Wirawan Suryanto
Universitas Pamulang, Indonesia

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The Influence of Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), and Capital Structure on Firm Value in the Coal Sub-sector (2020–2024) Ericha Laurra Tude; Wirawan Suryanto
Journal of Entrepreneurial and Business Diversity Vol. 4 No. 3 (2026): Journal of Entrepreneurial and Business Diversity (July-September)
Publisher : PT. Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/jebd.v4i3.417

Abstract

This study aims to analyze the influence of Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), and Capital Structure on firm value within coal sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. A quantitative approach was employed using secondary data obtained from the companies' annual and financial reports. Purposive sampling was used to select the sample, resulting in four companies and a total of 20 observations. Panel data regression analysis was conducted using EViews 13 software; based on Chow and Hausman test results, the Fixed Effect Model (FEM) was determined to be the best model. The analysis yielded the following regression equation: Firm Value = -8.020760 + 0.105551 (GCG) + 12.20984 (CSR) + 0.012008 (Capital Structure). The adjusted R-squared value of 0.714703 indicates that the independent variables explain 71.4703% of the variation in firm value, while the remainder is influenced by variables outside the scope of this study. Furthermore, the Prob (F-statistic) value of 0.000538 indicates that GCG, CSR, and Capital Structure simultaneously influence firm value. Partial analysis reveals that GCG affects firm value, whereas CSR and Capital Structure do not.