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All Journal Jurnal Ilmiah Manajemen Kesatuan
Annaba, Adduha
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Economics, Econometrics & Finance Social Sciences

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The Influence of CSR and Financial Performance in Explaining Cumulative Abnormal Return Azhar, M. Karya Satya; Annaba, Adduha; Azhar, Ibnu Austrindanney Sina
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 1 (2026): JIMKES Edisi January 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i1.4784

Abstract

This study examines the influence of corporate social responsibility, leverage, earnings per share, and profitability (net profit margin and return on equity) on cumulative abnormal return. Using a quantitative approach, this study employs secondary data from 77 consumer cyclical companies listed on the Indonesia Stock Exchange during the 2019–2022 period, resulting in 308 firm-year observations selected through purposive sampling. Panel data regression analysis is conducted using EViews. The empirical results indicate that CSR and net profit margin have a positive and significant effect on cumulative abnormal return, suggesting that social responsibility disclosure and operational profitability enhance investor confidence and market reactions. In contrast, leverage and ROE show a significant negative effect on cumulative abnormal return, implying that higher financial risk and extreme equity Return may be perceived unfavorably by investors. Meanwhile, EPS does not exhibit a significant influence on cumulative abnormal return. These findings imply that both financial performance and non-financial information, particularly CSR, play an important role in shaping investor behavior, and thus should be carefully managed and transparently disclosed to strengthen market responses.
Co-Authors Azhar, M. Karya Satya Ibnu Austrindanney Sina Azhar