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Following state-level legal changes that increase labor dismissal costs, firms increase their innovation in new processes that facilitate the adoption of cost-saving production methods, especially in industries with a large share of labor costs in total costs. Firms with high innovation ability exhibit larger increases in process innovation and capital-labor ratios - an effect driven by both increases in capital investment and decreases in employment. By facilitating the adjustment of the input mix when conditions in input markets change, innovation ability allows firms to mitigate value losses and is a key driver of their performance.

A duty of loyalty prohibits fiduciaries from appropriating business opportunities from their companies. Starting in 2000, Delaware, followed by several other states, allowed boards to waive their duty. We show that public firms covered by waiver laws invest less in R&D, produce fewer and less valuable patents, and exhibit abnormally high inventor departures. Remaining innovation activities contribute less to firm value, a fact confirmed by the market reaction when firms reveal their curtailed internal growth opportunities by announcing acquisitions. Consistent with the laws’ intent to provide contracting flexibility to emerging firms, we find evidence of positive impacts for small firms. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Firm value is the company's performance which is reflected by the stock price which is formed by the demand and supply of the capital market which reflects the public's assessment of the company's performance. Several factors that can affect firm value include good corporate governance, corporate social responsibility, and sustainability reports. This study aims to analyze the influence of Good Corporate Governance, Corporate Social Responsibility, and Sustainability Report on Firm Value on the Indonesia Stock Exchange. The research population is manufacturing companies listed on the Indonesia Stock Exchange. The sample in the study of 46 companies was determined based on the purposive sampling method. The results showed that good corporate governance, corporate social responsibility had no effect on firm value while the sustainability report had no effect on firm value. The limitations and suggestions in this study are that this study uses a manufacturing company with an observation period of three years. Further researchers are expected to increase the observation period and increase the number of samples to expand the research results. For further research it is expected to develop and multiply the variations of the independent variables used such as environmental performance, company size

The number of studies on the marketing–finance interface has escalated in response to increased interest in the value of marketing investments, such as sports sponsorship. This study integrates current research findings and establishes empirical generalizations on how sports sponsorship announcements impact firm value. The empirical literature finds contradicting results on the value shareholders place on these marketing investments. This paper addresses this issue by undertaking a meta-analysis on stock reactions to sport sponsorship announcements, using 3192 of these announcements taken from 36 studies (41 samples). On aggregate, these announcements drew the attention of shareholders since there was a positive and significant cumulative abnormal return (CAR). However, this positive effect was mostly observed in the 1990s and became negative in the 2000s. Overall, shareholders viewed sports sponsorship investments favorably when there was a functional and geographical congruence between sponsors and sponsees. This paper also shows that the differences in the CAR can be explained by controlling for confounding events and host country. The paper concludes by providing potential avenues for further research in sports sponsorship, using the event study method.

What are the economic determinants of a firm’s market value? We answer this question through the lens of a generalized neoclassical model of investment with quasi-fixed labor and three heterogeneous capital inputs. We estimate the structural model using firm-level data on US firms and find that, on average and depending on the industry, installed labor force accounts for 14–21% of firms’ market value, physical capital accounts for 30–40%, knowledge capital accounts for 20–43%, and brand capital accounts for 6–25%. Our analysis provides direct empirical evidence for the importance of labor and intangible capital inputs for understanding firm value.

This research aims to advance the literature by identifying the association between four advertising media vehicles (Internet, press, outdoor, television) and contemporaneous sales. Previous research highlights the influence of advertising on firm value but does not delve into the effects of advertising media vehicles. Employing primary data which details the advertising expenditures of 88 publicly traded companies over 11 years, we empirically show a positive association between television and outdoor advertising expenditures and contemporaneous sales. However, we do not find any significant results for press and Internet advertising. We investigate the moderating effect of the growth opportunities, industry sectors and firm size. Our study offers important evidence that the contemporaneous relationship between sales and advertising expenditures varies by media vehicle. We discuss the implications of our findings for the matching principle, a principal concept in accrual accounting.

This study investigates the external auditors working in Egypt perceptions regarding the materiality of the corporate governance report (CGR) disclosures. All external auditors working in Egypt were surveyed to determine whether disclosures are materially important to this group while they are performing their audits. The final sample consists of 247 auditors who work in Big 4 auditing firm, private auditing firms affiliated to foreign auditing firms, private auditing firm not affiliated to foreign auditing firm and governmental auditors. Through hypotheses testing the main findings reveal that all external auditors perceive CGR disclosures as materially important. Moreover, there was significant difference in some of their perceptions, these differences were explained through psychological engagement (i.e., experience, educational level, and work exposure) throughout the analysis. The findings show that respondents consider information related to internal control, governance and compliance to laws and regulations to be significantly material in auditing decision. While information regarding transparency and disclosure were the less important when compared to other sections of the CGR. The current study extends and enriches the ongoing academic and practical debate on the usefulness of narrative disclosures. The study findings suggest that regulators should seek more communications to the current requirements as the results shows that direct knowledge of the auditors made a big difference in their perceptions. The current investigation touched a blind spot in the literature and provided evidence for the materiality level of CGR disclosure in auditing decision, as previous studies investigated how governance report affect the firm value.

In this study, we examine whether a country’s implementation of major corporate governance reforms affects firms’ cross-listing activities. Cross-listing is important in overcoming international investment barriers and thus it is worth investigating whether enhanced corporate governance at the country level contributes to the integration of international capital markets. Using a difference-in-differences (DiD) research design, we predict and find that following the implementation of corporate governance reforms in their home countries, firms are more likely to engage in cross-listing activities and tend to cross-list in host countries with stronger investor protection and more developed markets than those in countries with no reforms in the same period. The results from country-level cross-sectional tests indicate that this effect is greater for firms in home countries with weaker investor protection and less developed stock markets in the prereform period. The reforms also have a stronger effect on firms subject to less analyst following and greater external finance dependence. Finally, we find a stronger association between cross-listing activities and institutional ownership after the reforms. Taken together, this study increases understanding of the trade-off between cross-border capital supply and demand. Our finding suggests that country-level corporate governance plays an important role in facilitating the supply of cross-border capital, which in turn incentivizes firms to cross-list. Our study also offers policy implications for national stock exchanges and securities regulators by suggesting that countries without well-developed capital markets should strengthen their corporate governance to improve firms’ ability to raise external financing and attract cross-border capital flows. https://doi.org/10.1111/1911-3846.12729. Free access to accepted manuscript provided by Wiley: https://onlinelibrary.wiley.com/share/author/P8FHMDUKPZVF5NM7N9R2?target=10.1111/1911-3846.12729

PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value.Design/methodology/approachThe study takes a new perspective – a quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value.FindingsThis study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings.Practical implicationsThis study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders.Originality/valueThe result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market.

We examine whether textual attributes of firms’ regulatory filings reflect CEO characteristics and whether investors consider this relation when assessing firm value. We build on prior research that shows founders have unique personality attributes, particularly overoptimism. We find that 10-K text for founder-led firms is characterized by “excess” optimism relative to current and future realized earnings and relative to non-founder-led firms. The effect is mitigated for firms with large auditors, high litigation risk and high analyst following. Based on stock price at the 10-K release, investors do not appear to appropriately discount the tone, resulting in predictable negative returns during the year subsequent to the 10-K release, particularly for the first two years after firms go public. Collectively, our findings contribute to the existing literature examining the effects of executives on firm disclosure by providing initial evidence about the conditions under which firms’ scripted narrative disclosures reflect CEO characteristics.

This study is driven by the phenomenon of earnings indicators that can mislead investors due to managers' personal interests. As a result, investors would seek alternative earnings through analysts serving as intermediaries, referred to as street earnings. Street earnings are considered more predictive, informative, and more likely to be used to assess firm value. Furthermore, non-financial information from the corporation can affect street earnings. As a result, this study attempts to determine whether street earnings affect firm value while also determining whether it can mediate the relationship between non-financial information on firms with firm value. This analysis makes use of 392 observations from manufacturing firms between 2015 and 2020. SPSS 25 and the Sobel test are used to conduct data analysis. One of the three hypothesis is proven, namely that research and development activities directly and indirectly affect street earnings and firm value. If street earnings can moderate the relationship between the two variables, this conclusion is also supported by the Sobel test.

Effective administration of a firm depends largely on the quality and commitment of the board of directors, who are expected to control the activities of the firm based on ethical and professional standards to ensure that corporate affairs are in line with corporate objectives. This study examines the mediating effect of earnings quality on the relationship between corporate board attributes and the value of listed insurance companies in Nigeria. The study utilized secondary sources of data collected from annual reports of the sampled companies for the periods 2009 to 2018. The population of the study comprises of all twenty seven (27) insurance companies listed on the Nigerian stock exchange, out of which fifteen (15) were selected as study sample. Data generated were examined by means of descriptive statistics to provide summary statistics for the variables and subsequently, correlation analysis was carried out using Pearson correlation technique for the correlation between the dependent, independent variables and the mediating variable. Path analysis using Structural Equation Modeling was used; also Monte Carlo’s test was employed to determine the significant of the indirect effect. It was found that board size, board meetings and women directorship significantly affect firm value. It also reveals that board size and board independence significantly affects earnings quality of listed insurance companies in Nigeria. Furthermore, the study finds that earnings quality does not significantly mediates the relationship between board size, board independence, women director, board meeting and firm value. However, it is mediating partially. This indicates that board attributes through the quality of the reported earnings a higher firm value will be achieved. Hence the study concludes that the direct association between boards attributes mechanisms and firm value is more crucial than their indirect association mediated by the earnings quality. Thus, the study recommends that investors should pay more attention to companies with high number of directors, as provided in the NAICOM code of corporate governance. Also, in order to have proper checking by independent directors, NAICOM should also ensure a strict adherence to the provision of the code to improve the quality of earnings and enhance the value of the listed insurance companies in Nigeria.

This article reviews existing research on board diversity. What role does diversity of board members play in board governance, and how does it influence firm behavior and firm value? First, given the recent focus on board diversity among institutional investors and regulators, we present stylized facts and time trends in board diversity. Second, we discuss the dimensions of diversity that have been examined in the literature. Third, we study the determinants of board diversity. Finally, we assess the research on the effects of board diversity on firm performance and outcomes. We discuss the endogeneity challenges of studying the impact of diversity on firm value and review the main approaches that existing studies have used to address endogeneity. We conclude with suggestions for future research on board diversity.

Previous research indicates a non-monotonic effect of managerial shareholding on various issues, such as firm value, earnings quality, and debt costs. These studies tend to explain non-linearity in terms of convergence of interests and managerial entrenchment, and use non-linear specifications of managerial shareholding, such as piecewise variables, to capture the countervailing effects. However, such research has been criticized for its arbitrary construction of piecewise variables. This study examines the link between managerial shareholding and misreporting by disentangling shareholding into monetary incentives and control rights, captured using CEO stock delta and voting premium, respectively. Consistent with alignment of interests and managerial entrenchment, it provides consistent evidence that CEOs’ monetary incentives regarding shareholding are negatively associated, whereas CEOs’ voting rights are positively associated with a propensity to misreport. Further analysis indicates that managerial entrenchment arises because owner-CEOs create more favorable conditions for misreporting via the board selection process. Overall, the findings confirm the well-known non-monotonic effect of managerial shareholding with new evidence and additional insights. In particular, the results provide greater assurance of non-linearity in managerial shareholding by revealing its underlying mechanisms without using conventional piecewise variables.

Islamic banks require a different performance measurement than a conventional bank to keep their sustainability. The main disadvantage of employing conventional benchmarks to measure Islamic bank performance is that they fail to investigate shariah facets. This study aims to discover how maqashid shariah index using IMSPM (Integrated Maqashid al-Shariah based Performance Measure) approach and firm value using EVA (Economic Value Added) approach and examine its impact with capital structure on the corporate values of Islamic bank. This study using a quantitative method with the purposive sampling technique. This study involved 11 Islamic bank’s annual reports listed in the Bank Indonesia and OJK from 2015 to 2019 period. The analysis method is multiple linear regression using Eviews 10 program. This study finds that the sample performed highest on the objective of nafs (self) over five-year period. The companies with a constant NOPAT and IC have a better EVA. Maqashid Syariah Index positively influence firm value while the capital structure has no effect.

This research was conducted to analyze the effect of investment decisions, funding decisions, and dividends on the value of companies in the manufacturing companies in the food and beverage sector, which are listed on the 2016-2020 Efek Stock Exchange in Indonesia. The sample used in this research is 6 samples of mmanufacturing companies in the food and beverage sector issues listed. The sampling criteria are companies listed on the Indonesia Stock Exchange 2016-2020, companies publishing annual financial reports for the 2016-2020 period in a row, companies having complete financial statement data related to the variables in the study, and the company earned a net profit in the 2016-2020 period. This study aims to analyze and prove empirically the effect of investment decisions, funding decisions, and dividends on firm value. The research data collection method uses secondary data. The sampling method uses the purposive sampling technique. The data analysis method uses multiple regression analysis. Based on the results of the test, it is known that simultaneously, it shows that the investment decisions, funding decisions, and dividend decisions have an effect on the value of the companies in the Indonesian food and beverage sector that are listed in 2016. The results of the partial test show that the investment decision has an significantly positive effect on the value of the company, the funding decision has no significant impact on the value of the company and has an significantly positive effect on this decision.

This study was to determine the influence of intellectual capital and corporate social responsibility on firm value. This research method is quantitative. The population in this study is the mining sector companies on the Indonesia Stock Exchange from 2018 to 2020. The sample of this study was determined by purposive sampling. Data analysis techniques for hypothesis testing using multiple regression analysis. The results show that intellectual capital has no significant effect as well as corporate social responsibility on firm value. This is due to the low interest of investors in other aspects outside of physical and financial assets. investors are more focused on maximizing profit as a short term goal. it can be suggested that: (1) Companies should increase their assets to increase company size so that companies have more financial funds to manage their IC performance and create more added value, and (2) For future researchers, it is recommended to increase the number of sample companies, adding other variables and using other proxies in further research.

The Purpose of the study: the key purpose of the study is to discuss the importance and relevance of Customer Accounting to the Egyptian business environment, and to evaluate the role it plays in maximizing the value of the firm. The Methodology of the study: the researcher conducted a questionnaire to test the hypotheses of research, the sample chosen included 95 respondents from the intended groups who benefit from customer accounting in the 30 companies in the corporate social responsibility index (S&P) listed in the Egyptian stock of exchange, the intended groups selected are: Accountants, Financial Managers, Financial Analysts and investors. The study results’: the results of the study proved the importance of customer accounting’s approach for the Egyptian business environment. As well, the evaluation of customer accounting showed that its advantages prevail over the disadvantages, which indicates that it plays a vital role in maximizing the value of the firm.

Subject. The article investigates pricing factors that determine the enterprise value with respect to the effect of corporate governance factors. Objectives. I analyze the impact of corporate governance factors on the enterprise value and build a technique for assessing the effect of corporate governance on the business valuation of the Russian public companies. Methods. The study relies upon the synthesis, deduction, induction, methods of statistical analysis, comparison and generalization. Results. I devised the method, which comprises five steps considering the effect of corporate governance factors on the enterprise value. Following the steps of the method, the specifics of the valuation subject is analyzed in terms of business and legal forms, the use of modern Russian corporate governance principles, the composition and the number of shareholders, industry the entity operates in, and fundamental metrics of the enterprise value. Conclusions and Relevance. Currently, there is few information in the literature about the impact of corporate governance principles set forth in the 2014 Corporate Governance Code, on business value. The article presents the method for assessing the impact of corporate governance on the business valuation, which accounts for the specifics of business and legal forms in terms of corporate governance principles, capital structure, the number of shareholders, the State’s involvement, industry, and fundamental metrics of business valuation. The proposed method can be used by financial analysts, appraisers, corporate managers so as to build and manage the enterprise value.

Subject. The article focuses on business valuation methods and factors with reference to corporate governance principles. Objectives. I analyze how corporate governance factors influence the value and capitalization of public joint-stock companies, and make my suggestions concerning financial and administrative decisions in line with value-based management. Methods. The study is based on methods of synthesis, deduction, induction, statistical analysis, comparison and generalization. Results. Having analyzed the impact of such factors, as revenue, dividends paid, return on sale and equity, for an 11-year life span (2009–2019), on capitalization and value of the population made up of 20 Russian public joint-stock companies from four sectors, as classified by the number of owners and State interest, I figured out that capitalization enterprise value in Russia most of all depend on indicators of companies if it has 11 owners and more (71%), companies without the State interest (67%). As for basic factors, these are revenue and dividend policy that have the strongest effect on enterprise value, while capitalization depends on all the analyzable factors. Conclusions and Relevance. Currently, business valuation and business valuation management are critical for making correct strategic administrative decision. Doing so, the appraiser shall not only measure enterprise value with available financial results, but also consider its various non-financial indicators, which inter alia include corporate governance. Based on corporate governance principles set forth in the Letter of the Bank of Russia, I pointed out that definitely influence the enterprise value. Based on the above analysis, I determined what best results the Russian public joint-stock companies can attain in their corporate governance by sector, the number and quality of owners. Following the findings, I suggest how financial and administrative decisions on enterprise value management should be made, in line with the value-based management principles.

This study was conducted to seek the consistency of the results of previous studies on the influence of Intellectual Capital, with the mediation of financial performance, on the value of banking firms. The quantitative research method used the PLS-SEM analysis technique by using the Smart PLS 3 application. The research subjects were 45 banks listed on the IDX for the period 2015-2019. The sampling technique used was purposive sampling. The results showed the consistency of the financial performance of banking companies with ROE and ROA indicators as mediating variables between Intellectual Capital as the dependent variable on the value of conventional banking companies using PER indicator as an independent variable. The type of mediation formed in the PLS-SEM equation model is partial mediation.

Positive responses from investors indicate the company's success in providing information to the public. It reflects the stock prices increase in the capital market. Information that is responded to positively provides investor confidence that it contains decision-making usefulness, and managers can ensure its sustainability in the future. This study aims to examine the association of carbon emissions disclosure with firm value in Indonesia. In addition, this study also examines the role of corporate governance in the association between carbon emissions disclosure and firm value. This study employs secondary data sourced from financial statements available at www.idnfinancials.com and stock price data from www.finance.yahoo.com. The sample employed in this study is a manufacturing company from 2016 to 2019. By using purposive sampling, the sample obtained in the study is 260 observations. The data were analyzed using multiple linear regression for panel data. This study concludes that the carbon emissions disclosure is negatively associated with firm value. In addition, corporate governance has not succeeded in strengthening the positive effect of carbon emission disclosures on firm value. This study suggests that the Indonesia Financial Services Authority (OJK) should re-examine the regulation on sustainability disclosure, which includes carbon emissions, which is one of the current dynamic issues in the world. In addition, companies need to improve the quality of disclosure of information related to sustainability to the public.

This study aims to test empirically the effect of a good corporate governance mechanisms on firm value moderated by stock returns. This is quantitative research. The population in this study is property and real estate companies listed on the Indonesia Stock Exchange (IDX) from 2015-2019 and uses purposive sampling that consists of 85 samples. The study uses multiple linear regression analysis with STATA ver. 16. The results showed that the board of directors and audit committee have a significant positive effect on firm value. Independent board of commissioners, institutional ownership, and managerial ownership do not affect firm value. Stock returns cannot moderate the relationship between independent of board commissioners, board of directors, audit committee, institutional ownership, and managerial ownership on firm value

Purpose The purpose of this study is to examine the effect of business uncertainty on the information technology (IT) governance of listed firms in Indonesia. Design/methodology/approach The samples are listed firms in Indonesia Stock Exchange for the years 2015–2018. Total observations are 1,215 firm years. The authors used the random effect panel regression to test the hypotheses. Findings The authors find that business uncertainty has a significant positive association with IT governance, consistent with the prediction. Companies with higher business uncertainty are in higher demand for implementing IT governance. Originality/value The authors have not found previous studies that examine business uncertainty as to the determinant of IT governance. The authors also examined the IT governance in Indonesia, one of the emerging countries. Most previous studies on IT governance were conducted in developed countries, which results may not be generalized to emerging countries.

Motivated by the increasing influence of shareholder votes on corporate policies, we examine investors’ perceptions of activism via voting. To identify instances of activism via voting, we focus on annual meetings with at least one ballot item where a substantial fraction of shareholders is expected to vote against management’s voting recommendation, indicating an increase in their monitoring activity. We define such meetings as “contentious.” Using a sample of almost 28,000 meetings between 2003 and 2012, we examine stock returns over the period between the proxy filing and the annual meeting. This period captures when investors learn about the contentious nature of the upcoming meeting and form expectations about its likely impact on firms’ policies. We find that abnormal stock returns prior to contentious meetings are significantly positive and higher than those prior to non-contentious meetings. These higher abnormal returns increase with the contentiousness of the meeting; are more pronounced in firms with poor past performance, which are more likely to respond to shareholder pressure; and persist after controlling for firm-specific news and proxies for risk factors. Our results are consistent with investors’ expecting activism via voting to have a positive impact on firm value, on average, and cast doubts on regulatory attempts to restrict the use of shareholder votes.

Over the years, firms have been using Corporate Social Responsibility (CSR) as a strategic tool to improve their competitiveness and ultimately benefit their stakeholders. The evidence on the impact of CSR on firm performance, as documented in the literature, is mixed. This paper aims to examine the relationship between socially responsible behaviour and firm value in the Indian context. We use the natural research setting created by the Indian Companies Act, 2013, which mandates a category of firms to spend at least 2% of their net profits on CSR activities. Over the years since the introduction of the mandatory CSR regime in India, few firms have continued to spend more than the statutory minimum on CSR activities. Using Regression Discontinuity Design (RDD), we have examined the impact of CSR spending in excess of the statutory minimum on the short-term and long-term performance of firms. Using a sample of listed Indian firms which incurred CSR spending in at least one out of the preceding five financial years ending on March 31, 2019, we find that firm's choice of spending more than the required minimum on CSR negatively affects its short-term financial performance. The evidence on the impact of excess CSR spending on long-term financial performance of such firms is mixed. Overall, our study provides evidence that CSR spending in excess of the statutory minimum imposes social burden on the business activities of the firms at the expense of returns to the shareholders. The findings of our study may help firms design their CSR policies and expenditure. The evidence may also help policymakers in determining the level of mandatory CSR spending.

In many countries, disproportionately many firms locate their headquarters in the capital city. Spatial proximity to a country’s leading politicians may be beneficial for a number of reasons. Since neither firms nor governments move randomly, the effects of firms’ co-locating with the government are normally hard to identify. I solve this problem by examining a unique event—the decision to relocate the German federal government from Bonn to Berlin in 1991. Following reunification, there was a free vote in the German parliament on the future location of the government. Berlin won by a narrow margin, an event that could not be anticipated even days before and that is free from confounding factors. Firms with corporate headquarters in Berlin experience abnormal equity returns of more than 3% following the relocation decision.

This study aims to examine the factors that affect firm value. This research uses purposive sampling method. The sample of the research is 45 financial companies (128 year-firm observations) listed in Indonesia Stock Exchange for the period of 2017-2019. Multiple regression analysis with unbalanced panel data was applied to analyze the data. A corporate governance index published by Globe and Mail with 4 sub-indices is adopted, namely board composition, shareholding and compensation policies, shareholder rights and disclosure. The results of this study indicate that good corporate governance and research & development investment have no effect on firm value. This explains that the implementation of good corporate governance and firm investment in research & development are not the main information for investors in making investments. However, intellectual capital and enterprise risk management disclosure have effect on firm value. The results can be used as a reference for researchers, especially in the accounting sector related to the development of measuring instruments for good corporate governance.

The object of this study is a manufacturing company listed on the Indonesia Stock Exchange for the period 2016-2020 with a total population of 196 companies. The sample of this research is 44 companies that meet the criteria based on purposive sampling. The analysis technique uses multiple linear regression.The results of this study there is a significant relationship between the independent board of commissioners on firm value. Institutional ownership has no effect on firm value. There is a significant relationship between the audit committee and the investment opportunity set on firm value. The results of other studies indicate that there is an influence of the CSR moderating variable between the independent board of commissioners' relationship to firm value. It is different with institutional ownership that has no effect on the value of the company which is moderated by CSR. There is a significant effect between the audit committee and the investment opportunity set on firm value moderated by CSR in manufacturing companies listed on the Indonesia Stock Exchange for the 2016-2020 period.Keywords: CSR, independent board of commissioners, investment opportunity set, institutional ownership. audit committee, firm value.

This research aims to prove and analyze the impact of green corporate social responsibility (CSR) on company value and the role of the audit committee as a moderating variable. The population is all corporates exist on the Indonesian Stock Exchange (IDX) during 2015-2019. The study used purposeful sampling and obtained as many as 125 companies. The analysis methods used are simple linear analysis and moderate regression analysis. Finding research show that green CSR affects corporate value, and the audit committee can ease correlate between green corporate social responsibility and corporate value.

Investors have certain goals in making investments. The purpose of this study was to obtain empirical evidence regarding the effect of corporate social responsibility and good corporate governance on firm value and to examine the role of financial performance in moderating the effect of corporate social responsibility and good corporate governance on firm value. In this study, the sampling technique used nonprobability sampling method with purposive sampling technique while the sample criteria were companies that participated in the 2019-2020 PROPER period that got gold to blue rankings and the parent company that participated in the 2019-2020 PROPER period which was listed on the stock exchange and published an annual report in 2020, the research sample size was 36 companies. The data used in this research is secondary data. The data analysis technique used multiple linear regression and moderated regression analysis. The results of this study indicate that corporate social responsibility and good corporate governance have a positive effect on firm value, financial performance is able to moderate the effect of corporate social responsibility on firm value, but financial performance is not able to moderate the effect of good corporate governance on firm value. The implications that can be given from the research findings are that it can enrich the research model and support other empirical studies related to the influence of corporate social responsibility and good corporate governance on firm value and the role of financial performance in moderating the influence of corporate social responsibility and good corporate governance on firm value.

This study aims to test the influence of Corporate Social Responsibility and Good Corporate Governance on Firm Value with Financial Performance as a Moderating Variable. The object of this research is a manufacturing company of consumer goods sector listed on the Indonesia Stock Exchange in 2016-2019 which amounts to 26 companies. This research uses sampling technique that is using purposive sampling method. The analysis tool used is Multiple Linear Regression and Moderated Regression Analysis (MRA) using SPSS 21 software. The results of this study showed that Corporate Social Responsibility has no effect on firm value, Corporate Governance which is proxed with institutional ownership negatively affects the firm value, Corporate Governance which is proxied with managerial ownership has a positive effect on the firm value, Corporate Governance which is proxy with the remuneration committee has no effect on the firm value, Financial Performance which is proxies by ROA is not able to strengthen the influence of Corporate social responsibility on firm value.

This study aims to determine the effect of capital structure (X1), profitability (X2) simultaneously and partially on firm value in plantation sub-sector companies that go public on the Indonesia Stock Exchange. This study uses a quantitative approach. Determining the sample of companies using purposive sampling technique by considering companies that are listed and no listed on the Indonesia Stock Exchange and have financial statements from 2015-2019, so the total sample is 7 companies in the plantation sub-sector. Sources data of research are from audited company annual reports and from the Indonesia Stock Exchange (www.idx.co.id) and ICMD (Indonesia Capital Market Directory). The result of the study shows that the capital structure and profitability simultaneously have a significant effect on firm value. Capital structure partially has no significant effect on firm value in plantation sub-sector companies listed on the Indonesia Stock Exchange.