THE IMPACT OF CSR DISCLOSURE AND INSTITUTIONAL OWNERSHIP ON FIRM VALUE: THE MEDIATING ROLE OF INFORMATION ASYMMETRY-BASED COMPANIES IN INDONESIA
The implementation of CSR disclosure and the level of institutional ownership by companies influence overcoming information asymmetry and increasing firm value. Implementing good CSR disclosure by following regulations and with supervision carried out by existing institutional ownership can increase information transparency, reduce information asymmetry, and ultimately increase investor confidence in a company so that it can increase firm value. This research also analyzes the influence of information asymmetry as a mediating variable. The research sample of 270 data consists of 27 companies in Indonesia listed in the lQ45 Index for 2013-2022. The results of the PLS analysis test found that CSR disclosure had no significant effect on firm value but had a significant adverse impact on firm value through information asymmetry as a mediating variable. It was also found that institutional ownership had a considerable positive impact on firm value and a significant effect on firm value through information asymmetry as a moderating variable.
CSR Disclosure, Institutional Ownership, Information Asymmetry and Firm Value.