Peran Corporate Social Responsibility dalam Memoderasi Pengaruh truktur Modal terhadap Nilai Perusahaan Pertambangan di Bursa Efek Indonesia Tahun 2021-2024
DOI:
https://doi.org/10.30640/jumma45.v5i1.6395Keywords:
Capital, Corporate Social Responsibility, Indonesia Stock Exchange, Mining, Structure, ValueAbstract
This study aims to examine how capital structure affects firm value, considering the role of Corporate Social Responsibility (CSR) as a mediating variable in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research is conducted due to the heavy reliance of mining companies on debt financing for operational costs, as well as the increasing requirements for disclosing social and environmental responsibilities.The research employs a quantitative approach with a descriptive-verificative research design. Data were obtained from companies’ financial statements and sustainability reports, with a sample consisting of 19 companies or 76 observations over four years. Data analysis was carried out using the Partial Least Squares (PLS) technique with WarpPLS 8.0 software. The results indicate that capital structure has a negative and significant effect on firm value. Meanwhile, CSR is not able to mitigate the impact of capital structure on firm value. These findings suggest that high levels of debt can reduce firm value, and CSR disclosure is not yet strong enough to strengthen this relationship. The study concludes that effective capital structure management plays a more significant role in enhancing firm value compared to CSR as a mediating factor. Future research is recommended to include additional variables that may influence firm value.References
A. Ghozali. (2021). Return on asset, intensitas modal, tax avoidance: Corporate governance sebagai variabel moderasi. Jurnal Literasi Akuntansi, 1(1), 1–13.
A. Musfirati, Ginting, L., & Hakim, M. L. N. (2021). Pengaruh pengungkapan corporate social responsibility terhadap profitabilitas perusahaan. Journal of Information System, Applied, Management, Accounting and Research, 5(2), 471–487.
A. Sari. (2021). Pengaruh corporate social responsibility dan kinerja lingkungan terhadap kinerja keuangan (studi pada perusahaan manufaktur sektor makanan dan minuman di Bursa Efek Indonesia periode 2019–2021). Jurnal Akuntansi dan Keuangan, 1, 1–8.
A. Sugiono, & Untung, E. (2016). Analisis laporan keuangan. PT Grasindo.
A. Supeno. (2022). Determinasi nilai perusahaan dan struktur modal: Profitabilitas dan likuiditas pada perusahaan perkebunan di Indonesia. Jurnal Ekonomi Manajemen Sistem Informasi, 3(3), 240–256.
B. Setianto. (2016). Berinvestasi di reksa dana: Mengenal jenis, metode valuasi, kinerja dan strategi seleksi bonus: Daftar semua jenis reksadana terbaik. BSK Capital.
B. Sugeng. (2020). Manajemen keuangan fundamental. Deepublish.
D. L. Mahviroh, Sadiqin, A., & Harjanti, W. (2024). Pengaruh ukuran perusahaan, likuiditas, dan investment opportunity set terhadap kebijakan dividen perusahaan manufaktur sektor industri dasar dan kimia yang terdaftar di Bursa Efek Indonesia periode tahun 2017–2021. Jurnal Ekonomi dan Bisnis, 3, 3–9.
D. Z. Khauliyah, Winarni, D., Pratama, B. C., & Fitriati, A. (2025). Pengaruh corporate social responsibility (CSR), struktur modal, pertumbuhan penjualan, dan ukuran perusahaan terhadap profitabilitas. Journal of Accounting and Finance Management, 6(3), 1052–1066.
Dewa Ayu Sri Mahatma, & Wirajaya, A. (2020). Pengaruh investment opportunity set, likuiditas, dan ukuran perusahaan terhadap kebijakan dividen. E-Jurnal Akuntansi, 30(8), 2012–2025. https://doi.org/10.24843/EJA.2020.v30.i08.p11
I Made Sudana, & Suaryana, I. G. N. A. (2020). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. E-Jurnal Akuntansi, 30(6), 1451–1465. https://doi.org/10.24843/EJA.2020.v30.i06.p10
L. Martha, & Afdella, F. N. (2022). Pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2016–2020. Jurnal Ilmiah Pendidikan Scholastic, 6(2), 42–53.
M. F. Muzakki. (2021). Pengaruh struktur modal dan corporate social responsibility terhadap profitabilitas dengan pengungkapan good corporate governance sebagai variabel moderasi: Studi kasus pada indeks JII 70 di Bursa Efek Indonesia tahun 2018–2020 [Skripsi, Universitas Islam Negeri Maulana Malik Ibrahim].
Ni Putu Yeni Astiti, & Yadnya, I. P. (2019). Pengaruh profitabilitas, kebijakan dividen, dan struktur modal terhadap nilai perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(5), 3275–3302. https://doi.org/10.24843/EJMUNUD.2019.v08.i05.p25
R. P. Adigunawan, & Purwanto, E. (2023). Pengaruh struktur modal terhadap nilai perusahaan melalui corporate social responsibility pada perusahaan sektor pertambangan di Bursa Efek Indonesia. Bata Ilyas Educational Management Review, 3(1), 95–102. https://doi.org/10.37531/biemr.v3i1.681
Rina Trisnawati, & Nugroho, L. (2021). Pengaruh struktur modal, ukuran perusahaan, dan profitabilitas terhadap nilai perusahaan manufaktur. Jurnal Akuntansi dan Pajak, 21(2), 354–364. https://doi.org/10.29040/jap.v21i2.1538
S. Selvy, & Esra, M. A. (2022). Pengaruh kebijakan dividen terhadap nilai perusahaan dengan kebijakan hutang sebagai variabel intervening pada perusahaan yang terdaftar di indeks LQ45 periode 2015–2019. Jesya (Jurnal Ekonomi dan Ekonomi Syariah), 5(2), 1252–1263.
Siti Nurlaela, et al. (2019). Asset turnover, capital structure, and financial performance consumption industry company in Indonesia Stock Exchange. International Journal of Economics and Financial Issues, 9(3), 297–301. https://doi.org/10.32479/ijefi.8185
W. Adibah, Ismail, W., Saad, S. M., Lode, N. A., Adibah, W., & Ismail, W. (2022). Corporate sustainability reporting and firm’s financial performance in emerging markets. International Journal of Academic Research in Business and Social Sciences, 12(1), 396–407. https://doi.org/10.6007/IJARBSS/v12-i1/11364
Y. Fitriani. (2024). Pengaruh aset tak berwujud, pengembangan start up dan pertumbuhan perusahaan terhadap nilai perusahaan start up yang terdaftar di Bursa Efek Indonesia [Skripsi, STIE Pembangunan Tanjungpinang].
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Dita Novitasari, Amin Sadiqin, Anita Kartika Sari
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
