The Influence of Corporate Social Responsibility, Firm Size on Firm Value and Leverage as a Moderating Variable
Keywords:
Corporate Social Responsibility; Firm Size; Firm Value; LeverageAbstract
This study analyzes the Influence of Corporate Social Responsibility (CSR) disclosure and Firm Size on Firm Value, and examines the moderating role of Leverage. The research focuses on food and beverage manufacturing companies listed on the Indonesia Stock Exchange, using secondary data from annual and sustainability reports. A purposive sample of 25 companies over 2022-2024 years yielded 75 firm year observations. Data were analyzed with SPSS, including descriptive statistics, classical assumption tests, multiple linear regression, and Moderated Regression Analysis (MRA). Corporate Social Responsibility disclosure and Firm Size both have positive and statistically significant effects on Firm Value. CSR shows a regression coefficient ? = 1.641 with p = 0.000, while Firm Size has ? = 0.040 with p = 0.043. Leverage significantly moderates the CSR–Firm Value relationship, evidenced by the interaction term CSR × Leverage with ? = 1.703 and p = 0.010. The model’s adjusted R² is 0.302, indicating that about 30.2% of the variation in Firm Value is explained by the variables and interactions included.These findings offer empirical evidence that, within the sampled food and beverage firms, higher CSR disclosure and larger firm size enhance firm value, and that leverage can strengthen the positive impact of CSR. Implications and consistency with prior literature are discussed.The findings of this study contribute to the literature by providing empirical evidence regarding the role of CSR, Firm Size, and Leverage in influencing Firm Value, particularly in the context of developing countries.
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