CSR dan Nilai Perusahaan: Peran Odd-Even Effect Dewan Direksi, Umur dan Ukuran Perusahaan
Abstract
Firm value is one indicator in investing. The study aims to examine the effect of Corporate Social Responsibility (CSR) on firm value by using firm age, board of directors odd-even effect and company size as moderating variables for companies listed on the Sri Kehati Index from 2013-2019. The research sample consisted of 84 observations and data were analyzed using multiple linear regression models and Moderated Regression Analysis (MRA). The results of the study show that CSR has a positive and significant effect on firm value. The results also show that firm age, board of directors odd-even effect and firm size moderate the relationship between CSR and firm value.
Keywords: Board Meeting Efficiency; Company Value; Corporate Social Responsibility; Company Size; Company Age
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References
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Chen, R. C. Y., & Lee, C. H. (2017). The influence of CSR on firm value: an application of panel smooth transition regression on Taiwan. Applied Economics, 49(34), 3422–3434. https://doi.org/10.1080/00036846.2016.1262516
D’Amato, A., & Falivena, C. (2019). Corporate Social Responsibility And Firm Value : Do Firm Size And Age Matter ? Empirical Evidence From European Listed Companies. Corporate Social Responsibility and Environmental Management, 1–16. https://doi.org/10.1002/csr.1855
Deng, X., Gao, H., & Liu, W. (2012). Voting Efficiency and the Even-Odd Effects of Corporate Board : Theory and Evidence. https://doi.org/10.2139/ssrn.2112880
Dewi, N. P. Y. K., & Wirawati, N. G. P. (2021). Open Access The Influence of Share Ownership Structure and Company Size on Corporate Social Responsibility Disclosures. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(2), 67–73.
Dewi, R. U., & Muslih, M. (2018). Pengaruh Ukuran Perusahaan, Ukuran Dewan Komisaris, Dan Umur Perusahaan Terhadap Pengungkapan Corporate Social Responsibility (CSR). Kajian Akuntansi, 19(2), 212–220.
Erwanti, Y., & Haryanto. (2017). Pengaruh Ukuran Perusahaan, Profitabilitas, Dewan Komisaris, Komite Audit Dan Kualitas Audit Terhadap Pengungkapan Informasi Pertanggungjawaban. Diponegoro Journal of Accounting, 6(4), 295–308.
Febrianty, N. N. A., & Mertha, I. M. (2021). Effect of Profitability , Investment Opportunity Set and Good Corporate Governance on Company Value. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(2), 238–246.
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Gao, H., & Huang, J. (2018). The Even–Odd Nature Of Audit Committees And Corporate Earnings Quality. Journal of Accounting, Auditing and Finance, 33(1), 98–122. https://doi.org/10.1177/0148558X15625438
Ghoul, S. El, Guedhami, O., Kwok, C. C. Y., & Mishra, D. (2011). Does Corporate Social Responsibility Affect The Cost Of Capital? Journal of Banking & Finance, 35(9), 2388–2406. https://econpapers.repec.org/article/eeejbfina/v_3a35_3ay_3a2011_3ai_3a9_3ap_3a2388-2406.htm
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
Hamdani. (2016). Good Corporate Governance : Tinjauan Etika Dalam Praktik Bisnis. Jakarta : Mitra wacana media.
Hasibuan, M. E., & Wirawati, N. G. P. (2020). The Effect of Financial Performance , Good Corporate Governance , Corporate Social Responsibility on Company Value ( Empirical Study on Food and Beverage Companies Listed on the Indonesia Stock Exchange 2017-2019 ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 391–397.
He, W., & Luo, J. hui. (2018). Agency Problems In Firms With An Even Number Of Directors: Evidence From China. Journal of Banking and Finance, 93(12), 139–150. https://doi.org/10.1016/j.jbankfin.2018.06.006
Hu, Y., Chen, S., Shao, Y., & Gao, S. (2018). CSR and firm value: Evidence from China. Sustainability (Switzerland), 10(12), 1. https://doi.org/10.3390/su10124597
Islamudin, A., Wurintara, G. G., & Bernawati, Y. (2020). The Odd-Even Effect in The Boards of Commissioners and Corporate Values. Jurnal Ilmiah Akuntansi Dan Bisnis, 15(2), 308–316. https://doi.org/10.24843/JIAB.2020.v15.i02.p12
Junardi. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Jurnal Pendidikan Ekonomi, 4(2).
Korschun, D., Bhattacharya, C. B., & Swain, S. D. (2014). Corporate Social Responsibility, Customer Orientation, and the Job Performance of Frontline Employees. Journal of Marketing, 78(3), 20–37. https://doi.org/10.1509/jm.11.0
Kotler, P., & Lee, N. (2005). Best Of Breed: When It Comes To Gaining A Market Edge While Supporting A Social Cause,“Corporate Social Marketing” Leads The Pack. SAGE Publications.
Kung, F., & Rupp, N. G. (2018). Corporate Social Responsibility and Firm Value: Recent Developments. Intechopen, 1(1), 1. https://doi.org/10.5772/intechopen.76160
Lindgreen, A., Swaen, V., & Johnston, W. J. (2009). Corporate Social Responsibility: An Empirical Investigation of U.S. Organizations. Journal of Business Ethics, 85, 303–323. https://doi.org/10.1007/s10551-008-9738-8
Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1–18. https://www.jstor.org/stable/30162111?origin=JSTOR-pdf
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/https://doi.org/10.1108/AJAR-06-2018-0008
Murnita, P. E. M., & Putra, I. M. P. D. (2018). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan dengan Profitabilitas dan Leverage sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 23(2), 1470–1494.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate Social and Financial Performance: A Meta-Analysis. SAGE Journals, 24(3), 403–441. https://doi.org/10.1177/0170840603024003910
Petrenko, O. V., Aime, F., Ridge, J., & Hill, A. (2014). Corporate Social Responsibility Or CEO Narcissism? CSR Motivations And Organizational Performance. Strategic Management Journal, 37(2), 262–279. https://doi.org/10.1002/smj.2348
Porter, M. E., & Kramer, M. R. (2003). The Competitive Advantage of Corporate Philanthropy. Harvard Business Review, 80(12), 56–68. https://hbr.org/2002/12/the-competitive-advantage-of-corporate-philanthropy
Puspaningrum, Y. (2017). Pengaruh Corporate Social Responsibility dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Dengan Profitabilitas dan Ukuran Perusahaan Sebagai Variabel Moderating. Jurnal Profita.
Puspasari, N. K., & Sujana, I. K. (2021). The Effect of Corporate Social Responsibility Disclosure and Board Remuneration on Financial Performance with the Presence of Woman in the Good Corporate Governance Structure. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 637–642.
Putri, Sudarma, M., & Purnomosidhi, B. (2016). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Ukuran Perusahaan dan Jumlah Dewan Komisaris sebagai Variabel Pemoderasi. Jurnal Aplikasi Manajemen (JAM), 14(2). https://doi.org/http://dx.doi.org/10. 18202/ jam23026332.14.2.16
Rifai, M., Arifati, R., & Minarsih, M. M. (2015). Pengaruh Ukuran Perusahaan, Struktur Modal Dan Pertumbuhan Perusahaan Terhadap Profitabilitas Studi Pada Perusahaan Manufaktur Di BEI Tahun 2010-2012. Jurnal Ilmiah Mahasiswa S1 Akuntansi Universitas Pandanaran, 1(1), 1–8. https://jurnal.unpand.ac.id/index.php/AKS/article/view/333
Sabatini, K., & Sudana, I. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility pada Nilai Perusahaan dengan Manajemen Laba sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 56–69.
Segoro, W., & Mutakin, H. (2017). The influence of intellectual capital and good corporate governance on the financial performance of banking companies registered in Indonesia stock exchange. International Journal of Applied Business and Economic Research, 15(15), 511–517.
Smith, W., & Higgins, M. (2000). Cause-Related Marketing: Ethics and the Ecstatic. Business & Society, 39(3), 304–322. https://doi.org/10.1177/000765030003900304
Sugiyono. (2017). Metode Penelitian Kuantitatif dan Kulitatif. Bandung: R&D.
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), 971–980. https://doi.org/10.1002/csr.1513
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, 2304–2332.
Yudha, N. T. K., & Ariyanto, D. (2022). Umur dan Ukuran Perusahaan Memoderasi Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 32(3), 593–605. https://doi.org/10.24843/EJA.2022.v32.i03.p03
Barnett, M. L., & Salomon, R. M. (2006). Beyond Dichotomy: The Curvilinear Relationship Between Social Responsibility And Financial Performance. Strategic Management Journal, 27(11), 1101–1122. https://doi.org/10.1002/smj.557
Beurden, P. van, & Gössling, T. (2008). The Worth of Values – A Literature Review on the Relation Between Corporate Social and Financial Performance. Journal of Business Ethics, 82(2), 407–424. https://doi.org/10.1007/s10551-008-9894-x
Boubaker, S. (2018). Research Handbook of Finance and Sustainability. https://www.e-elgar.com/shop/gbp/research-handbook-of-finance-and-sustainability-9781786432629.html
Boyle, E. J., Higgins, M. M., & Rhee, S. G. (1997). Stock Market Reaction to Ethical Initiatives of Defense Contractors: Theory and Evidence. Critical Perspectives on Accounting : An International Journal for Social and Organizational Accountability, 8(6), 541–561. https://www.econbiz.de/Record/stock-market-reaction-to-ethical-initiatives-of-defense-contractors-theory-and-evidence-boyle/10007128303
Brammer, S., & Millington, A. (2006). Firm Size, Organizational Visibility And Corporate Philanthropy: An Empirical Analysis. Business Ethics A European Review, 15, 6–18. https://doi.org/10.1111/j.1467-8608.2006.00424.x
Chen, R. C. Y., & Lee, C. H. (2017). The influence of CSR on firm value: an application of panel smooth transition regression on Taiwan. Applied Economics, 49(34), 3422–3434. https://doi.org/10.1080/00036846.2016.1262516
D’Amato, A., & Falivena, C. (2019). Corporate Social Responsibility And Firm Value : Do Firm Size And Age Matter ? Empirical Evidence From European Listed Companies. Corporate Social Responsibility and Environmental Management, 1–16. https://doi.org/10.1002/csr.1855
Deng, X., Gao, H., & Liu, W. (2012). Voting Efficiency and the Even-Odd Effects of Corporate Board : Theory and Evidence. https://doi.org/10.2139/ssrn.2112880
Dewi, N. P. Y. K., & Wirawati, N. G. P. (2021). Open Access The Influence of Share Ownership Structure and Company Size on Corporate Social Responsibility Disclosures. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(2), 67–73.
Dewi, R. U., & Muslih, M. (2018). Pengaruh Ukuran Perusahaan, Ukuran Dewan Komisaris, Dan Umur Perusahaan Terhadap Pengungkapan Corporate Social Responsibility (CSR). Kajian Akuntansi, 19(2), 212–220.
Erwanti, Y., & Haryanto. (2017). Pengaruh Ukuran Perusahaan, Profitabilitas, Dewan Komisaris, Komite Audit Dan Kualitas Audit Terhadap Pengungkapan Informasi Pertanggungjawaban. Diponegoro Journal of Accounting, 6(4), 295–308.
Febrianty, N. N. A., & Mertha, I. M. (2021). Effect of Profitability , Investment Opportunity Set and Good Corporate Governance on Company Value. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(2), 238–246.
Freeman, R. E. E., & McVea, J. (1984). A Stakeholder Approach to Strategic Management. Management. SSRN Electronic Journal, January. https://doi.org/10.2139/ssrn.263511
Gao, H., & Huang, J. (2018). The Even–Odd Nature Of Audit Committees And Corporate Earnings Quality. Journal of Accounting, Auditing and Finance, 33(1), 98–122. https://doi.org/10.1177/0148558X15625438
Ghoul, S. El, Guedhami, O., Kwok, C. C. Y., & Mishra, D. (2011). Does Corporate Social Responsibility Affect The Cost Of Capital? Journal of Banking & Finance, 35(9), 2388–2406. https://econpapers.repec.org/article/eeejbfina/v_3a35_3ay_3a2011_3ai_3a9_3ap_3a2388-2406.htm
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
Hamdani. (2016). Good Corporate Governance : Tinjauan Etika Dalam Praktik Bisnis. Jakarta : Mitra wacana media.
Hasibuan, M. E., & Wirawati, N. G. P. (2020). The Effect of Financial Performance , Good Corporate Governance , Corporate Social Responsibility on Company Value ( Empirical Study on Food and Beverage Companies Listed on the Indonesia Stock Exchange 2017-2019 ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 391–397.
He, W., & Luo, J. hui. (2018). Agency Problems In Firms With An Even Number Of Directors: Evidence From China. Journal of Banking and Finance, 93(12), 139–150. https://doi.org/10.1016/j.jbankfin.2018.06.006
Hu, Y., Chen, S., Shao, Y., & Gao, S. (2018). CSR and firm value: Evidence from China. Sustainability (Switzerland), 10(12), 1. https://doi.org/10.3390/su10124597
Islamudin, A., Wurintara, G. G., & Bernawati, Y. (2020). The Odd-Even Effect in The Boards of Commissioners and Corporate Values. Jurnal Ilmiah Akuntansi Dan Bisnis, 15(2), 308–316. https://doi.org/10.24843/JIAB.2020.v15.i02.p12
Junardi. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Jurnal Pendidikan Ekonomi, 4(2).
Korschun, D., Bhattacharya, C. B., & Swain, S. D. (2014). Corporate Social Responsibility, Customer Orientation, and the Job Performance of Frontline Employees. Journal of Marketing, 78(3), 20–37. https://doi.org/10.1509/jm.11.0
Kotler, P., & Lee, N. (2005). Best Of Breed: When It Comes To Gaining A Market Edge While Supporting A Social Cause,“Corporate Social Marketing” Leads The Pack. SAGE Publications.
Kung, F., & Rupp, N. G. (2018). Corporate Social Responsibility and Firm Value: Recent Developments. Intechopen, 1(1), 1. https://doi.org/10.5772/intechopen.76160
Lindgreen, A., Swaen, V., & Johnston, W. J. (2009). Corporate Social Responsibility: An Empirical Investigation of U.S. Organizations. Journal of Business Ethics, 85, 303–323. https://doi.org/10.1007/s10551-008-9738-8
Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1–18. https://www.jstor.org/stable/30162111?origin=JSTOR-pdf
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/https://doi.org/10.1108/AJAR-06-2018-0008
Murnita, P. E. M., & Putra, I. M. P. D. (2018). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan dengan Profitabilitas dan Leverage sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 23(2), 1470–1494.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate Social and Financial Performance: A Meta-Analysis. SAGE Journals, 24(3), 403–441. https://doi.org/10.1177/0170840603024003910
Petrenko, O. V., Aime, F., Ridge, J., & Hill, A. (2014). Corporate Social Responsibility Or CEO Narcissism? CSR Motivations And Organizational Performance. Strategic Management Journal, 37(2), 262–279. https://doi.org/10.1002/smj.2348
Porter, M. E., & Kramer, M. R. (2003). The Competitive Advantage of Corporate Philanthropy. Harvard Business Review, 80(12), 56–68. https://hbr.org/2002/12/the-competitive-advantage-of-corporate-philanthropy
Puspaningrum, Y. (2017). Pengaruh Corporate Social Responsibility dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Dengan Profitabilitas dan Ukuran Perusahaan Sebagai Variabel Moderating. Jurnal Profita.
Puspasari, N. K., & Sujana, I. K. (2021). The Effect of Corporate Social Responsibility Disclosure and Board Remuneration on Financial Performance with the Presence of Woman in the Good Corporate Governance Structure. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 637–642.
Putri, Sudarma, M., & Purnomosidhi, B. (2016). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Ukuran Perusahaan dan Jumlah Dewan Komisaris sebagai Variabel Pemoderasi. Jurnal Aplikasi Manajemen (JAM), 14(2). https://doi.org/http://dx.doi.org/10. 18202/ jam23026332.14.2.16
Rifai, M., Arifati, R., & Minarsih, M. M. (2015). Pengaruh Ukuran Perusahaan, Struktur Modal Dan Pertumbuhan Perusahaan Terhadap Profitabilitas Studi Pada Perusahaan Manufaktur Di BEI Tahun 2010-2012. Jurnal Ilmiah Mahasiswa S1 Akuntansi Universitas Pandanaran, 1(1), 1–8. https://jurnal.unpand.ac.id/index.php/AKS/article/view/333
Sabatini, K., & Sudana, I. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility pada Nilai Perusahaan dengan Manajemen Laba sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 56–69.
Segoro, W., & Mutakin, H. (2017). The influence of intellectual capital and good corporate governance on the financial performance of banking companies registered in Indonesia stock exchange. International Journal of Applied Business and Economic Research, 15(15), 511–517.
Smith, W., & Higgins, M. (2000). Cause-Related Marketing: Ethics and the Ecstatic. Business & Society, 39(3), 304–322. https://doi.org/10.1177/000765030003900304
Sugiyono. (2017). Metode Penelitian Kuantitatif dan Kulitatif. Bandung: R&D.
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), 971–980. https://doi.org/10.1002/csr.1513
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, 2304–2332.
Yudha, N. T. K., & Ariyanto, D. (2022). Umur dan Ukuran Perusahaan Memoderasi Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 32(3), 593–605. https://doi.org/10.24843/EJA.2022.v32.i03.p03
Published
2022-12-26
How to Cite
DEWI, Ayu Aryista; ARIYANTO, Dodik.
CSR dan Nilai Perusahaan: Peran Odd-Even Effect Dewan Direksi, Umur dan Ukuran Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 12, p. 3504-3517, dec. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/89084>. Date accessed: 27 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i12.p03.
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