The Role of CSR in Moderating the Influence of Independent Commissioners, Liquidity, Profitability, and Leverage on Stock Prices

Abstract

Purpose: This study aims to examine factors influencing stock prices of energy sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024.

Design/methodology/approach: This study uses a quantitative approach with purposive sampling, yielding 39 companies and 156 total observations. Panel data regression analysis was conducted using EViews 13. The Fixed Effect Model (FEM) was selected based on the Chow test and Hausman test results. Moderated Regression Analysis (MRA) was employed to test the moderating role of CSR.

Findings: Profitability has a significant positive effect on stock prices. The independent board of commissioners, liquidity, and leverage show no significant effect on stock prices. Corporate Social Responsibility (CSR) as a moderating variable strengthens the relationship between liquidity and stock prices, while CSR does not moderate the relationship of the independent board of commissioners, profitability, and leverage with stock prices.

Practical implications: Investors should prioritize profitability as the primary financial signal when evaluating energy sector stocks. Companies should optimize the combination of liquidity management and CSR disclosure to strengthen investor confidence and support positive stock price movement.

Originality/value: This study extends prior research by incorporating CSR as a moderating variable across four financial and governance dimensions in the energy sector, providing new empirical evidence on CSR's conditional moderating role during the 2021–2024 period.

Paper type: Empirical.