HERSUGONDO, Hersugondo (2026) " ARTIKEL Dr. HERSUGONDO, SE, MM: Does Ownership Matter? Exploring The Mediating Role of Csr Between Ownership Structure, Financial Performance and Firm Value in Indonesia’s Consumer Sector". QUALITY Vol. 27, No. 214/ Sep 2026 212 Access to Success, 27 (214). pp. 212-221.

Text (Artikel) 20260905_263b9b38-c010-4c7f-a232-c572114a4251.pdf - Published Version Download (552kB)

Abstract

This study investigates the mediating role of Corporate Social Responsibility (CSR) in the relationship between
ownership structure and firm value in the non-cyclical consumer sector listed on the Indonesia Stock Exchange
(IDX) from 2016-2024. Using a purposive sampling method, the study analyzes data from 9 companies yielding 81
firm year observations. The research employs Fixed Effect Models (FEM) and the Sobel test to examine the direct
and indirect effect of foreign, institutional and public ownership, as well as Return on Equity (ROE) on firm value
measured by Price to Book Value (PBV) and Tobin’s Q. The findings indicate that ROE significantly influences CSR,
PBV and Tobin’s Q. Additionally CSR exerts a positive effect on both measures of firm value and mediates the
relationship between ROE and firm value. However, CSR does not mediate the effects of foreign, institutional or
public ownership on firm value. These results underscore the critical role of financial performance in driving socially
responsible initiatives that enhance firm value. This study contributes to the literature by integrating ownership
structure, financial performance and CSR into a unified framework offering practical implications for managers,
investors and regulators seeking to improve sustainable corporate value particurly in emerging markets.

Actions (login required)

View Item