**Table 8.**

*Coefficients.a*

Then it is obtained that the value of the company measured by price-to-book value is not influenced by corporate social responsibility and shows a negative sign, meaning the greater the CSR, the lower the company's value will be.

This is contrary to what has been found in the background of the research that CSR will affect the value of the company, which is not proven in Indonesia. Because investors still think profit taking is not based on the impact of the products produced affecting the environment.
