Corporate Governance, CSR Disclosure, and Firm Value: Evidence from Indonesia’s Mining Industry

Arifuddin Arifuddin () and A. M. Fadly Achmad
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Arifuddin Arifuddin: Hasanuddin University
A. M. Fadly Achmad: Hasanuddin University

A chapter in Proceedings of the 10th International Conference on Accounting, Management, and Economics (10th ICAME 2025), 2026, pp 686-700 from Springer

Abstract: Abstract This study aims to analyze the effect of Corporate Social Responsibility Disclosure (CSR) on firm value, as well as the role of Corporate Governance (CG) as a moderating variable in mining sector companies listed on the Indonesia Stock Exchange. This study highlights the relevance of Stakeholder Theory and Agency Theory as the analytical foundation for examining the relationship between social responsibility and governance in creating long-term value. Data were obtained from annual reports from 2021–2024 to show trends in the integration of ESG (Environmental, Social, and Governance) within the extractive industry. The research method uses a quantitative approach with multiple regression models and absolute moderation tests (Absolute Value Difference Test). CSR is measured using the GRI 4 disclosure index, which covers environmental, labor, product, and community aspects, while CG is proxied by managerial and institutional ownership, board size, and the proportion of independent commissioners. Firm value is measured using Tobin’s Q ratio. The results indicate that CSR has a significant positive impact on firm value, while CG strengthens this relationship. The implementation of good governance has been proven to enhance the credibility of CSR disclosure and investor trust. Recent literature updates show a trend that integrating CSR, CG, and ESG strengthens firm value through enhanced reputation and access to sustainable financing. These findings expand on previous research by emphasizing that sustainability and effective governance are key determinants of firm value in the post-pandemic era.

Keywords: Corporate Governance; Corporate Social Responsibility Disclosure; Firm Value; ESG; Mining Industry (search for similar items in EconPapers)
Date: 2026
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DOI: 10.2991/978-94-6239-709-5_48

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