The aim of this paper is to obtain empirical evidence related to the influence of corporate social responsibility (CSR) disclosure on firm value and to examine the effects of risk management on the same. Items related to disclosure of CSR and nonfinancial data are obtained from annual reports of manufacturing companies as listed on the Indonesian Stock Exchange and the companies’ respective websites. Financial data was obtained from Thomson Reuters Eikon. 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 can increase firm value. Interestingly, risk management applied by the company does not help maximize value, because is not presented comprehensively. Thus, it does not help investors make investment decisions.
- Corporate social responsibility
- corporate social responsibility disclosure
- firm value
- risk management