The Effect of Corporate Social Responsibility Disclosure and Capital Structure on Firm Value: The Moderating Role of Firm Size

Itsna Wening Ariefianti; Cahyaningsih Cahyaningsih

doi:10.58524/smartsoc.v6i3.1399

Authors

Itsna Wening Ariefianti Telkom University, Indonesia
Cahyaningsih Cahyaningsih Telkom University, Indonesia

DOI:

https://doi.org/10.58524/smartsoc.v6i3.1399

Keywords:

Capital Structure, Corporate Social Responsibility Disclosure, Firm Size, Firm Value, Food and Beverage Industry

Abstract

Firm value reflects market perceptions of a company’s performance and future prospects and remains an important consideration for investors. The declining market valuation of Indonesia’s food and beverage companies during 2022–2024, together with inconsistent findings regarding the effects of Corporate Social Responsibility (CSR) disclosure and capital structure, provides the basis for this study. This research examines the effects of CSR disclosure and capital structure on firm value and evaluates the moderating role of firm size. Secondary data were obtained from the annual and sustainability reports of 21 food and beverage companies listed on the Indonesia Stock Exchange, comprising 63 firm-year observations. Panel data regression and Moderated Regression Analysis (MRA) were employed using a Random Effect Model. The results show that CSR disclosure is not significantly associated with firm value (p = 0.0622), whereas capital structure has a positive and statistically significant association (p = 0.0007). Firm size has no significant direct association with firm value (p = 0.9746) and does not significantly moderate the relationship between CSR disclosure and firm value (p = 0.6412) or between capital structure and firm value (p = 0.5933). These findings contribute to the application of Signaling Theory by showing that different corporate signals may have different relevance to market valuation, with financing decisions exhibiting a clearer statistical association with firm value than CSR disclosure within the observed sector and period. Practically, the findings suggest that managers should maintain efficient financing strategies while improving the quality and credibility of CSR implementation rather than focusing solely on the extent of disclosure.

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