Profitabilitas, Ukuran Perusahaan, Pengungkapan Corporate Social Responsibility dan Nilai Perusahaan
Abstract
Firm value is an important indicator for investors as a consideration for investment decisions. The research aims to obtain empirical evidence of the effect of profitability, firm size and disclosure of corporate social responsibility on firm value. This research was conducted on various industrial sector companies listed on the Indonesia Stock Exchange. The sample was determined using a purposive sampling method of 69 observations. The collected data were analyzed by multiple linear regression. The results of the study explained that profitability has a positive effect on firm value, firm size has a negative effect on firm value and disclosure of corporate social responsibility has no effect on firm value. The research results are able to support signal theory and agency theory and can provide information to investors in making investment decisions by linking them to firm value.
Keywords: Profitability; Firm Size; Corporate Social Responsibility Disclosure; Firm Value.
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References
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Gusrianti, Nirmala, M. P., Kamela, H., Djakman, C. D., & Adhariani, D. (2020). Corporate Social Responsibility Disclosure to Firm Value with Family Ownership as the Moderating Variable. International Journal of Innovation, Creativity and Change., 10(11), 674–688. www.ijicc.net
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Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt to Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
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Kamaliah. (2020). Disclosure of corporate social responsibility (CSR) and its implications on company value as a result of the impact of corporate governance and profitability. International Journal of Law and Management, 62(4), 339–354. https://doi.org/10.1108/IJLMA-08-2017-0197
Kanta, A. G. A., Hermanto, & Surasni, N. K. (2021). The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable (Studies in Manufacturing Companies for the 2014-2018 Period). International Journal of Multicultural and Multireligious Understanding, 8(1), 245–255. https://doi.org/10.18415/ijmmu.v8i1.2202
Kurniasari, K., & Bernawati, Y. (2020). Corporate Social Responsibility Disclosure and Good Corporate Governance toward Firm Value with Profitability as Intervening Variable. International Journal of Innovation, Creativity and Change., 13(4), 869–888. www.ijicc.net
Natsir, K., & Yusbardini, Y. (2020). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Advances in Economics, Business and Management Research, 145, 218–224.
Naveed, M., Ali, S., Iqbal, K., & Sohail, M. K. (2020). Role of financial and non-financial information in determining individual investor investment decision: a signaling perspective. South Asian Journal of Business Studies, 9(2), 261–278.
Panggabean, B. F. Sanny., Lie, D., Jubi, & Astuti. (2018). Pengaruh Solvabilitas dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia. Jurnal FINANCIAL, 4(1), 65–72.
Pramitha, I. A. Y., & Sudana, I. P. (2021). Pengungkapan Corporate Social Responsibility, Kinerja Lingkungan dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(3), 615–634. https://doi.org/10.24843/eja.2021.v31.i03.p08
Prastuti, N. K. R., & Sudiartha, I. G. M. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur. E-Jurnal Manajemen, 5(3), 1572–1598.
Purawan, N. M. D., & Wirakusuma, M. G. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Pemoderasi. E-Jurnal Akuntansi, 30(2), 447–459. https://doi.org/10.24843/eja.2020.v30.i02.p13
Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2020). Corporate governance, corporate profitability toward corporate social responsibility disclosure and corporate value (comparative study in Indonesia, China and India stock exchange in 2013-2016). Social Responsibility Journal, 16(7), 983–999. https://doi.org/10.1108/SRJ-08-2017-0160
Putra, I. B. A., & Astika, I. B. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 26(1), 30–37. https://doi.org/10.24843/eja.2019.v26.i01.p02
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), 113–122. https://doi.org/10.33062/ajb.v5i2.398
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of liquidity, profitability, and size of companies on firm value. Utopia y Praxis Latinoamericana, 25(6), 325–332. https://doi.org/10.5281/zenodo.3987632
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40.
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127. https://doi.org/10.21744/irjmis.v7n1.828
Septyanto, D., & Nugraha, I. M. (2021). The Influence of Enterprise Risk Management, Leverage, Firm Size and Profitability on Firm Value in Property and Real Estate Companies Listed on the Indonesian Stock Exchange in 2016-2018. KnE Social Sciences, 663–680. https://doi.org/10.18502/kss.v5i5.8850
Sintyana, I. P. H., & Artini, L. G. S. (2019). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan dan Kebijakan Dividen terhadap Nilai Perusahaan. E-Jurnal Manajemen, 8(2), 7717–7745. https://doi.org/10.24843/EJMUNUD.2019.v8.i2.p7
Spence, M. (1973). JOB MARKET SIGNALING. The Quarterly Journal of Economics, 355–374. http://qje.oxfordjournals.org/
Susanti, G. A. M. R., & Budiasih, I. G. A. N. (2019). Pengaruh Pengungkapan Tanggung Jawab Sosial Perusahaan dan Profitabilitas pada Nilai Perusahaan. E-Jurnal Akuntansi, 28(3), 1767–1782. https://doi.org/10.24843/eja.2019.v28.i03.p09
Susanti, N., & Restiana, N. G. (2018). What’s the Best Factor to Determining Firm Value? Jurnal Keuangan Dan Perbankan, 22(2), 301–309. https://doi.org/10.26905/jkdp.v22i2.1529
Taniman, A., & Jonnardi. (2020). Pengaruh Leverage, Likuiditas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Multiparadigma Akuntasi Tarumanagara, 2, 1372–1379.
Wijaya, I. P. I., & Wirawati, N. G. P. (2019). Good Corporate Governance Sebagai Pemoderasi Pengaruh Profitabilitas dan Corporate Social Responsibility pada Nilai Perusahaan. E-Jurnal Akuntansi, 26(2), 1436–1463. https://doi.org/10.24843/eja.2019.v26.i02.p22
Anggraini, D., & Siska, A. (2019). Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan. Management & Accounting Expose , 2(1), 1–9. http://jurnal.usahid.ac.id/index.php/accounting
Brigham, E. F., & Houston, J. F. (2015). Dasar-Dasar Manajemen Keuangan (Edisi Sebelas). Salemba Empat.
Chabachib, M., Hersugondo, H., Ardiana, E., & Pamungkas, I. D. (2019). Analysis of Company Characteristics of Firm Values: Profitability as Intervening Variables. International Journal of Financial Research, 11(1), 60–70. https://doi.org/10.5430/ijfr.v11n1p60
Damayanthi, I. G. A. E. (2019). Fenomena Faktor yang Mempengaruhi Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(2), 208–2018. https://doi.org/10.24843/jiab.2019.v14.i02.p06
Darmastika, I. W. R., & Ratnadi, N. M. D. (2019). Pengaruh Pengungkapan Corporate Social Responsibility pada Nilai Perusahaan Dengan Profitabilitas dan Leverage Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 27(1), 362–387. https://doi.org/10.24843/eja.2019.v27.i01.p14
Dewi, N. K. D. P., & Mertha, I. M. (2018). Pengungkapan Tanggung Jawab Sosial Memoderasi Pengaruh Profitabilitas dan Ukuran Perusahaan pada Nilai Perusahaan. E-Jurnal Akuntansi, 22(3), 2148–2176. https://doi.org/10.24843/EJA.2018.v22.i03.p19
Febriana, E., Djumahir, & Djawahir, A. H. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, Ukuran Perusahaan, Kepemilikan Saham Manajerial dan Profitabilitas Terhadap Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI Pada 2011-2013). Jurnal Ekonomi Bisnis, 21(2), 163–178.
Forma, F. Y., & Amanah, L. (2018). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Pemoderasi. Jurnal Ilmu Dan Riset Akuntansi, 7(11), 1–18.
Gusrianti, Nirmala, M. P., Kamela, H., Djakman, C. D., & Adhariani, D. (2020). Corporate Social Responsibility Disclosure to Firm Value with Family Ownership as the Moderating Variable. International Journal of Innovation, Creativity and Change., 10(11), 674–688. www.ijicc.net
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
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, VII(1), 174–191. www.idx.co.id,
Hu, Y., Chen, S., Shao, Y., & Gao, S. (2018). CSR and firm value: Evidence from China. Sustainability , 10(12), 1–18. https://doi.org/10.3390/su10124597
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt to Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
IDX Statistics. 2018. Bursa Efek Indonesia.
IDX Statistics. 2019. Bursa Efek Indonesia.
IDX Statistics. 2020. Bursa Efek Indonesia.
Inastri, M. A., & Mimba, N. P. S. H. (2017). Pengaruh Penerapan Good Corporate Governance dan Pengungkapan Corporate Social Responsibility pada Nilai Perusahaan. E-Jurnal Akuntansi , 21(2), 1400–1429. https://doi.org/https://doi.org/10.24843/EJA.2017.v21.i02.p20
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360.
Kamaliah. (2020). Disclosure of corporate social responsibility (CSR) and its implications on company value as a result of the impact of corporate governance and profitability. International Journal of Law and Management, 62(4), 339–354. https://doi.org/10.1108/IJLMA-08-2017-0197
Kanta, A. G. A., Hermanto, & Surasni, N. K. (2021). The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable (Studies in Manufacturing Companies for the 2014-2018 Period). International Journal of Multicultural and Multireligious Understanding, 8(1), 245–255. https://doi.org/10.18415/ijmmu.v8i1.2202
Kurniasari, K., & Bernawati, Y. (2020). Corporate Social Responsibility Disclosure and Good Corporate Governance toward Firm Value with Profitability as Intervening Variable. International Journal of Innovation, Creativity and Change., 13(4), 869–888. www.ijicc.net
Natsir, K., & Yusbardini, Y. (2020). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Advances in Economics, Business and Management Research, 145, 218–224.
Naveed, M., Ali, S., Iqbal, K., & Sohail, M. K. (2020). Role of financial and non-financial information in determining individual investor investment decision: a signaling perspective. South Asian Journal of Business Studies, 9(2), 261–278.
Panggabean, B. F. Sanny., Lie, D., Jubi, & Astuti. (2018). Pengaruh Solvabilitas dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia. Jurnal FINANCIAL, 4(1), 65–72.
Pramitha, I. A. Y., & Sudana, I. P. (2021). Pengungkapan Corporate Social Responsibility, Kinerja Lingkungan dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(3), 615–634. https://doi.org/10.24843/eja.2021.v31.i03.p08
Prastuti, N. K. R., & Sudiartha, I. G. M. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur. E-Jurnal Manajemen, 5(3), 1572–1598.
Purawan, N. M. D., & Wirakusuma, M. G. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Pemoderasi. E-Jurnal Akuntansi, 30(2), 447–459. https://doi.org/10.24843/eja.2020.v30.i02.p13
Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2020). Corporate governance, corporate profitability toward corporate social responsibility disclosure and corporate value (comparative study in Indonesia, China and India stock exchange in 2013-2016). Social Responsibility Journal, 16(7), 983–999. https://doi.org/10.1108/SRJ-08-2017-0160
Putra, I. B. A., & Astika, I. B. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan dengan Likuiditas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 26(1), 30–37. https://doi.org/10.24843/eja.2019.v26.i01.p02
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), 113–122. https://doi.org/10.33062/ajb.v5i2.398
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of liquidity, profitability, and size of companies on firm value. Utopia y Praxis Latinoamericana, 25(6), 325–332. https://doi.org/10.5281/zenodo.3987632
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40.
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127. https://doi.org/10.21744/irjmis.v7n1.828
Septyanto, D., & Nugraha, I. M. (2021). The Influence of Enterprise Risk Management, Leverage, Firm Size and Profitability on Firm Value in Property and Real Estate Companies Listed on the Indonesian Stock Exchange in 2016-2018. KnE Social Sciences, 663–680. https://doi.org/10.18502/kss.v5i5.8850
Sintyana, I. P. H., & Artini, L. G. S. (2019). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan dan Kebijakan Dividen terhadap Nilai Perusahaan. E-Jurnal Manajemen, 8(2), 7717–7745. https://doi.org/10.24843/EJMUNUD.2019.v8.i2.p7
Spence, M. (1973). JOB MARKET SIGNALING. The Quarterly Journal of Economics, 355–374. http://qje.oxfordjournals.org/
Susanti, G. A. M. R., & Budiasih, I. G. A. N. (2019). Pengaruh Pengungkapan Tanggung Jawab Sosial Perusahaan dan Profitabilitas pada Nilai Perusahaan. E-Jurnal Akuntansi, 28(3), 1767–1782. https://doi.org/10.24843/eja.2019.v28.i03.p09
Susanti, N., & Restiana, N. G. (2018). What’s the Best Factor to Determining Firm Value? Jurnal Keuangan Dan Perbankan, 22(2), 301–309. https://doi.org/10.26905/jkdp.v22i2.1529
Taniman, A., & Jonnardi. (2020). Pengaruh Leverage, Likuiditas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Multiparadigma Akuntasi Tarumanagara, 2, 1372–1379.
Wijaya, I. P. I., & Wirawati, N. G. P. (2019). Good Corporate Governance Sebagai Pemoderasi Pengaruh Profitabilitas dan Corporate Social Responsibility pada Nilai Perusahaan. E-Jurnal Akuntansi, 26(2), 1436–1463. https://doi.org/10.24843/eja.2019.v26.i02.p22
Published
2023-05-26
How to Cite
HERMAWATY, Nadia; SUDANA, I Putu.
Profitabilitas, Ukuran Perusahaan, Pengungkapan Corporate Social Responsibility dan Nilai Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 5, p. 1240-1254, may 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/88485>. Date accessed: 04 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i05.p07.
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