Value Relevance of Corporate Social Responsibility Disclosure on Public Companies in ASEAN Countries


This study aims to examine the value relevance of corporate social responsibility (CSR) information for measuring the company’s value. The sample used in this study is the companies included in the ASEAN Stars. The results show that accounting information, earnings, book value of equity, and operating cash flow are the relevant information. CSR information is relevant information because it can increase the value relevance of cash flow information, but is not able to increase the value relevance of earnings and book value information. CSR information is relevant, but its value relevance is not consistent. This indicates that the quality of CSR reports is still lacking and needs to be improved so that the relevance of its information value becomes greater and consistent. The results also indicate that the presence of book value and the cash flow information result in a decline in the value relevance of earnings information. Despite the decline in value relevance, the earnings information show the most consistent value relevance in all countries, which means that the earnings information is still the most relevant information for measuring the company’s value.


Keywords: value relevance, CSR, earnings, book value of equity, operating cash flow

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