Abstract

The objective of this study is to analyze the influence of foreign ownership and enterprise risk management (ERM) on web-based corporate social responsibility (CSR) disclosure, with the code of conduct (COC) as a moderating variable. This study uses a quantitative approach with secondary data from energy sector companies listed on the Indonesia Stock Exchange. The data was extracted from annual reports and sustainability reports available on the companies’ official websites, spanning a period from 2019 to 2023. There are 218 observations using unbalanced panel data. Statistical analysis was conducted using EViews 14. Results show that foreign ownership has a positive impact on web-based CSR disclosure. Meanwhile, enterprise risk management has a significant negative impact on web-based CSR disclosure. Then, foreign ownership moderated by the COC can weaken the relationship on web-based CSR disclosure, and ERM moderated by the COC can strengthen the relationship on web-based CSR disclosure. Companies can prioritize their social disclosure by increasing transparency around CSR activities, such as employee welfare programs and community development projects. Such transparency can strengthen their reputation and potentially increase web-based CSR disclosure through commitment to social impact.