THE INFORMATION ASYMMETRY AND CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE

Juniarti, (2019) THE INFORMATION ASYMMETRY AND CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE. Eurasian Journal of Business and Management, 7 (1). pp. 1-10. ISSN 2148-0206

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Abstract

CSR become one of the highlighted activities, aligned with the requirement to adopt the interest of stakeholders. This study aims to search whether the earnestness of companies to manage CSR as disclosed in their sustainability reporting reduces information asymmetry. The sample consists of the companies that have published sustainability reporting for the period 2008-2014 and listed in Indonesia Stock Exchange. The finding of this research are as follow: (1) unlike the previous research that found a reducing of information asymmetry after the issuing of sustainability reporting, this study finds the opposite, that the higher the disclosure of CSR activities, the wider the spread, (2) further, this study finds that the companies which have a negative earning tend to disclose more CSR information (3) The presence of institutional investors representing well-informed investors help the company to ensure the reliability of CSR activity information delivered through Sustainability Reporting.

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