Analysis the Effect of CSR on Firm Value by Firm Performance as A Moderating Variable: A Study of the Non-Financial Sector in Indonesia and Malaysia from 2020-2023

Abstract

This study aims to analyze the effect of Corporate Social Responsibility (CSR) on firm value with firm performance as a moderating variable in the non-financial sector in Indonesia and Malaysia during the period 2020-2023. The sample was determined using purposive sampling based on specific criteria, using secondary data from firm financial reports obtained through the Reuters financial data exchange. This study applies a quantitative approach with data analysis techniques using EViews software. The analysis model used includes a moderation regression test to examine whether firm performance strengthens or weakens the relationship between CSR and firm value. The results of this study are expected to provide empirical insights into the effectiveness of CSR implementation in increasing firm value, as well as the role of firm performance in this relationship. These findings are expected to serve as a reference for firm management in designing CSR strategies oriented towards increasing firm value. In addition, this study also contributes to academics in the development of studies related to CSR, firm value, and factors that moderate this relationship. CSR does not have a significant effect on firm value, and profitability does not moderate this relationship. These findings may indicate that firm value is more influenced by other factors such as firm size, capital structure, growth rate, or external economic conditions.

Keywords: CSR, Firm Value, and Firm Performance

DOI: 10.7176/RJFA/16-10-02

Publication date: December 30^th 2025