THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY, PROFITABILITY AND LEVERAGE ON COMPANY VALUE WITH COMPANY SIZE AS A MODERATING VARIABLE IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE

Authors

Madelisa , Erwin Abubakar , Zainul Bahri Torong

Published:

2026-11-04

Downloads

Abstract

This study aims to examine and analyze the influence of corporate social responsibility, profitability, and leverage on firm value in manufacturing companies listed on the Indonesia Stock Exchange from 2011 to 2015. This study examines moderating variables in manufacturing companies listed on the Indonesia Stock Exchange. This type of research is causality research. Sampling used a purposive sampling method, resulting in 44 company samples with a total population of 119 samples for analysis. The data analysis method in this study is multiple linear regression and residual tests to test moderating variables. The results show that corporate social responsibility, profitability, and leverage simultaneously and partially have a positive and significant effect on the value of companies listed on the Indonesia Stock Exchange. Based on the results of the residual test, this study indicates that company size can moderate the relationship between corporate social responsibility, profitability, and leverage with firm value.

Keywords:

Corporate Social Responsibility Profitability Leverage Company Value and Company Size

References

REFERENCES

Augustine, I. (2014). The Influence of Corporate Social Responsibility on Company Value. Finesta Vol. 2, no. 1, 42-44.

Ambarwati, IE, Stephanus, DS (2014). Ownership Structure, Dividend Policy, and Leverage as Determinants of Firm Value. Multiparadigm Accounting Journal, Vol. 5, no. 2, 170-185.

Ardimas, W., Wardoyo. (2014). The Influence of Financial Performance and Corporate Social Responsibility on Company Value in Public Banks Listed on the IDX. National Seminar and Call for Paper (Sancall 2014) Research Method and Organizational Studies. ISBN: 978-602.70429-1-9,231-238.

Ayuningtyas, D. (2013). The Effect of Profitability on Firm Value: Dividend Policy and Investment Opportunities as Intermediate Variables. Journal. STIESIA. Surabaya.

Brigham, E.F., Gapenski & Louis C. (2006). Intermediate Financial Management. New York: The Dryden Press, New York.

Erlinda, W. Dewi. (2013). The Effect of Corporate Social Responsibility Disclosure on Company Value with Managerial Ownership as a Moderating Variable. Dian Nuswantoro University.

Erlina. (2008). Business Research Methodology for Accounting and Management.Second Edition, First Printing, Medan: USU Press.

Fama, E.F. (1978). The Effects of a Firm's Investment and FinancingDecisions on the Welfare of Its Security Holders. The American Economic Review, 68(3), 272-284. available online at:www.jstor.org.

Ghoul, S.E., Guedhami, O., Kwok, CCY, Mishra D.R. (2011). Does Corporate Social Responsibility affect the cost of capital. Journal of Banking & Finance, 35(9), 2388-2406.

Ghozali, I. (2013). Multivariate Analysis Application with SPSS Program.Diponegoro University Publishing Agency.

Gill, A., Obradovich, J. (2013). The Impact of Corporate Governance and Financial Leverage on the Value of American Firms. Faculty Publications and Presentations. Paper 25.

Hanafi, MM, Halim, A. (2007). Financial Report Analysis. Yogyakarta: UPP YKPN.

Handriyani, AN (2013). The Influence of Corporate Social Responsibility on Company Value with Profitability as a Moderating Variable. Journal of Accounting Science and Research Vol.2 No.5.

Harjito, A., Martono. (2005). Financial Management. Yogyakarta.

Hartono. (2005). "The Relationship between Signaling Theory and Underpricing of Initial Public Offerings on the Jakarta Stock Exchange", Journal of Business and Management: pp. 35-38.

http://isjd.pdii.lipi.go.id/admin/jurnal/51053550.pdf (March 8, 2012).

Hasnawati, S., Sawir A. (2015). Financial Decisions, Company Size, Ownership Structure and Value of Indonesian Public Companies. Journal of Management and Entrepreneurship Vol. 17, no. 1, 65-67.

Hermawan, S., Maf'ulah AN (2014). The Influence of Financial Performance on Company Value with Corporate Social Responsibility Disclosure as a Moderating Variable. Journal of Accounting Dynamics Vol.6, No. 2, 103-118.

Indonesian Institute of Accountants. 2009. Financial Accounting Standards. Jakarta: SalembaFour.

Jama'an. (2008). The Influence of Corporate Governance Mechanisms and the Quality of Public Accounting Firms on the Integrity of Financial Report Information (Case Study of Public Companies Listed on the IDX). Semarang: Diponegoro University.

Jo, H., Maretno, AJ (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics.DOI 10.1007/s10551-011-0869-y, 103, 351-383.

Jogiyanto, HM (2000). Portfolio Theory and Investment Analysis. Yogyakarta: BPFE.

Jusriani, IF, Siddiq, NR (2013). Analysis of the Influence of Profitability, Dividend Policy, Debt Policy, and Managerial Ownership on Company Value (Empirical Study on Manufacturing Companies Listed on the Indonesia Stock Exchange 2009-2011). Diponegoro Journal of Accounting. Vol 2, No 2, 1-10.

Kasmir. (2008). Financial Report Analysis. Jakarta: PT Raja Grafindo Persada.

Mahendra, A. Dj., Artini, LGS, Suarjaya, AAG (2012). InfluenceFinancial Performance on Company Value in manufacturing companies on the Indonesia Stock Exchange. Journal of Management, Business Strategy, and Entrepreneurship. Vol. 6 (No. 2) August 2012, 130-138.

Mukhtaruddin, R., Felmania M. (2014). Good Corporate Governance Mechanism, Corporate Social Responsibility Disclosure on Firm Value: Empirical Study on Listed Companies on the Indonesia Stock Exchange. International Journal of Finance & Accounting Studies. ISSN 2203-4706 Vol 2 No.1.

Munawaroh, A. (2014). The Effect of Profitability on Company Value with Corporate Social Responsibility as a Moderating Variable. Journal of Accounting Science and Research Vol.3 No.4.

Pratama, IGBA, Wiksuana, IGB (2016). The Effect of Company Size and Leverage on Company Value with Profitability as a Mediating Variable. Unud E-Journal of Management, Vol.5, No.2, 1338-1367.

Purwaningsih, NKI, Wirajaya, IGA (2014). The Influence of Performance on Company Value with Corporate Social Responsibility as a Moderating Variable. E-Journal of Accounting, Udayana University 7.3 (2014): 598-613 ISSN: 2302-8556.

Ross, S. (1977). The Determination of Financial Structure: The Incentive Signaling Approach. Bell Journal of Economics, 8, 23-40

Salvatore, D. (2005). Managerial Economics and the Global Economy. Jakarta: Salemba Empat.

Sambora, MN, Handayani, SR, Rahayu, SM (2014). The Effect of Leverage and Profitability on Company Value. Journal of Business Administration (JAB) Vol.8.

Sayekti, Y., Ludovicus, SW (2007). The Influence of CSRDisclosure of Earning Response Coefficient (An Empirical Study)in Companies Listed on the Jakarta Stock Exchange). Paper presented at the 9th National Accounting Symposium. Makassar, 26-28.

Simamora, H. (2000). Accounting Basis for Business Decision Making. Volume II.Jakarta: Salemba Empat.

Soliha, E., Taswan. (2002). The Effect of Debt Policy on Company Value and Several Influencing Factors. Journal of Economics and Business, STIE Stikubank Semarang, 1-18.

Suwardjono. (2005). Accounting Theory: Engineering Financial Reporting (3rd Edition). Yogyakarta: BPFE.

Sugiyono. (2007). Business Research Methods. Alfabeta, Bandung.

Sujoko, Soebiantoro. (2007). The Influence of Share Ownership, Leverage, Internal Factors, and External Factors on Company Value. Journal of Management and Entrepreneurship. Vol.9. No. 1, 41-48.

Umar, H., (2003). Applied Accounting Research Methods. First Edition. Jakarta: GhaliaIndonesia.

Wahyuni, T., Ernawati, E., Murhadi, WR (2013). Factors Affecting Company Value in the Property, Real Estate & Building Construction Sector Listed on the IDX for the 2008 – 2012 Period. Calyptra: Student Scientific Journal of the University of Surabaya Vol.2 No.1.

Wild, JJ, Subramanyam, KR, Halsey, RF (2005). Financial Statement Analysis. 8th Edition. Jakarta: Salemba Empat.

Wulandari, DR (2013). The Effect of Profitability, Operating Leverage, Liquidity on Company Value with Capital Structure as an Intervening Variable. Accounting Analysis Journal. ISSN 2252-6765.

Wolk, H., Taerney M.G., Dodd, J.L. (2000). Accounting Theory: A Conceptual and Institutional Approach. South-Western College Publishing.

www.globalreporting.co.id

www.idx.co.id

Author Biographies

Madelisa, University of North Sumatra

Author Origin : Indonesia

Erwin Abubakar, University of North Sumatra

Author Origin : Indonesia

Zainul Bahri Torong, University of North Sumatra

Author Origin : Indonesia

Downloads

Download data is not yet available.

How to Cite

Madelisa, Erwin Abubakar, & Zainul Bahri Torong. (2026). THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY, PROFITABILITY AND LEVERAGE ON COMPANY VALUE WITH COMPANY SIZE AS A MODERATING VARIABLE IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 6(6), 8920–8927. Retrieved from https://radjapublika.com/index.php/IJEBAS/article/view/6656