Corporate Social Responsibility dan Kinerja Keuangan: Reputasi Perusahaan, Strategi Inovasi dan Enterprise Risk Management Sebagai Variabel Intervening

Abstract

This study investigates the effect of corporate social responsibility (CSR) as a mechanism to improve financial performance through corporate reputation, innovation strategy, and enterprise risk management (ERM) as mediators. This study uses stakeholder theory as the grand theory and resource-based view (RBV) theory as a supporting theory. This study uses secondary data from annual and sustainability reports of non-financial companies listed on the Indonesia Stock Exchange for 2021-2023. The sample comprised 72 data companies for 3 years, which were selected using purposive sampling. The results of this study indicate that CSR has a positive and significant effect on corporate reputation, innovation strategy, and ERM. However, it is not substantial in terms of financial performance. Corporate reputation, innovation strategy, and ERM positively and significantly affect financial performance. In addition, corporate reputation, innovation strategy, and ERM can also function as mediators of the relationship between CSR and economic performance.