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Journal : Harmony Management: International Journal of Management Science and Business

The Effect of Corporate Social Responsibility Disclosure, Financial Performance, and Firm Size on Stock Returns Ni Putu Diah Iswari; I Nyoman Wijana Asmara Putra
Harmony Management: International Journal of Management Science and Business Vol. 2 No. 3 (2025): International Journal of Management Science and Business
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonymanagement.v2i3.352

Abstract

Stock returns represent a crucial parameter that serves as a reference for investors in evaluating company performance. A decline in returns has occurred in several mining companies listed on the IDX, despite the sector’s vital role in the national economy. This study aims to examine the effect of Corporate Social Responsibility (CSR), Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and Firm Size on the stock returns of mining companies listed on the IDX during the 2022–2024 period. The sample was determined using purposive sampling, resulting in 56 observational data after outliers were removed. To meet the assumptions of classical tests, several variables were transformed using natural logarithms, and data were analyzed using multiple linear regression. The results indicate that CSR, ROE, and Firm Size have no significant effect on stock returns, whereas ROA and DER show a significant positive effect. These findings suggest that investors tend to emphasize financial fundamentals, particularly profitability and capital structure, rather than non-financial aspects such as CSR activities. The implication for companies is the need to enhance operational efficiency and optimize financial structures to attract investors and improve returns. Future researchers are encouraged to incorporate external variables such as global commodity prices, market risk, and macroeconomic indicators, as well as expand the observation period and apply more diverse methodological approaches to provide a more comprehensive understanding of stock return dynamics in the mining sector.
Co-Authors A. A. Ngr Gde Punia Artawan Putra Alfian Nurwanto Putra Anak Agung Gde Putu Widanaputra Anak Agung Ngurah Bagus Dwirandra ANAK AGUNG SAGUNG RAI DARMINI Anita Suryani Dewa Putu Gede Widyana DODIK ARIYANTO Dody Cipta Saputra Dwi Ega Cahyani Gede Eka Prasetya Putra Suriastra Gede Ngurah Indra Arya Aditya I Gede Eka Kurniawan I Gusti Agung Ayu Surya Cinitya Ardanari I Gusti Agung Putu Nadya Aundria Paramita I Gusti Ngurah Wahyu Wira Satria I Kadek Gede Dhimas Kartika Saputra I Ketut Muliartha RM I Ketut Sujana I Komang Gede Ginantra I Putu Putra Wasista I Wayan Gde Wahyu Purna Anggara I Wayan Winarta Ida Ayu Tri Istri Utami Ida Bagus Kade Yogi Mahendra Ida Bagus Kade Yogi Mahendra Ida Bagus Putu Rudy K. Budiartha Kadek Wahyu Pranajaya Kadek Wahyudi Ketut Bintang Maharani Khema Devi Komang Desi Adi Pratiwi Komang Risa Rahayu Ningsih Lita Leonie Tirta Putri Luh Putu Citra Kusuma Made Sukma Prasitadewi Maya Laura Listi Merta, I Putu Evan Aditya Dharma Ni Kadek Putri Sartika Ni Komang Purwanita Wisuandari Ni Komang Yunita Cahyanti Ni Luh Eka Yuni Sari Ni Made Dwi Juni Yobi Ni Made Dwi Ratnadi Ni Made Gita Indah Dewi Fortuna Ni Made Gunita Wira Devi Ni Made Puspa Pawitri Ni Made Puspa Pawitri Ni Nyoman Paramitha Ni Putu Anning widar Ayu Lupita Siwi Ni Putu Diah Iswari Ni Putu Diah Pratiwi Ni Putu Mia Sulistiari Putri Ni Putu Sri Harta Mimba Paramadewi, Putu Monique Patrisia Adiputri Singal Putri Maharani Putu Amanda Wedayanti Putu Anggadewi Darmawan Putri Putu Diah Septa Kristya Astagina Putu Mentari Swari Ashari Putu Nanda Rahayu Putu Shaini Kusuma Sudarmawan Wayan Budhiarsana Yuni Prema vahini