PERAN MEDIASI MANAJEMEN LABA PADA PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN
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Abstract
This research aims to examine the role of earnings management in mediating the effect of CSR disclosure on financial performance. This type of research is quantitative and carried out on public companies listed on the European Stock Exchange for 2013-2022. Sampling using the purposive sampling method obtained 1,690 company-year observations. ESG scores measure CSR disclosure. Financial performance is measured using ROA, ROE, and Tobin's Q, while earnings management uses discretionary accruals. The secondary data source comes from Eikon's Revinitif Datastream. The results show that the effect of CSR disclosure on company financial performance, mediated by earnings management, is mixed. When ROE measures financial performance, it shows that the hypothesis is not supported. Meanwhile, the hypothesis is supported when ROA and Tobin's Q measure financial performance. The results of this research imply that CSR disclosure encourages information transparency, which signals the company's financial performance.
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Cindy Berliana Menti, & Widiastuty, E. (2024). PERAN MEDIASI MANAJEMEN LABA PADA PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA KEUANGAN. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 7(1), 1-6. https://doi.org/10.29303/akurasi.v7i1.470
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References
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Ang, J., Murhadi, W. R., & Ernawati, E. (2020). Pengaruh corporate social responsibility terhadap kinerja keuangan pada perusahaan dan earnings management sebagai variabel moderasi. Journal of Entrepreneurship & Business, 1(1), 11. DOI: 10.24123/jerb.v1i1.2820
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Barauskaite, G., & Streimikiene, D. (2021). Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods. Corporate Social Responsibility and Environmental Management, 28(1), 278–287. https://doi.org/10.1002/CSR.2048
Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology 51(6), 1173-82. doi: 10.1037//0022-3514.51.6.1173.
Bhernadha, Y. A., Topowijono, & Azizah, D. F. (2017). Pengaruh corporate social responsibility terhadap kinerja keuangan perusahaan (Studi pada perusahaan winner of Sustainability Reporting Award (SRA) 2015 yang terdaftar di PT BEI periode 2010-2014). Jurnal Administrasi Bisnis, 44 (1), 134-143.
Chih, H. L., Shen, C. H., & Kang, F. C. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics, 79(1–2), 179–198. https://doi.org/10.1007/s10551-007-9383-7
Darwin, A. (2007). Pentingnya laporan keberlanjutan. Jurnal Riset Akuntan Indonesia.
Dechow, M. P., Sloan, G. R., & Sweeney P. Amy. 1995. Detecting earnings management. The Accounting Review, 70 (2), 193-225
Rahmawardani, D. (2020). Corporate social responsibility terhadap manajemen laba dan kinerja keuangan perusahaan. Jurnal Riset Akuntansi Kontemporer, 12(2), 52–59. https://doi.org/10.23969/JRAK.V12I2.2251
Epi, Y. (2017). Pengaruh ukuran perusahaan, struktur kepemilikan manajerial dan manajemen laba terhadap kinerja perusahaan property dan real estate. Jurnal Riset Akuntansi 1(1), 1-7
European Union. (2014). Directive 2014/95/EU of The European Parliament and of the council- of 22 October 2014 - amending Directive2013/34/EU as regards disclosure of nonfinancial and diversity information by certain large undertakings and groups -.
Fahmi, I. 2012. Analisis Laporan Keuangan (2nd ed.). Alfabeta.
Fauziah, F. (2017). Kesehatan Bank, Kebijakan Dividen, Dan Nilai Perusahaan: Teori dan Kajian Empiris. RV Pustaka Horizon.
Fischer, M., & Rosenzweig, K. (1995). Attitudes of students and accounting practitioners concerning the ethical acceptability of earnings management. Journal of Business Ethics, 14(6), 433–444. https://doi.org/10.1007/BF00872085/METRICS
Giannarakis, G., Konteos, G., Zafeiriou, E., & Partalidou, X. (2016). The impact of corporate social responsibility on financial performance. Investment Management and Financial Innovations, 13(3), 171–182. https://doi.org/10.21511/imfi.13(3-1).2016.03
Gunawan, B., Akuntansi, P., Ekonomi dan Bisnis, F., & Yuanita, R. (2017). Pengaruh pengungkapan corporate social responsibility terhadap kinerja keuangan yang dimoderasi oleh struktur kepemilikan. Riset Akuntansi dan Keuangan Indonesia 3 (1), 58-70
Hamm, J. A., Wolfe, S. E., Cavanagh, C., & Lee, S. (2022). (Re) organizing legitimacy theory. Legal and Criminological Psychology, 27(2), 129–146. https://doi.org/10.1111/LCRP.12199
Javaid, S., & Al-Malkawi, H. A. N. (2018). Corporate social responsibility and financial performance in Saudi Arabia: Evidence from Zakat contribution. Managerial Finance, 44(6), 648–664. https://doi.org/10.1108/MF-12-2016-0366
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193. https://doi.org/10.2307/2491047
Khairani, W., Sasongko, N., Dwi, A., & Bawono, B. (2022). Pengaruh kinerja keuangan dan mekanisme corporate governance terhadap manajemen laba. Jurnal Akuntansi dan Governance, 3(1), 58–76. https://doi.org/10.24853/JAGO.3.1.58-76
Kim, W. S., & Oh, S. (2019). Corporate social responsibility, business groups and financial performance: a study of listed Indian firms. Economic Research-Ekonomska Istrazivanja , 32(1), 1777–1793. https://doi.org/10.1080/1331677X.2019.1637764
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? Accounting Review, 87(3), 761–796. https://doi.org/10.2308/accr-10209
Kristiyanti, M. 2012. Peran indikator kinerja dalam mengukur kinerja manajemen. Majalah Ilmiah Informatika 3(3). https://www.unaki.ac.id/ejournal/index.php/majalah-ilmiah-informatika/article/view/79
Kudłak, R., Szőcs, I., Krumay, B., & Martinuzzi, A. (2018). The future of CSR - Selected findings from a Europe-wide Delphi study. Journal of Cleaner Production, 183, 282–291. https://doi.org/10.1016/J.JCLEPRO.2018.02.119
Lee, D., Lee, S., & Cho, N. E. (2019). Voluntary disclosure and market valuation of sustainability reports in Korea: The case of chaebols. Sustainability 11(13), 3577. https://doi.org/10.3390/SU11133577
Ludfi, R., & Firdausi, I. 2017. Pengaruh corporate social responsibility terhadap kinerja keuangan. Jurnal Penelitian Ilmu Ekonomi, 7, 39-47
Magdalena, S., Yuningsih, I., & Lahaya, I. A. (2017). Pengaruh firm size dan good corporate governance serta corporate social responsibility terhadap kinerja keuangan pada bank umum syariah di Indonesia. Equilibrium: Jurnal Ekonomi Syariah, 5(2), 221–238.
Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008
Messier, F. W., Glover, M. S., & Prawitt, F. D. (2017). Auditing & Assurance Services: A Systematic Approach (10th ed.). McGraw-Hill Education.
Muchiri, M. K., Erdei-Gally, S., & Fekete-Farkas, M. (2022). Effect of CSR on the financial performance of financial institutions in Kenya. Economies, 10(7). https://doi.org/10.3390/economies10070174
Nurbayani, H., Norisanti, N., & Samsudin, A. (2021). Analisis manajemen laba sebagai variabel mediasi dalam penerapan good corporate governance dan corporate social responsibility terhadap kinerja keuangan perusahaan. Journal of Economic, Bussines and Accounting (COSTING), 5(1), 523–529. https://doi.org/10.31539/COSTING.V5I1.2443
Nyeadi, J. D., Ibrahim, M., & Sare, Y. A. (2018). Corporate social responsibility and financial performance nexus: Empirical evidence from South African listed firms. Journal of Global Responsibility, 9(3), 301–328. https://doi.org/10.1108/JGR-01-2018-0004
Okafor, A., Adusei, M., & Adeleye, B. N. (2021). Corporate social responsibility and financial performance: Evidence from U.S tech firms. Journal of Cleaner Production, 292, 126078. https://doi.org/10.1016/J.JCLEPRO.2021.126078
Pratiwi, P. R., & Sedana, I. B. P. (2017). Analisis kinerja keuangan perusahaan multinasional sebelum dan sesudah akuisisi (Studi perusahaan multinasional pengakuisisi di BEI). E-Jurnal Manajemen Unud, 6(1), 235–263.
Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160–177. https://doi.org/10.1111/J.1467-8683.2008.00678.X
Rehman, Z. U., Zahid, M., Rahman, H. U., Asif, M., Alharthi, M., Irfan, M., & Glowacz, A. (2020). Do corporate social responsibility disclosures improve financial performance? A perspective of the Islamic banking industry in Pakistan. Sustainability (Switzerland), 12(8). https://doi.org/10.3390/SU12083302
Ricardo, D. M., & Faisal. (2015). Pengaruh pengungkapan corporate social responsibility terhadap praktik manajemen laba. Diponegoro Journal of Accounting, 4 (2), 33-42
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Saputra, V. E., Rita, M. R., & Sakti, I. M. (2022). Efek mekanisme good corporate governance terhadap kinerja keuangan melalui mediasi manajemen laba. Modus, 34(1), 1–23. https://doi.org/10.24002/MODUS.V34I1.5000
Sekhon, A. K., & Kathuria, L. M. (2020). Analyzing the impact of corporate social responsibility on corporate financial performance: evidence from top Indian firms. Corporate Governance (Bingley), 20(1), 143–157. https://doi.org/10.1108/CG-04-2019-0135
Tschopp, D. J. (2005). Corporate social responsibility: a comparison between the United States and the European Union. Corporate Social Responsibility and Environmental Management, 12(1), 55–59. https://doi.org/10.1002/CSR.69
Wright, P., Kroll, M. J., & Parnell, J. (1996). Strategic Management; Concept and Cases (Third Edition). Prentice Hall, Engelwood Cliffs.
Ahyani, R., & Puspitasari, W. (2019). Pengaruh corporate social responsibility terhadap kinerja keuangan pada perusahaan properti dan real estate yang terdaftar di Bursa Efek Indonesia tahun 2013-2017. Jurnal Akuntansi Trisakti, 6(2), 245–262. https://doi.org/10.25105/jat.v6i2.5479
Akben-Selcuk, E. (2019). Corporate social responsibility and financial performance: The moderating role of ownership concentration in Turkey. Sustainability (Switzerland), 11(13). https://doi.org/10.3390/su11133643
Ang, J., Murhadi, W. R., & Ernawati, E. (2020). Pengaruh corporate social responsibility terhadap kinerja keuangan pada perusahaan dan earnings management sebagai variabel moderasi. Journal of Entrepreneurship & Business, 1(1), 11. DOI: 10.24123/jerb.v1i1.2820
Bagh, T., Asif Khan, M., Azad, T., Saddique, S., Atif Khan, M., & Mazafarabad, K. (2017). The corporate social responsibility and firms’ financial performance: Evidence from financial sector of Pakistan. International Journal of Economics and Financial Issues, 7(2), 301–308. http:www.econjournals.com
Barauskaite, G., & Streimikiene, D. (2021). Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods. Corporate Social Responsibility and Environmental Management, 28(1), 278–287. https://doi.org/10.1002/CSR.2048
Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology 51(6), 1173-82. doi: 10.1037//0022-3514.51.6.1173.
Bhernadha, Y. A., Topowijono, & Azizah, D. F. (2017). Pengaruh corporate social responsibility terhadap kinerja keuangan perusahaan (Studi pada perusahaan winner of Sustainability Reporting Award (SRA) 2015 yang terdaftar di PT BEI periode 2010-2014). Jurnal Administrasi Bisnis, 44 (1), 134-143.
Chih, H. L., Shen, C. H., & Kang, F. C. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics, 79(1–2), 179–198. https://doi.org/10.1007/s10551-007-9383-7
Darwin, A. (2007). Pentingnya laporan keberlanjutan. Jurnal Riset Akuntan Indonesia.
Dechow, M. P., Sloan, G. R., & Sweeney P. Amy. 1995. Detecting earnings management. The Accounting Review, 70 (2), 193-225
Rahmawardani, D. (2020). Corporate social responsibility terhadap manajemen laba dan kinerja keuangan perusahaan. Jurnal Riset Akuntansi Kontemporer, 12(2), 52–59. https://doi.org/10.23969/JRAK.V12I2.2251
Epi, Y. (2017). Pengaruh ukuran perusahaan, struktur kepemilikan manajerial dan manajemen laba terhadap kinerja perusahaan property dan real estate. Jurnal Riset Akuntansi 1(1), 1-7
European Union. (2014). Directive 2014/95/EU of The European Parliament and of the council- of 22 October 2014 - amending Directive2013/34/EU as regards disclosure of nonfinancial and diversity information by certain large undertakings and groups -.
Fahmi, I. 2012. Analisis Laporan Keuangan (2nd ed.). Alfabeta.
Fauziah, F. (2017). Kesehatan Bank, Kebijakan Dividen, Dan Nilai Perusahaan: Teori dan Kajian Empiris. RV Pustaka Horizon.
Fischer, M., & Rosenzweig, K. (1995). Attitudes of students and accounting practitioners concerning the ethical acceptability of earnings management. Journal of Business Ethics, 14(6), 433–444. https://doi.org/10.1007/BF00872085/METRICS
Giannarakis, G., Konteos, G., Zafeiriou, E., & Partalidou, X. (2016). The impact of corporate social responsibility on financial performance. Investment Management and Financial Innovations, 13(3), 171–182. https://doi.org/10.21511/imfi.13(3-1).2016.03
Gunawan, B., Akuntansi, P., Ekonomi dan Bisnis, F., & Yuanita, R. (2017). Pengaruh pengungkapan corporate social responsibility terhadap kinerja keuangan yang dimoderasi oleh struktur kepemilikan. Riset Akuntansi dan Keuangan Indonesia 3 (1), 58-70
Hamm, J. A., Wolfe, S. E., Cavanagh, C., & Lee, S. (2022). (Re) organizing legitimacy theory. Legal and Criminological Psychology, 27(2), 129–146. https://doi.org/10.1111/LCRP.12199
Javaid, S., & Al-Malkawi, H. A. N. (2018). Corporate social responsibility and financial performance in Saudi Arabia: Evidence from Zakat contribution. Managerial Finance, 44(6), 648–664. https://doi.org/10.1108/MF-12-2016-0366
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193. https://doi.org/10.2307/2491047
Khairani, W., Sasongko, N., Dwi, A., & Bawono, B. (2022). Pengaruh kinerja keuangan dan mekanisme corporate governance terhadap manajemen laba. Jurnal Akuntansi dan Governance, 3(1), 58–76. https://doi.org/10.24853/JAGO.3.1.58-76
Kim, W. S., & Oh, S. (2019). Corporate social responsibility, business groups and financial performance: a study of listed Indian firms. Economic Research-Ekonomska Istrazivanja , 32(1), 1777–1793. https://doi.org/10.1080/1331677X.2019.1637764
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? Accounting Review, 87(3), 761–796. https://doi.org/10.2308/accr-10209
Kristiyanti, M. 2012. Peran indikator kinerja dalam mengukur kinerja manajemen. Majalah Ilmiah Informatika 3(3). https://www.unaki.ac.id/ejournal/index.php/majalah-ilmiah-informatika/article/view/79
Kudłak, R., Szőcs, I., Krumay, B., & Martinuzzi, A. (2018). The future of CSR - Selected findings from a Europe-wide Delphi study. Journal of Cleaner Production, 183, 282–291. https://doi.org/10.1016/J.JCLEPRO.2018.02.119
Lee, D., Lee, S., & Cho, N. E. (2019). Voluntary disclosure and market valuation of sustainability reports in Korea: The case of chaebols. Sustainability 11(13), 3577. https://doi.org/10.3390/SU11133577
Ludfi, R., & Firdausi, I. 2017. Pengaruh corporate social responsibility terhadap kinerja keuangan. Jurnal Penelitian Ilmu Ekonomi, 7, 39-47
Magdalena, S., Yuningsih, I., & Lahaya, I. A. (2017). Pengaruh firm size dan good corporate governance serta corporate social responsibility terhadap kinerja keuangan pada bank umum syariah di Indonesia. Equilibrium: Jurnal Ekonomi Syariah, 5(2), 221–238.
Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008
Messier, F. W., Glover, M. S., & Prawitt, F. D. (2017). Auditing & Assurance Services: A Systematic Approach (10th ed.). McGraw-Hill Education.
Muchiri, M. K., Erdei-Gally, S., & Fekete-Farkas, M. (2022). Effect of CSR on the financial performance of financial institutions in Kenya. Economies, 10(7). https://doi.org/10.3390/economies10070174
Nurbayani, H., Norisanti, N., & Samsudin, A. (2021). Analisis manajemen laba sebagai variabel mediasi dalam penerapan good corporate governance dan corporate social responsibility terhadap kinerja keuangan perusahaan. Journal of Economic, Bussines and Accounting (COSTING), 5(1), 523–529. https://doi.org/10.31539/COSTING.V5I1.2443
Nyeadi, J. D., Ibrahim, M., & Sare, Y. A. (2018). Corporate social responsibility and financial performance nexus: Empirical evidence from South African listed firms. Journal of Global Responsibility, 9(3), 301–328. https://doi.org/10.1108/JGR-01-2018-0004
Okafor, A., Adusei, M., & Adeleye, B. N. (2021). Corporate social responsibility and financial performance: Evidence from U.S tech firms. Journal of Cleaner Production, 292, 126078. https://doi.org/10.1016/J.JCLEPRO.2021.126078
Pratiwi, P. R., & Sedana, I. B. P. (2017). Analisis kinerja keuangan perusahaan multinasional sebelum dan sesudah akuisisi (Studi perusahaan multinasional pengakuisisi di BEI). E-Jurnal Manajemen Unud, 6(1), 235–263.
Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160–177. https://doi.org/10.1111/J.1467-8683.2008.00678.X
Rehman, Z. U., Zahid, M., Rahman, H. U., Asif, M., Alharthi, M., Irfan, M., & Glowacz, A. (2020). Do corporate social responsibility disclosures improve financial performance? A perspective of the Islamic banking industry in Pakistan. Sustainability (Switzerland), 12(8). https://doi.org/10.3390/SU12083302
Ricardo, D. M., & Faisal. (2015). Pengaruh pengungkapan corporate social responsibility terhadap praktik manajemen laba. Diponegoro Journal of Accounting, 4 (2), 33-42
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Saputra, V. E., Rita, M. R., & Sakti, I. M. (2022). Efek mekanisme good corporate governance terhadap kinerja keuangan melalui mediasi manajemen laba. Modus, 34(1), 1–23. https://doi.org/10.24002/MODUS.V34I1.5000
Sekhon, A. K., & Kathuria, L. M. (2020). Analyzing the impact of corporate social responsibility on corporate financial performance: evidence from top Indian firms. Corporate Governance (Bingley), 20(1), 143–157. https://doi.org/10.1108/CG-04-2019-0135
Tschopp, D. J. (2005). Corporate social responsibility: a comparison between the United States and the European Union. Corporate Social Responsibility and Environmental Management, 12(1), 55–59. https://doi.org/10.1002/CSR.69
Wright, P., Kroll, M. J., & Parnell, J. (1996). Strategic Management; Concept and Cases (Third Edition). Prentice Hall, Engelwood Cliffs.