Electronic Theses and Dissertation

ABSTRAK
Penelitian ini bertujuan menguji pengaruh mekanisme tata kelola perusahaan terhadap nilai perusahaan dengan Islamic Social Reporting (ISR) Disclosure sebagai variabel pemoderasi pada perusahaan yang terdaftar di Indeks Saham Syariah Indonesia (ISSI) periode 2021–2025. Variabel tata kelola yang diuji meliputi proporsi komisaris independen, ukuran dewan komisaris, ukuran dewan direksi, dan ukuran komite audit, sedangkan nilai perusahaan diproksikan menggunakan Tobin's Q. Sampel penelitian terdiri atas 209 perusahaan dengan 1.045 observasi yang dipilih melalui metode purposive sampling. Data dianalisis menggunakan Moderated Regression Analysis (MRA) dengan pendekatan Random Effect Model (REM). Hasil penelitian menunjukkan bahwa proporsi komisaris independen, ukuran dewan direksi, dan ISR Disclosure berpengaruh positif terhadap nilai perusahaan, sedangkan ukuran dewan komisaris dan ukuran komite audit tidak berpengaruh signifikan. ISR Disclosure terbukti memperkuat pengaruh proporsi komisaris independen dan ukuran dewan komisaris terhadap nilai perusahaan, namun tidak memoderasi pengaruh ukuran dewan direksi dan ukuran komite audit. Temuan ini menunjukkan bahwa pengungkapan ISR berperan dalam meningkatkan efektivitas mekanisme tata kelola tertentu dalam mendorong peningkatan nilai perusahaan syariah.

Kata Kunci: Tata Kelola Perusahaan, Nilai Perusahaan, Islamic Social Reporting Disclosure, Indeks Saham Syariah Indonesia.

ABSTRACT This study examines the effect of corporate governance mechanisms on firm value, with Islamic Social Reporting (ISR) Disclosure as a moderating variable, among companies listed on the Indonesia Sharia Stock Index (ISSI) during the 2021–2025 period. The governance mechanisms examined include the proportion of independent commissioners, board of commissioners size, board of directors size, and audit committee size, while firm value is measured using Tobin’s Q. The sample consists of 209 companies with 1,045 observations selected through purposive sampling. Data were analyzed using Moderated Regression Analysis (MRA) with the Random Effect Model (REM) approach. The results indicate that the proportion of independent commissioners, board of directors size, and ISR Disclosure have a positive effect on firm value, whereas board of commissioners size and audit committee size do not have a significant effect. Furthermore, ISR Disclosure strengthens the positive effect of the proportion of independent commissioners and board of commissioners size on firm value but does not moderate the effect of board of directors size and audit committee size. These findings suggest that ISR Disclosure plays an important role in enhancing the effectiveness of certain corporate governance mechanisms in increasing the value of Sharia-compliant firms. Keywords: Corporate Governance, Firm Value, Islamic Social Reporting Disclosure, Indonesia Sharia Stock Index.