Pengaruh Good Corporate Governance Dan Corporate Social Responsibility Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (Sektor Food And Beverage)

Lediana Sufina; Rafito Rachmat  Khadafi

Authors

Lediana Sufina STIE Indonesia Banking School
Rafito Rachmat Khadafi STIE Indonesia Banking School

Keywords:

Good Corporate Governance, Corporate Social Responsibility, Firm Value

Abstract

Firm value is one of the key indicators in the capital market that reflects stakeholders’ perceptions of a company’s performance and prospects. Changes in firm value can be influenced by various factors that illustrate a company’s ability to achieve business success. This study aims to analyze the effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on firm value in manufacturing companies within the Food and Beverage sector listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The independent variables in this study consist of the Board of Commissioners, Board of Directors, Managerial Ownership, and CSR disclosure, while the dependent variable is firm value measured using the Tobin’s Q ratio. This research employs a quantitative approach using secondary data obtained from companies’ financial statements and sustainability reports. The sample comprises 12 companies with a total of 60 observations. Data analysis was performed using panel data regression with the Common Effect Model (CEM) approach through EViews 12 software. The results indicate that GCG and CSR simultaneously have a significant effect on firm value. Partially, the Board of Commissioners and Board of Directors show a negative effect on firm value, while the Audit Committee has no significant influence. Meanwhile, CSR disclosure has a positive and significant effect on firm value. These findings are consistent with the Signalling Theory, which suggests that CSR disclosure provides a positive signal to investors as it reflects the company’s commitment to social responsibility and business sustainability.

References

Amaliyah, F., & Herwiyanti, E. (2019). PENGARUH KEPEMILIKAN INSTITUSIONAL, DEWAN KOMISARIS INDEPENDEN, DAN KOMITE AUDIT TERHADAP NILAI PERUSAHAAN SEKTOR PERTAMBANGAN. Jurnal Akuntansi, 9(3), 187–200. https://doi.org/10.33369/j.akuntansi.9.3.187-200

Bakhtiar, H. A., Nurlaela, S., & Hendra, K. (2021). Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, Komite Audit, dan Nilai Perusahaan. AFRE (Accounting and Financial Review), 3(2), 136–142. https://doi.org/10.26905/afr.v3i2.3927

Dewi, S., & Syahzuni, B. A. (2024). PENGARUH KEPEMILIKAN MANAJERIAL, PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN. Jurnal Riset Akuntansi Politala, 7(3), 702–712. https://doi.org/10.34128/jra.v7i3.397

Doorasamy, M. (2021). Capital structure, firm value and managerial ownership: Evidence from East African countries. Investment Management and Financial Innovations, 18(1), 346–356. https://doi.org/10.21511/imfi.18(1).2021.28

Ekonomi, F., Bisnis, D., Firdaus, K., Widiasmara, A., & Novitasari, M. (2022). SIMBA SEMINAR INOVASI MANAJEMEN BISNIS DAN AKUNTANSI 4 Seminar Inovasi Manajemen Bisnis dan Akuntansi (SIMBA) 4 PENGARUH PENERAPAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI (Studi Empiris Pada Perusahaan Sub Sektor Property dan Real Estate yang Terdaftar di BEI 2016-2020).

Gusriandari, W., Rahmi, M., & Putra, Y. E. (2022). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2017-2020. JURNAL PUNDI, 6(1). https://doi.org/10.31575/jp.v6i1.406

Hafizah, N. (2020). THE EFFECT OF GOOD CORPORATE GOVERNANCE AND ITS SIZE ON CORPORATE VALUE (Empirical Study of Property and Real Estate Companies in 2016-2018). Jurnal Ilmiah Akuntansi Dan Finansial Indonesia, 4(1).

Haris, E. K., Yoyoh Guritno, & Shinta Widyastuti. (2022). Pengaruh Leverage, ukuran perusahaan dan dewan komisaris independen terhadap nilai perusahaan. Syntax Idea, 4(3), 530–540. https://doi.org/10.46799/syntax-idea.v4i3.1784

Hidayah, E., Galih, D., & Saptarini. (n.d.). Pentagon Fraud Analysis in Detecting Potential Financial Statement Fraud of Banking Companies in Indonesia.

IIA. (April, 2020) Position paper internal audit relationship with external audit Indrarini, S. (2019). Nilai Perusahaan Melalui Kualitas Laba: (Good Governance dan Kebijakan perusahaan. Scopindo Media Pustaka

Jensen, M. C., & Meckling, W. H. (1998). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.94043

Julialevi, K. O., & Ramadhanti, W. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Kinerja Keuangan Perbankan Indonesia (Studi Komparatif Perbankan BUMN dan Swasta). Jurnal Pendidikan Dan Teknologi Indonesia, 1(2), 91–95. https://doi.org/10.52436/1.jpti.19

Jurnal Ilmu Manajemen dan Ekonomika. (2025). Ibs.ac.id. https://journal.ibs.ac.id/index.php/jime/

Jurnal Universitas Islam 45. (2022). Unismabekasi.ac.id. https://jurnal.unismabekasi.ac.id/

Mahendra, Y., Akuntansi, J., Ekonomika, F., Bisnis, D., Diponegoro, U., Soedharto, J., Tembalang, S., & Semarang. (n.d.). DIPONEGORO JOURNAL of ACCOUNTING, 12(4), 1–14.

Meidona, S., Mely, D., Stie, A., Pariaman, S., Kol, J., Anas, M., By, P., Padusunan, K., & Pariaman. (n.d.). THE EFFECT OF DISCLOSURE OF CORPORATE SOCIAL RESPONSIBILITY AND PROFITABILITY ON COMPANY VALUE IN COMPANIES LISTED IN IDX30 2012 2016.

Nilai, T., Bumn, P., Muhlis, S., Gultom, K., Program, S., Manajemen, S., Dewantara, B.-J., & Barat. (2021). Pengaruh Pengungkapan Corporate Social Responsibility. Jurnal Ilmiah Akuntansi Kesatuan, 9(1).

Prasetya, E., & Hexana Sri Lastanti. (2023). PENGARUH GOOD CORPORATE GOVERNANCE DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN. Jurnal Ekonomi Trisakti, 3(1), 1805–1814. https://doi.org/10.25105/jet.v3i1.16281

Sarker, N., & Hossain, S. M. K. (2023). Corporate governance and firm value: Bangladeshi manufacturing industry perspective. PSU Research Review, 8(3), 872–897. https://doi.org/10.1108/prr-04-2023-0060

Setiawati, F., Novita, N., & Novita, N. (2023). Analisis Tingkat Pengetahuan Dengan Sikap Wus tentang Vaksinasi HPV sebagai Pencegahan Kanker Serviks di Kel. Tigaraksa Wilayah Kerja Puskesmas Tigaraksa – Tangerang. MAHESA: Malahayati Health Student Journal, 3(12), 3888–3897. https://doi.org/10.33024/mahesa.v3i12.11415

Sharif, H. P., Johari, J., Fadzilah, W., & Theng, L. W. (2021). Impact of Integrated Reporting Quality Disclosure on Cost of Equity Capital in Australia and New Zealand. Indonesian Journal of Sustainability Accounting and Management, 5(2). https://doi.org/10.28992/ijsam.v5i2.400

Silviana, I., & Krisnawati, A. (n.d.). Ika Silviana 1) , Astrie Krisnawati 2) PENGARUH CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SUB SEKTOR BANK YANG TERDAFTAR DI INDEKS SRI KEHATI BURSA EFEK INDONESIA PERIODE 2014-2018 Jurnal Mitra Manajemen (JMM Online). 4(1), 102–113.

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

Trafalgar, J., & Africa, L. A. (2019). The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies. The Indonesian Accounting Review, 9(1), 27–38. https://doi.org/10.14414/tiar.v9i1.1619

Wardhani, W. K., Titisari, K. H., & Suhendro, S. (2021). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Dan Good Corporate Governance terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 5(1), 37. https://doi.org/10.33087/ekonomis.v5i1.264

Yusra, I., Hadya, R., Begawati, N., Istiqomah, L., Afriyeni, & Kurniasih, N. (2019). Panel data model estimation: the effect of managerial ownership, capital structure, and company size on corporate value. Journal of Physics: Conference Series, 1175, 012285. https://doi.org/10.1088/1742-6596/1175/1/012285

Yuvianita, M., Ahmar, N., & Mandagie, Y. (2022). PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Perusahaan BUMN yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2020). Jurnal Ilmiah Akuntansi Pancasila (JIAP), 2(2), 138–150. https://doi.org/10.35814/jiap.v2i2.3500

Sondokan Nathalia V, Koleangan Rosalina A.M, & Karuntu Merlyn M. (2019). Pengaruh Dewan Komisaris Independen, Dewan Direksi, Dan Komite Audit Terhadap Nilai Perusahaan Yang Terdaftar Dibursa Efek Indonesia Periode 2014 2017. Jurnal EMBA, 7(04).

Sudarmanto, E., Susanti, E., Revida, E., Pelu, M. F. A., Purba, S., Purba, A. B., Silalahi, M., Sipayung, M. A. P. D., & Krisnawati, A. (2021). Good Corporate Governance (GCG) (A. Karim & J. Simarmata, Eds. 1 ed.).

Sugiyono. (2019). Pengertian Metode Penelitian Kuantitatif dan Kualitatif. In Metode Penelitian Kuantitatif, Kualitatif, dan R&D. (Sugiyono, P. D. (2012). Pengertian metode penelitian kuantitatif dan kualitatif. Dalam PD Sugiyono, Metode penelitian kuantitatif, kualitatif dan r&d, 8-9.)

Yusra, Irdha, et al. “Panel Data Model Estimation: The Effect of Managerial Ownership, Capital Structure, and Company Size on Corporate Value.” Journal of Physics: Conference Series, vol. 1175, Mar. 2019, p. 012285, https://doi.org/10.1088/1742-6596/1175/1/012285.