The Effect of Women on the Board of Directors, Firm Size, and Profitability on Firm Value at PT Astra Agro Lestari Tbk for the 2015–2024 Period
DOI:
https://doi.org/10.55538/ifr.v6i1.144Keywords:
Firm Size, Profitability, Firm Value, Board Gender Diversity, Price-to-Book ValueAbstract
This study examines the associations of women’s representation on the board of directors (WOBD), firm size, and profitability with firm value at PT Astra Agro Lestari Tbk during 2015–2024. Using ten annual observations, the study employs descriptive statistics and multiple linear regression. The results show that WOBD has a negative but insignificant coefficient (? = ?0.031; p = 0.146), firm size has a negative and significant coefficient (? = ?4.320; p = 0.002), and net profit margin (NPM) has a negative but insignificant coefficient (? = ?0.006; p = 0.773). The overall model is significant (F = 12.874; p = 0.005), with an R² of 0.866. Firm size is negatively associated with firm value, whereas WOBD and NPM show no significant partial associations. These findings should be interpreted cautiously due to the small sample and limited variation in WOBD.
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