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All Journal Media Riset Akuntansi Auditing & Informasi
Ayu Puspitasari
Department of Accounting, Faculty of Economics and Business, Universitas Tanjungpura, Indonesia
Economics, Econometrics & Finance

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CSR AUTHENTICITY AND FIRM VALUE: EXAMINING THE MODERATING ROLE OF FINANCIAL FRAUD PROPENSITY IN THE OIL AND GAS INDUSTRY OF BRUNEI, INDONESIA, AND MALAYSIA Ayu Puspitasari; Ilham Ramadhan Ersyafdi
Media Riset Akuntansi, Auditing & Informasi Vol. 26 No. 2 (2026): September
Publisher : LEMBAGA PENERBIT FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS TRISAKTI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/mraai.v26i2.25564

Abstract

This study examines whether corporate social responsibility (CSR) genuinely enhances firm value or serves as impression management in fraud-prone environments. We develop a Comprehensive CSR Index (CSRI) integrating five dimensions: GRI-based governance disclosure (GRI), ethical-religious values (ICSR), philanthropic commitment, environmental stewardship (VEDI), and adherence to international standards (ISO 26000). Using panel data from 50 oil and gas companies across Brunei, Indonesia, and Malaysia (2019–2023), we employ fixed-effects panel regression and System GMM estimation to address endogeneity. Findings reveal that CSRI significantly enhances firm value (Tobin's Q), with environmental disclosure showing the largest coefficient. Crucially, financial fraud propensity (measured by the Dechow F-Score) significantly weakens the positive relationship between CSR and firm value, with negative interaction coefficients ranging from −0.10 to −0.31 across dimensions. These findings are consistent with the interpretation that elevated fraud risk weakens the value relevance of CSR disclosures. The study contributes by introducing the CSR Authenticity Framework, developing a multidimensional CSRI with transparent measurement protocols, and providing empirical evidence that CSR effectiveness is conditional upon corporate integrity.
Co-Authors Ersyafdi, Ilham Ramadhan