Pengaruh Kinerja CSR Terhadap Nilai Perusahaan : Peran Moderasi Strategi Perusahaan

Ayundari, Anak Agung Ayu Prasasti (2026) Pengaruh Kinerja CSR Terhadap Nilai Perusahaan : Peran Moderasi Strategi Perusahaan. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kinerja Corporate Social Responsibility (CSR) terhadap nilai perusahaan serta menguji peran strategi perusahaan yaitu strategi cost leadership dan strategi diferensiasi sebagai variabel moderasi pada perusahaan non-keuangan yang terdaftar pada Bursa Efek Indonesia selama periode 2020-2024. Penelitian ini dilatarbelakangi oleh meningkatnya jumlah laporan keberlanjutan yang diterbitkan perusahaan di Indonesia di tengah dinamika bisnis pandemi covid-19, serta masih ditemukannya inkonsistensi hasil empiris terkait hubungan CSR dan nilai perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan desain kausalitas. Data sekunder diperoleh dari laporan tahunan, laporan keberlanjutan, serta skor CSR berbasis dimensi lingkungan dan sosial yang bersumber dari Bloomberg. Sampel penelitian dipilih menggunakan teknik purposive sampling. Analisis data dilakukan menggunakan regresi data panel dengan pendekatan Moderated Regression Analysis (MRA). Nilai perusahaan diukur dengan Tobins’Q dan ROA, firm size, dan leverage sebagai variabel kontrol. Hasil penelitian menunjukkan bahwa kinerja CSR tidak berpengaruh signifikan terhadap nilai perusahaan. Selain itu, strategi perusahaan baik itu strategi cost leadership dan strategi diferensiasi tidak terbukti memoderasi pengaruh antara CSR terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa implementasi CSR belum secara langsung terkonversi menjadi nilai perusahaan, serta efektivitas strategi perusahaan masih bersifat terbatas dalam konteks perusahaan non-keuangan di Indonesia
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This study aims to analyze the effect of Corporate Social Responsibility (CSR) performance on firm value and to examine the role of corporate strategies, namely, cost leadership and differentiation strategies, as moderating variables in non-financial companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study is motivated by the increasing number of sustainability reports published by companies in Indonesia amid the business dynamics of the COVID-19 pandemic, as well as the continued inconsistency in empirical findings regarding the relationship between CSR and firm value. This study employs a quantitative approach with a causal design. Secondary data were obtained from annual reports, sustainability reports, and CSR scores based on environmental and social dimensions sourced from Bloomberg. The research sample was selected using purposive sampling. Data analysis was conducted using panel data regression with a Moderated Regression Analysis (MRA) approach. Firm value was measured using Tobin’s Q and ROA, with firm size and leverage serving as control variables. The results of the study show that CSR performance does not have a significant effect on firm value. Furthermore, corporate strategies,whether cost leadership or differentiation strategies, were not found to moderate the effect of CSR on firm value. These findings indicate that the implementation of CSR has not yet directly translated into firm value, and that the effectiveness of corporate strategies remains limited in the context of non-financial firms in Indonesia.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	CSR, Nilai Perusahaan, Strategi Cost Leadership, Strategi Diferensiasi, Tobin’s Q, Corporate Social Responsibility, Firm Value, Cost Leadership Strategy, Differentiation Strategy
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD69.S8 Strategic alliances (Business)
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > (S2) Master Thesis
Depositing User:	Anak Agung Ayu Prasasti Ayundari
Date Deposited:	28 Jul 2026 07:48
Last Modified:	28 Jul 2026 07:48
URI:	http://repository.its.ac.id/id/eprint/138858

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