Firm Value in The SRI-KEHATI Index : Audit Committees, Independent Commissioners, Corporate Social Responsibility, Investment Opportunity Set, and Firm Size
DOI:
https://doi.org/10.61978/moneta.v4i3.1365Keywords:
audit committee, independent board of commissioners, corporate social responsibility, investment opportunity set, firm size, firm valueAbstract
Among the companies included in the SRI-KEHATI index, this study looks at the impact of audit committees, independent boards of commissioners, firm size, corporate social responsibility, investment opportunity sets, and firm value from 2020 to 2024. In this study, ten firms that were part of the SRI-KEHATI index from 2020 to 2024 are examined. Secondary data is sourced from company and Indonesia Stock Exchange publications, including annual reports, sustainability reports, and financial reports. We employed panel-data regression with a Random-Effects Model and conducted Chow and Hausman tests to determine which model was the most reliable and appropriate for drawing conclusions. Using a random-effects panel regression, the number of audit committee members is negatively associated with Tobin’s Q. The proportions of independent commissioners, CSR disclosure, and IOS are not statistically significant. In contrast, firm size is positively associated with Tobin’s Q. These findings suggest that firm size demonstrates a stronger association with firm value than the CSR, IOS and corporate governance proxies used in this study. This study provides new evidence that, within sustainability-screened firms in the SRI-KEHATI Index, corporate governance and CSR mechanisms function more as baseline requirements than as value-enhancing signals, making firm size the dominant determinant of market-based firm value. The findings of this study should be useful for management, investors, and future research on the topic of sustainability-based corporate value.
References
Al-Slehat, Z. A. F. (2020). Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan. International Business Research, 13(1). https://doi.org/10.5539/ibr.v13n1p109 DOI: https://doi.org/10.5539/ibr.v13n1p109
Anwar, K. (2023). The Effect of Good Corporate Governance on Corporate Value. INOVASI: Jurnal Ekonomi, Keuangan Dan Manajemen, 2(2), 282–288.
Asyik, N. F., Dewi, M. A., Respatia, W., & Santoso, A. (2024). Good Corporate Governance or Corporate Social Responsibility: Which Affects the Firm Value and Performance? Cogent Social Sciences, 10(1). https://doi.org/10.1080/23311886.2024.2378540 DOI: https://doi.org/10.1080/23311886.2024.2378540
Aurelian, B., Daniela, C., Mihail, B. A., & Micu, C. D. (2021). The Influence of the Independent Non-Executive Board Members on the Financial Performance of the Companies Listed in the Bucharest Stock Exchange. Journal of Risk and Financial Management.
Ayu, G., & Putu, N. (2024). Pengaruh Manajemen Laba, Kepemilikan Manajerial, Komisaris Independen dan Komite Audit terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sektor Finansial yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2023). Nusantara Hasana Journal, 4(4), 211–219. https://doi.org/10.31764/jabb.v4i2.20029 DOI: https://doi.org/10.31764/jabb.v4i2.20029
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management (15th ed.). Cengage Learning.
Dakhlallh, M. (2020). Audit Committee and Tobin’s Q as a Measure of Firm Performance among Jordanian Companies. https://doi.org/10.5373/JARDCS/V12I1/20201005 DOI: https://doi.org/10.5373/JARDCS/V12I1/20201005
Dewi, F. M., & Sembiring, F. M. (2022). Pengaruh Debt to Equity Ratio, Return on Assets, Return on Equity, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. Portofolio, 19(1), 1–19. https://doi.org/10.54783/portofolio.v19i1.238 DOI: https://doi.org/10.54783/portofolio.v19i1.238
Erpina, Budhiarto, A. R., & Mardiyani. (2025). The Impact of Investment Decisions, Funding Strategies, and Financial Performance on Firm Value: The Moderating Role of GCG. Ilomata International Journal of Tax & Accounting, 6(2), 1–17. https://doi.org/10.61194/ijtc.v6i2.1693 DOI: https://doi.org/10.61194/ijtc.v6i2.1693
Gaver, J. J., & Gaver, K. M. (1993). Additional Evidence on the Association Between the Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies. 16, 125–160. https://doi.org/10.1016/0165-4101(93)90007-3 DOI: https://doi.org/10.1016/0165-4101(93)90007-3
Guo, Z., Hou, S., & Li, Q. (2020). Corporate Social Responsibility and Firm Value: The Moderating Effects of Financial Flexibility and R&D Investment. Sustainability. https://doi.org/10.3390/su12208452 DOI: https://doi.org/10.3390/su12208452
Han, H., & Ying, W. (2018). The MAC Scheme and Related Finite Element Method for Nearly Incompressible Elasticity. AMS (MOS).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. 3, 305–360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
Kencana, D. T., Wantari, N. K., & Amalya, W. R. (2025). Pengaruh Good Corporate Governance, Leverage, Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. 13(4), 3745–3758.
Kurnia, L., Saifi, M., & Damayanti, C. R. (2024). Corporate Governance Dynamics: How Audit Committees and Board Characteristics Influence Firm Value Through Audit Report Lag? JEMA, 21(1), 61–86. https://doi.org/10.31106/jema.v21i1.21790 DOI: https://doi.org/10.31106/jema.v21i1.21790
Nguyen, V. H. (2025). Corporate Social Responsibility Disclosure and Firm Value: A Signaling Theory Perspective. Journal of Economics Development, 27. https://doi.org/10.1108/JED-02-2024-0067 DOI: https://doi.org/10.1108/JED-02-2024-0067
Nikmah, U., & Amanah, L. (2019). Pengaruh Investment Opportunity Set, Profitabilitas, dan Sustainability Reporting terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi.
Nurhaliza, S., Reza, M., Hasibuan, I., & Gultom, P. (2025). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Leverage Terhadap Earnings Management dengan GCG Sebagai Pemoderasi. JAMEK, 5(1), 48–57. https://doi.org/10.47065/jamek.v5i1.1657 DOI: https://doi.org/10.47065/jamek.v5i1.1657
Putri, V. M., & Simatupang, F. S. (2023). Pengaruh Good Corporate Governance terhadap Firm Value dengan Return On Assets sebagai Variabel Intervening pada Perusahaan Sektor Makanan dan Minuman di BEI Periode Tahun 2018-2021. Oikos, 8, 197–211.
Rahmania, F. R. (2018). Pengaruh Mekanisme Good Corporate Governance terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia.
Rismawandi, & Martini. (2025). The Role of Investment Opportunity Set (IOS), Firm Age, and Managerial Ownership in Increasing Company Value. 26(1). https://doi.org/10.51967/tanesa.v26i1.3269 DOI: https://doi.org/10.51967/tanesa.v26i1.3269
Salamah, J. N., & Komara, E. F. (2025). Pengaruh Good Corporate Governance, Return on Equity, dan Investment Opportunity Set terhadap Nilai Perusahaan pada Perusahaan Subsektor Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023. Permana, 17(3), 1686–1702.
Sanusi, I. K., Leviany, T., & Handayani, W. (2022). Pengaruh Good Corporate Governance, Auditing dan Perpajakan. Jurnal SIKAP, 6(2), 238–254. https://doi.org/10.32897/jsikap.v6i2.2129 DOI: https://doi.org/10.32897/jsikap.v6i2.2129
Sapitri, N., & Hernawati, R. I. (2023). Pengaruh Good Corporate Governance dan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. JMWE, 470–485. https://doi.org/10.31851/jmwe.v22i2.18391 DOI: https://doi.org/10.31851/jmwe.v22i2.18391
Steven. (2025). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Journal of UKMC Seminar on Accounting Proceeding, 4(1), 269–279.
Suhardi, H. (2020). Pengaruh Leverage, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di BEI. Jurnal Manajemen Bisnis Dan Kewirausahaan. https://doi.org/10.24912/jmbk.v5i1.10834 DOI: https://doi.org/10.24912/jmbk.v5i1.10834
Sulbahri, R. A. (2021). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Manajemen, 16(2), 215–226. https://doi.org/10.30630/jam.v16i2.140 DOI: https://doi.org/10.30630/jam.v16i2.140
Surjadi, C., & Tobing, R. L. (2016). Good Corporate Governance terhadap Nilai Perusahaan. 11(2), 69–78.
Tabe, R., Lapian, J., & Murni, S. (2022). The Effect of Firm Size, Investment Opportunity Set, and Capital Structure on Firm Value. The Seynold, 17(5), 56–74. https://doi.org/10.5281/zenodo.6592088
Uliansyah, M., Chandra, K., & Leon, F. M. (2025). Financial Ratios, Firm Size and Board Characteristics’ Effect on Indonesia’s Consumer Goods Sector Firm Value. ED, 4(2), 107–126. https://doi.org/10.55837/ed.v4i2.189 DOI: https://doi.org/10.55837/ed.v4i2.189
Utami, N. P., & Paramita, S. (2024). Pengaruh Good Corporate Governance, Firm Size dan Investment Opportunity terhadap Nilai Perusahaan (Tobin’s Q) pada Perusahaan yang Terdaftar di Indeks Investor 33 Periode 2018-2022. Equilibrium, 13(1), 58–75. https://doi.org/10.35906/equili.v13i1.1879 DOI: https://doi.org/10.35906/equili.v13i1.1879
Wahidahwati, & Ardini, L. (2021). Corporate Governance and Environmental Performance: How They Affect Firm Value. Journal of Asian Finance, Economics and Business, 8(2), 953–962. https://doi.org/10.13106/jafeb.2021.vol8.no2.0953
Wulandari, A., & Putri, E. (2023). Pengaruh Firm Size, Asymmetric Information, Profitability, and Leverage pada Firm Value (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar pada Bursa Efek Indonesia Tahun 2017-2021). 3, 3369–3383.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Moneta : Journal of Economics and Finance
This work is licensed under a Creative Commons Attribution 4.0 International License.
