THE ROLE OF MANAGERIAL OWNERSHIP IN MODERATING THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND PROFITABILITY ON COMPANY VALUE (STUDY OF CONSUMER GOODS INDUSTRY COMPANIES FOR THE 2019-2022 PERIOD)

• Alfia Andriyani

  Muhammadiyah University of Sidoarjo, Indonesia

• Hadiah Fitriyah

  Muhammadiyah University of Sidoarjo, Indonesia

Objective: This study aims to prove the role of managerial ownership in moderating the influence of CSR and profitability on company value. Method: The research approach is quantitative with secondary data in the form of annual reports of manufacturing companies in the consumer goods sector listed on the IDX for the period 2019-2022. Purposive sampling was used to select a total of 14 companies over 4 periods, with a total sample of 56. The analysis technique used multiple linear regression, moderating regression analysis (MRA) assisted by SPSS 26 software. Result: The findings prove that the profitability variable has a positive effect on company value, but the corporate social responsibility disclosure variable has no effect on company value. Furthermore, the moderating variable of managerial ownership has no effect. Novelty: The novelty of this study lies in its focus on the moderating role of managerial ownership, which has not been shown to have an effect on the relationship between CSR, profitability, and company value, offering new insights into corporate governance.

N. Dewi, Linda Safitri; Abundanti, "The Effect of Profitability, Liquidity, Institutional Ownership, and Managerial Ownership on Company Value," E-Jurnal Manaj., Vol. 8, No. 10, pp. 6099–6118, 2019.

B. Trisnadewi, Ayu Erna; Amlayasa, “Open Access Corporate Values: The Role of Corporate Social Responsibility, Managerial Ownership, and Profitability in Indonesia,” No. 7, pp. 279–287, 2020.

C. Nuswandari, S. Sunarto, and A. Jannah, “Corporate Social Responsibility Moderates the Effect of Liquidity and Profitability on Firm Value,” Vol. 86, No. Icobame 2018, pp. 87–90, 2019.

B. Trisnadewi, Ayu Erna; Amlayasa, “Open Access Corporate Values: The Role of Corporate Social Responsibility, Managerial Ownership, and Profitability in Indonesia,” No. 7, pp. 279–287, 2020.

I. D. A. Ratih and I. G. A. E. Damayanthi, "Managerial Ownership and Profitability in Company Value with Social Responsibility Disclosure as a Moderating Variable," E-Journal of Accounting,

Heder and M. P. Priyadi, “The Effect of Financial Performance on Company Value with Good Corporate Governance as a Moderating Variable,” Journal of Information, Taxation, Accounting, and Finance. Public, Vol. 6, No. 2, p. 115, 2017, Doi: 10.25105/Jipak.V6i2.4486.

A. R. Ramadhani, I. G. A. Purnamawati, and E. Sujana, “The Effect of Corporate Social Responsibility and Managerial Ownership on Company Value with Profitability,” Vol. 7, No. 1, 2017.

S. Ramadhiani, P. S. Akuntansi, and U. Muhammadiyah, “The Effect of Tax Avoidance, Leverage, and Managerial Ownership on Company Value with Company Transparency as a Moderating Variable (A Study of Mining Companies Listed on the Indonesia Stock Exchange (IDX) in 2016-2018),” Int. J. Hum. Comput. Stud., Vol. 03, No. 2 March-April 2021, 2018.

E. Sugiyanto and R. Trisnawati, “Corporate Social Responsibility and Firm Value with Profitability, Firm Size, Managerial Ownership, and Board of Commissioners as Moderating Variables,” Indonesian Accounting and Finance Research, Vol. 6, 2021.

Z. Machmuddah, D. W. Sari, and S. D. Utomo, “Corporate Social Responsibility, Profitability, and Firm Value: Evidence from Indonesia,” Vol. 7, No. 9, pp. 631–638, 2020, Doi: 10.13106/Jafeb.2020. Vol7. No. 9.631.

N. A. Rahmadhani and L. Ardini, “The Effect of Corporate Social Responsibility on Firm Value with Managerial Ownership as a Moderating Variable,” J. Ilmu Dan Ris. Akunt., Vol. 7, No. 6, pp. 1–18, 2018.

Z. Machmuddah, D. W. Sari, and S. D. Utomo, “Corporate Social Responsibility, Profitability, and Firm Value: Evidence from Indonesia,” Vol. 7, No. 9, pp. 631–638, 2020, Doi: 10.13106/Jafeb.2020.Vol7. No. 9.631.

F. Wajdi, S. Mayangsari, M. Ownership, and F. Value, “The Role of CSR in Influencing the Relationship between Institutional Ownership and Managerial Ownership on Firm Value,” pp. 152–162, 2019.

C. Nuswandari, S. Sunarto, and A. Jannah, “Corporate Social Responsibility Moderated The Effect Of Liquidity And Profitability On The Firm Value,” Vol. 86, No. Icobame 2018, pp. 87–90, 2019.

D. Cahyaningrum, “The Influence of Corporate Social Responsibility (CSR) on Firm Value with Managerial Ownership as a Moderating Variable (A Case Study of Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2015-2019),” Vol. 2, pp. 151–169, 2021.

A. Tri, S. Meha, J. Accounting, S. Tinggi, and I. Economics, “With Managerial Ownership as a Moderating Variable,” J. Tax and State Finance, 2021.

N. A. Rahmadhani and L. Ardini, “The Effect of Corporate Social Responsibility on Company Value with Managerial Ownership as a Moderating Variable,” J. Accounting Science and Research, Vol. 7, No. 6, pp. 1–18, 2018.

Z. Putri and Budiyanto, “The Effect of Corporate Social Responsibility on Company Value with Managerial Ownership as a Moderating Variable,” J. Science and Management Research, Vol. 7, No. 3, pp. 1–16, 2018.

Heder and M. P. Priyadi, “The Effect of Financial Performance on Company Value with Good Corporate Governance as a Moderating Variable,” Journal of Information, Taxation, Accounting, and Finance. Vol. 6, No. 2, p. 115, 2017, Doi: 10.25105/Jipak.V6i2.4486.

A. R. Ramadhani, I. G. A. Purnamawati, and E. Sujana, “The Effect of Corporate Social Responsibility and Managerial Ownership on Firm Value with Profitability,” Vol. 7, No. 1, 2017.

E. Sugiyanto and R. Trisnawati, “Corporate Social Responsibility and Firm Value with Profitability, Firm Size, Managerial Ownership, and Board of Commissioners as Moderating Variables,” Indonesian Journal of Accounting and Finance, Vol. 6, 2021.

N. A. Rahmadhani and L. Ardini, "The Effect of Corporate Social Responsibility on Firm Value with Managerial Ownership as a Moderating Variable," J. Ilmu dan Ris. Akunt., Vol. 7, No. 6, pp. 1–18, 2018.

D. Cahyaningrum, “The Effect of Corporate Social Responsibility (CSR) on Firm Value with Managerial Ownership as a Moderating Variable (A Case Study of Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2015-2019),” Vol. 2, pp. 151–169, 2021.

F. Wajdi, S. Mayangsari, M. Ownership, and F. Value, “The Role of CSR in Influencing the Relationship between Institutional Ownership and Managerial Ownership on Firm Value,” pp. 152–162, 2019.

N. A. Rahmadhani and L. Ardini, “The Effect of Corporate Social Responsibility on Firm Value with Managerial Ownership as a Moderating Variable,” J. Ilmu Dan Ris. Akunt. , Vol. 7, No. 6, pp. 1–18, 2018.

Heder and M. P. Priyadi, “The Effect of Financial Performance on Firm Value with Good Corporate Governance as a Moderating Variable,” J. Information, Taxation, Accounting, and Finance. Public, Vol. 6, No. 2, p. 115, 2017, Doi: 10.25105/Jipak.V6i2.4486.

Heder and M. P. Priyadi, "The Effect of Financial Performance on Company Value with Good Corporate Governance as a Moderating Variable," J. Information, Taxation, Accounting, and Finance. Public, Vol. 6, No. 2, p. 115, 2017, Doi: 10.25105/Jipak.V6i2.4486.

S. N. Fahrida and M. P. Priyadi, “The Role of Managerial Ownership as a Moderator of Influence,” J. Science and Accounting Research, Vol. 10, 2021.

B. Bachrudin and S. Ngumar, “The Influence of Company Size, Leverage, and Managerial Ownership on Company Value,” J. Ilmu Dan Ris. Akunt., Vol. 6, No. April, 2017.

D. F. Borneo, “The Influence of Corporate Social Responsibility (CSR) Disclosure and Profitability on Company Value (A Study of Mining Sub-Sector Companies Listed on the IDX for the Period 2015-2017),” vol. 11, no. 1, pp. 1–14, 2019.

N. A. Rahmadhani and L. Ardini, “The Effect of Corporate Social Responsibility on Company Value with Managerial Ownership as a Moderating Variable,” J. Ilmu Dan Ris. Akunt. , Vol. 7, No. 6, pp. 1–18, 2018.

D. Cahyaningrum, “The Influence of Corporate Social Responsibility (CSR) on Company Value with Managerial Ownership as a Moderating Variable (Case Study of Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2015-2019),” Vol. 2, pp. 151–169, 2021

Z. Machmuddah, D. W. Sari, and S. D. Utomo, “Corporate Social Responsibility, Profitability, and Firm Value: Evidence from Indonesia,” Vol. 7, No. 9, pp. 631–638, 2020, Doi: 10.13106/Jafeb.2020.Vol7.No9.631.

D. Cahyaningrum, “The Effect of Corporate Social Responsibility (CSR) on Firm Value with Managerial Ownership as a Moderating Variable (A Case Study of Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2015-2019),” Vol. 2, pp. 151–169, 2021.

E. Sugiyanto and R. Trisnawati, “Corporate Social Responsibility and Firm Value with Profitability, Firm Size, Managerial Ownership, and Board of Commissioners as Moderating Variables,” Indonesian Accounting and Finance Research, Vol. 6, 2021.

Z. Putri and Budiyanto, “The Influence of Corporate Social Responsibility on Firm Value with Managerial Ownership as a Moderating Variable,” Journal of Management Science and Research, Vol. 7, No. 3, pp. 1–16, 2018.

N. Mubyarto, “The Influence of Profitability on Firm Value with Capital Structure as the Mediator,” J. Econ., Vol. 16, No. 2, pp. 184–199, 2020, Doi: 10.21831/Economia.V16i2.30405.

B. Trisnadewi, Ayu Erna; Amlayasa, “Open Access Corporate Values: The Role of Corporate Social Responsibility, Managerial Ownership, and Profitability in Indonesia,” No. 7, pp. 279–287, 2020.

R. Wijaya, “Analysis of the Development of Return on Assets (ROA) and Return on Equity (ROE) to Measure Financial Performance,” J. Ilmu Manaj., Vol. 9, No. 1, P. 40, 2019, Doi: 10.32502/Jimn.V9i1.2115.

B. Trisnadewi, Ayu Erna; Amlayasa, “Open Access Corporate Values: The Role of Corporate Social Responsibility, Managerial Ownership, and Profitability in Indonesia,” No. 7, pp. 279–287, 2020.

N. A. Rahmadhani and L. Ardini, “The Influence of Corporate Social Responsibility on Company Value with Managerial Ownership as a Moderating Variable,” J. Ilmu Dan Ris. Akunt. , Vol. 7, No. 6, pp. 1–18, 2018.

M. S. D. Anggraeni N. R., “Master of Accounting, Faculty of Economics and Business, Trisakti University Email: Novira.Rosita@Gmail.Com Keywords: Tax Planning, Company Ownership, Profitability, Company Value, Transparency," Vol. 1, No. 1, pp. 1–10, 2020.

E. Sugiyanto and R. Trisnawati, “Corporate Social Responsibility and Firm Value with Profitability, Firm Size, Managerial Ownership, and Board of Commissioners as Moderating Variables,” Ris. Akunt. dan Keuang. Indones., Vol. 6, 2021.

D. Cahyaningrum, “The Effect of Corporate Social Responsibility (CSR) on Company Value with Managerial Ownership as a Moderating Variable (Case Study of Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2015-2019),” Vol. 2, pp. 151–169, 2021.

F. I. K. A. Wulandari, “The Effect of Corporate Social Responsibility Disclosure on Company Value with Managerial Ownership as a Moderating Variable,” 2016.

B. Trisnadewi, Ayu Erna; Amlayasa, “Open Access Corporate Values: The Role of Corporate Social Responsibility, Managerial Ownership, and Profitability in Indonesia,” No. 7, pp. 279–287, 2020.

Z. Machmuddah, D. W. Sari, and S. D. Utomo, “Corporate Social Responsibility, Profitability, and Firm Value: Evidence from Indonesia,” Vol. 7, No. 9, pp. 631–638, 2020, Doi: 10.13106/Jafeb.2020.Vol7.No9.631.

A. R. Ramadhani, I. G. A. Purnamawati, and E. Sujana, “The Influence of Corporate Social Responsibility and Managerial Ownership on Company Value with Profitability,” Vol. 7, No. 1, 2017.

D. Hapsoro and R. D. Sulistyarini, “The Effect of Profitability and Liquidity on CSR Disclosure and Its Implication to Economic Consequences,” Indones. Account. Rev., Vol. 9, No. 2, pp. 143–154, 2019, Doi: 10.14414/Tiar.V9i2.1730.

Yulianto and Widyasari, “Factors Affecting Company Value,” J. Paradig. Akunt., Vol. 3, No. 3, p. 975, 2020, Doi: 10.24912/Jpa.V3i3.14879.

S. Ramadhiani, P. S. Akuntansi, And U. Muhammadiyah, "The Effect of Tax Avoidance, Leverage, and Managerial Ownership on Company Value with Company Transparency as a Moderating Variable (A Study of Mining Companies Listed on the Indonesia Stock Exchange (IDX) from 2016 to 2018)," Int. J. Hum. Comput. Stud., Vol. 03, No. 2 March-April 2021, 2018.

N. A. Rahmadhani and L. Ardini, “The Effect of Corporate Social Responsibility on Firm Value with Managerial Ownership as a Moderating Variable,” J. Ilmu Dan Ris. Akunt. , Vol. 7, No. 6, pp. 1–18, 2018.

F. Wajdi, S. Mayangsari, M. Ownership, and F. Value, “The Role of CSR in Influencing the Relationship between Institutional Ownership and Managerial Ownership on Firm Value,” pp. 152–162, 2019.

I. D. A. Ratih and I. G. A. E. Damayanthi, “Managerial Ownership and Profitability in Company Value with Social Responsibility Disclosure as a Moderating Variable,” E-Journal of Accounting,

B. Trisnadewi, Ayu Erna; Amlayasa, “Open Access Corporate Values: The Role of Corporate Social Responsibility, Managerial Ownership, and Profitability in Indonesia,” No. 7, pp. 279–287, 2020.

Z. Putri And Budiyanto, “The Influence of Corporate Social Responsibility on Company Value with Managerial Ownership as a Moderating Variable,” J. Ilmu Dan Ris. Manaj., Vol. 7, No. 3, pp. 1–16, 2018.

N. I. Amni and Y. Nustini, “The Role of Managerial Ownership as a Moderating Variable in Company Value,” Proceedings of the National Conference on Accounting and Finance, Vol. 6, pp. 149–160, 2024.

• VIEW ARTICLE

• Regional Competitiveness

Copyright (c) 2025 Alfia Andriyani, Hadiah Fitriyah

This work is licensed under a Creative Commons Attribution 4.0 International License.