Pengaruh Corporate Social Responsibility (CSR) terhadap Perilaku Investor dan Dampaknya terhadap Harga Saham Perusahaan dalam Indeks SRI-KEHATI dengan Peran Pemerintah sebagai Variabel Moderasi

Zai, Alex Frederickson (2025) Pengaruh Corporate Social Responsibility (CSR) terhadap Perilaku Investor dan Dampaknya terhadap Harga Saham Perusahaan dalam Indeks SRI-KEHATI dengan Peran Pemerintah sebagai Variabel Moderasi. Masters thesis, Universitas Tarumanagara.

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Abstract

This study examines the influence of Corporate Social Responsibility (CSR), measured through Corporate Social Responsibility Disclosure Index (CSRI), 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 disclosure has a positive and significant impact on both investor behavior and stock prices, demonstrating that transparent social responsibility reporting strengthens corporate credibility and enhances investor confidence. Furthermore, investor behavior mediates the influence of CSR
disclosure on stock performance, while the government’s role reinforces this influence through regulatory support and policy alignment. Comparative analysis across the three pandemic phases reveals that CSR disclosure contributes to corporate resilience by maintaining investor trust and stabilizing market valuation during periods of uncertainty.
Overall, the study underscores that sustained CSR disclosure, combined with effective government intervention, fosters long-term market stability and strengthens firm value in the Indonesian capital market.

Keywords: Corporate Social Responsibility, Government Role, Investor Behavior, SRIKEHATI Index, Stock Price

Item Type:	Thesis (Masters)
Additional Information:	Dosen Pembimbing: Prof. Dr. Keni, S.E., M.M.
Uncontrolled Keywords:	Keywords: Corporate Social Responsibility, Government Role, Investor Behavior, SRIKEHATI Index, Stock Price
Subjects:	Tesis Tesis > Pascasarjana
Divisions:	Pascasarjana
Depositing User:	Pasca Perpus
Date Deposited:	08 May 2026 06:50
Last Modified:	08 May 2026 06:50
URI:	https://repository.untar.ac.id/id/eprint/49277

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