Corporate Social Responsibility Disclosure and Firm Value: The Moderating Role of Capital Structure
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| Format: | Recurso digital |
| Language: | English, Old (ca. 450-1100) |
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Zenodo
2026
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| _version_ | 1866901996230934528 |
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| author | Made Arvin Ariantara Made Gede Wirakusuma Eka Ardhani Sisdyani I Gst Ayu Eka Damayanthi |
| author_facet | Made Arvin Ariantara Made Gede Wirakusuma Eka Ardhani Sisdyani I Gst Ayu Eka Damayanthi |
| contents | <p>This study aims to examine the effect of corporate social responsibility (CSR) disclosure on firm value, with capital structure as a moderating variable, while profitability, firm size, and dividend policy are included as control variables. The study is motivated by the phenomenon of declining stock values among non-financial sector companies that are highly associated with environmental issues, particularly following the implementation of mandatory sustainability reporting in accordance with the Indonesian Financial Services Authority Circular Letter No. 16/SEOJK.04/2021. A quantitative research approach is employed using secondary data derived from sustainability reports and financial statements of companies listed on the Indonesia Stock Exchange. The research sample consists of 301 firms operating in the energy, industrials, transportation and logistics, infrastructure, and basic materials sectors during the 2021–2024 period, yielding a total of 1,204 firm-year observations. CSR disclosure is measured based on the GRI 2021 standards, firm value is proxied by Tobin’s Q, and capital structure is measured using the debt-to-equity ratio (DER). Data analysis is conducted using Moderated Regression Analysis (MRA) with the assistance of STATA 17 software. The results indicate that CSR disclosure has a positive and statistically significant effect on firm value. However, capital structure does not moderate the relationship between CSR disclosure and firm value and is classified as a predictor moderator. Simultaneously, CSR disclosure and the control variables jointly have a significant effect on firm value, although the model’s explanatory power in capturing variations in firm value remains relatively limited. These findings support signaling theory, suggesting that the disclosure of non-financial information, particularly CSR, provides positive signals to investors in their investment decision-making.</p> |
| format | Recurso digital |
| id | zenodo_https___doi_org_10_5281_zenodo_18640146 |
| institution | Zenodo |
| language | ang |
| publishDate | 2026 |
| publisher | Zenodo |
| record_format | zenodo |
| spellingShingle | Corporate Social Responsibility Disclosure and Firm Value: The Moderating Role of Capital Structure Made Arvin Ariantara Made Gede Wirakusuma Eka Ardhani Sisdyani I Gst Ayu Eka Damayanthi Corporate Social Responsibility; Firm Value; Capital Structure; Profitability; Firm Size; Dividend Policy. <p>This study aims to examine the effect of corporate social responsibility (CSR) disclosure on firm value, with capital structure as a moderating variable, while profitability, firm size, and dividend policy are included as control variables. The study is motivated by the phenomenon of declining stock values among non-financial sector companies that are highly associated with environmental issues, particularly following the implementation of mandatory sustainability reporting in accordance with the Indonesian Financial Services Authority Circular Letter No. 16/SEOJK.04/2021. A quantitative research approach is employed using secondary data derived from sustainability reports and financial statements of companies listed on the Indonesia Stock Exchange. The research sample consists of 301 firms operating in the energy, industrials, transportation and logistics, infrastructure, and basic materials sectors during the 2021–2024 period, yielding a total of 1,204 firm-year observations. CSR disclosure is measured based on the GRI 2021 standards, firm value is proxied by Tobin’s Q, and capital structure is measured using the debt-to-equity ratio (DER). Data analysis is conducted using Moderated Regression Analysis (MRA) with the assistance of STATA 17 software. The results indicate that CSR disclosure has a positive and statistically significant effect on firm value. However, capital structure does not moderate the relationship between CSR disclosure and firm value and is classified as a predictor moderator. Simultaneously, CSR disclosure and the control variables jointly have a significant effect on firm value, although the model’s explanatory power in capturing variations in firm value remains relatively limited. These findings support signaling theory, suggesting that the disclosure of non-financial information, particularly CSR, provides positive signals to investors in their investment decision-making.</p> |
| title | Corporate Social Responsibility Disclosure and Firm Value: The Moderating Role of Capital Structure |
| topic | Corporate Social Responsibility; Firm Value; Capital Structure; Profitability; Firm Size; Dividend Policy. |
| url | https://doi.org/10.5281/zenodo.18640146 |