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All Journal Enrichment : Journal of Management
Kasiha, Nathalia W N
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Economics, Econometrics & Finance

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When doing good pays off : the nonlinear u-shaped effect of CSR on financial performance of indonesian listed companies Kasiha, Nathalia W N; Kim, Sung Suk
Enrichment : Journal of Management Vol. 14 No. 4 (2024): October: Management Science And Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/enrichment.v14i4.2025

Abstract

The study investigates the non-linear correlation between the financial performance of companies that are listed on the Indonesia Stock Exchange and their commitment to Corporate Social Responsibility (CSR). It uses the Driscoll-Kraay method in a Fixed Effect regression model with panel data from 145 companies over the years 2019–2023. The findings show that there is a U-shaped relationship between CSR and Return on Assets (ROA), whereby CSR first reduces ROA before eventually increasing it above an ideal level. Nevertheless, there was no discernible relationship between Return on Equity (ROE) and CSR. Growth, leverage, and company size all had a consistent effect on both financial performance metrics. These results offer insightful information for creating CSR plans that take into account both immediate and long-term financial consequences. The study underscores the significance of employing a variety of financial performance indicators when assessing the impact of corporate social responsibility (CSR) and stresses the necessity of adopting a comprehensive approach to comprehending the intricate correlation between CSR and corporate financial performance
Co-Authors Sung Suk Kim