The Influence of Macroeconomics, Liquidity Risk, Debt Risk, and Earning Management on Corporate Social Responsibility Disclosure and Stock Returns with Good Corporate Governance as a Moderation Variable in Non-Banking Companies Registered on Jakarta Islamic Index

Abstract

This research aims to empirically demonstrate the influence of macroeconomics, liquidity risk, debt risk, and earnings management on corporate social responsibility disclosure and stock returns, with good corporate governance as a moderating variable. The population under research includes all companies listed in the Jakarta Islamic Index during the period 2020-2022. A total of 38 companies were selected as samples through purposive sampling. Hypothesis testing was conducted using a Structural Equation Model (SEM) based on Partial Least Squares (PLS). Based on the analysis of 10 hypotheses, it was found that 4 hypotheses were accepted while 6 were rejected. Macroeconomics and corporate social responsibility disclosure can influence stock returns. Debt risk influences corporate social responsibility disclosure. And the relationship between corporate social responsibility disclosure and stock returns with the influence of good corporate governance as a significant positive moderating variable.