Integrating the Roles of Corporate Social Responsibility Disclosure, Good Corporate Governance, and Firm Size on Corporate Value Creation: Perspectives from Indonesia Energy Companies

Abstract

This study aims to examine the moderating roles of firm size on the maximization of firm value with corporate social responsibility disclosure and good corporate governance in the energy sector companies. The population of this study consisted of energy sector companies listed on the Indonesia Stock Exchange from 2019 to 2023. The sampling method employed was purposive sampling by curating samples from the population that met predetermined criteria. The sample used in this study amounted to 80, with details of 16 companies meeting the criteria over the 5-year research period. The analysis techniques in this study were descriptive analysis and quantitative analysis (classical assumption test, moderation regression analysis, and hypothesis testing) utilizing STATA version 17. The results of this study uncovered that the implementation of good corporate governance exerted a positive and significant effect on the creation of firm value, and firm size could moderate the relationship between good corporate governance and firm value. Additionally, the relationships between corporate social responsibility disclosure and firm value, moderated by firm size, did not exhibit significant relationships.