DOI: https://doi.org/10.14710/taaij.2026.33526

Corporate Governance, Risk Disclosure, and Firm Value: Evidence from Indonesian Property and Real Estate Firms

Laurencia Julia Permatasari Prasongko  -  Department Business and Finance, Vocational School, Semarang, Indonesia, Indonesia
*Raden Roro Diana Atika Ghozali  -  universitas diponegoro, Indonesia
Risti Ulfi Hanifah  -  University of Semarang, Semarang, Indonesia, Indonesia
Received: 3 Jul 2026; Revised: 10 Jul 2026; Accepted: 16 Jul 2026; Available online: 24 Jul 2026; Published: 24 Jul 2026.
Open Access Copyright (c) 2026 Raden Roro Diana Atika Ghozali
Creative Commons License This work is licensed under a Creative Commons Attribution 4.0 International License.

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Abstract
This study examines the effect of Risk Disclosure and Corporate Governance (proxied by Independent Commissioners, the Board of Directors, and Female Directors) on Firm Value in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024 The measurement of firm value is Return on Assets (ROA), firm size, firm liquidity and firm growth are Used as control variables. The number of samples obtained in this study was 230 firm-years which were obtained by purposive sampling technique. observations from 62 companies. The analysis of the data was done by panel data regression using Fixed Effect Model (FEM) method. Processed using Stata 17 with and with cluster-robust standard errors. The results show that Risk Disclosure has a significant negative. Negative impact on Firm Value. The Board of Directors also has a significant negative effect on Firm Value, while Independent Commissioners and Female Directors do not appear to have a significant effect. These results suggest that corporate transparency is not an essential condition of being transparent. The governance in the property and real estate industry in Indonesia must be further improved so that it can optimize the value creation of property and real estate companies
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