Ownership Structure and CSR Disclosure: Moderating Role of Board Commissioners
DOI:
https://doi.org/10.21512/bbr.v17i3.15618Keywords:
ownership structure, Corporate Social Responsibility Disclosure (CSRD), institutional ownership, managerial ownership, board commissionersAbstract
The research aims to examine the effect of ownership structure on Corporate Social Responsibility Disclosure (CSRD) and analyze the moderating role of the board of commissioners. Ownership structure is proxied by managerial and institutional ownership, while the role of the board of commissioners is measured by the frequency of board meetings. CSRD is measured as a dummy variable, and full disclosure consists of 89 indicators from Global Reporting Initiative (GRI) Standard 2021. The research uses panel data from 45 banking companies listed on the Indonesia Stock Exchange (IDX) during 2021–2023, resulting in 135 firm-year observations. The data are analyzed using panel regression with model selection tests, including Chow, Hausman, and Lagrange Multiplier tests, followed by classical assumption testing. The results before time lag (t) indicate that managerial and institutional ownership have no significant effect on CSRD, and the board of commissioners does not moderate the relationship. However, after applying a time lag (t+1), institutional ownership shows a positive and significant effect on economic, social, and total CSRD, while managerial ownership positively affects environmental disclosure. The moderating role of the board of commissioners remains insignificant. The research contributes to stakeholder theory by emphasizing the importance of powerful stakeholders, particularly institutional investors, in influencing CSR disclosure over time.
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