PENGARUH GOOD CORPORATE GOVERNANCE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN(Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2020–2025)

Abstract

This study aims to examine the effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX). GCG is operationalized through governance mechanisms consisting of institutional ownership, the proportion of independent commissioners, and audit committee size based on agency theory. Meanwhile, CSR disclosure is measured using the Corporate Social Responsibility Index (CSRI), which refers to the Global Reporting Initiative (GRI Standards) framework covering economic, environmental, and social dimensions. Firm value is proxied by Tobin's Q, which reflects the market's assessment of a company's future prospects. This research employs a quantitative approach with a verification method and uses purposive sampling to select the research sample. Data were analyzed using multiple linear regression after satisfying all classical assumption tests. The findings indicate that institutional ownership, independent commissioners, audit committee size, and CSR disclosure have a positive effect on firm value. These results support agency theory in explaining the role of corporate governance mechanisms and stakeholder theory in emphasizing the importance of corporate social responsibility in enhancing firm value. This study contributes to the literature on corporate governance and sustainability by providing evidence from the context of Indonesian manufacturing companies in response to evolving regulatory requirements and increasing stakeholder expectations.