The development of corporate social

responsibility in accounting research:

evidence from Indonesia
Juniati Gunawan and SeTin

Abstract Juniati Gunawan is based

Purpose – The purpose of this paper is to analyze accounting research developments in the area of at the Department of
corporate social responsibility (CSR) in Indonesia for the period 2012-2016. The focus of CSR literature Accounting, Trisakti
review is on disclosures and not to examine CSR activities or programs. University, Jakarta,
Design/methodology/approach – This study applied a descriptive approach to provide evidence on Indonesia. SeTin is based
the major variables that have been examined in CSR research and what is the measurement used to at the Department of
measure CSR disclosures. The CSR research development was traced through mapping articles Accounting, Maranatha
published in the international journal with the subject of category accounting (Schimago Journal rank
Christian University,
quartile Q3 and Q4), and national journal (national accredited accounting journals, as well as the
Bandung, Indonesia.
proceedings of National Symposium on Accounting [NSA]). A total of 5,971 articles were reviewed and
resulted in 31 Indonesian CSR articles in accounting which are dominated by quantitative methods (93.5
per cent), and as many as 28 articles were analyzed.
Findings – The analyses result showed that (1) 75 per cent of CSR research were in the areas of financial
accounting and capital markets, followed by tax accounting and corporate governance; (2) The most
widely used variable associated with CSR was financial performance; which (3) More than 80 per cent of
the CSR research used annual reports as the source of data with only 19.23 per cent using sustainability
reports; (4) 65.38 per cent of the CSR disclosure measurement referred to used other CSR disclosure
lists, other than the Global Reporting Initiative (GRI).
Research limitations/implications – The study results are important as a basis for future studies to
provide a platform for the analysis to cover the gap between CSR studies in the academic and business
areas for not only Indonesia but also other countries. Comparative studies between countries will be
essential for future research to provide empirical evidence on the development of CSR research in
accounting fields.
Practical implications – The study provides comprehensive pictures in how CSR disclosures have
been analyzed in academic area so that practitioners in business field are able to understand the results
on which variables are associated with CSR. Further, the practitioners could enhance their CSR
implementations and reports to gain the utmost benefits for their business.
Originality/value – This study is considered as the first CSR literature review analyzed in accounting
research publications. As CSR topics have been emerging developed in many field of studies, reviewing
this topic in the accounting area resulted interesting findings. These findings are useful for not only
Indonesia but also other countries. Further, this study provides platform to fill many gaps for future
research in the topic of CSR in accounting field.
Keywords Development, Indonesia, Corporate social responsibility, Accounting
Paper type Literature review

Introduction
Corporate social responsibility (CSR) has been a growing issue globally, both for business
Received 25 March 2018
and academics (Smith and Sharicz, 2011; Lozano, 2011; Gunawan, 2012). In business Revised 11 May 2018
terms, the practice of CSR has improved over time in response to today’s world demand. Accepted 10 August 2018

DOI 10.1108/SRJ-03-2018-0076 VOL. 15 NO. 5 2019, pp. 671-688, © Emerald Publishing Limited, ISSN 1747-1117 j SOCIAL RESPONSIBILITY JOURNAL j PAGE 671
 Business responsibility has evolved (no longer only using values measured by profit, but by
looking at the business impact on society and the environment as primary values that must
be achieved by the company). The response of the business world toward CSR can be
seen through corporate publications, such as annual reports, sustainability reports, or
websites. However, it is still lacking response from the academic community to conduct
studies in the CSR area, especially CSR studies in context of developing countries. Most of
the CSR studies conducted so far have been in the context of developed countries, such as
those in Western Europe, the USA and Australia (Tilt, 1994; Gray et al., 1995; Deegan and
Rankin, 1996; Brown and Deegan, 1998; Raar, 2002; Snider et al., 2003). In contrast, CSR
studies in developing countries have relatively little research which remain largely
unexplored (Gugler and Shi, 2009; Muthuri and Gilbert, 2011). CSR studies in developing
countries need to be conducted to provide a better direction for CSR implementation in
corporations.
In Indonesia, CSR development has become very important as Indonesia faces a number of
fundamental problems in realizing the sustainable development goals (SDGs) that have to
be achieved by 2030. These issues include poverty alleviation, human rights, health and
environmental safety concerns, pollution and waste, social and political insecurity and the
need for direct foreign investment (Raynard and Forstater, 2002; Goyal, 2006). Indonesian
Companies are expected to perform CSR activities and disclose them by linking them to the
issue of sustainability, for example, basing them on ISO 26000, which refers to good
corporate governance, human rights, human resources, environment, “true and fair”
business practices and consumer issues.
Greater research on CSR topics in Indonesia is important. It is crucial and relevant to
understand how actual has been the CSR research development in Indonesia, especially in
the accounting area over the past five years (2012-2016). CSR development in Indonesia
over the past five years has shown a positive trend as proved by the increase in the number
of sustainability reports since 2011–2016 (NCSR, 2016). The recognition for CSR
development in Indonesia was also remarked upon by KPMG regarding the use of CSR and
sustainability reporting in Indonesia in their research sample (KPMG, 2017). The rapid
development of CSR over the past five years has brought up questions whether there are
gaps between the development of CSR practices with the development of CSR research in
Indonesia.
Very few studies are found providing evidence of CSR development in the accounting area.
Previous studies only identified the topics of accounting research in Indonesia and
accounting research agenda in the future (SeTin et al., 2016). Based on the understanding
that CSR research will grow and become an important topic, this paper proposes a main
objective, which is to analyze the development of CSR topics in the accounting area in
Indonesia, for the period 2012-2016. The accounting area was selected as there are
numerous studies and issues in relation to CSR activities and firm performances (Thomson,
2007; Carnegie and Napier, 2010; Gunawan, 2013; Homayoun et al., 2015).
Providing evidence regarding the development of CSR studies will support CSR activities
that may lead to making a positive contribution to society when conducting business
(Visser, 2010). This shows that conducting CSR research will indirectly support society and
interact with business. Deeper analysis and investigation research is needed to understand
this phenomenon and to help solve problems that may arise. The uniqueness and number
of problems in Indonesia also requires there be more studies applying various research
methods to provide insights and a better description of CSR studies in Indonesia, for
example CSR study regarding corruption (Joseph et al., 2016), which is one of Indonesia’s
challenges. Future research that performs a longitudinal analysis and utilizes various
approaches to data collection, such as interviews is needed to capture the trends and to
enrich the interpretation of quantitative research (Joseph et al., 2016).

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Further, Crowther and Lauesen (2017) stated that various CSR research methods are
needed to provide deeper discussion as CSR is one of the multidisciplinary topics in the
accounting and business areas. Hence, the examination of relevant variables and adequate
measurements play significant roles in conducting CSR research.
To get a precise idea on whether CSR research development in the accounting area in
Indonesia has been supporting the development of CSR practices, this analysis focused on
answering two research questions, namely:
RQ1. What are the major variables involved in CSR that have been examined?
RQ2. What are the measurements used to measure corporate social responsibility
disclosures (CSRD)?
These two questions were answered by conducting a thorough evaluation through mapping
prominent accounting publications.
The CSR research development in Indonesia was traced through the mapping of articles
published in international reputable journal which are included in Schimago Rank Journal
(Quartile 3 dan Quartile 4) with subject category accounting. The selection of journals which
include the SRJ quartile 3 and quartile 4 is based on rational considerations, namely, that
out of nine universities in Indonesia, which is in the list of the world campus rankings, only
three universities are listed in the top 500 (Quacquarelly Symonds [QS] World University
Ranking 2017/2018). Some of the components of the assessment of world campus rankings
is the publication, research and journal issued by the campus.
Besides the international journals, the search of CSR research is also conducted in
researches that are published in the national accredited accounting journals, and in the
proceedings of the National Symposium on Accounting. These two sources were selected,
as they are both reputable and well-known accounting research publications in Indonesia.
The national accredited accounting journals are journals that at least received a “B level
standard (good)” in accreditation from the Directorate General of Higher Education on
scientific journals accreditation during the period 2012-2016. The proceedings of the
National Symposium on Accounting are a collection of research articles from Indonesian
accounting researchers that were presented in the National Accounting Symposiums that
have been held annually since 1998. These symposiums are considered the only large and
reputable events for the accounting academic society in Indonesia and are organized by
the Indonesian Institute of Accountants. Through these two publications from 2012 until
2016, this study applied a descriptive approach in explaining the results of the CSR
mapping research in Indonesia.

Corporate social responsibility issues and the direction of future accounting

research
There are many writings regarding the direction of future accounting research that
describe general accounting knowledge (Lev and Ohlson, 1982; Brown, 1989; Beaver
1996; Lee 2001). Lev and Ohlson (1982) explaining that the interesting part of future
accounting research will be accounting research related to society in general, while
Brown (1989) recommended accounting research with global settings that involve more
than one country.
In addition, Beaver (1996) explained that there are two factors that will affect the direction
of future accounting research, including internal factors (the availability of journals and
proceedings which include research results in the accounting area) and external factors
(regulation changes related to the accounting profession; the influence of other
disciplines toward accounting and data availability). Lee (2001) suggested accounting
research in the future should:

VOL. 15 NO. 5 2019 j SOCIAL RESPONSIBILITY JOURNAL j PAGE 673

 䊏 reference researches related to behavior;
䊏 combine accounting research with other knowledge; and
䊏 focus on areas that to date have no solutions/are unknown/are unsolved.
Thus, prior studies show that there is a need in conducting accounting research associated
toward the trend of implementation, relevance to business’ needs and to support decision-
making.
In conjunction with CSR issues, it was found that this topic is closely interacted between
business and society and reaches many aspects, such as economy, social and
environment (Tilt, 2009; Homayoun et al., 2015; Lu and Xie, 2015). Further, the issue of CSR
is considered a global problem, including environment, social and global economic context
that have become global challenges as well. In respond to these challenges, studies in
global CSR and national issues needs to be continued and hence, provides great
opportunities for the development in accounting research. In addition, to obtain deeper
analysis and investigation about CSR development practices, various research methods
should be applied, including relevant variables and adequate measurement (Crowther and
Lauesen, 2017).

Methods
This study applied a descriptive approach in explaining the results of the CSR mapping
research in Indonesia. The mapping steps undertaken in this study, namely, first, define
the topics that will be examined. The topic that will be investigated is CSR research in
the accounting area in Indonesia. Second, determine the period of research that will be
used as a data source. The period 2012-2016 was chosen as CSR development in
Indonesia has showed a positive trend as proved by the increase in the number of
sustainability reports, which in 2011 totaled 25, in 2015 totaled 41, and by February
2016 totaled 85 reports (NCSR, 2016). All these sustainability reports referred to the
sustainability reporting guidelines from Global Reporting Initiative (GRI) (Gunawan,
2015a, 2015b).
Further, the existence of sustainability reporting in Indonesia was recognized and selected
as a sample by KPMG when they conducted a study of sustainability reporting conditions in
Asia Pacific (KPMG, 2017). This KPMG’s recognition emphasized the rapid development of
CSR in Indonesia. Third, this study search for research articles related to the topics selected
and decided to choose articles published in international reputable journal (SJR quartile Q3
and Q4) and published in accredited accounting journals in Indonesia and published in the
proceedings of the NSA organized by the Indonesian Accountants Association. These
publications were considered prominent and reliable sources of data.
Articles were searched online on the international reputable journal (SJR quartile Q3 and
Q4). For national journal, articles were searched online on the National Accredited Journal
of science degree in accounting. Articles were also searched through the proceedings of
NSA from proceedings XV (2012) until the proceedings IX (2016). These studies used
keywords CSR to find the articles[1].
After choosing the topic, research period and search for articles based on the topic chosen,
this study conducted the following steps: first, the CSR articles were grouped based on the
accounting study area, such as:
䊏 financial accounting and capital markets;
䊏 management and behavioral accounting;
䊏 information systems, auditing and profession ethics;
䊏 accounting education;

PAGE 674 j SOCIAL RESPONSIBILITY JOURNAL j VOL. 15 NO. 5 2019

䊏 good corporate governance; and
䊏 taxation.

This grouping was followed by the category of articles in the proceedings of the NSA. The
grouping of topics aimed to determine which CSR research area had the most association
with the accounting study area.
The second step was to map the variables used in the research publications, whether they
were independent, moderating, mediating or dependent variables. The purpose of
mapping variables was to analyze which variables were frequently used and related to CSR
variables. Third, the adjusted R-square result from the published articles was compared
among all selected publications.
This third step aimed to determine the best model for the CSR topics that had been
undertaken. The adjusted R-square represents a more objective measurement of
variance, as it involves an adjustment based on the number of independent variables
relative to the sample size (Hair et al., 2010). Subsequently, the fourth step was to
compare the results of the relationship among variables through hypotheses testing.
This step was important to obtain insights from all the research results on which
variables significantly affected CSR. Providing findings from previous studies will
contribute toward understanding for future studies. Finally, as the fifth step, this study
identified the measurement for CSRD.
Besides the steps explained above, the aspects of reliability and consistency were also of
concern. Therefore, this study has also involved two research assistants. Both assistants
worked independently. The results from assistant A are crosschecked with the results from
assistant B. If any differences are found, reexamined will be done by the researchers.
Review process and discussion were undertaken by the researcher together with the two
assistants.
Data were collected during August 2017 for international reputable journal (SJR Q3 dan Q4)
with subject category accounting and during May 2017 until 31 May 2017, for all national
accredited journals published during the period 2012-2016, except the Journal of Financial
and Banking (Vol 20 No.3) and the Journal of Accounting and Finance of Indonesia (Vol 13
No.1, 2) which had not published a 2016 edition.
Tables I to III describe a total of 5,971 articles published during the period 2012-2016
by the international journals subject category accounting (4,575 articles), national
accredited journals (580 articles) and proceedings of the NSA (816 articles). From
theses 5,971 articles, there were 37 articles with the keyword ‘CSR’. These 37 articles
originated from one article published by international journal (SJR Q3), 13 articles
published by national accredited journals and 23 articles from the NSA proceedings.
Table IV explains that from 37 articles that had the “CSR” keyword (out of 5,934 from the
total of 5,971 articles not having the “CSR” keyword), six articles were excluded as they
were not in the accounting area. The six articles not in the accounting area were CSR
articles associated with banking, general description of CSR, customer satisfaction and
purchase intention. From 31 CSR research in accounting, two articles were found using

Table I Indonesian CSR articles from the international journals with subject category
accounting
P P
No. Schimago Rank Journal Journals in English Article With the keyword of ‘‘CSR’’

1 SJR Quartile Q3 28 2533 1

2 SJR Quartile Q4 22 2042 0
Total Articles 50 4575 1

VOL. 15 NO. 5 2019 j SOCIAL RESPONSIBILITY JOURNAL j PAGE 675

 Table II CSR Articles from the national accredited journals
With the
P
No. National Accredited Journal’s Title Article keyword of ‘CSR’

1 Journal of Economics, Business & Accountancy 195 2

(Ventura) – published by the University of Perbanas,
Surabaya
2 Financial and Banking Journal - 212 7
Published by the University of Merdeka, Malang
3 Indonesia Accounting and Financial Journal - 48 0
Published by the University of Indonesia
4 Accounting and Financial Journal - 50 4
Published by the Christian University of Petra
5 Gadjah Mada International Journal of Business - 75 0
Published by the University of Gadjah Mada
Total Articles 580 13

Table III CSR Articles from the proceedings of the NSA

P
No. Proceeding Year Article With the keyword of ‘‘CSR’’

1 NSA XV 2012 118 2

2 NSA XVI 2013 199 3
3 NSA XVII 2014 176 4
4 NSA XVIII 2015 135 6
5 NSA XIX 2016 188 8
TOTAL 816 23

Table IV Summary of sample selection

Total examined articles Total

a From international journals 4,575

b From accredited journals 580
c From NSA proceedings 816
Deducted by:
Articles without the keyword ‘‘CSR’’
a From international journals –4,574
b From accredited journals –567
c From NSA proceeding –793
Articles not in the accounting area
a From accredited journals –2
b From NSA proceeding –4
P
Examined Articles (samples) 31

qualitative method and 29 articles using quantitative method. Out of the 29 articles with the
quantitative method, there are 28 articles that can be analyzed for this study.
The small results of articles published with the “CSR” keyword supports the study
conducted by SeTin et al. (2016). They found that articles published in the period 2011-
2015 in some journals published by the American Accounting Association, where only 1.45
per cent (12 of 828 articles) contained the CSR topics. The small number of studies in
accounting which applied “CSR” as a variable may be because of the lack of
understanding of CSR concepts, or CSR is still considered as a relatively “new” variable so
that there were many difficulties in measuring CSR (Mellahi, 2013). Another reason may be
because of CSR being involved in various social sciences areas and not simply limited to
one domain (Lu and Xie, 2015).

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Results and discussions
Corporate social responsibility groupings
Table IV shows that CSR has been used widely in the area of financial accounting and the
capital markets (21 of 28 articles = 75 per cent), tax accounting (14.28 per cent) and
corporate governance (10.7 per cent). There were no CSR variables examined in the areas
of management and behavioral accounting, information systems, auditing and ethics, as
well as in accounting education (Table V).
The CSR topic groupings in this study also enriched the results of Lu and Xie, 2015 that
analyzed the related disciplines of CSR literature widely during 1994-2013 but did not
specialize in analyzing CSR development. Lu and Xie (2015) showed that business
economics was the most related CSR discipline (67 of 1,544 articles). If it is related to
accounting areas, Lu et al.’s finding indirectly indicated that financial accounting field which
in fact discuss about business economics is the accounting area which becomes a major
interest in CSR research.

Variables involved in corporate social responsibility

Next, the variables which have been examined in CSR and the adjusted R-square value
were analyzed.
Table VI shows that there were 11 out of 28 CSR articles (39.28 per cent) that measured
CSRD as a dependent variable. The majority of the independent variables used were
variables in the financial accounting area, such as earnings management, discretionary
accrual, profitability, liquidity, gross earnings and only several variables related to corporate
governance.
Although the independent variables were dominated by financial variables, the higher
R-square adjusted values were indicated by the corporate governance (CG) variable (38.9
per cent) and the combination of financial and CG variables (47.1 per cent and 38.1 per
cent). All the adjusted R-square values for financial variables were below 20 per cent. The
adjusted R-square values indicated the ability of the independent variable to explain
the dependent variable (Hair et al., 2010). This number means that the CG variable is more
able to explain the disclosure of CSR compared to financial variables. This result may be
because of the lack of use of moderating and mediating variables in examining the
influence factors of financial variables toward CSRD as shown by Table V. Given that CSR is
a social phenomenon that involves various social sciences areas and is not simply limited to
one domain, it is important to explore variables from other disciplines that can serve as
moderating or mediating to expand and develop CSR research (Lu and Xie, 2015; Wang
et al., 2016).
In Table VII, the discussion focuses on the research that related the CSRD variable
(independent variable) with the financial accounting variables (dependent variables) that
were most commonly found in this study. Table VII shows that there were 13 out of 28 CSR

Table V CSR Groupings

P
Accounting areas

1. Financial accounting and capital markets 21

2. management and behavior accounting 0
3. Information system, audit and ethics 0
4. Accounting education 0
5. Corporate governance 3
6. Tax accounting 4
Total 28

VOL. 15 NO. 5 2019 j SOCIAL RESPONSIBILITY JOURNAL j PAGE 677

 Table VI Variables examined towards CSRD as a dependent variable
Adjusted
No. Independent variables Moderating variable Mediating variable R-square (%)

1 Earnings management No No 4
2 Earnings management Accounting complexity No 7
Audit committee
Effectiveness
3 Fundamental factors (financial leverage, size, profitability) No No 9.4
4 Discretionary accrual (DA) No No 16.3
Real earnings management (EM)
5 Industry type No No 18.2
6 Corporate governance No No 38.9
7 Size; gross earning No No 45.7
8 Board of commissioners; No No 47.1
audit committee; profitability
liquidity; leverage; size
9 Level of financial No Financial 69.2
Regulation performance Not disclose

10 Managerial entrenchment; No Intangible

Board diversity, CG resources
11 Board of Commissioners; No No 38.1
audit committee; profitability;
leverage; size; board of directors; Institutional ownership

research articles (46.43 per cent) that used CSRD as an independent variable. It was found
that 94 per cent of dependent variables used were variables in financial accounting, such
as financial performance, cumulative abnormal return (CAR), earning response coefficient
(ERC), company value, earnings management, cost of equity capital and stock price. Of
these variables, the two variables that were most often associated with CSRD variable were
ERC and Company value (Tobin’s Q).
The results of this study show that researchers have long sought to determine whether there
is a positive association between CSR and financial performance. The findings also add the
list of previous CSR studies that used quantitative methods to examine the impact of CSRD
on various measures of the company’s financial performance (Petrovits, 2006; Lev et al.,
2010; Dhaliwal et al., 2011). The findings of adjusted R-square values indicate that the
CSRD variable alone as an independent variable is insufficient to explain the ERC variable.
This is shown by the smallest adjusted R-square value of 7 per cent, where only the CSRD
variable becomes the ERC explanation. The best model is shown by the influence of
independent variables (CSRD, profitability and size) toward company value (Tobin’s Q),
with an adjusted R-square value of 75 per cent.
Overall, the influence of independent variables toward ERC and company value is indicated
by adjusted R-square values ranging from 6 7 per cent to 6 75 per cent. The model is said
to be good if the model goodness gauge indicator, which is high-adjusted R-square values,
is closer to 1 (Gujarati and Porter, 2011). From the findings, it shows that there are probably
many other independent variables that can be tested together with CSRD variables toward
financial performance. The aim is to get a better model that affects financial performance.
This finding is also supported by Angelidis et al (2008) who stated that the relation between
CSR and financial performance represents the most questioned area of CSR. Similarly,
stated by Neville et al. (2005), Prado-Lorenzo et al. (2008) and Park and Lee (2009) that the
connection between CSR and financial performance has not been fully established.
Tables VI and VII show that few studies (5 out of 28 articles = 17.86 per cent) did not
provide an adjusted R-square value. The adjusted R-square value shows the percentage of
variation explained by only the independent variables that actually affect the dependent

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 Table VII Variables examined towards CSRD as an independent variable
Independent Moderating Mediating Dependent Adjusted
No. variable variable variable variable R-square (%)

1 CSR disclosure No No Financial performance (ROA) 0.4

2 CSR disclosure No No Stock price 2.5
3 CSR disclosure No No Cumulative abnormal 30.4
return (CAR)
4 CSR disclosure No No Earnings management 51.90
5 CSR disclosure No No Earning response 7
coefficient (ERC)
6 CSR disclosure No No ERC 19.10
7 CSR disclosure Environmental No ERC 36.5
profitability; performance
leverage
8 CSR Disclosure No No ERC 49.8
Earnings Management
9 Environmental No No Company value 24.7
responsibility; (Tobin’s Q)
corporate governance
10 CSR disclosure, No No Company value 62.68
Board size; (Tobin’s Q)
Independent board;
Board committee
11 CSRD; profitability; size No No Company value 75
(Tobin’s Q)
12 CSRD & CG No No Financial performance 12.5
(ROA; ROE; PER; DER;
NPM; cash ratio; current ratio)
13 CSR performance level No CSRD Earnings management Not disclosed
14 Environmental No CSRD Financial performance Not disclosed
performance
15 CSRD Accounting No Cost of equity capital 12.40
information
power
16 CSRD No No ROA Not disclosed
17 CSR quality Earnings No Tax Avoidance Not disclosed

variable (Hair et al., 2010). Therefore, studies that do not show adjusted R-square values
cannot show how they fit the research model and cannot explain how much the ability of the
independent variable is in explaining the dependent variable. The findings of this study
indicate that CSR research in Indonesia is still not taken thoroughly and is less robust in
delivering relevant statistical results, which are needed to interpret the results of the study.
Further, Tables VI and VII also describe that the use of moderating and mediating variables
is still very low (8 out of 28 articles = 28.57 per cent). The low application of moderating and
mediating variables may be because of the lack of preliminary studies that provide
predicting variables. It seems that the majority of researches in the accounting area in
Indonesia were conducted quantitatively, where they tended to repeat similar variables and
hence, moderating and mediating variables were difficult to create.
The findings about CSRD’s association with dependent variables that were the most used
variables in the financial area showed that CSR research in the accounting area in
Indonesia has still not shifted to nonfinancial outcomes, which in fact have become
the essence of CSR. The new CSR essence is to make a positive contribution to society.
The purpose of business is not only to be profitable but also to serve society, through the
provision of safe, high-quality products and services that enhance our well-being, without
eroding our ecological and community life-support systems (Visser, 2010). These findings
were also supported by Maignan and Ferrell (2000), and Brammer et al. (2007) who

VOL. 15 NO. 5 2019 j SOCIAL RESPONSIBILITY JOURNAL j PAGE 679

 recorded that there was an abundance of CSR and financial performance studies, but
considerably less research has addressed the impact of CSR on different stakeholder
groups.
The findings of this study also indicate that CSR research in Indonesia is falling behind if
compared to CSR research conducted in overseas. Wang et al. (2016) analyzed the trend
in CSR research based on an overview of the articles published in Academy of
Management Journals over nearly 60 years (1958-2015). The result showed a conceptual
shift from financial outcomes to non-financial interests, which include social and
environmental performance. This trend also captures interest in a broader form of the role of
businesses and corporations in society, as well as in untangling the mechanisms through
which CSR is linked to financial performance.

Relationship between variables

Tables VIII and IX show the results of the relationship among variables through hypotheses
testing. This relationship is useful in providing insights on the relation between CSRD
(independent variable) and dependent variables, also is useful in providing insights on the
relation between CSRD (dependent variable) and independent variables.
Table VIII shows that the results were still inconclusive for the influence of CSR disclosure
toward the dependent variables (company’s value, financial performance, tax avoidance
and abnormal return).
The mixed results in the relation between CSR and various dependent variables, especially
the financial variables, supported some previous opinions about these relations. The
previous opinions explained that the relation between CSR and financial performance
represents the most questioned area of CSR (Angelidis et al., 2008). The connection
between CSR and financial performance has not been fully established, while a number of
researches points in favor of a mild positive relationship (Orlitzky et al., 2003; Neville et al.,
2005; Prado-Lorenzo et al., 2008; Park and Lee, 2009). The mechanism through which
financial performance is enhanced by CSR is not well understood (Jawahar and
McLaughlin, 2001; Doh et al., 2009).
The results of the influence of various independent variables mapping toward CSRD are
relatively conclusive that the independent variables of CG has a positive (þ) influence
toward CSRD. However, the results of the independent variables (earnings management,
size and the industry type) toward CSRD are still inconclusive. These findings indicate that
non-financial variables, such as corporate governance and others that are in line with CSR
goals, are more likely to be able to become a better dependent variables for CSRD than

Table VIII Relationship between CSRD (Independent variable) and dependent variables
No. Dependent variable Result(s)/Sign

1 ERC Has an effect (–)

(earnings response coefficient)
2 Company’s value (Tobin’s Q) Not conclusive
3 Financial performance Not conclusive
(ROA, ROE, NPM, PER,
current ratio, cash ratio)
4 Stock Price Has an effect (No sign)
5 Earnings management Has an effect (þ)
6 Tax avoidance Has an effect (þ)
7 Aggressive tax behavior Has no effect
8 Abnormal return Not conclusive
9 Cost of equity capital Has an effect (þ)

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 Table IX Relationship between CSRD (Dependent variable) and independent variables
No. Independent variable Result(s)/Sign

1 Earnings management Not conclusive

2 Accrual manipulation Has an effect (þ)
3 Real activity manipulation Has an effect (-)
4 Size Not conclusive
5 Corporate governance (CG) Has an effect (þ)
6 Industry type Not conclusive
7 Ownership concentration Has an effect (–)
8 Strategy managerial
Entrenchment Has an effect (þ)
9 Board diversity Has no effect
10 Leverage Has an effect (–)
11 Liquidity Has no effect
12 Gross earning Has an effect
13 Company’s age Has an effect
14 Level of financial regulation Has no effect
15 Profitability Has an effect (þ)
16 Board commissionaire Has an effect (þ)
17 Board of director Has an effect (þ)
18 Audit committee Has an effect (þ)

financial variables. CSR that is closely related to society is not enough if only explained by
financial variables. Therefore, in examining corporate social activities, it is important to
explore various nonfinancial variables from other disciplines (Lu and Xie, 2015; Wang et al.,
2016). Some of non-financial variables can be applied, such as customer satisfaction, CEO
succession, and executive compensation (Conlon and Murray, 1996; Berrone and Gomez-
Mejia, 2009; Gomulya and Boeker, 2014).

Research methods and measurement for CSRD

Most of the CSR studies in Indonesia were dominated by quantitative methods (29 out of 31
articles with keyword CSR = 93.54 per cent). The use of quantitative methods being
dominant in CSR research in Indonesia. The findings support Pal (2017), who explains why
quantitative approaches figure prominently in social accounting. It is because of the
preference among many investors for simple and ostensibly robust and comparative
metrics which in fact is resulted from quantitative methods. It can be seen here that the
most likely accounting researcher perspective which uses quantitative method approach is
still focused on the interests of shareholders (investors) and has not responded to the
interests of non-shareholder constituents.
The use of quantitative methods being dominant in CSR research in Indonesia also
indicates the lack of in-depth and comprehensive analysis of CSR. Crowther and Lauesen
(2017) explained that CSR research requires a variety of research method approaches as
CSR now touches upon most aspects of the interaction between business and society. Out
of the 29 articles that use quantitative methods, there are 28 relevant articles to answer this
study question. From the total 28 articles analyzed, there were 26 articles that used CSRD
variables, namely, CSRD as a dependent variable (11 articles; Table VI), CSRD as a
mediating variable (2 articles; Table VII) and CSRD as an independent variable (13 articles;
Table VII). The other two articles used CSR variables of quality and environmental
responsibility (Table VII). An explanation of the CSRD measurement is shown in Table X.
Table X shows that CSR research in accounting for the past five years used various CSRD
measurements; 17 articles (65.38 per cent) used local guidelines. Examples of local
guidelines include the PROPER rating from the Ministry of Environment of the Republic of

VOL. 15 NO. 5 2019 j SOCIAL RESPONSIBILITY JOURNAL j PAGE 681

 Table X CSRD measurement
CSRD measurement
GRI guidelines GRI guidelines Local Guthrie
Year version 3 (3.1) version 4 (G4) guidelines 1989

2012 2 1
2013 3
2014 2 4
2015 5
2016 2 4 3
P
4 4 17 1

Indonesia, which is a company performance rating verification program in environmental

and CSR performance. Besides PROPER, the other local guidelines are sources that are not
clearly defined. Four articles used the GRI guidelines version 3 or 3.1, and four articles used
GRI guidelines version 4 (G4). One article used measurements developed by Guthrie and
Parker (1989). The use of local guidelines to measure CSRD has contributed to the CSR
research variety for 5 years where the use of GRI measures (G4) has been applied since
2016.
The analysis results show that most CSR researches in Indonesia for the last five years have
not derived sustainability reports as unit analysis, while the measurement of CSRD applies
sustainability reporting guidelines refer to the Global Reporting Initiative (GRI). From the 26
CSR articles that using variable CSRD, the majority (21 from 26 articles = 80.76 per cent)
used annual reports as the source of data and there were only 19.23 per cent (5 from 26
articles) that used data from sustainability reports. The findings indicate that most of the
research was conducted with inadequate data sources. The concept of “sustainability”
information was not found in the annual reports, certainly, and CSR information in annual
reports generally only described CSR practices related to social activities (community
development). The use of the limited report publications resulted in a poor analysis and also
illustrated the weakness of the research results.

Conclusion, future study and implication

This study provides evidence to the amount of CSR studies in the accounting area in
developing countries and adds the existing body of CSR literature. Although this is a
descriptive approach, the findings of this study provide important and relevant insights
for CSR research in accounting area. The usage of quantitative methods in CSR studies
alone is unlikely to provide comprehensive understanding of the motivation for, and
consequences related disclosure choices (Moser and Martin, 2012).
The results of this study provide insights of CSR research which contribute to the
improvement for both local and international audience, including the academicians and
business practitioners.

Implications for future study

The majority of the CSR research in accounting in Indonesia was related to financial
accounting and capital market and it has not been related to other accounting areas, such
as management accounting, behavioral accounting, auditing and ethics and other
accounting areas. Though today CSR has become a growing issue in the global
perspective (Smith and Sharicz, 2011; Lozano, 2011; Gunawan, 2012). That is, it is
necessary to undertake CSR research using various contents in accounting that could be
able to answer the global issue.

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There were only a few moderating and mediating variables that were used by researchers
in examining several variables involved in CSR. The low application of moderating and
mediating variables may be because of the lack of preliminary studies that provided
predicting variables, so the tendency to test the same variables which have been tested in
the previous research becomes difficult to avoid.
This study also shows that the relation between CSR disclosures and performance were still
not conclusive. The mixed results supported some previous opinions that the relation
between CSR and financial performance represents the most questioned area of CSR
(Angelidis et al., 2008), and have not been fully established (Neville et al., 2005; Prado-
Lorenzo et al., 2008; Park and Lee, 2009) and the mechanism through which financial
performance is enhanced by CSR is not well understood (Jawahar and McLaughlin, 2001;
Doh et al., 2009). This result was because of the presence of jumping hypotheses where
many researchers limited their consideration of moderating and mediating variables that are
likely to influence the relation between CSRD and company’s performance.
Future research is expected to answer this research gap by applying moderating variables
(i.e. size, type of industry and management quality) and mediating variables (i.e. risk
management, stakeholder relations, public image and brand recognition). Other variables
that can also be examined in future research include variables associated with business
benefits predicted to follow from CSR, such as employee attraction, motivation and
retention, customer attraction and loyalty and access to capital.
This study also shows that CSRD has been widely examined for dependent variables that
are mostly in the financial area, and CSR research in the area of accounting in Indonesia
has not shifted to non-financial outcomes, which in fact, has become the essence of CSR at
this time. This study’s findings also indicate that CSR research in Indonesia is falling behind
if compared to CSR research conducted in overseas. Wang et al.’s (2016) analysis showed
that trends in CSR research, based on nearly 60 years (1958-2015), have shifted from the
concept of financial outcomes to non-financial, social, and organizational outcomes. The
results indicate that the non-financial variables are more likely to be dependent variable that
is better for CSRD than financial variables. CSR is closely related to society, it is insufficient
if only explained by financial variables. Therefore, in examining corporate social activities, it
is important to explore various non-financial variables from other disciplines (Lu and Xie,
2015; Wang et al., 2016).
The use of quantitative methods’ dominance in CSR research in Indonesia indicates the
lack of in-depth and comprehensive analysis of CSR even though CSR requires various
research method approaches as CSR now touches upon most aspects of interaction
between business and society (Crowther and Lauesen, 2017). Besides the interaction
between business and society, many issues in CSR also need investigation and deeper
analysis through the use of appropriate research methods, like a number of internal factors
that affect the differences in CSR practices among countries, such as the economic and
cultural environment, moral judgment and government roles and the community (Adams
et al., 1998; Gunawan, 2013).
There have been many examples of studies in developed countries which use various
paradigms and approaches in CSR research in accounting, such as the usage of design
experiments in social and environmental accounting research (Cho et al., 2017), using case
study in sustainability reporting research (Herremans, 2016), using qualitative analysis in
sustainability reporting research (Beelitz, 2015) and using content analysis in social and
environmental research (Pesci and Costa, 2014). Hence, it is strongly suggested for future
research to conduct studies using qualitative methods, especially in developing countries.
Qualitative methods, such as grounded studies, analytic auto-ethnography, ethnographic,
content analysis, focus groups, phenomenological study and mixed method approaches,
can be widely applied for future study to enrich CSR literatures.

VOL. 15 NO. 5 2019 j SOCIAL RESPONSIBILITY JOURNAL j PAGE 683

 Further, this paper as much as possible attempted to look at the CSR research in the
accounting area in Indonesia over the past five years by searching two reliable sources –
international journal sub category accounting (SJR quartile Q3 dan Q4) and national journal
(national accredited accounting journals and the Proceedings of the NSA). SJR quartile Q3
and Q4 have been selected as prior to pilot examination, CSR studies from Indonesia were
published in these quartile, and very rare published in quartile Q1 or Q2. Hence, the
analysis of CSR papers from Indonesia which published in Q1 or Q2 were not included in
this paper, which may be a limitation for this paper. Consequently, it is suggested for future
research to conduct further investigations related to CSR in the accounting area in broader
local and international publications.
Other than that, the use of annual reports as a source of unit analysis indicate that CSR
research results in Indonesia are still not robust and as a consequence, will provide a
poor analysis. Future research is recommended to consider gathering data from not
only annual reports but also sustainability reports and websites or other publications to
be able to perform more in-depth studies of the CSRD. The ISO 26000 guidance, SDGs,
Sustainable Accounting Standard Board (SASB) or other related references could also
be potential sources to be applied as CSRD measurement in conducting studies in this
area.
To conclude, first, CSR research in the accounting area does not hold much interest. In-
depth studies are required to determine what the cause is and to find a solution. This
study assumes that the availability of academics who are interested in CSR has become
a main factor, so that greater efforts are needed to prepare more academics in Indonesia
specializing in the CSR area. The findings of the number of CSR studies in accounting
area which are still limited also becomes a note for accounting academicians to develop
research of CSR, especially research that sees CSR more broadly than the traditional
perspective. This perspective is important, as companies do not only engage in
maximizing shareholder values but also engage in non-shareholder constituents.
Second, as the CSR studies have not covered many areas other than financial
accounting and capital markets, research related to companies’ commitment toward
ethical behavior, management accounting, auditing, culture or tax accounting are still a
great opportunity for future analysis.

Implications for business practitioners

Besides contributing to academicians and researchers, evidence from Indonesia has
also become a fact that may be needed by foreign direct investment (FDI)[2],
considering that the FDI needs for a higher level of CSRD to be performed by
companies (Donaldson, 2005; Goyal, 2006). Indirectly, evidence from Indonesia is also
important to provide information how Indonesian companies put their efforts in
achieving SDGs[3]. Hence, the development of CSR studies di Indonesia is very
important to support CSR activities in relation to reduce poverty and help to build a
world that is more peaceful, prosperous and safe.
To conclude, the issue of CSR has been growing remarkably in Indonesia over the
past ten years and this also related to the regulation for foreign companies to conduct
CSR when they become to be investors in Indonesia. The study also indicates that the
quality of reporting should be improved, as many CSR studies were undertaken using
reporting. Finally, as there is a big gap between academic research and practical
implementation, it seems that academic studies left behind compared to the
practices (Gunawan, 2015a, 2015b). Hence, this study may provide further evidence
to business practitioners to support researchers to conduct various quality CSR
studies.

PAGE 684 j SOCIAL RESPONSIBILITY JOURNAL j VOL. 15 NO. 5 2019

Notes
1. Keyword CSR in this research is not narrowly referred to the word corporate social responsibility.
However, it includes keywords with a meaning that is more or less the same or that can represent
the meaning of the word CSR, such as social responsibility and corporate responsibility. We found
that many CSR research topics in Indonesia apply wordings of corporate social responsibility
(CSR), social responsibility (SR), corporate responsibility (CS) which followed the Indonesian
language, in example: “tanggung jawab sosial perusahaan” (corporate social responsibility / CSR),
“tanggung jawab sosial” (social responsibility / SR), “tanggung jawab perusahaan” (corporate
responsibility / CR). The process of examining keywords of CSR was undertaken straightforward as
majority studies in Indonesia wrote both in Indonesian and English words for this CR terminologies.
2. FDI that will enter Indonesia, is necessary to know that there are numbers of rules regarding the
obligation of carrying out social and environmental responsibilities. The obligation to implement
sustainable finance, which is to prepare a sustainable financial action plan, prepare sustainability
report and publication of sustainability report (Financial Services Number 51 / POJK.03 / 2017). FDI
also faces a number of CSR challenges that correspond to the global level, which are various
understandings of CSR, transition towards strategic CSR (proves that CSR provides benefits to the
company); the importance of politicians and bureaucrats over CSR fund that makes CSR in
Indonesia further from the main CSR; challenges from the company itself which implement CSR-
washing or CSR riding for the importance of image fraud (http://csrindonesia.com/tantangan-
peluang-perkembangan-csr-indonesia/). A number of obligations and challenges faced by FDI in
implementing CSR in Indonesia certainly increase the need for FDI to study the research on the
development of CSR in Indonesia.
3. Indonesia, which faces a number of fundamental problems (such as issues of poverty alleviation,
human rights, health environmental safety concerns, pollution and waste, social and political
insecurity, and the need for direct foreign investment) which have become a challenge in realizing
SDGs. (Goyal, 2006; Raynard and Forstater, 2002). Therefore, evidence about the development of
CSR studies in Indonesia has become very important.

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Corresponding author
Juniati Gunawan can be contacted at: juniatigunawan@yahoo.com.au

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