Analysis of the Influence of CSR Categories on Company Value in Consumer Goods Companies Listed on Indonesia Stock Exchange

Rifdah Riyan Dara; Hasrul Siregar; Mutia Riska Faridani; Sovia Lolita Apriani Pardede; Corinna Wongsosudono

doi:10.59653/jbmed.v4i01.2150

Authors

Rifdah Riyan Dara Universitas IBBI, Indonesia
Hasrul Siregar Universitas IBBI, Indonesia
Mutia Riska Faridani Universitas IBBI, Indonesia
Sovia Lolita Apriani Pardede Universitas IBBI, Indonesia
Corinna Wongsosudono Universitas IBBI, Indonesia

DOI:

https://doi.org/10.59653/jbmed.v4i01.2150

Keywords:

Economic Category, Environmental Category, Social Category, Company Value

Abstract

This study aims to analyze the effect of corporate social responsibility disclosure and financial performance on company value in consumer goods companies listed on the Indonesia Stock Exchange from 2021 to 2023. This study uses a descriptive quantitative method with a sample of 32 companies from a total population of 96 companies. The data was processed using classical assumption tests, multiple linear regression, t-tests, F-tests, and the coefficient of determination. The results of this study indicate that, partially, CSR does not have a significant effect on company value, while financial performance has a significant effect. However, simultaneously, both are proven to have a significant effect on company value, with a contribution of 22.5% to the variation in company value, while the remaining 77.5% is influenced by other factors outside the scope of this study.

Downloads

Download data is not yet available.

References

Ajeng, S. N. R., & Idawati, W. (2023). The effect of sustainability reporting on company value: A study of manufacturing companies listed on the Indonesia Stock Exchange. Journal of Accounting, Management, and Islamic Economics, 1, 69–82. http://repository.ibs.ac.id/5643/

Alipranti, M., Manasakis, C., & Petrakis, E. (2024). Corporate social responsibility and bargaining in unionized markets. Journal of Economic Behavior and Organization, 224. https://doi.org/10.1016/j.jebo.2024.06.032

Askiantari, A. E., & Purwanto, A. (2024). The influence of financial performance and corporate social responsibility on company value with good corporate governance as a moderating variable (Empirical study of manufacturing companies listed on the Indonesia Stock Exchange for the period 2019–2021). Diponegoro Journal of Accounting, 13(2), 1–14. http://ejournal-s1.undip.ac.id/index.php/accounting

Barchiesi, M. A., Castellan, S., & Costa, R. (2018). In the eye of the beholder: Communicating CSR through color in packaging design. Journal of Marketing Communications, 24(7). https://doi.org/10.1080/13527266.2016.1224771

Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0148.

Das, S. K. (2022). Effect of corporate social responsibility on consumer retention for FMCG industries: a deep learning analysis of professional students of Odisha. Complex and Intelligent Systems, 8(2). https://doi.org/10.1007/s40747-021-00537-0

El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2017). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007

Fauzan, N. (2022). The Effect of Corporate Social Responsibility to Corporate Reputation on Word of Mouth Toward Customer Trust. GMPI Conference Series, 1. https://doi.org/10.53889/gmpics.v1.83

Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.

Gea, A. F., & Ovami, D. C. (2020). The effect of corporate social responsibility (CSR) disclosure on company value in consumer goods companies listed on the Indonesia Stock Exchange (IDX) from 2016 to 2018. Eka Prasetya Business Accounting Journal, 6(2), 137–147. https://doi.org/10.47663/abep.v6i2.60

Ghozali, I. (2018). Aplikasi analisis multivariat dengan program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.

Grewal, J., Riedl, E. J., & Serafeim, G. (2019). Market reaction to mandatory nonfinancial disclosure. Management Science, 65(7), 3061–3084. https://doi.org/10.1287/mnsc.2018.3099.

Gunawan, B., & Wardana, L. K. (2022). Analysis Factors Affecting Disclosure of Corporate Social Responsibility. Proceedings of the International Conference on Sustainable Innovation Track Accounting and Management Sciences (ICOSIAMS 2021), 201. https://doi.org/10.2991/aebmr.k.211225.026

Idris Adamu, A., Abdulrasheed, N. M., & Ekundayo, O. (2020). THE RELATIONSHIP BETWEEN CORPORATE SOCIAL DISCLOSURES AND BOARD CHARACTERISTICS: EVIDENCE FROM NIGERIA. Asian People Journal (APJ), 3(2). https://doi.org/10.37231/apj.2020.3.2.214

Kaul, A., & Luo, J. (2018). An economic case for CSR: The comparative efficiency of for-profit firms in meeting consumer demand for social goods. Strategic Management Journal, 39(6). https://doi.org/10.1002/smj.2705

Laras, & Mulyana, L. M. (2025). The effect of sustainability report disclosure in economic, social, and environmental dimensions on the value of non-cyclical consumer companies listed on the IDX for the period 2021–2023. In Proceedings of the National Seminar on Economics and Accounting (SENAKOTA) (pp. 283–292).

Lobachevska, G., & Daub, C. H. (2021). The role of corporate social responsibility in the decision-making process of consumers in Ukraine. Innovative Marketing, 17(1). https://doi.org/10.21511/im.17(1).2021.07

Loh, L., Thomas, T., & Wang, Y. (2017). Sustainability reporting and firm value: Evidence from Singapore-listed companies. Sustainability, 9(11), 2112. https://doi.org/10.3390/su9112112.

Martaningrum, M., & Sriyono, S. (2023). Tax Aggressiveness in Consumer Goods: Liquidity, Leverage, Earnings, and CSR Dynamics. Academia Open, 8(1). https://doi.org/10.21070/acopen.8.2023.4130

Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 77, 41–52. https://doi.org/10.1016/j.jbusres.2017.04.001.

Nickerson, D., Lowe, M., Pattabhiramaiah, A., & Sorescu, A. (2022). The Impact of Corporate Social Responsibility on Brand Sales: An Accountability Perspective. Journal of Marketing, 86(2). https://doi.org/10.1177/00222429211044155

Pérez, A., García de los Salmones, M. del M., & López, C. (2015). Corporate Reputation in The Spanish Context: An Interaction Between Reporting to Stakeholders and Industry. Journal of Business Ethics, 129(3). https://doi.org/10.1007/s10551-014-2199-3

Razak, R. (2023). Corporate social responsibility: In realizing community empowerment and welfare (1st ed.). PT Literasi Nusantara Abadi Group.

Sevnia, R., & Mulyani, S. D. (2023). The influence of sustainability report disclosure, environmental performance, and capital structure on company value. Trisakti Economics Journal, 3(2), 3813–3822. https://e-journal.trisakti.ac.id/index.php/jet/article/view/18195

Sianturi, M. W. E. (2020). The effect of financial performance on the value of manufacturing companies in the consumer goods industry on the Indonesia Stock Exchange. eJournal of Business Administration, 8(4), 280–289. https://doi.org/10.54144/jadbis.v8i4.3799

Sugiyono. (2023). Metode penelitian kuantitatif, kualitatif, dan R&D (5th ed.). Alfabeta.