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All Journal Dinasti International Journal of Economics, Finance & Accounting (DIJEFA)
Maesy Nur Anjani
Universitas Diponegoro, Semarang, Indonesia.
Economics, Econometrics & Finance

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The Effect of Corporate Social Responsibility on Firm Value: Does the Independent Commissioner Matter? Maesy Nur Anjani; Anis Chariri
Dinasti International Journal of Economics, Finance & Accounting Vol. 7 No. 3 (2026): Dinasti International Journal of Economics, Finance & Accounting (July - August
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v7i3.7206

Abstract

The purpose of this study is to analyze the effect of Corporate Social Responsibility disclosure on firm value and the moderating role of Independent Commissioners in energy sector companies listed on the Indonesia Stock Exchange for the 2023–2025 period. The increasing demand for business sustainability encourages companies, particularly in the mining sector, to demonstrate their social and environmental accountability. This study uses a quantitative method with moderated regression analysis using Eviews 12 software, with a sample of 91 companies selected through purposive sampling. Firm value is measured using Tobin's Q, Corporate Social Responsibility disclosure is measured using the GRI Standards index, and Independent Commissioners are measured based on their proportion of the total board of commissioners. The results show that CSR has a negative and significant effect on firm value indicating that investors in the mining sector tend to view Corporate Social Responsibility expenditures as a cost burden. In addition, Independent Commissioners are not proven to moderate the relationship between Corporate Social Responsibility and firm value reflecting that the existence of independent commissioners is still formal and ineffective as a monitoring mechanism.
Co-Authors Anis Chariri