Financial Performance on Company Value and Moderation of Corporate Social Responsibility: A Study of Mining Companies in Indonesia
DOI:
https://doi.org/10.33096/8qjjfn68Keywords:
return on investment, return on assets, return on equity, company value, corporate social responsibilityAbstract
This study aims to determine and analyze the effect of financial performance, proxied by Return on Investment, Return on Assets, and Return on Equity, on company value, as well as to examine the role of Corporate Social Responsibility as a moderating variable in mining companies listed on the Indonesia Stock Exchange during the period 2020–2022. This study uses a quantitative approach with Moderated Regression Analysis (MRA). The data used is secondary data obtained from the annual financial reports of mining companies, accessed through the official website of the Indonesia Stock Exchange and the companies' official websites. The data collection technique uses the documentation method with purposive sampling to select samples based on criteria relevant to the research objectives. The results show that Return on Investment, Return on Assets, and Return on Equity have a positive and significant effect on company value. In addition, Corporate Social Responsibility was found to weaken the effect of Return on Investment on company value but to strengthen the effects of Return on Assets and Return on Equity on company value. This study provides practical contributions for companies to pay attention to the balance between financial performance and Corporate Social Responsibility implementation. The resulting managerial implications indicate that companies need to optimize financial performance and improve the quality of their CSR disclosures to maintain and increase their value in investors' eyes.
Downloads
References
Akin, I., Akin, M., Satiroglu, H., & Jhamb, M. (2025). Influence of growth, capital structure, profitability, and size on FTSE 100 enterprise value. Journal of Corporate Accounting & Finance, 36(2), 157–168. https://doi.org/10.1002/jcaf.22761
Akmalia, A., Dio, K., & Hesty, N. (2017). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility dan Good Corporate Governance Sebagai Variabel Pemoderasi (Studi Empiris pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2015). Jurnal Ilmiah PERKUSI, 1(3), 298. https://doi.org/10.32493/j.perkusi.v1i3.11134
Al‐Shaer, H., Kuzey, C., Uyar, A., & Karaman, A. S. (2024). Corporate strategy, board composition, and firm value. International Journal of Finance & Economics, 29(3), 3177–3202. https://doi.org/10.1002/ijfe.2827
Azizul Islam, M. (2017). CSR Reporting and Legitimacy Theory: Some Thoughts on Future Research Agenda BT - The Dynamics of Corporate Social Responsibility: A Critical Approach to Theory and Practice (M. Aluchna & S. O. Idowu (eds.); pp. 323–339). Springer International Publishing. https://doi.org/10.1007/978-3-319-39089-5_17
Bansal, S., Garg, I., & Singh, S. (2023). Corporate social responsibility: insights from COVID‐19 and stakeholder theory. Global Business and Organizational Excellence, 42(6), 154–169. https://doi.org/10.1002/joe.22222
Bardos, K. S., Ertugrul, M., & Gao, L. S. (2020). Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance, 62, 101588. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2020.101588
Bouslah, K., Hmaittane, A., Kryzanowski, L., & M’Zali, B. (2023). CSR Structures: Evidence, Drivers, and Firm Value Implications. Journal of Business Ethics, 185(1), 115–145. https://doi.org/10.1007/s10551-022-05219-6
Cahya, K. D., & Riwoe, J. C. (2020). Pengaruh Roa Dan Roe Terhadap Nilai Perusahaan Dengan Sustainability Reporting Sebagai Variabel Intervening Pada Perusahaan Yang Terdaftar Di Lq45. Journal of Accounting and Business Studies, 3(1), 46–70. https://doi.org/10.61769/.v3i1.304
Carson, S. G. (2020). Corporate Social Responsibility (CSR) as Social Legitimacy Management BT - Handbook of Business Legitimacy: Responsibility, Ethics and Society (J. D. Rendtorff (ed.); pp. 897–906). Springer International Publishing. https://doi.org/10.1007/978-3-030-14622-1_60
D’Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909–924. https://doi.org/10.1002/csr.1855
Dhuhriansyah, M., & Asyik, F. N. (2018). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Pengungkapan CSR Kepemilikan Manajerial Sebagai Variabel Pemoderasi. Jurnal Universitas Gunadarma, 7(11), 2460–0585.
Erikawati, C. (2022). Pengaruh Rasio Profitabilitas, Pertumbuhan, Dan Ukuran Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di Bei). Jurnal Ilmu Manajemen Retail (JIMAT), 3(1), 50–54.
Forcadell, F. J., Lorena, A., & Aracil, E. (2023). The firm under the spotlight: How stakeholder scrutiny shapes corporate social responsibility and its influence on performance. Corporate Social Responsibility and Environmental Management, 30(3), 1258–1272. https://doi.org/10.1002/csr.2417
Freeman, R. E. (2010). Stakeholder theory: The state of the art. Cambridge University Press.
Haftor, D. M., Costa Climent, R., & Lundström, J. E. (2021). How machine learning activates data network effects in business models: Theory advancement through an industrial case of promoting ecological sustainability. Journal of Business Research, 131, 196–205. https://doi.org/https://doi.org/10.1016/j.jbusres.2021.04.015
Harningsih, S., Agustin, H., & Setiawan, M. A. (2019). Pengaruh kinerja keuangan terhadap nilai perusahaan dengan pengungkapan csr dan kebijakan dividen sebagai variabel moderasi. Ranah Research: Journal of Multidisciplinary Research and Development, 1(2), 199–209. https://jurnal.ranahresearch.com/index.php/R2J/article/view/41 (Accessed: 28April2025).
Hermawati, D., Paramita, P. D., & Oemar, A. (2018). Pengaruh Return On Investment (ROI) dan Corporate Social Responsibility (CSR) Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderating (Studi pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia, Sub Sektor Pulp & Kertas yang terd. Journal Of Accounting, 4(4). https://jurnal.unpand.ac.id/index.php/AKS/article/view/943
Hidayat, W. W. (2019). Pengaruh Ukuran Perusahaan, Return on Equity dan Leverage terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Indonesia. Fakultas Ekonomi, 21(1), 67–75.
Hoang, N., Nam, P., Thi, T., & Tuyen, M. (2024). Impact of liquidity on capital structure and financial performance of non ‑ financial ‑ listed companies in the vietnam stock market. Future Business Journal. https://doi.org/10.1186/s43093-024-00412-7
Hulasoh, R., & Mulyati, H. (2022). Pengaruh Total Asset Turnover, Return on Investment Dan Price Earning Ratio Terhadap Nilai Perusahaan. Kompartemen : Jurnal Ilmiah Akuntansi, 19(2), 60. https://doi.org/10.30595/kompartemen.v19i2.10282
Ibrahim, A. E. A., & Aboud, A. (2024). Corporate risk disclosure and firm value: UK evidence. International Journal of Finance & Economics, 29(4), 4225–4246. https://doi.org/10.1002/ijfe.2871
Inayah, Z. (2022). Analisis Struktur Modal, Profitabilitas Dan Kinerja Keuangan Terhadap Nilai Perusahaan (Penelitian Literature Review Manajemen Keuangan). Jurnal Manajemen Pendidikan Dan Ilmu Sosial, 3(2), 788–795. https://doi.org/10.38035/jmpis.v3i2.1141
Jefri, U., Nurhasanah, S., & Kartika, R. (2022). Pengaruh Return on Equity terhadap nilai perusahaan dengan Corporate Social Responsibility sebagai variabel moderating pada perusahaan subsektor farmasi periode 2016-2020. 1(10), 2533–2540.
Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y
Junardi, J. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Jurnal Pendidikan Ekonomi (JURKAMI), 4(2), 68–79. https://doi.org/10.31932/jpe.v4i2.567
Kang, J.-W., & Namkung, Y. (2018). The effect of corporate social responsibility on brand equity and the moderating role of ethical consumerism: The case of Starbucks. Journal of Hospitality & Tourism Research, 42(7), 1130–1151. https://doi.org/10.1177/1096348017727057
Khan, S., Akhtar, T., & Qasem, A. (2024). Dynamics of capital structure determinants: empirical evidence from GCC countries. Future Business Journal, 10(1), 107. https://doi.org/10.1186/s43093-024-00394-6
Koloay, N., Montolalu, J., & Mangindaan, J. V. (2018). Pengaruh Kinerja Keuangan Terhadap Tanggung Jawab Sosial Perusahaan (Corporate Social Responsibility) Pada Perusahaan Tambang Yang Terdaftar Di Bursa Efek Indonesia Periode. Jurnal Administrasi Bisnis, 6(2), 28–33.
Kumala, N., & Priantilianingtiasari, R. (2024). Pengaruh Green Accounting, CSR dan Kinerja Keuangan terhadap Nilai Perusahaan Pertambangan yang Terdaftar di BEI Tahun 2016-2022. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(2), 776–795. https://journal.laaroiba.com/index.php/elmal/article/view/4634.
Matos, F., Vairinhos, V., Selig, P. M., & Edvinsson, L. (2019). Intellectual capital management as a driver of sustainability. Perspectives for Organizations and Society, Springer International Publishing, Cham and Berlin. https://doi.org/10.1007/978-3-319-79051-0
Menghwar, P. S., & Daood, A. (2021). Creating shared value: A systematic review, synthesis and integrative perspective. International Journal of Management Reviews, 23(4), 466–485. https://doi.org/10.1111/ijmr.12252
Nursani, E. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan CSR Sebagai Variabel Moderasi. Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan CSR Sebagai Variabel Moderasi, 29–44.
Olukorede, A. (2025). Stakeholder engagement and participation in environmental contexts, social responsibility, and society, based on a study conducted in Rome, Italy. Journal of Sustainable Business, 10(1), 1–45. https://doi.org/10.1186/s40991-025-00111-8
parahdila, liana, Mukhzarudfa, M., & Wiralestari, W. (2023). Pengaruh Kinerja Keuangan Dan Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Moderasi (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI TAHUN 2017-2019). JAKU (Jurnal Akuntansi & Keuangan Unja) (E-Journal), 7(3 SE-Articles), 168–179. https://doi.org/10.22437/jaku.v7i3.25156
Pratiwi, P., Ekawati, E., Kurniawan, M., & Restianita, O. (2021). Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Terhadap Kinerja Keuangan Perusahaan Dalam Perspektif Ekonomi Islam. Al-Mal: Jurnal Akuntansi Dan Keuangan Islam, 2(2), 249–272. https://doi.org/10.24042/al-mal.v2i2.9456
Putri, K., Setiawan, T., & Hafas, H. R. (2023). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai variabel moderasi pada perusahaan manufaktur subsektor barang konsumsi yang terdaftar di BEI tahun 2016–2020. Jurnal Ekonomi Bisnis Digital, 2(2). https://doi.org/10.59663/jebidi.v2i2.225
Rapp, M. S., Schmid, T., & Urban, D. (2014). The value of financial flexibility and corporate financial policy. Journal of Corporate Finance, 29, 288–302. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2014.08.004
Rendtorff, J. D. (2020). The Concept of Business Legitimacy: Learnings from Suchman BT - Handbook of Business Legitimacy: Responsibility, Ethics and Society (J. D. Rendtorff (ed.); pp. 3–30). Springer International Publishing. https://doi.org/10.1007/978-3-030-14622-1_74
Rodrigues, R. A. (2024). Corporate Social Responsibility Strategy: The Effects of Legitimacy and Authenticity on Corporate Reputation*. In J. J. Choi & J. Kim (Eds.), Responsible Firms: CSR, ESG, and Global Sustainability (Vol. 23, pp. 37–72). Emerald Publishing Limited. https://doi.org/10.1108/S1569-376720240000023003
Saputra, D. A., & Setiawan, D. (2023). Profitability And Firm Value: The Role Of Industry Competition, Market Value Of Equity, And Debt Levels. In Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from Indonesia (Vol. 33, pp. 127–139). Emerald Publishing Limited. https://doi.org/10.1108/S1571-03862023000033A009
Septinurika, H., Tanjung, A. R., & Basri, Y. M. (2020). Pengaruh kinerja keuangan dan kinerja lingkungan terhadap nilai perusahaan dengan corporate social responsibility sebagai variabel moderasi. Jurnal Akuntansi, 9(1), 26–37. https://d1wqtxts1xzle7.cloudfront.net/102531244/7877-17626-1-SM-libre.pdf?1684816861=&response-content-
Sondakh, P., Saerang, I., & Samadi, R. (2019). Pengaruh struktur modal (ROA, ROE dan DER) terhadap nilai perusahaan (PBV) pada perusahaan sektor properti yang terdaftar di BEI (Periode 2013-2016). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3). https://doi.org/10.35794/emba.7.3.2019.24196
Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275–287. https://doi.org/https://doi.org/10.1016/j.emj.2013.04.003
Velte, P. (2023). Determinants and consequences of corporate social responsibility decoupling—Status quo and limitations of recent empirical quantitative research. Corporate Social Responsibility and Environmental Management, 30(6), 2695–2717. https://doi.org/10.1002/csr.2538
Wahyuni, W., Hidayat, J., Ramli, N. R. A., Syam, S. A. N., & Salsabilah, D. (2024). Sustainability in Business: Integrating CSR into Long-term Strategy. Advances in Business & Industrial Marketing Research, 2(3 SE-Articles), 138–149. https://doi.org/10.60079/abim.v2i3.354
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Jurnal Manajemen Bisnis
This work is licensed under a Creative Commons Attribution 4.0 International License.
