The Effect of Corporate Social Responsibility (CSR) on Profitability, with Liquidity as an Intervening Variable, in the Mining Sector During the Economic Transition Period (2021–2025)

Jeslin; Teddy Chandra

doi:10.38142/jogta.v5i2.2141

Authors

Jeslin Institut Bisnis dan Teknologi Pelita Indonesia, Indonesia
Teddy Chandra Institut Bisnis dan Teknologi Pelita Indonesia, Indonesia

DOI:

https://doi.org/10.38142/jogta.v5i2.2141

Keywords:

Corporate Social Responsibility, Profitability, Liquidity, Mining Sector, Economic Transition

Abstract

This study aims to analyze the impact of Corporate Social Responsibility (CSR) on profitability, with liquidity as an intervening variable, within the mining sector during the economic transition period of 2021–2025. The research is motivated by inconsistencies in previous studies regarding the relationships between CSR, liquidity, and profitability. A quantitative approach is employed, grounded in stakeholder theory. Using purposive sampling, 23 mining companies listed on the Indonesia Stock Exchange—which publish sustainability reports in accordance with GRI standards—were selected, resulting in 115 observations. CSR is measured using the GRI disclosure index (CSRDI), liquidity via the Current Ratio (CR), and profitability through Return on Assets (ROA). Data were analyzed using linear regression and bootstrapping in SmartPLS 4, supplemented by classical assumption testing and HC3 standard error correction. The results indicate that CSR has a significant negative effect on the Current Ratio (CR). The CR has a positive but statistically insignificant effect on ROA, while CSR also shows a positive but insignificant effect on ROA. The indirect effect of CSR on ROA through the CR is significant but negative, whereas the total effect is statistically insignificant. Consequently, all proposed hypotheses are rejected. These findings suggest that CSR functions as a long-term investment, which, in the short term, consumes cash without yet enhancing profitability. The very low R² value indicates that numerous factors outside the model influence ROA.

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