Foreign Ownership, CSR Disclosure, and Leverage as Determinants of Firm Value: The Moderating Role of Profitability in Consumer Non-Cyclicals

Fitri Novianti Suryanita

doi:10.61987/jemr.v5i5.3135

Authors

Fitri Novianti Suryanita Universitas Tanjungpura

DOI:

https://doi.org/10.61987/jemr.v5i5.3135

Keywords:

Foreign Ownership, CSR Disclosure, Leverage, Firm Value

Abstract

Fluctuations in firm value within the consumer non-cyclicals sector remain a concern despite the sector’s relatively stable demand characteristics. Differences in ownership structure, corporate social responsibility (CSR) disclosure, and financing decisions may contribute to variations in firm value, while previous empirical findings remain inconsistent. This study aims to examine the effects of foreign ownership, CSR disclosure, and leverage on firm value and to investigate the moderating role of profitability in these relationships. A quantitative approach was employed using purposive sampling and panel data regression with Moderated Regression Analysis (MRA). The study analyzed 168 observations covering the 2021–2024 period. The results indicate that foreign ownership has a significant negative effect on firm value, whereas CSR disclosure and leverage do not have significant partial effects. Simultaneously, foreign ownership, CSR disclosure, and leverage significantly affect firm value. Profitability does not moderate the effects of foreign ownership or CSR disclosure on firm value but strengthens the effect of leverage on firm value. These findings provide practical implications for companies and investors in formulating ownership, sustainability disclosure, and financing strategies to support firm value.

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