PENGARUH DEWAN KOMISARIS DAN LEVERAGE TERHADAP PENGUNGKAPAN CSR: (Studi pada Perusahaan Manufaktur Sub Sektor Makanan Olahan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2021-2025)

Mulyadi Mulyadi (Universitas Muhammadiyah Cirebon)

Berajah Journal
Vol. 7 No. 1 (2026): Berajah Journal

This study aims to analyze the effect of the Board of Commissioners and leverage on Corporate Social Responsibility (CSR) disclosure among manufacturing companies in the processed food subsector listed on the Indonesia Stock Exchange during the 2021–2025 period. This study employs a quantitative approach with an associative research design and uses secondary data obtained from companies’ annual reports and financial statements. After outlier treatment, the final sample consisted of 20 companies, yielding a total of 100 observations. CSR disclosure was measured using the Corporate Social Responsibility Disclosure Index (CSRDI) based on the Global Reporting Initiative (GRI Standards), while leverage was proxied by the Debt to Asset Ratio (DAR). The data were analyzed using panel data regression with the Random Effect Model (REM). The results indicate that the Board of Commissioners has no significant effect on CSR disclosure, whereas leverage has a positive and significant effect on CSR disclosure. Simultaneously, the Board of Commissioners and leverage have a significant effect on CSR disclosure. These findings indicate that companies’ reliance on external financing is associated with greater transparency in disclosing social and environmental information to stakeholders. This study confirms that CSR disclosure is a complex phenomenon influenced not only by corporate governance mechanisms but also by financial characteristics and other company-specific factors.