‘Available online at www.sciencedirect.com ® " sciencedirect Procedia ae Social and Behavioral Sciences ELSEVIER Proce Socal and Behavioral Sciences 211 (2015) S41 ~ 49, 2nd Global Conference on Business and Social Science-2015, GCBSS-2015, 17-18 September 2015, Bali, Indonesia The Role of CSRD on Company’s Financial Performance and Earnings Response Coefficient (ERC) DrDian Masita Dewi,SE..MM* Lectrer of Economtes rt Business Foca oft Abstract “This esearch aims to analyze the role of CSRD inthe anaval report on firm's nancial performance and ERC value. The population ‘ofthis research is mining conporations listed in Indonesia Stock Exchange during 2013 ~ 2014. This is a quantitative research ‘which the data are analyze by using liner regression method. The result ofthis esearch ideas that CSRD inflaences ROE, On the other hand, CSRD does not influence ROA and ERC. Commonly, investors tnd to use sot frm information so that they ignore CSRD which is perceived as a souee of midale and long. ten information ©2015 The Authors, Published by Elsevier Li. This is an open aes aticle unde the CC BY-NC-ND licese {htpscreativecommonsorghicensesty 20-00), Pesereview under responsibility of he Organizing Commitee ofthe 2d GCBSS-2015, ‘Keywords! SRD, ROA, ROE, and ERC 1L.Introduction Basically, the natural characteristic and motivation of a company or business entity is to gain profit as maximum a possible; however, company somelimes ignores employee welfare, society welfare, and environment sustainability ‘when the company struggles for achicving its objectives (Suman,2010). This perspective is common since a company’s profitability optimization i perceived as the only way to sustain. Based on neo-classical logic, profitability and welfare estimation of a firm will surely provide benefits for the surrounding society like greater society welfare due to more job opportunities, higher tax payment, more efficient production, and lower price product (Friedman, 1970). *Comesponting autor. Tel: 462-812:990.2783, Ema addres: dimasitadewseyahoe cod 1877-0128 © 2015 The Authors. Polished by Elever Lt This is an open access anicle under he CC BY-NC-ND license (hupreativecommons.ongicensey-ne-nd Pscceview under responsibilty ofthe Organizing Committee ofthe nd GCBSS.2015 oi 10.10169 hsp 2015.11. 072Dian Masta Dewi eta. /Procedia- Socal and Behavioral Sciences 211 (2015) 41 ~ S49 It is also mostly found that a firm existence may cause negative externalities like deforestation, water and air pollution, and climate change. Chapra (1992) stated that an enterprise is the main cause of miss allocation of both ‘human resource and natural resources, Violations of applicable law that are done by business entities also occur in Indonesia lke violating social, economic, and cultural rights (such as the ease of Lapindo mud flood in Sidoarjo which, hhad caused some hindrances on economic sector and other inter-sectors problems forthe surrounding society). Some ‘business companies may violate environmental and health rights (like pollution issue of Buyat Bay that was due t ‘mining industry's waste of PT. NMR Minahasa. There are several cases of the applicable law violation conducted by business companies in Indonesia that have resulted in severe problems in social and economic maters (Wibisono, 2007). Negative externalities has widen the scope of responsibilities for a company, including its CSR. CSR is an ‘extended responsibility of a company which includes environmental aspects both for physical and psychological ‘matters (Chapra, 1992) ‘CSRD that is done by a company is expected to attain social legitimation from the surrounding society. Social legitimation will further encourage more financial transaction and then improve profitability (Dewi, 2014), Profitability deseribes the financial performance of a firm regarding with owner's interest, The financial performance ‘measure can be obtained through the ratio calculation based on the financial statement of the frm. Financial ratio is ‘helpful in identifying some financial drawbacks and strengths of a firm (Keown, Martin, Perry and Seott,JR, 2008), According to (Utaminingtyas and Ahalik, 2010), an information Which attracts investors should be related to profit ‘and stock valuation (price) since those two matters indicate a firm's performance. The strength on earning and stock price in financial accounting literature is measured by using ERC, Bidhari eta! (2013) found that CSRD significantly influences a firm’s financial performance and value. It proves that CSRD also affects company image. Further, company image alTects company's sales rate. As investors positively appreciate the firm performance, it wll enhance the value ofthe firm’s stock. On the contrary, other research’s findings revealed that CSRD does not have any significant influence on firm's financial performance (Hana,2013) and (Yaparto etal, 2013) stock retum (Dwijayanti 2013).The research of former research explained that the disclosure of CSR. ‘activities does not have significant role on firm’s financial performance. Investors are perceived to be very earefil in ‘defining their investment decision so that CSRD does not have a quite strong influence on the investors decision ‘which refers to fim’s finaneial performance. Sayekti and Wondobio (2007) and Dwéjayanti (2013) revealed that investors appreciate CSRD information in annual financial statement of the firm on ERC. Hidayati and Murni (2009) mentioned that CSRD can be used as the souree of consideration in making an investment decision. Further, (Pradipta and Purwaningsib, 2012) explained that ‘there is an indication that investors consider CSRD to make an investment decision other than profitability, However, other research result demonstrated that CSRD does not have any’ significant influence on ERC (Kumniawan and Nugrahanti, 2012). The non-significant influence of CSRD on ERC indicates that investors do not utilize the information contained in CSRD as the foundation to make an investment decision, Investors are lack of trust on the information provided in CSRD (Restuti and Nathaniel, 2012) and (Sukirman, et.al, 2012). ‘This research is a further research from the former research conducted by (Sayekti and Wondobio 2007), as the prior research examined the role of CSRD on ERC by combining two researches from (Dwijayanti, 2013) and (Dewi2014), This research takes two measurement ratios which describe financial performance variables of a fiem. from (Dewi2014)’s research, namely ROA and ROE: besides, this recent research also uses mining companies as its ‘sample based on (Dwijayanti,2013)s research, 2. Review of Literature and Hypothesis Development 2.1. Theoretical Foundation CSR is developed by (Elkingion,1997) within the concept of “The Triple Bottom Line", According to (Fauzietal 2010) in accounting literature, the concept of “The Triple Bottom Line” refers to financial performance ‘of a firm by considering several aspects like profit, ROA, ROE and EVA. According to (Utaminingtyas and Abalik2010), information that atracts investors is related to profit and stock price since these two elements indicate ‘company’s performance. ‘The first research related tothe relaionship between income and stock price was conducted by (Ball and Brown,Dian Masta Dewi eral. /Procedia- Social and Behevioral Sciences 211 (2015) $41~ 549 38 1968). The research stated that information can be categorized as good news and bad news. Ifthe available information is good news related to stock issue, market will react positively and firm’s abnormal return will be higher than ‘expected. Conversely, market will react negatively when there is a bad news regarding with stock issue. Negative reaction is described on the lower abnormal retum than the expected return also, the stock price is lower than the former period. The strength of income and stock price in accounting literature is measured by using ERC 2.2. The Retationship between CSRD and Financial Performance Theoretically and empirically, CSRD is important for a company to build good image and reputation, as well as to tain legitimation from investors. A company will dois effort to expand the scope of CSRD to make the surrounding, society and investors trust its product so that the company can achieve good financial performance. CSR has economic ‘consequence for a firm since CSR influences financial performance reciprocally (Devi, 2014) SRD is expected to be able to improve ROA and ROE of a firm. Some research which correlate CSRD and financial performance as proxied by ROA and ROE were conducted by (Bidhari eti2013)(Candrayanthi: & Saputra,2013) (Syabnaz,2013)(Dewi2014)and(Putri,2014). Bach research demonstrated the positive role of CSRD ‘on ROA, and ROE. Based on the theoretical foundation andl empirical proof, it leads to the frst hypothesis below la: CSRD positively influences ROA. Ib: CSRD positively influences ROE, 2.3. The Relationship berween CSRD and ERC CSRD which is conducted by a company is expected to improve ERC (Ball & Brown, 1968). Ball & Brown (1968) revealed that when stock price movement runs as what investors expect neganling with the expected profit, the information about profitability which is announced will influence investors’ behavior in their decision making. The formation value that is presented is company's CSRD; whereas, investors’ behavior reflects their responses to the ‘company’s annual Financial statement Some research form (Sayekti and Wondobio.2007)(Hidayati et ¢/,2009)(Pradipta and Purwaningsih2012) and (Dwijayanti,2013) demonstrated the negative influence of CSRD on ERC. When stock price fluctuates is like what the investors expect for the expected profit the presented information about profitability that is announced will affect investors’ behavior in their decision making (Ball & Brown, 1968)."The information value presented tothe investors is about CSRD of the company; meanwhile, investors’ behavior is their responses on the presented annual financial, ‘statement. The occurrence of CRSD in the annual report is expected to enhance the added value and legitimation from the society on both company's operation and products (Dwijayanti2013), From the theoretical overview and empirical ‘proof, it leads to the second hypothesis below: H2: CSRD positively influences ERC 3. Research Method ‘This is an explanatory research which uses quantitative approach. The population of this research is all of the ‘mining corporations listed in IDX. The firms issue annual reports continuously during the observation period from 2013 2014 that are obtained both through the website of IDX (www idx.co.id) and company’s website. Further, the ‘annual reports should have supporting data for measuring the research’s variables as listed in Indonesian Capital ‘Market Directory during the two-yeats of observation period (2013 ~ 2014). The overall population of this research is 48 companies in which all of the population members are taken as the sample ofthis research (census method)Dian Masta Dewi eta. /Procedia- Socal and Behavioral Sciences 211 (2015) 41 ~ S49 4, Research Variables and Operational Definition 4. Independent Variables ‘The independent variable utilized in this research is CSRD which can found in the annual report, Referring to & research of (Dewi.2014) and (Hlaniffa and Cooke, 2005), the measurement of CSRD variable can use content analysis, ‘which measures CSR index variety (CSRI) The formula to calculate CSRI (Dewi2014) and (Haniffa and Cooke, 2005) is presented below SRI = BX nj Description: CSRIj_: Comporate Social Responsibility Diselosure Index of j firm aj the number of items forthe / firm (79 items of GRE G3) Xi: dummy variable, 1 = if the item is disclosed, 0 =if the item is not disclosed 4.2. Dependent Variables The frst independent variable used inthis research is financial performance. Financial performance measurement is perceived from ROA to measure the company’s ability to invest and ROE to measure the company's ability to share its profit. ROA and ROE measurements are formulated below: ROA = Net Income x 100% Total Asset ROE = Net Income x 100% Equity ‘The second dependent variable used in this research is ERC, ERC is the coefficient which is obtained from the regression between stock price and aecounting profit proxied by Cumulative Abnormal Return (CAR) and ‘Unexpected Eaming (UE). There are some steps to calculate ERC, like: 1, Calculating Cumulative Abnormal Return (CAR) CAR is calculated by finding the cumulative abnormal return as presented in the research of (Sayekti and ‘Wondobio 2007), The CAR formula is: CAR ig EAR is Description: CAR iz: Cumulative Abnormal Return of company iin t year period ‘ARs: Abnormal Return of company i's stock price int year period Abnormal return is calculated like the following formula: AR x= Rie Description: ‘AR: Abnormal Reta of company i in t year period Rig: Actual Return of company i's stock price int year period ‘Rigs: Market return int year period ‘To obtain the value of abnormal return (AR,), we should first find actual return of the company iin t period by using the following formula: Rin = BicPisDian Masta Dewi eta. Procedia- Sova and Behavioral Sciences 211 (2015) $1 549 sas Pus Description: Ai, stock return of company iin t year period Py + final stock price of company i int year period Ps final stock price of company iin tl year period Market return is represented by IDX Composite Index (IHSG/ Indeks Harga Saham Gabungan) which is cealeulated by using the formula below Rygy= THSG,-THSG ISG Description: Ro. market retum during t year period IHSG; —: composite stock price index during t year period ISG. : composite stock price index during t-1 year period 2. Caleulatng the Unexpected Eamings (UE) Unexpected Eamings (UE) calculation utilizes random walk assumption like former research. Unexpected ‘earnings is calculated as the fluctuation of earnings per share in recent year subtracted by earings per share of prior ‘year and scaled by price per share from prior year (Sayckti and Wondobio.2007). Thus, UE can be formulated below: UB= EPSis— EPS EPS it Description: UE. : Unexpected Earning of company i during t year period EPS q.,: Eaming Per Share of company i during t year period EPS q.: Eaming Per Share of company i during t-1 year period Alter obtaining CAR and UE values, we ean formulate the linear regression model to define ERC below [4] CAR = POsB1 UE ute Description: CCAR + Cumulative abnormal return from each company BO: constant B1 + profit response coefficient (ERC) UE « Unexpected Earnings of company i during profit disclosure @ ‘error component of the model for company i 5. Data Amalysis Method 5.L. Analysis Technique ‘The method which is used to tes the research hypothesis is simple regression model. The models formulated fo test the research hypothesis are: ROA = a+ fiCSRI +e (Model 1) ROE = a + BiCSRI + ¢ (Model 2) ERC = a+ iCSRI +5 (Model 3) Description: SRI = index of CORD6 Dian Masta Dewi eta. /Procedia- Socal and Behavioral Sciences 211 (2015) 41 ~ S49 ERC : Earnings Response Coefficient ROA. :Retum on Asset ROE : Retum on Equity @ constant Bi: regression coefficient & :EnorTenm 5.2. General Linear Multivariate Model (GLM) Test GLM multivariate analysis is an analysis procedure which provides regression analysis and variance analysis for several dependent variables and independent variables (Sarwono,2012), According to (Trihendradi2008), GLM ‘model bas similar assumption with univariate model but GLM can run when the dependent variables are more thaa ‘one. The use of this procedure is to prove the role of independent variables on dependent variables. Based on (Sarwono,2012), GLM model produces for outputs which can describe the relationship between independent variables and dependent variables. The four outcomes ate: (1) Between-Subjects Factors: indicates the independent variables which are inserted in the procedure, (2) Descriptive Statistics: shows general description about the independent and dependent variables, (3) Multivariate Test: demonstrates the significance test result of the independent Variables or ‘co-variate variables on the dependent variables, and (4) test of between-subjects effect: indicates the role of ndependent variables on dependent variables, 6. Data Analysis and Discussion Data analysis and discussion present the description of research data and regression analysis result Descriptive Test ‘Table | Descriptive Satie Vamatie | Mean] Sandan] — Minin] Nairn] Coa Deviation CRD om ore] oni 7) a ERC vias] sgn] ass] soto2m 4s ROA os or 0.0] osn| as| ROE oot oss] aan oa 4 "The mean score of CSRD from descriptive statistic table above is 0.271 which means that among 48 samples, the mean percentage of CSRD is 27.1%. The mean value of ERC is 84.388 with the minimum score of -231.145 and ‘maximum score of 366.271. The mean value of ROA is 0.068 with the minimum score of 0.142 and maximum score ‘of 0.577, The mean value of ROE is 0.013 withthe minimum score of -2.179 and maximum score of 0.742, 7. Result ‘Table 2. SRD, Fiatacial Performance, nd ERC Test Rest uation modelo Hypothesis I: ROA = + ByCSRI+ © Equation noel of Hypothesis Ib: ROE a+ ESRI € Equation mel of Hypothesis 2 ERC = 0+ ,CSRI~e Soaree Dependent Varia Concent Sie SRT ROR To OTe ROE 10 p10Dian Masta Dewi eral. /Procedia- Social and Behevioral Sciences 211 (2015) $41~ 549 sar c 31 090 Tenn and conn spies when sig. «(05s seca; wheres, ifthe sie.» 0.05, the ole sot significant ‘Table 2 presents the result of CSRI's influence on each dependent variable including ROA, ROE, and ERC. 1 Inthe source column for ROA variable, the significance value is 0.724 which is greater than 0.05. It concludes that hypothesis a is rejected since there is no significant effeet of CSRD on ROA. This finding is consistent with a research from (Indiana 2008) and (Yaparto etal, 2013).CSRD does not have any significant influence on financial, performance du to government regulation (Dusijayanti ct al, 2012). Restuti and Nathaniel (2012) stated that there are several companies which have presented CSRD in theit annual financial statement as one of theie business strategies to comply the applicable rules and regulations (UU RI No. 19 tahun 2003), (UU! RENo, 25 tahun 2007), and UU RINo. 40 tahun 2007). In (UU RINo. 25 tahun 2007), itis explained thatthe legal risk for a company ‘which does not implement CSR will be administrative sanction from a written warning letter, business activities limitation, business activities andéor capital investment freezing, to business permit revocation. 2 Atte source column from ROE variable, the significance value is 0.010 which is lower than 0.05. It implies that the hypothesis 1b is accepted since CSRD activity significantly influences ROE. This result is consistent with the finding of (Dahlia et al, 2008),(Wijayanti et al, 2011) and (Indrawan, 2011). It indicates that more CSRD of a company in its annual financial statement will result in greater ROE. Dewi 2014) mentioned that there are several ‘matters which influence ROE fluctuation such as intemal and extemal factors of the company. CSRD Index is, corporate social responsibility activities compared to required disclosure of CSR, The points in CSRD Index is, able to encourage trust on the shareholders to participate in company’s development, Investors will easily provide Joan or more source of capital when there isa greater ust so that company will be able to operate well. When the liabilities proportion is high, the capital proportion owned by the company is low. This condition results in greater ROE due to greater liabilities (Helfer,1997). Hence, mote CSRD that is conducted by a company will encourage more trust of the investors to company which then improve ROE. 3. Atthe corrected model column for ERC variable, the significance value at greater than 0.08. It confirms that hypothesis 2 is rejected since there is no significant effect of CSRD on ERC. This finding is consistent with (Restuti and Nathaniel 2012) and (Sukirman and Meiden,2012) research, Acconding to (Hfidayati and Murni.2009), there are some causes which make CSRD does not significantly influence ERC. (One ofthe causes is that investors do not trust CSR Disclosure which is presented by management. Is shown by the low score of CSRI’s mean which is only 27%, The low index of CSRD makes investors more focus on profitability information than CSRD in making investment decision. Profitability information rellects dividend payment potential which is mostly responded by investors (Kurmiawan et al, 2013). According to (Silalahi-2014) commonly investors are oriented to short term performance; yet, CSR is perceived as middle term performance oF Jong term performance indicator. Hidayati and Murni (2009) stated that investors only buy stock for selling purposes (do not retain the stock in along term): therefore, investors do not really count on the presence of CSR disclosure 8, Conelusion ‘This research reveals that CSRD does not improve ERC and financial performance of a company as represented by company’s ROA. According to (Silalahi, 2014) commonly investors are oriented to short term performance while (CSR is perceived as middle and long term performance. Hidayati and Murni (2009) stated that investors buy stock “only for selling it when it is profitable (not retaining the stock for a long term). Investors do not trust CSRD of the Imanagement since CSRD is perceived as a compulsory to show company’s compliance for avoiding legal ‘consequences. Comprehensive CSRD makes investors can easily provide more capital (leverage) since the company achieves greater trust. More capital results in better operations. Thus, more CSRD will encourage greater trust which ‘may enhance ROE.Dian Masta Dewi eta. /Procedia- Socal and Behavioral Sciences 211 (2015) 41 ~ S49 9. Limitation and Suggestion ‘The drawbacks ofthis research are important to be presented since it reflect the limitation of this research, Some of the research limitations that should be considered for futher research are: 1, There are some companies which do not provide financial statement annually or do not present CSRD continuously so that not all of the mining companies listed in the IDX are involved as the sample ofthis esearch, 2, Some companies in 2013 were not included as mining companies; yet, in 2014, those companies were grouped into mining industry. The companies which are categorized into the transition companies are not included inthis research as well, Thus, further research may explore and include the companies that are excluded inthis research for gaining more samples 3, Further research is expected to utilize other variables like Earning per Share (EPS) and Economic Value Added (EVA) which may provide different results and findings. References Ball, R Brown, P.(196). Au Enpiial Evaluation of Accounting Income Nunbers.Jownal of comeing Research Auta 1968. VoL 6 iso-178 Bidha eat 2013). Elect of Corporate Social Respnsiliy Iormation Disclosue on Fauna Pefonnance and Finn Value i Banking Inds Listed lndonesa Stock Exchange. European Journal of Business and Mneigemert Wl. No. 18. Male CCandayahi, Alt & Sapur, Darna. 2013). PeagarhPengmnekapan Corporate Socal Responsibility trhadap Kineja Keuangan. Fura ‘Anton! Universite Uarvana 1-158 (Chaney, PK. & eter, DC. (1991). The Eset of Size om The Maga of Long Window Eamings Respoase Colin, Contemporary ecouning Research, Vol, 2, NOB; 30 560 (Chapa, Une, (1992) sam sd The Econo Challenge. The ante Foundation Leen Datla. & 8.V Scent. 2008). Pensa Corporate Socal Responsibility Terap Kinja Persaban (Sti Episs pda Perwshasn yang ‘Tescalatdi Bus ek Indonesia pada Tabun 2008 dan 2006), Posuanak Sioposiun Nasional Atanas XI. 1-27 Desi Dian Masta, tal 2014) CSR Eft oa Make aud Financial Peformance. rational Journal of Business and Managonet Iveton ISSN (Onin) 2519 8028, SSN (Pin) 2819 -S01X warming Vole 3 Tee Il Intny, 2014 FP 6-65 DDasijasan, Em. (2013) engarh PenguogkapanTanggungwab Sosa erhadap EamingRespoase Coefficient (ERC), Malang Daya tal. 2012). Peng Tinpkt Peneagkapan CSR pada Hvbungan anara Kiesje Kevangan dan Retur Saban. Bal: Fakiios ‘onons Unerstas devon tkapton 1 (197) Cannas Wit Forks The Tepe Bom ine of st Camey Business. Capstone: Oxo uuu etal (2010), Tape Bottom Live a Sustainable Corporate Pefomaatce =A Proposition fo the Fut, Susainabilay, 2. pp. 15-1340 1888 2071-1050, Fria, M. (1970. "The Soil Responsibly of Busnes oto ints is noi. New York Tne Magaine.B Septet 1970.PP32-126, ana, Zea Restavia Zina, 2013), Peugnh Pengungkapan Coporate Social Respostilty. Malang : Fotos Ekonomi con Bios ‘hiversitas Bria nif, RM. dan TE Cooke 2105), The Impact of Clue an Governance on Corporate Scial Repoting Journal of Accoming and Public Policy 24. pp. 391-40 Hote Exch A (1997. Teak Analisis Keanasan.Terjemahan, Henan Wibowo. ut Ke delopan Jka: Ebaaea apt, Nai dan Mui, Sui (208) engar Pegungkapan Corporate Social Responsibly Terhada Ean Response Cofiin pada ‘eruahaan High Profle Jurnal Bins dan Alan, Ap 2009. Va. 11,No. 1:18 Indiawan, Dan Cana. 2011, Pagar Cosprate Social RespaastyTeadapKinesaPeushaon Semarang: Fouls Ekonomi Unerstas Diponegoro Inds, In, cs 2008) Dac implemcatst Tanggung Javab Sorel Pesan (Corporate Sexi Respanlty) Teradsp Kineyja Perwsahann, Baoten : Universitas Titan, Val, 13 No 1, Mei 2008 Karuniawan, Ts Wahu dan Nograbans, Yetrina With 2012). Pengarh Pengmngkapan Pertangzmgjnvaban Sosa Perisahuan (Cosporte ‘Social Responsitity Dsl) eradap Eamings Response Coeticien. CBAMFE UNISSULA. Deseber 2012 Yok, 89.1: LIOL-I117 ‘Keown, Mati, Pet dan Soot JR. 2005). Fianeal Management Props ad Appesbons, Th Eton. New Jerey: Penson Prentice "all. Ditxjomahkan oleh Mavens Pino Widodo, 2010: Manajemen Keung Pip in Peerapan, as Kexepl Jkt Barat PT Taek Praita, DH. dan Pasaniagsih A. (2012). Peogar Lus Peaguskapan Tangguog Javab Ssial oa Liagkungaa Perusahaan Tena Eaming Response Coccient ERC), dengan Ukwan Persabian Dan Leverage Sebaga Variael Koutl. Sinpostin Nasional Akwanst XV. Binjanmasia Pui, Rani Widijsari ho, 201), Pengorsh Profits Tetadap Pengunelapen Coponte Sovial Responstiity, Sta Emits Pa ‘PorusaaanPetambangan Yang Terdafar i Bursa Hk Indonesia (BEL Pada Tabon 2010-2012. Vol. 2.No2 Rest, M Mita Do daw Nabil, Ces, (2012), Pengarh Pengtmgkapan Comprate Social Responsibility Terhadap Eaming Response (Csiiient JDM Vol, 3,0, 1 40-48Dian Masta Dewi eta. Procedia- Sova and Behavioral Sciences 211 (2015) $1 549 39 Surwono, Jonata (202) IBM SPSS : Advanced Statistic: ProsedurProsedur Generals dan Pusan General Lint Model (GLMD Sryet, Yan Wonabio, LS. (2007). Pega CSR Disclose Teta Eaning Response Coetiient (Sti Ems Pada Pesan Jang Tera i Bisa Efe akan), Spon Navona Aton! X. Makasar Sila, Sem Pauts. 2014) Pengarah Corporate Soil Responbity Discloste, Bots, dan Dice to Book Vale tera Earnings Response Coctiiat aa Perusahaan manta yang Ted BEL Jat Ekoomt Vol. 32.No.1 Sutian, Fania dan Meiden, Cue, (2012), Pengah CSR Disclosure tetadap Exnings Response Cooticent pada Persia yang Terdafar db BET 2007-2009. aka us Biss dan Ijormaria Fndonesia Febman 2012, Vol, No.1 Suman, gus 2010) Panama CSR. wre Batavase cod. dase tl 10 Maset2018 Syahnar Mesa, 2018. Pegaru Cosprate Socal RespousibitytecndapKinera Keuangan PerssbuanPertankan Malang: Fakta Bono! dn oss Univers Brow “Thien, Comelss, 2008) Step by Step SPSS. 16 Arliss Data Statistik. Perit ANDI. Yogyakata, IBN 978-979 29.0656 1 ‘Uns nan Repub Indonesia Nomor 19 Tabu 2005 tentang Badan Usaha Mik Negra ‘Undine Undang Republik Indonesia Nome 25 Tahun 2067 tentang Pnananan Modal ‘Ondng den Republik Indonsis Nome 40 Tan 3007 tenn Pereran Tests ‘ianiaigies, Hest, T- dan Aba (2010). The Reationsip betteen Conpoate Socal Respeniity aud Famiass Respase Cotficeat Evidence from Indoesan Stock Exchange. Oxford Business & Economtes Conference Prog. 28-29 Ini, Oxted \Wibisono, Yuu (2007), Mena Kons dan Aplkasi Corporate Soil Responsibly. Fascho Pubing Java Tat ‘Winey dan Temi. (2014) Perio PSAK No, 33 Pada Penson Pesambanaan di Indonesia ‘Wijayant, Feb Tr, Suaryo dan Mohammed Agung Praboro, (2011). Pengah Corporate Secal RespeostblityTeadap Kinga Kevangan Pers, Unive Sy Kea Bands Aesk Snposi Nasona! lant SIV ideo ‘Yapao tal. (2013). Pengarah Corporate Saciat Respoasibity Teatap Kiera Keuangan Pata SeMtor Manabu yang Tend BEL “urn nigh Mabaso Unverstas Surana Val. No. 1