The Role of Good Corporate Governance and Corporate Social Responsibility in Shaping the Financial Performance of IDX-Listed Mining Companies (2019–2023)

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Empirical analysis reveals that CSR negatively impacts ROA and ROE in mining companies listed on the IDX, suggesting a need for balance.

CSR significantly negatively affected ROA by -0.687 and ROE by -0.718, indicating a short-term profitability challenge.
GCG showed no significant impacts on ROA, ROE, or NPM, suggesting compliance alone may not improve financial outcomes.
Quantitative analysis utilized data from 120 firm-year observations, assessing control variables like total assets and debt-to-equity ratio.
Firms should weigh CSR initiatives against leverage management, as size positively influences financial metrics.

Wiratama et al. (2025) studied this question.

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