The main objective of the company is increasing the
value of the company on an ongoing basis. These
objectives can be achieved when companies pay
attention to the economic, social and environmental
factors. In the application of CSR to be conducted as
corporate responsibility and concern for the environment
around the company. In a previous study, Zuhroh and
Heri (2003) states that CSR disclosure in the annual
report that the company went public has influence on the
value of shares of companies included in the company's
high profile. From these results, it can be said that the
investors directly respond well to any social information
indicated in the company's annual report.
Based on the above, it is second hypothesized in this
study as the level of CSR disclosure has effect on firm
value.