Intellectual Capital Sebagai Pemoderasi Pengaruh Pengungkapan Corporate Social Responsibility Pada Market Value Added
Abstract
The increasing number of investors on the Indonesian Stock Exchange encourages an increase in the need for information in investor decision making. The information that investors most often need is an assessment of company performance. One measure of company performance is market value added. There are several factors that influence a company's market value added. This research aims to investigate the effect of disclosure of corporate social responsibility and intellectual capital as moderating variables on the market value added of mining and basic industrial and chemical sector companies listed on the Indonesia Stock Exchange. The total sample for this research was 134 companies. The research period was carried out in 2018-2021. Moderated regression analysis was used in research data analysis with EVIEWS 9.0 as a data processing tool. This research finds that disclosure of corporate social responsibility has a positive effect on the company's market value added. The research results also show that intellectual capital is a variable that strengthens the influence of corporate social responsibility disclosure on companies.
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References
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Yoon, B., & Chung, Y. (2018). The effects of corporate social responsibility on firm performance: A stakeholder approach. Journal of Hospitality and Tourism Management, 37(August), 89–96. https://doi.org/10.1016/j.jhtm.2018.10.005
Yudha, N. T. K., & Ariyanto, D. (2022). Umur dan Ukuran Perusahaan Memoderasi Pengaruh Corporate social responsibility Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 32(3), 593. https://doi.org/10.24843/eja.2022.v32.i03.p03
Bajic, S., & Yurtoglu, B. (2018). Which aspects of CSR predict firm market value? Journal of Capital Markets Studies, 2(1), 50–69. https://doi.org/10.1108/jcms-10-2017-0002
Barney, J. B., Ketchen, D. J., & Wright, M. (2021). Resource-Based Theory and the Value Creation Framework. Journal of Management, 47(7), 1936–1955. https://doi.org/10.1177/01492063211021655
Carini, C., Comincioli, N., Poddi, L., & Vergalli, S. (2017). Measure the performance with the market value added: Evidence from CSR companies. Sustainability (Switzerland), 9(12), 1–19. https://doi.org/10.3390/su9122171
Chung, C. Y., Jung, S., & Young, J. (2018). Do CSR activities increase firm value? Evidence from the Korean market. Journal of Sustainability, 10(9), 1–22. https://doi.org/10.3390/su10093164
Dewi, A. S. A. D., Mimba, H. S. P. N., Sudana, P. I., & Putri, D. A. M. A. G. I. (2020). The Influence of Intellectual capital and Corporate social responsibility Disclosure on Financial Performance (Empirical Study of Hotel, Restaurant, and Tourism Sub Sector Companies in the Indonesia Stock Exchange in 2016-2018. American Journal of Humanities and Social Sciences Research, 4(3), 215–220. Diambil dari www.ajhssr.com
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
Gallardo-Vázquez, D., Valdez-Juárez, L. E., & Lizcano-álvarez, J. L. (2019). Corporate social responsibility and intellectual capital: Sources of competitiveness and legitimacy in organizations’ management practices. Sustainability (Switzerland), 11(20). https://doi.org/10.3390/su11205843
Hijriah, A., Subroto, B., & Nurkholis. (2019). Penguatan Pengungkapan Corporate social responsibility Dan Market value added Melalui Modal Intelektual. Jurnal akuntansi multiparadigma, 10(2), 295–307. https://doi.org/https://doi.org/10.18202/jamal.2019.08.10017
Jain, P., Vyas, V., & Roy, A. (2017). Exploring the mediating role of intellectual capital and competitive advantage on the relation between CSR and financial performance in SMEs. Social Responsibility Journal, 13(1), 1–23. https://doi.org/10.1108/srj-04-2015-0048
Kolamban, D. V, Murni, S., & Baramuli, D. N. (2020). Analisis Pengaruh Leverage, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Industri Perbankan Yang Terdaftar Di Bei. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8(3), 174–183.
Krisnawati, A., & Fathiarani, S. K. (2019). Peran Market value added Dalam Memoderasi Pengaruh Pengungkapan Corporate social responsibility Terhadap Nilai Perusahaan. Journal Accounting and Finance, 3(1), 15–23.
Lee, J., & Kwon, H. B. (2019). The synergistic effect of environmental sustainability and corporate reputation on market value added (MVA) in manufacturing firms. International Journal of Production Research, 57(22), 7123–7141. https://doi.org/10.1080/00207543.2019.1578430
Lee, J. W. (2020). CSR impact on the firm market value: Evidence from tour and travel companies listed on chinese stock markets. Journal of Asian Finance, Economics and Business, 7(7), 159–167. https://doi.org/10.13106/jafeb.2020.vol7.no7.159
Lindawati, A. S. L., The, O., Tanuwijaya, J., & Ramadhanty, A. (2021). The Influence of Intellectual capital and Corporate social responsibility toward Corporate Performance. ACM International Conference Proceeding Series, 147–154. https://doi.org/10.1145/3457640.3457649
Meliani, L. A., & Ariyanto, D. (2021). Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19. E-Jurnal Akuntansi, 31(10), 2503. https://doi.org/10.24843/eja.2021.v31.i10.p08
Omar, B. F., & Zallom, N. O. (2016). Corporate social responsibility and market value: evidence from Jordan. Journal of Financial Reporting and Accounting, 14(1), 2–29. https://doi.org/doi:10.1108/jfra-11-2014-0084
Ousama, A. A., Al-Mutairi, M. T., & Fatima, A. H. (2020). The Relationship Between Intellectual capital Information and Firms’ Market Value: A Study From an Emerging Economy. Measuring Business Excellence, 24(1), 39–51. https://doi.org/10.1108/MBE-01-2019-0002
Putra, A. G. T. D., & Wirakusuma, M. G. (2017). Pengaruh Corporate social responsibility Disclosure Terhadap Nilai Perusahaan Dengan Kepemilikan Asing Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Fakultas Ekonomi Universitas Udayana, 19(1), 1719–1746.
Rini, K. D. S., & Mimba, N. P. S. H. (2019). Pengaruh Pengungkapan Corporate social responsibility, Investment Opportunity Set dan Struktur Modal pada Nilai Perusahaan. E-Jurnal Akuntansi Fakultas Ekonomi Universitas Udayana, 28(3), 2019–2034.
Shahzad, F., Baig, M. H., Rehman, I. U., Saeed, A., & Asim, G. A. (2021). Does intellectual capital efficiency explain corporate social responsibility engagement-firm performance relationship? Evidence from environmental, social and governance performance of US listed firms. Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2021.05.003
Uwuigbe, U., Teddy, O., Uwuigbe, O. R., Emmanuel, O., Asiriuwa, O., Eyitomi, G. A., & Taiwo, O. S. (2018). Sustainability reporting and firm performance: A bi-directional approach. Academy of Strategic Management Journal, 17(3), 1–16.
Yoon, B., & Chung, Y. (2018). The effects of corporate social responsibility on firm performance: A stakeholder approach. Journal of Hospitality and Tourism Management, 37(August), 89–96. https://doi.org/10.1016/j.jhtm.2018.10.005
Yudha, N. T. K., & Ariyanto, D. (2022). Umur dan Ukuran Perusahaan Memoderasi Pengaruh Corporate social responsibility Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 32(3), 593. https://doi.org/10.24843/eja.2022.v32.i03.p03
Published
2024-01-30
How to Cite
ANDINI, Ni Putu Ema Leonita.
Intellectual Capital Sebagai Pemoderasi Pengaruh Pengungkapan Corporate Social Responsibility Pada Market Value Added.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 1, p. 139-154, jan. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/112084>. Date accessed: 09 may 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i01.p11.
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