Determining Factors of Firm Value: Legitimacy Theory Perspective

This study was conducted to explore the impact of effective corporate governance and corporate social responsibility (CSR) disclosure on a company's value, with firm size serving as a moderating variable. Additionally, data provided by the Indonesia Stock Exchange (IDX) is readily accessible via the website www.idx.co.id . The study encompassed 72 businesses in the Food and Beverage subsector, indexed on the IDX from 2017 to 2021. Sample selection for this study employed purposive sampling, where specific criteria and considerations were used to determine the sample. According to these criteria, 100 companies from the Food and Beverage subsector between 2017 and 2021 were included in the study. Panel data regression analysis using STATA 16 was the primary research technique employed. Based on the findings, this study concludes that effective corporate governance has a favorable impact on a company's value, and CSR disclosure also affects a company's value. Moreover, the size of the firm mitigates the influence of effective corporate governance on firm value, and it similarly mitigates the impact of CSR disclosure on firm value.