September 12, 2025Open Access

The Effect of Corporate Social Responsibility Disclosure, Financial Performance, and Firm Size on Stock Returns

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Observational analysis finds that financial performance significantly affects stock returns in mining firms, suggesting CSR is less emphasized.

Stock returns are significantly influenced by return on assets and debt to equity ratio, while CSR and firm size show no notable impact.
The study analyzed observational data from 56 mining companies listed on the IDX, revealing financial fundamentals are prioritized by investors.
Multiple linear regression analysis was conducted on data transformed using natural logarithms to ensure classical test assumptions were met.
These insights indicate firms should focus on profitability and optimizing financial structures to attract investors effectively.

Iswari et al. (2025) studied this question.

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Observational analysis finds that financial performance significantly affects stock returns in mining firms, suggesting CSR is less emphasized.