Financial Performance And Value Of SOEs: Seen From Good Corporate Governance, Intellectual Capital, And Corporate Social Responsibility

Lusy, Lusy and budiyanto, budiyanto and Riduwan, Akhmad (2020) Financial Performance And Value Of SOEs: Seen From Good Corporate Governance, Intellectual Capital, And Corporate Social Responsibility. SSRG International Journal of Economics and Management Studies (IJEMS), 7 (1). pp. 9-17. ISSN 2393-9125

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Abstract

State-Owned Enterprises (SOEs) which were previously managed entirely by the Government, have shifted the paradigm to professional management. This research is a quantitative study that examines the influence of Good Corporate Governance (GCG), Intellectual Capital, and Corporate Social Responsibility (CSR) on Financial Performance and Company Value. The study population is a state-owned company listed on the Indonesian Stock Exchange that is not financial, so that 16 companies are obtained. The results showed that: (1) GCG has a positive effect on firm value; (2) Intellectual Capital has a positive effect on company value; (3) CSR has a negative effect on company value; (4) financial performance has a positive effect on firm value; (5) GCG has a positive effect on financial performance; (6) Intellectual Capital has a positive effect on financial performance; (7) CSR has a positive effect on financial performance; (8) Financial performance mediates the effect of GCG on firm value; (9) Financial performance mediates the effect of Intellectual Capital on firm value; and (10) Financial performance mediates the effect of CSR on firm value. This novel research lies in the GCG measurement indicators that use 5 pillars, namely: Transparency, Accountability, Responsibility, Independence, and Fairness (TARIF). The theoretical implications of this research relate to signaling theory that companies that implement GCG, pay attention to intellectual capital, and CSR are captured as a positive signal to investors. In addition, theoretical implications also relate to stakeholder theory that companies that apply GCG, pay attention to intellectual capital, and CSR make managers more focused on managing the company, without being hindered by social cases, human rights, demonstrations from the public, thus making stakeholders protected.

Item Type:	Article
Uncontrolled Keywords:	Good Corporate Governance, Intellectual Capital, Corporate Social Responsibility, Financial Performance, and Corporate Value
Subjects:	H Social Sciences > HG Finance
Divisions:	Fakultas Ekonomi > Prodi Akuntansi
Depositing User:	Margareta Hulda Lusy
Date Deposited:	01 Mar 2021 09:06
Last Modified:	01 Mar 2021 09:06
URI:	http://repositori.ukdc.ac.id/id/eprint/576

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