PENGARUH TANGGUNG JAWAB SOSIAL TERHADAP KINERJA KEUANGAN, RISIKO, DAN KINERJA PASAR

Abstract

Prior to Herremans et al (1993), the purpose ofthis research is to examine the impact ofcorporate social responsibility (CSR) to firm financial and market performances. This research used annual report to count Corporate Social Disclosure Index (CSDI) as a measure of CSR, based on indicatorsfrom Global Reporting Initiatives (GRI). Return on Equity (ROE) is used to measure profitability, standard deviation ofstock return is used to measure stock total risk and abnormal return are used to measure investment in stock market return. This research use 2 variables control leverage and size. The population in this research are manufacturing firms listed in Indonesian Stock Exchange (IDA9 2005 until 2007 Total samples in this research are 27firms with three years period Total examination in this research is 81. This research use multiple regression analysis to examine hypothesis. Output of this research showed that CDSI has positive effect and significant to ROE, but has insignificant effect to stock total risk and abnormal return. Outcomes from this research is CSR has increased firm financial performance, but CSR has no impact tofirm marketperformances. Keyword : corporate social responsibility, Return on Equity, stock total risk abnormal return