The THE ROLE OF CORPORATE GOVERNANCE IN IDX ESG LEADERS:
AN ANALYSIS OF FINANCIAL PERFORMANCE AND LEVERAGE ON STOCK PRICES
Keywords:
Corporate Governance, Financial Performance, Leverage, Stock Price
Abstract
The main aim of this analysis is to examine how corporate governance alter the effect of financial performance and debt on stock prices. Secondary sources, such as documents and literary evaluations, were used to collect the information that was acquired. The population of this study is comprised of businesses that have been designated as IDX ESG Leaders for the period of time spanning from 2020 to 2024. By using a method known as purposive sampling, we were able to choose 17 out of thirty organisations to serve as our sample, which resulted in the collection of 85 data points for the research. Moderated Regression Analysis (MRA) was used for the analysis this time. On the basis of the findings, it was determined that the stock prices of IDX ESG Leaders were significantly impacted by financial performance and leverage between the years 2020 and 2024. As a result of corporate governance, the stock prices of companies that are included on the IDX ESG Leaders list will be significantly influenced by the financial performance and leverage of these companies throughout the years 2020–2024.
Keywords: Corporate Governance, Financial Performance, Leverage, Stock Price
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References
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Amalutstsani, W. Y., & Anwar, M. (2021). Corporate Governance, Risiko, dan Nilai Perusahaan Pada Perusahaan Sektor Perbankan Di Indonesia. Jurnal Ilmu Manajemen, 11(1), Article 1. https://doi.org/10.32502/jimn.v11i1.3514
Anas, D. E. A. F. (2021). Hubungan Arus Kas Pada Return Saham Di Mediasi Persistensi Laba. Jurnal Riset Mahasiswa Akuntansi, 9(2), Article 2. https://doi.org/10.21067/jrma.v9i2.6098
Arfianti, R. I., & Anggreini, M. (2023). Moderasi Good Corporate Governance Pada Pengaruh Kinerja Keuangan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Akuntansi, 12(1), Article 1. https://doi.org/10.46806/ja.v12i1.912
Ashary, F., & Kasim, M. Y. (2019). Pengaruh Kebijakan Dividen Dan Leverage Terhadap Nilai Perusahaan Dengan Gcg Sebagai Moderasi. On Line, 5(3).
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (Fifteenth edition). Cengage.
Castrillón, G., & Alfonso, M. (2021). The concept of corporate governance. Visión de Futuro, 25, No 2 (Julio-Dic), 178–194.
Etengu, R. O., Opio, B., & Oder, J. (2024). Corporate disclosure and earnings management: The moderating role of corporate governance mechanisms. Reporting and Accountability Review, 1(1), 8.
Hardiyanti, D., Lukita, C., & Apriani, F. (2024). Pengaruh Tax Avoidance, Earnings Persistence dan Sustainability Report terhadap Nilai Perusahaan dengan Dewan Komisaris Independen Sebagai Variabel Pemoderasi. J-MAS (Jurnal Manajemen Dan Sains), 9(2), Article 2. https://doi.org/10.33087/jmas.v9i2.1918
Indriani, M., Harnida, M., & Nurhayati, N. N. (2024). Pengaruh Profitabilitas, Leverage Dan Kebijakan Dividen Terhadap Harga Saham Di Bursa Efek Indonesia. KINDAI, 20(2), 120–128. https://doi.org/10.35972/kindai.v20i2.1642
Likha, M., & Fitria, A. (2019). Pengaruh Pertumbuhan Laba, Kinerja Keuangan Terhadap Nilai Perusahaan Dimoderasi Corporate Social Responsibility. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 8(5).
Lipe, R. (1990). The Relation between Stock Returns and Accounting Earnings Given Alternative Information. The Accounting Review, 65(1), 49–71.
Maghfiroh, R. D., Asandimitra, N., & HARTONO, U. (2023). Moderation Analysis of Good Corporate Governance on the Effect of Financial Ratio and Market Ratio on Financial Distress. International Journal of Professional Business Review: Int. J. Prof.Bus. Rev., 8(7), 115.
Maharani, P. R., & Pertiwi, T. K. (2022). Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Pengungkapan Corporate Social Responsibility. At-Tadbir : Jurnal Ilmiah Manajemen, 6(1), Article 1. https://doi.org/10.31602/atd.v6i1.5873
Miller, M. H. (1988). The Modigliani-Miller Propositions after Thirty Years. Journal of Economic Perspectives, 2(4), 99–120. https://doi.org/10.1257/jep.2.4.99
Muhidin, M., & Situngkir, T. L. (2023). Pengaruh Rasio Profitabilitas Terhadap Harga Saham Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia pada Tahun 2015—2021. Transformasi Manageria: Journal of Islamic Education Management, 3(1), Article 1. https://doi.org/10.47467/manageria.v3i1.2093
Ningrum, H. S., & Pertiwi, T. K. (2025). Pengaruh Profitabilitas, Likuiditas Dan Leverage Terhadap Harga Saham Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Journal Publicuho, 8(1), Article 1. https://doi.org/10.35817/publicuho.v8i1.678
Nisa, S., & Hariyanti, A. I. (2022). Good Corporate Governance, Kinerja Keuangan dan Kinerja Saham Selama Pandemi Covid-19. Jurnal Studi Pemerintahan Dan Akuntabilitas, 2(1), Article 1. https://doi.org/10.35912/jastaka.v2i1.1739
Purba, R. B. (2023). Teori Akuntansi: Sebuah Pemahaman untuk Mendukung Penelitian di Bidang Akuntansi. Merdeka Kreasi Group.
Putri, R. A., & Suwaidi, R. A. (2023). Pengaruh Likuiditas, Solvabilitas, dan Profitabilitas terhadap Harga Saham pada Perusahaan Sub Sektor Perdagangan Eceran yang Terdaftar di BEI. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(2), 503–517. https://doi.org/10.47467/alkharaj.v5i2.1200
Romadhon, I. C., & Yuniningsih. (2022). Pengaruh Rasio Keuangan Terhadap Harga Saham dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Tambang Batu Bara di Bursa Efek Indonesia. 8. https://doi.org/10.29303/jseh.v8i2.65
Rudianto. (2021). Analisis Laporan Keuangan: Alat Perencanaan dan Pengendalian Manajemen. In Analisis Laporan Keuangan: Alat Perencanaan dan Pengendalian Manajemen (p. 109). Penerbit Erlangga.
Sari, J., Djaddang, S., & Mulyadi. (2019). Pengaruh Persistensi Laba Terhadap Kinerja Perusahaan Dengan Corporate Governance Sebagai Variabel Pemoderasi Pada Perusahaan Sektor Hotel Restoran Dan Pariwisata. Jurnal Inovasi Manajemen Ekonomi Akutansi, 1(2), Article 2.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Stawati, V. (2020). PENGARUH PROFITABILITAS, LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP PENGHINDARAN PAJAK. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 6(2), 147–157. https://doi.org/10.31289/jab.v6i2.3472
Subroto, V. K., & Endaryati, E. (2023). Kumpulan Teori Akuntansi. Universitas Stekom.
Tsaniatuzaima, Q., & Maryanti, E. (2022). Pengaruh CR, ROA, DER terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi. Owner : Riset Dan Jurnal Akuntansi, 6(3), Article 3. https://doi.org/10.33395/owner.v6i3.880
Warmana, G. O., & Widnyana, I. W. (2017). Pengaruh Keputusan Pendanaan Terhadap Kinerja Keuangan Perusahaan Pada Sektor Pariwisata, Restoran Dan Hotel.
Published
2026-04-30
How to Cite
Adzra, R., & Pertiwi, T. K. (2026). The THE ROLE OF CORPORATE GOVERNANCE IN IDX ESG LEADERS:. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(1), 10288-10300. https://doi.org/10.31538/iijse.v9i1.8367
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Copyright (c) 2026 Rifda Shabrina Adzra, Tri Kartika Pertiwi
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