Linda Purnama Sari

This study analyzes the effect of gender diversity, board size, and environmental, social, and governance (ESG) disclosures on firm performance and risk management in the consumer goods sector in Indonesia, targeting companies listed on the Indonesia Stock Exchange from 2020 to 2022. Based on 273 cases and using partial least squares-structural equation modeling (PLS-SEM), this paper tests eight direct and moderating hypotheses. The results reveal that both gender diversity and board size positively impact firm value, while board size successfully reduces firm risk. However, gender diversity does not mitigate risks. The findings indicate that increasing board gender diversity and size are positively related to performance, while only board size contributes effectively to risk reduction. ESG disclosures play a moderating role, enhancing the synergy between gender diversity and performance but showing mixed effects on risk reduction. Overall, the study highlights the importance of integrating gender diversity and strong ESG practices to achieve better performance outcomes, improve transparency, and develop a more competitive corporate strategy.

Acknowledgment
The author would like to thank the Higher Education Service Institute of Region VII of the Ministry of Education, Culture, Research and Technology and the Directorate of Research, Technology and Community Service, Directorate General of Higher Education, Research and Technology for funding this research with research contract number 076/SP2H/PT/LL7/2024.