Abstract
The purpose of this study was to determine the factors that influence shares price and return per share of 63 manufacturing companies period 2012-2016. The research method is multiple linear regression analysis, which done by the classical assumption test. The results of the research in the first model show that there is a positive influence between book value per share, net income, CSR social, and CSR report on shares price. While in the second model using the enter method shows delta net income and delta CSR total had a positive effect on return per shares, and delta CSR environment has a negative effect on return per share, while those using stepwise method delta CSR social and delta CSR net income had a positive impact on return per share. The contribution of this study is to provide information to stakeholders that CSR environment does not have an important role in shares prices, prioritizing the interests of shareholders, which means that the CSR environmental measurement instruments focus on disclosure, and ignore fundamental aspects, namely environmental liabilities. The implication is that the regulator, investor, and profession needs to more pay attention to CSR environmental.
Highlights
The main objective of the company is to increase profits but to maximize shareholder wealth
The contribution of this study is to provide information to stakeholders that corporate social responsibility (CSR) environment does not have an important role in shares prices, prioritizing the interests of shareholders, which means that the CSR environmental measurement instruments focus on disclosure, and ignore fundamental aspects, namely environmental liabilities
Based on the results and discussions, it can be concluded as follows in the first model there is a positive influence between book value per share, net income, CSR social and CSR report on the share price
Summary
The main objective of the company is to increase profits but to maximize shareholder wealth. Waste, declining resources, product quality and security, rights and status of workers, are the focus of concern that continues to improved in this context companies are required to contribute more to thinking about society than shareholders and creditors (Reverte, 2009). The company’s environmental management has undergone drastic changes that is characterized by business organizations that continue to improve social and environmental concerns (Kuo et al, 2013). The increasing number of CSR reports it implemented in each company is very useful and helpful, there is a view academic evidence regarding the relevance of specific CSR disclosures (Clarkson et al, 2013)
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