Analisis Pengaruh Pengungkapan CSR Terhadap Harga Saham Perusahaan yang Terdaftar dalam LQ45 pada Tahun 2009-2011

Abstract

Information is very important for help investors to make investment decisions. Stock prices are influenced by two factors: internal information and external information. The purpose of this study was to examine whether there is any effect of the disclosure of information Corporate Social Responsibility (CSR) on the stock price of company listed on Indonesia Stock Exchanges (IDX) belonging to the LQ45 data. This study uses panel data, data collected by purposive sampling method. Number of companies that meet the criteria of sampling by 25 companies. The period is from 2009 to 2011, so the total number of observation is 75. This study uses event study research method. The CSR disclosure index used is CSR within the scope of economic and environmental index based on the Global Reporting Initiative (GRI) . Return on Equity (ROE) was chosen as a control variable for profitability ratios since it is to be expected to be an impact on investors share price. Multiple linear regression is used to analyze data. The results show that CSR doesn’t have any influence on stock price, but simultaniously the variabel CSR and ROE influence significanty upon stock price, reflected by abnormal return .

Key Word: CSR, Stock Prices, Abnormal Return, ROE.