Increasing demands for transparency and sustainability have prompted companies to shift from conventional financial reporting to integrated reporting, which can explain the value creation process more comprehensively. This study aims to analyze the influence of corporate governance and stakeholder power on firm value and to test the role of integrated reporting quality as a mediating mechanism. Stakeholder power is broken down into the power of shareholders, the government, creditors, and customers to capture the heterogeneity of external pressures on corporate reporting practices. The study employs an explanatory quantitative approach using panel data from companies consistently listed on the Indonesia Stock Exchange’s LQ45 index during the 2020–2024 period. Based on purposive sampling, 23 companies with a total of 115 observations were selected. Firm value was proxied using Tobin’s Q, while the quality of integrated reporting was measured using the Integrated Reporting Disclosure Index (IRDI) based on the Integrated Reporting framework. The data were analyzed using panel data regression with EViews 13, with profitability as a control variable. [Insert 2–3 sentences summarizing the main results of the direct and mediation tests]. The research findings are expected to expand Agency Theory and Stakeholder Theory by demonstrating that corporate value creation is determined not only by governance mechanisms and direct stakeholder pressure but also through a company’s ability to translate these mechanisms into credible integrated information for the market.