PENGARUH STRUKTUR KEPEMILIKAN DAN DEWAN KOMISARIS TERHADAP CORPORATE SOCIAL RESPONSIBILITY DAN REAKSI PASAR

Abstract

Implementation of Corporate Social Responsibility (CSR) seems to be a logical consequence of the implementation practice of Good Corporate Governance (GCG). By implementing CSR, companies are expected to acquire social legitimacy and maximize its financial strength in the long term, so that will affect the value of sales of company stock. The purpose of this study is to examine the effect of ownership structure and the number of board of commissioners to disclosure of CSR and market reaction. Ownership structure in this case is the proportion of public ownership and proportion of managerial ownership. This study uses regression analysis. Exogenous variables used in this study is the number of the board of commissioners, public ownership proportion, and proportion of managerial ownership. Endogenous variables are disclosures of CSR and market reaction. The results of t test showed the number of the board of commissioners has a significant effect on the disclosure of CSR, the proportion of public ownership has no significant effect on the disclosure of CSR and the proportion of managerial ownership has no significant influence on the broad disclosure of CSR. The number of the Board of Commissioners has a significant effect on market reaction. The proportion of public ownership has no significant effect on market reaction. The proportion of managerial ownership has no significant influence market reaction. This study also proved that the disclosure of CSR no significant effect on market reaction. Simak