The Effect of Good Corporate Governance and Corporate Social Responsibility on Firm Value with Financial Performance as an Intervening Variable
Article Sidebar
Main Article Content
Abstract
Firm value reflects how investors assess a company’s prospects, yet evidence on whether corporate governance and social responsibility enhance value remains mixed, particularly regarding the role of financial performance as an intervening mechanism. This study examined the effects of Good Corporate Governance and Corporate Social Responsibility on firm value and assessed whether financial performance mediated these relationships among mining companies listed on the Indonesia Stock Exchange. A quantitative design was employed using secondary panel data from annual and sustainability reports. From a population of 49 mining companies, purposive sampling produced 25 companies and 75 firm-year observations for 2023–2025. Data were analyzed using EViews 13 through panel-data regression, model selection, classical assumption testing, hypothesis testing, path analysis, and the Sobel test. The results showed that Good Corporate Governance positively and significantly affected financial performance (t = 2.2235; p = .0481) and firm value (t = 2.7153; p = .0083). Corporate Social Responsibility also positively and significantly affected financial performance (t = 2.1265; p = .0437) and firm value (t = 2.9331; p = .0045), while financial performance had a strong positive effect on firm value (t = 48.7043; p < .001). Financial performance mediated the relationship between Good Corporate Governance and firm value (Sobel = 2.7111; p = .0067), whereas the study reported no mediation for Corporate Social Responsibility. The model explained 97.2% of the variation in firm value. The study contributes integrated evidence from the Indonesian mining sector and highlights governance, social responsibility, and financial performance as important considerations for sustainable value creation.
Downloads
Article Details
Section
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Abdurrahman, A. (2020). Analisis pengaruh corporate governance terhadap nilai perusahaan. Jurnal Riset Akuntansi, 12(1), 25–34.
Aguilera, R. V., Aragón Correa, J. A., Marano, V., & Tashman, P. (2021). The corporate governance of environmental sustainability: A review and proposal for more integrated research. Journal of Management, 47(6), 1389–1418. https://doi.org/10.1177/0149206321991212
Agung, A. (2024). Pengaruh corporate social responsibility terhadap nilai perusahaan di sektor makanan dan minuman. Jurnal Ekonomi dan Bisnis, 12(1), 1–15.
Ahmad, H., Yaqub, M., & Lee, S. H. (2023). Environmental-, social-, and governance-related factors for business investment and sustainability: A scientometric review of global trends. Environment, Development and Sustainability, 25(5), 7123–7145. https://doi.org/10.1007/s10668-023-02921-x
Almeyda, R., & Darmansya, A. (2019). The influence of environmental, social, and governance (ESG) disclosure on firm financial performance. IPTEK Journal of Proceedings Series. https://doi.org/10.12962/j23546026.y2019i5.6340
Amin, A. (2025). Banking Company Value Through Company Size, Growth Assets and Profitability. Al-Buhuts, 21(1), 300–311.
Amin, A., Pagalung, G., & Kara, M. H. (2022). Kecurangan: Antara Ketaatan Syariah Dan Tata Kelola. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 6(1), 390–403.
Amin, A., & Sulfati, A. S. (2024). Islamic Banking Company Value Through Capital Adequacy, Problematic Financing and Efficiency. Al-Buhuts, 20(2), 332–344.
Bhagat, S., & Bolton, B. (2018). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273.
Brealey, R. A., Myers, S. C., & Allen, F. (2017). Principles of corporate finance (12th ed.). McGraw-Hill Education.
Brigham, E. F., & Ehrhardt, M. C. (2016). Financial management: Theory & practice. Cengage Learning.
Brigham, E. F., & Houston, J. F. (2022). Fundamentals of financial management. Cengage Learning.
Carroll, A. B. (2020). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39–48.
Catur Muhammad Erlangga, A., Fauzi, A., & Sumiati, A. (2021). Penerapan green accounting dan corporate social responsibility disclosure terhadap nilai perusahaan melalui profitabilitas. Akuntabilitas, 14(1), 51–65. https://doi.org/10.15408/akt.v14i1.20749
Chen, H., & Zhang, H. (2010). Tobin’s Q and investment: Evidence from Chinese firms. Journal of Business Research, 63(5), 420–428.
Cheung, A. (2016). Corporate social responsibility and corporate cash holdings. Journal of Corporate Finance, 39, 244–258. https://doi.org/10.1016/j.jcorpfin.2016.01.008
CNNIndonesia. (2020). Perusahaan mulai integrasikan CSR dalam strategi bisnis. https://www.cnnindonesia.com
Dahlmann, F., Branicki, L., & Brammer, S. (2017). Managing carbon aspirations: The influence of corporate climate change targets on environmental performance. Journal of Business Ethics, 143(2), 299–316. https://doi.org/10.1007/s10551-017-3731-z
Davis, L. (2022). Environmental responsibility in business: A case study approach. Business Strategy and the Environment, 31(3), 1634–1645.
Dian Ferriswara, N., Sayidah, N., & Buniarto, E. A. (2022). Do corporate governance, capital structure predict financial performance and firm value? (Empirical study of Jakarta Islamic Index). Cogent Business & Management, 9(1), 1–15. https://doi.org/10.1080/23311975.2022.2147123
Elia, R. (2023). Corporate social responsibility dan loyalitas pelanggan: Studi pada perusahaan ritel. Jurnal Manajemen Pemasaran, 15(2), 45–60.
Fama, E. F. (2021). Market efficiency, long-term returns, and behavioral finance.
Farag, H., Mallin, C., & Ow-Yong, K. (2017). Corporate governance in Islamic banks: New insights for dual board structure and agency relationships. Journal of International Financial Markets, Institutions and Money, 47, 179–197. https://doi.org/10.1016/j.intfin.2017.08.002
Fathma, A. (2020). Corporate social responsibility: Konsep dan implementasi. Penerbit Mandiri.
Fitri, Y., & Eliyada, N. (2024). Model dan implementasi CSR di Indonesia.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Gossling, T., & Voucht, P. (2021). Corporate social responsibility: A comprehensive approach. Journal of Business Ethics, 162(3), 455–472.
GRC Indonesia. (2023). Corporate social responsibility in Indonesia: Trends and challenges.
Harjito, D. (2020). Analisis kinerja keuangan perusahaan melalui rasio keuangan. Salemba Empat.
Herawaty, S. (2022). Analisis kinerja keuangan dan nilai perusahaan. Jurnal Ekonomi Bisnis, 15(2), 123–135.
Heriyanto, S. (2021). Peran CSR dalam mewujudkan kepercayaan stakeholder. Jurnal Manajemen dan Bisnis.
Hendra, H., Yahya, I., & Absah, Y. (2022). The effect of sustainability reporting, good corporate governance, and dividend policy on firm value with financial performance as an intervening variable in mining company listed on Indonesia Stock Exchange. International Journal of Research and Review, 9(1), 123–134. https://doi.org/10.52403/ijrr.20220708
I Gusti Ayu Purnamawati, G., Yuniarta, G. A., & Astria, P. R. (2017). Good corporate governance dan pengaruhnya terhadap nilai perusahaan melalui corporate social responsibility disclosure. Jurnal Keuangan dan Perbankan, 21(2), 505–515. https://doi.org/10.26905/jkdp.v21i2.505
Inawati, W. A., & Rahmawati, R. (2023). Dampak environmental, social, dan governance (ESG) terhadap kinerja keuangan. Jurnal Akademi Akuntansi, 6(2). https://doi.org/10.22219/jaa.v6i2.26674
Irwansyah, I., et al. (2020). Ketidakpastian pasar dan pengaruh CSR terhadap nilai perusahaan. Jurnal Ekonomi Syariah, 9(5), 77–89.
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
Johnson, R. (2021). The impact of corporate sustainability on profitability. International Journal of Business Studies, 12(1), 45–54.
Kelly, S. G., & Henny, D. (2023). Pengaruh green accounting dan kinerja lingkungan terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Jurnal Ekonomi Trisakti, 3(2). https://doi.org/10.25105/jet.v3i2.18051
Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. Journal of Asian Finance, Economics and Business, 7(12), 223–232. https://doi.org/10.13106/jafeb.2020.vol7.no12.223
Lastanti, H. S., & Salim, N. (2019). Pengaruh pengungkapan corporate social responsibility, good corporate governance, dan kinerja keuangan terhadap nilai perusahaan. Jurnal Akuntansi Trisakti. https://doi.org/10.25105/jat.v5i1.4841
Marnelly, F. (2021). Dampak lingkungan dari praktik CSR di perusahaan. Jurnal Lingkungan dan Ekonomi.
Mau, M. S. T., & Kadarusman, K. (2022). Kinerja keuangan sebagai pemoderasi good corporate governance, corporate social responsibility dengan nilai perusahaan. Jurnal Manajemen dan Keuangan, 11(1). https://doi.org/10.33059/jmk.v11i1.3942
Miranty, N., & Henny, R. (2022). Analisis kinerja keuangan dan implikasinya terhadap pertumbuhan perusahaan. Jurnal Ekonomi dan Manajemen, 15(2), 123–135.
Mubeen, M., Ali, S., & Hussain, M. (2021). The impact of good corporate governance on firm value: Evidence from emerging markets. Journal of Business Ethics, 165(4), 551–564.
Mufidah, N., & Purnamasari, P. E. (2018). Pengaruh profitabilitas terhadap nilai perusahaan dengan pengungkapan corporate social responsibility dan good corporate governance sebagai variabel moderating. El Dinar: Jurnal Keuangan dan Perbankan Syariah. https://doi.org/10.18860/ed.v6i1.5454
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good corporate governance, corporate social responsibility, firm value, and financial performance as moderating variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 73–84. https://doi.org/10.28992/ijsam.v3i1.74
Nguyen, T. H. H., Elmagrhi, M., Ntim, C. G., & Wu, Y. (2021). Environmental performance, sustainability, governance and financial performance: Evidence from heavily polluting industries in China. Business Strategy and the Environment, 30(8), 3542–3555. https://doi.org/10.1002/bse.2748
Nurhidayanti, F., Listari, S., & Efrianti, D. (2023). Pengaruh good corporate governance terhadap keuangan dan nilai perusahaan. Jurnal Ilmiah Akuntansi Kesatuan. https://doi.org/10.37641/jiakes.v11i1.1769
Permanasari, R. (2024). Efisiensi Tobin's Q dalam sektor teknologi. Jurnal Manajemen, 18(1), 45–60.
Platonova, E. A., Asutay, M., Dixon, R., & Mohammad, S. (2016). The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of Business Ethics, 138(2), 219–237. https://doi.org/10.1007/s10551-016-3229-0
Prabowo, R., & Anggraini, D. (2021). Hubungan antara corporate governance dan kinerja perusahaan pada sektor pertambangan di Indonesia. Jurnal Akuntansi dan Keuangan, 10(3), 210–220.
Pramitha, I. A. Y., & Sudana, I. P. (2021). Pengungkapan corporate social responsibility, kinerja lingkungan dan nilai perusahaan. E-Jurnal Akuntansi, 31(3). https://doi.org/10.24843/eja.2021.v31.i03.p08
Reistiawati Utami, R., & Meina Wulansari Yusniar, M. (2020). Pengungkapan corporate social responsibility (ICSR) dan good corporate governance (GCG) terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening. EL MUHASABA: Jurnal Akuntansi (e-Journal), 11(2), 91–104. https://doi.org/10.18860/em.v11i2.8922
Retno, S., & Priantinah, I. (2021). Corporate social responsibility: Definisi dan praktik di Indonesia.
Rini, N., Sutisman, S., Pattiasina, I. R., & Sumartono, A. (2022). Pengaruh corporate social responsibility terhadap profitabilitas dan nilai perusahaan. Jurnal Manajemen dan Bisnis, 15(2), 123–135.
Rossi, M., Tosi, S., & Santoro, G. (2021). Corporate social responsibility and corporate financial performance: Evidence from Italy. Sustainability, 13(1), 231.
Rosyid, A., et al. (2022). Corporate social responsibility dalam konteks pembangunan berkelanjutan.
Rudito, A., & Melia, S. (2022). The impact of corporate social responsibility on employee satisfaction and productivity. International Journal of Management Studies.
Saparila Worokinasih, S., & Zaini, M. (2020). The mediating role of corporate social responsibility (CSR) disclosure on good corporate governance (GCG) and firm value: A technical note. Australasian Accounting, Business and Finance Journal, 14(1), 1–14. https://doi.org/10.14453/aabfj.v14i1.9
Sari, D. (2021). Peran corporate governance dalam meningkatkan transparansi dan akuntabilitas perusahaan. Jurnal Akuntansi, 14(1), 20–30.
Sari, D. (2022). Tanggung jawab sosial perusahaan dalam masyarakat modern. Jurnal Manajemen dan Bisnis, 15(1), 25–40.
Sashya, S. (2024). The impact of ESG (environmental, social, and governance) considerations on corporate mergers and acquisitions: Strategies for value creation. International Journal of Innovative Science and Research Technology, 8(7), 1398–1405. https://doi.org/10.38124/ijisrt/ijisrt24jul1398
Setiangingrum, S. (2020). Analisis pengaruh CSR terhadap nilai pasar perusahaan. Jurnal Akuntansi dan Keuangan, 11(2), 33–47.
Smith, J. (2020). Corporate social responsibility and performance: A review of the literature. Journal of Business Ethics, 165(2), 321–335.
Sukamulja, K. (2021). Peran Tobin’s Q dalam penilaian perusahaan. Jurnal Ilmiah Akuntansi, 10(3), 200–215.
Susanto, E., & Indrabudiman, A. (2023). Pengaruh good corporate governance dan corporate social responsibility terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening. Jurnal Keuangan dan Perbankan, 19(2). https://doi.org/10.35384/jkp.v19i2.386
Tangngisalu, J., Mappamiring, M., Andayani, W., Yusuf, M., & Putra, A. H. P. K. (2020). CSR and firm reputation from employee perspective. Journal of Asian Finance, Economics and Business, 7(10), 171–182.
Taufik, H., Triwibowo, E., & Marpaung, N. V. (2021). Pengaruh good corporate governance dan kinerja keuangan terhadap nilai perusahaan. Jurnal Akuntansi Bisnis Pelita Bangsa, 6(1), 1–10. https://doi.org/10.37366/akubis.v6i01.230
Tumandung, M., Murni, & Baramuli. (2017). Judul buku atau artikel. Penerbit.
Wahasusmiah, R., & Arshinta, F. A. B. (2022). Pengaruh ukuran perusahaan, investment opportunity set, dan corporate governance terhadap nilai perusahaan dengan keuangan sebagai variabel intervening pada perusahaan LQ45. MBIA. https://doi.org/10.33557/mbia.v21i1.1681
Wahyudi, A., & Pawestri, D. (2024). Analisis pengaruh keuangan terhadap nilai perusahaan. Jurnal Manajemen dan Keuangan, 12(1), 45–67.
Wang, R., Wijen, F., & Heugens, P. (2017). Government's green grip: Multifaceted state influence on corporate environmental actions in China. Strategic Management Journal, 38(6), 1357–1377. https://doi.org/10.1002/smj.2714
Wau, S., Syarifuddin, & Herwanto. (2017). Judul buku atau artikel. Penerbit.
Weston, J. F., & Copeland, T. E. (2019). Managerial finance. Cengage Learning.
Wibisono, E. (2021). CSR: Teori dan praktik di era modern.
Xu, J., Yu, Y., Zhang, M., & Zhang, Z. (2023). Impacts of digital transformation on eco-innovation and sustainable performance: Evidence from Chinese manufacturing companies. Journal of Cleaner Production, 396, 136278. https://doi.org/10.1016/j.jclepro.2023.136278
Yana Fajriah, & Edy Jumady. (2022). Good corporate governance and corporate social responsibility on company value with financial performance. Jurnal Akuntansi, 26(2), 944–961. https://doi.org/10.24912/ja.v26i2.944
Yumna Salvatira Bibi, N., & Handayani Narsa, N. P. D. (2022). Pengaruh environmental management terhadap kinerja keuangan dengan green innovation sebagai variabel mediasi. Jurnal Akuntansi Universitas Jember, 20(2). https://doi.org/10.19184/jauj.v20i2.34896
Zaid, M. A. A., Abuhijleh, S. T. F., & Pucheta-Martínez, M. C. (2020). Ownership structure, stakeholder engagement, and corporate social responsibility policies: The moderating effect of board independence. Corporate Social Responsibility and Environmental Management, 27(6), 2352–2365. https://doi.org/10.1002/csr.1888
Zarkasyi, A. (2018). Good corporate governance dan keberlanjutan perusahaan. Jakarta Press.
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(8), 3520–3531. https://doi.org/10.1002/bse.3089