Exploring the Influence of Corporate Social Responsibility Disclosure on Corporate Governance and Firm Value
DOI:
https://doi.org/10.31150/ajebm.v7i8.2914Keywords:
Corporate Social Responsibility (CSR), Institutional Ownership, Managerial Ownership, Audit Committees, Firm Value, Moderated Regression Analysis (MRA)Abstract
This study investigates the impact of institutional ownership, managerial ownership, and audit committees on firm value, with corporate social responsibility (CSR) disclosure serving as a moderating variable. Focusing on LQ-45 firms listed on the Indonesia Stock Exchange (IDX) from 2017 to 2022, the research utilizes a sample of 35 firms with 112 firm-year observations. Data were analyzed using ordinary least squares (OLS) regression and Moderated Regression Analysis (MRA). The findings reveal that institutional ownership and audit committee presence significantly affect firm value. CSR disclosure strengthens the relationship between institutional ownership and firm value, suggesting that firms with higher CSR engagement see a greater impact of institutional ownership on their value. Conversely, CSR disclosure weakens the effect of managerial ownership on firm value, indicating that increased CSR activities might diminish the influence of managerial ownership. Additionally, CSR does not enhance the relationship between audit committee presence and firm value. This research highlights the nuanced role of CSR in moderating governance mechanisms and their impact on firm value, offering insights for policymakers and investors in emerging markets.
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