Gender Diversity as S Strategic Catalyst Beyond Financial Information: Intellectual Capital, ESG Disclosure, and Investment Decision

Abstract

This examine aims to analyze the consequence of intellectual capital and Environmental, Social, and Governance (ESG) disclosure on profitability, with gender divesity as a moderating indicator, in food and beverage sector firm enumerated on the Indonesia Stock Exchange during the 2021–2025 period. This examine employs a quantitative approach using secondary data obtained from firm' annual reports and sustainability reports. The sampling technique use is purposive sampling based on predetermined criteria. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with the assistance of IBM SPSS Statistics software. The results of the examine indicate that intellectual capital has a significant consequence on profitability with a negative relationship. Meanwhile, ESG disclosure has no significant consequence on profitability. The moderation test results show that gender diversity is able to moderate the relationship among intellectual capital and profitability with a positive consequence, thereby strengthening the relationship among the two indicators. In addition, gender diversity also moderates the relationship among ESG disclosure and profitability with a negative consequence, thereby weakening the relationship among them. These outcomes indicate that the management of intellectual capital and gender diversity within firm plays an important role in influencing corporate performance, while ESG implementation has not yet been able to provide a direct impact on profitability during the observation period. This examine is expected to contribute to firm in improving the consequenceiveness of intellectual capital management, ESG implementation, and the optimization of gender diversity on boards of directors to support the enhancement of corporate performance. Furthermore, the outcomes of this examine may serve as a reference for funders in considering non-financial factors as a basis for investment decision-making.