Profitability relation, corporate social responsibility fund, and environmental performance with firm value (Study at companies listed in the sustainable and responsible investment index (SRI)–Kehati)

Indah Yuliana


The paradigm of a company that was originally only oriented to profit has shifted to the tripple bottom line, namely not only concerned with economic interests, but also commitment to the environment (planet) and people (people). This study aims to determine the effect of profitability and funds on Corporate Social Responsibility on corporate value and to determine environmental performance as a moderating variable on the relationship of profitability and funds of Corporate Social Responsibility to the value of the company. The population in this study are companies included in the SRI-Kehati Index 2013-2016. The sample of research is 12 companies taken by purposive sampling technique. Data analysis method used is multiple linear regression analysis and Moderate Regression Analysis (MRA). The results showed that profitability has a positive and significant effect on firm value. Conversely, Corporate Social Responsibility funds have no effect and insignificant to the value of the company. While environmental performance is significantly able to moderate the relationship between profitability and Corporate Social Responsibility funds to company value.

Full Text:



Apsari, Idha Ayu, et al. (2015). Influence Return On Equity, Net Profit Margin, Debt To Equity Ratio, And Longterm Debt To Equity Ratio Against Price Book Value. Journal of Administrative Bsinis (JAB), 27 (2), 1-8.

Ardila, Isna., Nurwani (2017). The Effect of Profitability and Environmental Performance on Company Value. Journal of Business Financial Research, 1 (1), 21-30

Ayu, Dea Putry., Suarjaya, A A Gede. (2017). The Effect of Profitability on Corporate Value with Corporate Social Responsibility as Mediation Variable at Mining Company. Journal of Management Unud, 6 (2), 1112-1138.

Azheri, Busyra. (2012). Corporate Social Responsibility; From Voluntary Being a Mandatory. Jakarta: PT Raja Grafindo Persada.

Barus, Herry. (2015). The World Economy Still Slows in 2016 (December 16, 2015). Retrieved on March 29, 2018 from

Brigham, Eugene F., Houston, F Joel. (2011). Fundamentals of Financial Management. Jakarta: Salemba Empat.

Chen, Roger., Lee, Chen-Hsun. (2017). The Influence of CSR on Firm Value: an Application of Panel Smooth Transition Regression on Taiwan. Applied Economic, 49 (34), 3422-3434.

Diela, Tabita. (2014). Indonesian economy in 2014 (20 November 2014). Retrieved on February 15, 2018 from

Esty, Daniel C., Winston, Andrew S. (2006). Green to Gold; How; How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Compettive Advantage. New Haven and London: Yale University Press.

Hadi, Nor. (2011). Corporate Social Responsibility. Yogyakarta: Graha Ilmu.

Irawan. (2016). Many Companies Running CSR, because the Sanctions Are Not Regulated Clearly (May 26, 2016). Retrieved on March 29, 2018 at

Iqbal, Mohammad, at al. (2013). Effect of Environmental Accounting Implementation and Environmental Performance and Environmental Information Disclosure as a Mediation on Company Value. International Journal of Business and Management Invention, 2 (10). 55-67.

Iqbal, M. (2017). Why Indonesia Economic Growth in 2013-2015 Slows? (May 22, 2017). accessed on March 26, 2018.

Lako, Andreas. (2014). Green Economy; Greening Economics, Business and Accounting. Jakarta: Erlangga Publisher.

Lankoski, Leena. (2000). Determinants of Environmental Profit. An Analysis of the Firm-Level Relationship Between Environmental Performance and Economic Performance. Doctoral Disertations 2000 / 1. Helsinki University of Technology of Strategy and International Business. Espoo, Finland.

Leimona, Beria., Fauzi Aunul. (2008). CSR for Better Life Indonesian Context. CSR and Environmental Conservation; Managing impacts: Positive and Negative. Jakarta: Indonesia Business Links.

Lingga, Winayaka., Suaryana, I Gusti Ngurah Agung. (2017). Direct Effect of Environmental Performance on Corporate Value. E-Journal Accounting. 20 (2). 1419-1445.

Manoppo, Heven., Arie, Fitty Valdi. (2016). Influence of Capital Structure, Company Size And Profitability To Value Of Automotive Company Listed In Indonesia Stock Exchange Period 2011-2014. Journal of EMBA, 4 (2), 485-497.

Nafi, Muchamad. (2016). Sluggish Economy, Manufacturing Industry Quarter II Predicted Down (June 27, 2016). accessed on March 28, 2018 from

O'donovan, Gary. (2002). Environmental Disclosures in the Annual Report: Extending the Applicability and Predictive Power of Legitimacy Theory. Accounting, Auditing & Accountability Journal, 15 (3) pp. 344-371.

Permatasari, Hesti Dyah., Prasetiono, H. (2014). Effect of Leverage, Industrial Type, Company Size and Profitability to Corporate Social Responsibility (CSR). Study on Companies Listed on Indonesia Stock Exchange Period of the Year 2010-2012. Diponegoro Journal of Management, 4 (1). 1-9.

Pratama, Wahyu Yudha Setia, et al. (2017). The Influence of Corporate Social Responsibility (Csr) Costs to Corporate Value by Using Size Control Variables. Accounting Proceedings. 3 (2). 319-326.

Rafianto, Rizki Anshari. (2015). Influence of Corporate Social Responsibility Disclosure and Environmental Performance on Financial Performance (Study on Mining Sector in Indonesia Stock Exchange in 2010-2012 Period). E-Proceeding of Management, 2 (1), 1-27.

Sabrin, at al. (2016). The Effect of Profitability on Firm Value in Manufacturing Cmpany at Indonesia Stock Exchange. The International Journal Of Engineering and Science (IJES), 5 (10), 81-89.

Solihin, Ismail. (2008). Corporate Social Responsibility; From Charity to Sustainability. Jakarta: Salemba Empat.

Tjahjono, Mazda Eko Sri (2013). Effect of Environmental Performance on Company Values ​​and Financial Performance. Journal of Economics, 4 (1), 38-46.

Wiranata, I Wayan Eka., Wirajaya, I Gde Ary. (2014). Top Market Reactions Announcement of Company Performance Rating in Environmental Management. Journal of Accounting, 8 (3), 408-422.

Yudharma et al (2016). The Influence of Corporate Social Responsibility Costs to Financial Performance and Corporate Value. DeReMa Journal of Management, 11 (2). 171-190.



  • There are currently no refbacks.

Copyright (c) 2019 MEC-J (Management and Economics Journal)

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

Editorial Office:
Faculty of Economics,
State Islamic University of Maulana Malik Ibrahim Malang
Gajayana Street 50, Malang-East Java, Indonesia 65144
Phone (+62) 341 558881, Facsimile (+62) 341 558881



P-ISSN 2599-3402
E-ISSN 2598-9537

Lisensi Creative Commons

MEC-J is licensed under CC-BY-SA
© All rights reserved 2017.




Member of:


View My Stats