THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY PERFORMANCE ON STOCK RETURNS WITH CAPITAL STRUCTURE AS A MODERATING VARIABLE

Syifa Alicia Putri, Sendy Dwi Haryanto

Abstract


This study seeks to provide empirical proof of how Corporate Social Responsibility (CSR) performance influences stock returns, considering capital structure as a moderating component. A quantitative method was applied using a repeated cross-sectional design, where data were obtained from various companies each year during the observation period. The study relies on secondary information derived from annual reports and sustainability disclosures. Sampling was conducted purposively, determined by clearly defined selection criteria. Data were analyzed through multiple regression and Moderated Regression Analysis (MRA). The results show that CSR performance has no significant impact on stock returns. However, the Debt to Equity Ratio (DER) as a moderating variable intensifies the relationship between CSR and stock returns, though the effect is negative. The recommendation of this research is that companies in the basic materials industry should not only implement CSR to meet regulatory requirements, but also ensure effective management of their capital structure. Excessive debt levels may weaken investors assessment of CSR activities.

Keywords: Corporate Social Responsibility (CSR) Performance, Stock Returns, Debt to Equity Ratio (DER)

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References


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