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All Journal Jurnal Ilmiah Manajemen Kesatuan Jurnal Ilmiah Akuntansi Kesatuan
M. Karya Satya Azhar
Universitas Harapan Medan, Indonesia
Economics, Econometrics & Finance Social Sciences

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The Influence of CSR and Financial Performance in Explaining Cumulative Abnormal Return M. Karya Satya Azhar; Adduha Annaba; Ibnu Austrindanney Sina Azhar
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 1 (2026): JIMKES Edisi January 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i1.4784

Abstract

This study examines the influence of corporate social responsibility, leverage, earnings per share, and profitability (net profit margin and return on equity) on cumulative abnormal return. Using a quantitative approach, this study employs secondary data from 77 consumer cyclical companies listed on the Indonesia Stock Exchange during the 2019–2022 period, resulting in 308 firm-year observations selected through purposive sampling. Panel data regression analysis is conducted using EViews. The empirical results indicate that CSR and net profit margin have a positive and significant effect on cumulative abnormal return, suggesting that social responsibility disclosure and operational profitability enhance investor confidence and market reactions. In contrast, leverage and ROE show a significant negative effect on cumulative abnormal return, implying that higher financial risk and extreme equity Return may be perceived unfavorably by investors. Meanwhile, EPS does not exhibit a significant influence on cumulative abnormal return. These findings imply that both financial performance and non-financial information, particularly CSR, play an important role in shaping investor behavior, and thus should be carefully managed and transparently disclosed to strengthen market responses.
Examining the Effect of Islamic Corporate Social Responsibility on Profitability: Return on Assets as a Mediator Desi Ika; M. Karya Satya Azhar
Jurnal Ilmiah Akuntansi Kesatuan Vol. 14 No. 1 (2026): JIAKES Edisi Februari 2026
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v14i1.4908

Abstract

Islamic Corporate Social Responsibility (ICSR) has become a critical strategy for companies to enhance sustainability and stakeholder trust, yet its impact on financial performance remains debated. This study examines the empirical impact of Islamic Corporate Social Responsibility (ICSR) on profitability, utilizing Islamic Corporate Governance (ICG) and Return on Assets (ROA) within a mediating framework. A descriptive-associative design with a quantitative approach was employed, covering all companies listed on the Jakarta Islamic Index (JII). A purposive sample of eight companies consistently listed between 2013 and 2023 was selected. Data analysis was conducted using path analysis through Structural Equation Modeling (SEM) with SmartPLS software. The findings reveal that while ICSR significantly influences ICG, it does not exert a direct impact on ROA. Furthermore, although ROA is a critical factor for ICG, its role as a mediator in the relationship between ICSR and ICG was not supported by the data. These results suggest that ICSR serves primarily to strengthen governance mechanisms rather than directly driving immediate financial profitability.
Co-Authors Adduha Annaba Desi Ika Ibnu Austrindanney Sina Azhar