This study aims to examine the relationship between corporate social responsibility (CSR) and market value added (MVA) through a more comprehensive analysis of the relationship between the two variables.,The population used in this study is all companies listed on the IDX. Sample selection is done by purposive sampling method where the criteria chosen in this research are: listed on the IDX during 2010–2016 and published its annual financial statements completely. The analysis tools using panel parametric regression are based on the reciprocal relationship (MVA related to CSR, and CSR related to MVA). This model should be linearity, based on RESET test. On the other hand, an alternative model is based on a nonlinearity relationship (the linearity of parametric regression is not fulfilled), the modified panel nonparametric regression (accommodates the reciprocal and nonlinearity relationship).,Social responsibility or CSR shows a positive relationship with MVA, also the MVA has a positive relationship with CSR. This means that when CSR value increases, then MVA also increases, vice versa. When the company discloses CSR, the company maintains good relationships not only with its shareholders but also with other stakeholders including the community and its environment. Therefore, it can enhance the company's perception and reputation to shareholders that the company is a responsible company, in the sense of being responsible not only to shareholders but also to other stakeholders. This then makes shareholders interested to invest their capital in companies with good CSR. Increased capital by shareholders in the form of stock purchases can affect the high or low stock price of a company; if the company price is high, then the higher the value of its MVA because the stock price is an element of MVA.,Based on the aforementioned phenomenon, the relationship has the reciprocal characteristics, which means that CSR has a relationship with MVA; on the other hand, MVA also has a relationship with CSR (with a different time lag). Also, this study detects the nonlinearity relationship between variables shown in Fernandes and Fresly (2017). This part as the originality of this paper focused on the reciprocal and nonlinearity relationship between CSR and MVA.

中文翻译：

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企业社会责任与市场附加值之间的对等和非线性关系：印度尼西亚的案例研究

本研究旨在通过对两个变量之间的关系进行更全面的分析，以研究企业社会责任（CSR）与市场增加值（MVA）之间的关系。本研究中使用的人群是IDX上列出的所有公司。样本选择是通过有针对性的抽样方法完成的，其中，本研究选择的标准是：在2010–2016年间在IDX上列出并完整发布其年度财务报表。使用面板参数回归的分析工具基于相互关系（与CSR相关的MVA，与MVA相关的CSR）。根据RESET测试，该模型应为线性。另一方面，替代模型基于非线性关系（不满足参数回归的线性），社会责任或企业社会责任与MVA呈正相关，MVA与企业社会责任也呈正相关。这意味着，当CSR值增加时，MVA也将增加，反之亦然。当公司披露企业社会责任时，公司不仅与股东保持良好关系，而且与社区和环境等其他利益相关者保持良好关系。因此，从不仅对股东负责而且对其他利益相关者负责的意义上讲，它可以增强公司对股东的认识和声誉，使公司成为负责任的公司。然后，这使股东有意将其资本投资于具有良好企业社会责任的公司。股东以购买股票的形式增加资本可能会影响公司的股价高低；如果公司价格高，则由于股票价格是MVA的一个组成部分，因此MVA的价值就越高。基于上述现象，这种关系具有互惠性，这意味着CSR与MVA有关系。另一方面，MVA与CSR也有关系（具有不同的时滞）。此外，这项研究还发现了Fernandes和Fresly（2017）中显示的变量之间的非线性关系。作为本文的独创性，这一部分着重于CSR与MVA之间的对等和非线性关系。基于上述现象，这种关系具有互惠性，这意味着CSR与MVA有关系。另一方面，MVA与CSR也有关系（具有不同的时滞）。此外，这项研究还发现了Fernandes和Fresly（2017）中显示的变量之间的非线性关系。作为本文的独创性，这一部分着重于CSR与MVA之间的相互关系和非线性关系。基于上述现象，这种关系具有互惠性，这意味着CSR与MVA有关系。另一方面，MVA与CSR也有关系（具有不同的时滞）。此外，这项研究还发现了Fernandes和Fresly（2017）中显示的变量之间的非线性关系。作为本文的独创性，这一部分着重于CSR与MVA之间的对等和非线性关系。