Düzenleyici Değişken Olarak Yönetim Kurulu Çeşitliliği ile Kurumsal Sosyal Sorumluluk Açıklamasının Değer Uygunluk Analizi

Year 2022, , 26 - 44, 30.06.2022

Diajeng Fitri Wulan , Lindrianasari Lindrianasari , Yunia Amelia , Rindu Rika Gamayuni

https://doi.org/10.54821/uiecd.1092420

Abstract

Değer uygunluk düzeyi, kullanıcıların kararlarını hızlı bir şekilde verebilmelerini sağlamak için bilginin raporlara yardımcı olma yeteneğidir. Bilgi, kullanıcılarının ekonomik kararlarını etkileyebiliyorsa, kurumsal açıklama ile ilgili olduğu söylenir. Kurumsal açıklamalardan biri de şirketlerin sosyal sorumluluklarına ilişkindir. Bu çalışma, KSS açıklamalarının değerini ve uygunluğunu görmeyi amaçlamaktadır. Araştırmanın ana unsuru, 317 gözlem şirketinin yıllık raporunu yayınlayan 2018 – 2020 yıllarında IDX'te listelenen tüm şirketlerdir. Kullanılan veriler şirketlerin faaliyet raporlarından alınmıştır. Araştırma, CSR açıklamalarının yönetim değişkeni olarak yönetim kurulu çeşitliliği (cinsiyet, yaş ve eğitim) ve kontrol değişkeni olarak ROA ile değer ilişkisini incelemektedir. Tanımlayıcı istatistiki testler ve regresyon analizleri, KSS açıklamalarının ilgililik değerini etkilemediğini yani yatırımcı tepkilerini ve değerlendirmelerini etkilemediğini göstermektedir. Düzenleyici değişkenin KSS açıklamaları ve değer ilgisi üzerinde bir etkisi olmasa da araştırma modelini etkilemektedir. Bunun yanında, ROA'nın ERC üzerinde önemli bir etkisi bulunmakta, bu da ROA'nın ilgi değeri üzerinde olumlu ve güçlü bir etkisi olduğu anlamına gelmektedir. Bu durum, yatırımcıların halen finansal performans göstermeyen şirketlere kıyasla diğer şirketlerin finansal performansına odaklanmış değerlendirmelerinden kaynaklanmaktadır.

Keywords

Kurumsal Sosyal Sorumluluk Açıklaması, Yönetici Farklılığı, GRI Standartları, Değer İlgisi

Value Relevance Analysis of Corporate Social Responsibility Disclosure with Board of Director Diversity as The Moderating Variable

Abstract

Value relevance is the ability of information to assist report in making users being able to easily make decision. A corporate disclosure is said to be relevant if the information can influence the economic decisions of its users. One of the corporate disclosures is about the companies’ social responsibility. This study aims to see the value relevance on CSR Disclosure. The object of this research is all companies listed on the IDX in 2018 – 2020 which publish annual report with a total of 317 observation companies. The data used is taken from the company's annual report. This study examines the effect of CSR Disclosure on value relevance with board diversity (gender, age, and education) as the moderating variable and also ROA as the controlling variable. By using statistical descriptive tests and regression analysis, it is ensured that CSR Disclosure has no effect on the value of relevance, meaning that it does not affect the reactions and considerations of investors' decisions. The moderating variable, has also not been able to provide a significant influence on CSR Disclosure and its effect to the value relevance even though all the moderating variables give impacts in the relationship between research model. On the other hand, ROA has a significant impact in ERC which means ROA has a positive and very strong impact on the value of relevance. This is due to investors considerations that are still focused on the company’s financial performance compared to the company’s non-financial performance companies.

Keywords

Corporate Social Responsibility Disclosure, Director Diversity, GRI Standards, Value Relevance.

References

• Agustina, L., & Baroroh, N. (2016). The relationship between Enterprise Risk Management (ERM) and firm value mediated through the financial performance. Review of Integrative Business and Economics Research, 5(1), 128.
• Al Fadli, A., Sands, J., Jones, G., Beattie, C., & Pensiero, D. (2019). Board gender diversity and CSR reporting: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 13(3), 29-52.
• Alamsyah, S. (2017). Pengaruh Profitabilitas Terhadap Nilai Perusahaan, Relevansi Nilai Informasi Akuntansi, Keputusan Investasi, Kebijakan Dividen Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Indeks Kompas 100 Periode 2010-2013). Competitive Jurnal Akuntansi Dan Keuangan, 1(1), 136-161.
• Alim, C.A., & Rizki, A. (2019). Environmental disclosure, earnings response coefficient, and dominant owner in manufacturing company in Indonesia. International Journal of Civil Engineering and Technology (IJCIET), 10(5), 362–372.
• Alotaibi, K. and Hussainey, K.(2016). Quantity versus quality: The value relevance of CSR disclosure of Saudi companies. Corporate Ownership and Control, 13(2), 167-179.
• Anas, A., Rashid, H. M. A., & Annuar, H. A. (2015). The effect of award on CSR disclosures in annual reports of Malaysian PLCs. Social Responsibility Journal, 11(4), 831-852.
• Anazonwu, H. O., Egbunike, F. C., & Gunardi, A. (2018). Corporate board diversity and sustainability reporting: A study of selected listed manufacturing firms in Nigeria. Indonesian Journal of Sustainability Accounting and Management, 2(1), 65-78.
• Anjani, F. T. (2018). Pengaruh Diversitas Dewan Direksi Dan Overconfidence Terhadap Tax Avoidance (Survei Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013–2016) (Doctoral dissertation, Universitas Brawijaya).
• Arista, D., & Astohar, A. (2012). Analisis Faktor–Faktor Yang Mempengaruhi Return Saham. Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT), 3(1).
• Asmeri, R., Alvionita, T., & Gunardi, A. (2017). CSR disclosures in the mining industry: Empirical evidence from listed mining firms in Indonesia. indonesian Journal of sustainability accounting and Management, 1(1), 16-22.
• Aureli, S., Gigli, S., Medei, R., & Supino, E. (2020). The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies. Corporate Social Responsibility and Environmental Management, 27(1), 43-52.
• Awuy, V. P., Sayekti, Y., & Purnamawati, I. (2017). Pengaruh Pengungkapan Corporate Social Responsibility (CSR) Terhadap Earnings Response Coefficient (ERC)(Suatu Studi Empiris Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Pada Tahun 2010-2013).
• Azizah, S., Agustina, L., & Jati, K. W. (2021, February). Role of Independent Commissioner in Moderating Factors That Affect Earnings Response Coefficient. In International Conference on Strategic Issues of Economics, Business and, Education (ICoSIEBE 2020) (pp. 1-6). Atlantis Press.
• Baskoro, A., Umar, H., & Indriani, A. (2021). The Influence of Corporate Social Responsibility (CSR) Disclosure and Sustainability Accounting on Earnings Response Coefficient (ERC). International Journal Of Current Science Research And Review, 4(07), 684-691.
• Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2021). Board diversity and corporate social responsibility: Empirical evidence from France. Journal of Business Ethics, 173(1), 133-155.
• Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management journal, 42(5), 488-506.
• Boukattaya, S., & Omri, A. (2021). Impact of board gender diversity on corporate social responsibility and irresponsibility: Empirical evidence from France. Sustainability, 13(9), 4712.
• Calvo, N., & Calvo, F. (2018). Corporate social responsibility and multiple agency theory: A case study of internal stakeholder engagement. Corporate Social Responsibility and Environmental Management, 25(6), 1223-1230.
• Chan, M. C., Watson, J., & Woodliff, D. (2014). Corporate governance quality and CSR disclosures. Journal of business ethics, 125(1), 59-73.
• Colakoglu, N., Eryilmaz, M., & Martínez-Ferrero, J. (2020). Is board diversity an antecedent of corporate social responsibility performance in firms? A research on the 500 biggest Turkish companies. Social Responsibility Journal, 17(2), 243-262.
• Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67.
• Dalimunthe, A. R. (2014). Pengaruh Corporate Social Responbility, Persistensi Laba, Dan Struktur Modal Terhadap Earnings Response Coefficient (Doctoral dissertation, Universitas Negeri Jakarta).
• Damanik, G. S. M., & Dewayanto, T. (2021). Analisis pengaruh diversitas dewan komisaris terhadap corporate social responsibility disclosure (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018). Diponegoro Journal of Accounting, 10(1), 1-14.
• Farhana, S., & Adelina, Y. E. (2019). Relevansi Nilai Laporan Keberlanjutan di Indonesia. Jurnal Akuntansi Multiparadigma, 10(3), 615-628.
• Farida, D. N. (2019). Pengaruh diversitas gender terhadap pengungkapan sustainability development goals. Jurnal Akuntansi Indonesia, 8(2), 89-107.
• Feng, X., Groh, A., & Wang, Y. (2020). WITHDRAWN: Board diversity and CSR. Global Finance Journal, 100578.
• Gamayuni, R. R. (2012). Relevansi Kinerja Keuangan, Kualitas Laba, Intangible Asset, dengan Nilai Perusahaan. Trikonomika Jurnal Ekonomika, 11(2), 119-136.
• García‐Sánchez, I. M., Hussain, N., Martínez‐Ferrero, J., & Ruiz‐Barbadillo, E. (2019). Impact of disclosure and assurance quality of corporate sustainability reports on access to finance. Corporate Social Responsibility and Environmental Management, 26(4), 832-848.
• Ghonio, M. G., & Sukirno, S. (2017). Pengaruh return on asset (ROA) dan return on equity (ROE) terhadap harga saham pada perusahaan manufaktur yang terdaftar di ASEAN periode 2013-2015. Jurnal Profita: Kajian Ilmu Akuntansi, 5(4), 1-12.
• Gunadi, G. G., & Kesuma, K. W. (2015). Pengaruh ROA, DER, EPS terhadap return saham perusahaan food and beverage BEI (Doctoral dissertation, Udayana University).
• Gunardi, E. J., Widianingsih, L. P., & Ismawati, A. F. (2021). the Value Relevance of Environmental Performance, Corporate Social Responsibility Disclosure, and Return on Equity. RIMA-Research In Management and Accounting, 4(1), 37-49.
• Handajani, L., Subroto, B., Sutrisno, T., & Saraswati, E. (2014). Does board diversity matter on corporate social disclosure? An Indonesian evidence. Journal of Economics and Sustainable Development, 5(12), 8-16.
• Haryanto, M. Y. D. (2018). Pengaruh Interaksi Corporate Social Responsibility dan Likuiditas Saham Terhadap Earnings Response Coefficient. JEMAP: Jurnal Ekonomi, Manajemen, Akuntansi dan Perpajakan ISSN: 2622-612X (MediaOnline), 1(2).
• Hassan, L. S., Saleh, N. M., & Ibrahim, I. (2020). Board diversity, company’s financial performance and corporate social responsibility information disclosure in Malaysia. International Business Education Journal, 13(1), 23-49.
• Homan, H. S. (2011). The effect of corporate social responsibility disclosure to earnings response coefficient. Exchange, 2009(94), 0-014800.
• Junaeni, I. (2017). Pengaruh EVA, ROA, DER dan TATO terhadap Harga Saham pada Perusahaan Makanan dan Minuman di BEI. Owner: Riset Dan Jurnal Akuntansi, 1(2), 32-47.
• Kartikarini, N., & Mutmainah, S. (2013). Analisis pengaruh diversitas gender terhadap voluntary corporate governance disclosure dalam laporan tahunan perusahaan. Diponegoro Journal of Accounting, 200-214.
• Karuniawan, T. W., & Nugrahanti, Y. W. (2022, June). Pengaruh Pengungkapan Pertanggungjawaban Sosial Perusahaan (Corporate Social Responsibility Disclosure) Terhadap Earnings Response Coefficient Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2010. In Conference In Business, Accounting, And Management (CBAM) (Vol. 1, No. 4, pp. 1101-1117).
• Katmon, N., Mohamad, Z. Z., Norwani, N. M., & Farooque, O. A. (2019). Comprehensive board diversity and quality of corporate social responsibility disclosure: evidence from an emerging market. Journal of business ethics, 157(2), 447-481.
• Khabibah, N. A., & Mutmainah, S. (2013). Analisis Hubungan Corporate Social Responsibility dan Corporate Financial Performance pada Perbankan Syariah di Indonesia. Diponegoro Journal of Accounting, 623-633.
• Khan, I., Khan, I., & Senturk, I. (2019). Board diversity and quality of CSR disclosure: evidence from Pakistan. Corporate Governance: The International Journal of Business in Society, 19(6), 1187–1203.
• Kim, Y. C., Seol, I., & Kang, Y. S. (2018). A study on the earnings response coefficient (ERC) of socially responsible firms: Legal environment and stages of corporate social responsibility. Management Research Review.
• Kuswanto, R. (2020). Relevansi Nilai Dan Kemungkinan Deteriorasi: Kajian Literatur Sistematik. Jurnal Bina Akuntansi, 7(1), 107-123.
• Malik, F., Wang, F., Naseem, M. A., Ikram, A., & Ali, S. (2020). Determinants of corporate social responsibility related to CEO attributes: An empirical study. Sage Open, 10(1), 2158244019899093.
• Matitaputty, J. S., & Davianti, A. (2020). Does broad gender diversity affect corporate social responsibility disclosures?. JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen, 17(1), 35-50.
• Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015.
• Narullia, D., & Subroto, B. (2018). Value relevance of accounting information and corporate social responsibility in Indonesia And Singapore. Jurnal Aplikasi Manajemen, 16(1), 9-19.
• Narullia, D., Subekti, I., Azizah, N., & Purnamasari, F. (2019). Value Relevance of Corporate Social Responsibility Disclosure on Public Companies in ASEAN Countries. KnE Social Sciences, 3(11), 475-486.
• Naveed, K., Voinea, C. L., Ali, Z., Rauf, F., & Fratostiteanu, C. (2021). Board gender diversity and corporate social performance in different industry groups: Evidence from China. Sustainability, 13(6), 3142.
• Nguyen, T. L. H., Tran, N. M., & Vu, M. C. (2021). The influence of board characteristics and state holding on corporate social responsibility disclosure, evidence from Vietnamese listed firms. Business: Theory and Practice, 22(1), 190-201.
• Norman, W., & MacDonald, C. (2004). Getting to the bottom of “triple bottom line”. Business ethics quarterly, 14(2), 243-262.
• Nuriyanto, M. K., Nurbaiti, A., & Aminah, W. (2020). Earnings Response Coefficient: CSR Disclosure, Audit Committe and Default Risk. JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi), 4(3), 414-422.
• Orazalin, N. (2019). Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: evidence from commercial banks of Kazakhstan. Corporate Governance: The International Journal of Business in Society, 19(3), 490-507.
• Pajaria, Y., Meutia, I., & Widiyanti, M. (2016). Pengaruh Diversitas Dewan Direksi Dan Komisaris, Ukuran Perusahaan, Dan Profitabilitas Terhadap Pengungkapan Corporate Social Responsibility Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Akuntabilitas, 10(2), 177-200.
• Paramita, R. W. D., & Hidayanti, E. (2013). Pengaruh Earnings Response Coeffisient (ERC) Terhadap Harga Saham: Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Wiga: Jurnal Penelitian Ilmu Ekonomi, 3(1), 12-20.
• Pramana, A., & Mawardi, W. (2012). Analisis perbandingan trading volume activity dan abnormal return saham sebelum dan sesudah pemecahan saham (studi kasus pada perusahaan yang terdaftar di bursa efek indonesia periode 2007-2011) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).
• Purwanto, P., & Agustin, J. (2017). Financial performance towards value of firms in basic and chemicals industry. European Research Studies Journal, 20(2), 443–460.
• Puspitadewi, I., Istri, C., & Rahyuda, H. (2016). Pengaruh der, roa, per dan eva terhadap return saham pada perusahaan food and beverage di bei (Doctoral dissertation, Udayana University).
• Puspitaningtyas, Z. (2012). Relevansi nilai informasi akuntansi dan manfaatnya bagi investor. EKUITAS (Jurnal Ekonomi dan Keuangan), 16(2), 164-183.
• Puspitasari, R., & Asyik, N. F. (2016). Dampak Pengungkapan Laba Rugi Komprehensif pada Pengaruh Kinerja Keuangan terhadap Reaksi Pasar. Jurnal Ilmu dan Riset Akuntansi (JIRA), 5(5),1-8.
• Putri, R. A. (2014). Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Pengungkapan CSR. Business Accounting Review, 2(1), 61-70.
• Putri, W. E. (2020). Pengaruh Board Directors Diversity Terhadap Nilai Perusahaan dalam Perspektif Corporate Governance. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 307-318.
• Raharjo, E. (2007). Agency theory vs stewardship theory in the accounting perspective. Fokus Ekonomi, 2(1), 37-46.
• Rahindayati, N. M., Ramantha, I. W., & Rasmini, N. K. (2015). Pengaruh Diversitas Pengurus Pada Luas Pengungkapan Corporate Social Responsibility Perusahaan Sektor Keuangan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 4(5), 312-330.
• Rahman, M., Rasid, S. Z. A., & Basiruddin, R. (2020). Corporate Social Responsibility Reporting and Value Relevance of the Banking Sector in Bangladesh. Journal of Sustainability Science and Management, 15(5), 192-214.
• Razak, B., & Helmy, H. (2020). Pengaruh Dewan Direksi Wanita, Dewan Komisaris Wanita Dan Kualitas Pengungkapan Corporate Social Responsibility Terhadap Manajemen Laba. Jurnal Eksplorasi AKuntansi, 2(4), 3434-3451.
• Saragih, M. R., & Rusdi, R. (2020). Menguji Faktor Yang Menjadi Determinan Bagi Earning Response Coefficient Pada Perusahaan Real Estate Dan Properti Di Indonesia. Scientific Journal Of Reflection: Economic, Accounting, Management and Business, 3(2), 191-200.
• Scott, W. R., & O'Brien, P. C. (2003). Financial accounting theory (Vol. 3, pp. 141-143). Toronto: Prentice hall.
• Setyowati, W., & Sari, N. R. N. (2019). Pengaruh Likuiditas, Operating Capacity, Ukuran Perusahaan Danpertumbuhan Penjualan Terhadap Financial Distress (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2016-2017). Magisma: Jurnal Ilmiah Ekonomi dan Bisnis, 7(2), 73-84.
• Sholichah, W. A. (2015). Sekolah tinggi ilmu ekonomi Indonesia (stiesia) surabaya. Jurnal Ilmu Dan Riset Akuntansi, 4(10), 2–16.
• Silalahi, S. P. (2014). Pengaruh Corporate Social Responsibility (CSR) Disclosure, Beta dan Price To Book Value (PBV) terhadap Earnings Response Coefficient (ERC)(Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ekonomi, 22(01), 61-74.
• Spence, M. (1973). Job market signaling the quarterly journal of economics, 87 (3). MIT Press, August, 355, 374.
• Suhadak, S., Kurniaty, K., Handayani, S. R., & Rahayu, S. M. (2018). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18-34.
• Suharyani, R., Ulum, I., & Jati, A. W. (2019). Pengaruh Tekanan Stakeholder dan Corporate Governance terhadap Kualitas Sustainability Report. Jurnal Akademi Akuntansi, 2(1), 1-4.
• Tangngisalu, J. (2021). Can Firm Size, Business Growth, Capital Structure and Social Responsibility Affect Earnings Response Coefficients?. Jurnal Economic Resource, 4(1), 81-89.
• Trireksani, T., & Manurung, D. T. (2020). The impact of corporate social responsibility disclosure on the future earnings response coefficient (ASEAN banking analysis). Sustainability, 12(22), 9671.
• Tulhasanah, D., & Nikmah, N. (2017). Pengaruh Corporate Social Responsibility Disclosure (Csrd) Terhadap Rasio Profitabilitas Dan Earning Response Coefficient (ERC). Jurnal Akuntansi, 7(3), 1-16.
• Velte, P., & Stawinoga, M. (2020). Do chief sustainability officers and CSR committees influence CSR-related outcomes? A structured literature review based on empirical-quantitative research findings. Journal of Management Control, 31(4), 333-377.
• Wahyuni, A. (2019). Pengaruh Persistensi Laba, Struktur Modal dan Corporate Social Responsibility (CSR) Terhadap Earning Response Coefficient (ERC)(Studi Pada Badan Usaha Milik Negara yang Terdaftar di Bursa Efek Indonesia (BEI) dan Menggunakan Pedoman Global Reporting Initiative (GRI) G4 Periode 2013-2016) (Doctoral dissertation, Universitas Brawijaya).
• Wans, N. (2020). Corporate social responsibility and market-based consequences of adverse corporate events: Evidence from restatement announcements. Journal of Accounting, Auditing & Finance, 35(2), 231-262. Watung, R. W., & Ilat, V. (2016). Pengaruh Return On Asset (Roa), Net Profit Margin (Npm), Dan Earning Per Share (Eps) Terhadap Harga Saham Pada Perusahaan Perbankan Di Bursa Efek Indonesia Periode 2011-2015. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 4(2).
• Wicaksono, A. P. N. (2018). CSR Disclosure dan Earning Response Coefficient. AKUNTABEL, 14(2), 90-106.
• Widianingsih, D. (2018). Kepemilikan manajerial, kepemilikan institusional, komisaris independen, serta komite audit pada nilai perusahaan dengan pengungkapan csr sebagai variabel moderating dan firm size sebagai variabel kontrol. Jurnal akuntansi dan Pajak, 19(01), 38-52.
• Wijaya, P. C., & Suprasto, B. (2015). Pengaruh persebaran dewan two tier (dewan gabungan) pada nilai perusahaan sektor keuangan. E-Jurnal Akuntansi, 12(3), 722-734.
• Wijayanto, E., & Putri, A. N. (2018). Analisis Pengaruh Rasio Likuiditas, Rasio Leverage, Rasio Profitabilitas Dan Kepemilikan Manajerial Terhadap Kebijakan Dividen. Jurnal Aktual Akuntansi Keuangan Bisnis Terapan (AKUNBISNIS), 1(2), 105-118.
• Wulandari, K. T., & Wirajaya, I. G. A. (2014). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Earnings Response Coefficient. E-Jurnal Akuntansi, 6(3), 355-369.
• Wulandari, T. R., & Adiwati, A. K. (2016). Perubahan Relevansi Nilai Informasi Akuntansi Setelah Adopsi IFRS. Jurnal Akuntansi Multiparadigma, 6(3), 412-420.
• Wulolo, C. F., & Rahmawati, I. P. (2017). Analisis pengungkapan corporate social responsibility berdasarkan global reporting initiative G4. Jurnal Organisasi dan Manajemen, 13(1), 53-60.