The Effect of Corporate Social Responsibility, Profitability, and Capital Structure on Firm Value in Coal Mining Sub-Sector Companies Listed on the Indonesia Stock Exchange

Abdullah; Mukhammad Idrus; Samsinar Samsinar

doi:10.35877/454RI.qems4563

PDF Get rights and content

Quantitative Economics and Management Studies

Vol. 6 No. 6 (2025), Pages 956-967 · 2025-12-30

Articles | 2025-12-30

The Effect of Corporate Social Responsibility, Profitability, and Capital Structure on Firm Value in Coal Mining Sub-Sector Companies Listed on the Indonesia Stock Exchange

Abdullah, Mukhammad Idrus, Samsinar Samsinar

Quantitative Economics and Management Studies, Vol. 6 No. 6 (2025), pp. 956-967 https://doi.org/10.35877/454RI.qems4563 Published: 2025-12-30

Get Permissions

Abstract

Sustainable companies do not focus solely on economic activities but also integrate social and environmental dimensions. This study aims to examine the effect of corporate social responsibility (CSR), profitability, and capital structure zon firm value in companies in the coal mining sub-sector, both partially and simultaneously. A quantitative descriptive approach is employed, with data collected using a documentation technique. Firm value is proxied by price to book value (PBV); CSR is measured using economic, social, and environmental indicators based on GRI G4; profitability is proxied by return on investment (ROI); and capital structure is measured by the debt to equity ratio (DER). The results show that, partially, CSR and profitability have a significant effect on firm value, whereas capital structure does not. Furthermore, CSR, profitability, and capital structure jointly have a significant effect on firm value.

Keywords

Corporate Social Responsibility Profitability Capital Structure Firm Value Companies in the Coal Mining Sub-sector

References (29)

Atmaja, S. (2020). Factors affecting firm value in the agricultural sector on the Indonesia Stock Exchange in 2015–2019. Jurnal Manajemen dan Bisnis, 1–17.
Ayu, D. P., & Suarjaya, A. A. G. (2017). The effect of profitability on firm value with corporate social responsibility as a moderating variable. E-Jurnal Manajemen Unud, 6(2), 1112–1138. https://doi.org/10.24843/eeb.2018.v07.i08.p03
Deegan, C. (2014). Financial accounting theory (4th ed.). McGraw-Hill Education.
Dewi, I. R., Handayani, S. R., & Nuzula, N. F. (2014). The effect of capital structure on firm value: A study of mining sector companies listed on the Indonesia Stock Exchange for the period 2009–2012. Jurnal Administrasi Bisnis (JAB), 17(1), 1–9.
Effendi, M. (2017). Capital structure and firm value: A study of listed mining sector companies. Research Journal of Accounting and Business Management, 1(1), 93–107.
Fajriana, A. (2016). The effect of corporate social responsibility, investment decisions, and capital structure on firm value. Jurnal Nominal, 5(2), 16–28.
Ghozali, I. (2021). Application of multivariate analysis with IBM SPSS 26 (10th ed.). Diponegoro University Publishing Agency.
Gunawan, M. A. (2015). Statistics for research in education, psychology, and social sciences (1st ed.). Parama Publishing.
Hanafi, M. M., & Halim, A. (2018). Financial statement analysis (5th ed.). UPP STIM YKPN.
Van Horne, J. C., Wachowicz, J. M., & Mubarakah, Q. (2019). Fundamentals of financial management (13th ed.). Salemba Empat.
Husnan, S. (2019). Financial management (3rd ed.). Universitas Terbuka.
Ilyas, M., & Hertati, L. (2022). The effect of profitability, leverage, capital structure, and dividend policy on firm value during the Covid-19 pandemic era. Jurnal Ilmu Keuangan dan Perbankan, 11(2).
Ikatan Akuntan Indonesia. (2019). Basic level module (CAFB) – Financial management (1st ed.). Ikatan Akuntan Indonesia.
Kanya, N. (2025). The effect of dividend policy, funding decisions, and profitability on firm value. Community Engagement & Emergence Journal, 6(6), 4528–4542. https://doi.org/10.37385/ceej.v6i6.9449
Kasmir. (2019). Financial statement analysis. Rajawali Pers.
Kusumajaya, D. K. O. (2011). The effect of capital structure and firm growth on profitability and firm value in manufacturing companies listed on the Indonesia Stock Exchange [Master’s thesis]. Universitas Udayana.
Mayangsari, F., Suhadak, & Dzulkirom, M. (2020). Firm value in Indonesian mining companies. Jurnal Administrasi Bisnis, 63–70. https://profit.ub.ac.id
Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). The effect of financial performance and capital structure on firm value with firm size as a moderating variable. Jurnal Akuntansi dan Keuangan, 8(1), 41–56.
Octavia, S., Kusmintarti, A., & Budiprayitno, B. (2022). Investment, financing, and dividend decisions as determinants of firm value. Jurnal Riset dan Aplikasi: Akuntansi dan Manajemen, 6(1), 75–80.
Rachman, N. M., Efendi, A., & Wicaksana, E. (2011). A complete guide to corporate social responsibility planning (1st ed.). Penebar Swadaya.
Rahayu, M., & Sari, B. (2018). Factors affecting firm value. Jurnal Sosial dan Humaniora, 2(2), 69–76.
Riyanto, B. (2010). Fundamentals of corporate financing (4th ed.). BPFE.
Rizaldi, I. P. A., Mendra, N. P. Y., & Novitasari, L. G. (2014). The effect of corporate social responsibility, profitability, and capital structure on firm value on the Indonesia Stock Exchange. Jurnal Riset Akuntansi, 9(2), 112–121.
Said, A. L. (2018). Corporate social responsibility in a governance perspective. Deepublish.
Sugiyono. (2020). Research methods: Quantitative, qualitative, and R&D (2nd ed.). Alfabeta.
Suprayogi, D., & Kuncoro, A. (2020). The effect of corporate social responsibility and profitability on firm value: Empirical study on mining companies listed on the Indonesia Stock Exchange. International Journal of Energy Economics and Policy, 10(1), 184–192.
Syaifuddin, D. T., Sarita, B., & Mahrani, S. W. (2015). International financial management: An introduction (1st ed.). Kurnia Global Diagnosa.
Wahyuni, S. F. (2018). The effect of corporate social responsibility on firm value with profitability as a moderating variable. Jurnal Ilmiah Magister Manajemen, 1(1), 109–117.
Zarlia, J., & Salim, H. (2014). Analysis of the effect of corporate social responsibility and profitability on firm value: Empirical evidence from manufacturing companies listed on the Indonesia Stock Exchange in 2013. Jurnal Manajemen, 11(2), 38–55.

How to Cite

Abdullah, Idrus, M., & Samsinar, S. (2026). The Effect of Corporate Social Responsibility, Profitability, and Capital Structure on Firm Value in Coal Mining Sub-Sector Companies Listed on the Indonesia Stock Exchange. Quantitative Economics and Management Studies, 6(6), 956–967. https://doi.org/10.35877/454RI.qems4563