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All Journal International Journal of Entrepreneurship and Business Management Research of Finance and Banking
Asmaranti, Ratih Dwi
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Corporate Social Responsibility as a Moderator of Financial Determinants of Firm Value Asmaranti, Ratih Dwi; Sihombing , Pardomuan
International Journal of Entrepreneurship and Business  Management Vol. 4 No. 2 (2025)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia (ADPEBI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijebm.v4i2.1394

Abstract

This research analyzes the influence of internal financial factors namely profitability (ROE), leverage (DER), profit growth (GR), and operational cash flow (OCF) on firm value, while assessing the moderating impact of Corporate Social Responsibility (CSR) and incorporating firm size as a control variable. The study focuses on publicly listed palm oil firms on the Indonesia Stock Exchange from 2018 to 2023. Using a quantitative approach and panel data regression, it evaluates 15 companies. Findings reveal that both the Debt to Equity Ratio (DER) and firm size significantly and negatively influence firm value, as measured by the Price to Book Value (PBV) ratio. Conversely, Return on Equity (ROE), profit growth (GR), and operating cash flow (OCF) show no significant direct impact. CSR is shown to have a significant moderating effect on the relationship between DER and firm value. These findings underscore the strategic role of CSR in mitigating the adverse effects of financial leverage, particularly in sustainability-sensitive sectors.
Strategic Resilience in Agribusiness: Does CSR Moderate Financial Risks in Indonesian Palm Oil Firms? Sihombing, Pardomuan; Asmaranti, Ratih Dwi
Research of Finance and Banking Vol. 4 No. 1 (2026): APRIL 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rfb.v4i1.599

Abstract

This study examines the critical role of Corporate Social Responsibility (CSR) in shaping firm value in the palm oil industry, a sector under intense global environmental and social scrutiny. As one of the most controversial resource-based industries, palm oil companies are frequently linked to deforestation, climate change, biodiversity loss, and social conflicts, which significantly influence stakeholder perceptions and investor confidence. These conditions create a fundamental problem: firms with strong financial performance may still experience a gap between their operational achievements and market valuation due to external pressures. Therefore, CSR in this context is no longer merely a symbolic or ethical obligation, but a strategic necessity to maintain legitimacy, enhance corporate reputation, and ensure long-term sustainability. This study examines how internal financial factors, including financial performance, capital structure, profit growth, and operating cash flow, affect firm value while incorporating CSR as a moderating variable. By doing so, the research provides a more comprehensive understanding of firm value that integrates both financial and non-financial dimensions. Ultimately, this study highlights that in high-risk industries such as palm oil, sustainable value creation depends not only on financial strength but also on a company's commitment to responsible environmental and social practices
Co-Authors Pardomuan Sihombing, Pardomuan Sihombing , Pardomuan