Abstract This study investigates the influence of related party transactions (RPTs) on firm value. Further, it examines whether a firm’s corporate social responsibility (CSR) reporting reflects its corporate values and ethical concerns, therefore mitigating the value-destroying effects of RPTs. Based on 274 observations from publicly listed firms in Indonesia, our results show that RPTs (i.e., related party sales) are negatively related to firm value. Further, we find that in the presence of better CSR reporting, the relationship between RPTs and firm value becomes more positive. This is in line with the view that CSR reporting, which reflects firms’ ethical concerns, may serve as a mechanism against managers’ opportunism. However, we find that related party payables have a positive relationship with firm value. Further investigation reveals that, although certain RPTs show a short-term, value-enhancing effect, these transactions seem to result in subsequent tunneling activities, suggesting managerial opportunism in the long term.

中文翻译：

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关联方交易和企业价值：企业社会责任报告的调节作用

摘要本研究调查了关联交易（RPT）对公司价值的影响。此外，它检查了公司的企业社会责任（CSR）报告是否反映了其公司价值和道德问题，从而减轻了RPT的破坏价值的影响。根据印度尼西亚上市公司的274项观察结果，我们的结果表明RPT（即关联方销售）与公司价值负相关。此外，我们发现，在存在更好的企业社会责任报告的情况下，RPT与企业价值之间的关系变得更加积极。这符合这样的观点，即反映企业道德问题的企业社会责任报告可以作为抵制经理人机会主义的一种机制。但是，我们发现关联方应付款与公司价值具有正相关关系。进一步调查发现，