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首页> 外文会议>Asian Pacific Business and Economics Conference >Corporate Social Responsibility (CSR) Disclosure and Investors' Creditors' Required Return: Evidence from Indonesia
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Corporate Social Responsibility (CSR) Disclosure and Investors' Creditors' Required Return: Evidence from Indonesia

机译：企业社会责任（CSR）披露和投资者的债权人所需的返回：来自印度尼西亚的证据

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摘要

This study investigates the relation between corporate social responsibility (CSR) and the required rate of return (cost of capital), both cost of equity and cost of debt. Up to 690 observations of listed companies in Indonesia for the years 2013-2015 are studied using multiple regression analysis. The CSR disclosure score is measured using a percentage of the keyword coverage in a company's annual report with NVivo software. This study also uses a manual indexing procedure according to the GRI G4 list items to check its robustness. The results show that previous year's cost of equity and cost of debt motivate companies to disclose CSR extensively in the current year. After disclosing CSR more extensively, it is not proven that companies gain benefit in the form of lower cost of equity and cost of debt in the next year. Investors and creditors do not perceive CSR disclosure as a means of reducing asymmetric information or as an information risk. CSR disclosure per se may not be perceived as risk-reducing activities by investors and creditors, and thus, does not guarantee lower cost of capital.
机译：本研究调查了企业社会责任（CSR）与所需的返回率（资本成本），股权成本和债务成本的关系。使用多元回归分析研究了2013 - 2015年印度尼西亚上市公司的690家观察结果。 CSR披露评分在公司年度报告中使用NVIVO软件的年度报告中的关键字覆盖率百分比测量。本研究还使用根据GRI G4列表项目的手动索引程序来检查其稳健性。结果表明，上一年的股权成本和债务成本促使公司在本年度广泛披露CSR。在更广泛地披露CSR之后，并不证明公司在明年以较低的股权成本和债务成本的形式获得福利。投资者和债权人不会认为CSR披露作为减少非对称信息或信息风险的手段。 CSR披露本身可能不会被投资者和债权人视为减少风险的活动，因此，不保证资本成本更低。

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