Corporate Social Responsibility dan Leverage terhadap Harga Saham: Peran Moderasi Profitabilitas pada Perusahaan Farmasi
-
Sri Sapto Darmawati
*
Universitas Gunadarma, Depok,
Indonesia
- Sudaryono Sudaryono Universitas Gunadarma, Depok, Indonesia
- Mujiyani Mujiyani Universitas Gunadarma, Depok, Indonesia
- Dio Fasha Universitas Gunadarma, Depok, Indonesia (*) Corresponding Author
Abstract
This study aims to analyze the effect of Corporate Social Responsibility (CSR) and Debt to Equity Ratio (DER) on stock prices and to examine the ability of Earnings Per Share (EPS) to moderate the relationship between CSR, DER, and stock prices in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This research is motivated by the fluctuations in pharmaceutical companies' stock prices in the post-pandemic era and the inconsistent findings of previous studies regarding the factors influencing stock prices. Therefore, this study is expected to provide empirical evidence concerning the influence of both financial and non-financial factors on corporate stock prices. The research employs a quantitative method with an associative approach. The population consists of all pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was selected using a purposive sampling technique, resulting in companies that met the established research criteria. The data used are secondary data obtained from annual reports and financial statements. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) to test the moderating effect of EPS. The results indicate that CSR and DER do not have a significant partial effect on stock prices. Meanwhile, EPS is proven to moderate the effect of CSR on stock prices, indicating that the influence of CSR becomes stronger in companies with higher EPS levels. However, EPS is not able to moderate the effect of DER on stock prices. These findings suggest that investors place greater emphasis on a company’s ability to generate earnings rather than on CSR disclosure levels and capital structure when evaluating stock prices. This study provides an empirical contribution by integrating non-financial and financial factors in explaining the stock prices of pharmaceutical sub-sector companies, while also extending the literature on the role of profitability as a moderating variable in the relationship between Corporate Social Responsibility, leverage, and stock prices.
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References
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Andriani, S. D., Kusumastuti, R., & Hernando, R. (2023). Pengaruh Return On Equity (ROE), Earning Per Share (EPS) dan Debt To Equity Ratio (DER) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Industri Makanan Olahan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020). Owner: Riset & Jurnal Akuntansi, 7(1), 333–345. https://doi.org/10.33395/owner.v7i1.1268%0APengaruh
Andrianto, R. (2023). IHSG 2023 Tak Terbendung, Catat Rekor Baru Hingga Sentuh 7300. CNBC Indonesia. https://www.cnbcindonesia.com/research/20231230023432-128-501422/ihsg-2023-tak-terbendung-catat-rekor-baru-hingga-sentuh-7300
Bagaskara, D. Y., & Rohmadi, R. (2024). Efek Moderasi EPS dalam Pengaruh DER dan ROA terhadap Harga Saham di Indeks LQ45. Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen, 3(1), 287–298. https://doi.org/10.30640/inisiatif.v3i1.2076
Bailia, F. F. W., Tommy, P., & Baramulli, D. N. (2016). Pengaruh Pertumbuhan Penjualan, Dividend Payout Ratio dan Debt to Equity Ratio Terhadap Harga Saham pada Perusahaan Property di BEI Tahun2011-2014. Jurnal Berkala Ilmiah Efisiensi, 16(3), 270–278.
Binekasri, R. (2021). Intip Lagi Kinerja IHSG Selama 2021, Bangkit dari Pandemi. CNBC Indonesia. https://www.cnbcindonesia.com/market/20220629145448- 17-351432/intip-lagi-kinerja-ihsg-selama-2021-bangkit-dari-pandemi
Binekasri, R. (2022). Fakta IHSG & Pasar Modal RI Sepanjang 2022. CNBC Indonesia. CNBC Indonesia. https://www.cnbcindonesia.com/market/20221230172435-17-401622/fakta--fakta-ihsg-pasar-modal-ri-sepanjang-2022
CNBC Indonesia. (2025). 7 Fakta IHSG Ambruk dan Dihentikan Perdagangannya, Kronologi Penyebab. CNBC Indonesia. https://www.cnbcindonesia.com/market/20250319051355-17-619780/7- fakta-ihsg-ambruk-dan-dihentikan-perdagangannya-kronologi-penyebab
Dewi, C. (2025). Kilas Balik IHSG di 2024, Naik Turun Bak Roller Coaster. CNBC Indonesia. https://www.cnbcindonesia.com/research/20250101112454-128-600011/kilas-balik-ihsg-di-2024-naik-turun-bak-roller-coaster
Dewi, N. S., & Suwanto, A. E. (2022). Pengaruh ROA, ROE, EPS dan DER terhadap Harga Saham Perusahaan (Studi Empiris pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020). Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK), 1, 472–482.
Elizabeth, S. M. (2023). Pengaruh Earning Per Share (EPS) Terhadap Harga Saham Dimediasi Oleh Return On Equity (ROE) Pada Perusahaan Sektor Perbankan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode Tahun 2018-2021. Jurnal Ilmiah Ekonomi Dan Bisnis Universitas Multi Data Palembang, 12(2).
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Kasmir. (2019). Analisis Laporan Keuangan (13th Edition (ed.)). Jakarta: Rajawali.
Khairunnisa, I., Muhdin, & Burhanudin. (2024). Pengaruh Corporate Social Responsibility (CSR), Return on Equity (ROE) dan Debt To Equity Ratio (DER) terhadap Harga Saham pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2019-2022. Jurnal Riset Keuangan, 2(2), 65–72. https://journal.unram.ac.id/index.php/jrk/article/view/4906
Nugraha, I. A., Fadila, N., & Parlina, N. D. (2024). Analysis Towards Stock Price With Earnings Per Share As Moderating Variable. International Journal Of Humanities Education And Social Sciences (IJHESS), 3(6), 2910–2920.
Pelmelay, K. E., & Borolla, J. D. (2021). Pengaruh Earning Per Share Dan Price Earning Ratio Terhadap Return Saham. Jurnal Keuangan Dan Bisnis ISSN, 19(1), 88–104. www.idx.ac.id
Prasetyo, S. D., & Nani, D. A. (2021). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Harga Saham (Studi Empiris Pada Perusahaan perkebunan Sub Sektor Sawit Yang Terdaftar Di Bursa efek indonesia Periode 2017 -2019). Accounting Global Journal, 5(2).
Rahmi, N. U. (2022). A Corporate Social Responsibility. Jurnal Universitas Prima Indonesia.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill Building Approach (7th ed.). John Wiley & Sons Ltd.
Setyo, U. A. (2019). Pengaruh CSR, ROI, ROE terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal PETA, 4(1), 82–94.
Sholihah, M., & Susilo, D. E. (2022). Pengaruh Kinerja Keuangan, Ukuran Perusahaan, dan CSR terhadap Harga Saham Pada Perusahaan Properti di Bursa Efek Indonesia 2018-2020. Disclosure: Journal of Accounting and Finance,.
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung : Alfabeta.
Yumita, Yulindisti, E., & Desyana, G. (2025). Pengaruh Corporate Social Responsibility Terhadap Harga Saham : Kinerja Keuangan Sebagai Variabel Moderasi Abstrak. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(4), 2533–2545.
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