THE INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY (CSR) DISCLOSURE ON DISPOSITION EFFECT BEHAVIOR ON THE INDONESIA STOCK EXCHANGE MEDIATED BY FINANCIAL PERFORMANCE

The research aims to determine the influence of CSR Disclosure on
Disposition Effect Behavior with Financial Performance as an Intervening
Variable. The CSR Disclosure measurement was done using Corporate Social
Responsibility Disclosure Index, based on GRI G-4 standard, the Disposition
Effect measurement was done using stock return and trading volume, and the
Financial Performance measurement was done using ROE, EPS, and PBV. The
population in this study is LQ45 companies that are listed on the Indonesia Stock
Exchange for the period 2016-2020. The sample in this study is 29 companies
(145 observations). The data analysis method used in this study was done with a
simple - multiple regression analysis with the help of the Eviews application.
The results of the study prove that information about CSR Disclosure is
not an information that can trigger investors to behave disposition effect,
otherwise, information about CSR Disclosure can reduce the disposition effect
behavior, and financial performance cannot mediate the relationship between CSR
Disclosure and disposition effect behavior. The implication of this study is the
results of this study can be a source of new knowledge about behavioral finance
that non-financial information such as CSR Disclosure can reduce investor
behavior bias, disposition effect, in a capital market.