The role of corporate social responsibility, profitability, and risk management in moderating the effect of investment decisions on firm value in the food and beverage subsector

Abstrak

Penelitian ini bertujuan untuk menganalisis peran Corporate Social Responsibility (CSR), profitabilitas, dan manajemen risiko dalam memoderasi pengaruh keputusan investasi terhadap nilai perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan data panel pada perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2014–2024. Sampel penelitian diperoleh melalui teknik purposive sampling sebanyak 13 perusahaan dengan 130 observasi laporan tahunan. Analisis data dilakukan menggunakan regresi data panel dengan bantuan EViews 13.Hasil penelitian menunjukkan bahwa keputusan investasi berpengaruh negatif signifikan terhadap nilai perusahaan. CSR, profitabilitas, dan manajemen risiko tidak berpengaruh signifikan secara langsung terhadap nilai perusahaan. Namun, CSR dan profitabilitas mampu memperkuat pengaruh keputusan investasi terhadap nilai perusahaan, sedangkan manajemen risiko tidak mampu memoderasi hubungan tersebut. Temuan ini mengindikasikan bahwa investor lebih mempertimbangkan kualitas keputusan investasi dan risiko finansial dibandingkan faktor sosial dan operasional dalam menilai perusahaan. Kata Kunci: Keputusan Investasi, Nilai Perusahaan, CSR, Profitabilitas, Manajemen Risiko Abstract This study aims to analyze the role of Corporate Social Responsibility (CSR), profitability, and risk management in moderating the effect of investment decisions on firm value. This research employs a quantitative approach using panel data from food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the period 2014–2024. The sample was selected using purposive sampling, resulting in 13 companies with 130 annual report observations. Data were analyzed using panel data regression with EViews 13. The results show that investment decisions have a significant negative effect on firm value. CSR, profitability, and risk management do not have a significant direct effect on firm value. However, CSR and profitability strengthen the relationship between investment decisions and firm value, while risk management does not moderate this relationship. These findings indicate that investors tend to prioritize the quality of investment decisions and financial risk over social and operational factors in evaluating firms. Keywords: Investment Decisions, Firm Value, CSR, Profitability, Risk Management

Kata kunci

• CSR
• Firm Value
• Profitability
• Risk Management
• investment decisions