Good Corporate Governance and Firm Value Evidence from Oil and Gas Companies on IDX
Keywords:
audit committee, firm value, good corporate governance, independent commissioner, institutional ownership, Tobin's QAbstract
This study examines the influence of good corporate governance (GCG) on firm value in the oil and gas sub-sector among companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The GCG mechanisms examined are independent commissioners, institutional ownership, and audit committees, with firm value proxied by Tobin's Q. Using a quantitative approach, secondary data from 7 companies over five years (35 observations) were collected through purposive sampling. The findings reveal that independent commissioners have a significant negative effect on firm value, institutional ownership has a significant positive effect, while the audit committee shows no significant effect. Simultaneously, all three GCG mechanisms have a significant combined effect on firm value. These results underscore the need for oil and gas companies to prioritize the quality and effectiveness of governance practices, rather than mere regulatory compliance, as a concrete effort to strengthen firm value and investor confidence.
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