The Influence of Corporate Social Responsibility, Board of Directors, And Board of Commissioners on Financial Performance: Moderating Role of Institutional Ownership

This study aims to investigate the significant positive effects of corporate social responsibility (CSR), the board of directors' size, and the board of commissioners' size on financial performance, as well as to assess whether institutional ownership functions as a moderating variable that strengthens the relationship between the independent and dependent variables. The research utilizes secondary data derived from the annual reports and sustainability reports of mining sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2023. The sample was selected using a purposive sampling method, and the data were analyzed using panel data regression with EViews software. The results indicate that CSR has a positive and significant influence on financial performance, while the board of directors' size does not show a significant effect. Conversely, the board of commissioners' size exerts a positive and significant impact on financial performance. Moreover, institutional ownership is found to moderate the relationship between CSR and financial performance, but does not moderate the relationship between the board of directors or board of commissioners and financial performance. Based on these findings, future research is encouraged to broaden the scope of industries and the length of the observation period, incorporate additional relevant variables, categorize institutional ownership, and explore alternative moderating variables.