PERAN CSR MEMODERASI PENGARUH FINANCIAL DISTRESS DAN COMPANY GROWTH TERHADAP ERC

Abstract

This study aims to analyze the effect of Financial Distress (FD) and Company Growth (CG) on the Earnings Response Coefficient (ERC), as well as the moderating role of Corporate Social Responsibility (CSR) disclosure in state-owned enterprises (SOEs) listed on the IDX during 2018–2023. Using a quantitative associative approach and purposive sampling, a final sample of 17 SOEs (102 panel observations) was obtained. Data were analyzed using Random Effect Model panel regression and Moderated Regression Analysis (MRA). The results show that FD (proxied by Altman Z-score) has a statistically significant positive coefficient, which economically proves that higher Financial Distress (lower Z-score) leads to a lower ERC. Conversely, CG has no significant effect on ERC due to high leverage financing asset expansion. CSR does not moderate the FD–ERC relationship (acting as a predictor moderator). However, CSR significantly moderates (quasi-moderator) the CG–ERC relationship (+2.446; p = 0.001), strengthening and transforming an insignificant asset growth signal into a positive market-appreciated signal. These findings confirm that CSR serves as a strategic tool that enhances the credibility of SOE growth in capital markets.

Keywords: CSR, ERC, FG and CG.