A SYSTEMATIC LITERATURE REVIEW OF ERM, CORPORATE GOVERNANCE, INTERNAL CONTROL, AND SUSTAINABILITY REPORTING ON ENTERPRISE VALUE
Abstract
ABSTRACT
This study aims to analyze the determinants of firm value through a systematic literature review focusing on corporate governance, risk management, internal control, and sustainability reporting. The data for this study are articles from indexed journals with firm value as the dependent variable. Based on 67 empirical articles published between 2015 and 2025, this review synthesizes recent findings to assess how financial and non-financial mechanisms contribute to firm valuation across institutional contexts. The data were analyzed using the systematic literature review (SLR) method. The results reveal that corporate governance—specifically board independence, ownership structure, and audit committee effectiveness—are the most widely studied determinants. Risk management and sustainability reporting are increasingly studied due to their strategic signaling and stakeholder engagement roles, while internal control is less explored despite its relevance for reporting reliability and investor confidence. This study contributes by offering a structured synthesis and proposing future research directions to strengthen theoretical and methodological approaches in firm value research.
ABSTRAK
Penelitian ini bertujuan untuk menganalisis determinan dari nilai perusahaan melalui tinjauan literatur sistematis dengan fokus pada tata kelola perusahaan, manajemen risiko, pengendalian internal, dan pelaporan keberlanjutan. Data penelitian ini adalah artikel-artikel dari jurnal terindeks dengan nilai Perusahaan sebagai variabel terikatnya. Berdasarkan 67 artikel empiris yang diterbitkan antara tahun 2015 dan 2025, tinjauan ini mensintesiskan temuan terbaru untuk menilai bagaimana mekanisme keuangan dan non-keuangan berkontribusi pada penilaian perusahaan di berbagai konteks kelembagaan. Data dianalisis menggunakan metode systematic literature review (SLR). Hasil penelitian mengungkapkan bahwa tata kelola perusahaan—khususnya independensi dewan, struktur kepemilikan, dan efektivitas komite audit—menjadi determinan yang paling banyak diteliti. Manajemen risiko dan pelaporan keberlanjutan semakin banyak diteliti karena peran pensinyalan strategis dan keterlibatan pemangku kepentingan, sementara pengendalian internal kurang dieksplorasi meskipun relevansinya untuk keandalan pelaporan dan kepercayaan investor. Studi ini berkontribusi dengan menawarkan sintesis terstruktur dan mengusulkan arah penelitian masa depan untuk memperkuat pendekatan teoritis dan metodologis dalam penelitian nilai perusahaan.
Keywords
References
Abigail, A., & Dharmastuti, C. (2022). The impact of related party transactions on firm value in Indonesia: Moderating role of good corporate governance. Cogent Business and Management, 9(1), 1-23. https://doi.org/10.1080/23311975.2022.2135208.
Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442–458. https://doi.org/10.1108/JAEE-08-2017-0079.
Akhtar, T. (2022). Corporate governance, excess-cash and firm value: Evidence from ASEAN-5. Economics and Business Review, 8(4), 39–67. https://doi.org/10.18559/ebr.2022.4.3.
Alghamdi, O. A., & Agag, G. (2023). Unlocking the power of reporting: Exploring the link between voluntary sustainability reporting, customer behavior, and firm value. Sustainability (Switzerland), 15(21), 1-18. https://doi.org/10.3390/su152115584.
Alghazali, A., Al-Yahyaee, K. H., Fairchild, R. J., & Güney, Y. (2024). What do dividend changes reveal? Theory and evidence from a unique environment. Review of Quantitative Finance and Accounting, 62(2), 499–552. https://doi.org/10.1007/s11156-023-01211-x.
Almansoori, A., & Nobanee, H. (2019). How sustainability contributes to shared value creation and firms’ value. SSRN.
Anton, S. G. (2018). The impact of enterprise risk management on firm value: Empirical evidence from Romanian non-financial firms. Engineering Economics, 29(2), 151–157. https://doi.org/10.5755/j01.ee.29.2.16426.
Ararat, M., Black, B. S., & Yurtoglu, B. B. (2017). The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review, 30, 113–132. https://doi.org/10.1016/j.ememar.2016.10.001.
Ariani, M., & Weli. (2022). Pengaruh pengungkapan sistem pengendalian internal terhadap nilai perusahaan dengan agency cost sebagai mediator. Jurnal Akuntansi Berkelanjutan Indonesia, 5(2), 149–164.
Ashbaugh-Skaife, H., Collins, D. W., & Kinney, W. R. (2008). The effect of SOX internal-control deficiencies on firm risk and cost of equity. The Accounting Review, 83(1), 217–250. https://doi.org/10.2308/accr.2008.83.1.217.
Assidi, S. (2023). Voluntary disclosure and corporate governance: Substitutes or complements for firm value? Competitiveness Review, 33(6), 1205–1229. https://doi.org/10.1108/CR-08-2022-0112.
Bai, F., Shang, M., Huang, Y., & Liu, D. (2023). Digital investment, intellectual capital, and enterprise value: Evidence from China. Journal of Intellectual Capital, 24(6), 765–784.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108.
Bermundo, M. B., Ferrer, R. C., & Ramirez, F. (2019). The mediating effect of corporate social responsibility and dividend policy on the effect of corporate governance mechanism on firm value among publicly listed companies in the Philippines. International Journal of Engineering and Advanced Technology, 8(6 Special issue), 602–605. https://doi.org/10.35940/ijeat.F1121.0886S19.
Biçer, M., & Şit, A. (2023). The impact of corporate governance quality on firm value: A case study on corporate governance index of Borsa Istanbul. Central European Business Review, 12(3), 1-19. https://doi.org/10.18267/j.cebr.324.
Black, B. S., Jang, H., & Kim, W. (2006). Does corporate governance affect firms’ market value? Evidence from Korea. Journal of Law, Economics, & Organization, 22(2), 366–413. https://doi.org/10.1093/jleo/ewj018.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.
Budiarto, T., Musadieq, M. A., Kusumawati, A., & Yulianto, E. (2024). A systematic literature review using PRISMA: Exploring the influence of service quality and perceived value on satisfaction and intention to continue the relationship. Journal of Future Business, 10(1), 39. https://doi.org/10.1186/s43093-024-00063-1.
Bukari, A., Agyemang, A. O., & Bawuah, B. (2024). Assessing the moderating role of ESG performance on corporate governance and firm value in developing countries. Cogent Business and Management, 11(1), 1-22. https://doi.org/10.1080/23311975.2024.2333941.
Christian, J., Juanda, B., & Bandono, B. (2020). Good corporate governance on stock prices of companies listed in the KOMPAS 100 index 2014–2018. International Research Journal of Business Studies, 13(3), 293–306.
Damodaran, A. (2024, December 11). Annual data update 2024: The cost-of-capital aftermath. Musings on Markets. https://pages.stern.nyu.edu/~adamodar.
Dewi, N. N. S., & Rustiarini, N. W. (2024). Sustainability reporting and firm value: Systematic literature review. Analisis, 14(2), 218–232.
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160. https://doi.org/10.2307/2095101.
Dong, Y. (2018). Enterprise value evaluation based on FCFF model: A case analysis of Beixinyuan Company. Advances in Social Science, Education and Humanities Research, 151, 37–42. Atlantis Press.
El-Deeb, M. S., Halim, Y. T., & Elbayoumi, A. F. (2022). Disclosure tone, corporate governance and firm value: Evidence from Egypt. Asia-Pacific Journal of Accounting and Economics, 29(3), 793–814. https://doi.org/10.1080/16081625.2021.1934708.
Eriandani, R., & Winarno, W. A. (2024). ESG risk and firm value: The role of materiality in sustainability reporting. Quality Innovation Prosperity, 28(2), 16–34. https://doi.org/10.12776/qip.v28i2.2019.
Esan, O. M., Nwobu, O., Adeyanju, I. T., & Adeyemi, J. O. (2022). Firm value response to internal and external corporate governance in the Nigerian stock market. Asian Economic and Financial Review, 12(4), 227–243. https://doi.org/10.55493/5002.v12i4.4465.
Fadhilah, N. N., Kurniati, D., & Suherman. (2021). Firm value determinants: Empirical evidence from manufacturing firms listed on the Indonesia Stock Exchange. International Journal of Social Science, 5(2), 742–751.
Faisal, F., Abidin, Z., & Haryanto, H. (2021). Enterprise risk management (ERM) and firm value: The mediating role of investment decisions. Cogent Economics & Finance, 9(1), 1-15.
Faisal, F., Abidin, Z., & Haryanto, H. (2021). Enterprise risk management (ERM) and firm value: The mediating role of investment decisions. Cogent Economics and Finance, 9(1), 1-15. https://doi.org/10.1080/23322039.2021.2009090.
Farooq, M., Khan, I., Kainat, M., & Mumtaz, A. (2025). Corporate social responsibility and firm value: The role of enterprise risk management and corporate governance. Corporate Governance (Bingley), 25(3), 631–663. https://doi.org/10.1108/CG-08-2023-0341.
Ferriswara, D., Sayidah, N., & Buniarto, E. A. (2022). Do corporate governance, capital structure predict financial performance and firm value? (Empirical study of Jakarta Islamic index). Cogent Business and Management, 9(1), 1-15. https://doi.org/10.1080/23311975.2022.2147123.
Freeman, R. E. (1984). Strategic management: a stakeholder approach. Pitman Publishing.
Friske, W., Hoelscher, S. A., & Nikolov, A. N. (2023). The impact of voluntary sustainability reporting on firm value: Insights from signaling theory. Journal of the Academy of Marketing Science, 51(2), 372–392. https://doi.org/10.1007/s11747-022-00879-2.
Frost, T. S., Li, L., Tsang, A., & Yu, M. (2022). Corporate social irresponsibility and firm value: International evidence from media coverage. Asia-Pacific Journal of Financial Studies, 51(3), 401–430. https://doi.org/10.1111/ajfs.12375.
Gerged, A. M., & Agwili, A. (2020). How corporate governance affect firm value and profitability? Evidence from Saudi financial and non-financial listed firms. International Journal of Business Governance and Ethics, 14(2), 144–165. https://doi.org/10.1504/IJBGE.2020.106338.
Gherghina, Ş. C. (2015). Corporate governance ratings and firm value: Empirical evidence from the Bucharest Stock Exchange. International Journal of Economics and Financial Issues, 5(1), 97–100.
Gil, J., & Hwang, H. (2024). Substitutive effects of accounting transparency and corporate governance on firm value. International Journal of Management and Sustainability, 13(3), 732–742. https://doi.org/10.18488/11.v13i3.3861.
Haj-Salem, I., Damak Ayadi, S., & Hussainey, K. (2020). The joint effect of corporate risk disclosure and corporate governance on firm value. International Journal of Disclosure and Governance, 17(2–3), 123–140. https://doi.org/10.1057/s41310-020-00079-w.
Hakim, M. B., & Dilasari, A. P. (2023). Firm value: A literature study. Proceedings International Conference on Economic Business Management and Accounting (ICOEMA), 2(2023), 339 – 348. https://conference.untag-sby.ac.id/index.php/icoema/article/view/3002
Harun, M. S., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. A. (2020). CSR disclosure, corporate governance and firm value: A study on GCC Islamic banks. International Journal of Accounting and Information Management, 28(4), 607–638. https://doi.org/10.1108/IJAIM-08-2019-0103.
Hasnan, S., Md Zin, N., & Hussain, A. R. M. (2019). The effects of financial restatement and corporate governance mechanisms on firm value. International Journal of Engineering and Advanced Technology, 8(6 Special Issue 3), 513–523. https://doi.org/10.35940/ijeat.F1094.0986S319.
Hendi, H., Pramesti, D., & Harsono, B. (2024). The moderating effect of sustainability reporting on the influence of tax avoidance on firm value. Ilomata International Journal of Tax and Accounting, 5(1), 221–233.
Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.x.
Huang, X., & Kang, J.-K. (2017). Geographic concentration of institutions, corporate governance, and firm value. Journal of Corporate Finance, 47, 191–218. https://doi.org/10.1016/j.jcorpfin.2017.09.016.
Hutauruk, M. R. (2024). The role of enterprise risk management on company value is moderated by company size in coal-mining entities listed on the Indonesia Stock Exchange. World Journal of Advanced Research and Reviews, 23(2), 111–125. https://doi.org/10.30574/wjarr.2024.23.2.2347.
Indriastuti, M., Chariri, A., & Fuad, F. (2023). Enhancing firm value: The role of enterprise risk management, intellectual capital, and corporate social responsibility. Contaduría y Administración, 70(1), 184–210. https://doi.org/10.22201/fca.24488410e.2025.5185.
Indy, L. A., Uzliawati, L., & Yulianto, A. S. (2023). Managerial ownership profitability and firm value agency theory perspective. Enrichment: Journal of Management, 13(1), 619–626.
Ismail, T. H., & El-Deeb, M. S. (2022). The effect of corporate governance, dividend policy and informativeness of risk disclosure on the firm value: Egyptian evidence. Afro-Asian Journal of Finance and Accounting, 12(6), 761–789. https://doi.org/10.1504/AAJFA.2021.10039250.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010–2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/AJAR-06-2018-0006.
Jacoby, G., Li, Y., Li, T., & Zheng, S. X. (2018). Internal control weakness, investment and firm valuation. Finance Research Letters, 25, 165–171. https://doi.org/10.1016/j.frl.2017.10.018.
Jaradat, H. Z., Alnaimi, A. A., & Alsmadi, S. A. (2021). The effect of cash holdings and corporate governance on firm value: Evidence from the Amman Stock Exchange. Journal of Governance and Regulation, 10(4 Special Issue), 272–281. https://doi.org/10.22495/JGRV10I4SIART7.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X.
Khandelwal, C., Kumar, S., Tripathi, V., & Madhavan, V. (2023). Joint impact of corporate governance and risk disclosures on firm value: Evidence from emerging markets. Research in International Business and Finance, 66. https://doi.org/10.1016/j.ribaf.2023.102022.
Kim, Y., Li, H., & Li, J. (2021). Corporate governance and firm value: Evidence from China’s anti-corruption campaign. Journal of Corporate Finance, 47, 261-476 101848. https://doi.org/10.1016/j.jcorpfin.2021.101848.
Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. Journal of Asian Finance, Economics and Business, 7(12), 223–231. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.223.
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: Evidence from the emerging market of Turkey. Journal of Cleaner Production, 143, 27–39. https://doi.org/10.1016/j.jclepro.2016.12.153.
Lacković, I., & Kurnoga, N. (2022). Enterprise risk management and firm value: The mediating role of investment decisions. International Journal of Academic Research in Accounting, Finance & Management Sciences, 12(1), 15–34. https://doi.org/10.6007/IJARAFMS/v12-i1/11785.
Li, T., & Zaiats, N. (2018). Corporate governance and firm value at dual class firms. Review of Financial Economics, 36(1), 47–71. https://doi.org/10.1016/j.rfe.2017.07.001.
Lin, Y., & Wang, Q. (2020). Internal-control effectiveness and stock-price crash risk: Evidence from China. American Journal of Theoretical and Applied Business, 6(4), 66–71. https://doi.org/10.11648/j.ajtab.20200604.13.
Liu, X., & Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, 142, 1075–1084. https://doi.org/10.1016/j.jclepro.2016.09.102.
Lotfi, T. (2019). Dividend policy, signaling theory: A literature review. SSRN Working Paper 3314627. https://doi.org/10.2139/ssrn.3314627.
Ma, Q., Ju, L., & Zhang, Z. (2022). Innovation input and firm value: Based on the moderating effect of internal control. Sustainability (Switzerland), 14(18), 1-24. https://doi.org/10.3390/su141811156.
Maruhun, E. N. S., Abdullah, W. R. W., & Atan, R. (2018). Assessing the effects of corporate governance on enterprise risk management and firm value: Malaysian evidence. International Journal of Economics and Management, 12(Special Issue 2), 413–430.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433–443.
Mukhtaruddin, Y. S., Susanto, H., Teguh, M., & Kalsum, U. (2024). Corporate governance and firm’s value: An empirical study in listed companies in the emerging market. Journal of Business and Economics, 12(1), 45–61. Faculty of Economics, Sriwijaya University.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Negi, G., & Jai, A. (2022). Corporate governance and firm value – An empirical study of financial services firms in India. Indian Journal of Finance, 16(9), 42–53. https://doi.org/10.17010/ijf/2022/v16i9/172159.
Nguyen, T. T. D. (2020). An empirical study on the impact of sustainability reporting on firm value. Journal of Competitiveness, 12(3), 119–135. https://doi.org/10.7441/joc.2020.03.07.
Noor, A. S., Alam, S., Nohong, M., & Sobarsyah, M. (2024). Investigating the impact of corporate governance and investment decisions on financial performance and firm value in insurance and banking sectors. Insurance Markets and Companies, 15(2), 122–132. https://doi.org/10.21511/ins.15(2).2024.11.
Nugraha, M. Y. P., & Hwihanus. (2019). Pengaruh good corporate governance dan corporate social responsibility terhadap nilai perusahaan dengan kinerja keuangan dan sustainability report sebagai variabel intervening pada industri perbankan yang terdaftar di Bursa Efek Indonesia periode tahun 2013–2015. Jurnal Ekonomi Akuntansi, 4(2), 1–22.
Nugroho, B. Y. (2020). Corporate governance mechanism and cost of capital to firm value. International Journal of Innovation, Creativity and Change, 13(6), 794–807.
Ogundajo, G. O., Adegbie, F. F., Oyegoke, S. K., Akande, F., & Ajayi-Owoeye, E. A. (2023). Examining the impact of corporate governance and corporate financial reporting on firm value: A study of selected banks in Nigeria. International Journal of Applied Economics, Finance and Accounting, 16(2), 106–117. https://doi.org/10.33094/ijaefa.v16i2.926.
Oniovosa, O. J., & Godsday, O. E. (2023). Enterprise risk management and firm value: Evidence from selected commercial banks in Sub-Saharan Africa. International Journal of Applied Economics, Finance and Accounting, 16(2), 199–207. https://doi.org/10.33094/ijaefa.v16i2.949.
Pamungkas, I. D., Purwantoro, Sari, M. P., & Hersugondo. (2023). Corporate governance and financial performance on firm value: The case of Indonesia. WSEAS Transactions on Business and Economics, 20, 92–103. https://doi.org/10.37394/23207.2023.20.10.
Phan, T. D., Dang, T. H., Nguyen, T. D. T., Ngo, T. T. N., & Hoang, T. H. L. (2020). The effect of enterprise risk management on firm value: Evidence from Vietnam industry listed enterprises. Accounting, 6(4), 473–480. https://doi.org/10.5267/j.ac.2020.4.0011.
Rahman, A. F., Agusti, R. R., & Kurniawati, D. T. (2024). Mediating role of sustainability reporting quality on the relationship between green banking and firm value. Studia Universitatis Vasile Goldis Arad, Economics Series, 34(4), 105–129. https://doi.org/10.2478/sues-2024-0020.
Robiyanto, R., Anggraeni, A. D., Nugraha, A. K. N. A., & Lako, A. (2019). The effect of good corporate governance mechanism on firm value of Indonesian socially responsible firms. Quality - Access to Success, 20(173), 59–63.
Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485.
Salvatore, D. (2019). Managerial economics in a global economy (9th ed.). Oxford University Press.
Sarker, N., & Hossain, S. M. K. (2024). Corporate governance and firm value: Bangladeshi manufacturing industry perspective. PSU Research Review, 8(3), 872–897. https://doi.org/10.1108/PRR-04-2023-0060.
Setiany, E., Utami, W., & Zamzami, A. H. (2023). Firm value: Competitive position and corporate governance during the COVID-19 pandemic. Journal of Governance and Regulation, 12(3 Special Issue), 266–273. https://doi.org/10.22495/jgrv12i3siart8.
Shahzad, A., Nazir, M. S., Qamar, M. A. J., & Abid, A. (2023). Impact of corporate governance on firm value in the presence of earning quality and real earnings management. International Journal of Business Excellence, 29(3), 409–436. https://doi.org/10.1504/IJBEX.2023.129103.
Silva, J. R., Silva, A. F. D., & Chan, B. L. (2018). Enterprise risk management and firm value: Evidence from Brazil. Emerging Markets Finance and Trade, 55(3), 687–703. https://doi.org/10.1080/1540496X.2018.1460723.
Simons, R. (1994). How new top managers use control systems as levers of strategic renewal. Strategic Management Journal, 15(3), 169–189. https://doi.org/10.1002/smj.4250150301.
Son, V. T., Ha, B. T., Anh, N. Q., Mai, N. P., Trang, D. T., Lu, L. D., Anh, N. T. N., & Tam, L. T. (2023). Impact of enterprise risk management on firm value during the instability context: Case of Vietnam. Journal of Organizational Behavior Research, 8(2), 236–250. https://doi.org/10.51847/x9nE6PL4i8.
Subanidja, S., Rajasa, A., Suharto, E., & Atmanto, J. D. (2016). The determinants of firm value: The role of earnings management and good corporate governance. Corporate Ownership and Control, 13(4), 609–615. https://doi.org/10.22495/cocv13i4c4p10.
Suhartini, D., Tjahjadi, B., & Fayanni, Y. (2024). Impact of sustainability reporting and governance on firm value: Insights from the Indonesian manufacturing sector. Cogent Business and Management, 11(1), 1-19. https://doi.org/10.1080/23311975.2024.2381087.
Tabash, M. I., Ahmed, A., Daniel, L. N., & Elsantil, Y. (2023). Impact of board ownership structure on firm value and excessive cash holdings: Evidence from Pakistan. Advances in Decision Sciences, 27(3), 109-134. https://doi.org/10.47654/v27y2023i3p109-134.
Teece, D. J. (2020). Dynamic capabilities and strategic management (3rd ed.). Oxford University Press.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z.
Uddin, M. N., Hosen, M., Chowdhury, M. M., Tabassum, T., & Mazumder, M. A. (2021). Does corporate governance influence firm value in Bangladesh? A panel data analysis. E a M: Ekonomie a Management, 24(2), 84–100. https://doi.org/10.15240/tul/001/2021-2-006.
Van Khanh, V. T., Hung, D. N., Van, V. T. T., & Huyen, H. T. (2020). A study on the effect of corporate governance and capital structure on firm value in Vietnam. Accounting, 6(3), 221–230. https://doi.org/10.5267/j.ac.2020.3.004.
Van, H. V., Nguyen, N. M., Abu Afifa, M., Vo, D. T. T., & Van Bui, D. (2025). Sustainability reporting quality and firm value in ASEAN+3: A series moderation model. Corporate Social Responsibility and Environmental Management, 32(2), 2207–2224. https://doi.org/10.1002/csr.3059.
Vintilă, A. I. (2024). The determinants of firm value: A panel data approach on the S&P 500 companies. Scientific Annals of Economics and Business, 71(4), 625–640. https://doi.org/10.47743/saeb-2024-0030.
Vintilă, G., & Gherghina, Ş. C. (2015). Does ownership structure influence firm value? An empirical research towards the Bucharest Stock Exchange listed companies. International Journal of Economics and Financial Issues, 5(2), 501–514.
Wahyuni, S., Pujiharto, Rahayu, D. R. (2019). Islamic corporate governance index and Islamic social reporting disclosure index for enhancing firm value: An empirical study of Islamic banking in Indonesia. International Journal of Innovation, Creativity and Change, 12(1), 511–520.
Wang, F., Xu, L., Zhang, J., & Shu, W. (2018). Political connections, internal control and firm value: Evidence from China's anti-corruption campaign. Journal of Business Research, 86, 53–67. https://doi.org/10.1016/j.jbusres.2018.01.045.
Worokinasih, S., & Zaini, M. L. (2020). The mediating role of corporate social responsibility (CSR) disclosure on good corporate governance (GCG) and firm value: A technical note. Australasian Accounting, Business and Finance Journal, 14(1), 88–96.
Wu, L., & Bao, N. (2019). Internal control and the value of listed firms in China: Based on agency theory. In 5th International Conference on Information Management (ICIM 2019), 292–296. https://doi.org/10.1109/INFOMAN.2019.8714703.
Wu, S., Li, X., Du, X., & Li, Z. (2022). The impact of ESG performance on firm value: The moderating role of ownership structure. Sustainability (Switzerland), 14(21), 1-22. https://doi.org/10.3390/su142114507.
Wu, Z., Lin, S., Chen, T., Luo, C., & Xu, H. (2023). Does effective corporate governance mitigate the negative effect of ESG controversies on firm value? Economic Analysis and Policy, 80, 1772–1793. https://doi.org/10.1016/j.eap.2023.11.018.
Yondrichs, Muliati, Laupe, S., Mayapada, A. G., Jurana, & Ridwan. (2021). The effect of fundamental factors, sustainability reporting, and corporate governance on firm value. Universal Journal of Accounting and Finance, 9(6), 1503–1509. https://doi.org/10.13189/ujaf.2021.090627.
Yoo, J. W., Fan, B., & Chang, Y. J. (2024). CSR, digital transformation, and internal control: Three-way interaction effect on the firm value of Chinese listed companies. Systems, 12(7), 236. https://doi.org/10.3390/systems12070236.
Younas, A. (2022). Review of corporate governance theories. European Journal of Business and Management Research, 7(6), 79–83.
Zhang, L., & Su, W. (2023). Corporate social responsibility, internal control, and firm financial performance. Frontiers in Psychology, 13, 1-19 977996.
Zulpahmi, Sumardi, Al Azizah, U. S., Nugroho, A. W., & Setiawan, E. (2024). Investigating the impact of corporate governance on financial performance and firm value prior to and during the COVID-19 pandemic. Revista de Gestão Social e Ambiental, 18(6), 1-28. https://doi.org/10.24857/RGSA.V18N6-069.
Šneiderienė, A., & Legenzova, R. (2025). Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis. Research in International Business and Finance, 74, 1-28 102720. https://doi.org/10.1016/j.ribaf.2024.102720.
DOI: 10.34204/jiafe.v11i1.12024
Refbacks
- There are currently no refbacks.
Copyright (c) 2025 The Author(s)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Author Guidelines
Email the author 
