Mutmainnah Mutmainnah (1), Nur Asni (2), Muhammad Zaikin (3), La Ode Muhammad Saum Fasihu (4), Sindy fuji Lestari (5)
With ownership concentration acting as a moderating variable, this research investigates the relationship between working capital efficiency measured by the cash conversion cycle (CCC) and CSR performance in light of the importance of CSR activities in sustainable business strategies. Panel regression in STATA 17 was used to analyze 162 non-financial companies listed on the Indonesia Stock Exchange between 2018 and 2023 using purposive selection. The findings indicate that ownership concentration exacerbates this negative relationship, whereas a shorter CCC (more liquidity) enhances CSR performance. The results show that working capital management is linked to financial efficiency and is a strategic instrument for establishing long-term legitimacy and complying with regulatory obligations. The research emphasizes how important it is for management, stakeholders, and regulators to assess ownership structure and liquidity in order to promote sustainable business practices, especially in developing markets like Indonesia.
Aboud, A., & Yang, X. (2022). CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY: NEW EVIDENCE FROM CHINA. International Journal of Accounting and Information Management, 30(2), 211–229. https://doi.org/10.1108/IJAIM-09-2021-0195
Akben-Selcuk, E. (2019). CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE MODERATING ROLE OF OWNERSHIP CONCENTRATION IN TURKEY. Sustainability, 11(13), 3643. https://doi.org/10.3390/su11133643
Alhababsah, S. (2019). OWNERSHIP STRUCTURE AND AUDIT QUALITY: AN EMPIRICAL ANALYSIS CONSIDERING OWNERSHIP TYPES IN JORDAN. Journal of International Accounting, Auditing and Taxation, 35, 71–84. https://doi.org/10.1016/j.intaccaudtax.2019.05.006
Al Amosh, H., Khatib, S. F. A., & Hussainey, K. (2022). THE FINANCIAL DETERMINANTS OF INTEGRATED REPORTING DISCLOSURE BY JORDANIAN COMPANIES. Journal of Risk and Financial Management, 15(9), 375. https://doi.org/10.3390/jrfm15090375
Asni, N., & Agustia, D. (2022). DOES CORPORATE GOVERNANCE INDUCE GREEN INNOVATION? AN EMERGING MARKET EVIDENCE. Corporate Governance, 22(7), 1375–1389. https://doi.org/10.1108/CG-10-2021-0389
Aulia, P. R. N., & Setyorini, D. (2021). THE INFLUENCE OF LEVERAGE, MEDIA EXPOSURE, AND LIQUIDITY ON CSR DISCLOSURE (EMPIRICAL STUDY ON ASR AWARD-WINNING COMPANIES IN 2012–2020). Jurnal Pendidikan Akuntansi & Keuangan, 9(2), 209–221. https://doi.org/10.17509/jpak.v9i2.37514
Bhimavarapu, V. M., Rastogi, S., & Kanoujiya, J. (2022). OWNERSHIP CONCENTRATION AND ITS INFLUENCE ON TRANSPARENCY AND DISCLOSURES OF BANKS IN INDIA. Corporate Governance, 23(1), 18–42. https://doi.org/10.1108/CG-05-2021-0169
Bing, T., & Li, M. (2019). DOES CSR SIGNAL THE FIRM VALUE? EVIDENCE FROM CHINA. Sustainability, 11(15), 4255. https://doi.org/10.3390/su11154255
Chang, X., Tan, W., Yang, E., & Zhang, W. (2019). STOCK LIQUIDITY AND CORPORATE SOCIAL RESPONSIBILITY. Finance Research Letters, 30, 252–257. https://doi.org/10.1016/j.frl.2018.06.018
Crifo, P., Diaye, M.-A., Oueghlissi, R., & Pekovic, S. (2016). WHAT DRIVES FIRMS' CORPORATE SOCIAL RESPONSIBILITY? THE ROLE OF OWNERSHIP CONCENTRATION. In S. O. Idowu & M. Del Baldo (Eds.), Corporate Responsibility (pp. 183–204). Palgrave Macmillan. https://doi.org/10.1057/9781137450722_9
Crisóstomo, V. L., & Freire, F. de S. (2015). THE INFLUENCE OF OWNERSHIP CONCENTRATION ON FIRM RESOURCE ALLOCATIONS TO EMPLOYEE RELATIONS, EXTERNAL SOCIAL ACTIONS, AND ENVIRONMENTAL ACTIONS. Revista Brasileira de Gestão de Negócios, 17(55), 987–1006.
Fatimah, I. N. (2021). CORPORATE SOCIAL RESPONSIBILITY (CSR) DI INDONESIA. https://www.aeec.unair.ac.id/corporate-social-responsibility-csr-di-indonesia/
Gerged, A. M., Kuzey, C., Uyar, A., & Karaman, A. S. (2023). DOES INVESTMENT STIMULATE OR INHIBIT CSR TRANSPARENCY? THE MODERATING ROLE OF CSR COMMITTEE, BOARD MONITORING AND CEO DUALITY. Journal of Business Research, 159, 113762. https://doi.org/10.1016/j.jbusres.2023.113762
Ghazali, A. M. N. (2007). OWNERSHIP STRUCTURE AND CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE: SOME MALAYSIAN EVIDENCE. Corporate Governance, 7(3), 251–266. https://doi.org/10.1108/14720700710756535
Gunardi, A., Febrian, E., & Herwany, A. (2016). THE IMPLICATION OF FIRM-SPECIFIC CHARACTERISTICS ON DISCLOSURE: THE CASE OF INDONESIA. International Journal of Monetary Economics and Finance, 9(4), 379–387. https://doi.org/10.1504/IJMEF.2016.080080
Handoyo, S., & Anas, S. (2024). THE EFFECT OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) ON FIRM PERFORMANCE: THE MODERATING ROLE OF COUNTRY REGULATORY QUALITY AND GOVERNMENT EFFECTIVENESS IN ASEAN. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2371071
Haninun, H., Lindrianasari, L., & Denziana, A. (2018). THE EFFECT OF ENVIRONMENTAL PERFORMANCE AND DISCLOSURE ON FINANCIAL PERFORMANCE. International Journal of Trade and Global Markets, 11(1), 138–148. https://doi.org/10.1504/IJTGM.2018.092471
Jiang, H., Cheng, Y., Park, K., & Zhu, W. (2022). LINKING CSR COMMUNICATION TO CORPORATE REPUTATION: UNDERSTANDING HYPOCRISY, EMPLOYEES' SOCIAL MEDIA ENGAGEMENT, AND CSR-RELATED WORK ENGAGEMENT. Sustainability, 14(4), 2359. https://doi.org/10.3390/su14042359
Khidmat, W. B., Ayub Khan, M., & Ullah, H. (2020). THE EFFECT OF BOARD DIVERSITY ON FIRM PERFORMANCE: EVIDENCE FROM CHINESE LISTED COMPANIES. Indian Journal of Corporate Governance, 13(1), 9–33. https://doi.org/10.1177/0974686220923793
Al Lawati, H., & Sanad, Z. (2023). OWNERSHIP CONCENTRATION AND AUDIT ACTIONS. Administrative Sciences, 13(9), 206. https://doi.org/10.3390/admsci13090206
Lin, C. C., & Nguyen, T. P. (2022). THE IMPACT OF OWNERSHIP STRUCTURE ON CORPORATE SOCIAL RESPONSIBILITY PERFORMANCE IN VIETNAM. Sustainability, 14(19), 12445. https://doi.org/10.3390/su141912445
Lin, Q., & Lin, X. (2021). CASH CONVERSION CYCLE AND AGGREGATE STOCK RETURNS. Journal of Financial Markets, 52, 100560. https://doi.org/10.1016/j.finmar.2020.100560
Moratis, L. (2018). SIGNALLING RESPONSIBILITY? APPLYING SIGNALLING THEORY TO THE ISO 26000 STANDARD FOR SOCIAL RESPONSIBILITY. Sustainability, 10(11), 4172. https://doi.org/10.3390/su10114172