The Influence of Good Corporate Governance Index on Company Value with Financial Performance as a Mediating Variable
Keywords:
Good Corporate Governance; Firm Value; Financial Performance; Return on Assets; Food and Beverage IndustryAbstract
This study examines the effect of Good Corporate Governance (GCG), measured using a composite GCG Index, on firm value with financial performance proxied by Return on Assets (ROA) as a mediating variable. The research focuses on food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period, using 228 firm-year observations derived from 76 companies over three years. Secondary data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, and path analysis. The results indicate that GCG has a negative and significant effect on ROA, suggesting that higher governance compliance may increase administrative and monitoring costs that temporarily suppress profitability, particularly during periods of inflationary pressure. Furthermore, ROA has a positive and significant effect on firm value, while GCG shows a negative but insignificant direct effect on firm value. Path analysis confirms that ROA fully mediates the relationship between GCG and firm value. These findings imply that GCG implementation does not directly enhance market valuation unless it first improves a firm’s fundamental financial performance. The study contributes to governance literature by highlighting the short-term cost implications of GCG compliance in emerging markets.
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