The Impact of Corporate Social Responsibility and Investment Opportunity Set on Firm Value: The Moderating Role of Good Corporate Governance
DOI:
https://doi.org/10.37385/raj.v5i2.7643Keywords:
Corporate Social Responsibility, Investment Opportunity Set, Firm Value, Good Corporate GovernanceAbstract
This study aims to provide empirical evidence on the influence of Corporate Social Responsibility (CSR) and Investment Opportunity Set (IOS) on Firm Value, with Good Corporate Governance (GCG) as a moderating variable in state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. The research population consists of all SOEs listed on the IDX within the specified period. A purposive sampling method was employed, using specific criteria determined by the researcher, resulting in a sample of 14 companies out of a total of 24. The hypotheses in this study were tested using the Outer Model and Inner Model through the SmartPLS v3.0 software. The results of the study conclude that Corporate Social Responsibility has no significant effect on Firm Value, while the Investment Opportunity Set does have a significant impact on Firm Value. Furthermore, Good Corporate Governance strengthens the relationship between Corporate Social Responsibility and Firm Value, but does not moderate the relationship between the Investment Opportunity Set and Firm Value.
References
Anggraini, D. (2021). Pengaruh pengungkapan corporate social responsibility, good corporate governance, volatilitas arus kas terhadap nilai perusahaan dengan investment opportunity set sebagai variabel. Jurnal Perspektif Manajerial dan Kewirausahaan (JPMK), 1(2), 104–119. https://doi.org/10.59832/jpmk.v1i2.49
Arianpoor, A., & Borhani, S. A. (2025). The interaction of blockchain technology, audit process, and the International Financial Reporting Standards. Accounting Research Journal, 38(1), 35–58. https://doi.org/10.1108/ARJ-01-2024-0020
Cai, C. W. (2018). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13, e00151. https://doi.org/10.1016/j.jbvi.2019.e00151
Fanning, K., & Palmer, L. D. (2020). Blockchain technology and the future of audit and accounting. Accounting Horizons, 34(1), 105–120. https://doi.org/10.2308/acch-18-04-08
Firmansyah, A., Husna, M. C., & Putri, M. A. (2021). Corporate social responsibility disclosure, corporate governance disclosures, and firm value in Indonesia chemical, plastic, and packaging sub-sector companies. Accounting Analysis Journal, 10(1), 9–17. https://doi.org/10.15294/aaj.v10i1.42102
Ginting, S. F. B., Maksum, A., & Fachrudin, K. A. (2023). The effect of corporate social responsibility, capital structure, managerial ownership, and profitability on firm value with investment opportunity set as a moderation variable in property and real estate companies listed on the Indonesia Stock Exchange. International Journal of Research and Review, 10(12), 462–475. https://doi.org/10.52403/ijrr.20231251
Grossi, G., Biancone, P., Secinaro, S., & Brescia, V. (2021). Dialogic accounting through popular reporting and digital platforms. Meditari Accountancy Research, 29(7), 75–93. https://doi.org/10.1108/medar-01-2021-1163
Haryanto, S., & Sudaryati, E. (2020). The ethical perspective of millennial accountants in responding to opportunities and challenges of blockchain 4.0. Journal of Accounting and Investment, 21(3), 1–15. https://doi.org/10.18196/jai.2103159
Hidayat, R., & Rahmawati, R. (2022). The impact of corporate social responsibility and investment opportunity set on firm value: The moderating role of good corporate governance. Jurnal Akuntansi Multiparadigma, 13(1), 45–60.
Ibrahim, M. (2023). Blockchain for enhanced financial transparency in accounting: An empirical study. Journal of Applied Finance and Accounting, 14(3), 56–67. https://doi.org/10.2139/ssrn.3258045
Kumar, V., & Sharma, R. (2021). Blockchain and the future of financial transactions: A review of financial transparency and efficiency. Journal of Financial Innovation, 7(2), 34–51. https://doi.org/10.1186/s40854-021-00325-7
Kurniawan, A., & Sari, M. (2023). Corporate social responsibility, investment opportunity set, and firm value: The role of good corporate governance. Jurnal Ekonomi dan Bisnis, 26(1), 75–90.
Lahjie, A. A., Natoli, R., & Zuhair, S. (2023). The effect of corporate governance, corporate social responsibility and information asymmetry on the value of Indonesian-listed firms. International Journal of Accounting & Information Management, 31(5), 785–807. https://doi.org/10.1108/IJAIM-02-2023-0038
Lestari, D., & Nugroho, Y. (2021). The influence of corporate social responsibility and investment opportunity set on firm value with good corporate governance as moderating variable. Jurnal Manajemen dan Bisnis, 8(2), 112–125.
Mohtashami, M., & Rostami, M. (2021). Blockchain as a tool for improving corporate governance and financial reporting. International Journal of Accounting and Finance, 14(1), 12–34. https://doi.org/10.1504/IJAF.2021.112231
Mulyani, S., & Putra, A. (2020). The effect of corporate social responsibility and investment opportunity set on firm value: The moderating role of good corporate governance. Jurnal Akuntansi dan Keuangan Indonesia, 17(2), 150–165.
Novita, N., Dharma, F., & Syaipudin, U. (2023). The effect of environmental social governance disclosure, investment opportunity set, and profitability on firm value. Asian Journal of Applied Business and Management, 3(1). https://doi.org/10.55927/ajabm.v3i1.9008
Nugraha, B., & Dewi, L. (2019). The impact of corporate social responsibility and investment opportunity set on firm value with good corporate governance as a moderating variable. Jurnal Riset Akuntansi dan Keuangan, 11(1), 25–40.
Pourrabbi, M. V., Salehi, M., Dalwai, T., & Moradi, M. (2025). Evaluating blockchain's impact on financial reporting: Opportunities and threats in fintech's input, processing, and output phases. Journal of Accounting & Organizational Change. https://doi.org/10.1108/JAOC-09-2024-0316
Pratama, A., & Sari, D. (2022). Corporate social responsibility, investment opportunity set, and firm value: The moderating effect of good corporate governance. Jurnal Ilmu Ekonomi dan Bisnis Islam, 4(1), 55–70.
Putri, K., Yuliusman, & Tiswiyanti, W. (2023). Determinants of firm value: With corporate social responsibility (CSR) as moderation (Case study of mining companies listed on the Indonesia Stock Exchange for the 2019–2021 period). East Asian Journal of Multidisciplinary Research, 2(10), 4097–4114. https://doi.org/10.55927/eajmr.v2i10.6407
Rohmah, B. N., Setiawati, E., & Trisnawati, R. (2023). The role of corporate governance in moderating the influence of corporate social responsibility disclosure, investment risk and firm performance in manufacturing companies listed on the Indonesian Stock Exchange 2018–2022. Journal Research of Social Science, Economics, and Management, 3(5), 1104–1120. https://doi.org/10.59141/jrssem.v3i5.591
Secinaro, S., Dal Mas, F., Brescia, V., & Calandra, D. (2021). Blockchain in the accounting, auditing, and accountability fields: A bibliometric and coding analysis. Accounting, Auditing & Accountability Journal, 35(1), 168–203. https://doi.org/10.1108/AAAJ-06-2019-3913
Suteja, J., Gunardi, A., Alghifari, E. S., Susiadi, A. A., Yulianti, A. S., & Lestari, A. (2023). Investment decision and firm value: Moderating effects of corporate social responsibility and profitability of non-financial sector companies on the Indonesia Stock Exchange. Journal of Risk and Financial Management, 16(1), 40. https://doi.org/10.3390/jrfm16010040
Yermack, D. (2017). Corporate governance and blockchains. Review of Finance, 21(1), 7–31. https://doi.org/10.1093/rof/rfw074
Yuliana, S., & Prasetyo, A. (2020). The effect of corporate social responsibility and investment opportunity set on firm value with good corporate governance as moderating variable. Jurnal Akuntansi dan Keuangan, 25(2), 89–100.
.png){kind=logo}
