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.
Downloads
Download data is not yet available.
References
Adhima, M. F., & Hariadi, B. (2012). Pengaruh Pengungkapan Sustainability Report terhadap Profitabilitas Perusahaan Studi Kasus pada Perusahaan Manufaktur yang Terdaftar dalam Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa FEB, 1(1).
Al-Slehat, Z. A. F. (2019). Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan. International Business Research, 13(1), 109. https://doi.org/10.5539/ibr.v13n1p109
Arsoy, A. P., Arabica, O., & Ciftcioglu, A. (2012). Corporate Social Responsibility And Financial Performance Relationship: The Case Of Turkey. The Journal of Accounting and Finance, January(53), 159–176.
Astuti, F. Y., Wahyudi, S., & Mawardi, W. (2018). Analysis Of Effect Of Firm Size, Institutional Ownership, Profitability, And Leverage On Firm Value With Corporate Social Responsibility (CSR) Disclosure As Intervening Variables (Study on Banking Companies Listed on BEI Period 2012-2016). Jurnal Bisnis Strategi, 27(2), 95–109.
https://doi.org/10.14710/jbs.27.2.95-109
Bahrun, M. F., Tifah, & Firmansyah, A. (2020). Pengaruh Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen, Dan Arus Kas Bebas Terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 263–276.
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Branco, M. C., & Rodrigues, L. L. (2006). Corporate Social Responsibility Perspectives. Journal of Business Ethics, 69, 111–132. https://doi.org/10.1007/sl0551-006-9071-z
Carroll, A. B., & Brown, J. A. (2018). Corporate Social Responsibility: A Review of Current Concepts, Research, and Issues. Corporate Social Responsibility, 39–69. https://doi.org/10.1108/s2514-175920180000002002
Carroll, A., Sullivan, S., & Markowitz, L. (1995). Understanding the Impact of Corporate Social Responsibility (CSR) in the Marketplace: A Reputation and Social Performance Assessment Study. Proceedings of the International Association for Business and Society, 6, 653–661. https://doi.org/10.5840/iabsproc1995658
Cheung, Y. L., Jiang, K., Mak, B. S. C., & Tan, W. (2013). Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong. Journal of Business Ethics, 114(4), 625–631. https://doi.org/10.1007/s10551-013-1708-0
Cormier, D., Ledoux, M. J., & Magnan, M. (2011). The informational contribution of social and environmental disclosures for investors. Management Decision, 49(8), 1276–1304. https://doi.org/10.1108/00251741111163124
Eccles, R. G., Newquist, S. C., & Schatz, R. (2007). Reputations and Its Risks. Harvard Business Review, 2, 104–114.
Elkington, J. (1998). Accounting for the Triple Bottom Line. Measuring Business Excellence, 2(3), 18–22.
Fatchan, I. N., & Trisnawati, R. (2016). Pengaruh Good Corporate Governance Pada Hubungan Antara Sustainability Report Dan Nilai Perusahaan (Studi Empiris Perusahaan Go Public di Indonesia Periode 2014-2015).
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
Global Reporting Initiative. (2013). G4 Pedoman Pelaporan Keberlanjutan : Prinsip-prinsip Pelaporan dan Pengungkapan Standar. In The Netherlands : Global Reporting Initiative.
Goodell, J. W. (2020). COVID-19 and finance: Agendas for future research. Finance Research Letters, 35, 101512. https://doi.org/10.1016/j.frl.2020.101512
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
Raz, K. R., & Amir, M. (2014). A Review of Interaction of Financial Leverage and Investment Opportunities on Dividend Policy. Researcher, 4.
Reed, W. R., & Ye, H. (2011). Which panel data estimator should I use? Applied Economics, 43(8), 985–1000. https://doi.org/10.1080/00036840802600087
Riny. (2018). Analisis Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 8(2), 139–150. https://doi.org/10.31940/jbk.v14i3.1058
Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534–559. https://doi.org/10.2307/257052
Saemargani, F., & Mustikawati, I. (2015). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Profitabilitas, Solvabilitas, Ukuran KAP, dan Opini Auditor terhadap Audit Delay. Jurnal Nominal, IV(2), 1–15.
Saksessia, D., & Firmansyah, A. (2020). The Role Of Corporate Governance On Earnings Quality From Positive Accounting Theory Framework. International Journal of Scientific & Technology Research, 9(1), 808–820.
Salman, I., Firmansyah, A., & Widyaningrum, M. R. (2020). Peran Leverage Sebagai Pemoderasi: Revaluasi Aset Tetap, Kebijakan Dividen, Nilai Perusahaan. Jurnal Magister Akuntansi Trisakti, 7(2), 171. https://doi.org/10.25105/jmat.v7i2.7810
Sejati, B. P., & Prastiwi, A. (2015). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Dan Nilai Perusahaan. Diponegoro Journal of Accounting, 4(1), 1–12.
Skinner, D. J., & Soltes, E. (2009). What Do Dividends Tell Us About Earnings Quality. Review of Accounting Studies, 16(2), 1–28.
Sutrisno, S. (2020). Corporate Governance, Profitability, and Firm Value Study on the Indonesian Sharia Stock Index. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 6(2), 292. https://doi.org/10.20473/jebis.v6i2.23231
Tarigan, J., & Semuel, H. (2014). Pengungkapan Sustainability Report dan Kinerja Keuangan. Jurnal Akuntansi Dan Keuangan, 16(2), 88–101. https://doi.org/10.9744/jak.16.2.88-101
Tyastari, T. T. D., Rosidi, & Saraswati, E. (2017). Dividend Policy and Corporate Value (A Meta-Analysis). Jurnal Keuangan Dan Perbankan, 21(3), 344–355. https://doi.org/DOI: 10.26905/jkdp.v21i3.1218
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Strategic Management Journal, 5(2), 171–180. http://onlinelibrary.wiley.com/doi/10.1002/smj.4250050207/abstract
Whitelock, V. G. (2015). Environmental social governance management: A theoretical perspective for the role of disclosure in the supply chain. International Journal of Business Information Systems, 18(4), 390–405. https://doi.org/10.1504/IJBIS.2015.068477
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528
Al-Slehat, Z. A. F. (2019). Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan. International Business Research, 13(1), 109. https://doi.org/10.5539/ibr.v13n1p109
Arsoy, A. P., Arabica, O., & Ciftcioglu, A. (2012). Corporate Social Responsibility And Financial Performance Relationship: The Case Of Turkey. The Journal of Accounting and Finance, January(53), 159–176.
Astuti, F. Y., Wahyudi, S., & Mawardi, W. (2018). Analysis Of Effect Of Firm Size, Institutional Ownership, Profitability, And Leverage On Firm Value With Corporate Social Responsibility (CSR) Disclosure As Intervening Variables (Study on Banking Companies Listed on BEI Period 2012-2016). Jurnal Bisnis Strategi, 27(2), 95–109.
https://doi.org/10.14710/jbs.27.2.95-109
Bahrun, M. F., Tifah, & Firmansyah, A. (2020). Pengaruh Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen, Dan Arus Kas Bebas Terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 263–276.
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Branco, M. C., & Rodrigues, L. L. (2006). Corporate Social Responsibility Perspectives. Journal of Business Ethics, 69, 111–132. https://doi.org/10.1007/sl0551-006-9071-z
Carroll, A. B., & Brown, J. A. (2018). Corporate Social Responsibility: A Review of Current Concepts, Research, and Issues. Corporate Social Responsibility, 39–69. https://doi.org/10.1108/s2514-175920180000002002
Carroll, A., Sullivan, S., & Markowitz, L. (1995). Understanding the Impact of Corporate Social Responsibility (CSR) in the Marketplace: A Reputation and Social Performance Assessment Study. Proceedings of the International Association for Business and Society, 6, 653–661. https://doi.org/10.5840/iabsproc1995658
Cheung, Y. L., Jiang, K., Mak, B. S. C., & Tan, W. (2013). Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong. Journal of Business Ethics, 114(4), 625–631. https://doi.org/10.1007/s10551-013-1708-0
Cormier, D., Ledoux, M. J., & Magnan, M. (2011). The informational contribution of social and environmental disclosures for investors. Management Decision, 49(8), 1276–1304. https://doi.org/10.1108/00251741111163124
Eccles, R. G., Newquist, S. C., & Schatz, R. (2007). Reputations and Its Risks. Harvard Business Review, 2, 104–114.
Elkington, J. (1998). Accounting for the Triple Bottom Line. Measuring Business Excellence, 2(3), 18–22.
Fatchan, I. N., & Trisnawati, R. (2016). Pengaruh Good Corporate Governance Pada Hubungan Antara Sustainability Report Dan Nilai Perusahaan (Studi Empiris Perusahaan Go Public di Indonesia Periode 2014-2015).
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
Global Reporting Initiative. (2013). G4 Pedoman Pelaporan Keberlanjutan : Prinsip-prinsip Pelaporan dan Pengungkapan Standar. In The Netherlands : Global Reporting Initiative.
Goodell, J. W. (2020). COVID-19 and finance: Agendas for future research. Finance Research Letters, 35, 101512. https://doi.org/10.1016/j.frl.2020.101512
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
Raz, K. R., & Amir, M. (2014). A Review of Interaction of Financial Leverage and Investment Opportunities on Dividend Policy. Researcher, 4.
Reed, W. R., & Ye, H. (2011). Which panel data estimator should I use? Applied Economics, 43(8), 985–1000. https://doi.org/10.1080/00036840802600087
Riny. (2018). Analisis Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 8(2), 139–150. https://doi.org/10.31940/jbk.v14i3.1058
Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534–559. https://doi.org/10.2307/257052
Saemargani, F., & Mustikawati, I. (2015). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Profitabilitas, Solvabilitas, Ukuran KAP, dan Opini Auditor terhadap Audit Delay. Jurnal Nominal, IV(2), 1–15.
Saksessia, D., & Firmansyah, A. (2020). The Role Of Corporate Governance On Earnings Quality From Positive Accounting Theory Framework. International Journal of Scientific & Technology Research, 9(1), 808–820.
Salman, I., Firmansyah, A., & Widyaningrum, M. R. (2020). Peran Leverage Sebagai Pemoderasi: Revaluasi Aset Tetap, Kebijakan Dividen, Nilai Perusahaan. Jurnal Magister Akuntansi Trisakti, 7(2), 171. https://doi.org/10.25105/jmat.v7i2.7810
Sejati, B. P., & Prastiwi, A. (2015). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Dan Nilai Perusahaan. Diponegoro Journal of Accounting, 4(1), 1–12.
Skinner, D. J., & Soltes, E. (2009). What Do Dividends Tell Us About Earnings Quality. Review of Accounting Studies, 16(2), 1–28.
Sutrisno, S. (2020). Corporate Governance, Profitability, and Firm Value Study on the Indonesian Sharia Stock Index. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 6(2), 292. https://doi.org/10.20473/jebis.v6i2.23231
Tarigan, J., & Semuel, H. (2014). Pengungkapan Sustainability Report dan Kinerja Keuangan. Jurnal Akuntansi Dan Keuangan, 16(2), 88–101. https://doi.org/10.9744/jak.16.2.88-101
Tyastari, T. T. D., Rosidi, & Saraswati, E. (2017). Dividend Policy and Corporate Value (A Meta-Analysis). Jurnal Keuangan Dan Perbankan, 21(3), 344–355. https://doi.org/DOI: 10.26905/jkdp.v21i3.1218
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Strategic Management Journal, 5(2), 171–180. http://onlinelibrary.wiley.com/doi/10.1002/smj.4250050207/abstract
Whitelock, V. G. (2015). Environmental social governance management: A theoretical perspective for the role of disclosure in the supply chain. International Journal of Business Information Systems, 18(4), 390–405. https://doi.org/10.1504/IJBIS.2015.068477
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528
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: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i08.p04.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
