This research investigates the relationships between financial performance, market performance, and political visibility in influencing the adoption of Corporate Social Responsibility (CSR) practices among pharmaceutical companies listed on the Indonesia Stock Exchange from 2015 to 2024. Employing a secondary data analysis and the PLS-SEM approach, the study reveals that financial performance and political visibility exert a significant positive influence on CSR implementation. In contrast, market performance and the moderating effect of political visibility are found to be insignificant. These findings underscore the crucial role of financial stability and social-political pressures in driving CSR implementation in Indonesia’s pharmaceutical sector, while also suggesting that market perceptions do not always directly correlate with CSR activities.