BAGAIMANA REAKSI INVESTOR TERHADAP CORPORATE SOSIAL DISCLOSURE (CSD)? (Studi pada Perusahaan Pemenang Indonesia Most Trusted Companies Award)

Abstract

Companies carrying out CSR activities can be grouped into three motives, such as: financial motive, ethical motive and altruistic motive. These three motives are the foundation of the company in planning their CSR activities each year. Each motive course has a purpose that has a good impact on the economic and social aspects of the company. A good corporate image ultimately gained public’s trust and will have a positive effect on the financial side of the company and the company's stock.This research will focus on CSR disclosure (CSD) based on company’s motive and check its effect on company's financial performance based on market measurement, seen from investor reaction proxied with stock return. This study uses 56 company annual reports from 2013 to 2016, listed in the "Indonesia Most Trusted Companies Awards" which are fully published in 2014 until 2017 by SWA Magazine.The method of statistical analysis in this study using moderated regression analysis, where independent variables of corporate social disclosure (CSD) using financial, ethical and altruistic motives. While the dependent variable in the form of Corporate Financial Performance (CFP) based on market measurements proxied through stock return.The result of the research shows that corporate social disclosure (CSD) based on financial motive gives effect to stock return, while CSD with ethic motive and altruistic motive can’t provide sufficient evidence to influence the rate of return stock. Keywords: CSD, CFP, CSR, CSR Motive