Corporate Social Responsibility Variables Research Articles

Corporate Social Responsibility and Financial Performance of Commercial Banks in Rwanda: A Case of BPR Bank Rwanda Plc

Corporate Social Responsibility (CSR) denotes firms’ commitment to conduct their activities ethically by considering their social, economic and environment effects. CSR can be vital for commercial banks in Rwanda in creating lasting corporate image that serve to benefit their financial performance. The present research examined the contribution of CSR on financial performance of commercial banks in Rwanda using a case of BPR Bank Rwanda Plc, located in Nyarugenge District, Rwanda. A descriptive and correlational research design was adopted using both quantitative and qualitative approaches. The target population of this research was 125 employees from the bank and sample size of 96 selected using stratified random sampling technique. Data collection was done using questionnaire and interview guide. Secondary data was obtained using desk research from financial statements published by the bank. Pearson correlation and multilinear regression analyses were performed to measure the effect. The findings on employee trainings (r=0.233, p=0.022) was significantly and positively related to financial performance of commercial banks. Since the p-value was less than 5%, then the correlation was statistically significant. Similarly, charity work (r=0.283, p=0.005) and community development projects (r=0.475, p=0.000) positively influence the financial performance of BPR, since the p-value were less than 5%. All the indicator variables of CSR were seen to have positive effect on financial performance of commercial banks though with low correlation. The regression model (F=23.917, p=0.000) was statistically significant since the p-value was less than 5%. The researcher recommends that bank managers should analyze the viability of the current CSR strategies before launching new strategies. It is only after critical analysis that managers can use new CSR strategies. They should also make sure that any new CSR strategies are aligned to the overall mission and vison of the bank.

The Influence of Internal Corporate Social Responsibility Factors on the Innovation Climate of Employees in the Healthcare Industry

This study examined the relationship between employee innovation and employee-initiated corporate social responsibility (CSR) elements in medical diagnostic enterprises in Pakistan during the COVID-19 pandemic. The research identified nine variables of employee-driven CSR, including communication, empowerment, and work satisfaction. Theoretical framework of the study based on theory of corporate social responsibility and expectancy theory of motivation. It evaluated their effects on the atmosphere for employee innovation using statistical analysis by using SPSS and after collecting data by using a survey questionnaire. The study population was employees working in the healthcare industry in Pakistan. The findings showed that employee-driven CSR and innovation were significantly correlated, with work satisfaction having the most impact. Overall, this quantitative study provides important insights for both theoretical understanding and practical application in fostering innovation through CSR initiatives. It emphasizes the critical role of job satisfaction as a key motivating factor for innovation within the framework of employee-driven CSR in the medical diagnostics sector.

SUSTAINABILITY-ORIENTED INNOVATION AND CSR: A QUANTITATIVE RESEARCH IN BRAZILIAN MULTINATIONALS

Objective: The purpose of this study is to analyze the relationship between Sustainability-Oriented Innovation (SOI) and Corporate Social Responsibility (CSR) in Brazilian multinationals. Theoretical Framework: The theoretical framework provides relevant information on CSR and SOI, which forms the basis for the development of hypotheses. Method: To collect data, an e-survey was conducted with Brazilian multinationals operating in various industries and segments, resulting in 60 valid questionnaires. The data was analyzed through multivariate analysis, employing canonical correlation and multiple linear regression procedures. Results and Discussion: The results of the multivariate analysis empirically supported five hypotheses (h1, h2, h3, h4, and h5). However, the results did not support the hypothesis that predicted a positive correlation between SOI practices and CSR as a differentiation strategy. Research Implications: The practical and theoretical implications of this research are significant, particularly in shedding light on emerging market multinationals, with a specific focus on Brazilian companies. By specifically examining Brazilian multinationals, this research fills a crucial gap in the literature, offering insights into the unique challenges and opportunities faced by firms from an emerging market like Brazil. Originality/Value: The findings of this study provide valuable guidance for Brazilian multinational corporations seeking to enhance their CSR initiatives and SOI practices. By understanding the relationships between CSR, SOI, and other key variables, these companies can develop more effective strategies to navigate global markets while simultaneously addressing social and environmental concerns.

PENGARUH ENVIRONMENTAL PERFORMANCE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA

This research aims to examine the influence of Environmental Performance and Corporate Social Responsibility on Financial Performance. The population in this research is all Energy companies listed on the Indonesia Stock Exchange for the 2019-2022 period. The sampling technique used is purposive sampling method with predetermined criteria, so that a sample of 80 data from 20 companies for 4 years is obtained. The type of data used is secondary data obtained from the company’s annual report for the 2019-2022 period. Hypothesis testing in this research used multiple linear regression analysis methods using the SPSS 26.0 program. The results of this research indicate that partially the Environmental Performance variable has a positive effect on Financial Performance, while the Corporate Social Responsibility variable has no effect on Financial Performance and simultaneously the Environmental Performance and Corporate Social Responsibility variables have a positive effect on Financial Performance.

COMPANY VALUE IN KOMPAS 100 INDEX PERIOD 2017-2021: THE ROLE OF GOOD CORPORATE GOVERNANCE, CORPORATE SOCIAL RESPONSIBILITY, AND FINANCIAL PERFORMANCE

The objective of this study is to investigate the impact of Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), Enterprise Risk Management (ERM), and Financial Performance on Company Value. The samples included in this study comprised of companies that were listed in the KOMPAS100 index for the period spanning from 2017 to 2021. The sampling methodology employed in this study was the use of simple random sampling, resulting in a sample size of 40 companies. The employed analytical framework is multiple linear regression analysis, enabled by the application of SPSS software. The findings of this study indicate that the variables of GCG (Good Corporate Governance), CSR (Corporate Social Responsibility), ERM (Enterprise Risk Management), and Financial Performance collectively exert a substantial and favorable impact on the value of a company. To a certain extent, the variables of GCG (Good Corporate Governance) and Financial Performance exhibit a notable and favorable influence on the valuation of a company. Conversely, the factors of CSR (Corporate Social Responsibility) and ERM (Enterprise Risk Management) do not show a statistically significant impact on the magnitude of Company Value. Thus, investors may take into account the inclusion of data pertaining to a company's Good Corporate Governance (GCG) policies and Financial Performance when making investment choices. Company management must acknowledge the significance of implementing efficacious corporate governance processes and augmenting financial performance as strategic measures to enhance the value of the organization.

Corporate Social Responsibility as a Determinant of Competitiveness in Supermarkets

The research aimed to analyze the contribution of Corporate Social Responsibility (CSR) to the competitiveness of supermarkets in Florencia, Caquetá in southern Colombia. In a sample of six supermarkets, a self-assessment survey of CSR and competitiveness variables was carried out for 2021 to 2022, consisting of six dimensions: values and ethical principles, responsible marketing, economy and finance, social commitment, quality of working life, and environment. The tool makes it possible to measure the commitment of the organization's CSR activities to competitiveness. The environment is the dimension with the lowest score and contribution to competitiveness in the dimensions evaluated in the supermarkets (2.0 on a scale of 0.0 - 3.0). According to the correlation analysis, there is a relationship between CSR and competitive position. Awareness-raising and training actions aimed at stakeholders are proposed.

Analysis of Corporate Social Responsibility (CSR) Implementation in The Achievement of Sustainable Development Goals (SDGs): Study of CSR Activities at PT Bio Farma (Persero) West Bandung

This study aims to analyze and examine the impact of CSR programs that are oriented and support the sustainable development program of PT Bio Farma (Persero). This research also focuses on analyzing the influence of CSR variables on SDGs with ROE as an intervening variable. This type of research is explanatory research with a quantitative approach. The data source comes from secondary data in the form of financial reports and corporate sustainability reports published on the company's official website from 2018 to 2021. The results of this study indicate that PT Bio Farma (Persero) has partially implemented the GRI Standards with a total score of 66%. In addition, the results of data analysis show that: 1) CSR has a significant positive effect on SDGs; 2) CSR has no significant effect on ROE; 3) SDGs has no significant effect on ROE; 4) The effect of CSR through SDGs on ROE is not significant.

State Ownership and Corporate Social Responsibility: An Investigation on Nigerian Data

Purpose: The paper examines the central issue underpinning the growing international literature and arguments that different ownership types have varying implications for a firm’s CSR engagement. It compliments evolving studies by looking at the effect of state ownership and other types of ownership structures on CSR, specifically in the Nigerian industry. It is argued that the impact of ownership structure on corporate decisions to allocate resources to Corporate Social Responsibility (CSR) has assumed renewed significance in the burgeoning literature of developing economies, given the exigency for corporate executives to allocate firm specific resources to other social objectives that may detract from profit maximization.
 Methodology: This paper differs markedly from the methodologies of previous studies which used composite CSR indices. It deconstructs CSR expenditure into five categories – public goods, socially desirable goods, corporate philanthropy, employee relations and environmental conservation – and estimates the effects of government, foreign and institutional ownership on CSR variables controlling for such factors as firm size, return on assets and capital intensity. Using new data on listed Nigerian firms, this paper carries out its empirical investigation with panel data estimation in order to deal with heterogeneity and endogeneity issues.
 Findings: The findings of this paper indicate that different ownership structures have varying implications for the five forms of CSR investigated in this study. It reveals that government ownership has no significant effect on CSR expenditure on public goods, corporate philanthropy and environmental conservation. However, it finds that government ownership also significantly influences CSR expenditure on socially desirable goods and employee relations.
 Unique contribution to theory, practice and policy:Theoretically, this paper extends the trajectory of CSR discourse to include an elaborate investigation of the impact of ownership structures on CSR practices in all the major sectors of Nigerian economy.The paper argues that its empirical results have several policy implications for good corporate governance practices in Nigeria and other emerging economies. This paper suggests the need to institute incentives schemes and regulatory constraints that would compel government, foreign and institutional ownership to align their incentives with some forms of CSR practices.

The Effect of Profitability, Leverage, Corporate Social Responsibility and Firm Size on Company Value with Good Corporate Governance as a Moderating Variable in Technology Companies Listed on the Bei in 2019-2022

This study aims to obtain empirical evidence of the influence of Profitability, Leverage, Corporate Social Responsibility and Firm Size on Company Value with Good Corporate Governance as a moderating variable. The population in this study are technology sector companies listed on the IDX in 2019-2022. The sample in this study were 11 companies for 4 years, so the total sample was 44. The data analysis technique used was Moderate Regression Analysis (MRA) with a significance level of 5%. The results showed that the variable profitability and firm size had an effect on firm value, while leverage and corporate social responsibility had no effect on firm value. Good corporate governance variables can moderate profitability and firm size on firm value, but cannot moderate leverage and corporate social responsibility variables on firm value

The Effect of Financial Distress and Corporate Social Responsibility on Tax Avoidance (Case Study of Manufacturing Companies in the Pharmaceutical Sub-Sector Listed on the Indonesia Stock Exchange for the years 2017-2021 Period)

This study aims to examine the effect of financial distress and corporate social responsibility on tax avoidance in the pharmaceutical manufacturing subsector during the period of 2017-2021. The population of this study consists of pharmaceutical manufacturing companies. The research methodology employed is quantitative. The data used for this study were obtained from the website www.idx.co.id and annual reports that have been audited for each year, accessible through the official websites of the respective companies. Data collection was conducted using purposive sampling, with a total sample size of 30 data points over a 5-year observation period. The collected data were analyzed using SPSS version 25 for Windows. The results of the analysis indicate that the variable of financial distress does not have a significant effect on tax avoidance, while the variable of corporate social responsibility has a negative effect on tax avoidance.

Corporate Social Responsibility and Shareholders’ Wealth of Industrial Goods Producing Companies Listed on the Exchange Group PLC of Nigeria

Purpose: The purpose of this study is to determine how the practices of corporate social responsibility (CSR) influence the wealth of shareholders of industrial goods producing companies listed on the Exchange Group Plc of Nigeria and other developing countries. Theoretical Framework: The role played by CSR practices in enhancing shareholders’ wealth has attracted the interests of companies’ executives and policy makers all over the world. The theoretical foundations of this research work are provided by the Shareholder Value Theory, the stakeholder theory, the Business Ethics theory and the Agency theory. However, this work is anchored on the shareholder value theory propounded by Milton Friedman in 1970 and this is used to evaluate the influence of corporate social responsibility on shareholders’ wealth. Design/methodology/approach: The study uses the ex-post facto research design and judgemental sampling technique to select a sample of 10 industrial goods producing firms listed on the Nigerian Exchange Group Plc as at 31st December, 2021. Social responsibility relationships with the society, employees, suppliers, customers, tax authorities and lenders provide the basis for sample selection. Information from the financial statements of the sampled companies was used to compute weighted average cost of capital (WACC), rate of stock turnover, actual corporate tax rate, invested capital, leverage, return on equity (ROE), value of debts and value of equity. This approach facilitates the computation of economic value added (EVA) which is used as proxy for shareholders’ wealth. Firm-year observations of 1,840, ordinary least squares panel data regression, fixed and random effects models, stationarity test, cross-section dependence test and the Hausman test are used for data diagnosis and analysis. Findings: The research has disclosed that CSR to society positively and significantly influences shareholders’ wealth while CSR to suppliers and lenders have non-significant positive effect on shareholders’ wealth. Contrastingly, it is further revealed that CSR to employees and tax authorities have significant negative effects on shareholders’ wealth while CSR to customers negatively and non-significantly influences shareholders’ wealth. Research, Practical & Social implications: The implication for managers is that CSR relationship with society is value enhancing in Nigeria’s industrial goods sector while CSR relationships with employees and tax authorities are value destroying. Value enhancing results of the dealings with suppliers and lenders and the value destroying result of the dealings with customers lack sufficient evidence. This research has helped in filling the gap in the existing literature and in serving as the basis for the economic and social development of Nigeria and other developing and developed countries of the world. Originality/value: This is the first time in the industrial goods sector that we are associating four new corporate social responsibility variables namely, CSR to suppliers, CSR to customers, CSR to tax authorities and CSR to lenders with shareholders’ wealth. This study encourages the revival of CSR to employees and CSR to tax authorities which are currently value destroying in the industrial goods sector of Nigeria.

Board Attributes and Corporate Social Responsibility: A Systematic Literature Review and Future Research Perspectives

The relationship between board attributes and corporate social responsibility (CSR) has gained considerable attention from academicians and researchers in the past few decades. This systematic literature review paper aims to analyse empirical evidence on the impact of board characteristics on CSR. A content analysis of 159 articles extracted systematically from the Scopus and WOS databases revealed a significant upsurge in the area in the last decade mainly in the past three years. It was found that a large majority of the existing works were single-country studies mainly from the developed nations; though cross-country works and research from developing countries have gained momentum in recent years. The study highlighted important trends in publication in the area, the most researched as well as less analysed board attributes, various measures of CSR variables, the type of sample organisations considered, and commonly used research techniques. The study makes a useful contribution to the extant literature by providing insight into the existing works and indicating knowledge gaps and future research perspectives. The findings of the study would also be useful for the policy makers and regulators in further strengthening the corporate governance codes and regulations, so as to help organisations in improving their social performance.

The Impact of Corporate Social Responsibility, Profitability, Capital Intensity, Size Company and Financial Distress on Tax Aggressivity (Empirical Study of Manufacturing Companies Listed on the IDX in 2017-2019)

This study aimed to examine and analyze the impact of corporate social responsibility, profitability, capital intensity, company size, and financial distress on tax aggressiveness. The population in the study was manufacturing companies listed on the IDX in 2017-2019. The measurement of tax aggressiveness used the effective tax ratio. Sampling was purposive sampling and obtained 177 samples with three years of observation. The analysis in this study used the classical assumption and hypothesis test of multiple linear regression analysis with F-test, t-test, and the coefficient of determination processed using the SPSS version 25. The results of this study indicate that the variable of capital intensity does not affect tax aggressiveness. In comparison, the variables of corporate social responsibility, profitability, company size, and financial distress affect tax aggressiveness.

The impact of corporate social responsibility on financial constraints: the role of insider and institutional ownership

Purpose This study aims to examine the impact of corporate social responsibility (CSR) on financial constraints (FC). Furthermore, the authors investigate the moderating impact of two key ownership variables, insider and institutional ownership, separately and their interacting effect on the CSR-FC relationship. Design/methodology/approach The study sample consists of 137 nonfinancial Pakistan Stock Exchange listed firms from 2010 to 2019. Firms’ participation in socially responsible activities is measured using a multidimensional financial approach, whereas FC are determined using the WW index. The findings were observed using the dynamic generalized method of moments model. Findings According to the findings, CSR has a negative impact on FC. In terms of moderating impact, the interactive variable of CSR and insider ownership does not affect FC, implying that when an insider owns a majority of shares, the negative relationship between CSR and FC is weaker. The findings demonstrate the entrenchment effect of insider ownership. In terms of the moderating effect of institutional ownership, CSR and institutional ownership have a significant but positive relationship with FC, implying that when powerful institutional investors are present, the negative relationship between CSR and FC disappears, demonstrating that higher institutional ownership leads to shareholder conflicts. Finally, the interactive variable of insider and institutional ownership has no statistically significant effect on the CSR-FC relationship. This insignificant relationship does not support the substitution or complementarity effect of corporate governance. Research limitations/implications The authors measure CSR activities using a multidimensional financial approach; however, in the future, CSR should be measured using qualitative aspects such as content analysis to strengthen the findings. Because the research is limited to a single emerging economy, Pakistan, the generalizability of the findings is limited. In the future, this research could be replicated in other emerging economies in Asia, Africa and Latin America. Practical implications The findings of the study will assist regulatory authorities, investors, financial analysts and other stakeholders in better understanding CSR practices in Pakistani firms, as well as the role of CSR and two other important aspects of internal governance mechanisms, namely, insider ownership and institutional ownership, in the CSR-FC relationship. Originality/value Few studies in the literature investigate the impact of CSR on FC. To the best of the authors’ knowledge, this is the first study of its kind in an emerging market to empirically test this relationship and further investigate the role of insider and institutional ownership in this unexplored relationship.

Pengaruh Green Marketing dan Corporate Social Responsibility Terhadap Keputusan Pembelian Lampu LED Philips

The aim of this study was to determine the effect of green marketing and corporate social responsibility on purchasing decisions (a case study of Philips LED lamp consumers in Medan). This type of research is associative quantitative research which aims to determine the relationship between two variables. The research population is consumers of Philips LED lights in Medan City whose number is not known with certainty. The sample size was determined using the unknown population formula and the sample results were determined to be 100 respondents. The research instrument used was a questionnaire distributed online via the Google form. The data analysis used is multiple linear regression method. Based on the results of the t test, the green marketing variable partially has a positive effect on consumer purchasing decisions for Philips LED lights in Medan City and the corporate social responsibility variable partially has a positive effect on consumer purchasing decisions for Philips LED lights in Medan City. Based on the Coefficient Test the determination of purchasing decisions can be explained by green marketing and corporate social responsibility variables.

Investigating the relationship between corporate social responsibility implementation and contractor competitiveness

PurposeThis study aims to (1) develop a structural equation model in understanding the relationships between corporate social responsibility (CSR) performance and contractor competitiveness and (2) test the moderating effect of firm sizes on this relationship.Design/methodology/approachA literature review showed an urgent need to investigate the relationship between CSR implementation and contractor competitiveness holistically. CSR and contractor competitiveness variables were identified through the literature review and discussions with experienced professionals. Using a survey questionnaire, a total of 252 completed questionnaires were received. A structural equation modeling technique was then applied to analyze the data collected. Multigroup analysis was employed to test the moderating effect of firm sizes on the relationship between CSR implementation and contractor competitiveness.FindingsThe results indicated a strong relationship between CSR implementation and contractor competitiveness. This relationship is not moderated by firm size.Originality/valueThis research is one of the first studies to holistically explore the linkages between CSR implementation and contractor competitiveness. The findings can be served as a solid foundation to promote CSR performance in construction firms. Contractors of different sizes are suggested to implement CSR activities to foster competitiveness.

Pengaruh Good Corporate Governance dan Corporate Social Responbility terhadap Kinerja Keuangan pada Perbankan yang Terdaftar di BEI Periode 2017-2020

The implementation of Good Corporate Governance and Corporate Social Responsibility is important for a company. By implementing Good Corporate and Corporate Social Responsibility properly and correctly it will add to the image of the company, this will also improve the company's financial performance. This study aims to determine the effect of independent commissioner, board of directors, audit committee and Corporate Social Responsibility variables on financial performance in banks listed on the IDX. The sampling technique in this study used purposive sampling which produced 29 samples over 4 years, namely 116 samples. The analytical method used was multiple regression analysis which was processed using SPSS version 25. The results showed that only the board of directors had an effect on financial performance, while independent commissioners, audit committees and CSR had no effect on financial performance. Together with independent commissioners, boards of directors, audit committees, and corporate social responsibility affect financial performance.

The Mechanism of Corporate Social Responsibility on Financial Performance in Indonesia in The Basic Materials and Chemical Industry in Indonesia

This study aims to analyze the mechanism of corporate responsibility for financial performance in the basic and chemical industries in Indonesia from 2016 to 2020. Independent variable of corporate social responsibility; the dependent variable is financial performance with 3 variables namely net profit margin, return on assets and return on equity. for this study the authors also add mediating variables and control variables, there are 2 mediating variables namely economic development and industrial competition, regarding control variables namely Sales Sales, Earnings Per Share and the last is Earnings Before Interest and Taxes. This study took data on basic and chemical industry companies that had carried out corporate social responsibility on the Indonesia Stock Exchange from 2016 to 2020. The selection of research samples was based on a purposive sampling method. The population used in this study is all sectors of basic industry and chemicals listed on the Indonesia Stock Exchange (Indonesia Stock Exchange or IDX), with a total of 75 companies. Through empirical analysis, we can understand that Corporate Social Responsibility can have a positive impact on financial performance, and we can also understand that GDP and market share have a significant role in driving Corporate Social Responsibility on financial performance. The effect of Corporate Social Responsibility mediation on financial performance is more significant. Finally, Operating Income, Earnings Per Share, and Sales Revenue are not significant enough as control variables for financial performance.

The Effect of CSR, Intellectual Capital and GCG on Company Value with Financial Performance as a Moderating Variable in Food & Beverage Industry Companies Listed on the Indonesia Stock Exchange (IDX)

This study aims to examine the effect of Corporate Social Responsibility (CSR), Intellectual Capital and Good Corporate Governance (GCG) on company value with financial performance as a moderating variable in food and beverage industry companies listed on the IDX. This research is quantitative research, using secondary data obtained from the Indonesia Stock Exchange (IDX). The total population in this study is 54 companies listed on the Indonesia Stock Exchange in 2017 -2019. There are 11 companies that meet the criteria to be sampled in this company. The analysis technique used in this research is Descriptive Statistics test, Classical Assumption test, Multiple Linear Regression analysis, Hypothesis testing and MRA. The results of this study indicate that the CSR and Intellectual Capital variables have no significant effect on firm value, Good Corporate Governance and Financial Performance have a positive and significant effect on firm value. Indirectly, financial performance has succeeded in strengthening the relationship between CSR and Intellectual Capital on company value, while financial performance has not been able to moderate the relationship between Good Corporate Governance and company value.

Analysis Of The Influence Of Company Size, Economic Performance, Leverage, And Foreign Ownership On Corporate Social Responsibility Disclosure

Purpose: This research aims to analyze the relationship between leverage, profitability, and foreign ownership on the disclosure of Corporate Social Responsibility in the mining sector listed on the Indonesia Stock Exchange (IDX). This study was conducted because, nowadays, companies globally are not only oriented toward high performance profits, but also towards social and environmental issues.
 Methodology: The population of this research was 114 mining companies listed on the IDX during 2013-2015, with purposive sampling techniques resulting in 87 mining companies. Multiple linear regression analysis was used to determine the effect of independent variables (company size, economic performance, leverage, and foreign ownership) on the dependent variable of Corporate Social Responsibility. The Corporate Social Responsibility index was measured using indicators disclosed by companies with the number of indicators set out in the G4 by the Global Reporting Initiative (GRI). Company size was determined by the amount of assets, Economic Performance was defined by return on assets (ROA), leverage was defined by the debt-to-asset ratio (DAR), and Foreign Ownership was defined by the amount of foreign ownership divided by the number of outstanding shares.
 Findings: The results of this research show that Company Size, Economic Performance, and Foreign Ownership influence the disclosure of Corporate Social Responsibility, in contrast, Leverage does not influence the disclosure of Corporate Social Responsibility.
 Novelty: This research uses a more comprehensive measurement standard for CSR disclosure than previous research, which used the G3 version 3.0 standard with 79 disclosure items. In this research, the G4 version 4.0 standard released by the Global Reporting Initiative (GRI) is used, which has 91 disclosure items
 Keywords: Corporate Social Responsibility, Company Size, Economic Performance, Leverage, and Foreign Ownership.