Title:
Analysis of CSR and Firm Characteristics on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange

Authors:
Erna Hidayah* Ayu Halimatus Sa’diyah, Indonesia

Abstract:

This study examines the impact of Corporate Social Responsibility (CSR) and firm characteristics on firm value in manufacturing companies listed on the Indonesia Stock Exchange during the 2019–2023 period. Firm value is proxied by Price to Book Value (PBV), while firm characteristics include firm size, leverage, and firm growth. CSR is measured using a disclosure index based on the Global Reporting Initiative (GRI) framework. The population in this study were manufacturing companies listed on the Indonesia Stock Exchange, with a sample of 59 companies with 295 firm-year observations. Hypothesis testing using robust regression analysis. The results showed that firm size and leverage have a positive and significant effect on firm value, indicating that financial strength and capital structure remain dominant signals for investors in emerging markets. In contrast, CSR disclosure and firm growth do not significantly influence firm value, suggesting that CSR reporting has not yet been perceived as value-relevant information by the capital market. This study contributes to the literature by providing recent empirical evidence from an emerging market context, highlighting the limited role of CSR disclosure in enhancing firm value compared to financial characteristics. The results offer important insights for managers, investors, and regulators regarding the strategic relevance of CSR implementation and disclosure quality.

DOI: https://doi.org/10.51505/IJEBMR.2026.10313