MANAGEMENT OWNERSHIP AS THE MODERATING VARIABLE IN THE RELATIONSHIP BETWEEN CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY DISCLOSURE AND STOCK RETURN

H, Fiola Finomia (2010) MANAGEMENT OWNERSHIP AS THE MODERATING VARIABLE IN THE RELATIONSHIP BETWEEN CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY DISCLOSURE AND STOCK RETURN. Other thesis, FAKULTAS EKONOMI.

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Abstract

The research investigates the effect of management ownership to the relationship between corporate social and environmental responsibility disclosure and stock return. The sample of this research consist of 15 companies which is included as high profile company that listed in Indonesian Stock Exchange from 2006-2008. Result of this research find that there is insignificant negatively relationship between CSER disclosure and stock return. It's indicate that investors didn't consider yet about CSER informations disclosed by the companies in their annual reports for their investment decisions. The test for each categories of CSER showed that employement category has only positive significant effect to the stock return among environment, energy, product, community and general categories. The study find that management ownership strengthen the relationship between CSER disclosure and stock return as management ownership correlate negatively with the stock return. Keywords: Corporate Social and Environmental Responsibility Disclosure,Management Ownership, CSER categories, Stock Return.

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