Abstract

This is an accepted article with a DOI pre-assigned that is not yet published.

This study investigates the “double bind” faced by female leaders in Indonesia’s healthcare sector—an emerging market characterized by high masculinity, patriarchal norms, and a two-tier system. We examine how female commissioners and female directors influence firm performance and whether corporate governance mechanisms (such as audit committees, institutional ownership, and managerial ownership) mitigate the performance effects of gender incongruity. We used a sequential method, starting with archival research and then a focus group discussion. Using a panel of 214 firm-year observations from all listed healthcare companies on the Indonesia Stock Exchange (2015–2024), we apply random-effects regression models to test direct and moderated relationships. The findings indicate that female commissioners and female directors are associated with significantly lower ROA, but this effect is attenuated by audit committees and institutional ownership. Our study thus extends the archival research results by identifying the factors that explain the process of female leadership.

Keywords: Female leaders, firm performance, corporate governance, healthcare sector, gender stereotypes., Firm performance, Corporate governance, Healthcare sector, Gender stereotypes