THE EFFECT OF CSR AND DEBT POLICY ON PROFITABILITY WITH INSTITUTIONAL OWNERSHIP AS A MODERATING VARIABLE

Sisca Aprillia Untianingtyas, Moh. Ubaidillah, Heidy Paramitha Devi

Abstract


This study aims to examine the impact of CSR and debt policy on profitability, with institutional ownership serving as a moderating variable, among banking companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. Employing a quantitative approach and purposive sampling—with a dataset comprising 207 observations from 46 companies—the data were analyzed using Moderated Regression Analysis (MRA) via IBM SPSS Statistics 25. The results indicate that both CSR and debt policy have a positive and significant effect on profitability; however, institutional ownership does not moderate either of these relationships. Future research is encouraged to incorporate additional variables and expand the scope of the study.

Keywords: Corporate Social Responsibility, Debt Policy, Profitability, Institutional Ownership


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References


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Dakhli, A. (2021). The impact of ownership structure on corporate social responsibility: The moderating role of financial performance. Society and Business Review. https://doi.org/10.1108/SBR-01-2021-0013.

Dewi, A. L., & Ghozali, I. (2023). Manajemen laba, kepemilikan institusional, dan kinerja keuangan: CSR sebagai variabel moderasi. Jurnal Akuntansi Indonesia, 12(1).

Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

Khairunnisa, I., Mismiwati, & Shalihah, B. M. (2020). Pengaruh Debt to Equity Ratio dan Firm Size terhadap nilai perusahaan dengan Return on Equity sebagai variabel intervening pada perusahaan yang terdaftar di Jakarta Islamic Index (JII) periode 2016–2018. I-Finance, 6(1), 15–29. https://doi.org/10.19109/ifinance.v6i1.6069.

Kolamban, D. V., Murni, S., & Baramuli, D. N. (2020). Analisis pengaruh leverage, profitabilitas dan ukuran perusahaan terhadap nilai perusahaan pada industri perbankan yang terdaftar di BEI. Jurnal EMBA, 8(3), 174–183.

Lituhayu, V. A. (2023). The moderating effect of ownership structure in affecting CSR on financial performance. Syntax Literate: Jurnal Ilmiah Indonesia, 8(12). https://doi.org/10.36418/syntax-literate.v8i12.14151.

Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x.

Nuraini, A., Bawazir, H., & Ahmadun. (2019). Analisis pengaruh kebijakan hutang terhadap kinerja keuangan perusahaan. Jurnal Administrasi dan Manajemen, 9(2). https://doi.org/10.52643/jam.v9i2.456.

Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Emiten, dan Perusahaan Publik.

Parsi, C. A., Sitorus, A. Z., Lubis, N. S., Silitonga, C. J., & Azzahra, A. S. (2024). The effect of institutional ownership, company size, profitability on debt policy in health sector companies. Journal of Indonesian Management, 4(4), 1–10. https://doi.org/10.53697/jim.v4i4.2073.

Pratiwi, A., Nurulrahmatia, N., & Muniarty, P. (2020). Pengaruh Corporate Social Responsibility (CSR) terhadap profitabilitas pada perusahaan perbankan yang terdaftar di BEI. Owner: Riset dan Jurnal Akuntansi, 4(1), 95–103. https://doi.org/10.33395/owner.v4i1.201.

Surahmat, S., Sailendra, S., & Mulyadi, J. (2025). Effect of green accounting and CSR disclosure on financial performance, moderated by institutional ownership. JASa: Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi, 9(1), 176–188. https://doi.org/10.36555/jasa.v9i1.2807.

Wicaksana, K. A. B., Purbawangsa, I. B. A., Artini, L. G. S., & Candraningrat, I. R. (2025). Agency, signals, and the paradox of efficiency: Mediating role of investment efficiency in determining firm value in Indonesia. Edelweiss Applied Science and Technology, 9(8), 211–230. https://doi.org/10.55214/2576-8484.v9i8.9256.


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