Itang Navira Hatuwe, Hamidah

Pengaruh Pengungkapan Corporate Social Responsibility Berdasarkan Standar GRI Terhadap Harga Saham

Introduction

Pengaruh pengungkapan corporate social responsibility berdasarkan standar gri terhadap harga saham. Pelajari pengaruh pengungkapan Corporate Social Responsibility (CSR) berdasarkan standar GRI terhadap harga saham perusahaan tambang batubara di Indonesia.

Abstract

This study aims to determine the impact of Corporate Social Responsibility (CSR) disclosure using GRI standards on stock prices of coal mining companies in Indonesia from 2019 to 2023. Control variables ROE, ROA, and Current Ratio are added to measure the influence of CSR on stock prices. This research is quantitative, with using SPSS after converting qualitative CSR data into quantitative data. The results of this study show that Economic Category CSR disclosure has a significantly negative impact on stock prices, Environmental Category CSR disclosure has a significantly positive impact on stock prices, and Social Category CSR disclosure has a negative but not significant impact on stock prices. ROE has a significantly negative impact on stock prices, ROA has a significantly positive impact on stock prices, and Current Ratio has a positive but not significant impact on stock prices. All independent variables and the dependent variable simultaneously affect stock prices.

Review

This study tackles a highly relevant and timely topic concerning the financial implications of Corporate Social Responsibility (CSR) disclosure, specifically its impact on stock prices. Focusing on Indonesian coal mining companies from 2019 to 2023, the research aims to unravel how CSR reporting, structured by GRI standards and alongside key financial performance indicators (ROE, ROA, Current Ratio), influences market valuation. The methodological approach, which involves converting qualitative CSR data into a quantitative format for SPSS analysis, indicates a systematic effort to measure these complex relationships within a specific industry context. The findings present a differentiated and intriguing picture regarding the various categories of CSR disclosure. Economic Category CSR disclosure is reported to have a significantly negative impact on stock prices, a result that warrants further investigation into its underlying drivers. In contrast, Environmental Category CSR disclosure demonstrates a significantly positive effect, aligning with increasing investor awareness of ecological sustainability. Social Category CSR disclosure, however, shows a negative but non-significant influence. Among the control variables, ROE also exhibits a significantly negative impact, while ROA shows a significantly positive one, and the Current Ratio is not significant. The study concludes that all independent and control variables collectively influence stock prices, underscoring a multifaceted relationship. This research contributes to the existing literature by providing granular insights into how specific components of CSR, as defined by GRI, are perceived by the market within the context of a resource-intensive industry in an emerging economy. The disparate impacts across economic, environmental, and social CSR categories offer important implications for companies in terms of strategic reporting and resource allocation, suggesting that not all CSR initiatives are rewarded equally by the market. While the focused sample of Indonesian coal mining companies provides valuable specificity, it naturally limits the generalizability of these findings. Future research could explore the reasons behind the observed negative impacts, particularly for economic CSR, and expand the analysis to other industries or geographic regions to understand broader market responses.

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