Subtopic Deep Dive
Corporate Governance and Firm Value
Research Guide
What is Corporate Governance and Firm Value?
Corporate Governance and Firm Value examines how board composition, ownership structure, and governance mechanisms affect firm valuation and performance, often moderated by financial variables like profitability and leverage.
Researchers use panel data regressions on Indonesian listed firms to test these relationships (Retno & Priantinah, 2012; Husna & Satria, 2019). Over 10 key papers from 2005-2022 analyze GCG, CSR disclosure, size, and leverage impacts, with top-cited works exceeding 300 citations. Focus is on emerging markets like Indonesia Stock Exchange data.
Why It Matters
Strong governance boosts Tobin's Q and investor trust in volatile markets (Husna & Satria, 2019, 330 citations; Endri & Fathony, 2019, 122 citations). In Indonesia, GCG and CSR disclosure moderate firm value amid high leverage, aiding regulators in BEI-listed firms (Retno & Priantinah, 2012, 174 citations). Fuadah et al. (2022, 80 citations) link ownership to ESG disclosure and performance, influencing sustainable investment strategies.
Key Research Challenges
Endogeneity in Governance Effects
Panel regressions face reverse causality between governance and value (Retno & Priantinah, 2012). Instrumental variables are rare in Indonesian data (Setyawati & Mindarti, 2012). Leverage confounds results (Husna & Satria, 2019).
Measurement of Governance Quality
GCG proxies like board independence vary across studies (Situmorang & Simanjuntak, 2019, 91 citations). CSR disclosure scales differ, complicating comparisons (Fuadah et al., 2022). Firm size controls inconsistently applied (Hapsoro & Falih, 2020).
Context-Specific Moderators
Profitability and debt ratios moderate unevenly in emerging markets (Endri & Fathony, 2019). Carbon emissions and ESG add new layers (Hapsoro & Falih, 2020, 80 citations). Political connections alter conservatism (Mohammed et al., 2017).
Essential Papers
EFFECTS OF RETURN ON ASSET, DEBT TO ASSET RATIO, CURRENT RATIO, FIRM SIZE, AND DIVIDEND PAYOUT RATIO ON FIRM VALUE
Asmaul Husna, Ibnu Satria · 2019 · International Journal of Economics and Financial Issues · 330 citations
The purpose of the research is to determine the effect of return on assets, debt to asset ratio, current ratio, firm size, and dividend payout ratio to the firm value of manufacturing companies lis...
PENGARUH GOOD CORPORATE GOVERNANCE DAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2007-2010)
Reny Dyah Retno, Denies Priantinah · 2012 · Nominal Barometer Riset Akuntansi dan Manajemen · 174 citations
Penelitian ini untuk mengetahui 1) PengaruhGCG Terhadap Nilai Perusahaan dengan variabelkontrol Size dan Leverage pada perusahaan yangterdaftar di BEI periode 2007-2010 2) PengaruhPengungkapan CSR ...
Determinants of firm’s value: Evidence from financial industry
Endri Endri, Moch Fathony · 2019 · Management Science Letters · 122 citations
The purpose of this study was to estimate and analyze the effect of dividend policy, profitabil-ity, firm size, leverage, and growth on firm value in financial sector listed on Indonesia Stock Exch...
Impact of Leverage and Firm Size on Earnings Management in Indonesia
Kadek Marlina Nalarreason, T Sutrisno, Endang Mardiati · 2019 · International Journal of Multicultural and Multireligious Understanding · 105 citations
This study aimed to determine the effect of leverage and firm size toward earnings management. This study used a sample of the financial report data from manufacturing companies listed on the Indon...
PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KINERJA KEUANGAN PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
Christina Verawaty Situmorang, Arthur Simanjuntak · 2019 · JURNAL AKUNTANSI DAN BISNIS Jurnal Program Studi Akuntansi · 91 citations
This study aims to examine and analyze the influence of good corporate governance on corporate financial performance. Good corporate governance in this study is proxied by percentage of institution...
Accounting conservatism, corporate governance and political connections
Nor Farizal Mohammed, Kamran Ahmed, Xu‐Dong Ji · 2017 · Asian Review of Accounting · 90 citations
Purpose The purpose of this paper is to examine the relationship between accounting conservatism, corporate governance and political connection in listed firms in Malaysia where political influence...
The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure
Dody Hapsoro, Zaki Naufal Falih · 2020 · Journal of Accounting and Investment · 80 citations
Research aims: The purpose of this study is to examine carbon emission disclosure in moderating the effect of firm size, profitability, and liquidity on the firm value. Design/Methodology/Approach:...
Reading Guide
Foundational Papers
Start with Retno & Priantinah (2012, 174 citations) for GCG-value baseline with size/leverage controls; Setyawati & Mindarti (2012, 72 citations) for board proxies on earnings management.
Recent Advances
Husna & Satria (2019, 330 citations) for ROA/debt effects; Fuadah et al. (2022, 80 citations) for ownership-ESG-audit links.
Core Methods
Panel regressions on BEI data (2007-2022); Tobin's Q or price-book as value metrics; GCG via institutional ownership, board size (Situmorang & Simanjuntak, 2019). Moderators: CSR disclosure, carbon emissions (Hapsoro & Falih, 2020).
How PapersFlow Helps You Research Corporate Governance and Firm Value
Discover & Search
PapersFlow's Research Agent uses searchPapers and citationGraph on 'Corporate Governance and Firm Value Indonesia' to map 174-citation Retno & Priantinah (2012) as hub, linking to Husna & Satria (2019, 330 citations) and 10+ descendants. exaSearch uncovers ESG extensions like Fuadah et al. (2022); findSimilarPapers expands to leverage moderators.
Analyze & Verify
Analysis Agent applies readPaperContent to extract ROA-leverage regressions from Husna & Satria (2019), then runPythonAnalysis replicates panel models with pandas on exported CSV data for statistical verification. verifyResponse (CoVe) checks claims against abstracts; GRADE assigns A-grade to causal evidence in Retno & Priantinah (2012).
Synthesize & Write
Synthesis Agent detects gaps in endogeneity controls across papers, flags CSR-governance contradictions. Writing Agent uses latexEditText for regression tables, latexSyncCitations for 10-paper bib, latexCompile for polished report; exportMermaid diagrams ownership-value paths from Fuadah et al. (2022).
Use Cases
"Replicate Husna-Satria 2019 ROA-firm value regression on new Indonesian data"
Research Agent → searchPapers('Husna Satria 2019') → Analysis Agent → readPaperContent → runPythonAnalysis (pandas regression on extracted tables) → matplotlib plot of coefficients.
"Draft LaTeX section on GCG effects with citations from top 5 papers"
Research Agent → citationGraph → Synthesis Agent → gap detection → Writing Agent → latexEditText('GCG section') → latexSyncCitations(5 papers) → latexCompile → PDF output.
"Find GitHub code for Indonesian firm value panel regressions"
Research Agent → paperExtractUrls(Endri 2019) → Code Discovery → paperFindGithubRepo → githubRepoInspect → runPythonAnalysis on repo scripts.
Automated Workflows
Deep Research workflow scans 50+ Indonesian governance papers via searchPapers → citationGraph, outputs structured review with GRADE scores on Retno (2012) moderators. DeepScan's 7-steps verify Husna (2019) regressions: readPaperContent → runPythonAnalysis → CoVe checkpoints. Theorizer generates theory on ownership-ESG links from Fuadah (2022) data.
Frequently Asked Questions
What defines Corporate Governance and Firm Value?
It analyzes board composition, ownership, and mechanisms' impact on valuation via regressions, moderated by ROA and leverage (Retno & Priantinah, 2012). Focuses on Indonesian firms.
What methods are used?
Panel data regressions with Tobin's Q as dependent variable; controls for size, leverage (Husna & Satria, 2019). GCG proxied by board independence, institutional ownership (Situmorang & Simanjuntak, 2019).
What are key papers?
Foundational: Retno & Priantinah (2012, 174 citations) on GCG-CSR-value. Recent: Husna & Satria (2019, 330 citations) on financial ratios; Fuadah et al. (2022, 80 citations) on ESG-ownership.
What open problems exist?
Endogeneity unresolved without IVs (Setyawati & Mindarti, 2012). ESG moderation needs cross-country tests beyond Indonesia (Hapsoro & Falih, 2020).
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