MENGHUBUNGKAN CSR RATING, KINERJA PERUSAHAAN DAN NILAI PERUSAHAAN

Imam Nur Hidayat, Ilham Maulana, Nurita Andriani

Abstract


Abstract : This research revolves around the effect of company performance, CSR rating on company value by using companies listed on the IDX in 2019, the sample was selected using the purposive sampling method, and got a total of 35 companies as the sample used in the test. The variables used in this study include CSR Rating, Return On Assets and Net Profit Margin as indicators of company performance, Tobin's Q and Price to Book Value as indicators of firm value. SEM-PLS was used as a test tool using WarpPLS 7.0. The variables in this study are transformed formatively into latent variables. The result is that the company's performance has a significant positive effect on firm value, the CSR rating has a positive, weakly significance, and the CSR rating can positively moderate the relationship between company performance and firm value.


Keywords


Firm performance; firm value; CSR rating

Full Text:

PDF

References


Ali, H. Y., Danish, R. Q., & Asrar-ul-Haq, M. (2020). How corporate social responsibility boosts firm financial performance: The mediating role of corporate image and customer satisfaction. Corporate Social Responsibility and Environmental Management, 27(1), 166–177. https://doi.org/10.1002/csr.1781

Ali, M. R., Mahmud, M. S., & Lima, R. P. (2016). Analyzing Tobin’s Q Ratio of Banking Industry of Bangladesh: A Comprehensive Guideline for Investors. Asian Business Review, 6(2), 85. https://doi.org/10.18034/abr.v6i2.851

Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033

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), 1173–1182. https://doi.org/10.1007/BF02512353

Brigham, E. F., & Houston, J. F. (2015). Fundamental of Financial Management (14 ed.). Boston: Cengage Learning.

Crisóstomo, V. L., De Souza Freire, F., & De Vasconcellos, F. C. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295–309. https://doi.org/10.1108/17471111111141549

Effendi, R. (2019). MEMBANGUN NILAI PERUSAHAAN BERBASIS PEMANGKU KEPENTINGAN (Build Value Based of Corporate Stakeholder’s). Goodwill : Jurnal Penelitian Akuntansi, 1(2), 89–94.

Harningsih, S., Agustin, H., & Setiawan, M. A. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Pengungkapan CSR Dan Kebijakan Dividen Sebagai Variabel Moderasi. Ranah Research Journal of Multidisciplinary Research and Development, 1(2), 199–209.

Haryanto, S., Rahadian, N., Mbapa, M. F. I., Rahayu, E. N., & Febriyanti, K. V. (2018). Kebijakan Hutang, Ukuran Perusahaan dan Kinerja Keuangan Terhadap Nilai Perusahaan: Industri Perbankan di Indonesia. AFRE (Accounting and Financial Review), 1(2), 62–70. https://doi.org/10.26905/afr.v1i2.2279

Helfert, E. a. (2001). Financial Analysis Tools and Techniques: A Guide for Managers. In New York, McGraw-Hill.

Karina, D. R. M., & Setiadi, I. (2020). Pengaruh CSR Terhadap Nilai Perusahaan Dengan GCG Sebagai Pemoderasi. Jurnal Riset Akuntansi Mercu Buana, 6(1), 37. https://doi.org/10.26486/jramb.v6i1.1054

Kock, N. (2014). Advanced Mediating Effects Tests, Multi-Group Analyses, and Measurement Model Assessments in PLS-Based SEM. International Journal of e-Collaboration, 10(1), 1–13. https://doi.org/10.4018/ijec.2014010101

Kock, N. (2020). WarpPLS User Manual 7.0. Diambil dari www.scriptwarp.com

Lindawati, A. S. L., & Puspita, M. E. (2015). Corporate Social Responsibility: Implikasi Stakeholder dan Legitimacy Gap dalam Peningkatan Kinerja Perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 157–174. https://doi.org/10.18202/jamal.2015.04.6013

Lindgreen, A., & Swaen, V. (2010). Corporate social responsibility. International Journal of Management Reviews, 12(1), 1–7. https://doi.org/10.1111/j.1468-2370.2009.00277.x

Masruroh, A., & Makaryanawati, M. (2020). Pengaruh Pengungkapan Tanggung Jawab Sosial terhadap Nilai Perusahaan pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Aktual, 7(1), 67–80. https://doi.org/10.17977/um004v7i12020p67

Maulana, I. (2020). ANALISIS PENGARUH DEWAN KOMISARIS INDEPENDEN, KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KINERJA PERUSAHAAN JASA KEUANGAN DI INDONESIA. Jurnal REKSA Rekayasa Keuangan, Syariah, dan Audit, 7(01), 11–23.

Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh Kinerja Keuangan dan Struktur Modal Terhadap Nilai Perusahaan yang Dimoderasi Variabel Ukuran Perusahaan. Jurnal Akuntansi dan Keuangan, 8(1), 41–56.

Nursani, E. (2020). PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN CSR SEBAGAI VARIABEL MODERASI. AKTIVA Jurnal Akuntansi dan Investasi, 5(1), 29–44. Diambil dari http://publication.petra.ac.id/index.php/manajemen-keuangan/article/view/2961

Padmayanti, N. P. E. W., Suryadani, N. N. A., & Munidewi, I. . B. (2019). PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN DEWAN KOMISARIS INDEPENDEN SEBAGAI VARIABEL PEMODERASI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA. Juara : Jurnal Riset Akuntansi, 9(1), 62–72. https://doi.org/10.1145/3132847.3132886

Rafid, A. G., Pohan, H. T., & Noor, I. N. (2017). PENGARUH KINERJA KEUNGAN TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL PEMODERASI. Jurnal Akuntansi Trisakti, 4(2), 245–258. https://doi.org/http://dx.doi.org/10.25105/jat.v4i2.4838

Rashid, M. M. (2020). Ownership structure and firm performance: the mediating role of board characteristics. Corporate Governance (Bingley), 20(4), 719–737. https://doi.org/10.1108/CG-02-2019-0056

Saadaoui, K., & Soobaroyen, T. (2018). An analysis of the methodologies adopted by CSR rating agencies. Sustainability Accounting, Management and Policy Journal, 9(1), 43–62. https://doi.org/10.1108/SAMPJ-06-2016-0031

Sahut, J.-M., & Pasquini-Descomps, H. (2015). ESG Impact on Market Performance of Firms: International EvidenceL’impact des facteurs ESG sur la performance en bourse des entreprises : incidences internationalesEl impacto de ESG en la rentabilidad de mercado de las empresas. Management international, 19(2), 40.

Sandberg, J., Juravle, C., Hedesström, T. M., & Hamilton, I. (2009). The heterogeneity of socially responsible investment. Journal of Business Ethics, 87(4), 519–533. https://doi.org/10.1007/s10551-008-9956-0

Scalet, S., & Kelly, T. F. (2010). CSR rating agencies: What is their global impact? Journal of Business Ethics, 94(1), 69–88. https://doi.org/10.1007/s10551-009-0250-6

Seok, J., Lee, Y., & Kim, B. Do. (2020). Impact of CSR news reports on firm value. Asia Pacific Journal of Marketing and Logistics, 32(3), 644–663. https://doi.org/10.1108/APJML-06-2019-0352

Solimun, Fernandes, A. A. R., & Nurjannah. (2017). Metode Statistika Multivariat Pemodelan Persamaan Struktural (SEM) Pendekatan WarpPLS. Malang: UB Press.

Sugiyono, P. D. (2017). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatif, Kombinasi, dan R&D. Bandung: CV. Alfabeta.

Titman, S., Keown, A. J., & Martin, J. D. (2017). Financial management : principles and applications (13 ed.). Harlow: Pearson Education Limited.

Tsai, C. H., & Mutuc, E. B. (2020). Evidence in Asian food industry: Intellectual capital, corporate financial performance, and corporate social responsibility. International Journal of Environmental Research and Public Health, 17(2). https://doi.org/10.3390/ijerph17020663

Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2020). Does ESG certification add firm value? Finance Research Letters, 101593. https://doi.org/10.1016/j.frl.2020.101593

Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103635




DOI: https://doi.org/10.29103/jak.v9i2.3765

Article Metrics

 Abstract Views : 619 times
 PDF Downloaded : 7 times

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 Imam Nur Hidayat, Ilham Maulana, Nurita Andriani

Jurnal Akuntansi dan Keuangan (JAK)

ISSN 2301-4717