Konservatisme Akuntansi, Konsentrasi Kepemilikan dan Tanggung Jawab Sosial
Abstract
The quality of financial statements can be seen through the characteristics adopted, one of which is conservatism. In addition to conservatism, Corporate Social Responsibility (CSR) is also a form of the company's commitment to all stakeholders. This study aims to examine the relationship between conservatism and CSR performance, which is moderated by concentration of ownership and macroeconomic conditions. The research population is business entities that go public and are listed on the IDX, which publish sustainability reports during the 2018-2020 period. The number of samples is 123 years of observation. The sampling technique of this research used purposive sampling technique. The analysis of the hypothesis test used is a random effect model on the panel data structure. The results show that accounting conservatism has a positive effect on CSR. The existence of macroeconomic conditions can strengthen the influence of accounting conservatism on CSR performance. However, the concentration of ownership weakens this influence.
Keywords: Conservatism; CSR; Ownership; Macroeconomic
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References
Anagnostopoulou, S. C., Tsekrekos, A. E., & Voulgaris, G. (2021). Accounting conservatism and corporate social responsibility. British Accounting Review, 53(4), 100942. https://doi.org/10.1016/j.bar.2020.100942
Anggriawan, I. A. et. al. (2017). Determinan Perilaku Investor Individu Dalam Pengambilan Keputusan Investasi Saham Pada Investor Yang Terdaftar Di GI-BEI Telkom University. E-Proceeding of Management, 4(1), 369–376.
Arevalo, J. A., & Aravind, D. (2010). The impact of the crisis on corporate responsibility: The case of UN global compact participants in the USA. Corporate Governance, 10(4), 406–420. https://doi.org/10.1108/14720701011069641
Balakrishnan, K., Watts, R., & Zuo, L. (2016). The effect of accounting conservatism on corporate investment behavior. Journal of Business FInance and Accouting. https://doi.org/10.1007/978-4-431-54792-1_3
Barnea, A., & Rubin, A. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics, 97(1), 71–86. https://doi.org/10.1007/s10551-010-0496-z
Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings: An event-based approach. Journal of Accounting and Economics, 24, 3–37. https://doi.org/10.1111/j.1911-3846.2011.01151.x
Becchetti, L., Ciciretti, R., & Giovannelli, A. (2013). Corporate social responsibility and earnings forecasting unbiasedness. Journal of Banking and Finance, 37(9), 3654–3668. https://doi.org/10.1016/j.jbankfin.2013.05.026
Bhattacharya, C. B., & Sen, S. (2004). Doing Better at Doing Good: When,Why, and How Consumers Respond to Corporate Social Initiatives. California Mnagement Review, 47(1), 9–24. http://journals.sagepub.com/doi/pdf/10.2307/41166284
Bozzolan, S., Fabrizi, M., Mallin, C. A., & Michelon, G. (2015). Corporate Social Responsibility and Earnings Quality: International Evidence. International Journal of Accounting, 50(4), 361–396. https://doi.org/10.1016/j.intacc.2015.10.003
Brammer, S., & Pavelin, S. (2005). Corporate community contributions in the United Kingdom and the United States. Journal of Business Ethics, 56(1), 15–26. https://doi.org/10.1007/s10551-004-3236-4
Cennamo, C., Berrone, P., & Gomez-Mejia, L. R. (2009). Does stakeholder management have a dark side? Journal of Business Ethics, 89(4), 491–507. https://doi.org/10.1007/s10551-008-0012-x
Choi, J. H., Kim, S., & Yang, D. H. (2019). Do managers pay CSR for private motivation? A dividend tax cut case in Korea. Sustainability, 11. https://doi.org/10.3390/su11154041
Croci, E., Nowak, E., & Ehrhardt, O. (2017). The corporate governance endgame – minority squeeze-out regulation and post-deal litigation in Germany Ettore. Managerial Finance, 43(1), 95–123.
Cullinan, C. P., Wang, F., Wang, P., & Zhang, J. (2012). Ownership structure and accounting conservatism in China. Journal of International Accounting, Auditing and Taxation, 21(1), 1–16. https://doi.org/10.1016/j.intaccaudtax.2012.01.001
Dam, L., & Scholtens, B. (2013). Ownership Concentration and CSR Policy of European Multinational Enterprises. Journal of Business Ethics, 118(1), 117–126. https://doi.org/10.1007/s10551-012-1574-1
Desender, K. A., & Epure, M. (2015). Corporate Governance and Corporate Social Performance: The Influence of Ownership, Boards and Institutions. Barcelona GSE Working Paper Series. https://doi.org/10.2139/ssrn.2570963
Ducassy, I. (2015). Corporate social performance, ownership structure, and corporate governance in France. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2015.02.002
Francis, R. N., Harrast, S., Mattingly, J., & Olsen, L. (2013). The relation between accounting conservatism and corporate social performance: An empirical investigation. Business and Society Review, 118(2), 193–222. https://doi.org/10.1111/basr.12008
Garas, S., & ElMassah, S. (2018). Corporate governance and corporate social responsibility disclosures: The case of GCC countries. Critical Perspectives on International Business. https://doi.org/10.1108/cpoib-10-2016-0042
García-Sánchez, I. M., & García-Sánchez, A. (2020). Corporate social responsibility during COVID-19 pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–21. https://doi.org/10.3390/joitmc6040126
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35, 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
Gujarati, D. N. (2009). Basic Econometrics. fifth edition. McGraw-Hill.
Guo, J., Huang, P., & Zhang, Y. (2020). Accounting conservatism and corporate social responsibility. Advances in Accounting. https://doi.org/10.1016/j.adiac.2020.100501
Ikma, D. R., & Syafruddin, M. (2019). Pengaruh Kebijakan Corporate Social Responsibilities terhadap Konservatieme Akuntansi (Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2016). Diponegoro Journal of Accounting, 8(2), 1–13.
Jensen, M. C. (2001). Value Maximization, Stakeholder Theory, and The Corporate Objective Function. Journal of Applied Corporate Finance, 14(3), 8–21. https://doi.org/10.1016/S0362-546X(01)00457-6
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics. https://doi.org/10.1017/CBO9780511817410.023
Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110(4), 441–456. https://doi.org/10.1007/s10551-012-1492-2
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2018). Ownership structure, board of directors and firm performance: evidence from Taiwan. The International Journal of Business in Society. https://doi.org/10.1108/CG-04-2018-0144
Karsalari, A. R., Aghaee, M., & Ghasemi, F. (2017). The Effect of Mandatory Corporate Social Responsibility on Accounting Conservatism in Tehran Stock Exchange Corporations. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(3), 120–125. https://doi.org/10.6007/ijarafms/v7-i3/3239
Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2–3), 132–150. https://doi.org/10.1016/j.jacceco.2009.08.002
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? Accounting Review, 87(3), 761–796. https://doi.org/10.2308/accr-10209
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. https://doi.org/10.1016/j.jfineco.2014.09.008
LaFond, R., & Watts, R. L. (2008). The information role of conservatism. Accounting Review, 83(2), 447–478. https://doi.org/10.2308/accr.2008.83.2.447
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
Mohammadi, S., Saeidi, H., & Naghshbandi, N. (2021). The impact of board and audit committee characteristics on corporate social responsibility: evidence from the Iranian stock exchange. International Journal of Productivity and Performance Management, 70(8), 2207–2236. https://doi.org/10.1108/IJPPM-10-2019-0506
Pagano, M., & Volpin, P. F. (2005). Shareholder Protection, Stock Market Development, and Politics. In ECGI Working Paper Series in Finance (Issue 105). https://doi.org/10.2139/ssrn.853005
Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160–177. https://doi.org/10.1111/j.1467-8683.2008.00678.x
Rodríguez, M. del M. M., Gallego, A. C., & Pérez, B. E. (2014). Corporate social responsibility and financial performance: a meta-analysis. Spanish Journal of Finance and Accounting, 43(2), 193–215. https://doi.org/10.1080/02102412.2014.911000
Salsabila, & Santoso, U. (2021). Pengaruh Kepemilikan Saham Mayoritas Terhadap Kinerja Keuangan Perusahaan Farmasi (Studi Perusahaan Farmasi Yang Terdaftar Di Bei Tahun 2015-2019). Jurnal Administrasi Bisnis, 17(2), 129–158. https://doi.org/10.26593/jab.v17i2.5238.129-158
Satti, S. L., Din, S. U., & Ali, N. (2013). Investor knowledge, risk aversion, and investment decision. Actual Problems of Economics, 146(8), 380–389.
Setiawan, Y. C. (2020). Hubungan Struktur Kepemilikan dan Konservatisme Akuntansi pada Badan Usaha Sektor Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2013. Jurnal Akuntansi, 14(1), 11–45. http://mpoc.org.my/malaysian-palm-oil-industry/
Song, F. (2015). Ownership Structure and Accounting Conservatism: A Literature Review. Modern Economy, 06(04), 478–483. https://doi.org/10.4236/me.2015.64046
Sprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445–453. https://doi.org/10.1016/j.bushor.2010.05.006
Wolk, H. I., Dodd, J. L., & Tearney, M. G. (2001). Accounting theory : a conceptual and institutional approach. Australia : South Western College Publishing.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics, 45(1), 27–54. https://doi.org/10.1016/j.jacceco.2007.06.002
Zhong, Y., & Li, W. (2017). Accounting Conservatism: A Literature Review. Australian Accounting Review, 27(2), 195–213. https://doi.org/10.1111/auar.12107
Anggriawan, I. A. et. al. (2017). Determinan Perilaku Investor Individu Dalam Pengambilan Keputusan Investasi Saham Pada Investor Yang Terdaftar Di GI-BEI Telkom University. E-Proceeding of Management, 4(1), 369–376.
Arevalo, J. A., & Aravind, D. (2010). The impact of the crisis on corporate responsibility: The case of UN global compact participants in the USA. Corporate Governance, 10(4), 406–420. https://doi.org/10.1108/14720701011069641
Balakrishnan, K., Watts, R., & Zuo, L. (2016). The effect of accounting conservatism on corporate investment behavior. Journal of Business FInance and Accouting. https://doi.org/10.1007/978-4-431-54792-1_3
Barnea, A., & Rubin, A. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics, 97(1), 71–86. https://doi.org/10.1007/s10551-010-0496-z
Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings: An event-based approach. Journal of Accounting and Economics, 24, 3–37. https://doi.org/10.1111/j.1911-3846.2011.01151.x
Becchetti, L., Ciciretti, R., & Giovannelli, A. (2013). Corporate social responsibility and earnings forecasting unbiasedness. Journal of Banking and Finance, 37(9), 3654–3668. https://doi.org/10.1016/j.jbankfin.2013.05.026
Bhattacharya, C. B., & Sen, S. (2004). Doing Better at Doing Good: When,Why, and How Consumers Respond to Corporate Social Initiatives. California Mnagement Review, 47(1), 9–24. http://journals.sagepub.com/doi/pdf/10.2307/41166284
Bozzolan, S., Fabrizi, M., Mallin, C. A., & Michelon, G. (2015). Corporate Social Responsibility and Earnings Quality: International Evidence. International Journal of Accounting, 50(4), 361–396. https://doi.org/10.1016/j.intacc.2015.10.003
Brammer, S., & Pavelin, S. (2005). Corporate community contributions in the United Kingdom and the United States. Journal of Business Ethics, 56(1), 15–26. https://doi.org/10.1007/s10551-004-3236-4
Cennamo, C., Berrone, P., & Gomez-Mejia, L. R. (2009). Does stakeholder management have a dark side? Journal of Business Ethics, 89(4), 491–507. https://doi.org/10.1007/s10551-008-0012-x
Choi, J. H., Kim, S., & Yang, D. H. (2019). Do managers pay CSR for private motivation? A dividend tax cut case in Korea. Sustainability, 11. https://doi.org/10.3390/su11154041
Croci, E., Nowak, E., & Ehrhardt, O. (2017). The corporate governance endgame – minority squeeze-out regulation and post-deal litigation in Germany Ettore. Managerial Finance, 43(1), 95–123.
Cullinan, C. P., Wang, F., Wang, P., & Zhang, J. (2012). Ownership structure and accounting conservatism in China. Journal of International Accounting, Auditing and Taxation, 21(1), 1–16. https://doi.org/10.1016/j.intaccaudtax.2012.01.001
Dam, L., & Scholtens, B. (2013). Ownership Concentration and CSR Policy of European Multinational Enterprises. Journal of Business Ethics, 118(1), 117–126. https://doi.org/10.1007/s10551-012-1574-1
Desender, K. A., & Epure, M. (2015). Corporate Governance and Corporate Social Performance: The Influence of Ownership, Boards and Institutions. Barcelona GSE Working Paper Series. https://doi.org/10.2139/ssrn.2570963
Ducassy, I. (2015). Corporate social performance, ownership structure, and corporate governance in France. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2015.02.002
Francis, R. N., Harrast, S., Mattingly, J., & Olsen, L. (2013). The relation between accounting conservatism and corporate social performance: An empirical investigation. Business and Society Review, 118(2), 193–222. https://doi.org/10.1111/basr.12008
Garas, S., & ElMassah, S. (2018). Corporate governance and corporate social responsibility disclosures: The case of GCC countries. Critical Perspectives on International Business. https://doi.org/10.1108/cpoib-10-2016-0042
García-Sánchez, I. M., & García-Sánchez, A. (2020). Corporate social responsibility during COVID-19 pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–21. https://doi.org/10.3390/joitmc6040126
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35, 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
Gujarati, D. N. (2009). Basic Econometrics. fifth edition. McGraw-Hill.
Guo, J., Huang, P., & Zhang, Y. (2020). Accounting conservatism and corporate social responsibility. Advances in Accounting. https://doi.org/10.1016/j.adiac.2020.100501
Ikma, D. R., & Syafruddin, M. (2019). Pengaruh Kebijakan Corporate Social Responsibilities terhadap Konservatieme Akuntansi (Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2016). Diponegoro Journal of Accounting, 8(2), 1–13.
Jensen, M. C. (2001). Value Maximization, Stakeholder Theory, and The Corporate Objective Function. Journal of Applied Corporate Finance, 14(3), 8–21. https://doi.org/10.1016/S0362-546X(01)00457-6
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics. https://doi.org/10.1017/CBO9780511817410.023
Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110(4), 441–456. https://doi.org/10.1007/s10551-012-1492-2
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2018). Ownership structure, board of directors and firm performance: evidence from Taiwan. The International Journal of Business in Society. https://doi.org/10.1108/CG-04-2018-0144
Karsalari, A. R., Aghaee, M., & Ghasemi, F. (2017). The Effect of Mandatory Corporate Social Responsibility on Accounting Conservatism in Tehran Stock Exchange Corporations. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(3), 120–125. https://doi.org/10.6007/ijarafms/v7-i3/3239
Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2–3), 132–150. https://doi.org/10.1016/j.jacceco.2009.08.002
Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? Accounting Review, 87(3), 761–796. https://doi.org/10.2308/accr-10209
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. https://doi.org/10.1016/j.jfineco.2014.09.008
LaFond, R., & Watts, R. L. (2008). The information role of conservatism. Accounting Review, 83(2), 447–478. https://doi.org/10.2308/accr.2008.83.2.447
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
Mohammadi, S., Saeidi, H., & Naghshbandi, N. (2021). The impact of board and audit committee characteristics on corporate social responsibility: evidence from the Iranian stock exchange. International Journal of Productivity and Performance Management, 70(8), 2207–2236. https://doi.org/10.1108/IJPPM-10-2019-0506
Pagano, M., & Volpin, P. F. (2005). Shareholder Protection, Stock Market Development, and Politics. In ECGI Working Paper Series in Finance (Issue 105). https://doi.org/10.2139/ssrn.853005
Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160–177. https://doi.org/10.1111/j.1467-8683.2008.00678.x
Rodríguez, M. del M. M., Gallego, A. C., & Pérez, B. E. (2014). Corporate social responsibility and financial performance: a meta-analysis. Spanish Journal of Finance and Accounting, 43(2), 193–215. https://doi.org/10.1080/02102412.2014.911000
Salsabila, & Santoso, U. (2021). Pengaruh Kepemilikan Saham Mayoritas Terhadap Kinerja Keuangan Perusahaan Farmasi (Studi Perusahaan Farmasi Yang Terdaftar Di Bei Tahun 2015-2019). Jurnal Administrasi Bisnis, 17(2), 129–158. https://doi.org/10.26593/jab.v17i2.5238.129-158
Satti, S. L., Din, S. U., & Ali, N. (2013). Investor knowledge, risk aversion, and investment decision. Actual Problems of Economics, 146(8), 380–389.
Setiawan, Y. C. (2020). Hubungan Struktur Kepemilikan dan Konservatisme Akuntansi pada Badan Usaha Sektor Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2013. Jurnal Akuntansi, 14(1), 11–45. http://mpoc.org.my/malaysian-palm-oil-industry/
Song, F. (2015). Ownership Structure and Accounting Conservatism: A Literature Review. Modern Economy, 06(04), 478–483. https://doi.org/10.4236/me.2015.64046
Sprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445–453. https://doi.org/10.1016/j.bushor.2010.05.006
Wolk, H. I., Dodd, J. L., & Tearney, M. G. (2001). Accounting theory : a conceptual and institutional approach. Australia : South Western College Publishing.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics, 45(1), 27–54. https://doi.org/10.1016/j.jacceco.2007.06.002
Zhong, Y., & Li, W. (2017). Accounting Conservatism: A Literature Review. Australian Accounting Review, 27(2), 195–213. https://doi.org/10.1111/auar.12107
Published
2022-09-26
How to Cite
SETIAWAN, Yan Christianto; METTAN, Santho Vlennery.
Konservatisme Akuntansi, Konsentrasi Kepemilikan dan Tanggung Jawab Sosial.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 9, p. 2262-2678, sep. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/90483>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i09.p03.
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