<![CDATA[The objective of this study is to explore the relationship between Corporate Social Responsibility (CSR), Enterprise Risk Management (ERM), Board of Commissioners (BOC), and Operating Cash Flow (OCF) on Firm Value, with the Board of Directors (BOD) as a moderating variable. Based on a sample of companies listed on the Indonesia Stock Exchange (IDX), the findings indicate that CSR and ERM have a significant positive impact on firm value. This is consistent with management theory, which suggests that companies with strong social responsibility and effective risk management are more likely to be valued by the market. Meanwhile, OCF shows no substantial influence on the value of the company’s shares, suggesting that external factors such as government policy and market regulation may have a more significant impact on financial performance. In addition, the moderating effect of the BOD is shown to be significant in several studies, including those examining the relationship between CSR and value creation and those investigating the relationship between ERM and value creation. However, the moderating effect of the BOD is not observed in studies investigating the relationship between BOC and value creation. This study contributes to corporate governance by providing a comprehensive understanding of the role of the BOD in managing CSR and ERM to enhance firm value. The findings also offer practitioners opportunities to strengthen risk management and CSR implementation to improve performance and research outcomes. However, this study is limited by the small number of IDX company samples, so further in-depth research is needed.]]>
Copyrights © 2026
