The Effects of Corporate Social Responsibility and Good Corporate Governance on Firm Value, with Profitability as a Moderating Variable

This study examines the effect of corporate social responsibility (CSR) disclosure, managerial ownership, and institutional ownership on firm value, with profitability (ROA) as a moderating variable, in food and beverage companies listed on the Indonesia Stock Exchange during 2020–2024. Using a purposive sample of 16 firms (80 firm-year observations) and panel data regression with the Fixed Effects Model, the results show that CSR disclosure has a significant negative effect on firm value (β = −0.416802, p = 0.0095), managerial ownership has a significant positive effect (β = 0.155062, p = 0.0026), while institutional ownership shows no significant effect (β = −2.035018, p = 0.2957). CSR, managerial ownership, and institutional ownership jointly affect firm value (F = 10.99921, p = 0.000000, adjusted R² = 0.706303). Profitability significantly moderates the CSR–firm value relationship (β = 0.015940, p = 0.0358): because the CSR main effect is negative (β = −0.416802), this positive interaction indicates that profitability offsets part of the negative CSR effect rather than reversing it. Profitability does not significantly moderate the effect of managerial or institutional ownership on firm value. This study contributes to the CSR–firm value literature by distinguishing an offsetting moderation pattern from a reinforcing one, within a single sector (food and beverage) and post-pandemic period (2020–2024) not extensively covered in prior moderation studies.