Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam
Vol. 11 No. 1 (2026): June 2026

Firm Value in the ESG Era: The Role of Corporate Social Responsibility, Good Corporate Governance, and Financial Performance in Indonesian LQ45 Companies

Ningrum, Syifaaa (Unknown)
A Zuliansyah (Unknown)
Arifa Kurniawan (Unknown)



Article Info

Publish Date
08 Jun 2026

Abstract

Firm value is a key indicator used by investors to assess corporate performance and future prospects. This study aims to examine the effects of Corporate Social Responsibility (CSR), independent commissioners, institutional ownership, and financial performance on firm value in LQ45 companies listed on the Indonesia Stock Exchange during 2021–2024. This research employed a quantitative causal-comparative design using secondary data. The population consisted of 45 LQ45 companies, and 24 companies were selected through purposive sampling, resulting in 96 observations. Data were analyzed using panel data regression with the Fixed Effect Model. The results indicate that CSR, independent commissioners, and institutional ownership do not significantly affect firm value, while financial performance has a positive and significant effect. Simultaneously, all independent variables influence firm value. These findings highlight the importance of profitability in enhancing firm value.

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Journal Info

Abbrev

lifalah

Publisher

Subject

Humanities Decision Sciences, Operations Research & Management Social Sciences

Description

Li Falah, Journal of Islamic Economics and Business Studies is a scientific journal concerning on the latest research results and becomes a scientific communication media for lecturers, researchers, and or observers in the Islamic economics and business ...