<![CDATA[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.]]>
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