The aims of this research are to know : (1) The influence of Corporate Social Responsibility to firm value (2) The influence of Percentage of management ownership as the moderating variable in relations between Corporate Social Responsibility and firm value (3) The differences of Corporate Social Responsibility disclosures before and after the application of the law of the Republic of Indonesia number 40 in 2007 concerning company act. This research sample is on manufacture sector in 2006 until 2008 by using method of purposive sampling. There are 34 companies fulfilling criterion as this research sample. The analysis method of this research is simple regression analysis and multiple regression analysis. The result of research show that the effect of Corporate Social Responsibility on firm value was not significant. Percentage of management ownership as the moderating variable in relation between Corporate Social Responsibility and firm value was not significant. There is difference in Corporate Social Responsibility disclosure before and after the application of the law of the Republic of Indonesia number 40 in 2007 concerning company act