THE ROLE OF CONCENTRATED OWNERSHIP IN MODERATING THE RELATIONSHIP BETWEEN COMPANY SIZE AND CORPORATE SOCIAL RESPONSIBILITY
DOI:
https://doi.org/10.66896/asset.1.02.2026.39Keywords:
Corporate Social Responsibility, Firm Size, Concentrated Ownership, Sustainability DisclosureAbstract
Corporate Social Responsibility (CSR) has become an important part of a company's sustainability, especially for large companies that face stakeholder pressure and higher legitimacy demands. However, ownership structure can influence how companies respond to these demands. This study aims to examine the effect of company size on CSR and the role of concentrated ownership in moderating this relationship. The study uses an explanatory quantitative approach with secondary data from annual reports and sustainability reports of non-financial companies listed on the Indonesia Stock Exchange during the 2018–2023 period. The sample consists of 27 companies with 162 firm-year observations selected using purposive sampling. CSR is measured using the Corporate Social Responsibility Disclosure Index based on GRI Standards, company size is measured using the natural logarithm of total assets, and concentrated ownership is measured based on the percentage of the largest shareholding. The analysis was conducted using panel data regression with STATA 17 through the Fixed Effect Model and robust standard error. The results show that company size has a positive and significant effect on CSR. However, concentrated ownership does not moderate the relationship between company size and CSR. These findings indicate that CSR is more related to the scale of the company and stakeholder pressure than to the level of ownership concentration.
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