Women Leaders in Times of Uncertainty: The Moderating Influence on Management Control Systems and Organizational Performance Amidst COVID-19 Challenges

Women Leaders in Times of Uncertainty: The Moderating Influence on Management Control Systems and Organizational Performance Amidst COVID-19 Challenges | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Women Leaders in Times of Uncertainty: The Moderating Influence on Management Control Systems and Organizational Performance Amidst COVID-19 Challenges Abdul Ghofar, Muhammad Muhammad, Alvaro Rocha, Elżbieta Bukalska This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-9522132/v1 This work is licensed under a CC BY 4.0 License Status: Under Review Version 1 posted 17 You are reading this latest preprint version Abstract This study investigates the role of women in company board structures and how it affects both management control systems and firm performance. The study uses data samples from companies in ASEAN-5 countries gathered over the span of ten years (2013–2022), including the COVID-19 crisis period (2020–2021), to ensure the results are robust. By testing the applicability of contingency theory, we found different results in the two tests conducted. We found that the presence of women in the board may have a positive impact on performance. It is also found that the effectiveness of some management control system (MCS) indicators to improve performance are positively influenced by the presence of women in board. However, during the COVID-19 crisis, the presence of woman does not strengthen the relationship between MCS and performance. Based on our findings, we recommend that stakeholders, such as companies, should strive to provide a significant p roportion of women in their board structures as the presence of woman in board may improve the effectiveness of MCS to improve performance. Additionally, regulators should implement more specific regulations regarding the diversity of company board structures. The presence of women in company board structures can improve performance and support Sustainable Development Goals (SDGs 5) point 5 regarding gender equality, particularly in the context of ASEAN-5 countries. Women in board Contingency Theory Management Control System SDGS 5 gender equality Introduction Business globalization demands companies to be prepared to face turbulence and tough competition. The current global economic crisis, caused not only by economic factors but also health concerns such as the Covid-19 pandemic, poses significant challenges for management. In Indonesia alone, this downturn led to 4,156 companies terminating employment relations with their employees during the pandemic. However, management must show good performance under any conditions to satisfy stakeholders. To achieve this goal, management must control all high-risk activities that could interfere with the company's objectives. This is where a management control system (MCS) comes in, a series of processes used by organizations to control and encourage management activities to become more efficient and achieve organizational goals. A well-designed MCS can motivate management to provide maximum knowledge, thinking, and performance to improve company performance. Previous research has linked various MCS practices to company performance. Implementing MCS is crucial in encouraging management to carry out planning, budgeting, analysis, measuring, and evaluating information for decision-making that is beneficial to stakeholders (Dávila & Foster, 2007 ). Adequate information and planning systems will help achieve strategic company goals (Cosenz & Noto, 2015 ; Duhan, 2007 ), increase innovation, and create a balance between control and flexibility in the company (Simons, 1995 ). The balance between control and flexibility, along with increased innovation and efficiency, leads to improved overall company performance. Good company MCS produces good performance, as previous research shows MCS positively correlates with performance in small and medium hotels, as well as family-owned businesses (Jamil & Mohamed, 2013 ; Duréndez et al., 2016 ). Furthermore, MCS can improve communication networks between upper and lower-level management to increase learning and innovation, ultimately impacting organizational performance (Yuliansyah & Khan, 2015 ; Yuliansyah & Razimi, 2015 ). In contingency theory, Kober et al. ( 2007 ) and Ghofar & Islam ( 2015 ) assert that management must align strategy and the organization's management control system to enhance company performance. To ensure high performance, the management control system must also adapt to any changes in the company's strategy. Kihn ( 2010 ) has established that the suitability of a strategy with management control system mechanisms is crucial in determining company performance. A mismatch between strategy and control systems can cause a decline in company performance (Gani & Jeremias, 2012). Furthermore, contingency theory emphasizes that no control system can be universally applied to all conditions and situations. Thus, the suitability of an organization's management control system depends on the environmental conditions surrounding the organization (Ghofar & Islam, 2015 ; Jamil & Mohamed, 2013 ). Previously, the management control system was only associated with company performance. However, good governance is a vital factor in improving company performance (Danoshana & Ravivathani, 2013 ; Mohamad et al., 2020 ; Mohammed, 2012 ; Sami et al., 2011 ; Shahwan & Fathalla, 2020 ). Ownership structure, a dimension of governance, has a positive impact on company performance, as demonstrated by Mardnly et al. ( 2018 ) through ROA and EPS measurements. However, weak corporate governance and managerial systems result in a low return on equity, poor performance, and a weakening of the company's reputation. The case of PT Asuransi Jiwasraya in 2020, which suffered losses of up to 17 trillion, allegedly due to poor governance and managerial systems (Aliyu et al., 2014 ; Giroud & Mueller, 2010 ; ICoPI, 2020 ), The composition of a company's board significantly impacts good governance practices and managerial systems. A larger board structure has been proven to effectively reduce the likelihood of earnings management (Saona et al., 2019 ). Gender diversity within the board structure has become increasingly important in recent years. The presence of women in the board structure has been shown to increase efficiency, improve the quality of decision-making, and encourage the development of more responsive company policies. Furthermore, a study conducted by Abdullah et al. ( 2016 ) has established that gender diversity within the board structure has a positive impact on accounting performance but a negative impact on market performance. Contingency theory emphasizes that no control system is suitable for all conditions and situations in an organization. Therefore, the management control system must be able to adapt to specific conditions to achieve all the variables required to create stakeholder satisfaction. Corporate governance mechanisms must understand how to exploit control processes to be more efficient. Thus, control mechanisms, such as internal audits, internal control, and other management controls, must be designed to meet higher benefit logic than the cost incurred (cost/benefit). The effectiveness of a management control system depends on the policies taken by the corporate governance mechanism in a company. This study aims to examine the role of board composition, such as gender diversity, in the governance mechanism on the relationship between management control system and firm performance. We want to understand this in the context of Indonesia and the ASEAN-5 Countries (Indonesia, Malaysia, Singapore, the Philippines, and Thailand), which mostly have a concentrated ownership structure (Brahmana et al., 2019 ; Shleifer & Vishny, 1986 ) and have a role in management that will increase the activity of the management control system or conversely, ownership structure can affect the diversity of board composition that actually reduces existing control system practices, thus affecting firm performance. Furthermore, we included the factors of company size and capital structure to see if the resources and debt policy aspects of the company will strengthen the control system or conversely reduce its activity. This study has two important contributions. First, we present empirical evidence that is still debated regarding the role of gender diversity in the management control system and firm performance in the ASEAN context, which have a unique company ownership structure such as being concentrated and dominated by family and government ownership (Brahmana et al., 2019 ). Moreover, we suspect that many shareholders who act as management will also affect existing management control system policies. Second, to the best of our knowledge, previous studies on governance and management control systems have been conducted by Jamil & Mohamed ( 2013 ) in the context of Malaysia, although Indonesia and Malaysia have the same ownership structure and geopolitical conditions, the research only focused on small medium hotels, while Durendez et al. (2016) measured the size aspect by the number of employees in the company in their research model without considering the total assets, which in our opinion will affect the massive policy regarding control and performance in the company. Third, we expand our observation object to the ASEAN-5 Countries (Indonesia, Malaysia, Singapore, the Philippines, and Thailand), which we believe are relevant objects because the countries included in the ASEAN-5 Countries are developing countries that have the fastest economic growth compared to other developing countries (Mahi et al., 2020 ). Literature Study and Hypothesis Development Contingency Theory Contingency theory argues that in order to achieve organizational effectiveness, management needs to align organizational factors with the environment (Katz and Rosenzweig, 1981). Organizational effectiveness is often measured by profit (Kiymaz et al., 2024 ), customer satisfaction (Taheri et al., 2024), and a combination of financial and non-financial factors, which are collectively framed in terms of performance. In this regard, aligning various factors within the organization such as the environment and organizational structure will determine the performance of the company (Duréndez et al., 2016 ). The contingency approach has commonly been used in management control system (MCS) research (Langfield & Smith, 2007). The focus of contingency theory on MCS is to see the interdependent factors between organizational structure and contingency factors such as the environment and strategy in producing company performance, known as the structural contingency approach (Donaldson, 2001 ; Ghofar, 2015 ). Donaldson ( 2001 ) explains that the structural contingency model consists of three main arguments as to why it can affect company performance: first, there is a close relationship between organizational control factors and contingency; second, contingency will determine company structure and behavior; finally, collaboration between a strong organizational structure and contingency will produce perfect performance. Companies need to have the ability to adapt to business environment uncertainties continuously. A good strategy is a way to adapt to uncertainty (Ghofar & Sardar, 2015). The suitability between strategy and environmental factors is the foundation for improving competitive advantage, which not only ensures the sustainability of the company but also becomes the company's ability to defeat competitors (Donaldson, 2001 ; Miles & Snow, 1983). MCS can be an advantage in business competition because it directly affects performance (Duréndez et al., 2016 ). Contingency theory explains that the fit between strategy and management control system is necessary to improve company performance (Zuriana et al., 2013 ). Because the formed MCS must be able to support strategy and ensure coordination in a business runs well (Kober et al., 2007 ). So, when the strategy changes, the management control system must be adjusted again. It can be concluded that the management control system must be adjusted to the organizational context in which the control system is implemented (Fisher, 1998 ). Decision-making, strategy formulation, and control factors are greatly influenced by the board structure within the company (Ghofar et al., 2022 ). The board structure is a group of professionals appointed by shareholders to manage the company to maximize owner wealth. For that, they are required to develop effective strategies to achieve their goals. Agency theory explains that ratification and monitoring of the formulated strategy are the responsibility of the board structure (Fama & Jensen, 1983 ). The combination of soft skills, hard skills, and experience possessed by the board structure will provide another dimension to strategic decision-making (Thys_2023, n.d.). The long experience of board members will provide depth to the ability to assess risks, be more calm in complex situations, and be confident in decision-making. At the same time, knowledge allows board members to understand trends, challenges, and opportunities facing the company. Management Control System and Firm Performance Risk management is a critical aspect for any company as it can potentially cause significant losses. Shareholders pay close attention to risk management, as they entrust management to oversee the company and prevent any risks that could waste their wealth (Ghofar & Sardar, 2015; Muhammad & Narullia, 2021 ). One mechanism to control these risks is through a management control system (MCS), which is believed to facilitate discussions and implementation of risk management plans. Additionally, MCS helps management make timely decisions and promote good governance practices (Osma et al., 2022). Essentially, the MCS is designed to support organizational management in achieving the company's goals and benefits (Chenhall, 2003 ; Hared & Abdullah, 2013; Laitinen, 2014 ). The MCS should align with the business strategy to achieve optimal performance (Gani & Jermias, 2012 ; Jukka, 2023 ). The use of MCS can improve organizational performance because it increases commitment and coordination to achieve goals, defines goals and communication more clearly, reduces uncertainty, and directs towards higher performance (Adler & Chen, 2011 ). Moreover, MCS can increase group efficiency and performance by finding solutions to company issues and encouraging implementation of evaluation results (Cheng & Van De Ven, 1996 ; McGrath, 2001 ). Information uncertainty and the business environment can disrupt overall company performance. It is essential to understand that the critical role of the management control system is to provide useful information to management to aid in planning, strategic decision-making, and monitoring. Additionally, MCS encourages management to use evaluation results to change employee behavior (Nashwan et al., 2018). On the other hand, MCS provides strategic direction for management to be more innovative in production, resulting in competitive and efficient products. A good management control system can improve a company's performance significantly. Previous studies have shown that MCS has a positive impact on performance (Davila, 2000 ; Duréndez et al., 2016 ; Jamil & Mohamed, 2013 ; Laitinen, 2014 ; Songini & Gnan, 2014 ). The use of good MCS can have a significant impact on company performance in New Zealand (Adler et al., 2000 ), small and medium-sized businesses in Spain (Bisbe & Otley, 2004 ), and companies in China (Tsamenyi et al., 2011 ). The management control system can also help companies manage short-term and long-term focus, predict goal achievement and new opportunities, control, and creativity (Pešalj et al., 2018 ). Additionally, with the MCS in place, companies can control customer-oriented business strategies (Yuliansyah et al., 2019 ). Overall, it can be concluded that a good MCS can promote innovation, efficiency, governance, evaluation mechanisms, and good communication. This is why the hypothesis is developed that: H1: Management Control System has a Positive Relationship with Company Performance. Women on Board and Firm Performance The composition of a board is believed to increase effectiveness, which leads to improved performance and productivity of a company (Walt & Ingley, 2023). The characteristics of a board encourage management to implement an effective management control system (Ghofar & Sardar, 2015). The board structure is described as the primary mechanism responsible for monitoring all management activities and policies. In addition to improving a company's reputation, the presence of women on a board is believed to be able to reduce fluctuations in stock returns. Moreover, women on a board are considered to have better abilities to detect and determine effective strategies compared to male board members in investment decision-making (Poletti-Hughes & Briano-Turrent, 2019 ). Meanwhile, in terms of supervisory mechanisms, female board members are found to be more active and tend to avoid risks in decision-making (Ozdemir & Erkmen., 2022; Harjoto et al., 2018 ; Khaw & Liao, 2018 ). Previous research has stated that the presence of women in a company's board structure has a positive effect on the company's financial performance (Bennouri et al., 2018 ; Brahma et al., 2021 ; Duppati et al., 2020 ). The presence of female directors can influence financial performance through their participation in governance and decision-making processes (Singhania et al., 2022 ). Additionally, women can bring a new perspective compared to men, allowing them to provide better advice to managers (Bennouri et al., 2018 ; Anderson et al., 2011). According to Moreo-Gomez & Calleja-Blanco (2018), the impact of gender diversity on company performance depends on the industry and country context. Lee & Thong ( 2023 ) found in their research on the tourism industry that gender diversity has a positive effect on performance and reduces financial risk. This shows that gender diversity can improve risk management and the quality of decision-making, thereby improving financial performance. Meanwhile, Pandey et al ( 2022 ) state that the impact of gender diversity on company performance depends on various factors, such as organizational culture and leadership. H2: Women on Board has a Positive Effect on Performance . Gender Diversity, MCS and Firm Performance MCS is about how managers use planning and measurement techniques to monitor an organization's activities and performance. MCS helps management identify potential business process problems and make decisions that result in more optimal company performance. MCS combines information from various sources, such as financial reporting, operational reports, and digital information flows, to provide a clear and comprehensive picture of company performance. With MCS, management can analyze data to track goals, plan to achieve them, monitor progress, and adjust strategies to achieve goals. The success of corporate governance is also influenced by the composition of the company's board. Gender diversity in a board structure can provide potential job opportunities, attract more qualified individuals, and serve the company better than when the board consists only of men. The appointment of a female director signals that the company is embracing the values of social justice and equality. This can increase organizational legitimacy, innovation, and the company's competitive advantage. In addition, the presence of a female board has a positive impact on the board's effectiveness and is found to be more active in meetings held than a male board (Adams & Funk, 2012 ). A board with gender diversity can generate income and timeliness in making important decisions with superior quality. The regulations and policies also encourage companies to avoid getting involved in excessive debt and minimize acquisitions that could damage the company's reputation. According to Cumming et al. ( 2015 ), having a female director also minimizes fraud incidents. From the explanation above, it can be concluded that gender diversity can not only improve a company's reputation but also it may positively affect company performance, strategy, and corporate governance (Byron & Post, 2016 ). H3: The presence of woman in board strengthens the impact of MCS on Company Performance Research Methods This research collected data from the Refinitiv Eikon application over a 10-year observation period from 2013 to 2022. Any missing data from this application was then supplemented by each company's annual reports, which were available in the ASEAN 5-countries (Indonesia, Malaysia, Singapore, Philippines, and Thailand). Using an unbalanced panel and considering the available data completeness, this study had a total sampling of 3,633, spread across various sectors such as basic materials, consumer cyclical, real estate, technology, finance, and industrial. Below are the details of the sampling obtained: Table 1 Details of Research Sample Country Data Observed Indonesia 875 Malaysia 1.030 Singapura 385 Filipina 466 Thailand 907 Total Data Observed 3.663 Firm Performance Company performance is calculated by Return on Assets (ROA) which represents the company's internal performance. In calculating ROA, this research uses Earnings after tax divided by total assets. ROA in this research is calculated using the equation: ROA = EAT Total Assets Board Diversity Board diversity is differences in board backgrounds such as gender, age, tenure in the company, experience and skills. In this study, this variable is measured by calculating the percentage of women in the company board structure (Ararat et al., 2021 ; Issa & Fang, 2019 ). Control Variable Existing studies have revealed that a company's performance can be influenced by its Debt to Equity ratio (DER) and size (Upadhyay et al., 2019 ). The size of a company is usually determined by the total assets it owns. The more assets a company has, the more resources it can leverage to improve its performance. One way that companies can increase their capital is through debt financing, which can lead to a higher DER. By obtaining additional capital through debt, management can invest in projects and initiatives that can boost profits. For this study, the size of a company will be assessed by total assets (Size), while DER will be determined by dividing total liabilities by total equity. Management Control System Management control system can be defined as a formal activity and a set of procedures used by CEOs to maintain or change patterns within an organization. In short, control is a policy or procedure that facilitates an organization to ensure that its objectives and goals are achieved. Different from Chenhall & Euske ( 2007 ) and Hosoda ( 2018 ) who measured management control by conducting interviews with the board of directors, as well as Tsamenyi et al ( 2011 ), Ojera et al ( 2017 ), Baird et al ( 2019 ) using a questionnaire instrument to measure the variable, and Herriau & Touchais ( 2015 ) using a case study. This study measures the management control system variable according to the analysis conducted by Hared et al ( 2013 ), which states that the key to the implementation of the management control system can be categorized into cultural control, administrative control, and process control. In this study, cultural control in the company is seen from whether management has published the company's vision and mission in the annual report. According to Hofstede ( 1984 ), a person's behavior in an organization is strongly influenced by cultural context and values adopted. In the company, the vision and mission represent the top management's efforts to create a control environment to influence a person's behavior. A clear vision and mission will provide direction for individuals to achieve goals and can explain good relationships with company stakeholders such as suppliers, shareholders, and government (Adams & Ferreira, 2009 ; Chenhall, 2003 ). Administrative control refers to the control designed by top management through organizational structure and governance systems (Hared et al., 2013 ). Top management such as the board and CEO plays an important role in strengthening the control environment and activities. One of them is by forming monitoring mechanisms such as the presence of an independent audit committee and the expertise background of the audit committee members that reflect good monitoring quality. Improving the quality of monitoring is also an indicator of the quality of the management control system. Lastly, the key component of a good management control system mechanism, according to Hared et al. ( 2013 ), is process control. Process control focuses on operational activities that are routine in an organization. Based on the management control system literature, process control can take the form of planning, budgeting, and measurement in compensation provision (Hared et al., 2013 ). Compensation mechanisms are believed to be very useful for shareholders to control management so that they always work well and protect their interests. Therefore, in this study, process control is measured by the total compensation reported in the company's annual report. The following is a summary of the proxy used in this study to measure the variables used: Table 2 Variable Definitions and Measurements Variable Proxy Definition Dependen Variable- Company Performance (Y) ROA ROA Is calculated as the income after taxes for the fiscal period divided by the average total asset. Control Variable Size Size Measure with the total asset of the company reported Debt to Equity DER Measured with formula total liabilities divide with total shareholders equity Moderation Variable Board Gender Diversity (Z) BGDIV Percentage of female on the board Independent Variable – MCS Board Spesific Skills BSS Percentage of board members who have either an industry specific background or a strong financial background. Audit Board Committee ABC Does the company have an audit board committee? Audit Committee Independent ACI Percentage of independent board members on the audit committee as stipulated by the company. Audit Comitee expertise ACE Does the company have an audit committee with at least three members and at least one "financial expert" within the meaning of Sarbanes-Oxley? Long term growth LTG Is an estimate of the compound average rate of EPS growth an analyst expects over a period of three to five years Dividend Per Share DPS Is an aggregate measure of expenses related to employee compensation, including recruiting cost, salaries, payroll taxes, benefits and bonuses. Vision and Mission VNM Does the company published the vision and mission on annual report? Testing This research involves four testing models. The first test is called baseline model 1, in which we examine the impact of control variables such as company size and Debt to Equity Ratio (DER) on the dependent variable of company performance, proxied by Return on Asset (ROA). In this section, we aim to determine the extent to which a company's resources, such as total assets and debt-derived capital, influence its performance. Therefore, the equation for baseline model 1 in this study is as follows: Baseline Model 1 \(\:{Y}_{CompanyPerformance}=\alpha\:+{\beta\:}_{1}{Size}_{it}+{\beta\:}_{2}{DER}_{it}{+\epsilon\:}_{it}\) Our second model includes the Management Control System (MCS) as an independent variable in the equation. The following is the equation for model 2: Model 2 \(\:{Y}_{CompanyPerformance}=\alpha\:+{\beta\:}_{1}{Size}_{it}+{\beta\:}_{2}{DER}_{it}+{\beta\:}_{3}{MCS}_{it}{+\epsilon\:}_{it}\) In model 3, we examined the influence of gender diversity in the board of commissioners' structure on a company's performance. We also aimed to confirm the findings of Abbas & Frihatni (2023) who claimed that gender diversity in the structure can reduce the likelihood of financial distress and influence a company's performance (Ferrary & Deo, 2023). Model 3 \(\:{Y}_{CompanyPerformance}=\alpha\:+\beta\:{BGDIV}_{it}{+\epsilon\:}_{it}\) Next, we innovated our model with the fourth iteration. In the fourth model testing, we included the element of Board Gender Diversity (BGDIV) as a moderator variable. Our goal was to determine the extent of women's influence on the relationship between the control variable Size and DER, as well as the independent variable management control system, on company performance. Additionally, in this fourth model testing, we examined two sets of observational data: a period of ten years (2013–2022) and data from the Covid-19 era (2020–2021). We did this to understand the role of women in board structures during times of crisis, such as Covid-19. We wanted to see if women tend to increase MCS along with an increase in performance, or if they actually decrease MCS and cause a decline in company performance. The following equation represents the fourth model in this study: Model 4 \(\:{Y}_{CompanyPerformance}=\alpha\:+{\beta\:}_{1}{Size}_{it}+{\beta\:}_{2}{DER}_{it}+{\beta\:}_{3}{MCS}_{it}\) $$\:{+{\beta\:}_{4GDIVit}+{\beta\:}_{5MCSit*BGDIIVit\:+}\epsilon\:}_{it}$$ Results This research examines the role of women in the board structure in relation to the management control system (MCS) of a company and its performance. The study explored data from the ASEAN-5 countries. Prior to the analysis, we tested the research model's suitability using the Chow test, Langrange Multiple test, and Hausman test. The results of the tests indicated that the Fixed Effect Model (FEM) was the most suitable model for this study, as evidenced by the p-values of less than 0.05 obtained from the Chow and Hausman tests. Tables 3 and 4 below show the results of both tests. Table 3 Result Chow Test Effects Test Statistic d.f. Prob. Cross-section F 5265396,040484 -538,2779 0,0000 Cross-section Chi-square 4697,43937 583 0,0000 Table 4 Result Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob Cross-section random 470,929141 8 0,0000 Table 5 Statistical Descriptive Results Description Indonesia Malaysia Singapore Philippines Thailand ROA 4.209.794 0.065638 0.056389 0.059939 0.073819 ACI 8.079.080 8.747.119 9.084.715 4.591.918 6.937.115 ACE 3.592.570 4.213.641 5.876.065 4.230.374 2.511.436 ABC 0.904282 0.657173 0.943503 0.916667 0.711744 LTG 0.026749 0.016189 0.011009 0.039038 0.158322 DPS 0.071760 0.268811 0.112472 0.189765 0.223909 VNM 0.765743 0.584388 0.700565 0.881944 0.730724 SIZE 3.016.832 3.003.399 3.103.628 3.041.897 3.014.769 DER 0.600041 0.625243 0.660301 0.870201 0.783050 BGDIV 4.172.365 1.249.686 1.270.175 7.970.140 9.477.803 Table 5 shows the descriptive statistics for the ASEAN-5 countries. As expected, companies in Singapore have the highest average total assets with a mean value of 3,103,628, followed by companies in the Philippines, Indonesia, and Thailand. Malaysia ranks fifth in the list. On the other hand, the highest average DER is found in the Philippines, with Thailand in second place. Furthermore, the highest ROA values are observed in companies in Indonesia and Thailand, which is consistent with the assumption that Singaporean companies have the highest economies of scale and are considered advanced countries in the ASEAN region. Baseline Result Table 6 shows the results of the panel regression for baseline Model 1. In this model, we tested the control variables of company size (Size) and company debt policy (DER) on company performance. According to Attia et al. ( 2023 ), the relationship between company size and debt policy is not simply understood as companies with greater assets and financing from debt having more resources to improve their performance. Lafuente et al. ( 2020 ) argue that competitive advantage and efficiency are more important factors for companies to improve performance. Therefore, it can be concluded that even if a company has a large size and high capital, it may not necessarily have better performance if it lacks good competitive advantage and efficiency in its MCS activities. Table 6 Baseline Model Result Y ROA p-value Hypothesis Result Constanta CONTROL Size 0,0000 Accepted CONTROL Debt to Equity Ratio (DER)) 0,0134 Accepted Goodness of Fit Model Adj. R2 0,9999 99,99% In this study, we aimed to understand whether the factors of company size and debt policy are still relevant to the performance of companies in the context of the ASEAN-5 Countries. The results of our testing, as shown in Table 6 , indicate a significant influence between the Size and Der variables and company performance, with p-values of 0.00 and 0.01 respectively. The Adj R2 value obtained from this study is high, at 99%, indicating that the Size and DER indicators included in the model influence company performance by 99%, while the remaining 1% is explained by other variables. Next, we included the independent variable Management Control System (MCS) in our testing model. In testing model 2, we tested the control variables Size and DER, as well as MCS, with company performance. Jukka ( 2023 ) stated that the integration of business strategy and management control system can improve efficiency due to increased supervision of strategic aspects of the company, which is indicated to cause improved performance. Overall, the results of testing model 2 do not support the existing hypothesis. This is reflected in factor Table 7 , where factors such as Audit Committee Independency (ACI), Audit Committee Expertise (ACE), and Audit Board Committee do not have a significant influence on company performance, nor does Long-Term Growth (LTG). On the other hand, factors such as vision and mission have a significant impact on company performance, with a p-value of 0.00 or < 0.05. Additionally, the results of this test indicate a large Adj R2 value of 99%. Table 7 Results of Panel Model 2 Y ROA p-value Hypothesis Result Constanta X1 Audit Committee Independence 0,5542 Not Accepted X2 Audit Committee Expertise 0,1928 Not Accepted X3 Audit Board Committee 0,2034 Not Accepted X4 Long Term Growth 0,2857 Not Accepted X5 Dividend per Share 0,4151 Not Accepted X6 Vission and Mission 0,0373 Accepted C Size 0,0000 Accepted C Debt to Equity Ratio (DER)) 0,0171 Accepted Goodness of Fit Model Adj. R2 0,9999 99,99% Next, we tested the role of women in the board structure on company performance. The results of the testing of model 3 support Brahma's (2021) findings that the presence of women in the board structure can improve monitoring and support the efficiency of company activities (Adams & Ferreira, 2009 ; Nguyen et al., 2023 ). The results of the testing in Table 8 show that the Board Gender Diversity (BGDIV) variable has a significant influence on company performance with a p-value of 0.37 or < 0.05. Table 8 Results of Panel Model 3 Y ROA p-value Hypothesis Result Constant Z Board Gender Diversity 0,0379 Accepted Goodness of Fit Model Adj. R2 0,9999 99,99% Previous testing has shown that the presence of women in the board structure can influence a company's performance. In this study, we further test whether the presence of women can enhance the influence between management control, size, and DER variables with the company's performance. In our fourth model test, we test two periods for the sake of robustness: the 10-year period from 2013–2022, and the crisis period caused by COVID-19 from 2020–2021. The following Table 9 shows the results of our fourth model test. Table 9 Results of Panel Model 4 The Role of Board Gender Diversity in the Influence of Size, DER and Management Control System on Company Performance (2013–2022) Z p-value Hypothesis Result Constant X1 Size Size 0,0000 Accepted X2 Debt to Equity Ratio DER 0,0226 Accepted X3 Audit Committee Independence ACI 0,2568 Not Accepted X4 Audit Committee Expertise ACE 0,0687 Accepted X5 Audit Board Committee ABC 0,8677 Not Accepted X6 Long Term Growth LTG 0,5538 Not Accepted X7 Dividend Per Share DPS 0,2381 Not Accepted X8 Vision and Mision VNM 0,0037 Accepted Goodness of Fit Model Adj. R2 0,99999 99,99% The Role of Board Gender Diversity in the Influence of Size, DER and Management Control System on Company Performance (2013–2022) Z p-value Hypothesis Result Constanta X1 Size Size 0,1991 Not Accepted X2 Debt to Equity Ratio DER 0,0021 Accepted X3 Audit Committee Independence ACI 0,1278 Not Accepted X4 Audit Committee Expertise ACE 0,4180 Not Accepted X5 Audit Board Committee ABC 0,0095 Accepted X6 Long Term Growth LTG 0,0502 Accepted X7 Dividend Per Share DPS 0,2381 Not Accepted X8 Vision and Mision VNM 0,8697 Not Accepted Goodness of Fit Model Adj. R2 0,43955 43,95% The role of women in the relationship between control variables and management control systems in company performance produces different results. Testing during the observation periods of 2013–2022 and 2020–2021 (during the COVID-19 pandemic) also yielded different results. During the normal period (2013–2022), the woman significantly moderates the impact of SIZE and DER on the company's performance. However, during the COVID-19 pandemic, only the DER factor was significantly moderated with the p-value of 0.026. Interesting results were also found in the factors of long-term growth and vision and mission. The relationship between LTG and performance was found to be significantly influenced by the presence of women in the board structure during COVID-19 period, while during non-crisis periods, this relationship was not significantly influenced by the woman in board. Furthermore, the relationship between vision and mission factor and performance was not significantly influenced by the presence of women. On the other hand, during the observation period (2013–2022), this relationship was significantly moderated. Additionally, the Adj R2 value for the observation results (2013–2022) was found to be quite high, at 99.99%. Meanwhile, during the observation period (2020–2021), it was 43.95%, which can be concluded that the variables of MCS, Size, and DER explain 43.95% of the firm performance variation, while 56.05% was explained by other variables. Discussion Overall, this research reveals that the presence of women in the board structure has an important role in company performance. This result is consistent with a study conducted by Brahma (2021) which states that the presence of women in the board structure who have a long level of education and experience has a significant impact on company performance. On the other hand, the presence of women is also suspected to reduce cases of fraud in companies and improve company reputation which has an impact on company strategy and performance in the future (Byron & Post, 2016 ; Cumming et al., 2015 ). However, the results of this study provide a different perspective when examining the role of women in the board structure on the relationship between MCS and company performance as measured by Return on Assets (ROA). Interestingly, different results were also found when testing panel data with observational data (2013–2022) and (2020–2021). Several indicators such as Size, DER, ACE and VNM are significantly influenced by women on their impact company performance. It can be said that the higher the number of woman in the board, the more effective of these four factors in improving performance. These results support the Resource Based View (RV) theory. In this study it can be concluded that the greater the company's assets and DER, the greater the resource capacity it has, the greater the company's ability to increase its competitive advantage, this increase in competitive advantage causes an increase in company performance in the future ( Wernerfelt, 1984 ). In addition, according to the Diversity and Inclusion Theory, gender diversity in the board structure can bring different thinking and approaches. The presence of women provides a unique perspective on decision making, including in terms of management control systems that encourage efficiency so that company performance can be achieved. This condition is also explained by Bryant & Davis ( 2012 ) which is linked to Resource Dependency Theory, in this theory it is explained that the more diverse the board structure will have better access to information and networking, this will increase management's ability to design management control systems and performance. company (Bryant & Davis, 2012 ). Tests on observational data (2020–2021) have contradictory results. Control variables such as Size and management control system indicators as measured by the Audit Committee Expertise (ACE) in the initial test were significantly influenced by the presence of women on company performance, but in this test it was found that they were not significantly influenced. Meanwhile, the Long Term Growth (LTG) and Audit Board Committee (ABC) factors are actually significantly influenced by the presence of women. According to Vlaev ( 2018 ), in certain contexts, humans, both men and women, will act rationally in making decisions. In our opinion, in crisis conditions such as COVID-19, management decision making tends to be rational to maintain the company's existence. Therefore, the presence or absence of women in the board structure has no influence on MCS activities. Furthermore, the average number of women in the board structure in the context of ASEAN-5 Countries is only 7% (see descriptive data table), the small proportion of women in this board structure which according to Manita et al ( 2018 ) causes them to tend to be passive and have no significant influence on decision making (Manita et al., 2018 ). Research Implication and Conclusion This research contributes to various stakeholders in decision-making. Firstly, for companies, having women in board structures proves to enhance performance and the effectiveness of MCS activities in improving firm performance. Additionally, having women in top management can lead to more strict oversight than men. On the other hand, management needs to consider the expertise of audit committee members in accounting and finance, which has a positive influence on financial performance. From a regulatory perspective, it is necessary to regulate gender diversity in board structures. This not only provides a wider perspective on decision-making, but the regulation also shows support for equality and justice principles and achieving Sustainable Development Goal No. 5 on gender equality. The study's results contribute to the contingency theory, which states that there is no management strategy or approach that can be applied universally in all conditions and situations. Effective strategies must consider organizational size, technology, flexibility, and environmental demands. One environmental demand, in this context, is the presence of women in board structures. Although not all management control system indicators can be influenced by women's presence in this study, indicators such as audit committee expertise, vision and mission, and control variables such as company size and debt policy can be influenced. We recommend that future researchers to conduct a qualitative approach to measure management control system practices in companies, such as using tracer studies and interviews to provide a more in-depth understanding and uncover other factors such as social, environmental and other resources that can influence the effectiveness of management control system practices. Declarations Data Availability Statement The data that support the findings of this study are available from the corresponding author upon reasonable request. Funding Declaration This research received no external funding Ethics Approval and Consent to Participate This study did not involve human participants or animals. Therefore, ethical approval and consent to participate were not required. Consent for Publication Consent for publication is not applicable as this study does not contain any individual person’s identifiable data. Author Contribution A.G :Conceptualization, Methodology, Formal analysis, Investigation, Data curation, Writing – original draft preparation.M.M: Methodology, Validation, Writing – review & editing, Visualization.A.R : Supervision, Validation, Writing – review & editing, Project administration.E.B : Supervision, Theoretical framework development, Writing – review & editing.All authors reviewed the manuscript. Data Availability The data that support the findings of this study are available from the corresponding author upon reasonable request References Abdullah SN, Ismail KNIK, Nachum L. The Effect of Firm Compensation Structures on the Mobility and Entrepreneurship of Extreme Performers. Strateg Manag J. 2016;37:466–76. https://doi.org/10.1002/smj.2352 . Adams RB, Ferreira D. Women in the boardroom and their impact on governance and performance. J Financ Econ. 2009;94(2):291–309. https://doi.org/10.1016/j.jfineco.2008.10.007 . Adams RB, Funk P. Beyond the glass ceiling. 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The current global economic crisis, caused not only by economic factors but also health concerns such as the Covid-19 pandemic, poses significant challenges for management. In Indonesia alone, this downturn led to 4,156 companies terminating employment relations with their employees during the pandemic. However, management must show good performance under any conditions to satisfy stakeholders. To achieve this goal, management must control all high-risk activities that could interfere with the company's objectives. This is where a management control system (MCS) comes in, a series of processes used by organizations to control and encourage management activities to become more efficient and achieve organizational goals. A well-designed MCS can motivate management to provide maximum knowledge, thinking, and performance to improve company performance.\u003c/p\u003e \u003cp\u003ePrevious research has linked various MCS practices to company performance. Implementing MCS is crucial in encouraging management to carry out planning, budgeting, analysis, measuring, and evaluating information for decision-making that is beneficial to stakeholders (D\u0026aacute;vila \u0026amp; Foster, \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2007\u003c/span\u003e). Adequate information and planning systems will help achieve strategic company goals (Cosenz \u0026amp; Noto, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Duhan, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2007\u003c/span\u003e), increase innovation, and create a balance between control and flexibility in the company (Simons, \u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e1995\u003c/span\u003e). The balance between control and flexibility, along with increased innovation and efficiency, leads to improved overall company performance. Good company MCS produces good performance, as previous research shows MCS positively correlates with performance in small and medium hotels, as well as family-owned businesses (Jamil \u0026amp; Mohamed, \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Dur\u0026eacute;ndez et al., \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). Furthermore, MCS can improve communication networks between upper and lower-level management to increase learning and innovation, ultimately impacting organizational performance (Yuliansyah \u0026amp; Khan, \u003cspan citationid=\"CR84\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Yuliansyah \u0026amp; Razimi, \u003cspan citationid=\"CR86\" class=\"CitationRef\"\u003e2015\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eIn contingency theory, Kober et al. (\u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2007\u003c/span\u003e) and Ghofar \u0026amp; Islam (\u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2015\u003c/span\u003e) assert that management must align strategy and the organization's management control system to enhance company performance. To ensure high performance, the management control system must also adapt to any changes in the company's strategy. Kihn (\u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e2010\u003c/span\u003e) has established that the suitability of a strategy with management control system mechanisms is crucial in determining company performance. A mismatch between strategy and control systems can cause a decline in company performance (Gani \u0026amp; Jeremias, 2012). Furthermore, contingency theory emphasizes that no control system can be universally applied to all conditions and situations. Thus, the suitability of an organization's management control system depends on the environmental conditions surrounding the organization (Ghofar \u0026amp; Islam, \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Jamil \u0026amp; Mohamed, \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2013\u003c/span\u003e).\u003c/p\u003e \u003cp\u003ePreviously, the management control system was only associated with company performance. However, good governance is a vital factor in improving company performance (Danoshana \u0026amp; Ravivathani, \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Mohamad et al., \u003cspan citationid=\"CR58\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Mohammed, \u003cspan citationid=\"CR59\" class=\"CitationRef\"\u003e2012\u003c/span\u003e; Sami et al., \u003cspan citationid=\"CR70\" class=\"CitationRef\"\u003e2011\u003c/span\u003e; Shahwan \u0026amp; Fathalla, \u003cspan citationid=\"CR72\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Ownership structure, a dimension of governance, has a positive impact on company performance, as demonstrated by Mardnly et al. (\u003cspan citationid=\"CR55\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) through ROA and EPS measurements. However, weak corporate governance and managerial systems result in a low return on equity, poor performance, and a weakening of the company's reputation. The case of PT Asuransi Jiwasraya in 2020, which suffered losses of up to 17 trillion, allegedly due to poor governance and managerial systems (Aliyu et al., \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2014\u003c/span\u003e; Giroud \u0026amp; Mueller, \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2010\u003c/span\u003e; ICoPI, \u003cspan citationid=\"CR40\" class=\"CitationRef\"\u003e2020\u003c/span\u003e),\u003c/p\u003e \u003cp\u003eThe composition of a company's board significantly impacts good governance practices and managerial systems. A larger board structure has been proven to effectively reduce the likelihood of earnings management (Saona et al., \u003cspan citationid=\"CR71\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Gender diversity within the board structure has become increasingly important in recent years. The presence of women in the board structure has been shown to increase efficiency, improve the quality of decision-making, and encourage the development of more responsive company policies. Furthermore, a study conducted by Abdullah et al. (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2016\u003c/span\u003e) has established that gender diversity within the board structure has a positive impact on accounting performance but a negative impact on market performance.\u003c/p\u003e \u003cp\u003eContingency theory emphasizes that no control system is suitable for all conditions and situations in an organization. Therefore, the management control system must be able to adapt to specific conditions to achieve all the variables required to create stakeholder satisfaction. Corporate governance mechanisms must understand how to exploit control processes to be more efficient. Thus, control mechanisms, such as internal audits, internal control, and other management controls, must be designed to meet higher benefit logic than the cost incurred (cost/benefit). The effectiveness of a management control system depends on the policies taken by the corporate governance mechanism in a company.\u003c/p\u003e \u003cp\u003eThis study aims to examine the role of board composition, such as gender diversity, in the governance mechanism on the relationship between management control system and firm performance. We want to understand this in the context of Indonesia and the ASEAN-5 Countries (Indonesia, Malaysia, Singapore, the Philippines, and Thailand), which mostly have a concentrated ownership structure (Brahmana et al., \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Shleifer \u0026amp; Vishny, \u003cspan citationid=\"CR73\" class=\"CitationRef\"\u003e1986\u003c/span\u003e) and have a role in management that will increase the activity of the management control system or conversely, ownership structure can affect the diversity of board composition that actually reduces existing control system practices, thus affecting firm performance. Furthermore, we included the factors of company size and capital structure to see if the resources and debt policy aspects of the company will strengthen the control system or conversely reduce its activity.\u003c/p\u003e \u003cp\u003eThis study has two important contributions. First, we present empirical evidence that is still debated regarding the role of gender diversity in the management control system and firm performance in the ASEAN context, which have a unique company ownership structure such as being concentrated and dominated by family and government ownership (Brahmana et al., \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Moreover, we suspect that many shareholders who act as management will also affect existing management control system policies. Second, to the best of our knowledge, previous studies on governance and management control systems have been conducted by Jamil \u0026amp; Mohamed (\u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) in the context of Malaysia, although Indonesia and Malaysia have the same ownership structure and geopolitical conditions, the research only focused on small medium hotels, while Durendez et al. (2016) measured the size aspect by the number of employees in the company in their research model without considering the total assets, which in our opinion will affect the massive policy regarding control and performance in the company. Third, we expand our observation object to the ASEAN-5 Countries (Indonesia, Malaysia, Singapore, the Philippines, and Thailand), which we believe are relevant objects because the countries included in the ASEAN-5 Countries are developing countries that have the fastest economic growth compared to other developing countries (Mahi et al., \u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2020\u003c/span\u003e).\u003c/p\u003e"},{"header":"Literature Study and Hypothesis Development","content":"\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003ch2\u003eContingency Theory\u003c/h2\u003e \u003cp\u003eContingency theory argues that in order to achieve organizational effectiveness, management needs to align organizational factors with the environment (Katz and Rosenzweig, 1981). Organizational effectiveness is often measured by profit (Kiymaz et al., \u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e2024\u003c/span\u003e), customer satisfaction (Taheri et al., 2024), and a combination of financial and non-financial factors, which are collectively framed in terms of performance. In this regard, aligning various factors within the organization such as the environment and organizational structure will determine the performance of the company (Dur\u0026eacute;ndez et al., \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2016\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe contingency approach has commonly been used in management control system (MCS) research (Langfield \u0026amp; Smith, 2007). The focus of contingency theory on MCS is to see the interdependent factors between organizational structure and contingency factors such as the environment and strategy in producing company performance, known as the structural contingency approach (Donaldson, \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2001\u003c/span\u003e; Ghofar, \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). Donaldson (\u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2001\u003c/span\u003e) explains that the structural contingency model consists of three main arguments as to why it can affect company performance: first, there is a close relationship between organizational control factors and contingency; second, contingency will determine company structure and behavior; finally, collaboration between a strong organizational structure and contingency will produce perfect performance.\u003c/p\u003e \u003cp\u003eCompanies need to have the ability to adapt to business environment uncertainties continuously. A good strategy is a way to adapt to uncertainty (Ghofar \u0026amp; Sardar, 2015). The suitability between strategy and environmental factors is the foundation for improving competitive advantage, which not only ensures the sustainability of the company but also becomes the company's ability to defeat competitors (Donaldson, \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2001\u003c/span\u003e; Miles \u0026amp; Snow, 1983). MCS can be an advantage in business competition because it directly affects performance (Dur\u0026eacute;ndez et al., \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). Contingency theory explains that the fit between strategy and management control system is necessary to improve company performance (Zuriana et al., \u003cspan citationid=\"CR87\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). Because the formed MCS must be able to support strategy and ensure coordination in a business runs well (Kober et al., \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2007\u003c/span\u003e). So, when the strategy changes, the management control system must be adjusted again. It can be concluded that the management control system must be adjusted to the organizational context in which the control system is implemented (Fisher, \u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e1998\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eDecision-making, strategy formulation, and control factors are greatly influenced by the board structure within the company (Ghofar et al., \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). The board structure is a group of professionals appointed by shareholders to manage the company to maximize owner wealth. For that, they are required to develop effective strategies to achieve their goals. Agency theory explains that ratification and monitoring of the formulated strategy are the responsibility of the board structure (Fama \u0026amp; Jensen, \u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e1983\u003c/span\u003e). The combination of soft skills, hard skills, and experience possessed by the board structure will provide another dimension to strategic decision-making (Thys_2023, n.d.). The long experience of board members will provide depth to the ability to assess risks, be more calm in complex situations, and be confident in decision-making. At the same time, knowledge allows board members to understand trends, challenges, and opportunities facing the company.\u003c/p\u003e \u003c/div\u003e\n\u003ch3\u003eManagement Control System and Firm Performance\u003c/h3\u003e\n\u003cp\u003eRisk management is a critical aspect for any company as it can potentially cause significant losses. Shareholders pay close attention to risk management, as they entrust management to oversee the company and prevent any risks that could waste their wealth (Ghofar \u0026amp; Sardar, 2015; Muhammad \u0026amp; Narullia, \u003cspan citationid=\"CR61\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). One mechanism to control these risks is through a management control system (MCS), which is believed to facilitate discussions and implementation of risk management plans. Additionally, MCS helps management make timely decisions and promote good governance practices (Osma et al., 2022).\u003c/p\u003e \u003cp\u003eEssentially, the MCS is designed to support organizational management in achieving the company's goals and benefits (Chenhall, \u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e2003\u003c/span\u003e; Hared \u0026amp; Abdullah, 2013; Laitinen, \u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). The MCS should align with the business strategy to achieve optimal performance (Gani \u0026amp; Jermias, \u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e2012\u003c/span\u003e; Jukka, \u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). The use of MCS can improve organizational performance because it increases commitment and coordination to achieve goals, defines goals and communication more clearly, reduces uncertainty, and directs towards higher performance (Adler \u0026amp; Chen, \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). Moreover, MCS can increase group efficiency and performance by finding solutions to company issues and encouraging implementation of evaluation results (Cheng \u0026amp; Van De Ven, \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e1996\u003c/span\u003e; McGrath, \u003cspan citationid=\"CR57\" class=\"CitationRef\"\u003e2001\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eInformation uncertainty and the business environment can disrupt overall company performance. It is essential to understand that the critical role of the management control system is to provide useful information to management to aid in planning, strategic decision-making, and monitoring. Additionally, MCS encourages management to use evaluation results to change employee behavior (Nashwan et al., 2018). On the other hand, MCS provides strategic direction for management to be more innovative in production, resulting in competitive and efficient products.\u003c/p\u003e \u003cp\u003eA good management control system can improve a company's performance significantly. Previous studies have shown that MCS has a positive impact on performance (Davila, \u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e2000\u003c/span\u003e; Dur\u0026eacute;ndez et al., \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2016\u003c/span\u003e; Jamil \u0026amp; Mohamed, \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Laitinen, \u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e2014\u003c/span\u003e; Songini \u0026amp; Gnan, \u003cspan citationid=\"CR76\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). The use of good MCS can have a significant impact on company performance in New Zealand (Adler et al., \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2000\u003c/span\u003e), small and medium-sized businesses in Spain (Bisbe \u0026amp; Otley, \u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2004\u003c/span\u003e), and companies in China (Tsamenyi et al., \u003cspan citationid=\"CR77\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). The management control system can also help companies manage short-term and long-term focus, predict goal achievement and new opportunities, control, and creativity (Pešalj et al., \u003cspan citationid=\"CR68\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Additionally, with the MCS in place, companies can control customer-oriented business strategies (Yuliansyah et al., \u003cspan citationid=\"CR85\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Overall, it can be concluded that a good MCS can promote innovation, efficiency, governance, evaluation mechanisms, and good communication. This is why the hypothesis is developed that:\u003c/p\u003e \u003cp\u003e \u003cb\u003eH1: Management Control System has a Positive Relationship with Company Performance.\u003c/b\u003e \u003c/p\u003e\n\u003ch3\u003eWomen on Board and Firm Performance\u003c/h3\u003e\n\u003cp\u003eThe composition of a board is believed to increase effectiveness, which leads to improved performance and productivity of a company (Walt \u0026amp; Ingley, 2023). The characteristics of a board encourage management to implement an effective management control system (Ghofar \u0026amp; Sardar, 2015). The board structure is described as the primary mechanism responsible for monitoring all management activities and policies. In addition to improving a company's reputation, the presence of women on a board is believed to be able to reduce fluctuations in stock returns. Moreover, women on a board are considered to have better abilities to detect and determine effective strategies compared to male board members in investment decision-making (Poletti-Hughes \u0026amp; Briano-Turrent, \u003cspan citationid=\"CR69\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Meanwhile, in terms of supervisory mechanisms, female board members are found to be more active and tend to avoid risks in decision-making (Ozdemir \u0026amp; Erkmen., 2022; Harjoto et al., \u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e2018\u003c/span\u003e; Khaw \u0026amp; Liao, \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2018\u003c/span\u003e).\u003c/p\u003e \u003cp\u003ePrevious research has stated that the presence of women in a company's board structure has a positive effect on the company's financial performance (Bennouri et al., \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2018\u003c/span\u003e; Brahma et al., \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Duppati et al., \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). The presence of female directors can influence financial performance through their participation in governance and decision-making processes (Singhania et al., \u003cspan citationid=\"CR75\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Additionally, women can bring a new perspective compared to men, allowing them to provide better advice to managers (Bennouri et al., \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2018\u003c/span\u003e; Anderson et al., 2011). According to Moreo-Gomez \u0026amp; Calleja-Blanco (2018), the impact of gender diversity on company performance depends on the industry and country context. Lee \u0026amp; Thong (\u003cspan citationid=\"CR52\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) found in their research on the tourism industry that gender diversity has a positive effect on performance and reduces financial risk. This shows that gender diversity can improve risk management and the quality of decision-making, thereby improving financial performance. Meanwhile, Pandey et al (\u003cspan citationid=\"CR67\" class=\"CitationRef\"\u003e2022\u003c/span\u003e) state that the impact of gender diversity on company performance depends on various factors, such as organizational culture and leadership.\u003c/p\u003e \u003cp\u003e \u003cb\u003eH2: Women on Board has a Positive Effect on Performance\u003c/b\u003e.\u003c/p\u003e\n\u003ch3\u003eGender Diversity, MCS and Firm Performance\u003c/h3\u003e\n\u003cp\u003eMCS is about how managers use planning and measurement techniques to monitor an organization's activities and performance. MCS helps management identify potential business process problems and make decisions that result in more optimal company performance. MCS combines information from various sources, such as financial reporting, operational reports, and digital information flows, to provide a clear and comprehensive picture of company performance. With MCS, management can analyze data to track goals, plan to achieve them, monitor progress, and adjust strategies to achieve goals.\u003c/p\u003e \u003cp\u003eThe success of corporate governance is also influenced by the composition of the company's board. Gender diversity in a board structure can provide potential job opportunities, attract more qualified individuals, and serve the company better than when the board consists only of men. The appointment of a female director signals that the company is embracing the values of social justice and equality. This can increase organizational legitimacy, innovation, and the company's competitive advantage. In addition, the presence of a female board has a positive impact on the board's effectiveness and is found to be more active in meetings held than a male board (Adams \u0026amp; Funk, \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2012\u003c/span\u003e). A board with gender diversity can generate income and timeliness in making important decisions with superior quality. The regulations and policies also encourage companies to avoid getting involved in excessive debt and minimize acquisitions that could damage the company's reputation. According to Cumming et al. (\u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2015\u003c/span\u003e), having a female director also minimizes fraud incidents. From the explanation above, it can be concluded that gender diversity can not only improve a company's reputation but also it may positively affect company performance, strategy, and corporate governance (Byron \u0026amp; Post, \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2016\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eH3: The presence of woman in board strengthens the impact of MCS on Company Performance\u003c/p\u003e"},{"header":"Research Methods","content":"\u003cp\u003eThis research collected data from the Refinitiv Eikon application over a 10-year observation period from 2013 to 2022. Any missing data from this application was then supplemented by each company's annual reports, which were available in the ASEAN 5-countries (Indonesia, Malaysia, Singapore, Philippines, and Thailand). Using an unbalanced panel and considering the available data completeness, this study had a total sampling of 3,633, spread across various sectors such as basic materials, consumer cyclical, real estate, technology, finance, and industrial. Below are the details of the sampling obtained:\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eDetails of Research Sample\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCountry\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eData Observed\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eIndonesia\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e875\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eMalaysia\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.030\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSingapura\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e385\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFilipina\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e466\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eThailand\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e907\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal Data Observed\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e3.663\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003eFirm Performance\u003c/h2\u003e \u003cp\u003eCompany performance is calculated by Return on Assets (ROA) which represents the company's internal performance. In calculating ROA, this research uses Earnings after tax divided by total assets. ROA in this research is calculated using the equation:\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"No\" id=\"Taba\" border=\"1\"\u003e \u003ccolgroup cols=\"3\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003e=\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eEAT\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eTotal Assets\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e\n\u003ch3\u003eBoard Diversity\u003c/h3\u003e\n\u003cp\u003eBoard diversity is differences in board backgrounds such as gender, age, tenure in the company, experience and skills. In this study, this variable is measured by calculating the percentage of women in the company board structure (Ararat et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Issa \u0026amp; Fang, \u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e\n\u003ch3\u003eControl Variable\u003c/h3\u003e\n\u003cp\u003eExisting studies have revealed that a company's performance can be influenced by its Debt to Equity ratio (DER) and size (Upadhyay et al., \u003cspan citationid=\"CR80\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). The size of a company is usually determined by the total assets it owns. The more assets a company has, the more resources it can leverage to improve its performance. One way that companies can increase their capital is through debt financing, which can lead to a higher DER. By obtaining additional capital through debt, management can invest in projects and initiatives that can boost profits. For this study, the size of a company will be assessed by total assets (Size), while DER will be determined by dividing total liabilities by total equity.\u003c/p\u003e \u003cdiv id=\"Sec11\" class=\"Section2\"\u003e \u003ch2\u003eManagement Control System\u003c/h2\u003e \u003cp\u003eManagement control system can be defined as a formal activity and a set of procedures used by CEOs to maintain or change patterns within an organization. In short, control is a policy or procedure that facilitates an organization to ensure that its objectives and goals are achieved. Different from Chenhall \u0026amp; Euske (\u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2007\u003c/span\u003e) and Hosoda (\u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) who measured management control by conducting interviews with the board of directors, as well as Tsamenyi et al (\u003cspan citationid=\"CR77\" class=\"CitationRef\"\u003e2011\u003c/span\u003e), Ojera et al (\u003cspan citationid=\"CR66\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), Baird et al (\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) using a questionnaire instrument to measure the variable, and Herriau \u0026amp; Touchais (\u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2015\u003c/span\u003e) using a case study. This study measures the management control system variable according to the analysis conducted by Hared et al (\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2013\u003c/span\u003e), which states that the key to the implementation of the management control system can be categorized into cultural control, administrative control, and process control. In this study, cultural control in the company is seen from whether management has published the company's vision and mission in the annual report.\u003c/p\u003e \u003cp\u003eAccording to Hofstede (\u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e1984\u003c/span\u003e), a person's behavior in an organization is strongly influenced by cultural context and values adopted. In the company, the vision and mission represent the top management's efforts to create a control environment to influence a person's behavior. A clear vision and mission will provide direction for individuals to achieve goals and can explain good relationships with company stakeholders such as suppliers, shareholders, and government (Adams \u0026amp; Ferreira, \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2009\u003c/span\u003e; Chenhall, \u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e2003\u003c/span\u003e). Administrative control refers to the control designed by top management through organizational structure and governance systems (Hared et al., \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). Top management such as the board and CEO plays an important role in strengthening the control environment and activities. One of them is by forming monitoring mechanisms such as the presence of an independent audit committee and the expertise background of the audit committee members that reflect good monitoring quality. Improving the quality of monitoring is also an indicator of the quality of the management control system.\u003c/p\u003e \u003cp\u003eLastly, the key component of a good management control system mechanism, according to Hared et al. (\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2013\u003c/span\u003e), is process control. Process control focuses on operational activities that are routine in an organization. Based on the management control system literature, process control can take the form of planning, budgeting, and measurement in compensation provision (Hared et al., \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). Compensation mechanisms are believed to be very useful for shareholders to control management so that they always work well and protect their interests. Therefore, in this study, process control is measured by the total compensation reported in the company's annual report. The following is a summary of the proxy used in this study to measure the variables used:\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eVariable Definitions and Measurements\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"3\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eVariable\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eProxy\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDefinition\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"3\" nameend=\"c3\" namest=\"c1\"\u003e \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003eDependen Variable-\u003c/span\u003e Company Performance (Y)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eIs calculated as the income after taxes for the fiscal period divided by the average total asset.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003eControl Variable\u003c/span\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eMeasure with the total asset of the company reported\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDebt to Equity\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDER\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eMeasured with formula total liabilities divide with total shareholders equity\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c2\" namest=\"c1\"\u003e \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003eModeration Variable\u003c/span\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBoard Gender Diversity (Z)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBGDIV\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003ePercentage of female on the board\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"3\" nameend=\"c3\" namest=\"c1\"\u003e \u003cp\u003e\u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003eIndependent Variable \u0026ndash; MCS\u003c/span\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBoard Spesific Skills\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBSS\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003ePercentage of board members who have either an industry specific background or a strong financial background.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAudit Board Committee\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eABC\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDoes the company have an audit board committee?\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAudit Committee Independent\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eACI\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003ePercentage of independent board members on the audit committee as stipulated by the company.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAudit Comitee expertise\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eACE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDoes the company have an audit committee with at least three members and at least one \"financial expert\" within the meaning of Sarbanes-Oxley?\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLong term growth\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLTG\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eIs an estimate of the compound average rate of EPS growth an analyst expects over a period of three to five years\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDividend Per Share\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDPS\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eIs an aggregate measure of expenses related to employee compensation, including recruiting cost, salaries, payroll taxes, benefits and bonuses.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eVision and Mission\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eVNM\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDoes the company published the vision and mission on annual report?\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003eTesting\u003c/h2\u003e \u003cp\u003eThis research involves four testing models. The first test is called baseline model 1, in which we examine the impact of control variables such as company size and Debt to Equity Ratio (DER) on the dependent variable of company performance, proxied by Return on Asset (ROA). In this section, we aim to determine the extent to which a company's resources, such as total assets and debt-derived capital, influence its performance. Therefore, the equation for baseline model 1 in this study is as follows:\u003c/p\u003e \u003cp\u003eBaseline Model 1 \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{Y}_{CompanyPerformance}=\\alpha\\:+{\\beta\\:}_{1}{Size}_{it}+{\\beta\\:}_{2}{DER}_{it}{+\\epsilon\\:}_{it}\\)\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e \u003cp\u003eOur second model includes the Management Control System (MCS) as an independent variable in the equation. The following is the equation for model 2:\u003c/p\u003e \u003cp\u003eModel 2 \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{Y}_{CompanyPerformance}=\\alpha\\:+{\\beta\\:}_{1}{Size}_{it}+{\\beta\\:}_{2}{DER}_{it}+{\\beta\\:}_{3}{MCS}_{it}{+\\epsilon\\:}_{it}\\)\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e \u003cp\u003eIn model 3, we examined the influence of gender diversity in the board of commissioners' structure on a company's performance. We also aimed to confirm the findings of Abbas \u0026amp; Frihatni (2023) who claimed that gender diversity in the structure can reduce the likelihood of financial distress and influence a company's performance (Ferrary \u0026amp; Deo, 2023).\u003c/p\u003e \u003cp\u003eModel 3 \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{Y}_{CompanyPerformance}=\\alpha\\:+\\beta\\:{BGDIV}_{it}{+\\epsilon\\:}_{it}\\)\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e \u003cp\u003eNext, we innovated our model with the fourth iteration. In the fourth model testing, we included the element of Board Gender Diversity (BGDIV) as a moderator variable. Our goal was to determine the extent of women's influence on the relationship between the control variable Size and DER, as well as the independent variable management control system, on company performance. Additionally, in this fourth model testing, we examined two sets of observational data: a period of ten years (2013\u0026ndash;2022) and data from the Covid-19 era (2020\u0026ndash;2021). We did this to understand the role of women in board structures during times of crisis, such as Covid-19. We wanted to see if women tend to increase MCS along with an increase in performance, or if they actually decrease MCS and cause a decline in company performance. The following equation represents the fourth model in this study:\u003c/p\u003e \u003cp\u003eModel 4 \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{Y}_{CompanyPerformance}=\\alpha\\:+{\\beta\\:}_{1}{Size}_{it}+{\\beta\\:}_{2}{DER}_{it}+{\\beta\\:}_{3}{MCS}_{it}\\)\u003c/span\u003e\u003c/span\u003e\u003cdiv id=\"Equa\" class=\"Equation\"\u003e\u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equa\" name=\"EquationSource\"\u003e\n$$\\:{+{\\beta\\:}_{4GDIVit}+{\\beta\\:}_{5MCSit*BGDIIVit\\:+}\\epsilon\\:}_{it}$$\u003c/div\u003e\u003c/div\u003e\u003c/p\u003e \u003c/div\u003e "},{"header":"Results","content":"\u003cdiv id=\"Sec13\" class=\"Section2\"\u003e \u003cp\u003eThis research examines the role of women in the board structure in relation to the management control system (MCS) of a company and its performance. The study explored data from the ASEAN-5 countries. Prior to the analysis, we tested the research model's suitability using the Chow test, Langrange Multiple test, and Hausman test. The results of the tests indicated that the Fixed Effect Model (FEM) was the most suitable model for this study, as evidenced by the p-values of less than 0.05 obtained from the Chow and Hausman tests. Tables\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e and \u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e below show the results of both tests.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eResult Chow Test\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eEffects Test\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eStatistic\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003ed.f.\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eProb.\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCross-section F\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e5265396,040484\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-538,2779\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0,0000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCross-section Chi-square\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e4697,43937\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e583\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0,0000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab4\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eResult Hausman Test\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTest Summary\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eChi-Sq. Statistic\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eChi-Sq. d.f.\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eProb\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCross-section random\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e470,929141\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e8\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0,0000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab5\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 5\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eStatistical Descriptive Results\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"6\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDescription\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIndonesia\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eMalaysia\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eSingapore\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003ePhilippines\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\"\u003e \u003cp\u003eThailand\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e4.209.794\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.065638\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.056389\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.059939\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.073819\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eACI\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e8.079.080\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e8.747.119\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e9.084.715\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e4.591.918\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e6.937.115\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eACE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e3.592.570\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e4.213.641\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e5.876.065\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e4.230.374\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e2.511.436\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eABC\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.904282\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.657173\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.943503\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.916667\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.711744\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLTG\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.026749\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.016189\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.011009\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.039038\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.158322\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDPS\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.071760\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.268811\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.112472\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.189765\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.223909\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eVNM\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.765743\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.584388\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.700565\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.881944\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.730724\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSIZE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e3.016.832\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e3.003.399\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e3.103.628\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e3.041.897\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e3.014.769\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDER\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.600041\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.625243\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.660301\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.870201\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.783050\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBGDIV\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e4.172.365\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e1.249.686\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e1.270.175\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e7.970.140\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e9.477.803\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab5\" class=\"InternalRef\"\u003e5\u003c/span\u003e shows the descriptive statistics for the ASEAN-5 countries. As expected, companies in Singapore have the highest average total assets with a mean value of 3,103,628, followed by companies in the Philippines, Indonesia, and Thailand. Malaysia ranks fifth in the list. On the other hand, the highest average DER is found in the Philippines, with Thailand in second place. Furthermore, the highest ROA values are observed in companies in Indonesia and Thailand, which is consistent with the assumption that Singaporean companies have the highest economies of scale and are considered advanced countries in the ASEAN region.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec14\" class=\"Section2\"\u003e \u003ch2\u003eBaseline Result\u003c/h2\u003e \u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e shows the results of the panel regression for baseline Model 1. In this model, we tested the control variables of company size (Size) and company debt policy (DER) on company performance. According to Attia et al. (\u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2023\u003c/span\u003e), the relationship between company size and debt policy is not simply understood as companies with greater assets and financing from debt having more resources to improve their performance. Lafuente et al. (\u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e2020\u003c/span\u003e) argue that competitive advantage and efficiency are more important factors for companies to improve performance. Therefore, it can be concluded that even if a company has a large size and high capital, it may not necessarily have better performance if it lacks good competitive advantage and efficiency in its MCS activities.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab6\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 6\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eBaseline Model Result\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"6\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eY\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003ep-value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eHypothesis Result\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eConstanta\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCONTROL\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCONTROL\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDebt to Equity Ratio (DER))\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0134\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eGoodness of Fit Model\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003eAdj. R2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e\u003cb\u003e0,9999\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c6\" namest=\"c5\"\u003e \u003cp\u003e\u003cb\u003e99,99%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eIn this study, we aimed to understand whether the factors of company size and debt policy are still relevant to the performance of companies in the context of the ASEAN-5 Countries. The results of our testing, as shown in Table\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e, indicate a significant influence between the Size and Der variables and company performance, with p-values of 0.00 and 0.01 respectively. The Adj R2 value obtained from this study is high, at 99%, indicating that the Size and DER indicators included in the model influence company performance by 99%, while the remaining 1% is explained by other variables.\u003c/p\u003e \u003cp\u003eNext, we included the independent variable Management Control System (MCS) in our testing model. In testing model 2, we tested the control variables Size and DER, as well as MCS, with company performance. Jukka (\u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) stated that the integration of business strategy and management control system can improve efficiency due to increased supervision of strategic aspects of the company, which is indicated to cause improved performance. Overall, the results of testing model 2 do not support the existing hypothesis. This is reflected in factor Table \u003cspan refid=\"Tab7\" class=\"InternalRef\"\u003e7\u003c/span\u003e, where factors such as Audit Committee Independency (ACI), Audit Committee Expertise (ACE), and Audit Board Committee do not have a significant influence on company performance, nor does Long-Term Growth (LTG). On the other hand, factors such as vision and mission have a significant impact on company performance, with a p-value of 0.00 or \u0026lt;\u0026thinsp;0.05. Additionally, the results of this test indicate a large Adj R2 value of 99%.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab7\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 7\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eResults of Panel Model 2\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"6\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eY\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003ep-value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eHypothesis Result\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eConstanta\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eX1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Committee Independence\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,5542\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eX2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Committee Expertise\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,1928\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eX3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Board Committee\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,2034\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eX4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLong Term Growth\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,2857\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eX5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDividend per Share\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,4151\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eX6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eVission and Mission\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0373\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eC\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eC\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDebt to Equity Ratio (DER))\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0171\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eGoodness of Fit Model\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003eAdj. R2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e\u003cb\u003e0,9999\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c6\" namest=\"c5\"\u003e \u003cp\u003e\u003cb\u003e99,99%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eNext, we tested the role of women in the board structure on company performance. The results of the testing of model 3 support Brahma's (2021) findings that the presence of women in the board structure can improve monitoring and support the efficiency of company activities (Adams \u0026amp; Ferreira, \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2009\u003c/span\u003e; Nguyen et al., \u003cspan citationid=\"CR62\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). The results of the testing in Table \u003cspan refid=\"Tab8\" class=\"InternalRef\"\u003e8\u003c/span\u003e show that the Board Gender Diversity (BGDIV) variable has a significant influence on company performance with a p-value of 0.37 or \u0026lt;\u0026thinsp;0.05.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab8\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 8\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eResults of Panel Model 3\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"6\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eY\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003ep-value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eHypothesis Result\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eConstant\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eZ\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBoard Gender Diversity\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0379\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eGoodness of Fit Model\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003eAdj. R2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e\u003cb\u003e0,9999\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c6\" namest=\"c5\"\u003e \u003cp\u003e\u003cb\u003e99,99%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003ePrevious testing has shown that the presence of women in the board structure can influence a company's performance. In this study, we further test whether the presence of women can enhance the influence between management control, size, and DER variables with the company's performance. In our fourth model test, we test two periods for the sake of robustness: the 10-year period from 2013\u0026ndash;2022, and the crisis period caused by COVID-19 from 2020\u0026ndash;2021. The following Table\u0026nbsp;\u003cspan refid=\"Tab9\" class=\"InternalRef\"\u003e9\u003c/span\u003e shows the results of our fourth model test.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab9\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 9\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eResults of Panel Model 4\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"6\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colspan=\"2\" morerows=\"1\" nameend=\"c2\" namest=\"c1\" rowspan=\"2\"\u003e \u003cp\u003eThe Role of Board Gender Diversity in the Influence of Size, DER and Management Control System on Company Performance (2013\u0026ndash;2022)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eZ\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c5\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003ep-value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eHypothesis Result\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eConstant\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX1\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\" morerows=\"6\" rowspan=\"7\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDebt to Equity Ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDER\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0226\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX3\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Committee Independence\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eACI\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,2568\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX4\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Committee Expertise\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eACE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0687\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX5\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Board Committee\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eABC\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,8677\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX6\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLong Term Growth\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eLTG\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,5538\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX7\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDividend Per Share\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDPS\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,2381\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX8\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eVision and Mision\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eVNM\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0037\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eGoodness of Fit Model\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003eAdj. R2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e\u003cb\u003e0,99999\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c6\" namest=\"c5\"\u003e \u003cp\u003e\u003cb\u003e99,99%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"2\" morerows=\"1\" nameend=\"c2\" namest=\"c1\" rowspan=\"2\"\u003e \u003cp\u003e\u003cb\u003eThe Role of Board Gender Diversity in the Influence of Size, DER and Management Control System on Company Performance (2013\u0026ndash;2022)\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003eZ\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003e\u003cb\u003ep-value\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003e\u003cb\u003eHypothesis Result\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003eConstanta\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX1\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\" morerows=\"6\" rowspan=\"7\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,1991\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDebt to Equity Ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDER\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0021\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX3\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Committee Independence\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eACI\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,1278\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX4\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Committee Expertise\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eACE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,4180\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX5\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit Board Committee\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eABC\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0095\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX6\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLong Term Growth\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eLTG\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,0502\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eAccepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX7\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDividend Per Share\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eDPS\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,2381\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eX8\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eVision and Mision\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eVNM\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0,8697\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003eNot Accepted\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eGoodness of Fit Model\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003eAdj. R2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e\u003cb\u003e0,43955\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c6\" namest=\"c5\"\u003e \u003cp\u003e\u003cb\u003e43,95%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eThe role of women in the relationship between control variables and management control systems in company performance produces different results. Testing during the observation periods of 2013\u0026ndash;2022 and 2020\u0026ndash;2021 (during the COVID-19 pandemic) also yielded different results. During the normal period (2013\u0026ndash;2022), the woman significantly moderates the impact of SIZE and DER on the company's performance. However, during the COVID-19 pandemic, only the DER factor was significantly moderated with the p-value of 0.026. Interesting results were also found in the factors of long-term growth and vision and mission. The relationship between LTG and performance was found to be significantly influenced by the presence of women in the board structure during COVID-19 period, while during non-crisis periods, this relationship was not significantly influenced by the woman in board. Furthermore, the relationship between vision and mission factor and performance was not significantly influenced by the presence of women. On the other hand, during the observation period (2013\u0026ndash;2022), this relationship was significantly moderated. Additionally, the Adj R2 value for the observation results (2013\u0026ndash;2022) was found to be quite high, at 99.99%. Meanwhile, during the observation period (2020\u0026ndash;2021), it was 43.95%, which can be concluded that the variables of MCS, Size, and DER explain 43.95% of the firm performance variation, while 56.05% was explained by other variables.\u003c/p\u003e \u003c/div\u003e"},{"header":"Discussion","content":"\u003cp\u003eOverall, this research reveals that the presence of women in the board structure has an important role in company performance. This result is consistent with a study conducted by Brahma (2021) which states that the presence of women in the board structure who have a long level of education and experience has a significant impact on company performance. On the other hand, the presence of women is also suspected to reduce cases of fraud in companies and improve company reputation which has an impact on company strategy and performance in the future (Byron \u0026amp; Post, \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2016\u003c/span\u003e; Cumming et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2015\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eHowever, the results of this study provide a different perspective when examining the role of women in the board structure on the relationship between MCS and company performance as measured by Return on Assets (ROA). Interestingly, different results were also found when testing panel data with observational data (2013\u0026ndash;2022) and (2020\u0026ndash;2021). Several indicators such as Size, DER, ACE and VNM are significantly influenced by women on their impact company performance. It can be said that the higher the number of woman in the board, the more effective of these four factors in improving performance. These results support the Resource Based View (RV) theory. In this study it can be concluded that the greater the company's assets and DER, the greater the resource capacity it has, the greater the company's ability to increase its competitive advantage, this increase in competitive advantage causes an increase in company performance in the future ( Wernerfelt, \u003cspan citationid=\"CR83\" class=\"CitationRef\"\u003e1984\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eIn addition, according to the Diversity and Inclusion Theory, gender diversity in the board structure can bring different thinking and approaches. The presence of women provides a unique perspective on decision making, including in terms of management control systems that encourage efficiency so that company performance can be achieved. This condition is also explained by Bryant \u0026amp; Davis (\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2012\u003c/span\u003e) which is linked to Resource Dependency Theory, in this theory it is explained that the more diverse the board structure will have better access to information and networking, this will increase management's ability to design management control systems and performance. company (Bryant \u0026amp; Davis, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2012\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eTests on observational data (2020\u0026ndash;2021) have contradictory results. Control variables such as Size and management control system indicators as measured by the Audit Committee Expertise (ACE) in the initial test were significantly influenced by the presence of women on company performance, but in this test it was found that they were not significantly influenced. Meanwhile, the Long Term Growth (LTG) and Audit Board Committee (ABC) factors are actually significantly influenced by the presence of women. According to Vlaev (\u003cspan citationid=\"CR81\" class=\"CitationRef\"\u003e2018\u003c/span\u003e), in certain contexts, humans, both men and women, will act rationally in making decisions. In our opinion, in crisis conditions such as COVID-19, management decision making tends to be rational to maintain the company's existence. Therefore, the presence or absence of women in the board structure has no influence on MCS activities. Furthermore, the average number of women in the board structure in the context of ASEAN-5 Countries is only 7% (see descriptive data table), the small proportion of women in this board structure which according to Manita et al (\u003cspan citationid=\"CR54\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) causes them to tend to be passive and have no significant influence on decision making (Manita et al., \u003cspan citationid=\"CR54\" class=\"CitationRef\"\u003e2018\u003c/span\u003e).\u003c/p\u003e "},{"header":"Research Implication and Conclusion","content":"\u003cdiv id=\"Sec16\" class=\"Section2\"\u003e \u003cp\u003eThis research contributes to various stakeholders in decision-making. Firstly, for companies, having women in board structures proves to enhance performance and the effectiveness of MCS activities in improving firm performance. Additionally, having women in top management can lead to more strict oversight than men. On the other hand, management needs to consider the expertise of audit committee members in accounting and finance, which has a positive influence on financial performance. From a regulatory perspective, it is necessary to regulate gender diversity in board structures. This not only provides a wider perspective on decision-making, but the regulation also shows support for equality and justice principles and achieving Sustainable Development Goal No. 5 on gender equality.\u003c/p\u003e \u003cp\u003eThe study's results contribute to the contingency theory, which states that there is no management strategy or approach that can be applied universally in all conditions and situations. Effective strategies must consider organizational size, technology, flexibility, and environmental demands. One environmental demand, in this context, is the presence of women in board structures. Although not all management control system indicators can be influenced by women's presence in this study, indicators such as audit committee expertise, vision and mission, and control variables such as company size and debt policy can be influenced.\u003c/p\u003e \u003cp\u003eWe recommend that future researchers to conduct a qualitative approach to measure management control system practices in companies, such as using tracer studies and interviews to provide a more in-depth understanding and uncover other factors such as social, environmental and other resources that can influence the effectiveness of management control system practices.\u003c/p\u003e \u003c/div\u003e"},{"header":"Declarations","content":" \u003cdiv id=\"Sec17\" class=\"Section2\"\u003e \u003ch2\u003eData Availability Statement\u003c/h2\u003e \u003cp\u003eThe data that support the findings of this study are available from the corresponding author upon reasonable request.\u003c/p\u003e \u003cp\u003e \u003cb\u003eFunding Declaration\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThis research received no external funding\u003c/p\u003e \u003c/div\u003e\u003cp\u003e \u003ch2\u003eEthics Approval and Consent to Participate\u003c/h2\u003e \u003cp\u003eThis study did not involve human participants or animals. Therefore, ethical approval and consent to participate were not required.\u003c/p\u003e \u003c/p\u003e \u003cp\u003e \u003cstrong\u003eConsent for Publication\u003c/strong\u003e \u003cp\u003eConsent for publication is not applicable as this study does not contain any individual person\u0026rsquo;s identifiable data.\u003c/p\u003e \u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eA.G :Conceptualization, Methodology, Formal analysis, Investigation, Data curation, Writing \u0026ndash; original draft preparation.M.M: Methodology, Validation, Writing \u0026ndash; review \u0026amp; editing, Visualization.A.R : Supervision, Validation, Writing \u0026ndash; review \u0026amp; editing, Project administration.E.B : Supervision, Theoretical framework development, Writing \u0026ndash; review \u0026amp; editing.All authors reviewed the manuscript.\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eThe data that support the findings of this study are available from the corresponding author upon reasonable request\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAbdullah SN, Ismail KNIK, Nachum L. 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Int J Trade Econ Finance, 202\u0026ndash;8. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://api.semanticscholar.org/CorpusID:38445118\u003c/span\u003e\u003cspan address=\"https://api.semanticscholar.org/CorpusID:38445118\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"discover-global-society","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"","sideBox":"Learn more about [Discover Global Society](https://www.springer.com/journal/44282)","snPcode":"44282","submissionUrl":"https://submission.nature.com/new-submission/44282/3","title":"Discover Global Society","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Discover Series","inReviewEnabled":true,"inReviewRevisionsEnabled":true},"keywords":"Women in board, Contingency Theory, Management Control System, SDGS 5, gender equality","lastPublishedDoi":"10.21203/rs.3.rs-9522132/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-9522132/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThis study investigates the role of women in company board structures and how it affects both management control systems and firm performance. The study uses data samples from companies in ASEAN-5 countries gathered over the span of ten years (2013\u0026ndash;2022), including the COVID-19 crisis period (2020\u0026ndash;2021), to ensure the results are robust. By testing the applicability of contingency theory, we found different results in the two tests conducted. We found that the presence of women in the board may have a positive impact on performance. It is also found that the effectiveness of some management control system (MCS) indicators to improve performance are positively influenced by the presence of women in board. However, during the COVID-19 crisis, the presence of woman does not strengthen the relationship between MCS and performance. Based on our findings, we recommend that stakeholders, such as companies, should strive to provide a significant p roportion of women in their board structures as the presence of woman in board may improve the effectiveness of MCS to improve performance. Additionally, regulators should implement more specific regulations regarding the diversity of company board structures. The presence of women in company board structures can improve performance and support Sustainable Development Goals (SDGs 5) point 5 regarding gender equality, particularly in the context of ASEAN-5 countries.\u003c/p\u003e","manuscriptTitle":"Women Leaders in Times of Uncertainty: The Moderating Influence on Management Control Systems and Organizational Performance Amidst COVID-19 Challenges","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2026-05-18 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