Performance of the Energy Sector: The Impact of Financial and Non-Financial Factors with the Role of Women on the Board as Moderator

This study investigates the effect of profitability, liquidity, dividend policy, and ESG disclosure on firm performance, with women board representation as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange during 2021–2023. Profitability is measured by Return on Assets (ROA), liquidity by Current Ratio (CR), dividend policy by Dividend Payout Ratio (DPR), ESG disclosure by ESG disclosure, firm performance by Tobin’s Q (TQ), and the moderating variable by women boards (GEN). The population includes 79 listed energy companies, with a purposive sample of 10 companies. Data analysis was conducted using panel data regression and Moderated Regression Analysis. The results show that ROA has a positive effect on Tobin’s Q, while CR negatively affects Tobin’s Q. In contrast, DPR, ESG disclosure, and women board representation do not significantly influence Tobin’s Q. Moderation testing reveals that the women board only moderates the relationship between liquidity and firm performance. Among all variables, ROA is found to be the most influential factor on firm performance.