**7. Discussion**

In this study, we examined whether corporate social responsibility affects the value of companies listed on the SRI KEHATI Index from 2012 to 2016 (**Table 2**).

The study began by reviewing secondary data for companies listed on the SRI Kehati Index since its inception in 2009 up to 2016; there were 39 companies selected, namely, companies that were consistently in the index, and 18 companies remained in the SRI Kehati Index. So, the number of observations is 18 companies with the period from 2012 to 2016, as shown in **Table 3**.

The corporate social responsibility (CSR) variable is a variable that shows information related to corporate responsibility activities presented in the annual financial statements. Processed according to the standard Global Reporting Initiative (GRI), descriptive statistics are presented as follows:

Based on **Table 4**, the average CSR variable of the companies listed on the SRI KEHATI Index for the period from 2012 to 2016 was 41.45, with a standard deviation of 12.64 or 41.45%, which is still considered small because it is still below 50% of the indicators contained in CSRI GRI. The highest value of 93.67 in the company PT Timah (Pesero) Tbk is almost close to 100%, meaning that 17 companies registered in the SRI KEHATI Index have not fully implemented the CSRI that is applied based on GRI G4. The lowest value of 26.58 was for PT PP London Sumatra Indonesia Tbk in 2012. The average value of CSR from 2012 to 2016 fluctuated and this indicates the unstable CSR value generated by issuers


#### **Table 2.**

*Companies included in the SRI KEHATI Index per 2017.*


*Implementation of Corporate Social Responsibility to Increase the Value of Companies Listed… DOI: http://dx.doi.org/10.5772/intechopen.93482*

#### **Table 3.**

*SRI KEHATI Index issuers' data which continue to be in the Index continuously from 2012 to 2016.*

registered in the SRI KEHATI Index from year to year; this can be seen in the graph in **Figure 4**.

The value of the company in this study was calculated using price-to-book value (PBV) which measures the value given by the financial market to the management and organization of the company as an entity that continues to grow, and the data shown in **Figure 5** were obtained.

Based on **Table 5**, the average value of the price-to-book value of companies listed on the SRI KEHATI Index from 2012 to 2016 was 2.64 with a standard deviation of 1.61; and an analysis based on the year that obtained the highest PBV was 58.48 for PT Unilever Indonesia Tbk in 2016, while the lowest PBV was found for PT Timah (Pesero) Tbk in 2015. The average PBV value of companies listed on the SRI


#### **Table 4.**

*Statistic description of corporate social responsibility listed on SRI KEHATI Index, year 2012–2016.*
