APAKAH CORPORATE GOVERNANCE DAN FINANCIAL PERFORMANCE DAPAT MEMODERASI PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP FIRM VALUE?
DOI:
https://doi.org/10.29303/akurasi.v6i1.324Kata Kunci:
Firm Value, Good Corporate Governance, Financial Performance, Corporate Social ResponsibilityAbstrak
Penelitian ini bertujuan menguji pengaruh CSR terhadap Firm Value (FV), sekaligus menganalisis apakah Good Corporate Governance (GCG) dan Financial Performance dapat memperkuat atau memperlemah pengaruh tersebut. Penelitian ini menggunakan data perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) dari tahun 2019–2021 dengan jumlah sampel 1048 firm years. Analisis data menggunakan regresi linier berganda. Pengukuran CSR menggunakan content analysis, sedangkan nilai perusahaan (Firm Value) diukur menggunakan Return Saham. GCG diukur dengan menggunakan Board Size (BS), Board Independence (B-IND), Family Ownership (FMO), dan Largest Ownership (L-OWN). Proksi Financial Performance menggunakan Return on Assets (ROA) dan Net Profit Margin (NPM). Hasil empiris menunjukkan bahwa CSR berpengaruh positif terhadap FV. Financial Performance (ROA) melemahkan hubungan CSR dengan FV. Namun, GCG tidak mampu memoderasi hubungan antara CSR dan FV. Penelitian ini menegaskan bahwa aktivitas CSR penting untuk dilakukan untuk meningkatkan FV dan business sustainability di masyarakat.
Unduhan
Data unduhan belum tersedia.
Referensi
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McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127. https://doi.org/10.5465/AMR.2001.4011987
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Nazir, M. S., & Afza, T. (2018). Does managerial behavior of managing earnings mitigate the relationship between corporate governance and firm value? Evidence from an emerging market. Future Business Journal, 4(1), 139–156. https://doi.org/10.1016/j.fbj.2018.03.001
Oware, K. M., & Mallikarjunappa, T. (2019). Corporate social responsibility investment, third-party assurance and firm performance in India: The moderating effect of financial leverage. South Asian Journal of Business Studies, 8(3), 303–324. https://doi.org/10.1108/SAJBS-08-2018-0091
Rhou, Y., & Singal, M. (2020). A review of the business case for CSR in the hospitality industry. International Journal of Hospitality Management, 84(February 2019), 102330. https://doi.org/10.1016/j.ijhm.2019.102330
Ronald, S., Ng, S., & Daromes, F. E. (2019). Corporate Social Responsibility as Economic Mechanism for Creating Firm Value. Indonesian Journal of Sustainability Accounting and Management, 3(1), 22. https://doi.org/10.28992/ijsam.v3i1.69
Suteja, J., Gunardi, A., & Auristi, R. J. (2017). Does Corporate Social Responsibility Shape the Relationship between Corporate Governance and Financial Performance? Indonesian Journal of Sustainability Accounting and Management, 1(2), 59. https://doi.org/10.28992/ijsam.v1i1.33
Tanjung, M. (2020). A cross-firm analysis of corporate governance compliance and performance in Indonesia. Managerial Auditing Journal, 35(5), 621–643. https://doi.org/10.1108/MAJ-06-2019-2328
Butt, A. A., Shahzad, A., & Ahmad, J. (2020). Impact of CSR on Firm Value: The Moderating Role of Corporate Governance. Indonesian Journal of Sustainability Accounting and Management, 4(2), 145. https://doi.org/10.28992/ijsam.v4i2.257
Chijoke-Mgbame, A. M., Mgbame, C. O., Akintoye, S., & Ohalehi, P. (2020). The role of corporate governance on CSR disclosure and firm performance in a voluntary environment. Corporate Governance (Bingley), 20(2), 294–306. https://doi.org/10.1108/CG-06-2019-0184
Feng, Z. Y., Chen, C. R., & Tseng, Y. J. (2018). Do capital markets value corporate social responsibility? Evidence from seasoned equity offerings. Journal of Banking and Finance, 94, 54–74. https://doi.org/10.1016/j.jbankfin.2018.06.015
Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781. https://doi.org/10.5465/amj.2011.0744
Floros, C. (2011). On the relationship between weather and stock market returns. Studies in Economics and Finance, 28(1), 5–13. https://doi.org/10.1108/10867371111110525
Franco, S., Caroli, M. G., Cappa, F., & Del Chiappa, G. (2020). Are you good enough? CSR, quality management and corporate financial performance in the hospitality industry. International Journal of Hospitality Management, 88(August), 102395. https://doi.org/10.1016/j.ijhm.2019.102395
Freeman, R. E. E., & McVea, J. (2005). A Stakeholder Approach to Strategic Management. SSRN Electronic Journal, March 2018. https://doi.org/10.2139/ssrn.263511
Harrison, J. S., & Wicks, A. C. (2013). Stakeholder Theory, Value, and Firm Performance. Business Ethics Quarterly, 23(1), 97–124. https://doi.org/10.5840/beq20132314
Hasan, R., & Yun, T. M. (2017). Theoretical Linkage between Corporate Social Responsibility and Corporate Reputation. Indonesian Journal of Sustainability Accounting and Management, 1(2), 80. https://doi.org/10.28992/ijsam.v1i2.32
Ishtiaq, M., Latif, K., Khan, A. N., & Noreen, R. (2017). Corporate Social Responsibility and Firm Performance: The Moderating Effect of Ownership Concentration. Journal of Managerial Sciences, 11(3), 353–386. http://search.ebscohost.com/login.aspx?direct=true&db=bsh&AN=130384036&site=ehost-live
Jensen, M. C., & Meckling, W. H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal of Financial Economics, 3(10), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kolsi, M. C., & Grassa, R. (2017). Did corporate governance mechanisms affect earnings management? Further evidence from GCC Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 2–23. https://doi.org/10.1108/IMEFM-07-2015-0076
LaGore, W., Mahoney, L., & Thorne, L. (2015). Standalone corporate social responsibility reports and stock market returns. Research on Professional Responsibility and Ethics in Accounting, 19, 1–26. https://doi.org/10.1108/S1574-076520150000019001
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
Madsen, P. M., & Rodgers, Z. J. (2014). Looking Good By Doing Good: The Antecedents And Consequences of Stakeholder Attention To Corporate Disaster Relief. Strategic Management, 36(5)(October), 776–794. https://doi.org/10.1002/smj.2246
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127. https://doi.org/10.5465/AMR.2001.4011987
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Nazir, M. S., & Afza, T. (2018). Does managerial behavior of managing earnings mitigate the relationship between corporate governance and firm value? Evidence from an emerging market. Future Business Journal, 4(1), 139–156. https://doi.org/10.1016/j.fbj.2018.03.001
Oware, K. M., & Mallikarjunappa, T. (2019). Corporate social responsibility investment, third-party assurance and firm performance in India: The moderating effect of financial leverage. South Asian Journal of Business Studies, 8(3), 303–324. https://doi.org/10.1108/SAJBS-08-2018-0091
Rhou, Y., & Singal, M. (2020). A review of the business case for CSR in the hospitality industry. International Journal of Hospitality Management, 84(February 2019), 102330. https://doi.org/10.1016/j.ijhm.2019.102330
Ronald, S., Ng, S., & Daromes, F. E. (2019). Corporate Social Responsibility as Economic Mechanism for Creating Firm Value. Indonesian Journal of Sustainability Accounting and Management, 3(1), 22. https://doi.org/10.28992/ijsam.v3i1.69
Suteja, J., Gunardi, A., & Auristi, R. J. (2017). Does Corporate Social Responsibility Shape the Relationship between Corporate Governance and Financial Performance? Indonesian Journal of Sustainability Accounting and Management, 1(2), 59. https://doi.org/10.28992/ijsam.v1i1.33
Tanjung, M. (2020). A cross-firm analysis of corporate governance compliance and performance in Indonesia. Managerial Auditing Journal, 35(5), 621–643. https://doi.org/10.1108/MAJ-06-2019-2328
Unduhan
Diterbitkan
2023-06-27
Cara Mengutip
Natalie, V. ., Eriandani, R., & Rudiawarni, F. A. . (2023). APAKAH CORPORATE GOVERNANCE DAN FINANCIAL PERFORMANCE DAPAT MEMODERASI PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP FIRM VALUE? . Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 6(1), 17–32. https://doi.org/10.29303/akurasi.v6i1.324
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