CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE, INVESTMENT EFFICIENCY, INNOVATION, AND FIRM VALUE

Dien Ajeng Fauziah; Eko Ganis Sukoharsono; Erwin Saraswati

doi:10.25273/jap.v10i1.6259

CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE, INVESTMENT EFFICIENCY, INNOVATION, AND FIRM VALUE

Dien Ajeng Fauziah, Eko Ganis Sukoharsono, Erwin Saraswati

Abstract

ABSTRACT

This research purpose is to analyze the effect of Corporate Social Responsibility Disclosure on the value of environmentally risky companies, as those in agricultural, primary industry and chemicals, mining, property, real estate, and building construction sectors, listed on the IDX from 2015 to 2018 through investment efficiency and innovation. The results of the PLS analysis indicate that such disclosure positively and insignificantly affects firm value through investment efficiency. Better exposure and efficiency tend to increase substantial value, although the improvement is insignificant in the underinvestment scenario. Furthermore, the disclosure positively and significantly enhances firm value through innovations with research and development activities.

ABSTRAK

Penelitian bertujuan untuk menguji dan menganalisis pengaruh CSRD terhadap nilai perusahaan melalui efisiensi investasi dan inovasi pada perusahaan berisiko dalam hal dampak lingkungan seperti sektor Agriculture, Basic Industry dan Chemicals, Mining, Property, Real Estate dan Building Construction terdaftar di BEI tahun 2015-2018. Penelitian ini menggunakan metode PLS sebagai analisis data. Hasil penelitian menunjukkan bahwa CSRD berpengaruh positif dan tidak signifikan terhadap nilai perusahaan melalui efisiensi investasi, artinya semakin baik CSRD dan efisiensi investasi maka cenderung dapat meningkatkan nilai perusahaan, meskipun peningkatannya tidak signifikan pada skenario underinvestment dan CSRD berpengaruh positif dan signifikan terhadap nilai perusahaan melalui inovasi dengan aktivitas RnD.

Keywords

CSRD; Investment Efficiency; Innovation; Firm Value; CSRD; Efisiensi Investasi; Inovasi; Nilai Perusahaan

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