Pengaruh Good Corporate Governance, Pengungkapan Pertanggungjawaban Sosial Perusahaan, Rasio Keuangan (ROA), dan Ukuran Perusahaan Terhadap Harga Saham (Studi Empiris Perusahaan LQ-45 Yang Terdaftar di BEI Tahun 2022-2024)
Abstract
This study aims to examine the effect of Good Corporate Governance (GCG), corporate social responsibility (CSR) disclosure, financial ratio as proxied by Return on Assets (ROA), and firm size on the stock prices of LQ-45 companies listed on the Indonesian Stock Exchange (IDX) over the 2022–2024 period. This study adopts a quantitative approach with a causality design. The sample was selected through purposive sampling, resulting in 11 companies with a total of 33 data observations. Data were sourced from annual reports, sustainability reports, and historical stock price records, which were subsequently analyzed using multiple linear regression with the assistance of SPSS software. The results indicate that GCG and firm size have a positive and significant effect on stock prices, reflecting that sound corporate governance and a larger firm scale are capable of strengthening investor confidence. Conversely, CSR disclosure has a negative and significant effect on stock prices, as investors perceive CSR activities as an additional cost burden that suppresses short-term profitability, thereby reducing investor interest. Meanwhile, ROA also has a negative and significant effect, given that the high earnings recorded by companies during the study period were interpreted by investors as the result of temporary efficiency measures rather than a reflection of sustained performance growth, and therefore did not necessarily drive an increase in stock prices.
Keywords: Good corporate governance, corporate social responsibility disclosure, return on assets, firm size, stock price, lq-45
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