摘要：The study explores the mediating roles of corporate social responsibility (CSR) on the relationship between corporate goevrnanceand firm value. The Corporate Governance mechanism is measured using Governance Index Variables, managerial share ownership, andBoard Size. This study using all companies’ data which are registered in Indonesia Stock Exchange Year 2011-2015. The election periodare occupied due to the application of the Constitution No.40 Year 2007, which substitutes the Constitution No.1 Year 1995 aboutincorporated company. Sample in this tudy is registered in Corporate Governance Perception Index (CGPI) Year 2011—2015. The resultsof this study can be concluded that: In order to increase the Firm Value, the company must implement the Good Corporate Governance(GCG). It encourages and supervises the management’s work to achieve corporate and shareholder objectives. GCG is represented bymanagerial ownership variables that have an effect on the Firm Value, while either the number of directors and Governance Index don’t.The effect that occurs on the ownership variable is the negative effect. At a time when managerial ownership increases but does notincrease the Firm Value, due to low managerial ownership. While the stock ownership is low, there is a tendency for opportunisticmanagement to occur. This can lead to fraudulent and unethical behavior of management that will harm the shareholders. Management ismore likely to perform in order for companies to run effectively and efficiently so that they get incentives / compensation for theirperformance in the form of bonuses, etc. Management is less likely to work to maximize its utility to increase shareholder value.
关键词：Corporate Governance; Corporate Social Responsibility; Firm Value; Corporate Governance Perception Index (CGPI)
