Insignificant and inverse direction result was found in majority of the association between leverage and corporate social and environmental disclosure level. This finding is consistent with Belkoui and Karpik (1989) that negative association between leverage and corporate social and environmental disclosure can be caused companies with a high leverage adhere to strict debt convenants. This results in decreases of their ability to spend resources on corporate social and environmental activities, as well as to disclose information about their social and environmental activities. The decision to disclose corporate social and environmental activities will decrease the company`s income. Therefore, companies which have high leverage will reduce their social and environmental disclosure level. A negative relationship was also reported by previous studies (cf. Cor