Is Investment Policy Value-Enhancing through CSR Disclosure?

Jaja Suteja, Annisa Nur Mayasari

Abstract


This study aims to analysis the effect of funding policy, dividend, and investment oncorporate value and the influence of corporate social responsibility (CSR) disclosure as amoderating variable in the relationship between investment policy and firm value. Byusing purposive sampling methods, selected sample of this research are 6 property, realestate and construction companies listed on IDX within the period of 2012-2016. Dataanalysis using moderated regression analysis. From this study, it has been found thatfunding policy has no significant effect on firm value, dividend policy has significanteffect to firm value, and investment policy has significant effect to firm value. The resultalso signifficantly showed CSR disclosure proved to be a moderating variable of therelationship between investment policy to firm value. Disclosure of CSR should be consideredas a result of the implementation of the decision. Property, real estate and constructioncompanies should be more aware of the importance of implementing corporatesocial responsibility to increase corporate value. Disclosure of CSR should be consideredas a result of the implementation of the decision.


Keywords


CSR disclosure; firm value; dividend policy; funding policy, investment policy

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