ABSTRACT The aim of this research is to obtain empirical evidence on the influence of corporate social responsibility (CSR) disclosure on firm value and to examine the moderating effect of risk management on the association. Data related to CSR disclosure and nonfinancial data were obtained from annual reports and websites of manufacturing companies listed on the Indonesia Stock Exchange. Financial data was collected from Thomson Reuters Eikon database. Hypothesis testing was conducted using panel data regression analysis. Based on the 130 sampled companies during the period 2014–2016, we found that CSR disclosures have positive effect on firm value. Interestingly, risk management applied by the company does not help maximize the value. This might be because the risk management information is not presented comprehensively that it does not help investors make investment decisions.

中文翻译：

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以风险管理为调节变量的企业社会责任披露对企业价值的影响

摘要这项研究的目的是获得有关企业社会责任（CSR）披露对公司价值的影响的经验证据，并检验风险管理对协会的调节作用。与CSR披露有关的数据和非财务数据均来自在印尼证券交易所上市的制造公司的年度报告和网站。财务数据是从汤森路透Eikon数据库收集的。使用面板数据回归分析进行假设检验。基于2014年至2016年期间的130家样本公司，我们发现CSR披露对公司价值具有积极影响。有趣的是，公司采用的风险管理无助于最大化价值。