“…CSR disclosure became a very popular topic in the 2000s, because companies are starting to feel the benefits of implementing CSR disclosure. One of the impacts of implementing, according to Saraswati et al (2021) is that CSR has an impact on long-term business sustainability and is one way for companies to reduce risk (Anita andLim, 2021, Saraswati et al, 2021). But, disclosure of CSR raises reactions about the role of CSR in companies.…”