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All Journal Jurnal Ekobistek Neraca Keuangan : Jurnal Ilmiah Akuntansi dan Keuangan Jurnal Tabarru': Islamic Banking and Finance Syarikat : Jurnal Rumpun Ekonomi Syariah Procuratio : Jurnal Ilmiah Manajemen JURNAL PUNDI Jurnal Akuntansi Kompetif International Journal of Economics Development Research (IJEDR) Community Engagement and Emergence Journal (CEEJ) Management Studies and Entrepreneurship Journal (MSEJ) ARSY : Jurnal Aplikasi Riset kepada Masyarakat INVEST : Jurnal Inovasi Bisnis dan Akuntansi International Journal of Trends in Accounting Research Jurnal Akuntansi dan Keuangan Al-Masraf: Jurnal Lembaga Keuangan dan Perbankan International Journal of Trends in Accounting Research Jurmas Azam Insan Cendikia PROCEEDING OF INTERNATIONAL CONFERENCE ON BUSINESS MANAGEMENT AND ACCOUNTING Journal of Islamic Finance and Accounting Research International Journal of Information System and Innovation Management Research in Accounting Journal
Arie Yusnelly
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Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Social Sciences

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Journal : Research in Accounting Journal

 1 
The Impact of Corporate Social Responsibility and Investment Opportunity Set on Firm Value: The Moderating Role of Good Corporate Governance Suryadi, Nanda; Yusnelly, Arie; Musa, Sulaiman
Research in Accounting Journal (RAJ) Vol. 5 No. 2 (2024): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v5i2.7643

Abstract

This study aims to provide empirical evidence on the influence of Corporate Social Responsibility (CSR) and Investment Opportunity Set (IOS) on Firm Value, with Good Corporate Governance (GCG) as a moderating variable in state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. The research population consists of all SOEs listed on the IDX within the specified period. A purposive sampling method was employed, using specific criteria determined by the researcher, resulting in a sample of 14 companies out of a total of 24. The hypotheses in this study were tested using the Outer Model and Inner Model through the SmartPLS v3.0 software. The results of the study conclude that Corporate Social Responsibility has no significant effect on Firm Value, while the Investment Opportunity Set does have a significant impact on Firm Value. Furthermore, Good Corporate Governance strengthens the relationship between Corporate Social Responsibility and Firm Value, but does not moderate the relationship between the Investment Opportunity Set and Firm Value.
The Mediating Role of Good Corporate Governance in the Relationship Between Capital Structure, Investment Opportunity Set, Corporate Social Responsibility, and Firm Value Suryadi, Nanda; Yusnelly, Arie; Zahra, Tiara Aulia; Firmansyah, Muhammad; Castro, Jose Antonio Lopez
Research in Accounting Journal (RAJ) Vol. 6 No. 1 (2025): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v6i1.10464

Abstract

This study aims to provide empirical evidence on the mediating role of Good Corporate Governance (GCG) in the relationship between capital structure, investment opportunity set (IOS), corporate social responsibility (CSR), and firm value in state-owned enterprises listed on the Indonesia Stock Exchange during the 2019–2024 period. The population comprised all 24 listed state-owned enterprises, from which 14 firms were selected using purposive sampling based on predetermined criteria. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0, applying both outer and inner model evaluations. The findings indicate that CSR and capital structure do not have a direct significant effect on firm value, whereas the investment opportunity set positively influences firm value. Furthermore, Good Corporate Governance strengthens the relationship between CSR and firm value as well as between capital structure and firm value. However, GCG does not moderate the relationship between the investment opportunity set and firm value. These findings highlight the strategic importance of governance mechanisms in enhancing the value relevance of corporate financial and social policies within state-owned enterprises.
Capital Structure, Investment Opportunity Set, and Corporate Social Responsibility as Determinants of Firm Value in Indonesian State-Owned Enterprises Kusdiana, Yayu; Yusnelly, Arie; Firmansyah, Muhammad; Nguyen, Tran Thai Ha
Research in Accounting Journal (RAJ) Vol. 6 No. 2 (2025): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v6i2.10530

Abstract

This study examines the effect of Corporate Social Responsibility (CSR), Investment Opportunity Set (IOS), and Capital Structure on the firm value of State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. Firm value represents investors’ assessment of a company’s future prospects and sustainability, particularly for SOEs that carry both economic and social responsibilities. This research adopts a quantitative approach with a causal research design, utilizing secondary data derived from published financial and annual reports. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to evaluate both the measurement and structural models. The findings reveal that the Investment Opportunity Set (IOS) has a positive and significant effect on firm value, indicating that growth opportunities and future investment prospects are strongly considered by investors in valuing SOEs. In contrast, Corporate Social Responsibility (CSR) and Capital Structure do not show a significant direct effect on firm value. These results suggest that market participants place greater emphasis on growth potential rather than on leverage decisions or CSR disclosures in assessing SOE performance. The model explains a substantial proportion of the variance in firm value, indicating that IOS, CSR, and Capital Structure jointly contribute to explaining firm valuation, although other factors beyond the model also play a role. This study contributes to the literature by providing empirical evidence on the determinants of firm value in Indonesian SOEs, highlighting the dominant role of growth opportunities in shaping market perception. The findings offer practical implications for policymakers and SOE management in formulating strategic financial and investment policies to enhance firm value.
Co-Authors Abdi Fadhlan Afriyeni, Afriyeni Amir Husin Burhan Burhan Burhan, Burhan Cahyani, Nurul Dita Castro, Jose Antonio Lopez Chika Chika Cindy Carmai Cella Eka Putri Dani, Hofifah Rama Desmawati Desmawati Desmawati Desmawati Deswarta Deswarta Dewi Krisna Samita Dwi Anita Rahmadhani Ellyan Sastraningsih Ellyan Sastraningsih Eny Wahyuningish Eny Wahyuningsih Erlianti, Litania Fito albajili Fito Albajli Gustina, Ira Hamsal Hamsal Hidayat, Dina Identiti Iswahyudi Iswahyudi Kusdiana, Yayu Landhep Wahyudi Mahfuzoh, Syahriati Mayliza, Riri Muhammad Arif Muhammad Firmansyah Musa, Sulaiman Nguyen, Tran Thai Ha Nuraini, Ratna Nurani, Ratna OKTA VIARNI, WINDY Pamuji Hari Santoso Pangestu, Galih Agestri Pramudya, Bayu Putri, Yossi Fadhilah Rahmadhani, Dwi Anita Rahmalan, Fajrio Dwi Raja Ade Fitrasari Mochtar RAJENDRA, REZA Ratna Nurani Ratna Nurani Rauf, Ummu Ajirah Abdul Reni Farwitawati, Reni Rimet, Rimet Roza Linda Roza Linda Ryla Lidia Susanti Sari, Yuliana Indah Sastraningsih, Ellyan SEPTI RAHAYU, YOLANDA Siti Rahma Sitti Rahma, Sitti Sundari, Eva Suryadi, Nanda Ugli, Tilovmurodov Dostonbek Furqat Yolanda Pratami, Yolanda Yuliana Indah Sari Yulianti, Sindi Yusniawati, Erni Yusnita, Raja Ria Zahra, Tiara Aulia