This research is mainly grounded in the content analysis of the firm’s annual reports and standalone corporate social and environmental reports or sustainability reports in the company’s website. The population of the sample is all listed companies since they are required to publish their annual reports yearly in the Indonesian Stock Exchange from 2005 until 2009. This study applies purposive sampling method on the sectors of the listed companies in the Indonesian Stock Exchange. There are approximately 336 to 398 companies listed on the Indonesian Stock Exchange from 2005-2009 or about 1857 observations. However, some observations could not be included due to delisting, financial and trade companies or unavailability of data. The final sample consists of 911 observations (year-firms). This study measures the level of corporate social and environmental disclosure in terms of Global Reporting Initiative index based on combination of Clarkson’s environmental index (2007) and Sutantoputra’s social index (2009).