Journal Point Equilibrium Manajemen dan Akuntansi ISSN: 2686-1135 .
Vol.
7 No.
Maret 2025, pp.
Publisher: Fakultas Ekonomi Universitas Sumatera Barat The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia Ismi Nur Febriana Institut Agama Islam Negeri Kudus.
Kudus.
Indonesia email: iismi4775@gmail.
Adelina Citradewi Institut Agama Islam Negeri Kudus.
Kudus.
Indonesia email: adelina.
citradewi@iainkudus.
Abstract This study aims to examine the influence of profitability, liquidity, and leverage on firm value and to investigate the moderating role of corporate social responsibility (CSR) in these relationships.
The research employs a quantitative approach and is classified as descriptive.
The population consists of state-owned enterprises (SOE.
listed on the Indonesia Stock Exchange (IDX) during the period 2022Ae2024.
The sampling technique used is purposive sampling, with specific criteria applied to obtain a total of 62 samples.
Following the classical assumption tests, the normality test indicated that the data were not normally distributed and that outliers were present.
Using EViews 12, a total of 5 outliers were identified, resulting in 57 usable samples.
The data analysis techniques applied include panel data regression and Moderated Regression Analysis (MRA).
Hypothesis testing is conducted through the coefficient of determination (RA), partial test .
-tes.
, and simultaneous test (F-tes.
, using EViews 12 software.
The results show that profitability has a significant positive effect on firm value, while liquidity does not have a significant effect.
Leverage is found to significantly affect firm value.
Additionally.
CSR does not moderate the relationship between profitability and firm value, liquidity and firm value, nor leverage and firm value.
These findings suggest that financial performance indicators such as profitability and leverage are more Received: 29 Februari 2025.
Accepted: 20 Maret 2025.
Published: 30 Maret 2025 Ismi Nur Febriana, dan Adelina Citradewi influential on firm value, while CSR disclosure may not necessarily enhance the impact of these variables.
Keywords: Firm Value.
Profitability.
Liquidity.
Leverage.
Corporate Social Responsibility Introduction Investors, both in developed and developing countries, strive to allocate their funds into assets that demonstrate the highest efficiency, the lowest risk, and the strongest liquidity (Nguyen & Dinh Vu, 2.
One of the preferred investment choices for many investors is StateOwned Enterprises (SOE.
, due to several reasons such as the perception of safety stemming from government ownership, strong liquidity, and the potential for regular dividends.
Furthermore.
SOEs often dominate sectors essential to public welfare, thereby ensuring business continuity and long-term profit potential.
A subsequent study by Olschewski found that people tend to invest a significant portion of their money in options expected to generate lower returns but have a positive impact on society (Olschewski, 2.
The study revealed that when individuals invest with the intention of making a positive social impact, they not only consider how much profit they can make, but also how predictable and consistent the income is.
Based on the explanation above, companies that are considered relevant to be studied are those categorized as State-Owned Enterprises (SOE.
The definition of SOEs varies across countries.
SOEs are business entities that are owned or controlled, either directly or indirectly, by the government.
Fundamentally.
SOEs function as governmental institutions that play a crucial role in strategic sectors that contribute to national economic growth, particularly in enhancing the economic welfare of society.
However, in recent years, several SOEs have experienced financial losses (Heliani et al.
, 2.
A phenomenon that strengthens the relevance of this study is the occurrence of AuredAy financial reports in 2024.
Several examples include PT Krakatau Steel (Perser.
PT Waskita Karya (Perser.
, and PT Wijaya Karya (Perser.
(Nugraha, 2.
A red financial report The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia indicates that a company is incurring losses or has accumulated debt, meaning its expenditures exceed its revenues.
In addition, the Indonesian business sector in 2024 was shaken by a major corruption case involving PT Timah, which caused a state loss of approximately IDR 300 trillion.
The impact of such corruption leads to company losses and, more importantly, decreases investor confidence in investing in Indonesia.
Corruption is considered one of the major risk factors in investment decisions and, ultimately, contributes to a decline in firm value (Paramitha & Zulfani, 2.
Firm value reflects the marketAos perception of a company's performance and is crucial for attracting investors.
A firmAos value is influenced by the extent to which it can provide returns to shareholders by effectively managing both systematic and unsystematic risks (Laghari, 2.
Financial indicators such as profitability, liquidity, and leverage play significant roles in determining firm value (Kasmir.
Profitability, commonly measured using Return on Equity (ROE), represents the companyAos ability to generate net income from shareholdersAo equity.
Higher profitability is generally associated with higher firm value, as it indicates operational efficiency and sustainable performance (Sukmawati et al.
, 2.
Liquidity, usually measured by the Current Ratio (CR), assesses a company's capability to meet shortterm obligations.
While adequate liquidity suggests financial soundness, its relationship with firm value has produced mixed findings (Ermaini et al.
, 2.
Meanwhile, leverage, measured using the Debt to Equity Ratio (DER), indicates the extent to which a firm relies on debt financing.
Although higher leverage may increase risk, it can also amplify returns if effectively managed (Harahap, 2.
Prior studies provide mixed findings.
For example, (A.
Putri et al.
found that profitability enhances firm value, while (Taniman & Jonnardi, 2.
observed that liquidity had no significant effect, but leverage did.
Another study by (Heliani et al.
, 2.
concluded that profitability and leverage significantly influence firm value, whereas firm size does not.
Ismi Nur Febriana, dan Adelina Citradewi Given these inconsistencies, this study introduces Corporate Social Responsibility (CSR) as a moderating variable.
Unlike prior studies that focused primarily on financial indicators, this research explores both financial and non-financial influences on firm value.
CSR is the essential relationship between global corporations, governments, and citizens (Crowther & Aras, 2.
The CSR disclosure in this study is measured using the Global Reporting Initiative (GRI) Standards 2021, which include categories such as organizational and reporting practices, activities and workforce, governance, and strategic policies.
This study is grounded in two theoretical frameworks: Stakeholder Theory and Signaling Theory.
According to Stakeholder Theory (Freeman, 1.
, a firm must consider the interests of all stakeholdersAinot only shareholdersAiin its operations.
CSR practices are thus interpreted as a means to fulfill responsibilities to various stakeholder groups, which can positively influence firm value (Wulandari, 2.
Meanwhile.
Signaling Theory (Spence, 1.
, posits that companies send signals to the market through their To reduce information asymmetry between internal and external stakeholders, companies publish CSR reports and disclose managerial conditions.
This practice indicates that the company is sending a positive signal of its long-term commitment to sustainability and ethical practices, thereby enhancing investor perception and potentially increasing firm value (Wahyuni & Sumarlani, 2.
Based on the background and theoretical framework described above, this study aims to analyze the effect of profitability, liquidity, and leverage on firm value, as well as the role of Corporate Social Responsibility (CSR) as a moderating variable in the context of StateOwned Enterprises (SOE.
listed on the Indonesia Stock Exchange (IDX) for the 2022Ae2024 period.
Based on the theoretical framework and previous empirical findings, the hypotheses proposed in this study are as follows:
H1: Profitability has a positive effect on firm value.
H2: Liquidity has a positive effect on firm value.
H3: Leverage has a negative effect on firm value.
The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia H4: CSR positively moderates the relationship between profitability and firm value.
H5: CSR positively moderates the relationship between liquidity and firm value.
H6: CSR negatively moderates the relationship between leverage and firm value.
Method This study employs a quantitative research approach with a descriptive research design.
The population consists of 24 State-Owned Enterprises (SOE.
listed on the Indonesia Stock Exchange (IDX) during the 2022Ae2024 period.
The sampling technique used in this research is purposive sampling, resulting in a total of 62 samples.
The data used in this study are secondary data obtained from the annual reports and sustainability reports of SOEs listed on the IDX for the years 2022Ae2024.
These reports were accessed through the official website of the Indonesia Stock Exchange at https://w.
The sample selection process in this study is presented as follows:
Table 1.
Classification of Sample Companies Classification Total SOEs listed on the Indonesia Stock Exchange in 2022Ae2024 Companies .
statements in currencies other than Rupiah Companies that did not publish annual and sustainability reports for 2022Ae2024 Total Source: Processed data, 2025 The statistical method used to analyze the data and test the hypotheses involves processing the data using EViews version 12.
The data analysis techniques employed include descriptive statistical analysis, classical assumption tests .
ormality test, multicollinearity Ismi Nur Febriana, dan Adelina Citradewi test, heteroscedasticity test, and autocorrelation tes.
, and hypothesis The hypothesis testing consists of the coefficient of determination (RA), partial test .
-tes.
, simultaneous test (F-tes.
, panel data regression analysis, and Moderated Regression Analysis (MRA).
Results and Discussion Result Overview Of The Research Object Table 2.
Classification of Sample After Outliers Classification Total SOEs listed on the Indonesia Stock Exchange in 2022Ae2024 Companies .
statements in currencies other than Rupiah Companies that did not publish annual and sustainability reports for 2022Ae2024 Total Outlier Data Total Sample After Outliers Source: Processed data, 2025 Based on the table above, the research sample constitutes an unbalanced panel dataset, as there was one company that did not publish its annual report and sustainability report during one of the observed Consequently, a total of 62 state-owned enterprises (SOE.
listed on the Indonesia Stock Exchange (IDX) during the 2022Ae2024 period were selected as the initial sample.
However, after conducting the normality test, the resulting probability value was 0.
0000 < 0.
05, indicating that the data were not normally distributed.
To address this issue.
EViews version 12 introduces a new feature that allows for the detection and modeling of outliers and structural breaks using the indicator saturation approach.
Based on this method, five outlier observations were identified and The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia subsequently removed from the dataset.
Therefore, the final dataset used for the panel data analysis in this study consisted of 57 Panel Data Regression Model Estimation Chow Tes Table 3.
Chow Test Results Redundant Fixed Effects Tests Equation: Untitled Test cross-section fixed effects Effects Test Cross-section F Cross-section Chi-square Statistic Prob.
Source: Processed data, 2025 Based on the table above, the results of the Chow test show a probability value of less than 0.
%), namely 0.
0000 < 0.
indicating that the null hypothesis is rejected.
Therefore, the most appropriate model to use is the Fixed Effect Model (FEM).
After determining that FEM is the selected model, the next step is to conduct the Hausman test.
Hausman Test Table 4.
Hausman Test Results Correlated Random Effects - Hausman Test Equation: Untitled Test cross-section random effects Test Summary Cross-section random Source: Processed data, 2025 Chi-Sq.
Statistic Chi-Sq.
Prob.
Ismi Nur Febriana, dan Adelina Citradewi Based on the data above, the results of the Hausman test show a probability value greater than 0.
%), namely 0.
1812 > 0.
indicating that the null hypothesis is not rejected.
Therefore, the most appropriate model to use is the Random Effect Model (REM).
Lagrange Multiplier Test Table 5.
Lagrange Multiplier Test Results Lagrange Multiplier Tes ts for Random Effects Null hypothes es : No effects Alternative hypothes es : Two-s ided (Breus ch-Paga.
and one-s ided .
ll others ) alternatives Cros s -s ection Tes t Hypothes is Tim e Both Breus ch-Pagan .
Honda .
King-Wu .
Standardized Honda .
Standardized King-Wu .
Gourieroux, et al.
Source: Processed data, 2025 Based on the estimation tests that have been conducted and described above, two models were selected: the Chow test indicated the Fixed Effect Model (FEM), while the Hausman test and the Lagrange Multiplier test supported the Random Effect Model (REM).
It can be concluded that the results of the Hausman and Lagrange Multiplier tests suggest that the Random Effect Model is more dominant than both the Fixed Effect Model and the Common Effect Model.
Therefore, this study concludes that the Random Effect Model is the most appropriate model to use.
The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia Classical Assumption Test Based on the panel data estimation results, the selected model is the Random Effect Model (REM).
Therefore, the heteroskedasticity test and autocorrelation test are not required.
Normality Test Table 6.
Normality Test Results Series: Residuals Sample 1 62 Observations 62 Mean Median Maximum Minimum Std.
Dev.
Skewness Kurtosis Jarque-Bera Probability Source: Processed data, 2025 The results of the above test show that the probability value is 146311, which is greater than 0.
05, indicating that the data are normally distributed.
Multicollinearity Test Table 7.
Multicollinearity Test Results Variable Coefficient Variance Uncentered VIF Centered VIF Source: Processed data, 2025 Based on the results of the multicollinearity test above, it is found that the VIF values of variables X1.
X2.
X3, and Z < 10.
Therefore, it can be concluded that all variables are free from multicollinearity issues, indicating that the Random Effect Model (REM) does not exhibit symptoms of multicollinearity.
Ismi Nur Febriana, dan Adelina Citradewi Hypothesis Test Coefficient of Determination Test (RA) .
Panel Data Regression Model Table 8 Determination Coefficient Test Results of Panel Data Regression Model R-squared Mean dependent 0.
Adjusted R0.
of regression Sum squared resid 5.
F-statistic Durbin-Watson Prob(F-statisti.
Source: Processed data, 2025 The results of the coefficient of determination (RA) test indicate that the R-squared value is 0.
This means that all independent variables collectively explain 50.
2% of the variation in firm value, while the 8% is influenced by other factors not examined in this .
Moderated Regression Analysis Model (MRA) Table 9 Determination Coefficient Test Results of MRA Model R-squared Mean dependent 0.
Adjusted R-squared of regression Sum squared resid 4.
F-statistic Durbin-Watson 1.
Prob(F-statiti.
Source: Processed data, 2025 The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia The results of the coefficient of determination (RA) test show that the R-squared value is 0.
This indicates that all independent variables collectively explain 54% of the variation in firm value, while the remaining 46% is influenced by other variables outside the scope of this study.
Simultant Test .
Panel Data Regression Model Table 10 Simultant Test Results of Panel Data Regression Model R-squared Mean dependent 0.
Adjusted R-squared of regression Sum squared resid 5.
F-statistic Durbin-Watson 1.
Prob(F-statiti.
Source: Processed data, 2025 Based on the table above, the calculated F value of 17.
87 is greater than the F table value of 2.
78, with a Prob (F-statisti.
value of 0.
< 0.
This shows that the independent variables - profitability, liquidity, and leverage - together have a significant effect on firm value as the dependent variable.
Moderated Regression Analysis Model (MRA) Table 11 Simultant Test Results of MRA Model R-squared Adjusted R-squared of regression Mean dependent Sum squared Ismi Nur Febriana, dan Adelina Citradewi F-statistic Durbin-Watson Prob(F-statiti.
Source: Processed data, 2025 Based on the table above, the calculated F-value is 8.
22, which is greater than the F-table value of 2.
55, with a Prob(F-statisti.
of 000001, which is less than 0.
This indicates that all variables simultaneously have a significant effect on firm value.
Partial Test .
Panel Data Regression Model Table 12 Partial Test Results of Panel Data Regression Model Variable Coefficident Std.
Error t-Statistic Prob Source: Processed data, 2025 The results of the analysis from the table above are as follows:
The Effect Profitability Firm Value The profitability variable shows a coefficient value of 1.
with a t-statistic of 5.
985, which is greater than the t-table value 006, and a probability value of 0.
000 < 0.
This indicates that profitability has a significant effect on firm value.
(HCA is rejected and HCA is accepte.
The Effect Liquidity Firm Value The liquidity variable shows a coefficient value of -0.
078, with a t-statistic of -0.
787, a t-table value of 2.
006, and a significance level of 0.
4347 > 0.
According to the decision rule for negative t-values, the result is interpreted using the negative form: -t-statistic > -t-table .
, -0.
787 > -2.
Thus, it can be The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia concluded that liquidity does not have a significant effect on firm value.
(HCA is accepted and HCC is rejecte.
The Effect Leverage Firm Value The leverage variable shows a coefficient value of 0.
194, with a t-statistic of 5.
500, which is greater than the t-table value of 006, and a probability value of 0.
000 < 0.
This indicates that leverage has a significant effect on firm value.
(HCA is rejected and HCE is accepte.
Moderated Regression Analysis Model (MRA) Table 13 Partial Test Results of MRA Model Variable Coefficident Std.
Error
t-Statistic Prob
X1_Z
X2_Z
X3_Z
-1,236262 0.
Source: Processed data, 2025 The results of the analysis based on the table above are as follows:
The Effect Profitability Firm Value The profitability variable has a coefficient value of 1.
878, a tstatistic of 5.
985, which is greater than the t-table value of 2.
and a probability value of 0.
0791 > 0.
This indicates that profitability does not have a significant effect on firm value.
(HCA
is accepted, and HCA is rejecte.
The Effect Liquidity Firm Value The liquidity variable has a coefficient value of -0.
078, a tstatistic of -0.
787, a t-table value of 2.
400, and a significance level of 0.
4045 > 0.
Based on the decision rule for negative Ismi Nur Febriana, dan Adelina Citradewi t-values, the t-statistic is transformed into its negative form: -tstatistic > -t-table .
, -0.
787 > -2.
This indicates that liquidity does not have a significant effect on firm value.
(HCA is accepted, and HCC is rejecte.
The Effect Leverage Firm Value The leverage variable has a coefficient value of 0.
194, a tstatistic of 5.
500 > 2.
400, and a probability value of 0.
05, indicating that leverage has a significant effect on firm (HCA is rejected, and HCE is accepte.
The Effect of Profitability on Firm Value Moderated by CSR Based on the table above, the interaction variable of profitability moderated by CSR has a t-statistic of -0.
According to the rule for negative t-values: -t-statistic > -t-table .
, -0.
529 > 2.
, and the probability value is 0.
5988 > 0.
This indicates that CSR does not significantly moderate the effect of profitability on firm value.
(HCA is accepted, and HCE is rejecte.
The Effect of Liquidity on Firm Value Moderated by CSR The interaction variable of liquidity moderated by CSR has a tstatistic of 0.
7149, which is lower than the t-table value of 2.
with a probability value of 0.
4780 > 0.
This indicates that CSR does not significantly moderate the effect of liquidity on firm value.
(HCA is accepted, and HCI is rejecte.
The Effect of Leverage on Firm Value Moderated by CSR The interaction variable of leverage moderated by CSR has a tstatistic of -1.
Using the rule for negative t-values: -tstatistic > -t-table .
, -1.
236 > -2.
, and a probability value 2746 > 0.
05, it is concluded that CSR does not significantly moderate the effect of leverage on firm value.
(HCA is accepted, and HCI is rejecte.
Discussion The Effect of Profitability on Firm Value The hypothesis testing results indicate that the t-statistic value of 998 is greater than the t-table value of 1.
998, with a significance level The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia 000 < 0.
This confirms that profitability has a significant influence on firm value.
This finding is consistent with Signalling Theory, which suggests that companies provide signals to investors through financial information, including profitability indicators.
High profitability, as measured by ratios such as Return on Assets (ROA) or Return on Equity (ROE), reflects a companyAos efficiency in generating profits from its assets or equity.
Investors are more likely to invest in firms with strong profitability, as it indicates financial health and potential future growth.
This result aligns with the studies conducted by Saddam et al.
Heliani et al.
, and Putri et al.
, which also demonstrated that profitability significantly affects firm value.
The Effect of Liquidity on Firm Value The liquidity variable yielded a t-statistic value of -0.
787, which is less than the t-table value of 2.
006, with a significance level of 0.
> 0.
Therefore, liquidity does not have a significant impact on firm This result contradicts Signalling Theory, which posits that high liquidity could be interpreted as a positive signal.
However, in some cases, high liquidity may also be perceived negatively if it indicates inefficient asset management.
For example.
PT Jasa Marga (Perser.
Tbk has a high level of current liabilities but low current assets, indicating inefficient liquidity management.
These findings support previous research by Dwiputra and Viriany .
Novianti et al.
, and Dewi et al.
, who also found that liquidity does not significantly affect firm value.
The Effect of Leverage on Firm Value Leverage shows a significant effect on firm value, with a t-statistic value of 5.
500 greater than the t-table value of 2.
006 and a significance level of 0.
000 < 0.
This supports the Signalling Theory, in which an optimal level of leverage can serve as a positive signal to investors that management is confident about the firmAos prospects and is capable of managing financial risk effectively.
Although leverage introduces risk, it can Ismi Nur Febriana, dan Adelina Citradewi enhance firm value when managed properly.
These findings are consistent with the studies of Jayanti and Candraningrat .
Putri and Sunarto .
, and Putra and Gantino .
, which found that leverage positively influences firm value.
CSR as a Moderating Variable on the Effect of Profitability on Firm Value The profitability variable moderated by CSR yielded a t-statistic of 529 > -2.
400 with a p-value of 0.
5988 > 0.
05, indicating that CSR does not moderate the relationship between profitability and firm value.
This result is inconsistent with Stakeholder Theory, which emphasizes that companies should consider the welfare of all stakeholders, not just shareholders.
Limited CSR disclosure can negatively affect firm value.
For instance.
PT Indofarma (Perser.
Tbk disclosed only 27 out of 117 CSR indicators.
This suggests that investors may focus more on short-term financial performance, such as earnings and dividends, especially if CSR spending reduces net income.
Moreover, ineffective CSR implementation may even have a negative This finding is in line with the study by Yosafat et al.
, which concluded that CSR does not moderate the effect of profitability on firm value (Yosafat et al.
, 2.
CSR as a Moderating Variable on the Effect of Liquidity on Firm Value The liquidity variable moderated by CSR showed a t-statistic of 7149 < t-table 2.
400 and a significance level of 0.
4780 > 0.
indicating that CSR does not moderate the relationship between liquidity and firm value.
This result also contradicts Stakeholder Theory.
Although CSR is expected to enhance firm value, most investors tend to focus on financial performance and short-term returns, rather than social responsibility disclosures.
Therefore, the extent of CSR disclosure does not strengthen the impact of liquidity on firm value.
This is because liquidity remains a more dominant factor in investor decision-making, and ineffective CSR disclosure is often viewed as a cost rather than a value-adding activity.
This finding is consistent with the study of The Role of CSR in Moderating the Factors that Affect Firm Value in State-Owned Enterprises (SOE.
in Indonesia Tumanan and Ratnawati, which confirms that CSR is not able to moderate the effect of liquidity on firm value (Tumanan & Ratnawati.
CSR as a Moderating Variable on the Effect of Liquidity on Firm Value The leverage variable moderated by CSR yielded a t-statistic of 1.
236 > -2.
400 with a p-value of 0.
2746 > 0.
05, indicating that CSR does not moderate the effect of leverage on firm value.
This contradicts Stakeholder Theory, which suggests that firms should consider broader stakeholder interests in their operations.
The result implies that CSR activities do not significantly alter investor perceptions of the risks or potential returns associated with leverage.
Investors continue to prioritize leverage indicators over CSR in assessing firm value.
This finding is consistent with Dewita and Dewi, who also found that CSR does not moderate the influence of leverage on firm value (Dewita & Dewi, 2.
Conclusion Ismi Nur Febriana, dan Adelina Citradewi Based on the data analysis and discussion regarding the moderating role of Corporate Social Responsibility (CSR) on the relationship between profitability, liquidity, and leverage toward firm value in StateOwned Enterprises (SOE.
listed on the Indonesia Stock Exchange (IDX) during the 2022Ae2024 period, the following conclusions can be The profitability variable has a significant effect on firm value in SOEs listed on the IDX from 2022 to 2024.
This indicates that higher profitability is associated with higher firm value.
The liquidity variable has no significant effect on firm value in SOEs listed on the IDX from 2022 to 2024.
This suggests that the level of a company's liquidity does not influence its firm value.
The leverage variable significantly affects firm value in SOEs listed on the IDX from 2022 to 2024.
This means that variations in leverage levels influence the firm value.
CSR, as a moderating variable between profitability and firm value, does not significantly affect this relationship in SOEs listed on the IDX from 2022 to 2024.
In other words, the extent of CSR disclosure does not strengthen or weaken the effect of profitability on firm value.
CSR, as a moderating variable between liquidity and firm value, does not significantly affect this relationship in SOEs listed on the IDX from 2022 to 2024.
This implies that CSR disclosure does not enhance or reduce the effect of liquidity on firm value.
CSR, as a moderating variable between leverage and firm value, also does not significantly affect this relationship in SOEs listed on the IDX from 2022 to 2024.
Thus.
CSR disclosure does not strengthen or weaken the effect of leverage on firm value.
Reference