Mai, Muhamad Uma e al.
A icle
Indonesian mining companies’ social esponsibili y
pe o mance: he ole o owne ship s uc u e and sha ia
compliance
Cogen Business & Managemen
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Sugges ed Ci a ion: Mai, Muhamad Uma e al. (2024) : Indonesian mining companies’ social
esponsibili y pe o mance: he ole o owne ship s uc u e and sha ia compliance, Cogen Business
& Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-18,
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Indonesian mining companies’ social
esponsibili y pe o mance: he ole o owne ship
s uc u e and sha ia compliance
Muhamad Uma Mai, Mochamad Edman Sya ie , Iwan Se iawan, Dian
Imanina Bu hany, Nafisah Ruhana, Hanudin Amin & Mohd Raziff Jamaluddin
To ci e his a icle: Muhamad Uma Mai, Mochamad Edman Sya ie , Iwan Se iawan,
Dian Imanina Bu hany, Nafisah Ruhana, Hanudin Amin & Mohd Raziff Jamaluddin (2024)
Indonesian mining companies’ social esponsibili y pe o mance: he ole o owne ship
s uc u e and sha ia compliance, Cogen Business & Managemen , 11:1, 2396738, DOI:
10.1080/23311975.2024.2396738
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2396738
Indonesian mining companies’ social esponsibili y pe o mance: he
ole o owne ship s uc u e and sha ia compliance
Muhamad uma Maia , Mochamad edman sya ie a, iwan se iawana, Dian imanina
Bu hanya, na isah uhanaa, hanudin Aminb and Mohd azi Jamaluddinc
aDepa men o accoun ing, Poli eknik nege i Bandung, indonesia; bLabuan Facul y o in e na ional Finance, uni e si y
Malaysia sabah, Malaysia; cDepa men o Ho el Managemen , uni e si i eknologi MaRa, Malaysia
ABSTRACT
implemen ing and communica ing co po a e social esponsibili y (cs ) is he p ima y
ounda ion o businesses o accomplish he sus ainable De elopmen goals. in his
pe spec i e, mining ope a ions a e seen as one o he mos ha m ul co po a e ac i i ies
when compa ed o o he businesses ha u ilize na u al esou ces; he e o e, hese
companies mus s ongly implemen and demons a e highe cs . he Feasible
gene alized leas squa es (Fgls) model was employed in his s udy o in es iga e he
ole o owne ship s uc u e and sha ia compliance in imp o ing he cs pe o mance
o indonesian mining companies ha we e ope a ed be ween 2012 and 2021. he
indings e eal ha ins i u ional owne ship, o eign owne ship, and sha ia compliance
a e essen ial ac o s in inc easing mining companies’ cs pe o mance, bu s a e
owne ship and owne ship concen a ion a e no . his s udy add esses a acuum in he
cu en cs li e a u e o mining businesses. Fu he mo e, i gi es ex a in o ma ion and
insigh o p ac i ione s, including he indonesian go e nmen as he cs egula o ,
in es o s, managemen , and non-go e nmen al o ganiza ions (ngos). his is one o he
i s s udies o examine owne ship s uc u e and sha ia compliance in ela ion o mining
companies’ cs pe o mance, no ably in indonesia, Feasible gene alized leas squa es.
1. In oduc ion
he sus ainable De elopmen goals (sDgs) we e in oduced by he uni ed na ions in 2015. since hen,
companies ha e eleased a numbe o epo s o gi e s akeholde s a be e unde s anding o hei sus-
ainabili y ac i i ies (Jan, lai, D az, e al., 2021). in his scena io, i is belie ed ha companies need o
implemen and ealize co po a e social esponsibili y (cs ) as he main ounda ion o achie ing sDgs
(Al-Dhama i e al., 2022; Blago & pe o a-sa chenko, 2021; uma e al., 2023). he e o e, o mo e han
h ee decades, cs has eme ged as a c i ical issue (Jan, lai, siddique, e al., 2023; Jan, lai, & ahi , 2021).
his is no only due o inc eased awa eness o consume s, in es o s, and egula o y p essu es (pé ez
e al., 2017) bu also as a ac o ela ed o he company’s pe o mance in he long un (Al-Dhama i e al.,
2022; Y. Zhang e al., 2020). he e o e, i is no su p ising ha in ecen yea s, companies ha e dedica ed
annual epo sec ions, o epo sepa a ely, and p o ided websi es o disclose hei a ious cs ac i i ies
(co eia e al., 2020). Acco ding o elking on (1997), cs p ac ices a e based on h ee main aspec s o
sus ainabili y, namely economic, social, and en i onmen al. hus, cs is one o he main ways o com-
panies o show ha hei ope a ions a e no ha ming socie y. h ough cs p ac ices, companies s i e
o show ha hei p esence con ibu es signi ican ly o he economic, social, and en i onmen al imp o e-
men s o he wide communi y o achie e pe ec ion (Zaid, Wang, e al., 2020).
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT Muhamad uma Mai uma [email p o ec ed] Depa men accoun ing, Poli eknik nege i Bandung, Jalan gege kalong Hili ,
Desa Ciwa uga, Bandung Ba a 40559, indonesia
h ps://doi.o g/10.1080/23311975.2024.2396738
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ARTICLE HISTORY
ecei ed 13 Augus 2023
e ised 26 July 2024
Accep ed 29 July 2024
KEYWORDS
cs pe o mance;
indonesian mining
companies; owne ship
s uc u e; sha ia
compliance; easible
gene alized leas squa es
SUBJECTS
en i onmen al economics;
economics; inance;
business, managemen
and accoun ing
2 M. uMA MAi e Al.
howe e , he e a e ce ain g oups o i ms, including hose ha exploi na u al esou ces, whose ope -
a ions can gi e ise o ai pollu ion, noise, and a wide ange o socio-en i onmen al con lic s (Méndez
& od íguez, 2016). in his con ex , mining companies a e conside ed one o he mos des uc i e busi-
nesses compa ed o o he business ac i i ies ha exploi na u al esou ces. Mining i ms cause many
social and en i onmen al issues a each o hei ope a ional si es because hey u ilize dange ous chem-
icals in mine al p ocessing and p oduce pe manen ock deposi s and oxic e luen , which is equen ly
e e ed o as ailings (sa ka , 2013). howe e , un il now mining companies ha e su i ed and e en con-
inue o be de eloped in coun ies wi h suppo ing na u al esou ces. his is because hese companies
a e able o c ea e jobs and gene a e a lo o o eign exchange, which in u n can boos he coun ies’
economic g ow h. gi en he bad and good implica ions o mining company ope a ions, s akeholde s can
only expec highe cs om hese co po a ions in o de o mi iga e he consequences o hei poo
p esence in he communi y (saenz, 2022).
he impo ance o cs o mining companies has p omp ed academic esea che s o examine his
ma e , esul ing in a huge inc ease in he a ie y and olume o cs li e a u e on such companies in
ecen imes (Aboud & Yang, 2022; chen e al., 2020; Dweka e al., 2021; Kim e al., 2019). howe e , he
exis ing cs li e a u e o mining companies is la gely de eloped based on s udies ha ocus on he
opinions o communi ies in mining ope a ion a eas abou he cs demons a ed by he companies (Al
Fa ooque e al., 2020; Khalid e al., 2019; pons e al. 2021; Yang & chen, 2022). esea che s ha e epo ed
ha : he cs o mining companies in ghana is pe cei ed as bad ai h and inau hen ic aimed only a
appeasing a ious s akeholde s (Khalid e al., 2019); he cs o nige ian mining companies alls a sho
o he expec a ions o local communi ies om se e al poin s o iew, including economic, en i onmen al,
philan h opic, and legal (Al Fa ooque e al., 2020); he deba e on he cs o mining companies is inc eas-
ingly ie ce in de eloping coun ies wi h he poo en i onmen al and heal h condi ions, as a conse-
quence, s akeholde s expec g ea e en i onmen al esponsibili y om hese companies (pons e al.,
2021); and haza dous wo king condi ions and he p esence o undisclosed in o ma ion a e key cs issues
ha need o be add essed u gen ly o achie e e ec i e and in eg a ed cs in he chinese mining com-
pany sec o (Yang & chen, 2022). he inal analysis o hese p e ious s udies sugges s ha mining co -
po a ions’ cs has no pe ec ly me s akeholde expec a ions. hus, hese indings may be iewed as
less ele an by cs decision-make s in mining co po a ions. i u u e s udy akes he same echnique,
he ou comes may be simila ; hus, new app oaches o cs esea ch in mining businesses a e equi ed.
his s udy di e s om p e ious cs esea ch on mining co po a ions. i aims o explo e he ela ion-
ship be ween owne ship s uc u e, sha ia compliance, and cs pe o mance in indonesian mining busi-
nesses. p e ious esea ch on non-mining companies disco e ed ha ins i u ional owne ship, o eign
owne ship, and owne ship concen a ion all play a key impac in boos ing cs pe o mance (chang
e al., 2021; . Zhang e al., 2022). Meanwhile, i ada e al. (2019) p o ed ha sha ia o ganiza ional cul u e
plays an impo an ole in imp o ing he cs pe o mance o islamic u al banks in indonesia, and lui
e al. (2021) epo ed ha islamic comme cial banks show highe cs pe o mance han con en ional
ones. in he con ex o sha ia, cs ep esen s he concep o b o he hood wi h each o he (Abu Al-haija
& Kolsi, 2021). he goal o sha ia ins i u ions is equal dis ibu ion o communal wel a e, which is done
by cs based on sha ia p inciples (Za a & sulaiman, 2020). hus, pe o ming and exp essing highe cs
is manda o y o sha ia ins i u ions (Khan e al., 2019a).
his s udy was ca ied ou in indonesia because he de elopmen o he mining indus y in his coun-
y is e y p omising, and i always anks in he op 10 in he wo ld as a coun y wi h e y high mine al
ese e po en ial. Besides, indonesia anks ou h in he coun y wi h he la ges popula ion and has he
la ges Muslim popula ion in he wo ld. cu en ly, his coun y has 62 mining companies, 73.81% o
which a e ca ego ized as sha ia and he emaining 26.19% a e decla ed as con en ional i ms. in
indonesia, sha ia-complian o ganiza ions a e de e mined based on he Dec ee o he chai man o he
capi al Ma ke and Financial ins i u ions supe iso y Agency numbe : Kep-208/Bl/2012. his uling es ab-
lishes nume ous condi ions o o ganiza ions o be included in he sha ia ca ego y, o example, o bid-
ding ade ha (1) does no include he deli e y o goods/se ices, (2) makes, dis ibu es, deals, and/o
deli e s ha am goods o se ices, (3) includes goods/se ices ha ha m mo als o c ea e losses, and (4)
in ol es b ibe y. howe e , he a e age cs pe o mance o mining companies in indonesia du ing he
2012–2021 pe iod as measu ed by he global epo ing ini ia i e (g i) 3 d gene a ion (g3) indica o was
cogen Business & MAnAgeMen 3
s ill low, namely 0.2611. he e o e, by ocusing on owne ship s uc u e and sha ia compliance as key
de e minan s o indonesian mining companies’ cs pe o mance, he s udy is expec ed o con ibu e o
a leas wo goals. Fi s , i ills gaps in he cs li e a u e o mining companies, especially in indonesia.
second, i inc eases he awa eness and insigh o p ac i ione s, including he indonesian go e nmen as
he cs egula o , in es o s, managemen , communi y empowe men ins i u ions (ngos), and o he pa -
ies who ca e abou social and en i onmen al issues.
he es o he pape is s uc u ed as ollows. sec ion 2 p o ides a desc ip ion o he heo y and he
de elopmen o hypo heses. sec ion 3 con ains he me hodology. sec ion 4 p o ides a desc ip ion o he
esul s and hei discussion. sec ion 5 is conclusions and implica ions. Finally, in pa 6, his pape p es-
en s limi a ions and ecommenda ions o u u e s udies.
2. Li e a u e e iew and hypo heses de elopmen
2.1. Li e a u e e iew
2.1.1. CSR and business objec i es
cs is de ined as a managemen concep in which companies in eg a e social and en i onmen al issues
in o hei business ope a ions (uniDo, 2020). i shows ha companies a e no only obliged o maximize
alue o hei sha eholde s bu should also aim o imp o e people’s wel a e and p o ec he en i on-
men (end ika e al., 2021). indeed, maximizing e enue is s ill conside ed he main a ge o ensu e he
su i al o he company (Ali e al., 2021). howe e , he in ol emen o he business wo ld in social and
en i onmen al p og ams has become inc easingly ele an in ecen yea s because businesses canno be
judged solely on he basis o hei inancial pe o mance and epo s (shahzad e al., 2022). since isks
o businesses a e no only ela ed o inancial esul s bu also occu in o he a eas, s akeholde s need
eliable and p ecise in o ma ion ega ding he impac o he company’s p esence on he social and en i-
onmen al condi ions in which i ope a es. As a esul , he company’s managemen mus be esponsible
o balancing he inancial and non- inancial goals o hei business (Jan, lai, & ahi , 2021) and mus
unc ion in he bes in e es o all s akeholde s (Jan e al., 2022; shah e al., 2022).
Mining companies a e conside ed one o he mos damaging business ac i i ies o he na u al en i-
onmen and ha e a high po en ial o cause social con lic s. consequen ly, hese companies a e equi ed
o disclose highe cs o he sus ainabili y o hei business. e alua ion o o ganiza ional sus ainabili y
will help companies de elop long- e m ela ionships wi h he igh s akeholde s, which in u n can
educe social cos s and en i onmen al isks, inc ease cus ome suppo and loyal y, and build he com-
pany’s image (Jan, lai, Asi , e al., 2023). in o he wo ds, co po a e sus ainabili y ensu es he company’s
ole and commi men o sus ainable de elopmen in h ee key aspec s such as economic, social, and
en i onmen al sus ainabili y (p. A. Khan e al., 2022).
2.1.2. Owne ship s uc u e and co po a e social esponsibili y
co po a e go e nance se es as he ounda ion o cs , which is an umb ella e m ha encompasses
esponsible go e nance; hence, o ganiza ions wi h s ong co po a e go e nance p ocedu es p omo e
e hics, anspa ency, and social esponsibili y ( uang ise e al., 2014). co po a e go e nance is c ucial o
implemen ing e hical p ac ices in he ela ionship be ween companies and employees, cus ome s, c ed-
i o s, sha eholde s, and o he s akeholde s (gallego-Ál a ez & puche a-Ma ínez, 2020). i also helps p e-
en nega i e impac s on cs cul u e (Adnan e al., 2018; ebaid, 2022). Fu he mo e, Al aih & Almu awa
(2017) no ed ha co po a e go e nance es ablishes no ms and p ocedu es o p omo e openness and
mo e dependable disclosu e.
Acco ding o Aboud and Yang (2022), owne ship s uc u e is one o he mos impo an elemen s in
co po a e go e nance ha can a ec company ope a ions and de e mine he na u e o p incipal-agen
ela ionships. ce ain owne ship s uc u es, including s a e owne ship, ins i u ional owne ship, o eign
owne ship, and owne ship concen a ions, a e able o encou age companies o achie e highe anspa -
ency and social esponsibili y disclosu e (chang e al., 2021). his iew is suppo ed by he agency, s ake-
holde , and legi imacy heo ies. Acco ding o agency heo y, one way o o e come he agency p oblem
is o concen a e owne ship on a ce ain g oup o people o pa ies who o m la ge holdings (Jensen &
4 M. uMA MAi e Al.
Meckling, 1976). la ge owne ship can gi e ise o a high abili y o con ol he ac ions o manage s,
which in u n can imp o e company pe o mance, including cs pe o mance (ga as & elMassah, 2018).
howe e , he sho coming is ha la ge owne ship can esul in sel -dealing p oblems ha ha e he
po en ial o ha m he in e es s o mino i y sha eholde s (shlei e & ishny, 1997), which in u n can
educe company pe o mance, including cs pe o mance (Dam & schol ens, 2013). la po a e al. (1999)
sugges ed h ee hypo heses o explain he ela ionship be ween subs an ial owne ship and business pe -
o mance: con e gence o in e es , en enchmen , and neu ali y. he con e gence o in e es hypo hesis
explains ha concen a ed la ge in e es s ha e incen i es and powe o moni o manage s and educe
agency p oblems, which in u n can imp o e company pe o mance (Dong e al., 2017). con e sely, he
en enchmen hypo hesis a gues ha a high le el o owne ship concen a ion inc eases incen i es o
exp op ia e he weal h o mino i y sha eholde s (Bou a ie e al., 2014), which can educe company pe -
o mance, including cs pe o mance (Abu Qa’dan & suwaidan, 2019). Meanwhile, he neu ali y hypo h-
esis con ends ha he e is no ela ionship be ween owne ship concen a ion and company pe o mance
because he maximiza ion o co po a e alue is decided by ex e nal ac o s, e.g. en i onmen al condi-
ions, ma ke s, and he company’s own ope a ions (Kuzey & uya , 2017).
s akeholde heo y a gues ha in addi ion o being esponsible o sha eholde s, companies mus also
ha e a high conce n o a ious g oups in socie y ha will a ec company pe o mance (F eeman, 1984).
in his con ex , s akeholde heo y assumes ha he e is a con ac ual ela ionship be ween s akeholde s
and execu i e manage s, whe ein, manage s a e commi ed o mee ing he expec a ions o a ious
s akeholde s in o de o ob ain hei app o al. he heo y belie es ha companies wi h high ins i u ional
owne ship end o be subjec ed o public sc u iny; hus, hey ha e a high incen i e o engage in high
cs because hei accoun abili y o he public is a conce n (Ananzeh e al., 2022). se e al empi ical
s udies suppo his iew by showing ha highe ins i u ional owne ship is associa ed wi h highe cs
pe o mance (Dakhli 2021; suyono & Fa ooque, 2018).
Acco ding o legi imacy heo y, companies should epo mo e cs in o de o legi imize hei exis-
ence in socie y, e ain i , and achie e socie al app o al. he heo y posi s ha co po a ions would seek
measu es o ensu e ha hei ope a ions adhe e o socie al s anda ds and e hics (Faisal e al., 2012; Kilian
& hennigs, 2014). Acco ding o Kos o a e al. (2008), one s a egy o o eign-owned en e p ises o gain
legi imacy in he hos coun y is o de elop a good symbolic image. Meanwhile, o es ablish a posi i e
image in o eign ma ke s, companies mus engage in nume ous social ac i i ies ha align wi h he
expec a ions o he people in he hos coun y in o de o gain mo e suppo (o azalin, 2019). s a e
en e p ises mus ake mo e socially esponsible ac ions o u he legi imize hei exis ence (Aboud &
Yang, 2022) because hey a e owned by he en i e socie y in he coun y (hu e al., 2018).
in he con ex o sha ia, cs ep esen s he concep o b o he hood om one o ano he (Abu Al-haija
& Kolsi, 2021), hus, exp essing high cs is manda o y o sha ia ins i u ions (Khan e al., 2019a). howe e ,
Mohammed and Muhammed (2017) ound ha he p o i loss sha ing (pls) p inciple applied by sha ia
banks esul s in mo e complica ed agency p oblems. his is because agency p oblems in islamic banks
a e no only limi ed o he sepa a ion be ween p incipals and agen s bu ex end o he sepa a ion o
cash low con ol and bank compliance wi h sha ia ules. in o he wo ds, he agency p oblems aced by
islamic banks a e mo e in ense han hose o con en ional banks (Mohammed & Muhammed, 2017). i
has he po en ial o educe bank pe o mance, including cs pe o mance. A u he ques ion is whe he
compliance wi h sha ia ules is able o o e come he agency p oblems islamic banks ace so ha hey
can show highe cs pe o mance han con en ional ones. he exis ing empi ical li e a u e p o ides
mixed e idence on he ela ionship be ween sha ia compliance and banks’ cs pe o mance, o exam-
ple, A acil (2019) disco e ed ha islamic banks’ cs is mo e philan h opically o ien ed han con en ional
banks in u key; lui e al. (2021) p o ed ha islamic banks disclose highe le els o cs han con en-
ional banks in Malaysia; and shahwan and habib (2023) epo ed ha he e is no signi ican di e ence
be ween he cs pe o mance o sha ia and con en ional banks, o he egyp ian con ex .
2.1.3. Mapping Indonesia’s mining indus y owa ds SDGs
uni ed na ions (un) membe s a es, including indonesia, ha e ag eed o de elop hei coun ies’ busi-
ness models o align wi h he sus ainable De elopmen goals (sDgs). he s a e o indonesia, h ough
p esiden ial egula ion numbe 59/2017, is commi ed o he success ul implemen a ion o he sDgs
cogen Business & MAnAgeMen 5
o achie e he 2030 de elopmen agenda, which includes 17 goals (indonesian sDgs oad Map, 2018,
h ps://www.unice .o g/indonesia/media/1626/). he goals include no po e y; no hunge ; good heal h
and well-being; quali y educa ion; gende equali y; clean wa e and sani a ion; a o dable and clean
ene gy; decen wo k and economic g ow h; indus y, inno a ion, and in as uc u e; educing inequal-
i y; sus ainable ci ies and communi ies; esponsible consump ion and p oduc ion; clima e ac ion; li e
below wa e ; li e on land; peace, jus ice, and s ong ins i u ions; and pa ne ships o he goals. in
addi ion, indonesia’s commi men o mapping i s mining indus y is demons a ed h ough se e al
legisla i e egula ions, including (1) law numbe 40 o 2007 which s a es ha companies ha ca y
ou hei business ac i i ies in he ield o and/o ela ed o na u al esou ces a e obliged o ca y ou
social and en i onmen al esponsibili ies; (2) law numbe 4 o 2009 which s a es ha holde s o
Mining Business pe mi s (iup) a e equi ed o compile communi y de elopmen and empowe men
p og ams; (3) go e nmen egula ion (pp) numbe 23 o 2010 as amended by go e nmen egula ion
numbe 8 o 2018 conce ning he implemen a ion o Mine al and coal Mining Business Ac i i ies; and
(4) go e nmen egula ion numbe 47 o 2012 (pp 47/2012) which a i ms ha e e y company has
social and en i onmen al esponsibili ies. in addi ion, acco ding o pp 47/2012, companies ha do no
ca y ou social and en i onmen al esponsibili y a e subjec o sanc ions in acco dance wi h he p o-
isions o laws and egula ions.
2.2. Hypo heses de elopmen
2.2.1. S a e owne ship and CSR pe o mance
e e ing o legi imacy heo y, Aboud and Yang (2022) a gued ha s a e-owned en e p ises should be
able o ake mo e socially esponsible ac ions o u he legi imize hei exis ence. see (2009) a i med
ha a highe le el o s a e owne ship u he encou ages execu i e manage s o achie e non- inancial
goals in acco dance wi h policies implemen ed by he s a e. hese social o poli ical goals can pu s on-
ge p essu e on companies o demons a e highe cs . hus, al hough sahas anamam e al. (2020),
ismail e al. (2018), and Kabi & hai (2017) epo ed no ela ionship be ween s a e owne ship and he
cs pe o mance o non-mining companies in de eloping coun ies, he majo i y o s udies epo ed he
opposi e. s a e owne ship is posi i ely ela ed o cs pe o mance in china (Aboud & Yang, 2022; hu
e al., 2018; Khan e al., 2019b; Ma & chen, 2023). he chinese ma ke has expe ienced a numbe o
economic u moil in ecen yea s as shown by many chinese companies c ea ed o aken o e by he
s a e (liu & Zhang, 2017). s a e sha eholde s a e he majo i y owne s o many companies in he chinese
ma ke , pu ing hem as con olling o concen a ed owne s. hus, he posi i e ela ionship be ween
s a e owne ship and cs pe o mance is suppo ed by he con e gence o in e es hypo hesis. his pos-
i i e ela ionship was also p o en by Alkayed and oma (2022) in Jo danian non-mining companies and
Ma uszak e al. (2019) in polish con en ional banks. s udies o he ela ionship be ween s a e owne ship
and he cs pe o mance o mining companies a e a e. howe e , acco ding o legi imacy heo y and
mos p e ious esea ch in non-mining indus ies, we es ima e ha indonesian mining companies wi h
la ge s a e owne ship will demons a e be e cs pe o mance. As a esul , he ini ial hypo hesis p o-
posed is ha :
h1. s a e owne ship imp o es he cs pe o mance o mining companies in indonesia.
2.2.2. Ins i u ional owne ship and CSR pe o mance
e e ing o s akeholde heo y, Ananzeh e al. (2022) a gued ha companies wi h high ins i u ional
owne ship end o be subjec ed o public sc u iny. As a esul , hey ha e mo e in en ion o engage in
high cs because hei accoun abili y o he public is a conce n. Acco ding o en e al. (2023), ins i u-
ional owne ship ac s as an ac i e moni o ha p io i izes he isk o policy unce ain y o e physical isk;
hus, hey a e able o educe he g eenhouse gas emissions o chinese companies. in addi ion, Zhou and
gan (2022) ound ha ins i u ional in es o isi s imp o e he cs pe o mance o chinese companies.
se e al p e ious s udies suppo his heo e ical iew by epo ing ha high ins i u ional owne ship is
associa ed wi h high cs pe o mance (chang e al., 2021; Dakhli, 2021; nu leni e al., 2018; suyono and
6 M. uMA MAi e Al.
Fa ooque 2018). howe e , lapoin e-An unes e al. (2006) a gued ha ins i u ional in es o s end o lowe
cs pe o mance due o ins i u ional blocks ha a e o en held by inancial ins i u ions, especially banks.
his nega i e ela ionship was suppo ed by Abu Qa’dan and suwaidan (2019) in hei s udy in Jo dan.
Meanwhile, salehi e al. (2017) epo ed ha he e is no signi ican ela ionship be ween ins i u ional
owne ship and cs pe o mance in eh an. in conclusion, he exis ing empi ical li e a u e on he ela-
ionship be ween ins i u ional owne ship and cs pe o mance p o ides mixed e idence. howe e , based
on s akeholde heo y and he majo i y o p e ious esea ch, we es ima e ha mining businesses in
indonesia wi h s onge ins i u ional owne ship demons a e be e cs pe o mance. so he second
hypo hesis o mula ed is:
h2. ins i u ional owne ship imp o es he cs pe o mance o mining companies in indonesia.
2.2.3. Fo eign owne ship and CSR pe o mance
Acco ding o legi imacy heo y, o eign-owned en e p ises can gain legi imacy in he hos coun y by
es ablishing a good symbolic image (Kos o a e al., 2008). Also, in o de o ob ain legi imacy in o eign
ma ke s, o eign in es o s mus ca y ou a la ge numbe o social ac i i ies ha a e in line wi h he
expec a ions o he people in he hos a ea and publicize hem. hus, i is no su p ising ha o eign
owne ship is conside ed a key ac o ha de e mines cs p ac ices in ie namese companies (Kabi &
hai, 2021). he majo i y o s udies in non-mining companies ha e also epo ed ha o eign owne ship
is associa ed wi h highe c s, o example, Baba and Baba (2021) in nige ia and Manogna and Mish a
(2021) in india. in addi ion, Zaid, Abuhijleh, e al. (2020) disco e ed ha banks wi h highe o eign own-
e ship disclose b oade and mo e anspa en in o ma ion abou hei cs han hose owned by local
and s a e in es o s. howe e , Abu Qa’dan and suwaidan (2019), using a sample o Jo danian manu ac-
u ing companies, p o ed ha o eign owne ship has no co ela ion wi h cs pe o mance. i can be
seen ha he ela ionship be ween o eign owne ship and a mining company’s cs pe o mance has
go en ela i ely li le a en ion. howe e , based on legi imacy heo y and he bulk o pas esea ch
indings on non-mining companies, i is p ojec ed ha indonesian mining companies wi h g ea e o -
eign owne ship will pe o m be e in e ms o cs . hus, he hi d hypo hesis de eloped is ha :
h3. Fo eign owne ship imp o es he cs pe o mance o mining companies in indonesia.
2.2.4. Owne ship concen a ion and CSR pe o mance
he exis ing li e a u e p o ides h ee main hypo heses ega ding he ela ionship be ween owne ship
concen a ion and company pe o mance, namely he in e es con e gence hypo hesis, he en ench-
men hypo hesis, and he neu ali y hypo hesis. A numbe o p e ious s udies in non-mining companies
ha e epo ed nume ous posi i e, nega i e, and no ela ionship esul s be ween owne ship concen a ion
and cs pe o mance, suppo ing all h ee hypo heses. se e al s udies disco e ed a posi i e ela ionship
be ween he wo, suppo ing he con e gence o in e es hypo hesis, o ins ance, he s udies o Aboud
and Yang (2022) in chinese, Fallah and Moja ad (2019) in i an, and ga as and elMassah (2018) in he
gul coope a ion council (gcc) coun ies. some o he s epo ed a nega i e ela ionship be ween owne -
ship concen a ion and cs pe o mance, suppo ing he en enchmen hypo hesis, o example, Ananzeh
e al. (2023) and Abu Qa’dan and suwaidan (2019) in Jo dan and seckin-halac e al. (2021) using a sam-
ple o companies’ in o ma ion s o ed in he Asse 4 da abase. Finally, o he s udies do no ind a signi -
ican ela ionship be ween owne ship concen a ion and cs pe o mance, suppo ing he neu ali y
hypo hesis, such as he s udies o lin and nguyen (2022) in ie nam, Fa ma and chouaibi (2021) in
eu ope, and Kuzey and uya (2017) in u kish. s udies on he ela ionship be ween owne ship concen-
a ion and cs pe o mance in he con ex o mining companies a e a ely conduc ed. Meanwhile, he
exis ing li e a u e shows mixed a gumen s and e idence ega ding he ela ionship be ween he wo
a iables. none heless, we expec mining companies in indonesia wi h a high concen a ion o owne -
ship o show high cs because hese companies demand highe cs o achie e he sDgs. he e o e,
he ou h hypo hesis de eloped is:
h4. owne ship concen a ion imp o es he cs pe o mance o mining companies in indonesia.
cogen Business & MAnAgeMen 7
2.2.5. Sha ia compliance and CSR pe o mance
Agency p oblems in islamic banks a e no limi ed o he sepa a ion be ween p incipal and agen bu
ex end o he sepa a ion o cash low con ol and bank compliance wi h sha ia ules (Mohammed &
Muhammed, 2017). sha ia-complian companies come unde s onge p essu e han con en ional ones
wi h ega d o hei obliga ions o implemen and disclose cs . hese sha ia-complian companies ace
addi ional p essu e in he o m o sha ia ules ha equi e hem o demons a e highe cs pe o mance
(Khan e al., 2019a). cu en ly, he li e a u e on he ela ionship be ween sha ia compliance and cs
pe o mance ocuses on he banking sec o . i ada e al. (2019), o example, ound ha islamic o ganiza-
ional cul u e plays an impo an ole in imp o ing he cs pe o mance o islamic u al banks in cen al
Ja a p o ince, indonesia. in addi ion, lui e al. (2021) p o ed ha islamic banks e eal a highe le el o
cs han con en ional banks in Malaysia. in he con ex o non-bank companies, Qoyum e al. (2022)
e ealed ha companies in indonesia and Malaysia wi h islamic labels ha e be e en i onmen al and
social pe o mance han hose wi h non-islamic labels. in addi ion, hassan e al. (2022) disco e ed ha
companies ha comply wi h sha ia ules a e mo e likely o engage in sus ainable and esponsible p ac-
ices, especially in he en i onmen al dimension. s udies on he ela ionship be ween sha ia compliance
and cs pe o mance o mining companies a e a ely conduc ed. he exis ing li e a u e shows mixed
e idence ega ding he ela ionship be ween he wo a iables. none heless, consis en wi h exis ing
li e a u e, mining companies in indonesia ha comply wi h sha ia ules a e expec ed o show highe cs
o achie e he sDgs. he e o e, he i h hypo hesis de eloped is:
h5. sha ia compliance imp o es he cs pe o mance o mining companies in indonesia.
3. Me hodology
3.1. Sample selec ion
he sample o his s udy was mining sec o companies lis ed on he indonesia s ock exchange (iDX) o
he 2012–2021 pe iod. he dis ibu ion o samples by ype o sub-sec o o mining companies, namely
coal p oduc ion, oil and gas p oduc ion and e ine y, gold, i on and s eel, di e si ica ion o me als and
mine als, coppe , and aluminum is p esen ed in able 1. Da a ega ding cs pe o mance was aken om
companies’ annual and sus ainabili y epo s. Da a on owne ship s uc u e and o he a iables we e
ob ained om companies’ annual epo s. Meanwhile, da a on sha ia compliance e e ed o he Dec ee
o he chai man o he capi al Ma ke and Financial ins i u ions supe iso y Agency numbe : Kep-208/
Bl/2012.
3.2. Measu ing co po a e social esponsibili y (CSR)
his s udy in ends o in es iga e he ole o owne ship s uc u e and sha ia compliance in imp o ing he
cs pe o mance o mining companies in indonesia. cs pe o mance as a dependen a iable was
de e mined using con en analysis me hods consis en wi h p e ious s udies examining he ela ionship
be ween co po a e go e nance and he cs disclosu e index (Dweka e al., 2021; suyono & Fa ooque,
2018). he cs disclosu e index was es ima ed based on he g3 g i guidelines which ha e a o al o 79
indica o s consis ing o en i onmen al, social, and economic indica o s. he alue o he cs disclosu e
Table 1. sample dis ibu ion o mining companies in indonesia.
sub-sec o numbe o companies numbe o obse a ions
Coal p oduc ion 33 274
oil and gas p oduc ion and e ine y 6 50
gold 3 27
i on and s eel 10 79
Di e si ica ion o me als and mine als 5 43
Coope 1 10
aluminum 4 40
o al 62 523
Sou ce: indonesia s ock exchange (iDX) Repo .
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