The effect of CSR and Leverage on Financial Performance with Firm Size Moderation
Keywords:
CSR; Leverage; Financial Performance; Firm SizeAbstract
This study examines the effect of Corporate Social Responsibility (CSR) and leverage on financial performance, with firm size as a moderating variable, in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2023–2024 period. This research is conducted to address inconsistencies in previous findings regarding the financial consequences of CSR implementation and leverage decisions. The population consists of 95 listed companies, of which 65 companies were selected through purposive sampling, resulting in 130 firm-year observations. CSR is measured using the Corporate Social Disclosure Index (CSDI), leverage is proxied by the Debt to Equity Ratio (DER), financial performance is measured by Return on Assets (ROA), and firm size is measured using the natural logarithm of total assets. Data were analyzed using multiple linear regression and Moderating Regression Analysis (MRA) with SPSS. Prior to hypothesis testing, classical assumption tests were conducted, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. Hypothesis testing employed the t-test, while the coefficient of determination (R²) was used to assess the explanatory power of the model. The results indicate that CSR has a negative but insignificant effect on financial performance, whereas leverage has a negative and significant effect. Firm size significantly moderates the relationship between CSR and financial performance, but does not moderate the leverage and financial performance.
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