Can Female Directors and Commissioners Reduce Stock Price Crash Risk: Evidence from LQ45 Indexed Company

This study empirically examines female directors and female commissioner’s affects stock price crash risk. This research was conducted on companies listed on the IDX's LQ-45 index in 2019-2021 by applying the fixed effect model (FEM) on GLS regression model. We prove that female board of directors and board of commissioners can reduce the stock price crash risk of the company by using several six control variables, those are return on asset (ROA), Leverage, Market to Book Value Ratio, RET, Sigma, and Size. The female directors and commissioners in this study are represented numerically with the results according to the assumption that the significance in the economic field, especially the risk of falling stock prices in companies, is a company that has a board of directors and a board of commissioners of women in its positions