<![CDATA[Firm value reflects investors’ perceptions of a company’s performance and prospects and represents one of its long-term strategic objectives. This study aimed to analyze the effects of Good Corporate Governance, proxied by managerial ownership and independent commissioners, and financial performance, proxied by Return on Assets (ROA), on the firm value of energy subsector companies listed on the Indonesia Sharia Stock Index (ISSI) during the 2019–2023 period. This study employed a descriptive quantitative approach using secondary data. The research sample consisted of 10 out of 80 companies selected through purposive sampling. The data were analyzed using descriptive statistics, panel data regression, estimation model selection, classical assumption tests, hypothesis testing, and the coefficient of determination (R²). The results showed that, partially, managerial ownership and ROA had no significant effect on firm value, whereas independent commissioners had a significant effect on firm value. Simultaneously, managerial ownership, independent commissioners, and ROA had a significant effect on firm value. These findings confirm that the effectiveness of corporate governance, particularly through the role of independent commissioners, requires attention in efforts to enhance firm value. In practical terms, companies need to strengthen the implementation of corporate governance and optimize their ability to generate profits from their assets to maintain and enhance firm value.]]>
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