Financial Performance and Value of SOEs: Seen From Good Corporate Governance, Intellectual Capital, and Corporate Social Responsibility

International Journal of Economics and Management Studies
© 2020 by SSRG - IJEMS Journal
Volume 7 Issue 1
Year of Publication : 2020
Authors : Lusy , Budiyanto , Akhmad Riduwan
How to Cite?

Lusy , Budiyanto , Akhmad Riduwan, "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, vol. 7,  no. 1, pp. 9-17, 2020. Crossref,


State-Owned Enterprises (SOEs), 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 harms 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 the signaling theory that companies that implement GCG pay attention to intellectual capital, and CSR is 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. CSR makes managers more focused on managing the company without being hindered by social cases, human rights, demonstrations from the public, thus making stakeholders protected.


Good Corporate Governance, Intellectual Capital, Corporate Social Responsibility, Financial Performance, and Corporate Value.


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