Pengaruh CSR Disclosure Terhadap Earning Response Coefficient

Pengaruh CSR Disclosure Terhadap Earning Response Coefficient

(Suatu Studi Empiris Pada Perusahaan yang Terdaftar Di Bursa Efek Jakarta)



Program Ilmu Akuntansi FEUI


The purpose of the study is to examine the effect of the information of Corporate Social Responsibility disclosed in the companies’ annual reports on the informativeness of earnings (Measured by earnings response coefficient, ERC). The study hypothesized That there is’ the negative effects of CSR Disclosures on the ERC level since the CSR Disclosures Which Provide investors more information is not captured by the accounting earnings. The sample of the study related parties in 108 annual reports in 2005 of the companies listed at the Jakarta Stock Exchange. The empirical results of the study show That the level of CSR Disclosures has a negative effect on the ERC as Predicted. The results of the study indicate That investors assessed the CSR information in disclosed by the companies on their annual reports for decision on their investment.


KEYWORDS: Corporate Social Responsibility Disclosures, Earning Response coefficient.


Several previous studies showed that the number of companies that do social responsibility disclosure (hereinafter abbreviated as CSR – Corporate Social Responsibility) in its annual reports is increasing. Similarly, the number and type of information that is disclosed increasing CSR (Ernst & Ernst, 1978; Trotman, 1979; Kelly, 1981; Pang, 1982; Guthrie, 1982; Gray, 1990; Gray et al, 1993; Sayekti, 1994). Many companies are increasingly recognizing the importance of implementing CSR programs as part of its business strategy. A global survey conducted by The Economist Intelligence Unit shows that 85% of senior executives and investors from various organizations to make CSR as a primary consideration in decision-making (Warta Ekonomi, 2006). Research Basamalah and Jermias (2005) showed that one reason is the management of social reporting for strategic reasons. Although not yet be compulsory, but it can be said that almost all companies listed on the Jakarta Stock Exchange has disclosed information about CSR in its annual report in a variety of levels (Sayekti, 2006).

From an economic perspective, the company will disclose any information if such information will enhance shareholder value (Verecchia, 1983, in Basamalah et al, 2005). With the adoption of CSR, the company will gain social legitimacy and to maximize long-term financial strength (Kiroyan, 2006). This indicates that companies that use CSR expects to get positive response by market participants. Literature about the existing voluntary disclosure to provide an understanding that the disclosure of such information is used in the valuation and corporate finance firm (Core, 2001).

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*Simposium Nasional Akuntansi 10 Makassar

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