The influence of CSR disclosure on financial performance: the moderating role of independent commissioners

Financial performance analysis can help companies understand their financial strengths and weaknesses, and make strategic decisions to improve profitability and sustainability. Corporate Social Responsibility (CSR) has become an important aspect of business strategy for companies, including state-owned enterprises, to improve their reputation and sustainability. State-owned enterprises (SOEs) are business entities whose capital is wholly or largely owned by the state, with the aim of managing strategic business activities and providing benefits to the community and the state. SOEs can take the form of limited liability companies, public companies, or other institutions. Research on the impact of CSR on the financial performance of SOEs shows that CSR can have a positive impact on financial performance by increasing stakeholder trust, reducing risk, and improving operational efficiency. Here, we demonstrate that independent directors can strengthen the influence of CSR disclosure on financial performance, thereby providing important insights for management and shareholders regarding the importance of involvement in CSR disclosure and the presence of independent directors to improve a company’s financial performance. Compared to previous studies that may have focused solely on the impact of CSR on financial performance, the results of this study show that the presence of independent commissioners can strengthen the positive relationship between CSR disclosure and a company’s financial performance. Independent commissioners ensure that companies comply with applicable regulations and business ethics, and improve corporate transparency and accountability. The results of this study also show that effective CSR strategies must be supported by good corporate governance structures.

Introduction

Interest in CSR has increased in research as companies continue to seek ways to combine economic benefits with positive impacts on society (Oh et al., 2017). Mathews (1997) documented that companies generally initiate CSR activities to build social relationships and improve their legitimacy and performance. Research by Bird et al. (2007) states that CSR has a negative impact on financial performance because it diverts company resources from valuable investments and incurs additional costs. In line with this argument, several studies have found a negative impact of CSR on financial performance (Han et al., 2016; Lee et al., 2013; Tandelilin and Usman, 2023). There are numerous empirical studies related to the impact of CSR on financial performance (e.g., Han et al., 2016; Yadav and Srivastava, 2023). These conflicting results can be attributed to the complex relationship between CSR and financial performance, which implies that various company-specific and institutional factors may shape this relationship (Shi and Veenstra, 2021).

Differences often arise because previous studies have used different CSR indicators or measurement methods, such as ESG (Environmental, Social, and Governance) scores, CSR reporting, or sustainability indices. Different financial performance metrics, such as Return on Assets (ROA), Return on Equity (ROE), or Tobin’s Q (Pertiwi and Moin, 2024; Pratiwi et al., 2025; Maulana, 2024). Previous research conducted in different industrial contexts has different characteristics and challenges in implementing CSR. Industries that are more vulnerable to environmental issues may show a stronger relationship between CSR and financial performance using different research methodologies, such as regression analysis, case analysis, or content analysis.

Chijoke-Mgbame et al. (2019) found that existing governance structures can influence the impact of CSR disclosure on financial performance. Due to this misalignment, the agency theory proposed by Jensen and Meckling (1976) was introduced to understand how corporate governance operates. Conflicts of interest arise because owners want to increase company value and financial performance, while management has different personal interests, such as increasing compensation or reputation. Management prioritises CSR activities that enhance their own reputation over activities that increase company value, and management allocates company resources to CSR activities that are not in line with the interests of owners.

Therefore, it is important to analyse how corporate governance moderates the impact of CSR disclosure on financial performance. Independent commissioners play an important role in corporate governance in countries with a two-tier board system, such as Indonesia. The existence of independent commissioners is essential to ensure that CSR efforts and their disclosure by management are in line with the long-term interests of the company. Independent commissioners can ensure that CSR disclosures are accurate, complete, and credible. Independent commissioners can ensure that CSR activities are in line with the company’s objectives and are not used for personal gain. Independent commissioners can also improve management accountability in CSR disclosures and CSR activities.

In Indonesia, CSR disclosure in annual reports (or sustainability reports) remains voluntary until 2021, even though the regulation has been in effect since 2017, as indicated by the issuance of POJK 51/2017. The transition to mandatory disclosure may improve the quality of corporate disclosure and increase transparency by ensuring that mandatory disclosure can have an impact on a company’s financial performance, especially if the company needs to incur additional costs to meet disclosure requirements.

A company’s corporate governance structure, including its audit committee and board of directors, can influence the quality of its disclosures and financial performance, while the type of industry can influence the impact of mandatory disclosure on a company’s financial performance, particularly if the industry has unique characteristics.

According to stakeholder theory, CSR disclosure is a step taken by companies to provide information about their responsibilities to stakeholders. Baumgartner and Rauter (2017) state that the strategic objective of CSR is to achieve harmonious relationships with stakeholders, with a focus on environmental, social, financial, and economic performance. CSR is associated with benefits for society, and effective CSR disclosure can increase consumer trust and company reputation (Ikram et al., 2019; Slack et al., 2015). Companies that implement CSR activities signal sustainable development because CSR is a corporate strategy to reduce managerial opportunism and improve financial performance (Hussain et al., 2018). DiSegni et al. (2015) and Ikram et al. (2019) emphasize that companies engage in CSR activities when they perceive business benefits and value, including improved financial performance through cost reduction (e.g., waste recycling, reduced energy and water consumption).

The theoretical mechanism for stakeholder satisfaction through effective CSR can enhance a company’s reputation, thereby increasing stakeholder trust and boosting sales. CSR can increase customer loyalty by demonstrating the company’s commitment to social and environmental values. Good CSR can increase investment attractiveness by demonstrating that the company has good risk management and a commitment to sustainability.

The issuance of POJK 51/2017 encourages State-Owned Enterprises (SOEs) to disclose their CSR activities as a form of compliance with government regulations. As the owner, the government prioritises social welfare over shareholder wealth. Therefore, CSR disclosure is carried out to secure the position of SOEs in obtaining political and financial support from the government. For example, the government provides SOEs with greater access to share offerings for capital needs (Gordon and Li, 2003) and debt financing (Sapienza, 2004). In addition, the government is more likely to provide financial assistance to SOEs when they face financial difficulties (Wang et al., 2008). In return for these benefits, SOEs are expected to comply with government regulations and be pioneers in implementing these regulations, including CSR disclosure.

The characteristics of the financial sector are governed by strict regulations to ensure financial stability and protect consumers. Financial companies have different business models to non-financial companies, with a focus on risk management and return on investment. Financial companies are highly dependent on public trust, so the reputation and trust of stakeholders are very important.

In other words, SOEs have incentives to carry out and disclose CSR activities that benefit the community and other stakeholders, giving rise to the first hypothesis:

H1: CSR disclosure has a positive and significant effect on the financial performance of public and non-public SOEs.

In their review, Al Sartawi et al. (2017) stated that independent boards of directors increase accounting transparency and reduce information asymmetry, thereby improving corporate financial performance. Liao et al. (2019) and Kabir and Thai (2017) state that independent boards of directors have more responsive policies, thereby facilitating the fulfillment of stakeholder expectations and positively moderating the impact of CSR disclosure on financial performance. Independent commissioners can bring a more objective perspective to CSR-related decision-making, enabling companies to make more strategic decisions that have a positive impact on financial performance. Independent commissioners can also improve corporate accountability in CSR disclosure, making companies more likely to disclose accurate and relevant information.

Research conducted by Formigoni et al. (2021), Mohammadi et al. (2021), and Ullah et al. (2019) found that independent boards of commissioners have a positive and significant influence on CSR. Research by Musallam (2020), Waheed and Malik (2019), and Puni and Anlesinya (2020) found that independent boards of commissioners have a positive and significant influence on financial performance. Chijoke-Mgbame et al. (2019) found that independent boards of commissioners strengthen the influence of CSR on financial performance. Independent commissioners can play an important role in moderating the relationship between CSR and financial performance, especially in crisis situations such as a pandemic. Assuming that the COVID-19 pandemic could change the moderating role of independent commissioners in the CSR-financial performance relationship.

Based on the above arguments, this study anticipates that independent commissioners in SOE governance can align the interests of management with those of the state as owner. Independent commissioners ensure that the company’s CSR activities and reporting are truly beneficial to the welfare of the community, thereby increasing the company’s legitimacy in the eyes of the government and other stakeholders such as consumers and the community. This, in turn, can encourage consumer and public loyalty and provide benefits for the company in obtaining political and financial gains from the government. Thus, this leads to the second hypothesis of this study:

H2: Independent commissioners strengthen the influence of CSR disclosure on financial performance in public and non-public SOEs.

Methods

The survey was conducted using a sample of public and non-public SOEs from 2015 to 2021, excluding SOEs in the financial sector (Chijoke-Mgbame et al., 2019). The final number of observations from the sample selection process was 259 observations from 37 SOEs. This study uses moderated regression analysis (Hayes, 2013),

$\begin{array}{l}\mathrm{FPi},t=\alpha \dotplus \beta 1\mathit{\text{CSRDi}},t\dotplus \beta 2\mathit{KLi},t\dotplus \beta 3\mathit{COV}\mathit{IDi},t\dotplus \\ \beta 4\mathit{\text{CSRD}}\ast \mathit{Kli},t\dotplus \beta 5\mathit{\text{CSRD}}\ast \mathit{KI}\ast \mathit{COV}\mathit{IDi},t\dotplus \\ \beta 6F\dotplus \beta 6\text{FSIZEi},\mathrm{t}\dotplus \beta 7\mathit{\text{FAGEi}},t\dotplus \beta 8\mathit{\text{LEVi}},t\dotplus ,\mathit{\epsilon i},t\end{array}$

Where subscripts i and t denote firm and year observations, respectively. In model 1, FP represents the dependent variable. CSRD stands for corporate social responsibility (CSR) disclosure, as defined above. β1 represents the direct (independent) impact of CSRD on FP. This study focuses on the interaction variable (CSRD*KI) as it illustrates the moderating effect of KI on the relationship between CSRD and FP. Control variables in Model 1 include firm size (FSIZE), firm age (FAGE), leverage ratio (LEV), and Covid period (COVID).

CSR disclosure is measured using indicators related to the environment, society, and governance. Financial performance (FP) is measured using financial ratios such as Return on Assets (ROA) and Return on Equity (ROE). CSRD Index = (Number of disclosure items/Total expected items) × 100 ROA = Net Profit/Total Assets. ROE = Net Profit/Total Equity. The KI percentage is calculated using the formula: KI Percentage = Number of Independent Commissioners/Total Commissioners. Financial data such as annual reports and company financial reports include data on CSR, financial performance, and board of commissioners structure used in the study for the period 2015 to 2021.

Results

Research data review

This study examines the effect of CSR disclosure on financial performance with the moderating variable of independent commissioners. Thus, the objects of this study are CSR disclosure, financial performance, and independent commissioners. Furthermore, the subjects in this study are all non-financial state-owned enterprises (SOEs) in Indonesia from 2015 to 2021. Figure 1 shows the CSR disclosure scores for each sample in this study. The figure shows that the company with the highest CSR disclosure score is PTPI at 0.5934, while the company with the lowest CSR disclosure score is Peruri, with a total disclosure score of 0.1318. These findings indicate that the level of CSR disclosure in Indonesian SOEs is still relatively low, as it only reaches a maximum value of 59%, meaning that 41% of other items are not disclosed.

Figure 1

Figure 1. CSR disclosure scores of SOEs during the period 2015–2021.

Descriptive statistics

Table 1 displays the results of the descriptive statistics. The results show that the average FP of Public SOEs (0.0252) is lower than that of Non-Public SOEs (0.0375). In contrast, Public SOEs show a higher average ROE (0.0691) than Non-Public SOEs (0.0603). Regarding the mean value, CSR disclosure in Public SOEs is lower than that of Non-Public SOEs. Further more, among Public SOEs, the minimum value of Independent Commissioners (IC) is 0.1666 or 16%. This result indicates that there are still Public SOEs that do not fulfill the requirements of Financial Services Authority Regulation No. 57/POJK.04/2017 Article 19 No. 2 which mandates that the number of independent commissioners in a company must be at least two or constitute at least 30% of the entire board of commissioners. On the other hand, in Non-Public SOEs, the minimum value of KI is 0.0000 or 0%, which indicates the existence of Non-Public SOEs without independent commissioners.

Table 1

Table 1. Descriptive statistics.

Review

Moderated regression analysis

Table 2 presents the results of regression analysis using a fixed effects model.

Table 2

Table 2. Regression results of the impact of CSR disclosure on financial performance.

Table 2 illustrates the effect of CSR disclosure on financial performance and the moderating role of independent commissioners in this relationship for Public SOEs (Model 1) and Non-Public SOEs (Model 2). In Model 1, this study found a statistically significant positive impact of CSR disclosure on company performance [β = 0.1780, p = 0.0130 (<0.05)]. Furthermore, from Model 2, this study found a statistically significant positive impact of CSR disclosure on company performance [β = 0.0631, p = 0.0175 (<0.05)]. Thus, H1 is accepted. This indicates that both public and non-public SOEs in Indonesia experience a positive impact on financial performance through CSR disclosure. One possible reason for these positive results is that companies involved in CSR disclosure tend to have a good reputation and attract consumer attention, thereby positively impacting the company’s financial performance. These findings are in line with previous studies, such as Saeidi et al. (2015), which found that CSR disclosure has a positive impact on company performance through reputation and customer satisfaction among Iranian companies. Chijoke-Mgbame et al. (2019) found that CSR disclosure has a positive impact on company performance in Nigerian public companies.

Furthermore, in Model 1 Table 2, this study introduces interaction variables to capture the moderating role of independent commissioners on the relationship between CSR disclosure and the financial performance of public SOEs. This study reveals a statistically significant positive effect of the interaction term (CSRD*KI) on financial performance.

Meanwhile, in Model 2 Table 2, this study found that the interaction coefficient (CSRD*KI), although positive, was not statistically significant. These results indicate that H2 is only accepted in public SOEs. These results indicate that the presence of independent commissioners on the board of directors increases CSR disclosure, which only improves financial performance in public SOEs. The results of this study support the findings of previous studies, such as Chijoke-Mgbame et al. (2019) and Suryana et al. (2021), which found that independent boards of directors strengthen the influence of CSR disclosure on company performance.

Robustness test (alternative measurement)

This study aims to verify the consistency of the results by testing their impact using alternative financial performance measurements. This study adopts return on equity (ROE) as an alternative measure of financial performance, in line with previous studies (Zhou et al., 2021) and (Saini and Singh, 2023). As shown in Table 3, this study consistently confirms that CSR disclosure has a positive and significant effect on financial performance in public and non-public SOEs. This study consistently documents that the moderating effect of independent commissioners is not significant in moderating the effect of CSR disclosure on financial performance in non-public SOEs. On the other hand, using ROE as a proxy, the research findings indicate that independent commissioners fail to moderate the impact of CSR disclosure on financial performance in public SOEs. Therefore, all results remain robust except for the moderating role of independent commissioners in the relationship between CSR disclosure and financial performance in public SOEs.

Table 3

Table 3. Regression results of the impact of CSR disclosure on financial performance.

Discussion

The results of the study explain that CSR disclosure has a positive and significant impact on financial performance in both public and non-public SOEs. SOE CSR can affect a company’s financial performance by increasing trust and reputation among stakeholders, gaining legitimacy from the community, and reducing agency costs. However, SOE CSR can also be influenced by other factors, such as socio-political objectives and government support, which can affect CSR priorities and the relationship between CSR and financial performance. The interaction between CSR, financial performance, and SOE CSR can be explained using stakeholder, legitimacy, and agency theories. CSR in SOEs can influence a company’s financial performance by increasing trust and reputation among stakeholders, gaining legitimacy from the community, and reducing agency costs.

These findings were tested robustly using various proxies for financial performance. Furthermore, the results of the study also show that independent commissioners only strengthen the influence of CSR disclosure on financial performance in public SOEs. However, when tested using a robustness test, the research results show that independent commissioners fail to moderate the impact of CSR disclosure on company performance in both public and non-public SOEs. In other words, the results of the moderation test in this study are not robust.

From the results of testing in this study, it is clear that state-owned enterprises in Indonesia are motivated to disclose CSR in order to secure their position in the eyes of the government. Through CSR disclosure, they demonstrate compliance with government regulations in order to gain political and financial support. The findings of this study support Chijoke-Mgbame et al. (2019). The role of independent commissioners as one element in corporate governance mechanisms is only significant in SOEs listed on the stock exchange. This difference arises because Financial Services Authority Regulation POJK No. 57/04/2017 mandates the existence of independent commissioners in SOEs listed on the stock exchange, while SOEs not listed on the stock exchange are not required by the government to have independent commissioners.

Public SOEs are subject to stricter regulations, including regulations on CSR disclosure, while non-public SOEs have greater flexibility in CSR disclosure, as they are not subject to regulations that are as strict as those for public SOEs. The role of independent commissioners in public SOEs is more important in ensuring accurate and transparent CSR disclosure, due to the strict regulations. Meanwhile, independent commissioners in non-public SOEs play a less important role in CSR disclosure, due to greater flexibility in disclosure.

State-owned enterprises have broader socio-political objectives, such as improving public welfare and achieving national development goals. These objectives may influence the priorities of state-owned enterprises’ CSR, which may focus more on activities that support the government’s socio-political objectives. This may affect the relationship between CSR and the financial performance of state-owned enterprises, as CSR can be considered a long-term investment that can enhance reputation and public trust. SOEs often receive government support, such as subsidies or favorable policies. This support can influence SOEs’ ability to implement CSR, as they have greater resources. However, government support can also affect the independence of SOEs and make them more vulnerable to political intervention. Influence on the Relationship between CSR and Financial Performance. SOE CSR can be considered a long-term investment that can enhance reputation and public trust, but it can also be influenced by political and bureaucratic interests.

From the test results in this study, it is clear that State-Owned Enterprises (SOEs) in Indonesia are motivated to disclose CSR in order to secure their position in the eyes of the government. Through CSR disclosure, they demonstrate compliance with government regulations to gain political and financial support. The findings of this study support the results of Chijoke-Mgbame et al. (2019). In addition, the role of independent commissioners as one of the elements in the corporate governance mechanism is only significant in listed SOEs. This difference arises because the Financial Services Authority Regulation POJK No. 57/04/2017 mandates the existence of independent commissioners in listed SOEs, while unlisted SOEs are not required by the government to have independent commissioners. Public SOEs are subject to more stringent regulations, including regulations on CSR disclosure and non-public SOEs have greater flexibility in CSR disclosure, as they are not subject to the same stringent regulations as public SOEs. The effective role of independent commissioners in public SOEs has a more important role in ensuring accurate and transparent CSR disclosures, due to strict regulations.

Whereas independent commissioners in non-public SOEs have a less important role in CSR disclosure, due to greater flexibility in disclosure. Therefore, some state-owned enterprises that are not listed on the stock exchange may consider the role of independent commissioners to be less important and choose not to appoint them.

As a result, this study was unable to observe the moderating role of independent commissioners in the relationship between CSR disclosure and financial performance in non-public SOEs. This study recommends stronger laws and regulations to encourage CSR engagement and disclosure among companies in Indonesia, taking into account the economic benefits that can be achieved while meeting the needs and improving the welfare of the community. Furthermore, the government needs to design appropriate policies to encourage the appointment of independent commissioners, especially in non-public SOEs. This is because studies in the review reveal that independent commissioners can improve financial performance as part of corporate governance mechanisms.

This study acknowledges several limitations and views them as interesting opportunities for future research. This study does have limitations in capturing the impact of the transition from voluntary to mandatory CSR disclosure after 2021. Data Period Limitations up to 2021 do not cover the full impact of the transition to mandatory CSR disclosure. Data up to 2021 may be less relevant to the current conditions and strategies of SOEs, which are undergoing ongoing restructuring. In addition, the regulations currently in force may differ from those in force at the time of the research. Regulatory changes may affect the results of the study and render them irrelevant. Changes in the business environment may affect the results of the study. Economic, political, and social changes may affect company performance and the results of the study. This means that the results of the study cannot be generalized to current conditions, due to significant regulatory and economic/social changes after 2021, and further research with more up-to-date data is needed.

Although the scope of the study covers several years and companies, it focuses only on the moderating role of independent commissioners. Further research could examine the moderating role of other corporate governance mechanisms, such as internal audit and risk management committees. This study only focuses on state-owned enterprises, so further research on private companies could provide a more comprehensive perspective. We recommend future research using more recent data (after 2021) to analyse the full impact of the regulation.

Data availability statement

The original contributions presented in the study are included in the article/supplementary material, further inquiries can be directed to the corresponding author.

Author contributions

Aminatuzzuhro: Conceptualization, Data curation, Formal analysis, Investigation, Methodology, Project administration, Resources, Software, Validation, Writing – original draft, Writing – review & editing. DS: Formal analysis, Supervision, Writing – review & editing. AW: Formal analysis, Supervision, Writing – review & editing.

Funding

The author(s) declare that no financial support was received for the research and/or publication of this article.

Conflict of interest

The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

Generative AI statement

The authors declare that no Gen AI was used in the creation of this manuscript.

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