Contribution Revealing the Impact of Good Corporate Governance on Firm Value: Systematic Literature

Maruf Agung Kurniawan () and Sri Hermuningsih
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Maruf Agung Kurniawan: Universitiy of Sarjanawiyata Tamansiswa, Master of Management
Sri Hermuningsih: Universitiy of Sarjanawiyata Tamansiswa, Master of Management

A chapter in Proceedings of the 1st International Conference on Business, Economic, and Social Sustainability (ICOBES 2025), 2026, pp 89-105 from Springer

Abstract: Abstract This study aims to comprehensively examine the influence of good corporate governance (GCG) on firm valuation in the energy sector using a systematic literature review (SLR) approach. The research identifies dominant trends, key influencing factors, and practical implications for stakeholders in strengthening corporate governance practices. The analysis employs literature review and draws on 950 relevant articles collected from Google Scholar on January 20, 2024, through the Publish or Perish application using the keywords “good corporate governance” and “firm value.” The results reveal a significant increase in publications on GCG and firm value, peaking in 2023, with five main thematic clusters highlighting the interconnection between GCG, firm value, corporate growth, and stakeholder engagement. While GCG and firm value are the most studied topics, areas such as managerial ownership, independent commissioners, and audit committees remain underexplored, offering opportunities for future research. The findings indicate that effective GCG implementation positively correlates with profitability, operational efficiency, and corporate reputation, leading to higher firm valuation. This study provides essential insights for policymakers and practitioners to design stronger governance frameworks that enhance transparency, attract investment, and build public trust, thereby contributing to sustainable performance and social welfare in the energy sector.

Keywords: Good Corporate Governance; Firm Value; Systematic Literature Review; and Energy Sector (search for similar items in EconPapers)
Date: 2026
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DOI: 10.2991/978-94-6239-626-5_7

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