The Effect of Financial Performance, CSR, on Company Value with Company Size as a Moderating Variable (Case Study on Metal and Mineral Sub-Sector Companies Listed on the IDX in 2020-2023)

Penulis

  • Rebecca Dewi Anggraeni Universitas Dhyana Pura
  • Ni Luh Putu Sri Purnama Pradnyani Universitas Dhyana Pura
  • Rai Gina Artaningrum Universitas Dhyana Pura

Kata Kunci:

Financial Performance, Corporate Social Responsibility (CSR), Firm Size, Firm Value

Abstrak

Firm value can describe the prospect of a company's success in the future and can be used to assess the company as a whole. Firm value can also be assumed as an investor's perception of the company, which is often associated with the stock price. Company value reflects public trust in its operational activities. So, the point of this study is to find out what happens to a company's value when we use financial performance or corporate social responsibility (CSR). The size of the company is used as a moderating variable. This research was conducted at mining companies in the metal and mineral sub-sectors listed on the IDX in 2020-2023. We chose the sample by using saturated sampling and looking for metal and mineral mining companies that are listed on the IDX from 2020 to 2023. It consists of eight mining companies in the metal and mineral subsectors. The data analysis technique used is SEM-PLS and path analysis using the SmartPLS 4 application. The results of this study indicate that the application of financial performance has a positive effect on firm value. Corporate social responsibility (CSR) has a positive influence on firm value. Company size can moderate the relationship between financial performance and firm value; therefore, company size is referred to as quasi-moderation. Firm size cannot moderate the relationship between CSR and firm value; therefore, firm size is referred to as pure moderation of eight mining companies in the metal and mineral subsectors. The data analysis technique used is SEM-PLS and path analysis using the SmartPLS 4 application. The results of this study indicate that the application of financial performance has a positive effect on firm value. Corporate social responsibility (CSR) has a positive influence on firm value. Company size can moderate the relationship between financial performance and firm value; therefore, company size is referred to as quasi-moderation. Firm size cannot moderate the relationship between CSR and firm value; therefore, firm size is referred to as pure moderation.

Referensi

Aritonang, D. R., & Rahardja, L. (2022). Pengaruh Corporate Social Responsibility (CSR) terhadap Kinerja Keuangan pada Perusahaan Sektor Consumer Non-Cylicals dan Basic Material. International Journal of Digital Entrepreneurship and Business, 3(2), 60–73. https://doi.org/10.52238/ideb.v3i2.96

Aurora L, T., Rehanil A, D., & Solikhin, A. (2021). PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERATING. Jurnal Akuntansi & Keuangan Unja, 6(1), 10–17. https://doi.org/10.22437/jaku.v6i1.13165

Chin, W. W. (1998). The Partial Least Squares Approach to Structural Equation Modeling. Modern Methods for Business Research, 295, 336

Hair, J.F., Jr., et al. (2009). Multivariate Data Analysis. 7ᵗʰ edn. London: Pearson Education. Available at: ISBN 013-813-2631.

Hair, J.F., Jr., et al. (2021). A Primer on Partial Least Squares Structural Equation Modeling (PLS- SEM) Using R. United States of America: SAGE Publications, Inc.

Hardian, A. P., & Asyik, N. F. (2016). Kinerja Keuangan dan Ukuran Perusahaan terhadap Nilai Perusahaan, CSR sebagai Variabel Moderasi. Jurnal Ilmu dan Riset Akuntansi, 5(9), 1–16.

Hardianti, S., Eka, E., Rina, R., Latif, A., & Asriany, A. (2023). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia. Owner, 7(2), 1434–1447. https://doi.org/10.33395/owner.v7i2.1393

Heryanto, R., & Juliarto, A. (2017). Pengaruh Corporate Social Responsibility Terhadap Profitabilitas Perusahaan (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2015). Diponegoro Journal of Accounting, 6(4), 1–8.

Hutabarat, F. (2020). Analisis Kinerja Keuangan Perusahaan. Banten: Penerbit Desanta Muliavisitama.

Junardi. (2019). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi. JURKAMI, 4(2).

Karundeng, F., Nangoi, G. B., & Karamoy, H. (2017). Analisis Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas, Kepemilikan Manajemen dan Ukuran Perusahaan sebagai Variabel Moderasi (Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Jakarta tahun 2012-2016). Jurnal Riset Akuntansi Dan Auditing “Goodwill,” 8(2), 1–10. https://doi.org/10.35800/jjs.v8i2.16901

Khodijah, S., & Huda, S. (2023). Pengaruh CSR terhadap Kinerja Keuangan Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderating. Edunomic Jurnal Pendidikan Ekonomi, 11(2), 138–147. https://doi.org/10.33603/ejpe.v11i2.21

Kurniasari, J., & Anna, Y. D. (2019). Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Terhadap Nilai Perusahaan Dengan Profitabilitas dan Ukuran Perusahaan Sebagai Variabel Moderating. Jurnal Riset Akuntansi dan Perbankan, 13(2), 149 – 167.

Lisdayanti, D., & Nuryati, T. (2020). Pengaruh Kinerja Keuangan dan Corporate Social Responsibility Terhadap Nilai Perusahaan (Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2019). Sekolah Tinggi Ilmu Ekonomi Indonesia.

Ortiz-Martínez, E., Marín-Hernández, S., & Santos-Jaén, J.-M (2023). Sustainability, corporate social responsibility, non-financial reporting and company performance: Relationships and mediating effects in Spanish small and medium sized enterprises. Sustainable Production and Consumption, 35, 349–364.

Rosyada, F., & Prajawati, M. I. (2022). Pengaruh Kinerja Keuangan, Good Corporate Social Responsibility Terhadap Nilai Perusahaan Pada Perusahaan Sub Sektor Telekomunikasi yang Terdaftar di BEI Periode 2019-2021. Jurnal Maneksi (Management Ekonomi dan Akuntansi), 11(2), 382-389.

Zhou, G., Sun, Y., Luo, S., & Liao, J. (2021). Corporate social responsibility and bank financial performance in China: The moderating role of green credit. Energy Economics, 97.

Unduhan

Diterbitkan

2026-08-31

Cara Mengutip

Anggraeni, R. D., Pradnyani, N. L. P. S. P., & Artaningrum, R. G. (2026). The Effect of Financial Performance, CSR, on Company Value with Company Size as a Moderating Variable (Case Study on Metal and Mineral Sub-Sector Companies Listed on the IDX in 2020-2023). JAKADARA: JURNAL EKONOMIKA, BISNIS, DAN HUMANIORA, 5(2), 407–418. Diambil dari https://jurnal.undhirabali.ac.id/index.php/jakadara/article/view/3880

Terbitan

Vol 5 No 2 (2026): JAKADARA: JURNAL EKONOMIKA, BISINIS, DAN HUMANIORA

Bagian

Articles

Lisensi

Hak Cipta (c) 2026 JAKADARA: JURNAL EKONOMIKA, BISNIS, DAN HUMANIORA

Creative Commons License

Artikel ini berlisensiCreative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.


This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.