I Made Sudana and Nugroho Sasikirono and Muhammad Madyan and Rifqi Pramono (2019) Dimensions of Corporate Social Responsibility and Market Performance: Evidence from the Indonesia Stock Exchange. Asia-Pacific Journal of Business Review (APJBR), 3 (2). pp. 1-25. ISSN 2466-0043, eISSN 2508-4488

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Abstract

This study aims to examine the relationship between certain dimensions of Corporate Social Responsibility (CSR) with market performance, measured by Tobin's Q, on companies within various industries in Indonesia. This study disaggregates CSR into 7 dimensions: environment, energy, occupational safety and health, employee, product, community, and general. Samples consisted of 385 companies listed on the Indonesia Stock Exchange (IDX) during 2007-2014. OLS analysis shows that CSR contributes greatly to the formation of market performance of consumer goods, agriculture, and miscellaneous industries. The dimensions of CSR contribute differently to the formation of Q ratios in different industries. We also found that there are differences in the speed of effect of several dimensions of CSR on the formation of market performance; some CSR dimensions give immediate effect while others are lagged.

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