THE RELATIONSHIP OF ENVIRONMENTAL AND SOCIAL RESPONSIBILITY TO FINANCIAL PERFORMANCE WITH FEMINIST BOARD MODERATION

Abstrak

This study aims to analyze the influence of environmental performance and corporate
social responsibility (CSR) disclosure on financial performance, with the feminism of the
board of directors as the moderation variable. The research data was obtained from the
annual reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX)
and participating in the PROPER program during 2018-2023. Data analysis uses
Moderated Regression Analysis (MRA). The results of the study show that environmental
performance and CSR disclosure have a positive but insignificant effect on financial
performance. In contrast, board feminism plays a significant role in strengthening the
relationship between environmental performance, CSR disclosure, and financial
performance. These findings confirm that the involvement of women on the board of
directors can increase the effectiveness of sustainability policies and support the
company’s financial performance.