(Universitas Negeri Surabaya, Surabaya, Jawa Timur, 60231, Indonesia)
(2) Hariyati Hariyati
(Universitas Negeri Surabaya, Surabaya, Jawa Timur, 60231, Indonesia)(3) Eni Wuryani
(Universitas Negeri Surabaya, Surabaya, Jawa Timur, 60231, Indonesia)(4) Ni Nyoman Alit Triani
(Universitas Negeri Surabaya, Surabaya, Jawa Timur, 60231, Indonesia)*Corresponding author
AbstractThis research examines how Corporate Social Responsibility and Good Corporate Governance contribute to the profitability of food and beverage companies listed on the Indonesia Stock Exchange from 2020 to 2023. A quantitative approach is applied using multiple linear regression with secondary data obtained from annual reports and sustainability reports. CSR performance is evaluated through 91 indicators based on the GRI-G4 framework, while GCG is measured using a 38-item Corporate Governance Index that reflects governance structure and control mechanisms. The results show that CSR does not have a significant impact on profitability, as indicated by a significance value of 0.630. This suggests that CSR programs may require a longer time horizon before contributing to financial outcomes. Meanwhile, GCG exhibits a positive and significant effect on profitability, with a significance value of 0.027, demonstrating that strong governance practices are directly associated with improved financial performance. The F-test result indicates that CSR and GCG do not jointly influence profitability. Furthermore, the R-square value of 0.032 reveals that both variables explain only a small portion of profitability variations. Overall, the findings highlight the stronger short-term role of governance quality compared to CSR within the industry.
KeywordsCorporate Social Responsibility; Corporate Governance Quality; Profitability; Sustainability Disclosure; Food and Beverage Companies; Financial Performance
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DOIhttps://doi.org/10.33122/ejeset.v6i2.1218 |
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