Analysis On The Impact Of Corporate Sustainability Reports To Stock Returns In Indonesia Stock Exchange
halo selamat malam semuanya :D
saya memiliki sebuah judul tugas akhir yang menarik untuk kita simak bersama
kali ini untuk mahasiswa jurusan manajemen akutansi yang berjudul
saya memiliki sebuah judul tugas akhir yang menarik untuk kita simak bersama
kali ini untuk mahasiswa jurusan manajemen akutansi yang berjudul
“ANALYSIS ON THE
IMPACT OF CORPORATE SUSTAINABILITY REPORTS TO STOCK RETURNS IN INDONESIA STOCK
EXCHANGE”
The emergence of corporate social
responsibility (CSR) was in reaction to the rapid growth of corporations and
capitalism during the last 20-30 years. There has been a growing public
awareness of the significant role of corporations in society through economic
and technological contribution. On the contrary, many of the firms which have
been credited with contributing to economic and technological progress have
been criticised for creating social problems. Pollution, resource depletion, waste,
product quality and safety, the rights and status of workers, and the power of large
corporations are issues which have become the focus of increasing attention and
concern (Gray, Owen and Maunders. 1987. Page 1).
Pressures from multiple parties
have come to bear on the private sector to accept responsibility for impact on
society from business activities, companies are being urged to become
accountable to wider audience rather than shareholder and creditor groups.
Traditional economic doctrine uttered by Nobel Prise-winning economist Milton
Friedman (1962) that the only social responsibility of business is to maximize profit
is not universally accepted:
Few trends could so thoroughly
undermine the very foundations of our free society as the acceptance by
corporate officials of a social responsibility other than to make as much money
for their stockholders as possible
Studies have documented a growing
awareness on the part of business executives that business has an obligation to
help society instead of maximising economic profit (Responsible business). A
landmark study by Stephen Erfle and Michael Frantantuono (1994. Page 7-71)
revealed that firms that ranked highest on a variety of social issues
(including charitable contributions, community outreach programs, environmental
performance, advancement of women, and promotion of minorities) had greater
financial performance as well. Financial performance was better in terms of
operating income growth, sales-to-assets ratio, sales growth, return on equity,
earnings-to-asset growth, return on investment, return on assets, and assets
growth.
Responsible business practices
are known as good corporate citizenship because
CSR is closely linked with the
principles of sustainable development, which argues that companies should make
decisions not only based on financial factors such as profits or dividends, but
also based on the immediate and long-term social and environmental consequences
of their activities in order to achieve sustainable increasing performance by
maintaining its stakeholders trust and loyalty.
There appears to be a growing
recognition within the business community of the importance key stakeholders
attach to socially, environmentally and ethically responsible behaviour by
corporations (Zadek, Pruzan and Evans. 1997). As businesses increasingly
recognise the broad duties of accountability implied by their stakeholders'
(non-financial) expectations, the role of corporate social reporting takes on
increasing importance as a mechanism through which such duties of
accountability
may be discharged (Gray, Kouhy,
and Lavers. 1996. Page 78-101). This significant role played by corporate
social reporting, as complement to annual financial reporting, has attracted
public interest in studying corporate social reporting practices, with many
empirical research studies analysing the content of corporate reports for disclosures
in respect of one or more categories of social, environmental and ethical matters.
untuk download tugas akhir ini silahkan klik pada link yang tersedia dibawah ini :
Karya Mr. Subagio Efendi
semoga bermanfaat^^
Regard,
Arcia Celestica
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