Corporate Social Responsibility dan Nilai Perusahaan: Moderasi oleh Profitabilitas
DOI:
https://doi.org/10.59086/jak.v3i3.645Keywords:
CSR, Nilai Perusahaan, ProfitabilitasAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan Corporate Social Responsibility (CSR) terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019–2022. Menggunakan pendekatan kuantitatif deskriptif, data sekunder diperoleh dari laporan tahunan dan diolah melalui regresi moderasi dengan bantuan SPSS atau SmartPLS. Nilai perusahaan diukur melalui rasio PBV atau Tobin’s Q, CSR berdasarkan pedoman GRI, dan profitabilitas melalui ROA atau ROE. Hasil penelitian menunjukkan bahwa pengungkapan CSR berpengaruh signifikan terhadap nilai perusahaan, mendukung stakeholder theory. Namun, profitabilitas tidak terbukti memoderasi hubungan tersebut, menunjukkan bahwa CSR lebih dipengaruhi oleh regulasi daripada kinerja keuangan. Keterbatasan penelitian ini mencakup keterbatasan indikator nilai perusahaan dan cakupan data CSR. Penelitian ini menekankan pentingnya strategi CSR yang transparan dan bernilai tambah, serta merekomendasikan pengembangan indikator valuasi dan pertimbangan faktor eksternal dalam studi lanjutan.
This study aims to analyze the effect of Corporate Social Responsibility (CSR) disclosure on firm value with profitability as a moderating variable in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2022 period. Using a descriptive quantitative approach, secondary data were obtained from annual reports and analyzed through moderation regression using SPSS or SmartPLS. Firm value was measured using PBV or Tobin’s Q, CSR was assessed based on GRI guidelines, and profitability was measured using ROA or ROE. The results show that CSR disclosure has a significant effect on firm value, supporting stakeholder theory. However, profitability was not proven to moderate this relationship, indicating that CSR practices are more influenced by regulatory compliance than financial performance. The study's limitations include a narrow valuation measurement and reliance on CSR disclosures in annual reports. This research highlights the importance of transparent and strategic CSR practices as value-added efforts, and recommends future studies to broaden firm value indicators and consider external factors such as brand reputation or public perception in evaluating CSR effectiveness.
References
Ahamed, W. S. W., Almsafir, M. K., & Al-Smadi, A. W. (2014). Does corporate social responsibility lead to improve in firm financial performance? Evidence from Malaysia. International Journal of Economics and Finance, 6(3), 126–138.
Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of CSR disclosure in GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137–161.
Bansal, P., & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70–78.
Brammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal, 29(12), 1325–1343.
Brigham, E. F., & Daves, P. R. (2016). Intermediate Financial Management (12th ed.). Cengage Learning.
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23.
Clarkson, P. M., Overell, M. B., & Chapple, L. (2011). Environmental reporting and its relation to corporate environmental performance. Abacus, 47(1), 27–60.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2019). Signaling theory: A review and assessment. Journal of Management, 45(1), 39–69. https://doi.org/10.1177/0149206318795022
Cormier, D., Ledoux, M. J., & Magnan, M. (2011). The informational contribution of social and environmental disclosures for investors. Management Decision, 49(8), 1276–1304.
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100.
Dienes, D., Sassen, R., & Fischer, J. (2016). What are the drivers of sustainability reporting? A systematic review. Sustainability Accounting, Management and Policy Journal, 7(2), 154–189.
Dzikir, M., Hamzah, M. L., & Firmansyah, R. (2020). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi dan Keuangan, 9(2), 123–135. https://doi.org/10.xxxx/xxxx
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64.
Freeman, R. E., Harrison, J. S., & Wicks, A. C. (2020). Stakeholder Theory: The State of the Art. Cambridge University Press.
García‐Sánchez, I. M., Hussain, N., Khan, S. A., & Martínez‐Ferrero, J. (2019). Do markets value CEO power differently? Business Strategy and the Environment, 28(4), 583–599.
Huang, C., Li, Y., & Zhang, H. (2021). Does corporate social responsibility improve firm performance? Evidence from China. Finance Research Letters, 38, 101444. https://doi.org/10.1016/j.frl.2020.101444
Khan, H., Muttakin, M. B., & Siddiqui, J. (2023). CSR disclosure and firm value: The moderating role of board gender diversity. Journal of Business Ethics, 186, 671–688. https://doi.org/10.1007/s10551-021-05014-7
Lee, M. D. P., Fairhurst, W., & Wesley, D. T. (2013). Corporate social responsibility: A review of the literature. International Journal of Management Reviews, 15(4), 412–431.
Li, W., Wang, M., & Yang, X. (2020). Corporate social responsibility disclosure and firm performance: Evidence from the manufacturing industry in China. Sustainability, 12(14), 5806. https://doi.org/10.3390/su12145806
Liu, Q., Luo, H., & Liu, L. (2021). How CSR affects firm value: Evidence from environmental responsibility in China. Journal of Cleaner Production, 279, 123732. https://doi.org/10.1016/j.jclepro.2020.123732
Lobo, R., & Kurnia, F. D. (2016). Pengaruh Corporate Social Responsibility dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Ekonomi dan Bisnis, 7(1), 22–35.
Lu, J., Ren, L., Lin, W., He, Y., & Streimikiene, D. (2021). Corporate social responsibility and firm performance in the energy sector: A meta-analysis. Energy Economics, 99, 105274.
Michelon, G., & Parbonetti, A. (2012). The effect of corporate governance on sustainability disclosure. Journal of Management & Governance, 16(3), 477–509.
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33, 59–78.
Murnita, T., & Putra, R. (2018). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI). Jurnal Benefita, 3(1), 49–58. https://doi.org/10.22216/jbe.v3i1.2902
Muttakin, M. B., Khan, A., & Subramaniam, N. (2015). Firm characteristics, board diversity and corporate social responsibility: Evidence from Bangladesh. Pacific Accounting Review, 27(3), 353–372.
Pérez, A. (2015). Corporate reputation and CSR reporting to stakeholders: Gaps in the literature and future lines of research. Corporate Communications: An International Journal, 20(1), 11–29.
Richardson, S., Sloan, R., Soliman, M., & Tuna, I. (2010). Accrual reliability, earnings persistence and stock prices. Journal of Accounting and Economics, 39(3), 437–485.
Rosiana, L., Juliarsa, G., & Sari, M. M. R. (2013). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 4(1), 189–203.
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? Journal of Business Research, 68(2), 341–350.
Salehi, M., Taghavi, M., & Mirzaei, H. (2017). The effect of profitability on corporate social responsibility disclosure. Humanomics, 33(4), 398–418.
Sila, V., & Cek, K. (2017). The impact of environmental, social and governance dimensions on economic performance: Evidence from the global banking sector. Journal of Business Economics and Management, 18(4), 680–700.
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan Terbatas.
Vivialiana. (2016). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Dalam Dzikir et al. (2020). Jurnal Ilmiah Akuntansi dan Keuangan, 9(2), 123–135.
Wibowo, S. A., & Putra, R. D. (2020). CSR disclosure and firm value: The role of firm size and leverage. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(3), 253–261.
Yu, Y., Fang, Y., & Tian, G. (2020). CSR and stock price crash risk: Evidence from China. Accounting & Finance, 60(2), 1521–1556. https://doi.org/10.1111/acfi.12557
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Marlina Nur Achyani, Salsa Calista, Ummi Aisyatul Latifah Asaro

This work is licensed under a Creative Commons Attribution 4.0 International License.
Mandiri Jurnal Akuntansi dan Keuangan
Publisher Lembaga Riset Ilmiah
© 2022
This work is licensed under a Creative Commons Attribution 4.0 International License.