Disclosure of Corporate Social Responsibility, Green Accounting and Financial Performance on Stock Price With Company Value as an Intervening Variable

Abstract

This study investigates the impact of corporate social responsibility (CSR) disclosure, green accounting, and financial performance on share prices, using company value as an intervening variable. The research adopts a quantitative approach, focusing on companies within the mining and plantation sectors, as listed on the idx.co.id website. The sample was selected through purposive sampling, based on specific criteria set by the researchers. Data analysis was conducted using multiple linear regression analysis, processed via EViews software. Findings indicate that CSR disclosure, green accounting, and financial performance each significantly influence share prices, underscoring the importance of these factors in shaping investor perception and market value. However, company value does not serve as a successful intermediary variable for the relationship between CSR disclosure, green accounting, financial performance, and share prices. This suggests that while these factors independently impact share prices, the assumed mediating role of company value does not materialize in this context. These results contribute to the understanding of how environmental and financial disclosures, alongside financial health, directly influence share prices, highlighting the need for companies to consider direct stakeholder communication strategies to improve market performance, independent of perceived company value adjustments.