ANALISIS BIBLIOMETRIK TERHADAP VARIABEL MODERASI DALAM HUBUNGAN ANTARA CSR DAN NILAI PERUSAHAAN
DOI:
https://doi.org/10.35794/jmbi.v13i1.67821Abstract
This study aims to analyze the development of the literature on the role of moderating variables in the relationship between corporate social responsibility (CSR), environmental, social, and governance (ESG), and firm value through a bibliometric approach and a systematic literature review (SLR). Research data were obtained from the Scopus database using keywords related to CSR, ESG, firm value, and moderating effect. The screening process was conducted based on the fields of business, management, and accounting research as well as the type of research article, resulting in 199 relevant articles for analysis. Bibliometric analysis was performed using VOSviewer and Biblioshiny to identify publication trends, country contributions, journals, the most influential articles, and research theme mapping. The results of the study indicate that publications on moderating variables in the relationship between CSR/ESG and firm value increased significantly during the 2013–2026 period, with China being the country with the largest contribution to these publications. Co-occurrence network and word cloud analyses reveal that firm value, CSR, ESG, corporate governance, financial performance, and sustainability are the main themes of the research. Furthermore, prior research has been dominated by quantitative approaches using regression analysis and moderating variables such as firm size, corporate governance, profitability, and green innovation. These findings suggest that the relationship between sustainability implementation and firm value is contextual and influenced by various dynamic moderating factors.
References
Ariasinta, T., Indarwanta, D., & Utomo, H. J. N. (2024). Pengaruh Environmental, Social, and Governance (ESG) Disclosure Dan Intellectual Capital Terhadap Firm Value Dengan Firm Size Sebagai Variabel Moderasi (Studi Pada Perusahaan Indeks LQ45 Tahun 2018-2022). Jurnal Administrasi Bisnis (JABis), 22(2), 255. https://doi.org/10.31315/jurnaladmbisnis.v22i2.12832
Bifulco, G. M., Savio, R., Paolone, F., & Tiscini, R. (2023). The CSR committee as moderator for the ESG score and market value. Corporate Social Responsibility and Environmental Management, 30(6), 3231–3241. https://doi.org/10.1002/csr.2549
Cherkasova, V., Fedorova, E., & Stepnov, I. (2023). Market reaction to firms’ investments in CSR projects. Journal of Economics, Finance and Administrative Science, 28(55), 44–59. https://doi.org/10.1108/JEFAS-08-2021-0150
Delima, & Usman, B. (2024). Pengaruh Kinerja CSR Dan Board Size Terhadap Kinerja Perusahaan. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 11(1), 205–218. https://doi.org/10.35794/jmbi.v11i1.53028
Duan, Y., Yang, F., & Xiong, L. (2023). Environmental, Social, and Governance (ESG) Performance and Firm Value: Evidence from Chinese Manufacturing Firms. Sustainability, 15(17), 12858. https://doi.org/10.3390/su151712858
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
Kivits, R., & Sawang, S. (2021). Stakeholder Theory (pp. 1–8). https://doi.org/10.1007/978-3-030-70428-5_1
Olateju, D. J., Olateju, O. A., Adeoye, S. V., & Ilyas, I. S. (2021). A critical review of the application of the legitimacy theory to corporate social responsibility. International Journal of Managerial Studies and Research, 9(3). https://doi.org/10.20431/2349-0349.0903001
Pavani, K. (2024). A Study on Risk Assessment and Financial Management on ESG. International Journal of Research Publication and Reviews, 5(5), 3624–3632. https://doi.org/10.55248/gengpi.5.0524.1229
Shin, J., Moon, J. J., & Kang, J. (2023). Where does ESG pay? The role of national culture in moderating the relationship between ESG performance and financial performance. International Business Review, 32(3), 102071. https://doi.org/10.1016/j.ibusrev.2022.102071
Słoński, T., & Ilbasmis, G. (2020). Corporate Social Responsibility Activities and The Firm’s Value: The Case of Containers and Packaging Industry Sector (pp. 335–347). https://doi.org/10.1007/978-3-030-34401-6_27
Ting, I. W. K., Azizan, N. A., Bhaskaran, R. K., & Sukumaran, S. K. (2019). Corporate Social Performance and Firm Performance: Comparative Study among Developed and Emerging Market Firms. Sustainability, 12(1), 26. https://doi.org/10.3390/su12010026
Turzo, T., Marzi, G., Favino, C., & Terzani, S. (2022). Non-financial reporting research and practice: Lessons from the last decade. Journal of Cleaner Production, 345(January), 131154. https://doi.org/10.1016/j.jclepro.2022.131154
Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability, 14(24), 16940. https://doi.org/10.3390/su142416940
