Analisis Determinan Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2021–2024

Fatimah Rahman Borahima (Universitas Pancasila)
Suratno Suratno (Universitas Pancasila)
Mulyadi Mulyadi (Universitas Pancasila)

Journal Economic Excellence Ibnu Sina
Vol. 4 No. 1 (2026): Maret : Journal Economic Excellence Ibnu Sina

This study analyses the influence of Environmental, Social, and Governance (ESG) factors, profitability, and sustainability reports on firm value, with Good Corporate Governance (GCG) acting as a moderating variable, amongst manufacturing companies listed on the Indonesia Stock Exchange for the period 2021–2024. The study employs a quantitative approach using Moderated Regression Analysis (MRA) on 136 observations selected via purposive sampling. Secondary data were obtained from annual reports and sustainability reports. The results indicate that ESG, profitability (proxied by Return on Assets (ROA)), and sustainability reports have a positive and significant effect on firm value. GCG was also found to strengthen the influence of these three variables on firm value. These findings suggest that the implementation of Good Corporate Governance enhances the effectiveness of both financial and non-financial factors in creating firm value. This study is expected to enrich the literature on the determinants of firm value and provide insights for companies seeking to strengthen their sustainability and governance strategies.