Female at the Top Tier, Investment Efficiency: Does Life Cycle Matter

This study seeks to furnish empirical evidence that the inclusion of females on the board of commissioners and directors impacts investment efficiency, and that the company's life cycle moderates this influence on firm investment efficiency. The sample technique employed is purposive sampling. The sample comprised all non-financial companies listed on the Indonesia Stock Exchange from 2016 to 2021, yielding a total of 2,694 observations. The analytical approach employs panel data regression analysis. The study's findings empirically indicate that the presence of females on the board of directors and commissioners does not significantly affect investment efficiency, while the company's life cycle moderation variable exerts an independent influence on investment efficiency. The company's life cycle interaction may influence the representation of women on the board of directors, but it does not affect their representation on the board of commissioners.