The Mediating Role of Sustainability Reporting on CSR, Dividend Policy, Profitability, Firm Size and Firm Value
Peran Mediasi Pelaporan Keberlanjutan terhadap CSR, Kebijakan Dividen, Profitabilitas, Ukuran Perusahaan, dan Nilai Perusahaan
DOI:
https://doi.org/10.21070/jbmp.v12i1.2297Keywords:
CSR, Dividend Policy, Firm Value, Profitability, Sustainability ReportingAbstract
This study examines the effects of Corporate Social Responsibility (CSR), Dividend Policy (DPR), Profitability (ROA), and Firm Size (SIZE) on Firm Value (Tobin’s Q), with Sustainability Reporting (SR) as a mediating variable in manufacturing companies in Indonesia. This study employs a quantitative approach using secondary data obtained from the annual reports of manufacturing firms listed on the Indonesia Stock Exchange (IDX) for the 2019–2024 period. Multiple regression and path analyses were conducted to test both the direct and indirect relationships among the variables. The findings reveal that CSR, Dividend Policy, and Profitability significantly influence Firm Value, both directly and indirectly through sustainability reporting. Additionally, sustainability reporting is proven to partially mediate the association between these determinants and Firm Value, demonstrating that transparency in sustainability disclosure enhances corporate reputation and investor confidence. This study contributes to the body of literature on corporate sustainability by emphasizing the strategic role of sustainability reporting in optimizing firm value within emerging market settings.
References
Akhmadi, A. (2021). Profitability and Firm Value: Does Dividend Policy Matter? Economies, 9(4).
Angela, & Yudianti, F. N. (2014). Pengaruh kinerja lingkungan terhadap kinerja finansial dengan pengungkapan corporate social responsibility sebagai variabel intervening. Jurnal Ekonomi Universitas Sanata Dharma.
Arenas-parra, M. (2023). Exploring the asymmetric impact of sustainability reporting on financial performance in the utilities sector : A longitudinal comparative analysis. Utilities Policy 84, 84(August). https://doi.org/10.1016/j.jup.2023.101650
Erwin, A. Zuliansyah, D. P. (2025). The Effect of Profitability and Dividend Policy on Firm Value ( A Case Study on Manufacturing Companies Listed in the Jakarta Islamic Index for the. 14(04), 2446–2456.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. In Strategic Management: A Stakeholder Approach. https://doi.org/10.1017/CBO9781139192675
Imang Dapit Pamungkas, Muhammad Rafi Raihan, D. P. I. S., & Kristianto, A. Y. (2024). Impact of Corporate Social Responsibility between Green Accounting and Sustainable Development Goals. 16(1), 43–57.
Iriansyah, D., Syafitri, Y., & Yanti, N. (2023). Pengaruh Pengungkapan Sustainability Report , Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan pada Perusahaan Bumn Go Public di Bursa Efek Indonesia Periode 2013-2018. 1(2), 122–128.
IS Permata, G Baharuddin, N. S. (2025). Implementation of Green Financial Management and Its Impact on The Financial Performance of SRI-KEHATI Indexed Companies. Journal of Electrical System, 20(10s)(15).
IS Permata. (2019). Faktor determinan terhadap kebijakan deviden pada perusahaan manufaktur yang terdaftar di bei. Forum Ekonomi: jurnal ekonomi, Manajemen, dan Akuntansi, 21(1), 36–44.
IS Permata, et al. (2018). FREE CASH FLOW , KINERJA INTERNAL , DAN PENGARUHNYA. Jurnal Liquidity, 7(1), 63–69.
IS Permata et al. (2024). Implementation of Green Financial Management and Its Impact on The Financial Performance of SRI-KEHATI Indexed Companies. Journal of Electrical Systems, 6248–6259.
K Heriansyah, IS Permata, W. W. (2023). Determination of Dividend Policy in Indonesian Banking. JACTA: Journal of Accounting and Tax, 2(1).
Kusnanto, E., & Qalbia, F. (2024). The Impact Of Profitability , Firm Size , And Growth Opportunities On The Value Of Property Companies. Journal of Economic and Leadership, 2.
Nabila, F. A., Saraswati, E., & Brawijaya, U. (2024). THE IMPACT OF INFORMATION ASYMMETRY ON ESG AND INTELLECTUAL CAPITAL IN REDUCING EQUITY COSTS. Jurnal Reviu Akuntansi dan Keuangan, 14(04), 1044–1055. https://doi.org/10.22219/jrak.v14i4.36204
Natalia, N., Silaban, A., & Sihombing, H. S. (2024). Pengaruh Corporate Social Responsibility ( Csr ) Terhadap Kinerja Keuangan Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2020 - 2022. 4(5).
Okoye, P. C., Ali, M. M., Training, E. B., Alam, S., Sultan, M., Aziz, A., & Alam, S. (2025). DOES IFRS S1 / S2 ENHANCE ESG DISCLOSURE QUALITYAND INVESTOR CONFIDENCE ? A CONCEPTUAL SYNTHESIS. Jurnal Riset Akuntansi Kontemporer.
Prasetyo, R. A., Anandita, R., Amaliyatun, N., & Br, A. (2025). Assesing the Role of ESG on Firm Value in Indonesia : Signaling or Symbolism ? Governors, 04(02), 298–306.
Purnamasari, S., & Trimeiningrum, E. (2022). Analisis Dampak Pengungkapan Sustainability Report Terhadap Nilai Perusahaan. 5(1).
Rahmah, S. A., Ainiyah, N., Isnaini, N. F., Akuntansi, P. S., Majapahit, U. I., & Rejo, T. (2024). Pengaruh Pengungkapan Kinerja Lingkungan , Kinerja Sosial dan Kinerja Ekonomi terhadap Nilai Perusahaan pada Sektor Pertambangan dan Energi yang Terdaftar di BEI Periode 2019-2023. Pajak dan Manajemen Keuangan, 4.
Retno, R. D., & Priantinah, D. (2012). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (STUDI EMPIRIS PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2007-2010). Jurnal Nominal, 1((1)), 84–103.
Salim, U., & Yanti, A. (2022). Corporate social responsibility, risiko bisnis, dan struktur modal perusahaan. Jurnal Riset Akuntansi dan Bisnis, 22 (1), 87–101.
Sonia, L. E. (2021). THE INTERSECTION OF CORPORATE SOCIAL RESPONSIBILITY AND INNOVATION : A CATALYST FOR SUSTAINABLE GROWTH. 158, 304–320. https://doi.org/10.24034/j25485024.y2025.v9.i2.7222
Sonnya, S., & Wardhani, N. K. (2026). The Effect of Sustainability Report Disclosure and Firm Size on Firm Value with Profitability as a Moderating Variable : A Study of Mining Companies in Indonesia. GOLDEN RATIO OF AUDITING RESEARCH, 6, 327–338.
Stacia, E., & J. (2015). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan di Sektor Pertambangan. Business Accounting Review, 3(2), 81–90.
Tubastuvi, N., & Yustina, I. (2024). The Impact of Firm Characteristics on Firm Value : Evidence from Indonesia Stock Exchange. Asian Journal of Economics, Business and Accounting, 24(8), 336–348.
Wahyuni, F. A., & Kristanti, F. T. (2024). The Influence of Profitability , Firm Size , Growth , Liquidity , Asset Tangibility , and Non-Debt Tax Shield on Capital Structure. ATESTASI: JURNAL ILMIAH AKUNTANSI, 7(2), 986–999.
Yuliani, R., & A. Z. (2022). Environmental, Social, and Governance (ESG) Disclosure, Dividend Policy, and Firm Value: Evidence from Indonesia. Asian J Account Res., 7((1)), 56–69.
Downloads
Published
Issue
Section
Categories
License
Copyright (c) 2026 Irma Sari Permata, Mulyadi, M. Nuruddin Subhan
This work is licensed under a Creative Commons Attribution 4.0 International License.
