The Contingent Effect of Corporate Governance, Firm Size, Ownership Structure, and Financial Risk on Firm Value: The Mediating Role of CSR Disclosure and Moderating Effect of Green Finance in Healthcare Companies Listed on the Indonesia Stock Exchange
DOI:
https://doi.org/10.65310/y2rmry75Keywords:
Corporate Governance, Firm Size, Ownership Structure, Financial Risk, CSR Disclosure, Green Finance, Healthcare SectorAbstract
This research investigates the determinants of firm value in the Indonesian healthcare sector, focusing on corporate governance, firm size, ownership structure, and financial risk as key antecedents. It further examines the mediating role of corporate social responsibility (CSR) disclosure and the moderating effect of green finance. A quantitative, explanatory approach was adopted using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The population comprised 38 healthcare companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. Purposive sampling yielded an effective sample of 18 firms, resulting in 90 firm-year observations. Secondary data were collected from audited financial and sustainability reports. The findings indicate that all independent variables exert statistically significant direct influences on firm value. Notably, firm size significantly enhances CSR disclosure, which partially mediates its effect on firm value. However, CSR disclosure does not mediate the impacts of governance, ownership, or financial risk, nor does green finance moderate the CSR–firm value relationship, reflecting its nascent development in this industry. These results contribute to corporate finance management theory by elucidating the distinct pathways through which internal financial and governance mechanisms influence market valuation. The study underscores the strategic importance of CSR transparency for larger firms and highlights policy implications for strengthening governance frameworks and sustainable finance practices. Limitations include a constrained sample size and simplified green finance metrics, warranting future research with more comprehensive data and refined measures to deepen empirical insights.
Downloads
References
Agarwal, B., Gautam, R. S., Jain, P., Rastogi, S., Bhimavarapu, V. M., & Singh, S. (2023). Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator. Journal of Risk and Financial Management, 16(2). https://doi.org/10.3390/jrfm16020109
Agnesica Vania Hanaya, S., & Suhartini, D. (2025). The Effect of Corporate Ownership Structure on Corporate Social Responsibility Disclosure Through the Independent Board of Commissioners As a Moderating Variable. Eduvest - Journal of Universal Studies, 5(8), 9576–9589. https://doi.org/10.59188/eduvest.v5i8.50914
Agustina, D., Ramadania, Wendy, Giriati, & Mustaruddin. (2025). Exploring Green Finance, Intellectual Capital, and Firm Size’s Impact on Firm Value. Journal of Management Science (JMAS), 8(1), 225–232. www.exsys.iocspublisher.org/index.php/JMAS
Agustina, R., Dartanto, T., Sitompul, R., Susiloretni, K. A., Suparmi, Achadi, E. L., Taher, A., Wirawan, F., Sungkar, S., Sudarmono, P., Shankar, A. H., Thabrany, H., Susiloretni, K. A., Soewondo, P., Ahmad, S. A., Kurniawan, M., Hidayat, B., Pardede, D., Mundiharno, Khusun, H. (2019). Universal health coverage in Indonesia: concept, progress, and challenges. The Lancet, 393(10166), 75–102. https://doi.org/10.1016/S0140-6736(18)31647-7
Aisyah Widhah Azzahra Kiyai Demak, Ade Irma Suryani Lating, Aripratiwi, R. A., & Febry Fabian Susanto. (2025). The Implementation of Good Corporate Governance (GCG) and Firm Size on Firm Value with Sustainability Report as an Intervening Variable. Jurnal Akuntansi Bisnis Dan Ekonomi, 11(1), 21–37. https://doi.org/10.33197/jabe.vol11.iss1.2025.2331
Ananta Dea, M., & Hwihanus. (2025). Pengaruh Green Accounting, Good Corporate Governance, Firm Sizedan Kebijakan Dividen Terhadap Financial Performance padaPerusahaan Pertambangan Sub Sektor Batubara yang Terdaftar diBursa Efek Indonesia Periode 2020-2023. EKOMA ; Jurnal Ekonomi, Manajemen, Akuntansi, 4(2), 4375–4388.
Anawati, S. (2024). Pengaruh Profitabilitas Dan Struktur Kepemilikan Yang Dimediasi Oleh Pengungkapan Csr Pada Perusahaan Manufaktur. El-Arbah: Jurnal Ekonomi, Bisnis Dan Perbankan Syariah, 8(1), 15–34. https://doi.org/10.34005/elarbah.v8i1.3772
Anindya Rahmasari, M., & Kartika, I. (2025). Good Corporate Governance, Firm Size dan Financial Leverage sebagai Determinan Integrated Reporting dan Konsekuensinya Terhadap Firm Value. Journal of Accounting and Finance Management, 6(3), 1288–1303. https://doi.org/10.38035/jafm.v6i3.2173
Annisha Fitriana, & Komala, L. (2025). Impact of Corporate Social Responsibility, Managerial and Institutional Ownership, on Financial Performance and Firm Value. Taxation and Public Finance, 2(2), 84–94. https://doi.org/10.58777/tpf.v2i2.369
Ayu Septiana, V., & Aminah, A. (2025). Disclosure of Corporate Social Responsibility (CSR): Legitimacy Theory Perspective. International Journal Of Education, Social Studies, And Management (IJESSM), 5(1), 374–392. https://doi.org/10.52121/ijessm.v5i1.678
BAPPENAS. (2020). Rencana PembangunanJangka Menengah Nasional(RPJMN) 2020-2024. In National Mid-Term Development Plan 2020-2024. https://www.bappenas.go.id/id/data-dan...dan.../rpjmn-2015-2019/
Benny S. Pasaribu, Aty Herawati, Kabul Wahyu Utomo, & Rizqon Halal Syah Aji. (2022). Metodologi Penelitian Untuk Ekonomi dan Bisnis. In UUP Academic Manajemen Perusahaan YKPN (Cetakan Pe). MEdia Edu Pustaka. https://repository.uinjkt.ac.id/dspace/bitstream/123456789/65013/1/Metodologi Penelitian.pdf
BPK. (2024). Laporan Hasil Pemeriksa Keuangan PT Indofarma Tbk dan Anak Perusahaan Tahun Anggran 2022. In Badan Pemeriksa Keuangan RI. https://kaltim.bpk.go.id/bpk-temukan-penyimpangan-keuangan-indofarma-rugikan-negara-rp-371-m/
BPS. (2025). Statistik Indonesia 2025. Badan Pusat Statistik, 1101001, 790. https://www.bps.go.id/publication/2020/04/29/e9011b3155d45d70823c141f/statistik-indonesia-2020.html
Brahmayanti, I. A. S. (2024). Revealing Corporate Value: The Role of Investment Decisions, Debt Policy, and Ownership Structure. Journal of Accounting and Strategic Finance, 7(2), 235–251. https://doi.org/10.33005/jasf.v7i2.493
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management Cegage Learning. In The Journal of Finance (Vol. 34, Issue 5). Cengage Learning.
Brighi, P., Carlo, A., Della, F., & Venturelli, V. (2025). Firm value and risk : how relevant are ESG factors and ESG controversies ? Journal of Financial Reporting and Accounting, September. https://doi.org/10.1108/JFRA-12-2024-0953
Celine, A. S. S., & Hwihanus. (2025). Analisis Struktur Kepemilikan dan Good Corporate Governance (GCG) Terhadap Nilai Perusahaan dengan Kinerja Keungan dan Manajemen Laba Sebagai Variabel Intervening (Studi pada Perusahaan Industri Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia). EKOMA : Jurnal Ekonomi, 4(3), 5809–5822.
Cheng, Z., & Zhu, C. (2024). Positive impacts of green finance on environmental protection investment: Evidence from green finance reform and innovations pilot zone. Heliyon, 10(13), e33714. https://doi.org/10.1016/j.heliyon.2024.e33714
Cinandra, D. A. (2022). The Influence of Macroeconomics, Investment Decisions, Capital, and Good Corporate Governance (GCG) on Firm Value With Financial Risk and Earnings …. International Journal of Scientific Engineering and Science, 6(2), 14–19. http://repository.untag-sby.ac.id/14589/
Darmanah, G. (2019). Metodologi Penelitian. CV HIRA TECH, 3.
Darsono, D., Ratmono, D., Lee, S., Cahyonowati, N., & Lianawati, L. (2024). ESG and Environmental Performance: Multiple Mediation Models of Green Accounting and CSR Disclosure. International Journal of Energy Economics and Policy, 14(5), 365–371. https://doi.org/10.32479/ijeep.16682
Diputra, V. D. C., & Rikumahu, B. (2024). Stock valuation before and after the COVID-19 pandemic: Free Cash Flow to Firm (FCFF) and relative valuation approach with Discounted Cash Flow (DCF) valuation method. Journal of Multidisciplinary Academic Business Studies, 1(4), 471–490. https://doi.org/10.35912/jomabs.v1i4.2231
Duryadi. (2021). Metode Penelitian Ilmiah Metode Penelitian Empiris Model Path Analysis dan Analisis Menggunakan SmartPLS. In Penerbit Yayasan Prima Agus Teknik (Vol. 7, Issue 1).
Elizabeth Remora, S., & Hasnawati, H. (2025). The Influence of Corporate Social Responsibility Disclosure on Firm Value (Empirical Study on Energy Sector Companies Listed on the IDX for the Period 2021-2023). Journal of Accounting and Finance Management, 6(1), 213–224. https://doi.org/10.38035/jafm.v6i1.1662
Endah Dewi Purnamasari, Shafiera Lazuarni, & Nova Yanti Maleha. (2024). Impact Of Green Finance On Market Value And Reputation Of Financial Service Companies. Jurnal Ilmiah Ekonomi Global Masa Kini, 15(2), 149–153. https://doi.org/10.36982/jiegmk.v15i2.4840
Esmail, E., Riyad, E., & El-Meligy, H. (2025). Green Finance Disclosure and Firm Value: An Analysis of Banks Listed on the Egyptian Stock Exchange. International Journal of Environmental Studies and Researches, 4(2), 18–38. https://doi.org/10.21608/ijesr.2025.433065
Farhan, A. N. U. M. D. (2022). The Effect of Good Corporate Governance on Firm Value with Financial Performance As an Intervening Variable. Neo Journal of Economy and Social Humanities, 1(4), 242–254. https://doi.org/10.56403/nejesh.v1i4.54
Fatimah, S. S., & Setiany, E. (2023). The Effect of Good Corporate Governance and Intellectual Capital Mechanism On Financial Performance with Profit Management as A Mediation Variable. Journal of Economics, Finance and Accounting Studies, 5(2), 25–39. https://doi.org/10.32996/jefas.2023.5.2.3
Firmansyah, A., & Kartiko, N. D. (2024). Tata Kelola Perusahaan Dan Pengungkapan Perbankan Hijau: Peran Moderasi Regulasi Perbankan Hijau. Jurnal Akuntansi Dan Bisnis, 24(1), 83–101.
Fitria, D., & Damayanty, P. (2024). Pengaruh Struktur Kepemilikan Saham Dan Kinerja Lingkungan Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan. Management Studies and Entrepreneurship Journal (MSEJ), 5(1), 1248–1258.
Freeman, R. E. (2002). A Stakeholder Approach to Strategic Management. University of Virginia - Darden School of Business, 77(6), 671–677. https://doi.org/10.1002/jctb.619
Gkliatis, I. (2023). The Impact of CSR on the Financial Performance of Firms in Different Industries: An Example from the Financial Industry and the Healthcare Industry. Proceedings of the European Conference on Management, Leadership and Governance, 2023-Novem, 566–576. https://doi.org/10.34190/ecmlg.19.1.1967
Hariyanto, E., Pandansari, T., & Wakhudin, W. (2023). The Influence of COVID-19 on Economics in Indonesian Healthcare and Finance. Indonesian Journal of Multidisciplinary Science, 2(9), 3144–3154. https://doi.org/10.55324/ijoms.v2i9.536
Henry Jirwanto; Muhammad Ali Aqsa; Tubel Agusven; Hendri Herman, V. S. (2024). Manajemen Keuangan. In Proceedings of the National Academy of Sciences (Vol. 3, Issue 1).
Heripson, J. (2022). Manajemen Keuangan Perusahaan. In CV Azka Pustaka. CV Azka Pustaka.
Huang, Y., Yu, K., & Huang, C. (2023). Green finance engagement: An empirical study of listed companies on Chinese main board. Green Finance, 5(1), 1–17. https://doi.org/10.3934/GF.2023001
Idamoyibo, H. R. (2025). CSR Compensation Cost and Firm Value in Nigeria: Mediating Effect of Liquidity, Moderating Effect of Firm Size, Firm Growth and Business Risk. FUDMA Journal of Accounting and Finance Research [FUJAFR], 3(2), 70–86. https://doi.org/10.33003/fujafr-2025.v3i2.171.70-86
Ifadhoh, N., & Yuliana, I. (2024). Pengaruh Green Finance, Kinerja Keuangan, dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Jurnal Ekonomi Manajemen Sistem Informasi, 6(2), 1073–1081. https://doi.org/10.38035/jemsi.v6i2.3518
Indriaty, L., Reiman, P., & Thomas, G. N. (2024). Analisis Terhadap Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Publik Sub Sektor Makanan dan Minuman. Ikraith-Ekonomika, 7(1), 220–232. https://doi.org/10.37817/ikraith-ekonomika.v7i1.3307
Indyyati, Muhamad Taqi, & Agus Solikhan Yulianto. (2025). The Influence of Liquidity and Capital Structure on Company Value with Profitability as a Mediator. Indonesian Journal of Economic & Management Sciences, 3(3), 373–390. https://doi.org/10.55927/ijems.v3i3.81
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 4, 305–360. http://ssrn.com/abstract=94043Electroniccopyavailableat:http://ssrn.com/abstract=94043http://hupress.harvard.edu/catalog/JENTHF.html
Karina, R. (2021). Corporate governance and earnings management: Does gender matter? Jurnal Akuntansi & Auditing Indonesia, 25(2), 125–135. https://doi.org/10.20885/jaai.vol25.iss2.art3
Karmudiandri, A. (2025). Financial Performance as Determinants of Firm Value. International Journal of Scientific and Management Research, 8(5), 151–157. https://doi.org/10.37502/ijsmr.2025.8511
KNKG. (2006). Pedoman Umum Good Corporate Governance Indonesia. In Komite Nasional Kebijakan Governance (Vol. 17). Komite Nasional Kebijakan Governance.
Krahara, Y., Susanto, S., Chakim, M., Abbas, M., Maradidya, A., Lestari, R., Hendrawan, A., Gusnafitri, Yustini, S., Taruna, M. S., Wulandari, R., Tadjie, G., Iswardhani, I., Milzam, M., Noerhatini, P., Ikraman, Aulia, D., & Pustaka, S. (2025). Manajemen Risiko Keuangan: Teori dan Aplikasi. In Sada Kurnia Pustaka (Issue June). Sada Kurnia Pustaka.
Lehner, O. M. et al. (2024). The Roultledge Handbook of Green Finance. Routledge, 17, 302.
Liu, C., & Wu, S. S. (2023). Green finance, sustainability disclosure and economic implications. Fulbright Review of Economics and Policy, 3(1), 1–24. https://doi.org/10.1108/frep-03-2022-0021
Luqman Hakim, Muhammad; Lela, H. (2025). Pengaruh Profitabilitas, Keputusan Keuangan, Struktur Kepemilikan dan Ukuran Perusahaan Terhadap Nilai Perusahaan. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 9(1), 908–932.
Mahmood, A., Mehmood, A., Terzani, S., De Luca, F., & Djajadikerta, H. G. (2025). The effect of ESG disclosure on firm value in the European context. Management Decision, September. https://doi.org/10.1108/MD-10-2024-2480
Marji Uliansyah, Kristian Chandra, F. M. L. (2025). Financial Ratios , Firm Size And Board Characteristics ’ Effect On Indonesia ’ s Consumer Goods Sector Firm Value. Ekonomi Digital, 4(2), 107–126.
Mentari, N. M. I., & Dewi, K. I. K. (2023). Moderasi CSR Disclosure Terhadap Pengaruh Green Investment Pada Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(1), 60–71. https://doi.org/10.38043/jiab.v8i1.4663
Merelyn, M., & Eriandani, R. (2022). The Value Relevance of Quantity and Quality of Sustainability Reporting: Evidence from Indonesia. Jurnal Ilmiah Akuntansi, 7(1), 40–58. https://doi.org/10.23887/jia.v7i1.41533
Mkadmi, J. E., & Daafous, W. (2025). Does corporate governance affect the environmental, social and governance disclosure? A cross-country study. Central European Management Journal, 33(2), 265–285. https://doi.org/10.1108/CEMJ-10-2023-0406
Monica, E. et al. (2025). Effect of profitability and leverage on firm value with corporate social responsibility as a moderating variable. International Journal of Business, Economics and Social Development, 28(1), 26–54. http://dx.doi.org/10.21070/ups.2606
Mounesh. (2023). How Agency Theory Can Be Used to Improve Financial Management. International Journal of Research Publication and Reviews, 4(8), 2369. www.ijrpr.com
Muhamad Fahminuddin Rosyid, Erwin Saraswati, & Abdul Ghofar. (2022). Firm Value: CSR Disclosure, Risk Management And Good Corporate Governance Dimensions. Jurnal Reviu Akuntansi Dan Keuangan, 12(1), 186–209. https://doi.org/10.22219/jrak.v12i1.18731
Murniati, M., & Ingra, I. (2023). Struktur Modal, Keputusan Investasi dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia tahun 2017-2020. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 25(1), 292–311. https://doi.org/10.47233/jebd.v25i1.772
Nadhira Putri Zahrani, & Triyono. (2025). Pengaruh Firm Growth, Firm Size, Profitability, Managerial Ownership dan Institutional Ownership Terhadap Corporate Social Responsibility Disclosure (CSRD). Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 7(3), 1644–1660. https://doi.org/10.47467/alkharaj.v7i3.7345
Nadia, E., Kristhy, M. E., Saraswati, D., & Saputra, F. H. (2022). analysis of the Impact of the COVID-19 pandemic on the economic and health aspect in Indonesia. International Journal of Health Sciences, 6(2), 857–869. https://doi.org/10.53730/ijhs.v6n2.8407
Natasya, E. (2022). Corporate Governance and Earnings Management: Evidence of Listed Indonesian Companies. Journal of Applied Finance & Accounting, 8(1), 37–45. https://doi.org/10.21512/jafa.v8i1.7381
Nguyen, V. H. (2025). Corporate social responsibility disclosure and firm value: a signaling theory perspective. Journal of Economics and Development, 27(2), 114–128. https://doi.org/10.1108/JED-02-2024-0067
Ningrum, E. P. (2022). Nilai Perusahaan (Konsep dan Aplikasi). In CV. Adanu Abimata (Vol. 3, Issue 1). CV. Adanu Abimata. https://medium.com/@arifwicaksanaa/pengertian-use-case-a7e576e1b6bf
Ningsi, A. A., Bailusy, M. N., & Rusandry, R. (2025). The Effect of Green Finance on Firm Value with Profitability as a Mediating Variable in Infrastructure Sector Companies. International Journal of Business, Law, and Education, 6(1), 672–681. https://doi.org/10.56442/ijble.v6i1.1081
Nurahma, S., & Budiharjo, R. (2022). Pengaruh keputusan pendanaan, ukuran perusahaan, ukuran dewan komisaris, dan return on asset terhadap nilai perusahaan. Jurnal Riset Manajemen Dan Bisnis, 7(1), 35–48. https://doi.org/10.36407/jrmb.v7i1.364
Nyoman Alit Triani, N., & Prastiwi, D. (2024). Corporate Social Responsibility, Environmental Social Governance, And Implementation of Green Accounting on Firm Value. International Journal of Economics Development Research, 5(2), 2024–1496.
Octoriawan, A., & Rusliati, E. (2020). Corporate Social Responsibility, Kepemilikan Manajerial Terhadap Nilai Perusahaan Dengan Moderasi Ukuran Perusahaan. Jurnal Riset Akuntansi Kontemporer (JRAK), 11(2), 60–68. https://doi.org/10.23969/jrak.v11i2.2771
OJK. (2017). POJK No. 51 /POJK.03/2017 tentang penerapan keuangan berkelanjutan bagi lembaga jasa keuangan, emiten, dan perusahaan publik. Orotitas Jasa Keuangan, 1–15.
OJK. (2024). Sektor Unggulan 2024, keuangan hijau dan berkelanjutan. Orotitas Jasa Keuangan, 1–52.
Pakata, R., Ratnawati, T., & Hwihanus. (2024). The Influence of Asset Growth, Financial Leverage, Equity Growth, And Financial Flexibility on The Value of Firm With Financial Risk and Corporate Social Responsibility Disclosure as Mediation and Good Corporate Governance as Moderation (Mining Sector Stu. The Seybold Report, 19(6), 164–176. https://doi.org/10.5281/zenodo.11547055
Penman, & Stephen H. (2013). Accounting for Value. In Columbia University Press. Columbia Business School. www.cup.columbia.edu
Purwanti, A. (2024). Green Finance and CSR: Effects on Firm Value. West Science Accounting and Finance, 2(02), 393–407. https://doi.org/10.58812/wsaf.v2i02.1219
R. Ang, Zhen Shao; Chen Liu, C. Y. Q. Z. (2025). The relationship between CSR and financial performance and the moderating effect of ownership structure : Evidence from Chinese heavily polluting listed enterprises. Sustainable Production and Consumption, 30(March 2022), 1–8.
Rahmad, N., Mustaqim, A., Ratnawati, T., Ayu, I., & Brahmayanti, S. (2025). Effect of Liquidity , Activity , Capital Structure , Profitability on Sustainable Growth and Company Value with Good Corporate Governance as a Moderating Variable in Heavy Construction and Civil Engineering Sub-Sector Companies Listed on the Indonesia Sto. Global Economics : International Journal of Economic , Social and The Development, 6213, 2011–2022.
Rahman, M. H., Tanchangya, T., Rahman, J., Aktar, M. A., & Majumder, S. C. (2024). Corporate social responsibility and green financing behavior in Bangladesh: Towards sustainable tourism. Innovation and Green Development, 3(3), 100133. https://doi.org/10.1016/j.igd.2024.100133
Rama, M. H. D., & Paramita, V. S. (2025). The Influence of Environmental Social Governance, Firm Size, and Profitability on Firm Value. Moneta : Journal of Economics and Finance, 3(1), 19–36. https://doi.org/10.61978/moneta.v3i1.445
Ratnawati, T., Hidayat, W., Nur Fadika, I., & Nurhalyza, T. (2023). Good Corporate Governance (Gcg) Mediates the Influence of Funding Decisions on the Value of Manufacturing Companies in Indonesia. International Journal of Social Science Humanity & Management Research, 2(07), 658–663. https://doi.org/10.58806/ijsshmr.2023.v2i7n21
Ratnawati, T., Rachmadani, A. P., & Aulia, A. M. (2025). The Influence of Good Corporate Governance and Funding Decisions on Firm Value Through Investment Decisions in Manufacturing Sub-Sector Companies Listed on the Indonesia Stock Exchange. International Journal of Social Science Humanity & Management Research, 04(07), 1350–1358. https://doi.org/10.58806/ijsshmr.2025.v4i7n06
Reza Henning Wijaya, R. A. N. (2024). Profitabilitas, Ukuran Perusahaan, Kinerja Lingkungan, dan Umur Perusahaan Terhadap Pengungkapan Corporate Social Responsibility. Owner: Riset & Jurnal Akuntansi, 8, 4549–4560.
Rizky Perdana, N., Adhasari, G., & Puspitaloka Mahadewi, E. (2022). Challenges and Implementation of Universal Health Coverage Program in Indonesia. International Journal of Health and Pharmaceutical (IJHP), 2(3), 589–596. https://doi.org/10.51601/ijhp.v2i3.97
Rofiq, A. S. (2025). The role of environmental, social, governance and firm size in enhancing firm value. COSTING: Journal of Economic, Business and Accounting, 8, 1758–1772.
Ross, S. A., & Randolph, W. Westerfield; Bradford, D. J. (2020). Essentials of Corporate Finance. In McGraw-Hill Education (10e ed.). McGraw-Hill Education.
Roy, K., & Bandopadhyay, K. (2022). Financial risk and firm value: is there any trade-off in the Indian context? Rajagiri Management Journal, 16(3), 226–238. https://doi.org/10.1108/ramj-03-2021-0021
Saputra, I Gusti Agung Ari; Kusuma, P. S. A. J. (2025). The Effect of Profitability and Leverage on Firm Value with Firm Size as a Moderating Variable. Research of Finance and Banking, 1(1), 34–46. https://doi.org/10.58777/rfb.v1i1.34
Shindyota Kristi Duana, Edi Subiyantoro, & Nanik Sisharini. (2025). Pengaruh Good Corporate Governance, Firm Age, Firm Size, Debt Rasio Terhadap Nilai Perusahaan Dengan Manajemen Risiko Perusahaan Sebagai Variabel Intervening. Jurnal Riset Multidisiplin Edukasi, 2(3), 105–127. https://doi.org/10.71282/jurmie.v2i3.177
Simanjuntak, Desi Oktaviana; Calen; Siringo Ringo, E. D. (2022). Pengaruh Kinerja Keuangan dan Tata Kelola Terhadap Nilai Perusahaan Pada Sektor Kesehatan Di Bursa Efek Indonesia Tahun 2022-2023. JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , Dan Akuntansi )., 6(3), 682–705.
Simanjuntak, Mawar ; Syarif, A. D. (2023). The Influence of Corporate Social Responsibility, Profitability, and Leverage on Firm Value With Firm Size As a Moderating Variable. International Journal of Economy, Education and Entrepreneurship (IJE3), 3(3), 814–828. https://doi.org/10.53067/ije3.v3i3.209
Simanullang, F., & Simanullang, S. (2025). Determinants of green finance implementation in Indonesia : Evidence from panel data analysis of institutional , market , issuer , and macroeconomic factors. Priviet Social Sciences Journal, 5. https://doi.org/10.55942/pssj.v5i7.650
Sindu, K. M., & Rahyuda, H. (2025). The influence of environmental performance and good corporate governance on firm value with financial performance as a mediating variable. Indonesian Journal of Multidisciplinary Science, 4(4), 295–308. https://doi.org/10.55324/ijoms.v4i4.1062
Soemaryono Soemaryono. (2024). Pengaruh Faktor Pengungkapan Corporate Social Responsibility. Jurnal Manajemen Dan Ekonomi Kreatif, 2(4), 14–28. https://doi.org/10.59024/jumek.v2i4.454
Soesana, A., Subakti, H., Salamun, S., Tasrim, I. W., Karwanto, K., Falani, I., Bukidz, D. P., & Pasaribu, A. N. (2023). Metodologi Penelitian Kuantitatif. Yayasan Kita Menulis.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Sudarmanto, E. et al. (2021). Good Corporate Governance (GCG). In Yayasan Kita Menulis (Vol. 176). https://doi.org/10.2991/aer.k.210121.046
Sugiyono. (2020). Metodologi Penelitian Kuantitatif, Kualitatif dan R & D. In Alfa Beta. Alfa Beta.
Sukiswo, H. W. et al. (2025). Analysis of GRI Performance Indicators in Indonesian Company. JAMBURA ECONOMIC EDUCATION JOURNAL, 7(2), 598–621.
Suparmun, H., & Susilo, W. H. (2020). Metode Penelitian Bisnis (Aplikasi Pendekatan Manajemen Berbasis-Pasar). In In Media. Penerbit IN MEDIA.
Supatmin. (2020). Buku Manajemen Keuangan 2022 (Konsep Dasar dan Penerapannya). In CV AA Rizky (1st ed.). CV AA Rizky. https://www.aarizky.com/admin-panel/buku/b25leHAyMjk=.pdf
Susanti, E., Pramurindra, R., Pramono, H., & Hapsari, I. (2025). Peran Good Corporate Governance Dalam Memoderasi Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (Studi pada Perusahaan yang Terindeks Pemeringkat CGPI 2018-2023). Journal of Accounting and Finance Management, 5(6), 1471–1486. https://doi.org/10.38035/jafm.v5i6.1318
Tarigan, J., & Antonius, J. (2023). The Effect of Internal Corporate Governance Mechanisms toward Corporate Social Responsibility Disclosures: Evidence Found in Indonesia Listed Mining Industry. Asia Pacific Management and Business Application, 011(03), 303–322. https://doi.org/10.21776/ub.apmba.2023.011.03.4
Thangamayan;, S. Z. P. D. S. N. M. (2025). Green Finance and ESG Investing: Corporate Valuation and Sustainability Perspectives. LEX LOCALIS-JOURNAL OF LOCAL SELF-GOVERNMENT, 4, 646–664.
Tong, Y., Wai, Y., Manisah, S., & Ngalim, B. (2024). Heliyon Do pilot zones for green finance reform and innovation avoid ESG greenwashing ? Evidence from China. Heliyon, 10(13), e33710. https://doi.org/10.1016/j.heliyon.2024.e33710
Truong, T. H. (2025). The effects of financial leverage and financial distress on firm value - A study in Vietnam. Journal of Finance & Accounting Research, 03(03), 122–125. https://doi.org/10.71374/jfar.v25.i3.27
Umboh, O. M., & Yanti, H. B. (2025). The Effect of Financial Performance and Corporate Social Responsibility on Firm Value with Firm Size as a Control Variable. Transekonomika: Akuntansi, Bisnis Dan Keuangan, 5(2), 354–362. https://doi.org/10.55047/transekonomika.v5i2.860
Valentinov, V. (2023). Sustainability and stakeholder theory: a processual perspective. Kybernetes, 52(13), 61–77. https://doi.org/10.1108/K-05-2023-0819
Victoria, M., Lindrawati, L., & Susanto, A. (2025). Kinerja Keuangan Perusahaan Kesehatan Di Bei Sebelum, Selama, Dan Sesudah Pandemi Covid-19. Jurnal Aplikasi Akuntansi, 9(2), 416–434. https://doi.org/10.29303/jaa.v9i2.551
Wardani, Erfiani Septia; Rahmiyati, Nekky; Hwihanus, H. (2023). The Influence of Investment Decisions, Funding Decisions, and Macroeconomics on Company Value in State-Owned Enterprises Listed on the Indonesia Stock Exchange, with Financial Risk and Profitability as Intervening Variables. Journal of Economics, Finance and Management Studies, 06(01), 220–226. https://doi.org/10.47191/jefms/v6-i1-25
Wati, E., Jurnali, T., & Karjantoro, H. (2024). The Effect of Earnings Management And Institutional Ownership On Company Value With Social Responsibility Disclosure As A Moderating. Global Financial Accounting Journal, 8(2), 134–150. https://doi.org/10.37253/gfa.v8i2.10135
Wijayanti Daniar Paramita, R. et al. (2021). Metode Penelitian Kuantitatif. WIDYA GAMA PRESS STIE WIDYA GAMA LUMAJANG, 2.
Yana Fajriah, & Edy Jumady. (2022). Good Corporate Governance And Corporate Social Responsibility On Company Value With Financial Performance. Jurnal Akuntansi, 26(2), 324–341. https://doi.org/10.24912/ja.v26i2.944
Yasar, B., Martin, T., & Kiessling, T. (2020). An empirical test of signalling theory. Management Research Review, 43(11), 1309. https://doi.org/10.1108/MRR-08-2019-0338
Yudi, S. et al. (2023). Dasar-dasar Manajemen Keuangan. Sanabil Publishing, 1, 302.
Yulianti, N. A., Susyanti, J., & Saraswati, E. (2024). Pengaruh Green Finance Terhadap Nilai Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bursa Efek Indonesia. E-Jurnal Riset Manajemen, 13(1), 627–638.
Yusnia, W. et al. (2024). Effectiveness Of Implementing Green Finance, Green Investment, And Environment Cost In Increasing Company Value In The Mining Sector. Jurnal Distribusi, 12(5), 323–338.
Yusnita, R. R. et al. (2023). Manajemen Risiko. In PT Mafy Media Literasi Indonesia (Vol. 1). PT Mafy Media Literasi Indonesia.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Anggun Wida Prawira, Tri Ratnawati, Ida Ayu Sri Brahmayanti (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
