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All Journal Jurnal Ilmiah Akuntansi Kesatuan
Yuldi, Arsy Furqan
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Economics, Econometrics & Finance

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Managerial Ownership and Institutional Ownership: Enhancing the Earnings Response Coefficient with CSR Naimah, Zahroh; Yuldi, Arsy Furqan
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 6 (2025): JIAKES Edisi Desember 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i6.4469

Abstract

This study examines how Corporate Social Responsibility (CSR) affects the Earnings Response Coefficient (ERC) and investigates the moderating roles of managerial and institutional ownership in publicly listed financial sector firms. The research aims to provide insight into how ownership structures influence the market’s response to accounting earnings when CSR initiatives are disclosed, highlighting the interaction between governance and financial reporting. Using secondary data from annual reports of financial sector firms listed on the IDX from 2018 to 2023, 184 firm-year observations were analyzed via regression analysis. The study explores the differential moderating effects of managerial versus institutional ownership on the CSR–ERC relationship, explaining how investor focus and ownership incentives shape market reactions. CSR positively impacts ERC, indicating that higher CSR disclosure enhances market responsiveness to earnings. Managerial ownership does not significantly alter this relationship, whereas institutional ownership moderates and reduces the CSR–ERC effect, suggesting that investors with strong institutional involvement focus more on firm fundamentals than CSR disclosures when assessing earnings response.
Co-Authors Zahroh Naimah, Zahroh