Struktur Kapital dan Diskresi Manajerial terhadap Pengungkapan Corporate Social Responsibilty (CSR)

Abstract

The more companies in one area or region will have an impact and contribution to the community and the surrounding environment. Corporate social responsibility (CSR) is able to bring a better oriented company, and by taking into account the social principles of society, stakeholders, environmental principles, and also no less important, namely the discretionary actions of management. Management discretionary actions such as actions to manage excess costs contained in management. CSR practices reduce the level of asymmetric information and agency costs, such as an irregular CSR-related information, not all of which are available and agency costs are also limited, but the level of systematic risk and the cost of capital, which ultimately increases the possibility of increasing equity while reducing dependence on external financing and debt. CSR is realized by the company's management with the aim, as a strategy to protect itself, which allows personal gain to be obtained by investing shares in the company. This study aims to determine the contribution of a company's capital structure and managerial discretion to the CSR defense strategy of companies in Indonesia. This research is a quantitative research. Sources of research data were obtained from 348 companies listed on the Indonesia Stock Exchange and published financial reports and annual reports from 2017-2021. The Fixed Model Effect research model, the results of this study indicate that there is no significant relationship between capital structure and managerial discretion on CSR.