Voluntary disclosure and firm value: Evidence from Indonesia

Figures & data

Table 1. Sample selection

Sample selection criteria	Number of companies
Number of industrial sector companies in 2018–2021 issuing SR	39
Number of companies whose financial statements are incomplete (do not share total CSR costs)	21
The number of companies observed	18
Number of years of observation	4
Total observation	72

(Source: Author calculation)

Table 2. Descriptive statistics

y	NP	CSR1	CSR2	CD	ROA
Means	1.107766	0.057731	0.487745	0.280864	0.164731
Median	1.019221	0.023779	0.441176	0.222222	0.116515
Maximum	2.492828	0.860872	0.970588	0.888889	0.617790
Minimum	0.117047	0.000237	0.117647	0.000000	0.020690
Std. Dev.	0.489344	0.118933	0.227649	0.199087	0.139795
Skewness	0.640522	4.852663	0.461938	0.971454	1.836579
Kurtosis	3.281148	30.90306	2.058565	3.263594	5.971869
Jarque-Bera	5.160354	2618.323	5.219535	11.53313	66.97227
Probability	0.075761	0.000000	0.073552	0.003130	0.000000
Sum	79.75918	4.156613	35.11765	20.22222	11.86060
Sum Sq. Dev.	17.00149	1.004294	3.679498	2.814129	1.387534
Observations	72	72	72	72	72

(source: Data processed by eviews 12)

Table 3. Chow test

Effect Test	Statistics	df	Prob.
Cross-section F	10.065902	(17.50)	0.0000
	107.04125
Chi-square cross-sections	3	17	0.0000

Source: Processed Data Eviews 12

Table 4. Hausman test Test cross-section random effects

	Chi-Sq.
Test Summery	Statistics Chi-Sq.	df	Prob
Random cross-sections	7.335814	4	0.1192

(source: Data processed by eviews 12)

Table 5. Autocorrelation Test

Model	Durbin Watson
1	1.200080

(source: Data processed by eviews 12)

Table 6. Random effect model estimation results

Variables	coefficient	std. Error	t-Statistics	Prob.
C	0.952177	0.137766	6.911541	0.0000
CSR1	−1.128277	0.282501	−3.993883	0.0002
CSR2	0.027467	0.180081	0.152524	0.8792
CD	−0.141619	0.222002	−0.637917	0.5257
ROA	1.500051	0.282185	5.315838	0.0000

(source: Data processed by eviews 12)