doi.org/10.1016/j.frl.2023.104017 Xie, L., Zhou, J., Zong, Q., & Lu, Q. (2020). Gender diversity in R&D teams and innovation efficiency: Role of the innovation context. Research Policy, 49(1). https://doi.org/10.1016/j.respol.2019.103885 Islam, R., French, E., & Ali, M. (2022). Evaluating board diversity and its importance in the environmental and social performance of organizations. Corporate Social Responsibility and Environmental Management, 29(5), 1134-1145. https://doi.org/10.1002/csr.2259 Valenti, A., & Horner, S. (2020). The human capital of boards of directors and innovation: An empirical examination of the pharmaceutical industry. International Journal of Innovation Management, 24(06). https://doi.org/10.1142/S1363919620500565 Tran, H., & Turkiela, J. (2020). The powers that be: Concentration of authority within the board of directors and variability in firm performance. Journal of Corporate Finance, 60, 101537. https://doi.org/10.1016/j.jcorpfin.2019.101537 Teodosio, J., Vieira, E., & Madaleno, M. (2021). Gender diversity and corporate risk-taking: A literature review. Managerial Finance, 47(7) 1038-1073. https://doi.org/10.1108/MF-11-2019-0555 Song, H. J., Yoon, Y. N., & Kang, K. H. (2020). The relationship between board diversity and firm performance in the lodging industry: The moderating role of internationalization. International Journal of Hospitality Management, 86, 102461. https://doi.org/10.1016/j.ijhm.2020.102461 Solomon, S. J., Bendickson, J. S., Marvel, M. R., McDowell, W. C., & Mahto, R. (2021). Agency theory and entrepreneurship: A cross-country analysis. Journal of Business Research, 122, 466-476. https://doi.org/10.1016/j.jbusres.2020.09.003 Issa, A., & Bensalem, N. (2023). Are gender-diverse boards eco-innovative? The mediating role of corporate social responsibility strategy. Corporate Social Responsibility and Environmental Management, 30(2), 742-754. https://doi.org/10.1002/csr.2385 Gordini, N., & Rancati, E. (2017). Gender diversity in the Italian boardroom and firm financial performance. Management Research Review, 40(1), 75-94. https://doi.org/10.1108/MRR-02-2016-0039 Hoang, T., Suh, J., & Sabharwal, M. (2022). Beyond a numbers game? Impact of diversity and inclusion on the perception of organizational justice. Public Administration Review, 82(3), 537-555. https://doi.org/10.1111/puar.13463 Abebe, M. A., Li, P., Acharya, K., & Daspit, J. J. (2020). The founder chief executive officer: A review of current insights and directions for future research. Corporate Governance: An International Review, 28(6), 406-436. https://doi.org/10.1111/corg.12348 The purpose of this research is to determine the impact of female board members on firm performance. This study employed a purposive sampling technique with a research sample comprised of 264 non-financial companies listed on the Indonesia Stock Exchange between 2013 and 2019. As proxies for the independent variable of females in the boardroom, this study examines female directors' presence, a dummy variable for female CEOs, the proportion of female directors, and female directors' business ability. The return on assets (ROA), return on equity (ROE), and Tobin's Q are all proxies for gauging corporate performance. This study's analysis technique is robust regression analysis. Female board members had the greatest influence on firm performance, according to the findings. Overall, the female CEO dummy serves as a proxy for the strength of the company's performance. Boardroom business expertise female director gender diversity robust regression Journal article text/html application/pdf https://revfinypolecon.ucatolica.edu.co/article/view/4955 Inglés https://creativecommons.org/licenses/by-nc-sa/4.0 Hatane, S. E., Supangat, S., Tarigan, J., & Jie, F. (2019). Does internal corporate governance mechanism control firm risk? Evidence from Indonesia’s three high-risk sectors. Corporate Governance, 19(6), 1362-1376. https://doi.org/10.1108/CG-02-2019-0071 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. Gatot Nazir Ahmad - 2023 Abdullah, H. O., & AL-Abrrow, H. (2023). Predicting positive and negative behaviors at the workplace: Insights from multi-faceted perceptions and attitudes. Global Business and Organizational Excellence, 42(4), 63-80. https://doi.org/10.1002/joe.22179 Cordeiro, J. J., Profumo, G., & Tutore, I. (2020). Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures. Business Strategy and the Environment, 29(3), 1127-1144. https://doi.org/10.1002/bse.2421 Gyapong, E., Ahmed, A., Ntim, C. G. & Nadeem M. (2019). Board gender diversity and dividend policy in australian listed firms: The effect of ownership concentration. Asia Pacific Journal of Management, 38(2), 603-643. https://doi.org/10.1007/s10490-019-09672-2 Greiner, M., Kim, J., & Thor, J.C. (2023). Narcissistic CEOs and their corporate political activity. Journal of Business Research, 163, 113930. https://doi.org/10.1016/j.jbusres.2023.113930 Greene, D., Intintoli, V. J., & Kahle, K. M. (2020). Do board gender quotas affect firm value? Evidence from California senate bill no. 826. Journal of Corporate Finance, 60, 101526. https://doi.org/10.1016/j.jcorpfin.2019.101526 Gould, J. A., Kulik, C. T., & Sardeshmukh, S. R. (2018). Trickle-down effect: the impact of female board members on executive gender diversity. Human Resources Management, 57(4), 931-945. https://doi.org/10.1002/hrm.21907 Female in The Boardroom and Firm Performance: An Insight of Indonesia’s Firms Eide, A. E., Saether, E. A., & Aspelund, A. (2020). An investigation of leaders’ motivation, intellectual leadership, and sustainability strategy in relation to Norwegian manufacturers’ performance. Journal of Cleaner Production, 254, 120053, 1-12. https://doi.org/10.1016/j.jclepro.2020.120053 Doan, T., & Iskandar-Datta, M. (2020). Are female top executives more risk-averse or more ethical? Evidence from corporate cash holdings policy. Journal of Empirical Finance, 55, 161-176. https://doi.org/10.1016/j.jempfin.2019.11.005 Ali Gull, A., Hussain, N., Akbar Khan, S., Nadeem, M. & Mansour Zalata, A. (2023). Walking the talk? A corporate governance perspective on corporate social responsibility decoupling. British Journal of Management, 34(4), 2186-2211. https://doi.org/10.1111/1467-8551.12695 Cornelissen, J. P., Akemu, O., Jonkman, J. G. F., & Werner, M. D. (2021). Building character: The formation of a hybrid organizational identity in a social enterprise. Journal of Management Studies, 58(5), 1294-1330. https://doi.org/10.1111/joms.12640 Publication Bhat, K. U., Chen, Y., Jebran, K., & Memon, Z. A. (2019). Board diversity and corporate risk: Evidence from China. Corporate Governance, 20(2), 280-293. https://doi.org/10.1108/CG-01-2019-0001 Cambrea, D. R., Paolone, F., & Cucari, N. (2023). Advisory or monitoring role in ESG scenario: Which women directors are more influential in the Italian context? Business Strategy and the Environment, 32(7), 4299-4314. https://doi.org/10.1002/bse.3366 Alkebsee, R. H., Habib, A., Huang, H. J., & Tian, G. (2022). The gender-diverse audit committee and audit report lag: Evidence from China. International Journal of Auditing, 26(2), 314-337. https://doi.org/10.1111/ijau.12278 Baranchuk, N., & Dybvig, P. (2009). Consensus in diverse corporate boards. Review of Financial Studies, 22(2), 715-747. https://doi.org/10.1093/rfs/hhn052 Bezemer, P.-J., Pugliese, A., Nicholson, G., & Zattoni, A. (2023). Toward a synthesis of the board-strategy relationship: A literature review and future research agenda. Corporate Governance: An International Review, 31(1), 178-197. https://doi.org/10.1111/corg.12481 63 47 2011-7663 https://doi.org/10.14718/revfinanzpolitecon.v16.n1.2024.3 2248-6046 2024-01-31T00:00:00Z https://revfinypolecon.ucatolica.edu.co/article/download/4955/4973 https://revfinypolecon.ucatolica.edu.co/article/download/4955/5040 2024-01-31 10.14718/revfinanzpolitecon.v16.n1.2024.3 2024-01-31T00:00:00Z |
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UNIVERSIDAD CATÓLICA DE COLOMBIA |
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https://nuevo.metarevistas.org/UNIVERSIDADCATOLICADECOLOMBIA/logo.png |
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Colombia |
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Revista Finanzas y Política Económica |
| title |
Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia |
| spellingShingle |
Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia Siregar , Edo Sebayang, Dianta A. Iranto , Dicky Ahmad, Gatot Nazir Sala de juntas regresión robusta diversidad de género directora experiencia empresarial Boardroom business expertise female director gender diversity robust regression |
| title_short |
Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia |
| title_full |
Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia |
| title_fullStr |
Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia |
| title_full_unstemmed |
Mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de Indonesia |
| title_sort |
mujeres en la sala de juntas y desempeño empresarial: una visión de las empresas de indonesia |
| title_eng |
Female in The Boardroom and Firm Performance: An Insight of Indonesia’s Firms |
| description |
El propósito de esta investigación es determinar el impacto de las mujeres consejeras que pertenecen a la junta directiva en el desempeño de la empresa. Este estudio empleó una técnica de muestreo intencional con una muestra de investigación compuesta por 264 empresas no financieras que cotizan en la Bolsa de Valores de Indonesia entre 2013 y 2019. Como sustitutos de la variable independiente de mujeres en las salas de juntas, este estudio examina la presencia de directoras, una variable ficticia para directoras ejecutivas, la proporción de directoras y la capacidad empresarial de las directoras. El rendimiento de los activos (ROA), el rendimiento del capital (ROE) y la Q de Tobin son indicadores para medir el desempeño corporativo. La técnica de análisis de este estudio es el análisis de regresión robusta. Según los resultados, las mujeres miembros de las juntas directivas tuvieron la mayor influencia en el desempeño de la empresa. En general, la variable ficticia de la directora ejecutiva sirve como indicador de la solidez del desempeño de la empresa.
|
| description_eng |
The purpose of this research is to determine the impact of female board members on firm performance. This study employed a purposive sampling technique with a research sample comprised of 264 non-financial companies listed on the Indonesia Stock Exchange between 2013 and 2019. As proxies for the independent variable of females in the boardroom, this study examines female directors' presence, a dummy variable for female CEOs, the proportion of female directors, and female directors' business ability. The return on assets (ROA), return on equity (ROE), and Tobin's Q are all proxies for gauging corporate performance. This study's analysis technique is robust regression analysis. Female board members had the greatest influence on firm performance, according to the findings. Overall, the female CEO dummy serves as a proxy for the strength of the company's performance.
|
| author |
Siregar , Edo Sebayang, Dianta A. Iranto , Dicky Ahmad, Gatot Nazir |
| author_facet |
Siregar , Edo Sebayang, Dianta A. Iranto , Dicky Ahmad, Gatot Nazir |
| topicspa_str_mv |
Sala de juntas regresión robusta diversidad de género directora experiencia empresarial |
| topic |
Sala de juntas regresión robusta diversidad de género directora experiencia empresarial Boardroom business expertise female director gender diversity robust regression |
| topic_facet |
Sala de juntas regresión robusta diversidad de género directora experiencia empresarial Boardroom business expertise female director gender diversity robust regression |
| citationvolume |
16 |
| citationissue |
1 |
| publisher |
Universidad Católica de Colombia |
| ispartofjournal |
Revista Finanzas y Política Económica |
| source |
https://revfinypolecon.ucatolica.edu.co/article/view/4955 |
| language |
Inglés |
| format |
Article |
| rights |
http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/4.0 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. Gatot Nazir Ahmad - 2023 |
| references_eng |
Kim, D., & Starks, L. T. (2016). Gender diversity on corporate boards: Do women contribute unique skills? American Economic Reviews, 106(5), 267-271. http://doi.org/10.1257/aer.p20161032 Magrelli, V., Rondi, E., De Massis, A., & Kotlar, J. (2020). Generational brokerage: An intersubjective perspective on managing temporal orientations in family firm succession. Strategic Organization, 20(1), 164-199. https://doi.org/10.1177/1476127020976972 Reino, A., Roigas, K., & Müürsepp, M. (2020). Connections between organizational culture and financial performance in Estonian service and production companies. Baltic Journal of Management, 15(3), 375-393. https://doi.org/10.1108/BJM-01-2019-0017 Porcena, Y.-R., Parboteeah, K. P., & Mero, N. P. (2021). Diversity and firm performance: Role of corporate ethics. Management Decision, 59(11), 2620-2644. https://doi.org/10.1108/MD-01-2019-0142 Pandey, N., Andres, C., & Kumar, S. (2023). Mapping the corporate governance scholarship: Current state and future directions. Corporate Governance: An International Review, 31(1), 127-160. https://doi.org/10.1111/corg.12444 Mohsen Al-Absy, M.S. (2023). Impactful women directors and earnings management. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2148873 Mishra, A., & Müller, C. L. (2022). Robust regression with compositional covariates. Computational Statistics & Data Analysis, 165, 107315. https://doi.org/10.1016/j.csda.2021.107315 Martínez-Alonso, R., Martínez-Romero, M. J., & Rojo-Ramírez A. A. (2020). Refining the influence of family involvement in management on firm performance: The mediating role of technological innovation efficiency. BRQ Business Research Quarterly, 25(4), 337-351. https://doi.org/10.1177/2340944420957330 Issa, A., & Zaid, M. A. A. (2023). Firm's biodiversity initiatives disclosure and board gender diversity: A multi-country analysis of corporations operating in Europe. Business Strategy and the Environment, 32((7), 4991-5007. https://doi.org/10.1002/bse.3404 Lee, H. W., Choi, J. N., & Kim, S. (2018). Does gender diversity help teams constructively manage status conflict? An evolutionary perspective of status conflict, team psychological safety, and team creativity. Organizational Behavior and Human Decision Processes, 144, 187-199. https://doi.org/10.1016/j.obhdp.2017.09.005 Love, I., Nikolaev, B. & Dhakal, C. (2023). The well-being of women entrepreneurs: the role of gender inequality and gender roles. Small Business Economics. https://doi.org/10.1007/s11187-023-00769-z Lee, S., Jeon, S., & Lee, B. (2019). Security controls for employees’ satisfaction: Perspective of controls framework. SAGE Open, 9(2), 1-17. https://doi.org/10.1177/2158244019853908 Kong, G., Kong, T.D., Qin, N., & Yu, L. (2022). Ethnic diversity, trust, and corporate social responsibility: The moderating effects of marketization and language. Journal of Business Ethics, 187, 449-471. https://doi.org/10.1007/s10551-022-05236-5 Lassoued, N., & Khanchel, I. (2023). Voluntary CSR disclosure and CEO narcissism: The moderating role of CEO duality and board gender diversity. Review of Managerial Science, 17, 1075-1123. https://doi.org/10.1007/s11846-022-00555-3 Knyazeva, A., Knyazeva, D., & Masulis, R.W. (2013). The supply of corporate directors and board independence. Review of Financial Studies, 26(6), 1561-1605. https://doi.org/10.1093/rfs/hht020 Safiullah, Md., Akhter, T., Saona, P., Azad, Md.A.K. (2022). Gender diversity on corporate boards, firm performance, and risk-taking: New evidence from Spain. Journal of Behavioral and Experimental Finance, 35, 100721. https://doi.org/10.1016/j.jbef.2022.100721 Issa, A., Zaid, M. A. A., & Hanaysha, J. R. (2022). Exploring the relationship between female director's profile and sustainability performance: Evidence from the Middle East. Managerial and Decision Economics, 43(6), 1980-2002. https://doi.org/10.1002/mde.3503 Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. https://www.jstor.org/stable/1818789 Kauff, M., Asbrock, F., & Schmid, K. (2020). Pro-diversity beliefs and intergroup relations. European Review of Social Psychology, 32(2), 269-304. https://doi.org/10.1080/10463283.2020.1853377 Roque, A., Moreira, J. M., Dias Figueiredo, J., Albuquerque, R., & Gonçalves, H. (2020). Ethics beyond leadership: can ethics survive bad leadership? Journal of Global Responsibility, 11(3), 275-294. https://doi.org/10.1108/JGR-06-2019-0065 Wang, S., & Lv, J. (2023). CEO-TMT faultline and corporate green innovation: The contextual role of Confucian culture. Managerial and Decision Economics, 44(8), 4422-4438. https://doi.org/10.1002/mde.3959 Sanchez-Marin, G., Lozano-Reina, G., Baixauli-Soler, J. S., & Lucas-Perez, M.E. (2017). 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