This research aimed at testing and analyzing the value relevance of Corporate Social Responsibility (CSR) disclosure in ethical perspective with agroindustrial companies in Indonesia. The research samples, collected using purposive sampling method, consisted of 48 observations on the agroindustrial companies in the period of 2017-2019 listed at BEI. The research employed a multiple regression analysis method. SCSR was measured using the Islamic Social Reporting (ISR) developed by Othman et al., (2009) (22) composed of 6 themes and the relevance was measured with corporate value measured using Tobin’s Q. The hypothesis test results showed that SCSR did not significantly affect value relevance. Investors lacked concern about the company’s social responsibility activities in their investment decision. The extent of SCSR disclosure was evidently not used by investors to consider their investment decision. The research results showed that CSR disclosure in annual reports could not be taken as a signal by the companies to attract investors to invest their fund in the company’s stock since it was deemed not to give certainty of future profit prospects. Investors were worried that many SCSR activities would increase the costs and reduce the return they would gain.