Fathiyyah Fathiyyah, Salma Taqwa

Pengaruh Penerapan Good Corporate Governance dan Corporate Social Responsibility terhadap Kinerja Keuangan Perusahaan: Studi Empiris pada Perusahan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2023

Introduction

Pengaruh penerapan good corporate governance dan corporate social responsibility terhadap kinerja keuangan perusahaan: studi empiris pada perusahan manufaktur yang terdaftar di bursa efek indonesia tahun 2021-2023. Studi ini menganalisis pengaruh Good Corporate Governance (GCG) dan Corporate Social Responsibility (CSR) terhadap kinerja keuangan perusahaan manufaktur di BEI 2021-2023. Komisaris independen & CSR berdampak positif.

Abstract

This study aims to analyze the effect of corporate financial performance in relation to good corporate governance, which includes managerial ownership, independent commissioners, the board of directors, and corporate social responsibility. The research object is manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2023. The sample was obtained using a purposive sampling method, resulting in 201 observations over the three-year research period. Data were analyzed using panel data regression with the E-Views software. The findings indicate that managerial ownership has no significant effect, independent commissioners have a positive and significant effect, the board of directors has no significant effect, and corporate social responsibility has a positive and significant effect on corporate financial performance.

Review

This study critically examines the intricate relationship between Good Corporate Governance (GCG) mechanisms, Corporate Social Responsibility (CSR), and their combined impact on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange. The chosen subject matter is highly pertinent, offering valuable insights into how governance structures and sustainability efforts translate into tangible financial outcomes within an emerging market context. The research aims to contribute significantly to the existing body of literature by providing up-to-date empirical evidence from a crucial economic sector in Indonesia, making it relevant for both academic discourse and practical application. Methodologically, the study adopts a robust empirical approach, utilizing panel data from the recent period of 2021-2023. The selection of manufacturing companies on the IDX, combined with a purposive sampling method, generated a substantial dataset of 201 observations, which is well-suited for the intended analysis. The inclusion of specific GCG proxies—managerial ownership, independent commissioners, and the board of directors—alongside corporate social responsibility, allows for a detailed exploration of their individual and collective influences. The choice of panel data regression, executed using E-Views software, is an appropriate analytical technique that can account for both cross-sectional and time-series variations, thereby enhancing the reliability and validity of the findings. The presented findings offer compelling insights into the dynamics between governance, social responsibility, and financial performance. The identification of a positive and significant effect from independent commissioners and corporate social responsibility highlights their critical role in driving financial success in Indonesian manufacturing firms. This underscores the value of robust independent oversight and a commitment to sustainable business practices. Conversely, the non-significant effects attributed to managerial ownership and the board of directors warrant further investigation, potentially suggesting more nuanced or indirect pathways of influence. Overall, the study provides valuable evidence that can inform corporate strategy, regulatory frameworks, and investor decisions, reinforcing the importance of effective governance and responsible business conduct in enhancing corporate value.

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