Previous studies in various industries have shown differing results regarding the influence of Good corporate governance (GCG), board diversity, and corporate social responsibility (CSR) factors on financial performance, with earnings management as the mediating variable. Therefore , this study aims to analyze and evaluate the impact of these factors on state-owned companies and their listed subsidiaries on the Indonesia stock exchange from 2017 to 2021. The study focuses on good corporate governance, board diversity, and CSR disclosure as independent variables. Financial performance indicators such as return on assets (ROA), earnings per share (EPS), price to book value (PBV), tobin Q, Current ratio, and debt to aquity ratio serve as dependent variables, with earnings management acting as the mediating variable. Structural equation model (SEM)- partial least square (PLS) test is used to assess all hypotheses. Results indicate that the GCG mechanism and board diversity do not have a significant effect, potentially due to their current emphasis on compliance regulations rather than the agency theory. However, CSR demonstrates a direct impact on the company's financial performance but does not have an indirect relationship or influence on earnings management practices. Mandatory CSR disclosure and the perception of profit-oriented focus in the economic category play a role. Practical implications suggest policy makers should analyze and evaluate GCG, CSR, and Board diversity mechanisms to improve the performance of state-owned companies.