Pengaruh Pengungkapan CSR, Enterprise Risk Management, Profitabilitas, dan Good Corporate Governance terhadap Nilai Perusahaan

Abstract

Growing stakeholder attention to sustainability practices and risk management has encouraged firms to integrate Corporate Social Responsibility (CSR) and Enterprise Risk Management (ERM) into their value creation strategies. However, empirical evidence regarding the effects of CSR and ERM on firm value, as well as the moderating role of corporate governance, remains inconclusive. This study investigates the effects of CSR, ERM, and profitability on firm value while examining the moderating role of independent commissioners as a proxy for Good Corporate Governance (GCG). A quantitative approach was employed using secondary data obtained from the annual reports and sustainability reports of consumer non-cyclicals companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The sample comprised 30 companies, resulting in 88 firm-year observations selected through purposive sampling. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with IBM SPSS Statistics 26. The results indicate that CSR and ERM do not have significant effects on firm value, whereas profitability, measured by Return on Equity (ROE), has a positive and significant effect. Furthermore, independent commissioners do not moderate the relationships between CSR or ERM and firm value but significantly strengthen the relationship between profitability and firm value. These findings suggest that investors place greater emphasis on financial performance than on sustainability and risk management disclosures when evaluating firms in the Indonesian consumer non-cyclicals sector.