The Relationship between Sustainability Reporting, Corporate Governance, and Firm Value: The Mediating Role of Financial Performance in Food and Beverage Companies Listed on the Indonesia Stock Exchange
DOI:
https://doi.org/10.24256/kharaj.v8i2.10064Keywords:
Food and Beverage, Sustainability Report, Corporate Governance, Financial Performance, Corporate ValueAbstract
Purpose: This study examines the effect of sustainability reporting and corporate governance on firm value with financial performance as the mediator.
Methods: The research sample consists of 45 data from 15 Food and Beverage companies listed on the Indonesian Stock Exchange (IDX) between 2022 and 2024. This study adopted a quantitative approach using secondary data from financial reports. Purposive sampling technique was used with Smart-PLS4 as the research statistical testing tool.
Results: The test results show that sustainability reports (SR) have a positive and significant effect on firm value (Tobins’q), but do not significantly affect financial performance (ROA). Board meetings (BM), as a proxy for corporate governance, also have a positive and significant effect on firm value(Tobins’Q), but a negative and significant effect on financial performance (ROA). Financial performance (ROA) has a positive and significant effect on firm value (Tobins;Q) and is proven to significantly mediate the relationship between board meetings (BM) and firm value (Tobins’Q0, but does not significantly mediate the relationship between sustainability reports (SR) and firm value (Tobins’q).
Implications: For companies, sustainability reports should be viewed as a transparent, long-term investment focused on tangible performance, supported by optimized board meetings and corporate governance. For investors, information on sustainability, governance, and financial performance is crucial for decision-making, while for regulators such as the Financial Services Authority (OJK), these findings serve as a basis for strengthening regulation, transparency, and market confidence.
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