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The Influence of Corporate Social Responsibility (CSR) Disclosure on Firm Value with Stakeholder Reaction as the Mediation Variable

Wiwiek Dianawati, Dian Agustia and Nisful Laila
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Wiwiek Dianawati: Universitas Airlangga, Indonesia
Dian Agustia: Universitas Airlangga, Indonesia
Nisful Laila: Universitas Airlangga, Indonesia

Expert Journal of Business and Management, 2018, vol. 6, issue 2, 147-152

Abstract: This study is focused on evaluating CSR programs in Indonesia by examining the influence of CSR disclosure on the firm values through the mediation of stakeholders’ (customers and employees) reaction. This study applies an explanatory research approach and uses data of non-service corporations which enlisted at Indonesia Stock Exchange (IDX) from 2012 to 2014. A saturated sample technique is implemented to draw the sample and this study employs a structural equation modeling (variance-based). The implication of these results suggests that the government, as a regulator in the stock market, should provide a complete guidance about how to make a good CSR report which refers to Global Reporting Initiative. Eventually, this guidance could be used by stakeholder to make appropriate economic decisions. For companies, it is important to pay attention to CSR disclosure on the annual report or the company’s sustainability report because it is positively associated with the reaction of employees and investors.

JEL-codes: L20 L26 (search for similar items in EconPapers)
Date: 2018
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