The Influence of Good Corporate Governance and Corporate Social Responsibility on Investment Risk: A Case Study of PT Sariguna Primatirta Tbk (CLEO) Listed on IDX in 2020–2023
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Uswatun Chasanah*
Yufenti Oktafiah
Dwita Laksmita Rakhmawati
This study aims to analyze the influence of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on investment risk at PT Sariguna Primatirta Tbk (CLEO), a company listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The research is motivated by the fluctuations in the company's stock prices and environmental controversies that could affect its reputation and investor trust. GCG is measured by institutional ownership, managerial ownership, independent commissioners, and the audit committee, while CSR is evaluated using indicators from the Global Reporting Initiative (GRI-G4). Investment risk is assessed through the beta coefficient based on the Capital Asset Pricing Model (CAPM). This study employs a quantitative approach using secondary data from financial statements, annual reports, and sustainability reports. The analytical method used is descriptive and inferential statistics. The findings reveal that the implementation of GCG and CSR significantly influences the reduction of investment risk. Managerial ownership and consistent CSR initiatives positively contribute to company stability and investor confidence. These results emphasize the importance of internal company policies in mitigating systematic risks and fostering investor trust.
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