Pengaruh Pengungkapan Corporate Social Responsibility terhadap Harga Saham dengan Solvabilitas sebagai Variabel Moderasi pada Perusahaan Migas dan Batu Bara yang Terdaftar di BEI Periode 2022–2025
DOI:
https://doi.org/10.30640/jumma45.v5i2.7814Keywords:
Corporate Social Responsibility, Stock Price, Solvency, Debt To Equity Ratio, ModerationAbstract
Companies in the oil, gas, and coal sectors have capital-intensive business characteristics and relatively large social and environmental impacts, so the disclosure of Corporate Social Responsibility (CSR) and solvency conditions is important information in investors' assessment of the company. This study aims to analyze the effect of CSR disclosure on stock prices and analyze the role of solvency in moderating the effect of CSR disclosure on stock prices in oil, gas, and coal sector companies listed on the Indonesia Stock Exchange for the 2022–2025 period. The research uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, financial statements, and historical stock price data. The sample was determined using the purposive sampling technique and obtained 25 companies with 100 observations. Data analysis was carried out using panel data regression with Moderated Regression Analysis and Fixed Effect Model through EViews 13. The results of the study show that CSR disclosure has a positive and significant effect on stock prices. Solvency proxied with the Debt to Equity Ratio has also been proven to positively moderate the influence of CSR disclosure on stock prices. The research model has an explanatory ability of 87.03%. These findings indicate that the quality of CSR disclosure and the management of funding structures need to be considered simultaneously as they relate to market responses to companies in the oil, gas, and coal sectors.
References
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of financial management (15th ed.). Cengage Learning.
Fahmi, I. (2014). Analisis kinerja keuangan. Alfabeta.
Fitriana, A. (2024). Buku ajar analisis laporan keuangan. CV. Malik Rizki Amanah.
Hery. (2018). Analisis laporan keuangan (Edisi Revisi). PT Grasindo.
Jogiyanto, H. M. (2017). Teori portofolio dan analisis investasi (11th ed.). BPFE Yogyakarta.
Kasmir. (2019). Analisis laporan keuangan (Edisi Revisi). PT RajaGrafindo Persada.
Nuryanto, M., & Pambuko, Z. B. (2018). Eviews untuk analisis ekonometrika dasar: Aplikasi dan interpretasi. Unimma Press.
Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D (Edisi 2). Alfabeta.
Tandelilin, E. (2017). Pasar modal: Manajemen portofolio dan investasi. PT Kanisius.
Bafera, J., & Kleinert, S. (2023). Signaling theory in entrepreneurship research: A
Connelly, B. L., Certo, S. T., Reutzel, C. R., DesJardine, M. R., & Zhou, Y. S. (2025). Signaling theory: State of the theory and its future. Journal of Management, 51(1), 24–61. https://doi.org/10.1177/01492063241280843
Dewi, P. E. D. M., & Dewi, L. G. K. (2025). Pengaruh pengumuman penetapan hasil pemilu 2024 terhadap perubahan harga saham IDX30. Jurnal Ekonomi dan Bisnis, 12(1), 1–15.
Licandro, O. (2023). Definition of corporate social responsibility as a management philosophy oriented towards the management of externalities: Proposal and argumentation. Sustainability, 15(13), 10722. https://doi.org/10.3390/su151310722
Mandagie, W. C., Susanto, K. P., Endri, E., & Wiwaha, A. (2024). Oil price and corporate social responsibility disclosure (CSRD): Evidence from Indonesian energy companies. International Journal of Energy Economics and Policy, 14(3), 694–701. https://doi.org/10.32479/ijeep.15937
Mevelia, V. C., Lestari, D. I. S., & Hwihanus. (2024). Pengaruh pengungkapan CSR terhadap harga saham perusahaan yang terdaftar di BEI. Jurnal Ekonomi dan Bisnis Terapan, 20(1), 55–72.
Muslimin, M., Nurdin, E., & Asn, N. (2025). Pengaruh CSR terhadap harga saham dengan ukuran komite audit sebagai moderasi pada BUMN. Jurnal Akuntansi Keuangan dan Bisnis, 18(1), 23–40.
Nguyen, V. H. (2025). Corporate social responsibility disclosure and firm value: A signaling theory perspective. Journal of Economics and Development, 27(2), 114–128. https://doi.org/10.1108/JED-02-2024-0067
Rumansyah, F., & Hendrani, A. (2026). Pengaruh CSR dan profitabilitas terhadap harga saham dengan ukuran perusahaan sebagai moderasi. Jurnal Riset Akuntansi dan Bisnis, 6(1), 1–18.
Sihombing, N. Y., Siagian, V., & Pangaribuan, H. (2025). Pengaruh audit report lag dan CSR terhadap harga saham perusahaan di BEI. Jurnal Akuntansi Multiparadigma, 16(1), 78–95.
Silmi, S. S., & Sari, W. (2025). Pengaruh CSR dan EPS terhadap harga saham pada Jakarta Islamic Index. Jurnal Ekonomi Syariah, 10(2), 145–162.
Wirba, A. V. (2023). Corporate social responsibility (CSR): The role of government in promoting CSR. Journal of the Knowledge Economy, 14(2), 1666–1680. https://doi.org/10.1007/s13132-022-00924-x
Yumita, E., Yulindisti, E., & Desyana, G. (2025). Pengaruh CSR terhadap harga saham dengan kinerja keuangan sebagai moderasi pada perusahaan LQ45 BEI 2020–2024. Jurnal Ekonomi dan Manajemen, 14(2), 210–228.
Yusuf, M., & Anggraeni, D. (2022). Teori sinyal dalam akuntansi: Tinjauan konseptual dan empiris. Jurnal Keuangan dan Perbankan, 26(3), 301–318.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Anshori Anshori, Moch Fahru Komarudin, Novi Handayani
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
