DOES CEOS' GENDER SHAPE CORPORATE SUCCESS? INSIGHTS FROM INDONESIAN FIRMS

Abstract This study examines the impact of CEO gender on corporate performance, measured by Return on Assets (ROA), using a sample of Indonesian firms. While firms led by female CEOs tend to show higher ROA, the effect is not statistically significant, suggesting that gender differences in leadership may be less pronounced in Indonesia's corporate environment. Among control variables, CEOs with postgraduate degrees significantly improve firm performance, highlighting the value of advanced education in leadership. CEO age positively influences ROA, reflecting the importance of experience, while larger board sizes are associated with lower performance, indicating potential inefficiencies in governance. These findings underscore the complex role of gender diversity in leadership in Indonesia, where traditional cultural norms and changing views on women in executive positions may influence corporate outcomes. The study calls for policymakers and firms to promote leadership inclusivity and ensure that governance structures and education investments align with performance goals in Indonesia's evolving economic landscape. JEL Classification: G32; G34; M12; J16.