The Effect of Corporate Social Responsibility Disclosure, Independent Board of Commissioners, and Profitability on Firm Value in the Food and Beverage Sector Listed on the IDX for the 2021–2023 Period

Firm value reflects investors' assessments of corporate performance and business sustainability prospects, which may be associated with financial and non-financial information. Corporate social responsibility disclosure, corporate governance mechanisms, and profitability are potential determinants of firm value, although previous studies have reported inconsistent findings. To examine the effects of Corporate Social Responsibility Disclosure (CSRD), the proportion of independent commissioners, and profitability on the firm value of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023. This study employed an explanatory quantitative approach using secondary data from corporate annual and sustainability reports. Purposive sampling yielded 10 companies and 30 firm-year observations. The data were examined using panel data regression, with the Common Effect Model (CEM) selected based on the Chow, Hausman, and Lagrange Multiplier tests. Firm value was measured using Tobin's Q, while profitability was measured using Return on Assets (ROA). The reported partial regression results indicated that CSRD (p = 0.2025), the proportion of independent commissioners (p = 0.1134), and ROA (p = 0.8367) were not statistically significant in relation to firm value. The reported model summary showed no joint statistical significance (F-test p = 0.5865), with an R-squared of 0.0704, indicating that the model explained 7.04% of the variation in firm value. CSR disclosure, the proportion of independent commissioners, and profitability did not demonstrate statistically significant relationships with firm value in the reported tests. These findings highlight the model's limited explanatory power and the importance of considering additional financial and non-financial factors when evaluating firm value.

Keywords: CSR Disclosure; Independent Commissioners; Profitability; Firm Value; Panel Data Regression.