The Influence of Green Finance dan Corporate Social Responsibility on Financial Performance of Plantation Firms on the Indonesia Stock Exchange
Keywords:
Green Finance, Corporate Social Responsibility, Financial Performance, Return on Investment
Abstract
This study aims to empirically examine the effect of Green Finance and Corporate Social Responsibility (CSR) on the Financial Performance of Plantation Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Financial performance is measured using Return on Investment (ROI) as the dependent variable. Green finance is measured using the Green Coin Rating (GCR), while CSR is measured through economic, social, and environmental indicators as independent variables. The data were obtained from sustainability reports published by the companies, with a total of 13 observation data, and were analyzed using panel data regression with EViews 14 software. The results indicate that Green Finance has a significant effect on the financial performance of plantation sector companies listed on the Indonesia Stock Exchange. Meanwhile, CSR does not have a significant effect on the financial performance of plantation sector companies listed on the Indonesia Stock Exchange.
References
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Sindhu, M. I., Windijarto, Wong, W. K., & Maswadi, L. (2024). Implications of corporate social responsibility on the financial and non-financial performance of the banking sector: A moderated and mediated mechanism. Heliyon, 10(9). https://doi.org/10.1016/j.heliyon.2024.e30557
Tenuta, P., & Cambrea, D. R. (2022). Corporate social responsibility and corporate financial performance: The role of executive directors in family firms. Finance Research Letters, 50. https://doi.org/10.1016/j.frl.2022.103195
Vuong, N. B. (2022). Investor sentiment, corporate social responsibility, and financial performance: Evidence from Japanese companies. Borsa Istanbul Review, 22(5), 911–924. https://doi.org/10.1016/j.bir.2022.06.010
Wang, Q., Wei, W., & Guo, Y. (2025). Green finance, intelligent transformation, and corporate investment efficiency. Finance Research Letters, 86. https://doi.org/10.1016/j.frl.2025.108697
Wang, R., Zhang, H., Feng, Y., Wang, J., & Yang, T. (2025). A long-term and heterogeneous study on the impact of carbon emission trading policy on financial performance. Carbon Management, 16(1). https://doi.org/10.1080/17583004.2025.2486627
Zou, C., & Zhang, C. (2026). The capital allocation effect of green finance: Evidence from corporate technological investment. International Review of Financial Analysis, 110. https://doi.org/10.1016/j.irfa.2025.104836
Alhajjeah, D., Besim, M., & Al-Hajieh, H. (2025). Mitigating crisis impact: The influence of corporate social responsibility on non-financial firms’ financial performance. International Review of Economics and Finance, 101. https://doi.org/10.1016/j.iref.2025.104180
Andalia, C. I., & Bangun, S. Z. B. (2025). Paris Agreement to NDC: Implementation of FCPF Climate Financing in Support of REDD+ in East Kalimantan. KINERJA: Jurnal Ekonomi Dan Manajemen, 22(4).
Angeline, V. C., Malinda, S., & Putri, M. A. (2025). Green Finance and Environmental Performance on Firm Value: Mediation Role of Profitability Food and Baverage Companies Listed on The IDX. International Journal of Management Studies and Social Science Research, 07(06), 44–54. https://doi.org/10.56293/ijmsssr.2025.5906
Austria, K. D. C., Cusipag, M. M. J., Marcos, P. M., Ramos, C. Z. K., Tungpalan, G. M., & Catacutan, K. J. (2024). Corporate Social Responsibility and Financial Performance of Automotive Companies: A Basis for Corporate Social Responsibility Framework. Indonesian Journal of Business Analytics (IJBA), 4(5), 2033–2052. https://doi.org/10.55927/ijba.v4i4.11444
Bai, R., Wu, H., Tan, Z., & Hong, T. (2025). Green finance and green innovation: the Moderating role of ESG and synergies with inclusive finance. Research in International Business and Finance, 79. https://doi.org/10.1016/j.ribaf.2025.103056
Buntu, B. (2023). Analisis Rasio Likuiditas, Rasio Leverage dan Profitabilitas Pada PT Telkom Indonesia (Persero) Tbk. Jurnal Ekonomi Dan Bisnis, 15(1), 1–14. https://doi.org/10.55049/jeb.v15i1.142
Connor, L., Dean, J., McNett, M., Tydings, D. M., Shrout, A., Gorsuch, P. F., Hole, A., Moore, L., Brown, R., Melnyk, B. M., & Gallagher-Ford, L. (2023). Evidence-based practice improves patient outcomes and healthcare system return on investment: Findings from a scoping review. In Worldviews on Evidence-Based Nursing (Vol. 20, Number 1, pp. 6–15). John Wiley and Sons Inc. https://doi.org/10.1111/wvn.12621
Dang, X., Wang, S., Deng, X., Zhang, N., Mao, H., & Wang, X. (2024). The Influence of CSR to Financial Performance in International Engineering Contracting Enterprises: Evidence from China. KSCE Journal of Civil Engineering, 28(6), 2105–2120. https://doi.org/10.1007/s12205-024-0914-x
Domínguez, J. P., Dote-Pardo, J., Severino-González, P., Rebolledo-Aburto, G., & Romero-Argueta, J. (2026). Corporate social responsibility and financial performance in emerging markets: A systematic review to enhance decision-making frameworks. In Social Sciences and Humanities Open (Vol. 13). Elsevier Ltd. https://doi.org/10.1016/j.ssaho.2026.102512
Gumilang, R. R., Nugraha, N., Suryadi, E., Sari, M., & Heryana, T. (2023). Accounting Evaluation: Digital Transformation as Moderating Variable in Fintech, Green Finance, And Blue Finance Impact on Banking Financial Performance. https://doi.org/10.17509/jaset.v17i1
Habib, A., & Khan, M. A. (2025). Bank financing and green financing: The influence of sustainable practices on investment sensitivity. Sustainable Futures, 10. https://doi.org/10.1016/j.sftr.2025.100775
Imami, N., Novitasari, D., & Asih, L. (2024). Analysis of the Influence of Green Finance, Good Corporate Governance, and Financial Performance on Company Value in the Banking Industry in Indonesia. Journal of Accounting And Financial Issue, 5, 11–23.
Kahloul, I., Sbai, H., & Grira, J. (2022). Does Corporate Social Responsibility reporting improve financial performance? The moderating role of board diversity and gender composition. Quarterly Review of Economics and Finance, 84, 305–314. https://doi.org/10.1016/j.qref.2022.03.001
Kim, S., & Yoo, J. (2022). Corporate Opacity, Corporate Social Responsibility, and Financial Performance. Finance Research Letters, 49. https://doi.org/10.1016/j.frl.2022.103118
Li, Y., & Lin, A. (2024). Assessing the impact of green finance on financial performance in Chinese eco-friendly enterprise. Heliyon, 10(7). https://doi.org/10.1016/j.heliyon.2024.e29075
Masud, A. Al, Hossain, M. T., Alamgir Hossain, M., Khairun Naher, M., & Hasan, M. M. (2025). Enhancing financial performance through corporate social responsibility: Mediating role of environmental innovation and environmental performance. Cleaner and Responsible Consumption, 17. https://doi.org/10.1016/j.clrc.2025.100279
Mushafiq, M., Prusak, B., & Markiewicz, M. (2023). Corporate social responsibility and forward default risk mediated by financial performance and goodwill. Journal of Cleaner Production, 428. https://doi.org/10.1016/j.jclepro.2023.139396
Panicker, V. S., Georgiadou, E., & Hodgkinson, I. R. (2024). Generous to a fault: Differential impact of CSR investments on financial gains in Indian market multinationals. Journal of International Management, 30(3). https://doi.org/10.1016/j.intman.2024.101142
Pramesti, S., & Yulianti, E. (2025). The Effect of Green Finance and Environmental Performance on Financial Performance in Manufacturing Companies in the Food & Beverage Sub-Sector Listed on The Indonesia Stock Exchange in the 2019-2023 Period. www.idx.co.id
Putri, Y. H., Mavilinda, H. F., Adam, M., Andriana, I., & Shihab, M. S. (2024). Is Green Web Experience Effective in Building Awareness for Corporate Social Responsibility and Driving Repurchase Intention? Jurnal Organisasi Dan Manajemen, 20(2), 207–222. https://doi.org/10.33830/jom.v20i2.7549.2024
Sari, T. D. A., Adam, M., & Muizzuddin. (2025). Toward a Resilient Banking Ecosystem: The Impact of Circular Economy and Green Finance on Bank Stability in ASEAN. https://jurnal.unmer.ac.id/index.php/icgss
Sindhu, M. I., Windijarto, Wong, W. K., & Maswadi, L. (2024). Implications of corporate social responsibility on the financial and non-financial performance of the banking sector: A moderated and mediated mechanism. Heliyon, 10(9). https://doi.org/10.1016/j.heliyon.2024.e30557
Tenuta, P., & Cambrea, D. R. (2022). Corporate social responsibility and corporate financial performance: The role of executive directors in family firms. Finance Research Letters, 50. https://doi.org/10.1016/j.frl.2022.103195
Vuong, N. B. (2022). Investor sentiment, corporate social responsibility, and financial performance: Evidence from Japanese companies. Borsa Istanbul Review, 22(5), 911–924. https://doi.org/10.1016/j.bir.2022.06.010
Wang, Q., Wei, W., & Guo, Y. (2025). Green finance, intelligent transformation, and corporate investment efficiency. Finance Research Letters, 86. https://doi.org/10.1016/j.frl.2025.108697
Wang, R., Zhang, H., Feng, Y., Wang, J., & Yang, T. (2025). A long-term and heterogeneous study on the impact of carbon emission trading policy on financial performance. Carbon Management, 16(1). https://doi.org/10.1080/17583004.2025.2486627
Zou, C., & Zhang, C. (2026). The capital allocation effect of green finance: Evidence from corporate technological investment. International Review of Financial Analysis, 110. https://doi.org/10.1016/j.irfa.2025.104836
Published
2026-06-07
How to Cite
Honora, S., Andriana, I., Taufik, & Thamrin, K. M. H. (2026). The Influence of Green Finance dan Corporate Social Responsibility on Financial Performance of Plantation Firms on the Indonesia Stock Exchange. International Journal of Economics, Business and Innovation Research, 5(04), 348-360. https://doi.org/10.63922/ijebir.v5i04.3956
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