Corporate Social Responsibility, Normative Pressure and Firm Value: Evidence from Companies Listed on Indonesia Stock Exchange

摘要

This research aimed to analyze the effect of corporate social responsibility (CSR) on firm value and how the normative pressure moderates this relationship. The companies studied included 105 companies listed on the Indonesia Stock Exchange (IDX) in 2016-2018. Researchers determined these samples using purposive sampling. The results of the study showed that CSR has positive impact on firm value. Meanwhile, normative pressure significantly impacts the relationship between CSR and firm value. The implication of this research is the importance of companies paying attention to CSR in increasing firm value and the importance of pressure from independent board in strengthening the effect of CSR on firm value.