Good Corporate Governance, Corporate Social Responsibility, dan Nilai Perusahaan: Peran Mediasi Kinerja Keuangan pada Perusahaan Pertambangan di BEI

Miftach Linatul Hamdiyah, Afifudin Afifudin, Irma Hidayati

Abstract


This research aims to examine and analyze the effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on firm value with financial performance as a mediating variable in mining companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employs a quantitative approach using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with purposive sampling technique. The sample used in this study consists of 96 mining companies that meet the predetermined criteria. The results indicate that GCG has a positive and significant effect on financial performance and firm value, while CSR has a positive and significant effect on firm value but does not significantly affect financial performance. Financial performance is proven to have a positive and significant effect on firm value. Furthermore, financial performance is able to mediate the relationship between GCG and firm value, but it does not mediate the relationship between CSR and firm value. These findings imply that effective implementation of GCG can enhance both financial performance and firm value, whereas CSR primarily contributes directly to firm value without improving financial performance.

Keywords: Good corporate governance, corporate social responsibility, firm value, financial performance


Full Text:

PDF

References


Afifah, H. N., & Syafruddin, M. (2021). Pengaruh Corporate Social Responsibility Terhadap Kinerja Keuangan Perusahaan Dengan Risiko Sebagai Variabel Mediasi. Diponegoro Journal of Accounting, 10, 1–14. http://ejournal-s1.undip.ac.id/index.php/accounting

Bagh, T., Hunjara, A. I., & Corbet, S. (2024). The impact of corporate governance on firm value : Understanding the role of strategic change. International Review of Economics and Finance, 103(August), 104472. https://doi.org/10.1016/j.iref.2025.104472

Brigham, & Houston. (2006). Fundamental Of Financial Managemen.

Chung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s q.pdf.

Ditaputri, K., Hartono, U., & Aji, T. S. (2023). International Journal of Multicultural and Multireligious Understanding The Mediating Effect of Financial Performance on GCG and Firm Value : Evidence from Indonesian Listed Firms. 2016, 215–225.

Effendi. (2020). Pengaruh gaya kepemimpinan terhadap kinerja karyawan. Jurnal Economic Edu, 1 (1).

Erika, K. (2023). Penurunan Harga Batubara Masih Menjadi Tantangan Emiten Tambang.

Fama, E. F. (1978). The Effects of a Firm ’ s Investment and Financing Decisions on the Welfare of its Security Holders. 68, 272–284.

Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., P, D. N., & Soumya, R. (2021). Partial Least Squares Structural Equation Modeling ( PLS-SEM ) Using R.

Hutabarat, F. M., Manuputty, A. D., Studi, P., Informasi, S., Informasi, F. T., Kristen, U., & Wacana, S. (2020). Jurnal Bina Komputer Analisis Resiko Teknologi Informasi Aplikasi VCare PT Visionet Data Internasional Menggunakan ISO 31000. 2(1), 52–65.

Ivangga, P. M., Sutarjo, & Kurniawati, R. (2021). PENGARUH UKURAN PERUSAHAAN, STRUKTUR MODAL DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Perusahaan Sektor Property and Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019). Ekonomi Bisnis, 27, 710–724.

Jensen, M. C., & Meckling, W. H. (2005). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. SSRN Electronic Journal, 4. https://doi.org/10.2139/ssrn.94043

KNKG. (2006). Pedoman Umum Good Corporate Governance Indonesia.

Kotler, P. (2016). A Stakeholder Approach to Corporate Social Responsibility _ -- Philip Kotler; François Maon; Adam Lindgreen; Joelle -- 1, 2012 -- Taylor & Francis -- 9781032836843 -- 30dbc8b562dd14263f60938188795932.

KPMG. (2024). 2024 global VC investment rises to $368 billion as investor interest in AI soars, while IPO optimism grows for 2025 according to KPMG Private Enterprise’s Venture Pulse.

McColgan, P. (2001). Agency thery and corporate gvername : a review of the iterature frm a UK ersective. Department of Accounting & Finance, May, 1–23.

Parmar, B. L., & Freeman, R. E. (2023). Ethics and the Algorithm. https://doi.org/10.1007/978-3-031-04564-6_40

Purwanto, P., Putra, A. P., Putri, G. A., & Pratiwi, E. (2021). Journal of Business Finance and Economic (JBFE) Volume 2, Nomor 2, Desember 2021 https://journal.univetbantara.ac.id/index.php/jbfe Journal of Business Finance and Economic (JBFE). 2, 86–98.

Puspita, G., Arisandy, M., & Ichwanita, A. (2023). Pengaruh GCG dan CSR Terhadap Nilai Perusahaan LQ45. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 59–68.

PwC. (2023). Mine 2023: 20th edition The Era of Reinvention.

Rahmadani, L., Sagala, D. M., Barokah, M. A., Akuntansi, P. S., & Ekonomi, F. (2022). Pengaruh Struktur Modal , Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan. 6, 2160–2164.

Sugiyono. (2023). METODE PENELITIAN KUANTITATIF, KUALITATIF, DAN R&D.

Xu, N., Chen, J., Zhou, F., Dong, Q., & He, Z. (2023). Corporate ESG and resilience of stock prices in the context of the COVID-19 pandemic in China. Pacific-Basin Finance Journal, 79(December 2022), 102040. https://doi.org/10.1016/j.pacfin.2023.102040

Zogning, F. (2017). Agency theory : A critical review Agency Theory : A Critical Review. 9(October).


Refbacks

  • There are currently no refbacks.


e_Jurnal Ilmiah Riset Akuntansi is indexed by:

e_Jurnal Ilmiah Riset Akuntansi is licensed under a Creative Commons Attribution 4.0 International License