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American Journal of Economic and

Management Business

e-ISSN: 2835-5199

Vol. 2 No. 11 November 2023

THE IMPACT OF CSR (CORPORATE SOCIAL RESPONSIBILITY)

ON CUSTOMER SATISFACTION AND LOYALTY THROUGH THE

PERCEIVED VALUE OF CUSTOMERS IN OIL AND GAS

COMPANIES

Farkhodov Farrukhjon, Yoo Don-Yoon

Youngsan University, South Korea

Email: [email protected]

Abstract

Corporate social responsibility (CSR) refers to the degree to which firms accept direct

economic, legal, ethical, social, and policy obligations towards their stakeholders, which

in turn may influence customer responses. The aims this study to know The Impact of

CSR (Corporate Social Responsibility) on Customer Satisfaction and Loyalty Through

the Perceived Value of Customers in Oil and Gas Companies. This study employs survey

research methodology, employing both explanatory and hypothesis-testing approaches

through the utilization of descriptive and exploratory methodologies.The tesult The

Corporate Social Responsibility (X) variable has a significant effect on the level of

Customer Perceived Value (Z).

Keywords: CSR, Customer Satisfaction, Perceived Value

This article is licensed under a Creative Commons Attribution-ShareAlike 4.0

International

INTRODUCTION

Corporate social responsibility (CSR) refers to the degree to which firms accept

direct economic, legal, ethical, social, and policy obligations towards their stakeholders,

which in turn may influence customer responses (Lacey et al., 2015). In recent years, the

research field of corporate social responsibility (CSR) has gained significant relevance

and has emerged as a crucial element in the ongoing discourse between firms and their

stakeholders. Scholars have extensively examined the various advantages that corporate

social responsibility (CSR) can bring to organizations. However, there is a notable

scarcity of research focusing on the psychological processes that underlie stakeholder

reactions to CSR initiatives (Bhattacharya, Korschun, & Sen, 2009).

There is a growing recognition among companies that they must implement

corporate social responsibility (CSR) initiatives in response to social and business

dynamics. By embracing CSR practices, companies not only enhance their ability to

perform ethical actions effectively but also improve their overall performance, thereby

positively impacting important stakeholders such as consumers (Nisa and Singgih, 2009).

Corporate Social Responsibility (CSR) is the incorporation of social and environmental

considerations into a company's operations with the aim of generating value and fostering

Farkhodov Farrukhjon, Yoo Don-Yoon

407

beneficial outcomes for the company and its stakeholders, particularly consumers. Hence,

corporate social responsibility (CSR) encompasses more than a mere response to social

or environmental concerns (Chen & Chang, 2013). Corporate Social Responsibility

(CSR) is a marketing endeavor that has the potential to shape a distinct market strategy

for a brand and enhance its brand value, thus fostering consumer loyalty (Liu et al., 2014).

Corporate Social Responsibility (CSR) refers to a collection of constructive and

proactive managerial initiatives undertaken by a firm with the aim of recognizing and

fulfilling consumer demands while also adhering to responsible business practices.

According to Frances and Tomas (2019), it can be observed that the adoption of corporate

social responsibility (CSR) initiatives leads to the development of a competitive edge for

companies by facilitating the creation of customer value. Peloza and Shang (2011) assert

that there is a requirement for greater intentionality and specificity in the generalizations

made in corporate social responsibility (CSR) research. They also emphasize the

importance of directing attention towards the origins of stakeholder value that is

generated through CSR initiatives. Specifically, placing emphasis on corporate social

responsibility (CSR) activities as a means of generating self-oriented value for customers

presents a potential avenue for marketers to establish distinctiveness and enhance the

prevailing emphasis on other-oriented value in CSR studies. Within the framework of

marketing concepts, the concept of perceived value may be understood as a reciprocal

relationship between the benefits that consumers derive from a product or service and the

corresponding sacrifices they must make in order to obtain them. There is a growing

recognition among firms that the interplay between social and business dynamics

necessitates the implementation of corporate social responsibility (CSR) initiatives. By

embracing CSR practices, organizations not only enhance their ability to effectively carry

out ethical acts but also strive to improve their overall performance, thereby exerting a

favorable influence on crucial stakeholders, particularly customers.

This background provides a strong basis for research interests related to "The

Impact of CSR (Corporate Social Responsibility) on Customer Satisfaction and Loyalty

Through The Perceived Value Of Customers in Oil and Gas Companies." This research

is interesting because companies in the oil and gas sector have a central role in the global

economy and often face major challenges in managing environmental and social issues.

Through CSR practices, these companies try to maintain a balance between their business

interests and social and environmental responsibilities. In this context, understanding how

these sustainable practices influence customer perception and satisfaction becomes

crucial, as customers tend to be increasingly aware of the environmental and social

impacts in their purchasing decisions. This research will also help understand whether

customer-perceived value acts as an intermediary linking CSR practices to levels of

satisfaction and, in turn, customer loyalty. The results of this research can provide

valuable guidance for oil and gas companies in developing sustainable business strategies

that focus on customer satisfaction and loyalty, while paying attention to their social and

environmental responsibilities.

In recent years, corporate social responsibility (CSR) has emerged as an important

element in interactions between companies and stakeholders. Academic researchers have

conducted extensive investigations on the advantages of corporate social responsibility

(CSR) for enterprises. These studies have highlighted the positive impact of CSR on

companies, such as enhancing their capacity to engage in ethical practices and enhancing

their overall performance. Nevertheless, there is a lack of extensive research that delves

into the psychological mechanisms that drive stakeholder reactions to corporate social

American Journal of Economic and Management Business

Vol. 2 No. 11 November 2023

408

responsibility (CSR) activities. There is a growing recognition among corporations that

the adoption of Corporate Social Responsibility (CSR) practices is a strategic reaction to

societal and commercial forces, enabling organizations to generate value and outcomes

that are advantageous to various stakeholders, particularly consumers. Corporate Social

Responsibility (CSR) encompasses more than simply addressing social or environmental

concerns; it also serves as a marketing endeavor that can establish a distinct market

strategy and enhance brand worth, thereby influencing consumer allegiance.

The implementation of corporate social responsibility (CSR) initiatives has the

capacity to generate a competitive advantage through the facilitation of customer value

generation. Within the context of marketing, the perception of value by consumers may

be understood as an outcome of a mutually dependent association between the advantages

derived from a particular product or service and the corresponding trade-offs that they

must undertake. Therefore, corporate social responsibility (CSR) provides marketers with

the potential to cultivate uniqueness and enhance the focus on various consumer-oriented

values within the realm of CSR research. Through the implementation of corporate social

responsibility (CSR) principles, firms enhance their overall performance, thereby

generating a positive influence on stakeholders, particularly customers.

RESEARCH METHODS

This study employs survey research methodology, employing both explanatory and

hypothesis-testing approaches through the utilization of descriptive and exploratory

methodologies. Lawrence (2003) posits that survey research falls within the category of

quantitative research. Survey research is the systematic collection of data through the

administration of questionnaires or interviews to a large number of participants. This

method enables researchers to get information pertaining to individuals' beliefs, opinions,

and attributes of a particular entity, as well as their historical or current actions. The

survey research methodology mostly centers around inquiries pertaining to an individual's

own beliefs and behaviors.

The present investigation encompasses a sample of individuals comprising the

population under consideration. The sampling technique employed in this study was a

purposive sampling approach. This approach was utilized to choose samples from the

population that fulfilled specific criteria as determined by the author.

RESULT AND DISCUSSION

The coefficient of determination is a statistical measure employed to assess the

ability of a regression model to explain the association between the dependent variable

and the independent variable (Ghozali, 2013). The findings of the coefficient of

determination test in this investigation are presented in Table 4.11.

Tabel 1 Coefficient of Determination Test Results

Model Summary

Model

R Square

Adjusted R Square

Std. Error of the Estimate

.291

.572

.472

.3829

a. Predictors: (Constant), Z, X

b. Dependent Variable: Y1

Farkhodov Farrukhjon, Yoo Don-Yoon

409

Tabel 2 Coefficient of Determination Test Results

Model Summary

Model

R Square

Adjusted R Square

Std. Error of the Estimate

.238

.433

.611

.6297

a. Predictors: (Constant), Z, X

b. Dependent Variable: Y2

According to Table 2, the coefficient of determination is 0.472, indicating that the

independent variable accounts for 47.2% of the variability in the dependent variable (Y1)

that is necessary for prediction. Conversely, the remaining 52.8% of the variance can be

attributed to factors that are not encompassed within the independent variables considered

in this study.

According to the data shown in Table 4.12, the coefficient of determination is

calculated to be 0.611. This value indicates that the independent variable accounts for

about 61.1% of the variability observed in the dependent variable (Y2), thus providing a

substantial amount of information for predicting its values. In contrast, the portion of the

total variance amounting to 38.9% is attributable to factors that are not encompassed

within the independent variables considered in the scope of this research.

Hypothesis Test (T Test)

Tabel 3 T Test (1)

Coefficients

Model

Unstandardized Coefficients

Standardized Coefficients

Sig.

Std. Error

Beta

(Constant)

2.719

.436

3.572

.000

.056

.182

.062

.627

.021

a. Dependent Variable: Z

Tabel 4 T Test (2)

Coefficients

Model

Unstandardized Coefficients

Standardized Coefficients

Sig.

Std. Error

Beta

(Constant)

2.182

.173

4.271

.000

.076

.882

.018

.273

.003

a. Dependent Variable: Y1

Tabel 5 T Test (3)

Coefficients

Model

Unstandardized Coefficients

Standardized Coefficients

Sig.

Std. Error

Beta

(Constant)

3.664

.817

3.381

.000

.271

.117

.028

.516

.000

a. Dependent Variable: Y2

The T test is used to determine how far the influence of the independent variables

used in research individually is in explaining the dependent variable separately (Ghozali,

2012). The basis used in the t test is as follows:

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410

1. If the significance value is > 0.05, then the independent variable does not have a

significant influence on the dependent variable.

2. If the significance value is <0.05, then the independent variable has a significant effect

on the dependent variable.

Based on the results of the regression analysis in Tables 4.13, 4.14, and 4.15, the

following regression equation is obtained:

• Customer Perceived Value (Z) = 2,719 + 0,056 X

+ ε

• Customer Satisfaction (Y1) = 2,182 + 0,076 Z

+ ε

• Customer Loyalty (Y2) = 3,664 + 0,271 Z

+ ε

According to the results of the hypothesis test presented in Table 4.13, the

calculated t value is 0.627. Additionally, the regression coefficient (β) is estimated to be

0.056, and the probability (p) associated with this coefficient is determined to be 0.021.

The analysis results indicate that the probability value (p) is less than 0.05, therefore

leading to the conclusion that there is a significant influence of Corporate Social

Responsibility (X) on Customer Perceived Value (Z). As a result, hypothesis 1 is

validated.

According to the results of the hypothesis test presented in Table 4.14, the computed

t value is 0.273, while the regression coefficient (β) is estimated to be 0.076. The

probability (p) associated with this coefficient is determined to be 0.003. The study results

indicate that the probability value (p) is less than 0.05. Therefore, it can be inferred that

Customer Perceived Value (Z) has a statistically significant impact on the degree of

Customer Satisfaction (Y1). Consequently, hypothesis 2 is validated.

According to the results of the hypothesis test presented in Table 4.15, the

calculated t value is 0.516. Additionally, the regression coefficient (β) is determined to

be 0.271, and the associated probability (p) is found to be 0.000. The analysis results

indicate that the probability value (p) is less than 0.05, leading to the conclusion that

Customer Perceived Value (Z) significantly influences the amount of Customer Loyalty

(Y2). As a result, hypothesis 3 is validated.

Simultaneous Test (Uji F)

Tabel 6 F Test

ANOVA

Model

Sum of Squares

Mean Square

Sig.

Regression

.082

.026

6.221

.000

Residual

6.381

.161

Total

7.329

a. Dependent Variable: Y1

b. Predictors: (Constant), X, Z

Farkhodov Farrukhjon, Yoo Don-Yoon

411

Tabel 7 F Test

ANOVA

Model

Sum of Squares

Mean Square

Sig.

Regression

.078

.018

5.381

.000

Residual

7.414

.379

Total

7.281

a. Dependent Variable: Y2

b. Predictors: (Constant), X, Z

The F test is conducted in order to ascertain whether the collective independent

variables incorporated in the model exert a significant impact on the dependent variable

(Ghozali, 2012). Table 4.16 presents the results of simultaneous testing, indicating that a

statistically significant Fcount value of 6.221 was observed with a probability (p) of

0.000. According to the F test, when the probability value (p) is less than 0.05, it can be

concluded that both the Corporate Social Responsibility (X) and Customer Perceived

Value (Z) models have a statistically significant impact on Customer Satisfaction (Y1)

when considered together. Table 4.17 presents the results of simultaneous testing,

indicating that an Fcount value of 5.381 was observed with a probability (p) of 0.000.

According to the F test, when the probability value (p) is less than 0.05, it can be

concluded that both the Corporate Social Responsibility (X) and Customer Perceived

Value (Z) models have a statistically significant impact on Customer Loyalty (Y2) when

considered together.

Moderation Test

Tabel 8 Moderation Test (1)

ANOVA

Model

Sum of Squares

Mean Square

Sig.

Regression

.283

.092

.389

.036

Residual

7.616

.382

Total

7.781

a. Dependent Variable: Y1

b. Predictors: (Constant), X, XZ

Tabel 9 Moderation Test (2)

ANOVA

Model

Sum of Squares

Mean Square

Sig.

Regression

.178

.061

.304

.005

Residual

7.283

.299

Total

7.712

a. Dependent Variable: Y2

b. Predictors: (Constant), X, XZ

This study also conducted a moderation analysis to examine the impact of

Corporate Social Responsibility (X) on Customer Satisfaction (Y1) mediated by

Customer Perceived Value (Z). According to the data shown in Table 4.18, the computed

F value is determined to be 0.389, accompanied with a probability (p) of 0.036. According

to the F test, when the probability value (p) is less than 0.05, it can be concluded that there

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is a statistically significant relationship between Corporate Social Responsibility (X) and

Customer Satisfaction (Y1) mediated by Customer Perceived Value (Z). Therefore, it can

be concluded that hypothesis 4 has been substantiated.

This study also conducted a moderation analysis to examine the impact of

Corporate Social Responsibility (X) on Customer Loyalty (Y2) mediated by Customer

Perceived Value (Z). According to the data shown in Table 4.18, it can be observed that

the computed F value is 0.304, with a corresponding probability (p) of 0.005. According

to the F test, when the probability value (p) is less than 0.05, it can be concluded that

Corporate Social Responsibility (X) has a statistically significant impact on Customer

Loyalty (Y2) through Customer Perceived Value (Z). Therefore, it can be concluded that

hypothesis 5 is supported.

This study encompassed a sample size of 100 participants and aimed to examine

the impact of Corporate Social Responsibility (X) and Customer Perceived Value (Z) on

Customer Satisfaction (Y1) and Customer Loyalty (Y2). The findings of the conducted

study indicate that the variables of Corporate Social Responsibility (X) and Customer

Perceived Value (Z) have a simultaneous impact on both Customer Satisfaction (Y1) and

Customer Loyalty (Y2). The observation of a significance value of 0.000 in hypothesis

testing indicates the presence of a statistically significant outcome. The research findings

indicate that the R test values for the relationship between Corporate Social

Responsibility (X) and Customer Perceived Value (Z) with Customer Satisfaction (Y1)

are 0.472, representing a 47.2% influence, and for Customer Loyalty (Y2) are 0.611,

representing a 61.1% influence. These results suggest a significant association between

the variables under investigation.

The hypothesis test yielded a t-value of 0.627, accompanied by a regression

coefficient (β) approximately equal to 0.056 and a probability (p) of 0.021. The present

study demonstrates that the calculated probability (p) is less than the predetermined

significance threshold (0.05), hence allowing for the inference that Corporate Social

Responsibility (X) exerts a favorable impact on Customer Perceived Value (Z).

Therefore, hypothesis 1 has been substantiated.

According to Smith (1996), customers can derive a benefit from engaging in

exchange processes with corporations, namely the psychological benefit of experiencing

positive emotions and a sense of self-worth, which can in turn motivate them to engage

in altruistic behaviors. Strahilevitz (1999) posited that many authors have corroborated

these assertions and contended that the experience of aiding others through the act of

consumption elicits emotional advantages for consumers. Several explanations for

altruistic consumer behavior have been proposed in the literature. One such explanation

is the motivation to engage in morally upright actions (Strahilevitz, 1999). Another

explanation is the pursuit of moral satisfaction (Kahneman and Knetsch, 1992).

Additionally, the desire to experience pleasurable sensations has also been identified as a

driving factor for altruistic consumer behavior (Andreoni, 1990). In summary, one

approach to analyzing the rationale behind the willingness to pay a higher price in order

to support corporate social responsibility (CSR) within the framework of customer

Farkhodov Farrukhjon, Yoo Don-Yoon

413

relationships is to view these behaviors as consumers' pursuit of gratification gained from

the act of altruism towards others (Strahilevitz, 1999).

The findings of this study align with the research conducted by Ferreira et al (2010),

wherein it was observed that consumers perceived a higher level of benefit and value in

the offerings of socially responsible firms. Furthermore, these consumers demonstrated a

willingness to pay a premium of 10 percent for the products of such firms, considering

this price differential to be equitable. Furthermore, social activities that have a direct

impact on the consumer's life tend to elicit more favorable reactions compared to social

actions that have an indirect impact.

The findings of the hypothesis test indicate that the t-count was determined to be

0.273, accompanied by a regression coefficient (β) of 0.076 and a probability (p) of 0.003.

The analysis results indicate that the probability value (p) is less than the preset

significance level (0.05). Based on the findings, it can be inferred that there is a substantial

impact of Customer Perceived Value (Z) on the degree of Customer Satisfaction (Y1),

hence confirming the validity of the second hypothesis.

Customer perceived value is the holistic assessment conducted by customers with

regards to the benefits obtained from a specific product or service. This assessment

incorporates various dimensions like service quality, pricing, emotional appeal, and social

worth, all of which are predicated on the customer's viewpoint of the benefits they receive

and contribute in relation to the product or service. The value indicated above plays a

significant role in cultivating customer loyalty, hence influencing customers' propensity

to participate in purchase behaviors (Moliner et al., 2007). According to Babin et al

(1994), value is conceptualized as the subjective perception held by consumers regarding

the intrinsic worth of a specific activity or object. The formation of this perception is

influenced by considering the diverse benefits and drawbacks related with the utilization

of the aforementioned activity or object. When individuals participate in a commercial

exchange with an organization, they not only obtain the physical merchandise but also

internalize a collection of intangible principles that are linked to this organization. Ind

(1997) posits that the brand of a corporation comprises a collection of values that function

as a symbolic representation of the entire organization. The provision of value to

customers plays a crucial role in fostering customer loyalty, which, in turn, has the

potential to enhance both the frequency and volume of purchases, while also mitigating

consumer behavior characterized by product switching (Rust, Lemon, & Zeithaml, 2004).

Kotler (2005) posits that the primary objective of marketing is to augment the value

provided to satisfied clients and foster long-lasting, mutually beneficial relationships

between producers of goods or services and their clientele.

This finding aligns with the research conducted by Bernardo and Patricia (2017),

which demonstrates that the perception of value exerts a beneficial impact on both

customer satisfaction and customer loyalty. This study additionally demonstrates that

customer pleasure exerts a favorable impact on customer loyalty and trust.

The analysis of the hypothesis test revealed that the tcount statistic yielded a value

of about 0.516. Additionally, the regression coefficient (β) was determined to be 0.271,

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and the probability (p) was discovered to be 0.000. The present analysis demonstrates that

the observed probability (p) is less than the preset significance level of 0.05. Hence, it can

be inferred that there exists a substantial relationship between Customer Perceived Value

(Z) and the degree of Customer Loyalty (Y2), thereby confirming the validity of the third

hypothesis.

There exist multiple elements that have effect on customers' loyalty, with perceived

value being one of them. Lee et al. (2011) assert that perceived value holds significant

prominence as a primary determinant in marketing endeavors. According to Ha and Janda

in Lee et al. (2011), the significance of perceived value lies in the amount to which

customers derive benefits and find utility in the transactions they have engaged in. The

development of consumer outreach strategies can be achieved by effective management

of service quality, hence fostering customer satisfaction under such circumstances.

Therefore, it may be argued that customers' perception of value has a significant role in

influencing their repurchase intentions, often known as loyalty.

As stated by Kotler and Ketler (2012), customer perceived value (CPV) refers to

the disparity between a potential customer's evaluation of the benefits and costs associated

with a particular offer, in comparison to the benefits and costs offered by alternative

options. Based on the analysis of the aforementioned sources, it can be inferred that

customer value is determined by the disparity between client evaluations and the expenses

associated with acquiring a product that is designed to fulfill customer requirements in

accordance with their expectations. According to the research conducted by Andrisan

(2016), the fundamental concept of consumer perceived value revolves around the

evaluation of perceived benefits and perceived sacrifices. There are two distinct

techniques for enhancing the customer's perceived value: augmenting the perceived

advantage or diminishing the perceived sacrifice.

This finding aligns with the study conducted by Wati and Maulana (2022), which

shown that the perceived value variable has a partially favorable and significant influence

on customer loyalty. Additionally, the study also demonstrated that customer trust has a

positive and significant impact. Customer loyalty holds great significance in the realm of

business. According to the study conducted by Kusumawati and Rahayu (2020), it was

determined that there is a notable impact of quality experience on customer perceived

value, customer satisfaction, and customer loyalty. Additionally, it was found that

customer perceived value has a significant influence on both customer satisfaction and

customer loyalty. Furthermore, the study revealed that customer satisfaction plays a

crucial role in shaping customer loyalty.

This study also conducted a moderation analysis to examine the impact of

Corporate Social Responsibility (X) on Customer Satisfaction (Y1) mediated by

Customer Perceived Value (Z). The findings presented in Table 4.18 indicate that the

Fcount value is around 0.389, with a corresponding probability (p) of 0.036. Based on the

principles of the F test, when the probability (p) is below 0.05, it can be inferred that there

exists a statistically significant relationship between Corporate Social Responsibility (X)

Farkhodov Farrukhjon, Yoo Don-Yoon

415

and Customer Satisfaction (Y1), mediated by Customer Perceived Value (Z). Hence, it

may be asserted that the fourth hypothesis has been substantiated.

Corporate Social Responsibility (CSR) has gained significance as a strategic

approach due to the anticipation of favorable customer reactions by corporations (Kim

and Ham, 2016). In light of intensifying rivalry within the business, the imperative of

meeting and maintaining consumer satisfaction has become a pivotal objective for

corporations. Corporate social responsibility (CSR) is anticipated to play a role in

facilitating the attainment of this goal. In the given setting, customer loyalty serves as a

significant manifestation of customers' endorsement of company success (García de los

Salmones et al., 2009). According to Lewis and Soureli (2006), regular communication

has the potential to be a powerful tool in fostering loyalty. Lewis and Soureli (2006)

conducted a study in which they identified the primary elements influencing bank loyalty.

Their findings indicated that perceived value, service quality, service qualities,

satisfaction, image, and trust were the key determinants in this regard. Furthermore, the

study revealed that these aspects were interconnected and influenced each other.

This study also includes a moderation analysis to examine the impact of Corporate

Social Responsibility (X) on Customer Loyalty (Y2) by means of Customer Perceived

Value (Z). The findings shown in Table 4.18 indicate that the computed F value is around

0.304, accompanied by a probability (p) value of 0.005. Based on the guidelines of the F

test, when the probability (p) is less than 0.05, it can be inferred that there exists a

statistically significant relationship between Corporate Social Responsibility (X) and

Customer Loyalty (Y2), mediated by Customer Perceived Value (Z). Therefore, it can be

said that the fifth hypothesis has been substantiated.

The existing body of research pertaining to services commonly acknowledges a

prevailing agreement that revolves around the concept of satisfaction. This phenomena is

understood to be closely associated with cognitive evaluations and the emotional aspects

of responses. The first concept pertains to the cognitive process of evaluating an

experience by considering multiple aspects for comparison. The second concept pertains

to the expression of various good or negative emotions that may develop as a result of

this evaluation. As a result, when customers view a firm to have more value as a result of

its corporate social responsibility (CSR) initiatives, they tend to experience stronger

positive emotions. Similarly, the development of value results in a heightened level of

consumer loyalty towards the retail organization (Gallarza & Gil, 2006; McDougall &

Levesque, 2000). According to Galant and Cadez (2017), engaging in corporate social

responsibility (CSR) initiatives has a positive impact on corporate reputation, which in

turn enhances consumer retention. Corporate Social Responsibility (CSR) has been found

to have a direct influence on customer loyalty, as well as an indirect impact through

several mediating variables, including value (Irshad, Rahim, Khan & Khan, 2017).

The findings of this study align with the research conducted by Fransces and Tomas

(2019), which investigated the impact of corporate social responsibility on consumer

loyalty by considering consumer perceived value. The findings indicate that the

implementation of corporate social responsibility (CSR) policies has a positive impact on

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consumers' perception of the company's value, trust, commitment, satisfaction, and

loyalty. The primary contribution of this article lies in its examination of consumer-

oriented corporate social responsibility (CSR) as a variable that enables companies to

differentiate themselves competitively. This differentiation is achieved through the

enhancement of consumer relationships and the creation of perceived value. The

interrelationships between corporate social responsibility (CSR) and consumer value

have garnered significant attention in the business literature. However, a comprehensive

understanding remains limited.

CONCLUSION

Based on the results of the analysis and discussion carried out in the research, the

following conclusions were obtained The Corporate Social Responsibility (X) variable

has a significant effect on the level of Customer Perceived Value (Z). This can be seen

from the t-count of 0.627 with a regression coefficient (β) of around 0.056 and a

probability (p) of 0.021. The Customer Perceived Value (Z) variable has a significant

effect on Customer Satisfaction (Y1). This can be seen from the t-count which has a value

of 0.273, with a regression coefficient (β) of 0.076, and a probability (p) of 0.003. The

Customer Perceived Value (Z) variable has a significant effect on Customer Loyalty (Y2).

This can be seen from the t-count which has a value of 0.516, with a regression coefficient

(β) of 0.271, and a probability (p) of 0.000. The Corporate Social Responsibility (X)

variable has a significant effect on Customer Satisfaction (Y1) through Customer

Perceived Value (Z). This can be seen from the F-count value of 0.389 with a probability

(p) of 0.036. The Corporate Social Responsibility (X) variable has a significant effect on

Customer Satisfaction (Y2) through Customer Perceived Value (Z). This can be seen

from the F-count value of 0.304 with a probability (p) of 0.005.

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AJEMB – American Journal of Economic and Management Business