The Role of Women's Representation on Board Committees in Limiting Earnings Management: Evidence from Saudi Listed Companies
DOI:
https://doi.org/10.37375/esj.v9i1.4009الكلمات المفتاحية:
إدارة الأرباح، إدارة الأرباح بالاستحقاقات، لجنة المراجعة النسائية، لجنة الترشيحات النسائية، تمثيل المرأة في اللجان، حوكمة الشركات، المملكة العربية السعوديةالملخص
استناداً إلى السياسة العامة الراهنة لإصلاح الحوكمة في المملكة العربية السعودية في إطار رؤية 2030 ولوائح هيئة السوق المالية (CMA, 2021)، تتناول هذه الدراسة تمثيل المرأة في لجان مجلس الإدارة المحددة وأثره في إدارة الأرباح القائمة على الاستحقاقات (EM) في الشركات السعودية المدرجة. واستناداً إلى نظريات الوكالة وأصحاب المصلحة والاعتماد على الموارد والقمة التنظيمية، وظّفت الدراسة تحليل السلاسل الزمنية لبناء نموذج معادلات هيكلية باستخدام برنامج SmartPLS خلال الفترة الممتدة من 2010 إلى 2024. وتتألف عينة الدراسة من 15 شركة مدرجة تمثل القطاعات الرئيسية في سوق رأس المال السعودي، مما يُولّد 225 مشاهدة على مستوى الشركة-السنة.
وقد أظهرت النتائج أن تمثيل المرأة في لجنتي الترشيحات والمكافآت (FNC) يُؤثر تأثيراً سلبياً معنوياً في إدارة الأرباح (β = -0.383، p < 0.001)، في حين يُحدث تمثيل المرأة عبر جميع اللجان (FC) تأثيراً سلبياً معتدلاً (β = -0.268، p < 0.01). أما تمثيل المرأة في لجنة المراجعة (FAC) فلم يبلغ مستوى الدلالة الإحصائية (β = -0.057، p = 0.310). وتُؤكد هذه النتائج—المتسقة مع الأدلة الحديثة من الأسواق الناشئة (Attia et al., 2024؛ Rahman et al., 2024)—أن فاعلية التنوع الجندري في حوكمة الشركات لا تتوقف على مجرد وجود المرأة في مجالس الإدارة، بل تعتمد اعتماداً جوهرياً على موضعها الاستراتيجي داخل لجان مجلس الإدارة؛ إذ إن المتغير الحاسم هو الاستراتيجية لا مجرد الشمول الجندري، كما أن تحقيق الأثر الحوكمي المنشود يستلزم تهيئة البنية المؤسسية الداعمة
المراجع
Al-Absy, M. S. M. (2022). Impactful women directors and earnings management. Cogent Business & Management, 9, 2148873. https://doi.org/10.1080/23311975.2022.2148873
Al-Dhamari, R., & Ismail, K. (2015). Cash holdings, political connections, and earnings quality: Some evidence from Malaysia. International Journal of Managerial Finance, 11(2), 215–231. https://doi.org/10.1108/IJMF-02-2013-0020
Alfraih, M. (2016). The effectiveness of board of directors characteristics in constraining earnings management in Saudi Arabia. International Journal of Accounting and Financial Reporting, 6(2), 143–159. https://doi.org/10.5296/ijafr.v6i2.10296
Al-Janadi, Y., Alazzani, A., & Alhababsah, S. (2024). The role of female representation in enhancing audit quality: Insights from Saudi Arabia's emerging market. Humanities and Social Sciences Communications. https://doi.org/10.1038/s41599-025-05032-2
Alnabsha, A., Abdou, H., Ntim, C. G., & Elamer, A. A. (2018). Corporate boards, ownership structures and real earnings management: Evidence from the Middle East. Journal of Applied Accounting Research, 19(4), 1–25. https://doi.org/10.1108/JAAR-05-2016-0060
Al-Shammari, B., & Al-Sultan, W. (2022). Gender diversity and firm performance: Evidence from Saudi Arabia. Corporate Governance, 22(1), 112–126. https://doi.org/10.1108/CG-07-2021-0260
Alsulami, F. (2024). The operational risk disclosure threshold effect in the earnings management–sustainability firm performance nexus in Saudi Arabia. Sustainability, 16(10), 4181. https://doi.org/10.3390/su16104181
Alves, S. (2023). Gender diversity on corporate boards and earnings management: Evidence for European Union listed firms. Cogent Business & Management, 10, 2193138. https://doi.org/10.1080/23311975.2023.2193138
Arayssi, M., Dah, M., & Jizi, M. (2016). Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal, 7(3), 1–26. https://doi.org/10.1108/SAMPJ-07-2015-0055
Attia, E. F., Yassen, S., Chafai, A., & Qotb, A. (2024). The impact of board gender diversity on the accrual/real earnings management practice: Evidence from an emerging market. Future Business Journal, 10(1), 1–18. https://doi.org/10.1186/s43093-024-00307-7
Bhasin, M. L. (2016). Creative accounting practices in the corporate sector: An empirical study. International Journal of Managerial Finance, 12(2), 35–50. https://doi.org/10.1108/IJMF-05-2014-0075
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 70(2), 193–225.
Dechow, P. M., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2–3), 344–401. https://doi.org/10.1016/j.jacceco.2010.09.001
Elamer, A. A., Ntim, C. G., & Abdou, H. A. (2017). Islamic governance, national governance, and earnings management. Journal of Accounting in Emerging Economies, 7(4), 1–29. https://doi.org/10.1108/JAEE-09-2015-0068
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
García-Meca, E., Sánchez-Ballesta, J. P., & Mora, A. (2021). Corporate governance and earnings management: A meta-analysis. Corporate Governance: An International Review, 29(3), 239–260. https://doi.org/10.1111/corg.12314
Habbash, M., & Alghamdi, S. (2017). Audit committee characteristics and earnings management in Saudi Arabia. International Journal of Economics and Accounting, 8(2), 128–145. https://doi.org/10.1504/IJEA.2017.084515
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/amr.1984.4277628
Issa, A., & Fang, H. (2019). Board gender diversity and earnings management: Evidence from GCC countries. Accounting Research Journal, 32(1), 1–18. https://doi.org/10.1108/ARJ-01-2018-0020
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Mensah, E., & Boachie, C. (2023). Corporate governance mechanisms and earnings management: The moderating role of female directors. Cogent Business & Management, 10(1), 2167290. https://doi.org/10.1080/23311975.2023.2167290
Mnif, Y., & Tahri, M. (2025). The female audit committee members expertise and experience: Is there a trade-off between accrual-based and real earnings management? Journal of Financial Reporting and Accounting, 23(3), 1227–1247. https://doi.org/10.1108/JFRA-06-2022-0221
Mukherjee, S., & Sorin, M. S. (2024). Audit committee status and gender diversity: Implications for real earnings management. International Review of Economics & Finance, 93(A), 1001–1020. https://doi.org/10.1016/j.iref.2024.103417
Nguyen, Q., Kim, M. H., & Ali, S. (2024). Corporate governance and earnings management: Evidence from Vietnamese listed firms. International Review of Economics and Finance, 89, 775–801. https://doi.org/10.1016/j.iref.2023.07.084
Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Harper & Row.
Pucheta-Martínez, M. C., & Bel-Oms, I. (2016). The board of directors and corporate social responsibility. Journal of Business Ethics, 153(4), 1119–1139. https://doi.org/10.1007/s10551-016-3303-8
Rahman, H. U., Zahid, M., Al-Faryan, M. A. S., & Hussainey, K. (2024). Do the specific characteristics of female directors work as alternative governance mechanisms to restrict earnings management? International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.3040
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Singhania, S., Singh, J., & Aggrawal, D. (2024). Board committees and financial performance: Exploring the effects of gender diversity in the emerging economy of India. International Journal of Emerging Markets, 19(6), 1626–1644. https://doi.org/10.1108/IJOEM-03-2022-0491
Srinidhi, B., Gul, F. A., & Tsui, J. (2011). Female directors and earnings quality. Contemporary Accounting Research, 28(5), 1610–1644. https://doi.org/10.1111/j.1911-3846.2011.01071.x
Sun, J., Liu, G., & Lan, G. (2011). Does female directorship on independent audit committees constrain earnings management? Journal of Business Ethics, 99(3), 369–382. https://doi.org/10.1007/s10551-010-0657-0
Sunny, S. A., & Hoque, M. (2025). The impact of board characteristics on financial performance in an emerging economy: The moderating role of nomination and remuneration committee. European Journal of Management and Business Economics. https://doi.org/10.1108/EJMBE-06-2024-0195
Yamani, A. (2024). The synergistic influence of board gender diversity and audit committee on the financial performance of Saudi Arabian banks. International Journal of Accounting, Business and Finance, 3(2), 61–77.
