Financial Transparency as a Strengthening Effect of Corporate Social Responsibility Disclosure on Corporate Financing Constraints in the Context of Digital Transformation

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence that CSR disclosure does not automatically reduce financing constraints, highlighting the need for complementary factors.

🏢実務担当者:Companies should not rely solely on CSR disclosure to improve access to capital; focus on financial performance and governance.

🏛政策担当者:Regulators should consider that mandating CSR disclosure may not directly ease financing constraints without quality financial information.

In the digital transformation era, companies face increasing challenges in securing external financing amid growing demands for sustainable and accountable business practices. Corporate social responsibility (CSR) disclosure is expected to enhance stakeholder confidence and potentially reduce corporate financing constraints; however, its effectiveness may depend on the transparency of firms’ financial information. This study examines the effect of CSR disclosure on corporate financing constraints and evaluates the moderating role of financial transparency. The study used panel data from manufacturing companies listed on the Indonesia Stock Exchange, with the sample selected through purposive sampling. The final sample comprised 17 companies and 68 firm-year observations. Data were analyzed using panel data regression with EViews. The findings indicate that CSR disclosure has no significant effect on corporate financing constraints in the digital transformation era. Financial transparency also does not significantly moderate the relationship between CSR disclosure and corporate financing constraints, suggesting that it neither strengthens nor weakens the influence of CSR disclosure on firms’ access to funding. These results demonstrate that CSR disclosure alone may be insufficient to reduce financing constraints or improve corporate access to external capital. The study contributes to the literature by clarifying the limited role of CSR disclosure and financial transparency in explaining financing constraints among Indonesian manufacturing companies. Practically, companies should place greater emphasis on the quality of financial information, financial performance stability, and substantive governance practices, rather than relying solely on social disclosure, to strengthen investor and creditor confidence in corporate financing decisions.

• semanticscholar https://ejournal.yasin-alsys.org/mikailalsys/article/download/11427/8201first seen 2026-07-27 05:42:07