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This study aimed to investigate the relationship between good corporate governance (GCG) and firm value (FV) among manufacturing firms listed on the Indonesian Stock Exchange (IDX) before 2018. Using institutional ownership (INST), the board of directors (BDRC), independent commissioners (CMSI), and corporate social responsibility (CSR) as proxies for GCG, the study employed multiple regression analysis on fixed effect model (FEM) panel data according to the Hausman test. The results showed that BDRC had a positive effect on FV, while CMSI had a negative effect, and INST and CSR did not significantly affect FV. The study's implication is that firms should prioritize effective board of directors and independent commissioners in their corporate governance practices to enhance their firm value.


Good corporate governance board of directors institutional ownership independent commissioners firm value

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How to Cite
Pamungkas, W. S., & Damayanti, A. (2023). Board of Directors Trumps Corporate Social Responsibility: Impact on Firm Value in Indonesian Manufacturing Firms. Central Asian Journal of Innovations on Tourism Management and Finance, 4(3), 25-36. Retrieved from


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