This research seeks to provide evidence about how political connections, proxied by government ownership and the existence of politically connected board members, affect the extent of corporate social responsibility (CSR) disclosures in Indonesian listed companies. This research uses the legitimacy theory as a basis for explaining management's motivation for disclosing its CSR. The sample consists of 131 firm-year observations from 38 non-financial public companies that published sustainability reports from 2013 to 2017. We measured the CSR disclosures using a disclosure checklist on the sustainability reports. We subsequently processed the data using a random effect (RE) linear regression. The result shows that CSR disclosures were greater in government-owned companies but lower in companies that have politically connected board members. The results support the legitimacy theory that the government intends to demonstrate legitimate national economic and political conditions by showing that government-owned companies are sustainable. However, CSR disclosures seem to have a substitutive relationship with the existence of politically connected board members, since those political connections may protect the company from public pressure and/or the risk of litigation, reducing the need for CSR disclosures. This research provides evidence that different types of political connections may have different impacts on corporate disclosures.

This research examines how profitability, company size, board independence, and board gender diversity affect carbon emission disclosures in Indonesian companies. The sample of this study consists of 36 manufacturing companies which were consecutively listed on Indonesian Stock Exchange from 2015 to 2018. The carbon emission disclosures were measured using a disclosure checklist consisting of 18 items. Using multiple regression analysis, this study found that carbon emission disclosures are greater in more profitable and larger companies. This suggests that financial resources availability and the political visibility can increase carbon emission disclosures. This study also finds that carbon emission disclosures are greater in companies with a large portion of independent commissioners and female directors. This supports the legitimacy and stakeholder theories that a more independent and diversified board will be more able to manage different stakeholder expectations. The findings can provide evidence to companies about how to increase their carbon emission disclosures, which can consequently help the government to control the national carbon emissions.

This study aims to find how CSR disclosure affects firm’s access to finance and firm risk, using empirical studies. The research uses secondary data from annual report and sustainability report listed in the manufacturing sector in Indonesia Stock Exchange (IDX). By using the purposive sampling method, a sample of 41 firms was obtained or 164 firm-years from 2015 to 2018. The study measures CSR disclosure by both quantity and quality to reflect the overall comprehensibility of the report. Data analysis is done with multiple linear regression method. The result shows that CSR quantity and quality increase a firm’s access to finance and reduce firm risk. Extensive and high-quality CSR reports are more favourable to investors, fund providers, and the society as a whole. It is because CSR improves a firm’s reputation and reduces agency problem. This supports legitimacy and agency theories. The limitation of this study is that it uses content analysis for CSR measures, so that there is an element of researcher's subjectivity. The results of these findings can be used as a consideration for companies to improve CSR disclosure and policy setting for regulators.

Corporate disclosure and corporate governance are two inseparable instruments of investor protection. This research sought to find evidence on how corporate governance mechanisms affect the extent of voluntary disclosures. Voluntary disclosures were measured using content analysis on published annual reports. The sample of this research consisted of 81 firm-year observations from 27 firms of consumer goods sector listed on Indonesian Stock Exchange from 2016 to 2018. Using multiple regression method, the result has shown that board size and board independence increase voluntary disclosures, indicating that the commissioners have effectively represented the interests of shareholders by monitoring and encouraging the management to increase disclosure. This research provided new evidence that family ownership increases voluntary disclosure, suggesting that family firms are more concerned by the costs of non-disclosure. Meanwhile, institutional ownership does not significantly affect voluntary disclosure.

This research examined the impact of corporate social responsibility (CSR) disclosure on firms’ profitability moderated by media exposure. The samples selected were 15 agricultural firms listed on Indonesian Stock Exchange for the period of 2016-2018. The data were analyzed using Moderated Regression Analysis (MRA). The result showed that CSR disclosure do not affect ROA, but media exposure had a direct effect to ROA. Based on the legitimacy theory, firms conduct CSR to align with societal values and norms. To earn legitimacy from the society, CSR needs to be communicated to channels that are easily accessed by the people, so the benefits of CSR can be realized into profits. Based on the research results, companies are expected to use their websites or social media more often to communicate their CSR activities.   Keywords: Corporate Sosial Responsibility; Disclosure; Profitability; Media Exposure.