PENGARUH CSRD AUTENTIK DAN PRAKTIK GREENWASHING TERHADAP FIRM PERFORMANCE PADA PERUSAHAAN PERTAMBANGAN DI INDONESIA

Abstract

This study aims to examine the effect of authentic Corporate Social Responsibility Disclosure (CSRD) and greenwashing practices on firm performance in mining companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2023. A quantitative research approach was employed, with samples selected using purposive sampling. CSRD was measured by separating disclosure quality from disclosure quantity, while greenwashing was assessed based on indicators that capture the misalignment between sustainability claims and actual corporate practices. Firm performance was proxied using Tobin’s Q, and the panel data were analyzed using the Fixed Effect Model (FEM). The results reveal that authentic CSRD has a positive effect on firm performance, whereas CSRD quantity exhibits a negative coefficient, indicating that symbolic or superficial disclosure may not generate economic benefits. Furthermore, greenwashing weakens the relationship between CSRD quality and firm performance. The novelty of this research lies in distinguishing CSRD quality from CSRD quantity and incorporating greenwashing as a moderating variable within the context of Indonesia’s mining industry during the post-regulatory sustainability era. The findings imply that substantive CSR disclosure is essential for building corporate credibility and enhancing firm value. Moreover, the study highlights the need for regulators to strengthen sustainability reporting standards in order to reduce greenwashing practices.

Keywords— CSRD Quality, CSRD Quantity,  Firm Performance, Greenwashing, Tobin's Q