Pengaruh corporate social responsibility terhadap harga saham melalui perilaku investor dengan peran pemerintah sebagai variabel moderasi
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Abstract
This study examines the influence of Corporate Social Responsibility (CSR) on investor behavior and stock prices among companies listed in the SRI-KEHATI Index, positioning investor behavior as a mediating variable and government role as a moderating variable. The research also explores differences in investor responses and stock performance before, during, and after the COVID-19 pandemic. Employing a quantitative approach with a causal-comparative design, the study utilizes secondary data from annual reports, sustainability reports, and publications of the Indonesia Stock Exchange covering the 2019-2024 period. Data were analyzed using multiple regression, path analysis, and Moderated Regression Analysis (MRA). The findings indicate that CSR has a positive and significant impact on both investor behavior and stock prices, demonstrating that socially responsible practices not only strengthen corporate reputation but also enhance investor confidence. Furthermore, investor behavior mediates the relationship between CSR and stock performance, while the government’s role reinforces this relationship through regulatory support and policy alignment. Comparative analysis across the three pandemic phases reveals that CSR contributes to corporate resilience by maintaining investor trust and stabilizing market valuation during periods of uncertainty. Overall, the study underscores that sustained CSR implementation, combined with effective government intervention, fosters long-term market stability and strengthens firm value in the Indonesian capital market.
Penelitian ini menganalisis pengaruh Corporate Social Responsibility (CSR) terhadap perilaku investor dan harga saham pada perusahaan yang tergabung dalam Indeks SRI-KEHATI, dengan perilaku investor sebagai variabel mediasi dan peran pemerintah sebagai variabel moderasi. Selain itu, penelitian ini menelaah perbedaan perilaku investor dan kinerja saham pada periode sebelum, selama, dan setelah pandemi COVID-19. Menggunakan pendekatan kuantitatif dengan desain kausal-komparatif, penelitian ini memanfaatkan data sekunder dari laporan tahunan, laporan keberlanjutan, dan publikasi Bursa Efek Indonesia selama periode 2019-2024. Analisis dilakukan melalui regresi berganda, analisis jalur, dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa CSR berpengaruh positif terhadap perilaku investor dan harga saham, menandakan bahwa praktik tanggung jawab sosial tidak hanya memperkuat reputasi perusahaan, tetapi juga meningkatkan kepercayaan investor. Perilaku investor terbukti memediasi pengaruh antara CSR dan kinerja saham, sementara peran pemerintah memperkuat pengaruh tersebut melalui dukungan regulasi dan kebijakan yang selaras. Analisis perbandingan menunjukkan bahwa CSR berkontribusi pada ketahanan korporasi dengan menjaga kepercayaan investor dan stabilitas nilai pasar di tengah ketidakpastian ekonomi. Hasil penelitian ini menyimpulkan bahwa implementasi CSR yang konsisten, disertai dukungan kebijakan pemerintah yang efektif, mampu memperkuat stabilitas pasar dan meningkatkan nilai perusahaan di pasar modal Indonesia.
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