Pengaruh Good Corporate Governance dan Corporate Social Responsibility terhadap Kinerja Keuangan Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2019-2023

Abstract

This study aims to examine and obtain empirical evidence regarding the effect of Good Corporate Governance (GCG), proxied by institutional ownership, managerial ownership, and foreign ownership, as well as Corporate Social Responsibility (CSR), on financial performance proxied by Return on Assets (ROA) in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. This research employed a quantitative approach with an associative research design. The population consisted of all manufacturing companies listed on the Indonesia Stock Exchange during the observation period. The sample was selected using the purposive sampling method, resulting in 43 companies with a total of 215 firm-year observations over five years. The study utilized secondary data obtained from annual reports and financial statements. Data analysis was conducted using multiple linear regression with SPSS software, including classical assumption tests, partial t-test, simultaneous F-test, and coefficient of determination (R²). The findings reveal that institutional ownership, managerial ownership, foreign ownership, and Corporate Social Responsibility (CSR) each have a positive and significant effect on Return on Assets (ROA), indicating that all research hypotheses are accepted. The coefficient of determination (R²) is 0.252, indicating that 25.2% of the variation in financial performance is explained by the four independent variables, while the remaining 74.8% is influenced by other factors outside the research model. These findings indicate that the implementation of Good Corporate Governance mechanisms and effective Corporate Social Responsibilitypractices contributes to improving the financial performance of manufacturing companies.