Financing Decisions Through a Gender Lens: A Systematic Review

Sriyani Mentari; Rr Suci Palasari; Makaryanawati Makaryanawati

doi:10.31004/riggs.v4i1.419

Authors

Sriyani Mentari Universitas Negeri Malang
Rr Suci Palasari Universitas Negeri Malang
Makaryanawati Universitas Negeri Malang

DOI:

https://doi.org/10.31004/riggs.v4i1.419

Keywords:

Keputusan Pendanaan, Bias Gender, Gender Role, Systematic Literature Review

Abstract

Tinjauan literatur sistematis ini mengkaji bagaimana gender dan gender role memengaruhi keputusan pendanaan perusahaan. Melalui analisis terhadap 32 studi empiris, tinjauan ini mengungkapkan bahwa representasi gender dalam literatur masih didominasi oleh pendekatan biner (jenis kelamin) atau institusional (proporsi wanita di dewan direksi), meskipun pendekatan berbasis gender role (maskulinitas/feminitas) mulai berkembang dan memberikan pemahaman yang lebih kontekstual. Hasil telaah juga menunjukkan bahwa gender berperan dalam membentuk preferensi risiko, akses terhadap pendanaan, dan kerentanan terhadap bias institusional. Pengusaha wanita cenderung memilih pendanaan internal dan utang jangka pendek, sementara pengusaha pria lebih terbuka terhadap pendanaan eksternal yang berisiko. Hasil analisis terkait peran gender role menunjukkan bahwa investor masih memiliki bias terhadap pengusaha yang memiliki karakteristik feminin meskipun kompetensi mereka setara dengan pengusaha dengan karakter maskulin. Penelitian ini menekankan pentingnya kebijakan inklusif untuk meningkatkan diversitas gender dalam kepemimpinan perusahaan serta kesadaran akan bias gender dalam keputusan pendanaan perusahaan. Penelitian ini berkontribusi pada integrasi perspektif behavioral finance dan diversitas gender dalam memahami dinamika keputusan pendanaan perusahaan.

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