The Influence of Stakeholder Pressure on the Extent of Corporate Social Responsibility Disclosure and Its Impact on Firm Performance (An Empirical Study on State-Owned Enterprises Listed on the Indonesia Stock Exchange for the Period 2020–2023)

This study examines the influence of stakeholder pressure on Corporate Social Responsibility (CSR) disclosure and its impact on firm performance among Indonesian State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange from 2020-2023. Using a quantitative approach with Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected from 31 SOEs over four years (n=124 observations). The research measures stakeholder pressure through six dimensions: shareholder, employee, consumer, environmental, creditor, and media pressures. CSR disclosure is measured using POJK 51/POJK.03/2017 framework, while firm performance is assessed through Tobin’s Q ratio. Findings reveal that only environmental pressure (β=0.246, p=0.005) and media pressure (β=0.285, p=0.003) significantly influence CSR disclosure. Shareholder pressure (β=0.329, p<0.001) and creditor pressure (β=0.288, p=0.008) positively affect firm performance, while environmental pressure (β=-0.069, p=0.033) and media pressure (β=-0.080, p=0.026) negatively impact performance. CSR disclosure negatively affects firm performance (β=-0.280, p=0.001) and mediates the relationship between environmental/media pressures and performance. The study enriches legitimacy and stakeholder theory by highlighting trade-offs between social transparency and short-term market valuation in emerging markets.