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All Journal Al-Kharaj: Journal of Islamic Economic and Business
Ibnu Austrindanney Sina Azhar
Universitas Sumatera Utara, Medan, Indonesia
Economics, Econometrics & Finance

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The Effect of Firm Size, Good Corporate Governance, Dividend Policy, and Financial Performance on Firm Value with Corporate Social Responsibility Disclosure as a Moderating Variable Ella Bertania Simbolon; Fahmi Natigor; Ibnu Austrindanney Sina Azhar
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.12215

Abstract

This study aims to analyze the effects of firm size, good corporate governance (GCG), dividend policy, and financial performance on firm value and to examine the role of corporate social responsibility (CSR) disclosure as a moderating variable. This study employs a quantitative research approach with a causal research design using secondary data obtained through documentation of annual reports and sustainability reports. The population consists of companies in the Consumer Cyclicals sector listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Using purposive sampling, 15 companies were selected, resulting in 60 firm-year observations. Data were collected from the official IDX website and the respective corporate websites. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that firm size and dividend policy have negative but insignificant effects on firm value, while GCG and financial performance have positive and significant effects. CSR disclosure moderates the effects of firm size and financial performance on firm value but does not moderate the effects of GCG and dividend policy. These findings imply that effective corporate governance and strong financial performance are important in enhancing firm value. Moreover, high-quality CSR disclosure can strengthen the contribution of firm size and financial performance to firm value. The study provides theoretical contributions to firm value literature and practical implications for management, investors, and regulators in developing sustainable corporate strategies and informed decision-making.
Co-Authors Ella Bertania Simbolon Fahmi Natigor