Pengaruh Corporate Social Responsibility (CSR) dan Leverage Terhadap Kebijakan Dividen dengan Ukuran Perusahaan Sebagai Variabel Moderasi

Authors

  • Andini Novita Universitas Hayam Wuruk Perbanas
  • Wiwik Lestari Universitas Hayam Wuruk Perbanas
  • Linda Purnama Sari Universitas Hayam Wuruk Perbanas

DOI:

https://doi.org/10.14414//jbb.v15i02.5595

Keywords:

Corporate Social Responsibility, Leverage, Dividend Payout Ratio, Dividend To Sales, Size

Abstract

ABSTRACT

This study aims to examine the effect of Corporate Social Responsibility (CSR) disclosure and leverage on corporate dividend policy. Dividend policy is treated as the dependent variable and is proxied by the dividend payout ratio and dividend to sales. The independent variables are CSR disclosure, measured using the CSR Score, and leverage, measured by the debt-to-asset ratio. This study also employs firm size as a moderating variable, measured by the natural logarithm of total assets.

The population consists of companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period, selected using a purposive sampling method. The study uses 92 observations as the sample. The data used are secondary data obtained from companies’ annual reports and sustainability reports. This research adopts a quantitative approach using panel data regression analysis.

The results show that CSR disclosure has a positive and significant effect on the dividend payout ratio but does not have a positive effect on dividend to sales. Leverage has a negative and significant effect on dividend policy, both when proxied by the dividend payout ratio and dividend to sales. Furthermore, the moderating role of firm size in the relationship between CSR disclosure and dividend policy shows insignificant results when dividend policy is proxied by the dividend payout ratio, but shows a strengthening and significant effect when proxied by dividend to sales.

The theoretical implication of this study supports stakeholder theory, which suggests that companies are not only responsible to shareholders but also to all stakeholders.

 

Author Biographies

  • Andini Novita, Universitas Hayam Wuruk Perbanas

    Andini Novita Sari, S.E. is a graduate in Economics who completed her bachelor’s
    degree (2019) at Universitas Negeri Yogyakarta. She later pursued her master’s
    degree at Universitas Hayam Wuruk Perbanas, Surabaya.
    In addition to her academic background, she holds Brevet Tax A and B certification
    from Universitas Kristen Duta Wacana (2019). Her expertise includes taxation and
    financial studies.
    Author’s contact detail: andininovita16@gmail.com

  • Wiwik Lestari, Universitas Hayam Wuruk Perbanas

    Dra. Ec. Dr. Wiwik Lestari, M.Si is a lecturer at the Faculty of Economics and
    Business at Universitas Hayam Wuruk Perbanas, Surabaya, Indonesia. She earned
    her bachelor’s degree in Management (1991) from the Faculty of Economics,
    Universitas Airlangga. She later obtained her Master of Science (1999) from the
    Faculty of Economics and Business, Gadjah Mada University, and completed her
    Doctorate in Management (2014) at the Faculty of Economics and Business,
    Brawijaya University.
    In addition to her academic qualifications, she holds several professional
    certifications, including Certified in Quality Management (External Auditor ISO
    9001:2000) from Neville-Clarke (2007) and Certified in Financial Accounting
    Standards (PSAK). Her expertise encompasses management, financial accounting
    standards, and quality management systems.
    Author’s contact detail: Faculty of Economics and Business; Universitas Hayam
    Wuruk Perbanas; Jl. Wonorejo Utara 16, Rungkut, Surabaya, Indonesia;
    wiwiek@perbanas.ac.id

  • Linda Purnama Sari, Universitas Hayam Wuruk Perbanas

    Dr. Linda Purnama Sari, S.E., M.Si is a lecturer at the Faculty of Economics and
    Business at Universitas Hayam Wuruk Perbanas, Surabaya, Indonesia. She earned
    her bachelor’s degree in Management (1996) from the Faculty of Economics,
    Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya. She later obtained her Master of
    Science (2007) and Doctorate in Management (2023) from the Faculty of Economics
    and Business, Universitas Airlangga.
    In addition to her academic qualifications, she holds several professional
    certifications, including Certified in Investment Management Representative from the
    Committee for Capital Market Standards Indonesia (2001), Certified in Wealth
    Management (Level 1–7) from the Certified Wealth Managers Association (CWMA)
    (2009–2010), and Certified in General Banking Management (Level 1) from the
    Banking Professional Certification Institute (LSPP) (2012).

    Author’s contact detail: Faculty of Economics and Business; Universitas Hayam
    Wuruk Perbanas; Jl. Wonorejo Utara 16, Rungkut, Surabaya, Indonesia;
    linda@perbanas.ac.id

References

Alisjahbana, A. S., dan Murniningtyas, E. (2018). Tujuan Pembangunan Berkelanjutan Di Indonesia: Konsep, Target, Dan Strategi Implementasi (2nd ed.). Bandung: Unpad Press.

Artini, L. G. S., Krisnadewi, K. A., Yuristianti, N. P. S., & Sari, N. K. A. W. (2024). CSR and company independence on dividends: Evidence from Asean. Calitatea, 25(203), 134-143. https://doi.org/10.47750/QAS/25.203.14

Asif, A., Rasool, W., & Kamal, Y. (2011). Impact of financial leverage on dividend policy : Empirical evidence from Karachi Stock Exchange-listed companies. 5(4), 1312–1324. https://doi.org/10.5897/AJBM10.838

Azzahra, N., Nasution, R., & Ratmono, D. (2024). Dampak Corporate Social Responsibility (CSR) Terhadap Financial Distress Dengan Pengaruh Efek Moderasi Karakteristik Perusahaan Dan Karakteristik Auditor (Studi Kasus pada BUMN saat COVID-19 ). Diponegoro Journal Of Accounting, 13, 1–14.

Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114-138. https://doi.org/10.1016/j.ribaf.2018.07.005

Cheung, A. (Waikong), Hu, M., & Schwiebert, J. (2018). Corporate social responsibility and dividend policy. Accounting and Finance, 58(3), 787–816. https://doi.org/10.1111/acfi.12238

Dewasiri, N. J., & Abeysekera, N. (2020). Corporate social responsibility and dividend policy in Sri Lankan firms : A data triangulation approach. April. https://doi.org/10.1002/pa.2283

Fama, E. F., & French, K. R. (2008). First draft: February 2006 This draft: June 2007 Dissecting Anomalies Eugene F. Fama and Kenneth R. French *.

Farahani, M. H., & Jhafari, M. G. (2013). Impact of Financial Leverage on Dividend Policy at Tehran Stock Exchange : A Case Study in Food Industry. 2(3), 2788–2801.

Gultom, N. G. H., Kufepaksi, M., & Muslimin, M. (2024). Analisis Pengaruh Kebijakan Dividen dan Kinerja Keuangan terhadap Nilai Perusahaan:(Studi pada Perbankan yang terdaftar di BEI pada Tahun 2010-2022). Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-Commerce, 3(3), 175-193.

Hartono, P. G., & Matusin, A. R. (2020). Determinants of Dividend Policy of Real Estate, Property, and Building Construction Companies Listed in IDX with Unbalanced Panel Data Approach. International Journal of Applied Business, 4(2), 139-156. https://doi.org/10.20473/tijab.v4.i2.2020.139-156

Hobbs, B. J., & Schneller, M. I. (2012). Dividend Signalling And Sustainability Dividend signalling and sustainability. Applied Financial Economics, 22(17), 1395–1408. https://doi.org/10.1080/09603107.2012.654909.

Javed, N., & Ali, N. (2023). Impact of Corporate Social Responsibility on Dividend Payout Mediated by Accounting Conservatism. Journal of Development and Social Sciences, 4(2), 709-721. https://doi.org/10.47205/jdss.2023(4-ii)62

Kusumawati, D. N., & Riyanto, B. (2005). Corporate governance dan kinerja: analisis pengaruh compliance reporting dan struktur dewan terhadap kinerja. Simposium Nasional Akuntansi, 8, 248-261.

Maqbool, Z., Abid, A., & Bhutta, A. I. (2022). Effect of corporate social responsibility performance on dividend pay-out: Role of corporate governance quality. Frontiers in Psychology, 13, 883952. https://doi.org/10.3389/fpsyg.2022.883952

Nurfitri, K., Abadi, R., Udipta, R. P., & Leon, F. M. (2023). Corporate social responsibility and dividend policy in Indonesia: advent of firm size as a moderator. International Journal of Social Science And Human Research, 6(01). https://doi.org/10.47191/ijsshr/v6-i1-60

Ogunleye, J. K. (Ph. D., & Afolabi, C. S. (2023). Corporate social responsibility and dividend policy in nigeria. Fuoye Journal Of Accounting And Management, 6(1), 290–311.

Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner (Riset Dan Jurnal Akuntansi), 4(2), 331. https://doi.org/10.33395/owner.v4i2.247

Pangestika, N., & Rokhayati, H. (2025). Narrative Literature Review : Profitabilitas sebagai Determinan Utama dalam Peningkatan Nilai Perusahaan Nilai perusahaan menjadi indikator utama keberhasilan perusahaan dalam menciptakan nilai bagi pemegang saham dan stakeholder pada era persaingan modal. JUMINTAL: Jurnal Manajemen Informatika Dan Bisnis Digital, 4(2), 265–276. https://doi.org/10.55123/jumintal.v4i2.6774

Pucangan, N. P. D. P., & Wirama, D. G. (2021). The Effect of Profitability , Leverage , and Company Size on Dividend Policy ( Study on Companies Listed on the Indonesia Stock Exchange for the 2017-2019 Period ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(5), 2017–2022.

Rasyid, H. F., Sudarto, S., & Najmudin, N. (2020). Can company size moderate corporate social responsibility to dividend policy. In Proceeding International Conference on Rural Development and Entrepreneurship (ICORE), 5 (1).

Ratnasari, P. S. P., & Purnawati, N. K. (2019). Pengaruh Profitabilitas, Likuiditas, Tingkat Pertumbuhan Perusahaan dan Leverage Terhadap Kebijakan Dividen. E-Jurnal Manajemen, 8(10), 6179–6198.

Sembiring, S., Sinaga, R. V., & Lase, B. (2022). Pengaruh Leverage, Likuiditas dan Profitabilitas Terhadap Kebijakan Dividen Perusahaan Property dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2019. JRAK, 8(1), 141–155.

Sendow, G. J., Nangoi, G. B., & Pontoh, W. (2017). Faktor – Faktor Yang Mempengaruhi Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2012-2016. Jurnal Riset Akuntansi Dan Auditing “Goodwill,” 8(2). https://doi.org/10.35800/jjs.v8i2.18644

Tarigan, J., Semuel, H., Petra, U. K., & Siwalankerto, J. (2014). Pengungkapan Sustainability Report dan Kinerja Keuangan. Jurnal Akuntansi Dan Keuangan, 16(2), 88–101. https://doi.org/10.9744/jak.16.2.88-101

Tjandra, S., & Yopie, S. (2020). Pengaruh struktur kepemilikan, kebijakan hutang dan corporate social responsibility terhadap kebijakan dividen. Journal of Applied Managerial Accounting, 4(2), 208–227.

Trihermanto, F., & Nainggolan, Y. A. (2020). Corporate life cycle , CSR , and dividend policy : empirical evidence of Indonesian listed firms. Social Responsibility Journal, 16(2), 159–178. https://doi.org/10.1108/SRJ-09-2017-0186

Villiers, C. D., & Ma, D. (2017). The association between corporate social responsibility and dividend pay-outs. International Journal of Critical Accounting, 9(5-6), 460–480. https://doi.org/10.1504/ijca.2017.090584

Downloads

Published

2026-07-13

Issue

Vol. 15 No. 2 (2025): November (2025) - April (2026)

Section

Articles

License

Copyright (c) 2026 Andini Novita, Wiwik Lestari, Linda Purnama Sari

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

Novita, A., Lestari, W., & Purnama Sari, L. (2026). Pengaruh Corporate Social Responsibility (CSR) dan Leverage Terhadap Kebijakan Dividen dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Journal of Business & Banking, 15(2), 205-222. https://doi.org/10.14414//jbb.v15i02.5595