Pengaruh CSR Disclosure dan Kinerja Lingkungan pada Kinerja Keuangan dengan Kepemilikan Asing sebagai Pemoderasi

  • Wayan Mila Cahya Sari Fakultas Ekonomi dan Bisnis, Universitas Udayana
  • I Gusti Ayu Nyoman Budiasih Fakultas Ekonomi dan Bisnis, Universitas Udayana

Abstract

Issues related to environmental aspects really need to considered to improve financial performance. The purpose of this study was to determine how the influence of CSR disclosure and environmental performance on financial performance moderated by foreign ownership.  This research was conducted on companies that are members of the SRI-KEHATI Index of the BEI for the period 2017-2020.  The number of samples using purposive sampling technique as many as 12 companies with 48 observations.  Data collection was carried out using the non-participant observation method.  The analytical techniques used are descriptive statistics, classical assumptions, and moderated regression analysis (MRA).  The test results show that CSR disclosure has a positive effect on financial performance.  Environmental performance has a positive effect on financial performance.  Foreign ownership can moderate the effect of CSR disclosure and environmental performance on financial performance. 

Downloads

Download data is not yet available.

References

Ahyani, R., & Puspitasari, W. (2019). Pengaruh Corporate Social Responsibility Terhadap Kinerja Keuangan Pada Perusahaan PROPERti Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2017. Jurnal Akuntansi Trisakti, 6(2), 245. https://doi.org/10.25105/jat.v6i2.5479

Angelia, D., & Suryaningsih, R. (2015). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211(September), 348–355. https://doi.org/10.1016/j.sbspro.2015.11.045

Anggara, B., Safitri, V. A. D., & Naz, I. (2021). Implication of Environmental Management System and Environmental Performance on Financial Performance of Entities with Foreign Ownership as Moderator. Jurnal Analisis Bisnis Ekonomi, 19(1), 15–29. https://doi.org/10.31603/bisnisekonomi.v19i1.4857

Ariawan, I.D.W.A; Budiasih, I. G. A. . (2020). Faktor - Faktor yang Memengaruhi Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi Universitas Udayana, 30(10), 2525–2539.

Astuti, F. P. (2014). Pengaruh Kinerja Lingkungan Dan Kepemilikan Asing Terhadap Kinerja Keuangan. Accounting Analysis Journal, 3(4), 493–500.

Bagh, T., Khan, M. A., Azad, T., & Atif Khan, M. (2017). The Corporate Social Responsibility and Firms’ Financial Performance: Evidence from Financial Sector of Pakistan. International Journal of Economics and Financial Issues, 7(2), 301–308. http:www.econjournals.com

Bidhari, S. C., Salim, U., Aisjah, S., & Java, E. (2013). Effect of Corporate Social Responsibility Information Disclosure on Financial Performance and Firm Value in Banking Industry Listed at Indonesia Stock Exchange. Euoropean Journal of Business and Management, 5(18), 39–47.

Boakye, D. J., Tingbani, I., Ahinful, G. S., & Nsor-Ambala, R. (2021). The relationship between environmental management performance and financial performance of firms listed in the Alternative Investment Market (AIM) in the UK. Journal of Cleaner Production, 278, 124034. https://doi.org/10.1016/j.jclepro.2020.124034

Cahyani Prastuti, M., & Budiasih, I. G. A. N. (2019). Pengaruh Corporate Social Responsibility dan Intellectual Capital Pada Kinerja Keuangan. E-Jurnal Akuntansi, 27(2), 1365–1393. https://doi.org/10.24843/eja.2019.v27.i02.p20

Darma, B. D., Arza, F. I., & Halmawati, H. (2019). Pengaruh Pengungkapan Media, Kinerja Lingkungan Dan Kepemilikan Asing Terhadap Pengungkapan Corporate Social Responsbility: Jurnal Eksplorasi Akuntansi, 1(1), 78–89. https://doi.org/10.24036/jea.v1i1.63

Effendi, S. (2019). The Effect of Disclosure of Corporate Social Responsibility and Good Corporate Governance to ROA in Sri Kehati Index. Advances in Economics, Business and Management Research, 74(AICMaR 2018), 79–82. https://doi.org/10.2991/aicmar-18.2019.18

Elkington, J. (1998). Partnerships from cannibals with forks: The triple bottom line of 21st-century business. Environmental Quality Management, 8(1), 37–51. https://doi.org/10.1002/tqem.3310080106

Fitriani, Anis. (2013). Pengaruh Kinerja Lingkungan dan Biaya Lingkungan terhadap Kinerja Keuangan pada BUMN. Jurnal Ilmu Manajemen (JIM), 1(1), 137–148.

Freeman, R. E., & Dmytriyev, S. (2017). Corporate Social Responsibility and Stakeholder Theory: Learning From Each Other. Symphonya. Emerging Issues in Management, 1, 7–14. https://doi.org/10.4468/2017.1.02freeman.dmytriyev

Galant, A., & Cadez, S. (2017). Corporate social responsibility and financial performance relationship: A review of measurement approaches. Economic Research-Ekonomska Istrazivanja , 30(1), 676–693. https://doi.org/10.1080/1331677X.2017.1313122

Garanina, T., & Aray, Y. (2021). Enhancing CSR disclosure through foreign ownership, foreign board members, and cross-listing: Does it work in Russian context? Emerging Markets Review, 46(February 2020), 100754. https://doi.org/10.1016/j.ememar.2020.100754

Hang, T. T. T., & Ngoc, B. T. (2018). Effect of Corporate Social Responsibility Disclosure on Financial Performance. Asian Journal of Finance & Accounting, 10(1), 40. https://doi.org/10.5296/ajfa.v10i1.12592

Horváthová, E. (2010). Does environmental performance affect financial performance? A meta-analysis. Ecological Economics, 70(1), 52–59. https://doi.org/10.1016/j.ecolecon.2010.04.004

Ifada, L. M., Indriastuti, M., Ibrani, E. Y., & Setiawanta, Y. (2021). Environmental Performance and Environmental Disclosure: The Role of Financial Performance. Journal of Asian Finance, Economics and Business, 8(4), 349–362. https://doi.org/10.13106/jafeb.2021.vol8.no4.0349

Janiartini, A., & Syafruddin, M. (2020). Pengaruh Tanggungjawab Sosial Perusahaan Terhadap Kinerja Keuangan Dengan Tata Kelola Perusahaan Sebagai Variabel Moderasi. Diponegoro Journal of Accounting, 9(4), 1–10.

Jatmiko, D. P., & Hidayat, S. (2017). Effects of Corporate Social Responsibility Disclosure and Environmental Performance to Financial Performance in Indonesia Stock Exchange. International Journal of Management and Commerce Innovations, 4(2), 617–628.

Khairiyani, K., Mubyarto, N., Mutia, A., Zahara, A. E., & Habibah, G. W. I. A. (2019). Kinerja Lingkungan Terhadap Kinerja Keuangan Serta Implikasinya Terhadap Nilai Perusahaan. ILTIZAM Journal of Shariah Economic Research, 3(1), 41. https://doi.org/10.30631/iltizam.v3i1.248

Kim, K. H., Kim, M. C., & Qian, C. (2018). Effects of Corporate Social Responsibility on Corporate Financial Performance: A Competitive-Action Perspective. Journal of Management, 44(3), 1097–1118. https://doi.org/10.1177/0149206315602530

Lingga, V. P., & Wirakusuma, M. G. (2019). Pengaruh Corporate Social Responsibility pada Nilai Perusahaan dengan Kinerja Lingkungan Sebagai Pemoderasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 4, 413. https://doi.org/10.24843/eeb.2019.v08.i04.p05

Lu, L. W., & Taylor, M. E. (2018). A study of the relationships among environmental performance, environmental disclosure, and financial performance. Asian Review of Accounting, 26(1), 107–130. https://doi.org/10.1108/ARA-01-2016-0010

Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/ajar-06-2018-0008

Manrique, S., & Martí-Ballester, C. P. (2017). Analyzing the effect of corporate environmental performance on corporate financial performance in developed and developing countries. Sustainability (Switzerland), 9(11). https://doi.org/10.3390/su9111957

Mariyantini, N. L. P. N., & Putri, I. G. A. M. A. D. (2018). Pengaruh CSR dan Intellectual Capital Pada Kinerja Keuangan Perbankan Yang Terdaftar di BEI Periode 2013-2016. E-Jurnal Akuntansi Universitas Udayana, 23(2), 1171–1200.

Matei, F. B., Boboc, C., & Ghiță, S. (2021). The relationship between corporate social responsibility and financial performance in romanian companies. Economic Computation and Economic Cybernetics Studies and Research, 55(3), 297–314. https://doi.org/10.24818/18423264/55.3.21.19

Meiyana, Aida; Aisyah, M. N. (2019). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Dengan Corporate Social Responsibility Sebagai Variabel Intervening ( Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2014. Jurnal Nominal, VIII(1), 1–18.

Mohammed, N. A., Saheed, Z., & Oladele, O. K. (2016). Corporate Social Responsibility Disclosure and Financial Performance of Listed Manufacturing Firms in Nigeria. Research Journal of Finance and Accounting, 7(4), 47–58.

Mousa, et. al., G. A. (2015). Legitimacy Theory and Environmental Practices: Short Notes. International Journal of Business and Statistical Analysis, 2(1), 41–53. https://doi.org/10.12785/ijbsa/020104

N. Purawan, M. W. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 30(2), 447–459.

Nor, N. M., Bahari, N. A. S., Adnan, N. A., Kamal, S. M. Q. A. S., & Ali, I. M. (2016). The Effects of Environmental Disclosure on Financial Performance in Malaysia. Procedia Economics and Finance, 35(October 2015), 117–126. https://doi.org/10.1016/s2212-5671(16)00016-2

Paramita. Silvia, A. C. (2013). Determinan dan Konsekuensi Investasi Lingkungan: Studi Empiris Pada Perusahaan yang Memperoleh Penilaian PROPER. Diponegoro Journal of Accounting, 2(1987), 1–13.

Parengkuan, W. (2017). Pengaruh Corporate Social Responsibility(Csr) Terhadap Kinerja Keuangan Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Melalui Pojok Bursa Feb €“ Unsrat. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 564–571. https://doi.org/10.35794/emba.v5i2.15726

Partalidou, X., Zafeiriou, E., Giannarakis, G., & Sariannidis, N. (2020). The effect of corporate social responsibility performance on financial performance: the case of food industry. Benchmarking, 27(10), 2701–2720. https://doi.org/10.1108/BIJ-11-2019-0501

Putra, A. G. T. D., & Wirakusuma, M. G. (2017). Pengaruh Corporate Social Responsibility Disclosure Terhadap Harga Saham. E-Jurnal Akuntansi Universitas Udayana, 19(3), 1719–1746. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/22432

Rakhiemah, A. N., & Agustia, D. (2012). Pengaruh Kinerja Lingkungan terhadap Corporate Social Responsibility (CSR) Disclosure dan Kinerja Finansial Perusahaan Manufaktur yang Terdaftar di Indonesia. Universitas Airlangga, 1–31.

Rusmaningsih, R., & Setiadi. (2021). Pengaruh Kinerja Lingkungan Terhadap Corporate Financial Performance Dengan Corporate Social Responsibility Disclosure Sebagai Variabel Intervening. Jurnal Ilmiah Akuntansi, 19(1), 25. https://doi.org/10.30595/kompartemen.v19i1.11219

Sari, K. C., & Azizah, D. F. (2019). Pengaruh Corporate Social Responsibility (CSR) Terhadap Kinerja Keuangan Perusahaan (Studi Pada Sektor Agrikultur yang Terdaftar di Bursa Efek Indonesia Periode 2016-2018). Jurnal Administrasi Bisnis (JAB), 73(1), 178–186.

Sari, R. (2020). Pengaruh Kepemilikan Asing Dan Leverage Terhadap Kinerja Keuangan. Balance : Jurnal Akuntansi Dan Bisnis, 5(1), 64–70. https://doi.org/10.32502/jab.v5i1.2459

Siregar, I. F., Rasyad, R., & Zaharman. (2019). Pengaruh Implikasi Biaya lingkungan dan Kinerja Lingkungan Terhadap Kinerja Keuangan Perusahaan Pertambangan Umum Kategori PROPER. Jurnal Ekonomi Dan Bisnis Dharma Andalas, 21(2), 198–209.

Sofyan, M. (2019). Analysis Financial Performance Of Rural Banks In Indonesia. International Journal of Economics, Business and Accounting Reserach (IJEBAR), 2019(3 (3)), 255–262.

Sudarsana, I. N., & Budiasih, I. G. A. . (2019). Pengaruh Gaya Kepemimpinan dan Budaya Organisasi Pada Kinerja Keuangan Dengan Penerapan Good Corporate Governance Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 29(1), 78. https://doi.org/10.24843/eja.2019.v29.i01.p06

Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, Kombinasi dan R&D. Alfabeta.

Supadi, Y. M., & Sudana, I. P. (2018). Pengaruh Kinerja Lingkungan dan Corporate Social Responsibility pada Perusahaan Sektor Pertambangan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 7(4), 1165–1192. https://doi.org/10.24843/eeb.2018.v07.i04.p09

Suryawan, I. N., Tjahyanti, S., & , S. (2017). Evaluasi Pelaksanaan Corporate Social Responsibility Pada Pt Unilever Indonesia, Tbk. Media Riset Akuntansi, Auditing Dan Informasi, 14(2), 1–14. https://doi.org/10.25105/mraai.v14i2.2055

Vivianita, A., & Nafasati, F. (2018). Pengaruh Environmental Performance Terhadap Kinerja Keuangan Dengan Corporate Governance Sebagai Variabel Pemoderasi. Jurnal REP (Riset Ekonomi Pembangunan), 3(1), 48–59. https://doi.org/10.31002/rep.v3i1.792

WALHI. (2018). Hentikan Pencemaran Lingkungan Oleh PT. Vale Indonesia di Kawasan Pegunungan Verbeck Sulawesi Selatan. https://walhisulsel.or.id/2389-hentikan-pencemaran-lingkungan-oleh-pt-vale-indonesia-di-kawasan-pegunungan-verbeck-sulawesi-selatan/

Widhiastuti, N.L.P; Suputra, I. D. G. D. B. I. G. A. . (2017). Pengaruh Kinerja Lingkungan Terhadap Kinerja Keuangan Dengan Pengungkapan Corporate Social Responsibility (CSR) Sebagai Variabel Intervening. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 6(2), 819–846. https://doi.org/10.32502/jab.v2i2.1175

Yadnyana, I. K. D. I. G. A. B. . (2017). Pengaruh Kinerja Lingkungan pada Kinerja Keuangan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Intervening. E-Jurnal Akuntansi Universitas Udayana, 20(1), 645–673.
Published
2024-09-12
How to Cite
SARI, Wayan Mila Cahya; BUDIASIH, I Gusti Ayu Nyoman. Pengaruh CSR Disclosure dan Kinerja Lingkungan pada Kinerja Keuangan dengan Kepemilikan Asing sebagai Pemoderasi. E-Jurnal Akuntansi, [S.l.], v. 34, n. 8, sep. 2024. ISSN 2302-8556. Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/84788>. Date accessed: 21 nov. 2024.
Section
Artikel