This research examines the impact of Corporate Social Responsibility (CSR) Disclosure, Environmental Performance, and Firm Characteristics on Firm Value, with Financial Performance as a Mediating Variable. The research focuses on bacis materials companies listed on the Indonesia Stock Exchange. CSR Disclosure is assessed using the Corporate Social Responsibility Index (CSRI), Environmental Performance is represented by the PROPER rating, and Firm Characteristics include Firm Size, Managerial Ownership, and Capital Structure using the Debt to-Equity Ratio (DER). Firm Value is measured using Price-to-Book Value (PBV), and Financial Performance is proxied by Return on Assets (ROA). A purposive sampling technique selected 15 companies, and panel data regression analysis was conducted using EViews. The result show that Environmental Performance, Managerial Ownership, and Capital Structure have a significant positive effect on firm value. Capital Structure also positively influences Financial Performance, which in turn enhances Firm Value and Mediates the effect of Capital Structure on Firm Value. However, CSR Disclosure and Firm Size do not have a significant effect on Firm Value or Financial Performance. Additionally, Financial Performance does not mediate the relationship between CSR Disclosure, Environmental Performance, Firm Size, or Managerial Ownership and Firm Value
Maretta et al. (Tue,) studied this question.