THE INFLUENCE OF CSR DIMENSION ON INVESTOR ATTENTION DURING THE COVID-19

. Investor attention reacts to the company’s newly released information, especially positive information or positive signal. Since COVID-19 pandemic, CSR is one of the positive signals from company. This study aims to examine the effect of each CSR dimension on investor attention during the COVID-19 pandemic and prove which form of CSR category attract investor attention the most in times of crisis. The research uses quantitative methods, secondary data forms


INTRODUCTION
The COVID-19 epidemic arrived in Indonesia in early 2020 and has had a wide-ranging impact. The COVID-19 pandemic has a negative influence on numerous industrial sectors (Sumarni, 2020). The drop in purchasing power leads to a decrease in the company's income, which leads to the termination of employment from the employer, which is typically a corporation that experiences huge losses (Fahri & Kasnelly, 2019). Although some industries, such as the food and beverage business, have grown sales (Kartikaningsih, 2020). In addition to increased sales, companies that have benefited from the pandemic have seen an increase in stock prices, such as the consumer goods industry, which has always performed well, with evidence of positive average returns in the industry from January to September 2020, while 8 other industries experienced uncertainty. in the midst of the COVID-19 epidemic (Agung & Susilawati, 2021). Industrial products consumption has increased in demand since the COVID-19 case and has become one of the suggested industrial investment options (Town, 2020). The same is true for the conclusion that, aside from telecommunications and health, the major consumer industry sector (classification based on the IDX Industry Classification) is one of the companies that survived the COVID-19 epidemic and can be a good investment (Tambunan, 2020).
During the COVID-19 pandemic, many companies developed strategies and efforts to help them survive in times of crisis, such as cost cutting (Nguyen, Ngo, & Tran, 2021) (Dube, Nhamo, & Chikodzi, 2021) or considering the use of innovation or new product lines (Wang, Yu, & Chan, 2021). The company's strategies and efforts during the COVID-19 pandemic resulted in new information, which became important information to attract investors' attention because investors tend to react to the most recent information or news released by the company perusahaan (Ballinari, Audrino, & Sigrist, 2022). The information acquired and the level of investor understanding will have an impact on the investment decisions made (Puspitaningtyas, 2014). Investors will take market action as a result of these investment decisions, resulting in stock market activity (Afriani, 2018).
Investor attention to firm information might be one of the key factors influencing market circumstances (Wang, Xu, & Sharma, 2021). Investor attention is informative for the stock market (Wang, Xu, & Sharma, 2021), especially in light of current conditions that allow investors to obtain public information in the stock market via the internet (Chae, Kim, & Han, 2020). Companies that receive a lot of attention are more likely to have negative stock returns (Lee, Lee, & Kim, 2021). During the COVID-19 epidemic, investors' attention shifted, with investors paying too much attention to macro information and diverting their attention away from micro information (Xu, Zhang, & Zhao, 2023). Companies that provide offers and possibilities for investors during a pandemic, on the other hand, will be able to raise investor attention and share prices (Iyke & Ho, 2021).
According to signaling theory, the agent that manages the firm will send a signal (signaling) to investors, which can provide an overview for investors and afterwards impact their perspective of the company (Brigham & Houston, 1999). In general, the signals provided by corporations are good signals that will later provide an explanation or illustration that the company's performance is superior to that of other companies since the quality of the information supplied influences investor decisions. Signaling theory exposes several key components, including signaling, signaling, receiving, and feedback (Connelly, Certo, Ireland, & Reutzel, 2011).
According to (Kusumayanti & Astika, 2016), one of the positive signals that businesses send is through participating in CSR activities. Companies that engage in CSR activities have higher share prices (Pristianingrum, 2017), and companies that engage in CSR activities have a higher percentage of QFII or share ownership (Yu & Zheng, 2020). The influence of CSR on firm value fluctuates with time, and when market conditions are as bad as they are now, the impact will be more pronounced (Agusmadi, Marzuki, & Sutan, 2020). Internal CSR activities have a significant impact on company value under normal market conditions, and organizations that engage in both internal and external CSR will have a greater company value (Lee & Choi, 2021). CSR can influence investors' decisions to buy shares, and investors prefer companies that pay attention to CSR issues over those that do not (Porzio, Salerno, & Stella, 2023). Investors also consider CSR and its risks, so it is critical for companies to engage in CSR activities that are beneficial to business (Chen Y. , 2020). However, during the financial crisis, CSR activities declined significantly. This was due to CSR activities incurring large costs, making this policy a burden for the company; however, CSR during the COVID-19 pandemic, particularly those related to community relations, the environment, customers, and employees, can attract the attention of stakeholders and become an option to increase stock returns (Qui, Jiang, Liu, Chen, & Yuan, 2021).
On average, research indicates that CSR has a very good impact on firms; yet, when studied in each CSR dimension -economic performance (profit), environmental performance (planet), and social performance (people), test results are conflicting. Economic and social performance, for example, have no effect on the value of banking businesses listed on the IDX and MSE, however environmental performance has an effect on the value of MSE banking companies (Nurfitriani, Mukhzarudfa, & Wahyudi, 2021). The relationship between CSR dimensions and the stock market demonstrates that economic and environmental performance have little effect on the stock market, while social performance has a considerable effect (Shobirin, 2012). On the one hand, economic performance has a major effect on stock prices, whereas environmental and social performance have no effect (Fahmi & Pumawan, 2017). Furthermore, research on investor attention is frequently associated with stock market information and volatility, because investor attention is one of the key factors influencing market conditions (Wang, Xu, & Sharma, 2021). There has been no research into its impact on CSR. There is inconsistency in the impact of each CSR component, and there is no research that examines its impact on investor attention; it is hypothesized Furthermore, research on investor attention is often associated with stock market information and volatility, because investor attention is one of the key factors influencing market conditions (Wang, Xu, & Sharma, 2021). Researchers are interested in researching and developing the effect of implementing CSR activities during the COVID-19 pandemic crisis on investor attention, particularly in each CSR dimension (profit, planet, people), due to the inconsistency of the influence of each CSR dimension and the lack of research that reviews its effect on investor attention. Then it demonstrates which aspects of CSR are most important to investors, particularly under the current crisis conditions.

The Influence of the Dimensions of Corporate Social Responsibility (CSR) on Investor Attention
Many studies disclose the effect of CSR, which usually implies that CSR can have a positive influence on firms, although there are variations in the research results between each CSR dimension. Economic and social performance have little effect on the value of IDX and MSE banking companies, however environmental performance has an effect on MSE banking companies (Nurfitriani, Mukhzarudfa, & Wahyudi, 2021).. Regression with the stock market demonstrates that economic and environmental performance have little effect on the stock market, but social performance does (Shobirin, 2012).
This hypothesis is related to signaling theory since CSR activity is one of the positive signals that corporations might send in the hope that their CSR activities will attract the attention of investors. Despite differences of opinion, there is currently no research that assesses the impact of each CSR factor on investor interest. Overall, CSR has a positive impact on the company, hence it is believed that each CSR dimension (profit, planet, people) will have an impact on investor attention, as hypothesized by the researcher: H1a: The profit dimension of CSR during the COVID-19 pandemic had an effect on investors' attention. H1b: The planetary dimension of CSR during the COVID-19 pandemic has an effect on investors' attention. H1c: The people dimension of CSR during the COVID-19 pandemic had an effect on investors' attention.

The Most Influential CSR Dimension on Investor Attention
The state of the COVID-19 epidemic has become a popular topic that has piqued the interest of investors. According to one study, companies that receive more attention from investors have lower stock returns (Lee, Lee, & Kim, 2021). However, during a crisis, such as the COVID-19 pandemic, companies can provide potential benefits to investors (Iyke & Ho, 2021). Implementing Corporate Social Responsibility (CSR) initiatives during the COVID-19 pandemic can be a kind of potential for businesses since they can protect enterprises, consumers, and employees while also attracting the attention of stakeholders (Qui, Jiang, Liu, Chen, & Yuan, 2021).
Companies that receive more attention from investors tend to have lower stock returns (Lee, Lee, & Kim, 2021), but the situation can be reversed if, during a crisis, such as the COVID-19 pandemic, companies can provide potential benefits to investors (Iyke & Ho, 2021). According to research that divides CSR relationships into communities, customers, and employees, each CSR has a significant influence on stakeholder attention, with community-related CSR having the strongest effect in attracting stakeholder attention during the COVID-19 pandemic (Qui, Jiang, Liu, Chen, & Yuan, 2021). CSR also had a positive impact during the COVID-19 pandemic in terms of giving innovation for enterprises to contribute socially in order to strike a balance between profitability and good relations with stakeholders (Triana, Sulastri, & Humaedi, 2020). On the one hand, investors tend to react to the company's most recent information or news (Ballinari, Audrino, & Sigrist, 2022). It is expected that the type of social contribution would be received as new information and will attract the attention of investors.
H2: The people dimension during the COVID-19 pandemic had the most influence on investors' attention.
The conceptual framework can be defined as follows based on the challenges and assumptions developed:

RESEARCH METHODS
This study used quantitative approaches because the data was in the form of numbers and was examined using mathematical or statistical computations. Secondary data sources are used since the information acquired was provided by units or institutions, specifically the Indonesia Stock Exchange (IDX), the official website of the sample company, and Google Search Volume (GSV). The information acquired is from the company's annual report in the form of CSR data and investor attention data in 2020 and 2021, or during the COVID-19 epidemic.
In this study, the population consisted of all companies listed on the Indonesia Stock Exchange (IDX), and a nonprobability sample was drawn using a purposive sampling technique. The selected industrial sector is one that is predicted to have a positive influence or perform consistently during the COVID-19 pandemic, can be classified using the IDX-IC industry sector, and publishes annual reports for 2020 and 2021 or during the COVID-19 pandemic. The data is obtained using a balanced panel approach in which the number of firms investigated is the same as the number of company units in the subsequent period, so that the number of sample companies in 2020 is the same as the number of samples in 2021.
Companies that had a good impact or steady performance throughout the COVID-19 pandemic were picked because they continued to perform positively during the pandemic and were stocks in demand by investors during the crisis (Town, 2020). The primary consumer goods industry sector (Consumer Non Cyclical) was chosen because the consumer goods industry always performs well with proven average positive returns to the industry during January-September 2020 (Agung & Susilawati, 2021) and became one of the stocks that survived the COVID-19 pandemic, aside from telecommunications and health, and can be a choice of stocks for investment (Tambunan, 2020). There are 93 enterprises in the primary consumer industry sector, and 17 companies do not release annual reports for 2020 to 2021 or during the COVID-19 epidemic, thus the total sample collected is 76 (table 1).

Investors' Attention
The dependent variable under investigation in this study is investor attention. Investor interest in a company is referred to as investor attention. Investor attention is measured using Google Search Volume (GSV), a method developed by Da in 2011 (Da, Engelberg, & Gao, 2011), (Afriani, 2018) and it has been proven that online search activity reflects investor attention because online search activity is significantly correlated with stock turnover, trading volume, and stock volatility (Chen & Lo, 2018. The GSV comprises statistical data such as the number of parties who accessed specific material within a given timeframe on a scale of 0-100. The scale value implies that the greater the scale value, the greater the number of parties interested in accessing the information. Data on investor interest is obtained from the www.google.com/trends site by employing keywords, sample firm names, and criteria. 1) The keywords used are the company's full name. 2) The search location is set to Indonesia, and 3) keywords are chosen using corporate names rather than legal names such as "PT" and "Tbk" (Afriani, 2018).
Each CSR dimension is the independent variable in this study. In 1997, John Elkington revealed in his book Cannibals with Forks: The Triple Bottom Line of 21st Century Business that companies that engage in CSR activities will pay attention to the progress of society, particularly the people around them (people), the environment (planet), and the company's quality. (profit), often known as 3P in the triple bottom line. CSR is separated into three dimensions or based on the 3P idea introduced by John Elkington in 1997 in (Mardikanto, 2014), which comprise profit, planet, and people. CSR is measured using GRI indicators, which have evolved from GRI G3, GRI G4, and GRI Standards. The GRI Standard measurement includes three categories or dimensions chosen from GRI codes 201 to 419, with a total of 89 disclosure elements. The GRI Standard items will be matched with the information supplied by the sample corporations in their annual reports. Companies that disclose items in accordance with the GRI Standard will be rated 1, whereas companies that do not disclose related items will be rated 0. The total of all the products possessed by the corporation is then divided by 17 for the profit dimension, 32 for the planet dimension, and 40 for the people dimension, or can be expressed as follows: Because the coefficient number can explain the amount of investor attention in each additional CSR disclosure made by the company, the measurement for the CSR dimension that has the most influence on investor attention is by drawing conclusions from the results of the highest linear regression coefficient. The following equation is used in the data analysis technique: Y = β o + β 1 Profit + β 2 Planet + β 3 People + ε…………………………………………..

RESULTS AND DISCUSSION Results
Descriptive statistical tests (Table 2.) were carried out during the COVID-19 pandemic or from 2020 to 2021, so that for the number of data samples or N, there were 152 samples (a total of 76 samples in 2020 and 76 samples in 2021 which were accumulated in statistical tests descriptive). As for the investor attention variable, during the COVID-19 pandemic it showed a minimum value of 281 and a maximum value of 3929. Meanwhile, the data distribution for investor attention is around the sample average because the standard deviation value of investor attention is smaller than the average value, the results this is shown in the results of the comparison of the average value of 1647.90 with a standard deviation value of 745.831. The sample distribution on the variable dimensions of CSR, including profit or economic performance, has a minimum value of 0.176 and a maximum value of 0.765. Next, CSR in terms of planetary or environmental performance has a minimum value of 0.031 and a maximum value of 0.625. Finally, on the people or social performance side, it has a minimum value of 0.125 and a maximum value of 0.6.  (2022) The classical assumption test is performed next, and the results of the normality test indicate sig. of 0.453, indicating that the sample data possessed is normally distributed because it has a sig value greater than 0.05 (Table 3). Following that, the data testing results are free of multicollinearity, with a Tolerance value better than 0.1 and a VIF value less than 10 (Table 4). Profit has a tolerance value of 0.786, the planet has a tolerance value of 0.809, and individuals have a tolerance value of 0.777, according to the test results. Then the VIF value is the profit of 1.273 planets, 1.236 people, and 1.287 people.  (2022) Furthermore, the heteroscedasticity test (Table 5) was carried out using the Park test and the results showed that there was no heteroscedasticity due to the sig. > 0.05, namely profit of 0.533, planet of 0.417 and people of 0.788.  (2022) Finally, the autocorrelation test (Table 6) was performed using the Runs Test technique, and the test results indicated that the data is free of autocorrelation because it has a sig value more than 0.05, which is 0.193. As a result, the test data was normally distributed, with no multicollinearity, heteroscedasticity, or autocorrelation.  (2022) The data is then tested further by using multiple linear regression analysis (Table 7), the findings of which yield the following equation: Investors' Attention = -1084,932 + 2062,272 Profit + 2019,310 Planet + 3709,039 People + e………………………………………………………………………………. (5) The negative regression constant value in the regression equation is -1084.932, which suggests that if the company does not carry out each CSR activity (profit, planet, people), the average investor attention will be reduced by 1084.932. Then, in each CSR dimension variable, there is a positive value, beginning with profit, which, if there is extra disclosure on economic performance, will enhance investor attention by 2062.272. Investor attention will grow by 2019,310 if there is greater disclosure on environmental performance, and by 3,709,039 if there is additional disclosure on social performance.  (2022) The results of unstandardized coefficients B or regression coefficients can also answer which aspects of CSR attracted investors' attention the most during the COVID-19 epidemic. The regression coefficient results demonstrate that social performance or the people dimension had the biggest influence on investor attention during the COVID-19 epidemic, with the highest unstandardized coefficient B value of 3709.039 (Table 7).
Finally, the hypothesis is tested using the R2 test, F test, and t test. The R2 test (Table  7) shows that the quantity of R2 is 0.70 or 70%, indicating that the CSR dimension variable has a 70% influence on investor attention and the remaining 30% can be influenced by other variables that are outside regression testing.
Then, in the F test (Table 8), the dimensions of CSR also have a significant effect because their sig value is less than 0.05. Finally, each CSR dimension has a significant effect in the partial t test (Table 9) because its sig value is less than 0.05. Source : Primary Data (2022)

Discussion The Effect of CSR Dimensions on Investor Attention
The test results show that the profit, planet, and people dimensions all have a substantial impact on investor attention. There has been no previous research that reveals the influence of each CSR dimension on investor attention, but the findings of this study are consistent with a study that was also motivated by the COVID-19 pandemic and stated that CSR is related to relationships with the community, environment, customers, and employees. CSR can be used to increase stock returns while also protecting companies, consumers, and employees and attracting the attention of stakeholders (Qui, Jiang, Liu, Chen, & Yuan, 2021).
According to signaling theory, agents would aim to persuade investors of their performance by broadcasting information or signals (signaling) to investors in order to provide an overview and afterwards impact the investors' perception of the company (Brigham & Houston, 1999). As indicated by research results suggesting that each CSR dimension, either partially or concurrently, can influence investor attention, information connected to CSR actions carried out by corporations is a type of positive signal sent by companies (Kusumayanti & Astika, 2016).

The Most Influential CSR Dimension on Investor Attention
Following tests demonstrate that the people component of CSR activity is the type of CSR that investors are most interested in. This is demonstrated by the regression coefficient results, which reveal that the influence of the people dimension has the highest coefficient value on investor attention. As a result, it is possible to demonstrate that during the COVID-19 pandemic, investors paid more attention to the people dimension or social performance of enterprises. There has been no previous research that reveals the dimensions of CSR that most influence investors' attention, but this condition is consistent with research that states that during the COVID-19 pandemic, many companies made the best social contributions in order to strike a balance between profitability and good stakeholder relations. On the one hand, other study indicates that investors will react to the latest information or news published by the company (Ballinari, Audrino, & Sigrist, 2022). During the COVID-19 epidemic, the company's newest type of innovation in social contribution has become one of the newest kinds of information, resulting in greater investor interest.
According to signaling theory, agents would aim to persuade investors of their performance by broadcasting information or signals (signaling) to investors in order to provide an overview and afterwards impact the investors' perception of the company (Brigham & Houston, 1999). Information on the company's CSR initiatives is one type of positive signal provided by the company (Kusumayanti & Astika, 2016). The most recent firm information is critical for attracting investors' attention since investors react to the most recent information or news published by the company (Ballinari, Audrino, & Sigrist, 2022). Many corporations are inventing and contributing to social events, particularly during the COVID-19 epidemic, in order to draw the attention of important stakeholders (Triana, Sulastri, & Humaedi, 2020). As a result, it was stated that amid crisis conditions, particularly during the COVID-19 pandemic, it would be a good choice for enterprises to stay consistent in carrying out CSR activities while also being more imaginative in carrying out CSR, particularly in producing social contributions or social performance.

CONCLUSION AND SUGGESTIONS Conclusion
The goal of this study was to see how each CSR dimension (profit, planet, people) affected investor attention and to see which CSR aspects investors paid the most attention to during the COVID-19 pandemic. According to the findings of the study, each CSR factor (profit, planet, people) has a substantial effect on investor attention. At the same time, the aspects of CSR (profit, planet, people) have a considerable impact on investor attention. The research findings also suggest that the people dimension, or social performance, is the dimension category that most piques the interest of investors during the COVID-19 pandemic. This study did not examine industrial sectors that suffered a negative impact as a result of the COVID-19 epidemic, nor did it examine investors' reactions to CSR information published by corporations. Further research is suggested, such as testing changes in the company's share ownership structure on industrial sectors that have been negatively impacted by the COVID-19 pandemic and testing the reactions that investors will take after CSR is able to attract their attention.

Suggestions
Based on the findings and limitations of the research, the authors make recommendations that can serve as a framework for future research, namely: Subsequent research can be conducted by selecting different samples so that the research results can be generalized to produce additional new empirical evidence regarding investor attention, such as testing the effect of each CSR dimension on investor attention in industrial sectors that were negatively impacted by the COVID-19 pandemic. Research can add other variables that have the potential to influence investor attention, such as dividend policy, debt policy and so on. Further research can be developed by examining the reactions that investors will take after CSR is able to attract their attention, such as testing changes in the shareholding structure of sample companies.