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All Journal JRAK: Jurnal Riset Akuntansi dan Komputerisasi Akuntansi JURNAL AKUNTANSI UNIVERSITAS JEMBER
Eza Gusti Anugerah
Universitas Jember
Economics, Econometrics & Finance

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PENGUNGKAPAN INFORMASI DANA CORPORATE SOCIAL RESPONSIBILITY DAN REAKSI INVESTOR: STUDI EMPIRIS PADA INDEX LQ45 Eza Gusti Anugerah; Frisha Istiqhfarini Maulidyana; Nofa Alysia Ardiyanti Putri
JURNAL AKUNTANSI UNIVERSITAS JEMBER Vol 21 No 1 (2023)
Publisher : Universitas Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19184/jauj.v21i1.39412

Abstract

The sustainability report publishes financial, social, and environmental information. The report contains mostly qualitative information and some quantitative data. This research aims to identify the elements in a sustainability report that are needed by investors in making investment decisions. The research tests the information in the form of Corporate Social Responsibility fund amounts disclosed by companies in their sustainability reports. The benchmark for investor reaction is measured using stock prices, which are then calculated for their cumulative abnormal returns. The research method uses t-tests to determine the level of significance, which is further explained using legitimacy theory and signal theory. The sample used consists of companies listed on the LQ45 index. This study shows that information in the form of CSR fund amounts influences investor decision-making. Based on these results, it can be concluded that investors or stakeholders require information, specifically in the form of CSR fund amounts as one of the elements in the sustainability report.Keywords: CSR Funds, Market Reaction, Sustainability Reports ABSTRAKLaporan keberlanjutan mempublikasikan informasi keuangan, sosial dan lingkungan. Di dalam laporan tersebut terdapat informasi yang sebagian besar kualitatif dan beberapa kuantitatif. Penelitian ini bertujuan untuk mengetahui apa saja elemen pada laporan keberlanjutan yang dibutuhkan oleh investor dalam pengambilan keputusan investasi. Penelitian ini melakukan uji pada informasi dalam bentuk nominal dana CSR yang diungkapkan oleh perusahaan pada laporan keberlanjutannya. Tolak ukur reaksi investor menggunakan harga saham yang kemudian dihitung cumulative abnormal return-nya. Metode penelitian menggunakan uji-t untuk mengetahui tingkat signifikansinya yang kemudian dijelaskan menggunakan teori legitimasi dan teori sinyal. Sampel yang digunakan adalah perusahaan yang terdaftar pada indeks LQ45. Penelitian ini menunjukkan bahwa informasi dalam bentuk nominal CSR berpengaruh pada pengambilan keputusan investor. Berdasarkan hasil ini, dapat disimpulkan bahwa investor atau stakeholder membutuhkan informasi dalam bentuk nominal khususnya dana CSR pada elemen laporan keberlanjutan.Kata kunci: Dana CSR, Reaksi Pasar, Laporan Keberlanjutan
Apakah Pengungkapan Dana CSR Memperkuat Nilai Perusahaan? Peran CSR Assurance sebagai Variable Moderasi Eza Gusti Anugerah
JRAK: Journal of Accounting Research and Computerized Accounting Vol 16 No 2 (2025): JRAK: Jurnal Riset Akuntansi & Komputerisasi Akuntansi
Publisher : Jurusan Akuntansi Fakultas Ekonomi Universitas Islam 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33558/jrak.v16i2.11345

Abstract

This study explores the effect of corporate social responsibility (CSR) expenditure on firm value and examines the moderating role of CSR assurance in energy-sector companies listed on the Indonesian Stock Exchange from 2020 to 2022. Using purposive sampling, a total of 44 firms were analyzed over a three-year period. Panel data regression was employed, applying a random-effects model with cluster-robust standard errors, clustered at the firm level. The results reveal that CSR expenditure alone does not significantly influence firm value. CSR assurance exhibits a significant negative direct effect on firm value, while the interaction between CSR expenditure and CSR assurance shows a significant positive effect. These findings suggest that CSR assurance enhances the credibility of CSR expenditure, improving its impact on firm value. The study contributes to the literature by providing empirical evidence on the combined effects of CSR expenditure and assurance in energy-sector companies. Practically, it highlights the importance for firms to integrate third-party assurance into their CSR reporting to strengthen stakeholder trust and maximize value creation.
Co-Authors Frisha Istiqhfarini Maulidyana Nofa Alysia Ardiyanti Putri