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Journal : Jurnal Ekonomi

The influence of corporate social responsibility disclosure and good corporate governance mechanisms on stock returns with financial performance as a moderating variable in Indonesia William, William; Bambang Subiyanto
Jurnal Ekonomi Vol. 13 No. 01 (2024): Jurnal Ekonomi, Edition January - March 2024
Publisher : SEAN Institute

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Abstract

Stakeholders believe that corporate social responsibility (CSR) activities and corporate governance practices can enhance a company's stock returns. Additionally, a company's financial performance can attract investor interest in investing their capital in that company. This study aims to obtain empirical evidence on the influence of CSR disclosure and good corporate governance (GCG) mechanisms on stock returns, as well as to understand the moderating role of financial performance in the relationship between CSR disclosure, GCG, and stock returns. The research was empirically conducted on companies listed in the IDX80 index at the Indonesia Stock Exchange from 2018 to 2022. Data analysis was performed using WarpPLS 8.0 software with 115 samples obtained through purposive sampling. The results of this study indicate that there is no direct influence of CSR disclosure and GCG mechanisms on stock returns. Investors do not yet consider CSR disclosure and GCG mechanisms in companies as crucial factors for the returns they obtain. However, financial performance strengthens the relationship between CSR disclosure, GCG, and stock returns, with respective significances of P-Value = 0.02 & 0.04, both less than 0.05. Good financial performance of a company further reinforces investors' desire to invest in companies with strong CSR and GCG practices.
Co-Authors , Rahima Br Purba A.A. Ketut Agung Cahyawan W Agatha, Nabila Agustinus Agustinus Ako, Ayu Syarbani Alfian, Achmad Alvina, June Ana Lucia Ekowati Anderes Gui, Anderes Andrean , Lawrence Angellee, Jesselyn Anggara, Alfin Arie Pratania Putri Arrafif, Rifqi Arruda Supinto, Pedro Aulia Qadri, Rizni Azmi, Fadhillah bah, Yasavati Kurnia Bambang Subiyanto Barus, Okky Putra Bryan, Gaffrendo Chai, Silvia Revalina Damanik, Dennys Paulus Parlindungan Daniel Ardian Soeselo Darius Andana, Darius Deli Desak Putu Ariska Pradnya Dewi Diny Eldy, Eldy Erandaru Erandaru Fadrul, Fadrul Fatiha , Senna Sayyid Ferbian Milas Siswanto Flora Rumiati Florence Statriani, Putu Denisa Fortino, Edbert Franco , Franco Gabriella Susanto, Nadya Gebril, Steven Ginting , Rio Sanjaya Gizella, Gizella Gunawan Gunawan Hanes Hanes, Hanes Harahap, Nurajdina Hardi, Nicholas Hardy Hardy Hartanto, Markus Christian Hartanto, Tommy Tiara Holanda, Stevanny Ida Ayu Putu Sri Widnyani Indrati , Menik Indriani Kurniadi Sumadikarya Inneke Kusumawati Susanto Iqlima, Iqlima Iqlima, Nur Alniz Irpan Pardosi Itanza, Vionita Jeanny Pragantha Jennyfer, Jennyfer Jessica Kurnia Niaga, Karmenia Joe, Sherly Johny Budiman Jolyn , Jolyn Katherine Kho Khang , Jackie Khesi, Khesi Kinadi, Febriana Lestari, Wulan Sri Lie, Les Lim, Jeksen Listia Natadjaja Lubis, Abdul Rahman Mahariska, Dina Fitria Mahatmaputra, Samuel Marcel Antoni Maria Dara Novi Handayani, Maria Dara Novi Marlim, Yulvia Nora Marpaung, Fenny Krisna Maryanie Maryanie, Maryanie Maryati Maryati Mas, Muhammad Abdurrahman Mawaddah Harahap, Mawaddah Melvin Octorian, Melvin Melyana Melyana Michelle , Michelle Musa, Sulaiman Nababan, Darsono Narulita, Pety Nayottama, Vicky Nelson Neka Fatyandri, Adi Ng, Selina. Ngantung, Denny Nialindawaty, Nialindawaty Nicholas Renaldo Oktasari , Stephani Pakpahan, Cennikon Pangaribuan, Jefri Junifer Paulus Paulus Permata, Erwin Pertiwi, Junita Maja Pipin, Sio Jurnalis Pradesta Varro, M. Hafish Pradnyaswari, Ida Ayu Ketut Andriyogi Priadi, Dina Puspita Purba, Tiurniari Purnasari, Nina Putri, Fransiska Minerva Rahma, Sonia Rahmadanty, Nadiya Kamila Rickie, Rickie Rico, Rico Rizal Tumewah Romindo Rumawas, Marina Astrid S. Sugiharto Safitri , Ariska Salim, Kevin Kristanto Saputra, Vandi Sari, Ike Rukmana Satriabudi, Mirza Indrajanti Selina. Ng, Selina. Ng Senarto, Clifton Serly, Serly Sihombing, Josua Parulian Simanjuntak, Demak Claudia Yosephine Stefhanny, Stefhanny Suharyani, Sally Sulia Sulia Surjawan, Iwan Tahnia, Rizky Putra Tanardi, Samantha Tanojo, Jonathan Isaac Tanojo, Tjahjo Djojo Tanti Tanti Tarigan, Purnaya Sari Telaumbanua, Syahputra Teny Handhayani Tham, Felix Thauwrisan, Bryant Anthony Tio, Collin Tumboimbela, Melke Tya Wildana Hapsari Lubis Utomo, Natasha Susanto Veblyn, Veblyn Velicia, Paula Wahid, Nabila Wariki, Windy M. V. Wijaya, Alvin Wilda Susanti Willim, Raymond Yo, Rivan Yosua Setyawan Soekamto Yuda Turana Zai, Immanuel