<![CDATA[In the high-stakes environment of the energy sector, Corporate Social Responsibility (CSR) serves as a vital mechanism for maintaining social legitimacy and managing environmental risks. Despite its importance, the determinants of CSR disclosure in emerging markets like Indonesia remain debated, with inconsistent evidence regarding the roles of internal resources versus governance structures. This study aims to resolve these discrepancies by empirically examining the influence of Intellectual Capital, Board Gender Diversity, Audit Quality, and Profitability on CSR. Utilizing a quantitative approach with purposive sampling, the research analyzes secondary data from 26 energy companies listed on the Indonesia Stock Exchange over the 2020–2024 period, employing panel data regression with a Random Effect Model. The findings challenge the Resource-Based View application in this context, revealing that Intellectual Capital and Profitability do not significantly affect CSR disclosure. Conversely, the study provides robust evidence supporting Stakeholder and Legitimacy theories, as Board Gender Diversity and Audit Quality demonstrate a positive and significant influence. These results indicate that in regulated and high-profile industries, sustainability reporting is driven less by financial slack or knowledge assets and more by ethical governance structures, specifically inclusive decision-making and independent external assurance. This research contributes to the literature by clarifying that governance mechanisms are the primary catalysts for corporate accountability in the energy sector.]]>
Copyrights © 2026
