Article2020

The Effect of Corporate Social Responsibility on the Firm Value with Risk Management as a Moderating Variable

Anan Werdie Wirawan · Laila Jahidatul Falah · Lydia Kusumadewi · Desi Adhariani · Chaerul Djusman Djakman

37 citations0/0 files storedJournal of Asia-Pacific Business

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Corporate Social Responsibility Reporting Corporate Identity and Reputation Corporate Governance and Financial Management

Abstract

The aim of this research is to obtain empirical evidence on the influence of corporate social responsibility (CSR) disclosure on firm value and to examine the moderating effect of risk management on the association. Data related to CSR disclosure and nonfinancial data were obtained from annual reports and websites of manufacturing companies listed on the Indonesia Stock Exchange. Financial data was collected from Thomson Reuters Eikon database. Hypothesis testing was conducted using panel data regression analysis. Based on the 130 sampled companies during the period 2014–2016, we found that CSR disclosures have positive effect on firm value. Interestingly, risk management applied by the company does not help maximize the value. This might be because the risk management information is not presented comprehensively that it does not help investors make investment decisions.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2003Corporate Social and Financial Performance: A Meta-Analysis 1983Agency Problems and Residual Claims 1995Corporate social and environmental reporting 2008The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis 2005The Relationship Between Corporate Philanthropy And Shareholder Wealth: A Risk Management Perspective 1983Stockholders and Stakeholders: A New Perspective on Corporate Governance 2012Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure

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