SENTIMENT ANALYSIS OF CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE IN ANNUAL REPORT FROM BANKING SECTOR COMPANIES IN INDONESIA
ANALISIS SENTIMEN PENGUNGKAPAN TANGGUNG JAWAB PERUSAHAAN PADA LAPORAN TAHUNAN PERUSAHAAN SEKTOR PERBANKAN DI INDONESIA
Keywords:
corporate social responsibility disclosure; sustainability reports; sentiment analysis; banking sector
Abstract
This study examines the tone of language in CSR disclosure and investigates the determinants of these sentiments. This study analyzes 418 CSR disclosures of banking companies listed on the Indonesia Stock Exchange from 2010 to 2021. This research is a quantitative research. The tools used in this research to analyze sentiment is Python. Then, the variables processed using Stata 15. The results show that the sentiment of CSR disclosures is correlated significantly with the company size. The larger companies tend to use sentiment in their CSR reports. Additional test of this study shows Covid-19 has a significant positive effect on CSR disclosure sentiment. Leverage and government ownership have a negative impact on the sentiment of CSR disclosure. Meanwhile, profitability and family ownership do not affect the sentiment of CSR disclosure. This research contributes to stakeholders in making comprehensive decisions related to corporate accountability.
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References
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Bicudo de Castro, V., Gul, F. A., Muttakin, M. B., & Mihret, D. G. (2019). Optimistic tone and audit fees: Some Australian evidence. International Journal of Auditing, 23(2), 352–364. https://doi.org/10.1111/ijau.12165
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Demmatande, J., & Suaryana, I. (2021). Leverage and Media Exposure On Corporate Social Responsibility Disclosures (Empirical Study on Mining Sector Companies Listed in Indonesia Stock …. Ajhssr.Com, 5, 524–530. https://www.ajhssr.com/wp-content/uploads/2021/05/ZZJ2155524530.pdf
Fehre, K., & Weber, F. (2019). Why some are more equal: Family firm heterogeneity and the effect on management’s attention to CSR. Business Ethics, 28(3), 321–334. https://doi.org/10.1111/beer.12225
Feng, L. (2010). Information content of Forward-Looking Statements in Corporate Filings - A Naïve Bayesian Machine Learning Approach. Journal of Accounting Research, 48(5), 1049–1102.
Fifianti, N., & Prasetyono, -. (2019). Determinant of Corporate Social Responsibility Disclosure. Journal of Auditing, Finance, and Forensic Accounting, 7(1), InPress. https://doi.org/10.21107/jaffa.v7i1.6184
Galbreath, J. (2010). How does corporate social responsibility benefit firms? Evidence from Australia. European Business Review, 22(4), 411–431. https://doi.org/10.1108/09555341011056186
Gandhi, P., Loughran, T., & McDonald, B. (2019). Using Annual Report Sentiment as a Proxy for Financial Distress in U.S. Banks. Journal of Behavioral Finance, 20(4), 424–436. https://doi.org/10.1080/15427560.2019.1553176
Ghazali, N. A. M. (2007). Ownership structure and corporate social responsibility disclosure: Some Malaysian evidence. Corporate Governance, 7(3), 251–266. https://doi.org/10.1108/14720700710756535
Gray, R., Owen, D., & Adams, C. (1996). Accounting & accountability: changes and challenges in corporate social and environmental reporting.
Gunawan, J., & SeTin. (2018). The development of corporate social responsibility in accounting research : evidence from Indonesia. Social Responsibility Journal. https://doi.org/10.1108/SRJ-03-2018-0076
Harymawan, I., Nasih, M., Ratri, M. C., Soeprajitno, R. R. W. N., & Shafie, R. (2020). Sentiment analysis trend on sustainability reporting in Indonesia: evidence from construction industry. JOURNAL OF SECURITY AND SUSTAINABILITY ISSUES, 9(3), 1017–1024. https://doi.org/10.9770/jssi.2020.9.3(25)
He, H., & Harris, L. (2020). The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of Business Research, 116, 176–182. https://doi.org/10.1016/j.jbusres.2020.05.030
Hemingway, C. A., & Maclagan, P. W. (2004). Managers’ personal values as drivers of corporate social responsibility. Journal of Business Ethics, 50(1). https://doi.org/10.1023/B:BUSI.0000020964.80208.c9
Henry, E. (2008). Are investors influenced by how earnings press releases are written? Journal of Business Communication, 45(4), 363–407. https://doi.org/10.1177/0021943608319388
Jamali, D., Safieddine, A. M., & Rabbath, M. (2008). Corporate governance and corporate social responsibility synergies and interrelationships. Corporate Governance: An International Review, 16(5), 443–459. https://doi.org/10.1111/j.1467-8683.2008.00702.x
Kalantonis, P., Kallandranis, C., & Sotiropoulos, M. (2021). Leverage and firm performance: new evidence on the role of economic sentiment using accounting information. Journal of Capital Markets Studies, 5(1), 96–107. https://doi.org/10.1108/jcms-10-2020-0042
Kaur, A., & Gupta, V. (2013). A Survey on Sentiment Analysis and Opinion Mining Techniques. JOURNAL OF EMERGING TECHNOLOGIES IN WEB INTELLIGENCE, 5(4).
Kothari, S. P., Li, X., & Short, J. E. (2009). The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. Accounting Review, 84(5), 1639–1670. https://doi.org/10.2308/accr.2009.84.5.1639
Kumar, K., & Aouam, T. (2018). Effect of setup time reduction on supply chain safety stocks. Journal of Manufacturing Systems, 49(January), 1–15. https://doi.org/10.1016/j.jmsy.2018.08.001
Lev, B., Christine Petrovits, & Radhalrishnan Suresh. (2010). IS DOING GOOD GOOD FOR YOU? HOW CORPORATE CHARITABLE CONTRIBUTIONS ENHANCE REVENUE GROWTH. Strategic Management Journa, 920(October), 1–43. https://doi.org/10.1002/smj
Liu, X., & Cao, S. (2007). Determinants of Corporate Effective Tax Rates: Evidence from Listed Companies in China. The Chinese Economy, 40(6), 49–67. https://doi.org/10.2753/ces1097-1475400603
Loh, B. L., Thi, N., Thao, P., Sim, I., Thomas, T., & Yu, W. (2016). SUSTAINABILITY. October.
Lybaert, N. (2014). The Influence of Family Involvement on CSR Disclosure. 2014.
Marnelly, T. R. (2012). Corporate Social Responsibility (CSR): Tinjauan Teori dan Praktek di Indonesia. Jurnal Aplikasi Bisnis, 2(2), 49–59.
Melé, D., Cantón, ‎C., & Cantón, ‎César G. (2014). Human Foundations of Management: Understanding the Homo Humanus - D. Melé, C. Cantón, César González Cantón - Google Books. Springer. https://books.google.co.id/books?id=iQO-BQAAQBAJ&pg=PT132&dq=Human+foundations+of+management&hl=ban&sa=X&ved=2ahUKEwjXlbyW38z4AhWcS2wGHXjNDHUQ6AF6BAgJEAI#v=onepage&q=Human foundations of management&f=false
Molina, Wilestari, M., Mediaty, Usman, A., & Subiyanto, B. (2020). Leverage as Determinant of Corporate Social Responsibility Disclosure in Public Companies in Indonesia. Journal of Advanced Research in Dynamical and Control Systems, 12(5), 449–455. https://doi.org/10.5373/jardcs/v12i5/20201959
Mucko, P. (2021). Sentiment analysis of CSR disclosures in annual reports of EU companies. Procedia Computer Science, 192, 3351–3359. https://doi.org/10.1016/j.procs.2021.09.108
Myšková, R., & Hájek, P. (2018). Sustainability and corporate social responsibility in the text of annual reports-The case of the IT services industry. Sustainability (Switzerland), 10(11). https://doi.org/10.3390/su10114119
Naughton, J. P., Wang, C., & Yeung, I. (2014). Are CSR Expenditures Affected by Investor Sentiment ?
Niehm, L. S., Miller, N. J., Shelley, M. C., & Fitzgerald, M. A. (2009). Small family business survival: Strategies for coping with overlapping family and business demands. Journal of Developmental Entrepreneurship, 14(3), 209–232. https://doi.org/10.1142/S1084946709001314
Park, S. (2017). Corporate social responsibility, visibility, reputation and financial performance: empirical analysis on the moderating and mediating variables from Korea. Social Responsibility Journal.
Porter, M. E., & Kramer, M. R. (2006). Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility. www.fsg-impact.org
Prasethiyo, D. (2017). PENGARUH LEVERAGE, UKURAN PERUSAHAAN, SENSITIVITAS INDUSTRI, DAN MEDIA EXPOSURE TERHADAP PENGUNGKAPAN TANGGUNG JAWAB SOSIAL PERUSAHAAN. PROGRAM STUDI AKUNTANSI FAKULTAS EKONOMI UNIVERSITAS NEGERI PADANG 2017, 1, 43. https://doi.org/10.1017/CBO9781107415324.004
Rahman, N. H. W. A., Zain, M. M., & Al-Haj, N. H. Y. Y. (2011). CSR disclosures and its determinants: evidence from Malaysian government link companies. https://doi.org/10.1108/17471111111141486
Safaee, M., & Gerayli, M. S. (2017). Family control and corporate social responsibility: Evidence from Iranian companies. International Journal of Financial Engineering, 04(04), 1750046. https://doi.org/10.1142/s2424786317500463
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2023-09-20
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Case Report
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