The Moderating Role of Financial Performance on GCG and CSR Effects Toward Firm Value
DOI:
https://doi.org/10.22437/proca.v2i3.60012Keywords:
Audit Committee, Corporate Social Responsibility, Financial Performance, Firm Value;, Institutional OwnershipAbstract
Given the increasing competition and market volatility in Indonesia’s food and beverage industry, maintaining firm value remains a major challenge for sustainable growth and investor confidence. This study examines the effects of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on firm value and investigates the moderating role of financial performance. Using a quantitative approach, this study analyzed 57 food and beverage manufacturing companies listed on the Indonesia Stock Exchange during 2021–2024, resulting in 228 observations selected through purposive sampling. GCG was proxied by Institutional Ownership (IO) and the Audit Committee (AC), CSR by the Corporate Social Responsibility Disclosure Index (CSRDI), firm value by Price to Book Value (PBV), and financial performance by Return on Assets (ROA). Panel data regression and Moderated Regression Analysis (MRA) were conducted using EViews 13. The results show that IO and AC have no significant effect on firm value, while CSR becomes significantly negative after moderation. Financial performance strengthens the CSR–firm value relationship, weakens the AC–firm value relationship, and does not moderate the IO–firm value relationship.References
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