financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-5-1977-01finance-3871Research ArticleФОНДОВЫЕ РЫНКИSTOCK MARKETSМодерируемое посредничество в управлении прибылью и стоимостью компании: изучение роли раскрытия информации о КСО и бухгалтерского консерватизмаModerated Mediation in Earnings Management and Firm Value: Examining the Roles of CSR Disclosure and Accounting Conservatismhttps://orcid.org/0000-0001-9152-5205НуркахьоноН.NurcahyonoN.

Нуркахьоно Нуркахьоно — соискатель степени PhD, кафедра бухгалтерского учета

Семаранг, Ява-Тенга, Индонезия

Nurcahyono Nurcahyono — PhD (Cand.), M.S.A., Department of Accounting

Semarang City, Central Java, Indonesia

nurcahyo@unimus.ac.idhttps://orcid.org/0000-0002-7004-9489СукестиФ.SukestiF.

Фатмасари Сукести — PhD, магистр, кафедра бухгалтерского учета

Семаранг, Ява-Тенга, Индонезия

Fatmasari Sukesti   — PhD, M. Sci, Department of Accounting

Semarang City, Central Java, Indonesia

fatmasari@unimus.ac.idhttps://orcid.org/0000-0002-8424-8817АбдуллаЗ.AbdullahZ.

Зайлани Абдулла — PhD, профессор факультета предпринимательства и бизнеса

Бачок, Пенгкалан Чепа, Джели, Келантан, Малайзия

Zailani Abdullah   — PhD, Prof., Faculty of Entrepreneurship and Business

Bachok, Pengkalan Chepa, Jeli, Kelantan, Malaysia

zailania@umk.edu.myhttps://orcid.org/0009-0007-7326-4591ПутриА.П.Р.Ж.PutriA.P.R.Z.

Аниндья Прасиска Рена Жетира Путри — соискатель степени PhD, кафедра бухгалтерского учета

Семаранг, Ява-Тенга, Индонезия

Anindya Prasisca Rena Zhetira Putri — PhD (Cand.), M.S.A., Department of Accounting

Semarang City, Central Java, Indonesia

anindya@unimus.ac.idУниверситет Мухаммадии СемарангИндонезияUniversitas Muhammadiyah SemarangIndonesiaУниверситет Малайзии КелантанМалайзияUniversiti Malaysia KlantanMalaysia20240909202500Принято в печать3871Copyright © Нуркахьоно Н., Сукести Ф., Абдулла З., Путри А., 20242024Нуркахьоно Н., Сукести Ф., Абдулла З., Путри А.Nurcahyono N., Sukesti F., Abdullah Z., Putri A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3871

В данном исследовании рассматривается взаимосвязь между управлением доходами и стоимостью компании, подчеркивается опосредующая роль раскрытия информации о корпоративной социальной ответственности (КСО) и модерирующий эффект консерватизма бухгалтерского учета. Анализируя выборку из 731 нефинансовой компании, зарегистрированной на Индонезийской фондовой бирже в период 2016–2023 гг., с 5848 наблюдениями за год, авторы используют панельную регрессию и моделирование условных процессов для проверки эффектов умеренного опосредования. Результаты показывают, что управление прибылью негативно влияет на стоимость компании, поскольку манипулирование прибылью подрывает доверие инвесторов и снижает надежность финансовой отчетности. Раскрытие информации о КСО полностью опосредует эту взаимосвязь, смягчая негативные последствия управления прибылью, сигнализируя о приверженности компании социальной ответственности и повышая доверие заинтересованных сторон. Более того, бухгалтерский консерватизм выступает модератором этих отношений, ослабляя негативную связь между управлением прибылью и стоимостью компании и усиливая положительный эффект раскрытия информации о КСО на стоимость компании.

This study examines the relationship between earnings management and firm value, emphasizing the mediating role of corporate social responsibility (CSR) disclosure and the moderating effect of accounting conservatism. Using a sample of 731 non-financial companies listed on the Indonesia Stock Exchange from 2016 to 2023, with 5,848 firm-year observations, the research employs panel regression and conditional process modelling to test moderated mediation effects. The findings reveal that earnings management negatively impacts firm value, as profit manipulation erodes investor confidence and diminishes the reliability of financial statements. CSR disclosure fully mediates this relationship by mitigating the adverse effects of earnings management, signalling the firm’s commitment to social responsibility, and enhancing stakeholder trust. Furthermore, accounting conservatism moderates these relationships by weakening the negative association between earnings management and firm value while strengthening the positive effect of CSR disclosure on firm value. These results highlight the strategic importance of combining CSR disclosure and conservative accounting practices as governance mechanisms to bolster investor confidence and stabilize firm value.

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The authors declare that there are no conflicts of interest present.