The Effect of Investment Decisions on Firm Value with Corporate Social Responsibility as A Moderating Variable in Non-Financial Sector Companies Listed on the Indonesia Stock Exchange for the 2022–2024 Period
Keywords:
Investment Decisions, Firm Value, Corporate Social Responsibility, Agency Theory, Signaling Theory, Stakeholder TheoryAbstract
This study looks at how investment decisions affect firm value, and whether Corporate Social Responsibility (CSR) moderates that relationship, in non-financial companies listed on the IDX80 between 2022 and 2024. Prior studies on this relationship disagree with each other, and financial variables alone don’t fully account for firm value, which is the gap this study addresses by bringing CSR into the picture. Using Agency Theory, Signaling Theory, and Stakeholder Theory as the theoretical basis, the analysis relies on panel data from 25 companies (75 observations) selected through purposive sampling and tested with PLS-SEM in SmartPLS 4.0. Investment decisions are measured through Fixed Asset Growth (FAG), firm value through Price to Book Value (PBV), and CSR through the Corporate Social Responsibility Index (CSRI). The results show investment decisions had a negative but statistically insignificant effect on firm value, and CSR had a positive but likewise insignificant effect. CSR also failed to significantly moderate the relationship between investment decisions and firm value. So for this sample and period, neither investment decisions nor CSR meaningfully drove firm value.
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