Indonesia Auditing Research Journal
Vol. 15 No. 1 (2026): Auditing, Finance, IT Plan, IT Governance, Risk

Maqashid sharia and corporate sustainability under financial vulnerability

Wulandari, Linda Ayu (Unknown)
Paulus, Hendro (Unknown)
Melzatia, Shinta (Unknown)
Oktris, Lin (Unknown)
Akbar, Taufik (Unknown)



Article Info

Publish Date
30 Mar 2026

Abstract

This study examines the effect of CSR, Islamic CSR, and environmental quality on corporate performance, measured by profitability and growth, with financial vulnerability as a moderating variable. This research will conduct with Moderated Regression Analysis of panel data from 108 observations basic material entities achieving PROPER on 2021-2024 by Ministry of Environment and Forestry of Indonesia Republic, which Islamic CSR is measured using a GRI-Maqasid Index, CSR using the GRI Standards 2021, and financial vulnerability with DER, use EViews 13. The results show that CSR and Islamic CSR positively affect profitability but do not significantly firm growth. In contrast, environmental quality negatively affects short-term profitability yet supports growth. Financial vulnerability moderates these relationships by weakening the profitability effects of CSR and ICSR, while also reducing the positive influence of environmental quality on corporate growth. The findings highlight aligning ethical, social, and environmental strategies grounded in Maqasid Sharia with financial conditions to sustain long term corporate performance. This study compares Islamic CSR and CSR in a single framework, using profitability and growth as well as financial vulnerability, revealing the role of ethical orientation and financial constraints on long term corporate performance.

Copyrights © 2026






Journal Info

Abbrev

ARJ

Publisher

Subject

Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media

Description

Indonesia Auditing Research Journal is a high-quality specialist journal that publishes articles from the broad spectrum of auditing. Its primary aim is to communicate clearly, to an international readership, the results of original auditing research conducted in research institutions and/or in ...