Respon Investor atas Tanggung Jawab Sosial Tata Kelola Perusahaan di Indonesia: Perspektif Resource Based View
Abstract
This study aims to examine the effect of corporate social responsibility disclosure and corporate governance disclosure on firm value in Indonesia. This study uses a Resource Based View perspective which is still rarely used in testing firm value. This study uses data and information from manufacturing companies listed on the IDX from 2016 to 2019. After purposive sampling, the final sample that can be used is 260 observations. Testing the data using multiple linear analysis with panel data. The test results show that corporate social responsibility and corporate governance have no effect on firm value. The test results in this study indicate that the Financial Services Authority as the supervisor of issuers in the Indonesian capital market, needs to improve corporate governance and corporate social responsibility arrangements.
Keywords: Governance; Sustainability; Disclosure; Firm Value.
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References
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Riset Akuntansi Dan Keuangan Indonesia, 1(1), 25–34. https://doi.org/10.23917/reaksi.v1i1.1954
Fauzi, A., & Nurmatias, N. (2019). Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Yang Terdaftar Di Bei Tahun 2013. Jurnal Ekonomi Dan Bisnis, 2(2), 177. https://doi.org/10.35590/jeb.v2i2.719
Firmansyah, A., Husna, M. C., & Putri, M. A. (2021). Corporate Social Responsibility Disclosure, Corporate Governance Disclosures, and Firm Value In Indonesia Chemical, Plastic, and Packaging Sub-Sector Companies. Accounting Analysis Journal, 10(1), 9–17. https://doi.org/10.15294/aaj.v10i1.42102
Firmansyah, A., & Purnama, E. B. D. (2020). Do Derivatives Instruments Ownership Decrease Firm Value in Indonesia? Riset Akuntansi Dan Keuangan Indonesia, 5(1), 1–9. https://doi.org/10.23917/reaksi.v5i1.9817
Firmansyah, A., Setiawan, T. A., & Fathurahman, F. (2020). Nilai Perusahaan: Kebijakan Utang, Good Corporate Governance, Cash Holding. Jurnal Akuntansi Dan Bisnis, 20(2), 237. https://doi.org/10.20961/jab.v20i2.568
Firmansyah, A., & Triastie, G. A. (2020). The role of corporate governance in emerging market: Tax avoidance, corporate social responsibility disclosures, risk disclosures, and investment efficiency. Journal of Governance and Regulation, 9(3), 8–26. https://doi.org/10.22495/jgrv9i3art1
Frensidy, B. (2019). The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange. Economics and Finance in Indonesia, 65, 20–32.
Gaol, G. A. L., Firmansyah, A., & Irawati, A. D. (2021). Intellectual Capital, Corporate Social Responsibility, And Firm Value in Indonesia’s Banking Industries. Jurnal Riset Akuntansi Terpadu, 14(1), 76–87. https://doi.org/10.35448/jrat.v14i1.10229
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Guidry, R. P., & Patten, D. M. (2010). Market reactions to the first-time issuance of corporate sustainability reports: Evidence that quality matters. Sustainability Accounting, Management and Policy Journal, 1(1), 33–50. https://doi.org/10.1108/20408021011059214
Gujarati, D. N. (2015). Dasar-Dasar Ekonometrika. Salemba Empat.
Gunawan, Y., & Mayangsari, S. (2015). Pengaruh Sustainability Reporting Terhadap Nilai Perusahaan Dengan Investment Opportunity Set Sebagai Variabel Moderating. Jurnal Akuntansi Trisakti, 2(1), 1. https://doi.org/10.25105/jat.v2i1.4828
Hafez, H. (2016). Corporate social responsibility and firm value: an empirical study of an emerging economy. Journal of Governance and Regulation, 5(4), 40–53. https://doi.org/10.22495/jgr_v5_i4_p3
Handriani, E., & Robiyanto, R. (2018). Corporate Finance and Firm Value in The Indonesian Manufacturing Companies. International Research Journal of Business Studies, 11(2), 113–127. https://doi.org/10.21632/irjbs.11.2.113-127
Handriani, & Irianti, T. E. (2015). Investment Opportunity Set (IOS) Berbasis Pertumbuhan Perusahaan dan Kaitannya. Dengan Upaya Peningkatan Nilai Perusahaan. Jurnal Ekonomi Dan Bisnis, 18(1), 83–99.
Hart, S. L. (1995). A Natural-Resource-Based View of the Firm. The Academy OfManagement Review, 20(4), 986–1014.
Haryanto. (2020). Dampak Covid-19 terhadap Pergerakan Nilai Tukar Rupiah dan Indeks Harga Saham Gabungan (IHSG). Jurnal Perencanaan Pembangunan: The Indonesian Journal of Development Planning, 4(2), 151–165. https://doi.org/10.36574/jpp.v4i2.114
Hooghiemstra, R. (2000). Corporate Communication and Impression Management – New Perspectives Why Companies Engage in Corporate Social Reporting. Journal of Business Ethics, 27, 55–68. https://doi.org/https://doi.org/10.1023/A:1006400707757
Irawanti, G., Moeljadi, & Indrawati, N. K. (2018). The Determinants of Hedging and Firm Value : An Empirical Study in Mining Companies Listed on Indonesia Stock Exchange. Management and Economics Journal (MEC-J), 2(1), 95–108. https://doi.org/10.18860/mec-j.v0i1.5017
Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y
Klein, B., & Leffler, K. B. (1981). The Role of Market Forces in Assuring Contractual Performance. Journal of Political Economy, 89(4), 615–641. https://doi.org/10.1086/260996
Latifah, S. W., & Luhur, M. B. (2017). Pengaruh Pengungkapan Substainability Report Terhadap Nilai Perusahaan Dan Profitabilitas Sebagai Variabel Moderasi. Jurnal Akuntansi Dan Bisnis Universitas Muhammadiyah Malang, 17(1), 13–18. http://eprints.umm.ac.id/58102/7/Latifah Luhur - Sustainability Report Profitability Firm Value.pdf
Lee, K. H. (2015). Does Size Matter? Evaluating Corporate Environmental Disclosure in the Australian Mining and Metal Industry: A Combined Approach of Quantity and Quality Measurement. Business Strategy and the Environment, 26(2), 1–15.
Madhani, P. M. (2017). Diverse Roles of Corporate Board : A Review of Various Corporate Governance Theories. IUP Journal of Corporate Governance, 16(2), 7–28.
Mao, Y., He, J., Morrison, A. M., & Andres Coca-Stefaniak, J. (2020). Effects of tourism CSR on employee psychological capital in the COVID-19 crisis: from the perspective of conservation of resources theory. Current Issues in Tourism, 1–19. https://doi.org/10.1080/13683500.2020.1770706
Munawar, A. (2019). The Effect of Leverage, Dividend Policy, Effectiveness, Efficiency, and Firm Size on Firm Value in Plantation Companies Listed IDX. International Journal of Science and Research (IJSR), 8(10 October 2019), 9. https://doi.org/10.21275/ART20201693
Novianti, T., & Firmansyah, A. (2020). The effect of tax risk, hedging, income smoothing, and cash flows volatility on firm value. Test Engineering and Management, 83(April), 9675–9686.
Nuryaman, A. R. (2013). The Effect of Corporate Social Responsibility Activites on Profitability and Stock Price: Studies on the Companies Listed on Indonesia Stock Exchange. Journal of Global Management, 6(1), 113–124.
Nuswandari, C. (2009). Pengungkapan Pelaporan Keuangan Dalam Perspektif Signalling Theory Oleh: Cahyani Nuswandari, SE.Ak Fakultas Ekonomi Universitas Stikubank. Kajian Akuntansi, 1(1), 48–57.
Pibri, H. (2021). The Influence of Corporate Governance on Firm Value and Bank Performance in The Pandemic Crisis in Indonesia. International Journal of Scientific and Research Publications (IJSRP), 11(3), 211–217. https://doi.org/10.29322/ijsrp.11.03.2021.p11128
Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
Putri, M. M., Firmansyah, A., & Labadia, D. (2020). Corporate Social Responsibility Disclosure, Good Corporate Governance, Firm Value: Evidence from Indonesia’s Food And Beverage Companies. The Accounting Journal of Binaniaga, 5(2), 113. https://doi.org/10.33062/ajb.v5i2.398
Putu, N. N. G. M., Moeljadi, Djumahir, & Djazuli, A. (2014). Factors Affecting Firm Value: Theoretical Study on Public Manufacturing Firms in Indonesia. International Journal of Business and Management Invention, 3(2), 35–44.
Qiu, S. (Charles), Jiang, J., Liu, X., Chen, M. H., & Yuan, X. (2021). Can corporate social responsibility protect firm value during the COVID-19 pandemic? International Journal of Hospitality Management, 93(June 2020), 102759. https://doi.org/10.1016/j.ijhm.2020.102759
Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007
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Published
2021-08-26
How to Cite
FIRMANSYAH, Amrie et al.
Respon Investor atas Tanggung Jawab Sosial Tata Kelola Perusahaan di Indonesia: Perspektif Resource Based View.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 8, p. 1918-1935, aug. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/73138>. Date accessed: 25 apr. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i08.p04.
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