Total Asset Turnover, Asset Growth, Capital Structure, Liquidity, and Earnings Volatility: Board Gender Diversity as Moderator in Indonesian Energy Firms
DOI:
https://doi.org/10.24905/icobis.v2i1.58Keywords:
Total Asset Turnover, Asset Growth, Capital Structure, Liquidity; Earnings Volatility, Board Gender DiversityAbstract
This study examines the influence of total asset turnover, asset growth, capital structure, and liquidity on earnings volatility, with good corporate governance proxied by board gender diversity as a moderating variable, in energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024. The study uses a quantitative approach and secondary data obtained from financial statements and annual reports. The population consisted of 91 energy-sector companies, while purposive sampling produced 31 companies and 155 firm-year observations. Data were analyzed using panel-data regression and Moderated Regression Analysis with Stata 17. The results show that total asset turnover and asset growth have positive and significant effects on earnings volatility, whereas capital structure and liquidity do not have significant effects. Simultaneously, the independent variables significantly affect earnings volatility. Board gender diversity significantly moderates the effects of total asset turnover and asset growth, with the interaction with total asset turnover weakening its positive effect and the interaction with asset growth strengthening its effect. However, board gender diversity does not significantly moderate the effects of capital structure and liquidity. The findings emphasize the importance of efficient asset management and inclusive corporate governance in managing earnings volatility in the energy sector.
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