Corporate Social Responsibility, Enterprise Risk Management, Nilai Perusahaan, dan Kinerja Keuangan sebagai Pemoderasi
Abstract
Globalization causes competition between companies to become tighter so that companies compete so that their existence remains well recognized by the market. High company value can improve welfare and become a consideration for shareholders. This research aims to prove the effect of disclosure of corporate social responsibility and enterprise risk management on company value with financial performance as a moderator. The research population is Investor Index 33 issuers on the Indonesia Stock Exchange for the period 2018-2020. The sample was selected using a purposive sampling method, a sample of 22 issuers was obtained, with 66 data observations over three years. Six outlier data were excluded, so only 60 data were used. The data analysis technique is Moderated Regression Analysis (MRA). The results of the analysis show that corporate social responsibility disclosure has a negative influence on company value, enterprise risk management has a positive effect on company value, and financial performance weakens the influence of corporate social responsibility disclosure and enterprise risk management on company value.
Keywords: Corporate Social Responsibility; Enterprise Risk Management; Financial Performance; Company Value.
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References
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Apriliyanti, V. (2018). Pengaruhgood Corporate Governance, Corporate Social Responsibility Dan Firm Size Terhadap Nilai Perusahaan Dengan Profitability Sebagai Variabel Moderating. Jurnal Akuntansi Dan Keuangan Methodist, 2(1), hal. 82–96.
Ardiyanto, T., & Haryanto, H. (2017). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. Diponegoro Journal of Accounting, 6(4), hal. 337–351.
Candra, A. D., & Wiratmaja, I. D. N. (2020). Pengaruh Pengungkapan Enterprise Risk Management, Pengungkapan Intellectual Capital, Dan Struktur Pengelolaan Pada Nilai Perusahaan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 6, hal. 561.
Chen, Y. C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), pp. 169–190.
Chen, Y. L., Chuang, Y. W., Huang, H. G., & Shih, J. Y. (2020). The value of implementing enterprise risk management: Evidence from Taiwan’s financial industry. North American Journal of Economics and Finance, 54, pp. 1–14.
Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the relationship between CSR and financial performance. Sustainability (Switzerland), 11(2), pp. 1–26.
Devi, S., Budiasih, I. G. N., & Badera, I. D. N. (2017). Pengaruh Pengungkapan Enterprise Risk Management Dan Pengungkapan Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 14(1), hal. 20–45.
Devie, D., Liman, L. P., Tarigan, J., & Jie, F. (2020). Corporate social responsibility, financial performance and risk in Indonesian natural resources industry. Social Responsibility Journal, 16(1), pp. 73–90.
Feng, L., & Maki, T. (2018). From the ISO26000 perspective: does corporate social responsibility influence corporate value? Asian J. of Management Science and Applications, 3(2), pp. 97.
Fitriana, S., & Wardhani, R. (2020). The effect of enterprise risk management and sustainability reporting quality on performance: Evidence from Southeast Asia countries. International Journal of Economic Policy in Emerging Economies, 13(4), pp. 344–355.
Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance, 78(4), pp. 795–822.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), pp. 224–235.
Jannah, I. (2016). Pengaruh Tingkat Leverage, Profitabilitas Dan Ukuran Perusahaan Publik Terhadap Pengungkapan Manajemen Risiko. Jurnal Akuntansi Dan Ekonomi, 2(2), hal. 241–253.
Mafakhir Shaleh, A. A. Z., & Kurniasih, A. (2021). The Determinants of Insurance Firm Value with Enterprise Risk Management (ERM) as Intervening Variabel. Risk and Financial Management, 3(2), pp. 1.
Mariani, D., & Suryani. (2018). Pengaruh Enterprise Risk Management Disclosure, Intellectual Capital Disclosure Dan Corporate Social Responsibility Disclosure Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Pemoderasi (Studi Empiris Pada Perusahaan Sektor Industri Baran. Jurnal Akuntansi Dan Keuangan, 7, hal. 119–138.
Omar, M., & Javaria, K. (2020). Implementation of Enterprise Risk Management Practices in Organizations: An Empirical Analysis of Takaful Industry Financial Performance. Journal of Islamic Financial Studies, 05(01), pp. 17–27.
Pamungkas, A. (2019). Pengaruh Penerapan Enterprise Risk Management (COSO) Terhadap Nilai Perusahaan:Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Akuntansi Maranatha, 11(1), hal. 12–21.
Putri, Z., & Budiyanto. (2018). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial Sebagai Variabel Moderating. Jurnal Ilmu Dan Riset Manajemen, 7(3), hal. 1–16.
Rohmawan, R., Oktaviani, Y., & Yandri, P. (2021). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderating. Al-Bank: Journal Islamic Banking and Finance, 1(2), hal. 157–166.
Rujiin, C., & Sukirman, S. (2020). The Effect of Firm Size, Leverage, Profitability, Ownership Structure, and Firm Age on Enterprise Risk Management Disclosures. Accounting Analysis Journal, 9(2), pp. 81–87.
Sabina Rini, K. D., & Mimba, N. P. S. H. (2019). Pengaruh Pengungkapan Corporate Social Responsibility, Investment Opportunity Set dan Struktur Modal pada Nilai Perusahaan. E-Jurnal Akuntansi, 28(3), hal. 2019.
Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., Saeidi, S. P., & Mardani, A. (2021). The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions. Economic Research-Ekonomska Istrazivanja , 34(1), pp. 122–151.
Saputra, W. S., & Setiawan, T. (2018). Pengaruh Corporate Social Responsibility Disclosure(CSRD), Nilai Perusahaan Dan Profitabilitas. Balance Vocation Accounting Journal, 2(1), hal. 1–13.
Shad, M. K., Lai, F. W., Fatt, C. L., Klemeš, J. J., & Bokhari, A. (2019). Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework. Journal of Cleaner Production, 208, pp. 415–425.
Silva, J. R., Silva, A. F. da, & Chan, B. L. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil. Emerging Markets Finance and Trade, 55(3), pp. 687–703.
Taylor, J., Vithayathil, J., & Yim, D. (2018). Are corporate social responsibility (CSR) initiatives such as sustainable development and environmental policies value enhancing or window dressing? Corporate Social Responsibility and Environmental Management, 25(5), pp. 971–980.
Tenriwaru, T., & Nasaruddin, F. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Ajar, 3(1), hal. 68–87.
Ummah, D. H., & Retnani, E. D. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Dan Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 8(11), hal. 1–15.
Wedayanti, L. P., & Wirajaya, I. G. A. (2018). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 24(3), hal. 2304–2332.
Published
2023-11-30
How to Cite
MARTHADEVI, Ni Made Maswita; MIMBA, Ni Putu Sri Harta.
Corporate Social Responsibility, Enterprise Risk Management, Nilai Perusahaan, dan Kinerja Keuangan sebagai Pemoderasi.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 11, p. 3028-3042, nov. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/81171>. Date accessed: 09 may 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i11.p15.
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