The Impact of CSR on Financial Performance: The Mediation Role of Good Corporate Governance
DOI:
https://doi.org/10.22219/jrak.v15i3.40673Keywords:
Corporate Governance, Corporate Social Responsibility, Financial Performance, ROAAbstract
Purpose: The purpose of this study is to examine how corporate social responsibility, or CSR, affects a company's financial success, with Good Corporate Governance (GCG) acting as a mediating variable. The research focuses on companies in the mining sector listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023.
Methodology/approach: This study applies an explanatory quantitative approach using secondary data obtained from annual reports and corporate sustainability reports. Data analysis was performed using panel data regression, with the best model determined based on the results of the Chow, Hausman, and Lagrange Multiplier tests.
Findings: Research findings indicate that Corporate Social Responsibility (CSR) has a positive influence on financial performance as measured by Return on Assets (ROA). In addition, Good Corporate Governance (GCG), represented by board diversity, has been proven to mediate the relationship between CSR and company financial performance.
Practical implications: The findings suggest that companies should continue strengthening CSR practices to improve financial performance and reconsider the composition of their board to enhance governance effectiveness.
Originality/value: This study contributes to the literature by examining the mediation role of GCG in the CSR–financial performance relationship using updated data from a high-impact sector.
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