KEHATI Index from 2012 to 2016 fluctuated but did not soar so far that it can be said that PBV is stable, ranging from 4.61 to 5.57, which is indicated in the graph in **Figure 5**.

Based on the description above, it can be seen how the relationship between CSR and PBV can be analyzed, as follows:

PT Timah (Pesero) Tbk implements CSR almost near perfect which is an average of 89.62%, but its PBV value does not show a good development of an average of 1.55. This means that investors still think that investing in the mining sector has a high risk. But, on the contrary, PT Unilever Indonesia Tbk has a low CSR that is 41.77%, but its PBV value is 49.09, meaning investors prefer stocks with low risk because PT Unilever Indonesia products are already known by the public. Whereas, for other companies, it can be said to be balanced between the value of CSR and PBV.

Hypothesis examiner:

Based on the draft hypothesis stated above whether corporate social responsibility affects the value of companies listed on the SRI KEHATI Index from 2012 to 2016 by using the SPSS obtained as follows (**Tables 6**–**8**):

Simple linear regression analysis:

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

#### **Figure 4.**

*Graph of issuers' CSR that was registered at SRI KEHATI Index in 2012–2016.*

**Figure 5.** *PBV chart of companies listed on the SRI Kehati Index.*

From the research model, the regression equation is obtained as follows:

$$\mathbf{Y} = \mathbf{41}, \mathbf{512} - \mathbf{0}.\\ \mathbf{014X} + \mathbf{e} \tag{4}$$

or

$$\text{Company's value} = 41,512 - 0.014 \,\text{CSR} + \text{e} \tag{5}$$

Based on the above output, a significance value of 0.918 is known to be greater than 0.005, so it can be concluded that H0 is accepted and Ha is rejected, which means CSR (X) has no effect on PBV (Y).


#### **Table 5.**

*Statistic description of price-to-book value listed on Sri Kehati Index, year 2012–2016.*


#### **Table 6.**

*Model summary.*


*Dependent variable: CSR.*

*b Predictors: (constant) PBV.*

*CSR has no influences on PBV, and it can be shown the significance value 0.918.*

**Table 7.** *ANOVA.a* *Implementation of Corporate Social Responsibility to Increase the Value of Companies Listed… DOI: http://dx.doi.org/10.5772/intechopen.93482*

