Page 23 - SUSTAINABILITY ISSUES & COVID-19

3. RESEARCH METHOD

H1

H2

This study will use panel data regression test by combining time series data and cross-section to examine the effect of
the independent variable Female CFO on the dependent variable firm value and the role of cash holding as moderation
variable on Female CFO effect on firm value.

The data used in this study are secondary data from the audited financial statements for the period 2014 - 2018 and data
obtained from the Center for Economic and Business Data Library of the Faculty of Economics, University of Indonesia. The
sample selection is taken by purposive sampling method. The sample used in this study must meet the following criteria:
1. Companies that are not in the financial and investment sectors.
2. Companies that were active on the Indonesia Stock Exchange in 2013-2018.
3. Companies that have positive equity in 2013-2018.

Methods of data analysis in this study are outlier test, analysis descriptive statistic, data panel testing model, classic
assumption test, pearson correlation test, and model significant test.

Table 1
Measurement of Variables
Variable Measurement
Female CFO

Cash holding

Firm Value

Firm Size

Leverage

Return on Asset

Growth

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