Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 2 (2026): Musytari: Neraca Manajemen, Akuntasi, dan Ekonomi, ISSN 3025-9495
Articles

PERAN GOOD CORPORATE GOVERNANCE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

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  • Nanda Rio Ramadhan,
  • Delta Denisa,
  • Miranda Rosa Pratiwi,
  • Pemi Aprianti,
  • Elisyah
Nanda Rio Ramadhan
Universitas Teknologi Sumbawa
Delta Denisa
Universitas Teknologi Sumbawa
Miranda Rosa Pratiwi
Universitas Teknologi Sumbawa
Pemi Aprianti
Universitas Teknologi Sumbawa
Elisyah
Universitas Teknologi Sumbawa

Published 2026-01-14

Keywords

  • Good Corporate Governance,
  • Corporate Social Responsibility,
  • Firm Value,
  • Systematic Literature Review

How to Cite

PERAN GOOD CORPORATE GOVERNANCE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(2), 2381-2390. https://cibjournal.com/index.php/musytari/article/view/6442

Abstract

This study aims to analyze the influence of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on firm value using a Systematic Literature Review (SLR) approach. The SLR method was conducted through the process of identification, screening, evaluation, and synthesis of relevant national and international scholarly articles related to the research topic, specifically focusing on manufacturing companies listed on the Indonesia Stock Exchange. A total of 25 scholarly articles meeting the inclusion criteria were analyzed to obtain a comprehensive overview of the relationship between GCG, CSR, and firm value. The review results indicate that GCG has a positive effect on firm value, primarily through monitoring mechanisms such as independent boards of commissioners, audit committees, and institutional ownership, which enhance transparency and investor confidence. Furthermore, CSR is proven to contribute positively to firm value by strengthening social legitimacy, reputation, and company-stakeholder relationships. Moreover, the SLR findings indicate that the synergy between the implementation of GCG and CSR has a stronger impact on increasing firm value compared to the partial effects of each variable individually. This study provides a theoretical contribution by reinforcing the relevance of Agency Theory, Stakeholder Theory, Legitimacy Theory, and Signaling Theory in explaining firm value. Practically, the results of this study are expected to serve as a consideration for company management, investors, and regulators in promoting the sustainable implementation of GCG and CSR to enhance firm value.

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