“…Prabowo and Simpson (2011) find no significant effect of independent commissioners on firm performance and concluded that it might be due to lack of institution reform on independent commissioners. On the other hand, Wu and Li (2015) found that increase in board independence has reduced the occurrence of connected transactions and violations such as financial Board gender diversity has been promoted as a way to improve board effectiveness around the world (Chen, Ni, & Tong, 2016;Gordini & Rancati, 2017). Studies examining gender diversity found that female directors contribute to improve firm performance (Conyon & He, 2017, Perryman, Fernanda, & Tripathy, 2016) and reduce firm risk (Gulamhussen & Santa, 2015, Perryman et al, 2016.…”