Pengaruh Karakteristik Direksi dan Overconfidence terhadap Kinerja Perusahaan

Abstract

This study examines the effect of directors’ characteristics and overconfidence on the performance of manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The characteristics analyzed include age, tenure, gender diversity, educational background, and overconfidence, while firm performance is measured using Tobin’s Q. The study uses a sample of 115 companies with 345 observations, which are analyzed through panel data regression. The results show that directors’ age, tenure, educational background, and overconfidence do not have a significant effect on firm performance, whereas board gender diversity has a negative effect. These findings indicate that directors’ characteristics do not directly enhance firm value, as the effectiveness of decision-making is also influenced by managerial competence, the quality of corporate governance, and the ability to implement appropriate business strategies.