Tata Kelola Perusahaan Memoderasi Hubungan Corporate Social Responsibility dan Kinerja Keuangan
Abstract
Corporate social responsibility (CSR) is closely related to company performance. The study aims to investigate whether corporate governance moderates the relationship between corporate social responsibility (CSR) and corporate financial performance. The research population is manufacturing companies listed on the Indonesia Stock Exchange for the 2017-2021 period. The sampling method used was purposive sampling. The data analysis tool used is Moderate Regression Analysis (MRA). The results of the analysis show that corporate social responsibility (CSR) has a positive effect on financial performance. The independent board of commissioners and commissioners strengthen the relationship of corporate social responsibility (CSR) and corporate performance. Meanwhile, foreign ownership weakens the relationship between corporate social responsibility (CSR) and company performance. Government ownership does not act as a moderating variable on the relationship between corporate social responsibility (CSR) and company performance.
Keywords: Financial Performance; Corporate Social Responsibility; Board of Commissioners; Foreign Ownership; Government Ownership.
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References
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Chakroun, S., Salhi, B., Ben Amar, A., & Jarboui, A. (2020). The impact of ISO 26000 social responsibility standard adoption on firm financial performance: Evidence from France. Management Research Review, 43(5), 545–571. https://doi.org/10.1108/MRR-02-2019-0054
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Orazalin, N. (2019). Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: evidence from commercial banks of Kazakhstan. Corporate Governance (Bingley), 19(3), 490–507. https://doi.org/10.1108/CG-09-2018-0290
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Purwanto, A. R. (2020). Pengaruh Ukuran Komite Audit, Dewan Komisaris Independen, Kepemilikan Pemerintah, Kepemilikan Institusional, Kepemilikan Keluarga, Dan Kepemilikan Asing Terhadap Tingkat Pengungkapan Corporate Social Responsibility (CSR). 3(2017), 54–67.
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Rossi, M., Chouaibi, J., Chouaibi, S., Jilani, W., & Chouaibi, Y. (2021). Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms. Journal of Risk and Financial Management, 14(8), 354. https://doi.org/10.3390/jrfm14080354
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Shabbir, M. S., & Wisdom, O. (2020). The relationship between corporate social responsibility, environmental investments and financial performance: evidence from manufacturing companies. Environmental Science and Pollution Research, 27(32), 39946–39957. https://doi.org/10.1007/s11356-020-10217-0
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Zaid, M. A. A., Abuhijleh, S. T. F., & Pucheta-Martínez, M. C. (2020). Ownership structure, stakeholder engagement, and corporate social responsibility policies: The moderating effect of board independence. Corporate Social Responsibility and Environmental Management, 27(3), 1344–1360. https://doi.org/10.1002/csr.1888
Ali, R., Sial, M. S., Brugni, T. V., Hwang, J., Khuong, N. V., & Khanh, T. H. T. (2020). Does CSR moderate the relationship between corporate governance and Chinese firm’s financial performance? Evidence from the Shanghai Stock Exchange (SSE) firms. Sustainability (Switzerland), 12(1). https://doi.org/10.3390/SU12010149
Annisa, W. E., & Asyik, N. F. (2019). Pengaruh Good Corporate Governance Dan Pengungkapan Tanggung Jawab Sosial Perusahaan Terhadap Kinerja Keuangan. Jurnal Ilmu Dan Riset Akuntansi, 8(2), 1–20. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/2193
Cahyono, D., & Rachmaniyah, A. (2020). “Pengungkapan Corporate Social Responsibility dan Kinerja Keuangan Perusahaan Manufaktur Indonesia dan Malaysia.” JIA (Jurnal Ilmiah Akuntansi), 5(2), 264–284.
Cang, A., & Utama, D. P. (2021). Implementation of Corporate Social Responsibility on Financial Performance of Manufacturing Companies in Indonesia. Journal of Applied Business …, September, 194–199.
Chakroun, S., Salhi, B., Ben Amar, A., & Jarboui, A. (2020). The impact of ISO 26000 social responsibility standard adoption on firm financial performance: Evidence from France. Management Research Review, 43(5), 545–571. https://doi.org/10.1108/MRR-02-2019-0054
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), 73–90. https://doi.org/10.1108/SRJ-06-2018-0155
Dianthe, L. M. (2021). Pengaruh pengungkapan corporate social responsibility (CSR) terhadap kinerja perusahaan dengan corporate governance sebagai pemoderasi. Fakultas Ekonomi Dan Bisnis Universitas Brawijaya, 9, 1–16.
Djamilah, S., & Surenggono, S. (2017). Corporate Social Responsibility Sebagai Variabel Pemediasi Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan. AKRUAL: Jurnal Akuntansi, 9(1), 41. https://doi.org/10.26740/jaj.v9n1.p41-53
Fourati, Y. M., & Dammak, M. (2021). Corporate social responsibility and financial performance: International evidence of the mediating role of reputation. Corporate Social Responsibility and Environmental Management, February 2020, 1–11. https://doi.org/10.1002/csr.2143
Gonçalves, T., Gaio, C., & Ferro, A. (2021). Corporate social responsibility and earnings management: Moderating impact of economic cycles and financial performance. Sustainability (Switzerland), 13(17). https://doi.org/10.3390/su13179969
Ghozali. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponerogo.
Hamid, K. T., & Ibrahim, M. (2020). The Moderating Effect Of Corporate Governance On The Relationship Between Corporate Social Responsibility And Financial Performance Of Listed Non-Financial Services Companies In Nigeria. International Journal of Accounting & Finance (IJAF), 9(April), 5–24.
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.
Javaid, S., & Al-Malkawi, H. A. N. (2018). Corporate social responsibility and financial performance in Saudi Arabia: Evidence from Zakat contribution. Managerial Finance, 44(6), 648–664. https://doi.org/10.1108/MF-12-2016-0366
Kabir, R., & Thai, H. M. (2017). Does corporate governance shape the relationship between corporate social responsibility and financial performance? Pacific Accounting Review, 29(2), 227–258. https://doi.org/10.1108/par-10-2016-0091
Kawuri, S., Sitawati, R., & Sam’ani. (2018). Pengaruh Pengungkapan CSR dan Kinerja Lingkungan Terhadap Kinerja Keuangan Dengan Kepemilikan Asing Sebagai Variabel Moderasi. Jurnal Ilmu Manajemen Dan Akuntansi Terapan (JIMAT), Vol. 9, 131–143.
Kemerink, W. J. (2018). The moderating role of ownership and board structure in the effect of corporate social responsibility on firm performance. In Faculty of Behavioural, Management and Social sciences. University of twente.
Khairunnisa, P. H., & Anita. (2021). Pengaruh Struktur Kepemilikan Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan Dimoderasi Oleh Independensi Dewan Direks. Global Financial Accounting, 05(02), 186–197.
Lutfia, C., Hidayat, W., & Rohma, F. F. (2019). Determinan Nilai Perusahaan : Apakah Peran Pengungkapan Tanggungjawab Sosial? … : International Journal of …, 3(2), 8–13.
Made, N., & Rahayu, M. (2018). Pengaruh Corporate Social Responsibility dan Kinerja pada Nilai Perusahaan dengan Kepemilikan Asing sebagai Variabel Moderasi Fakultas Ekonomi dan Bisnis Universitas Udayana ( Unud ), Bali , Indonesia email : muliastarir@gmail.com / Tlp : + 6287860442132. E-Jurnal Akuntansi Universitas Udayana, 24, 30–57.
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
Nyeadi, J. D., Ibrahim, M., & Sare, Y. A. (2018). Corporate social responsibility and financial performance nexus. Journal of Global Responsibility, 9(3), 301–328. https://doi.org/10.1108/jgr-01-2018-0004
Orazalin, N. (2019). Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: evidence from commercial banks of Kazakhstan. Corporate Governance (Bingley), 19(3), 490–507. https://doi.org/10.1108/CG-09-2018-0290
Permatasari, F., & Widianingsih, L. P. (2020). Pengungkapan Corporate Social Responsibility Terhadap Kinerja Keuangan Dengan Good Corporate Governance Sebagai Variabel Moderasi. 87–114.
Purwanto, A. R. (2020). Pengaruh Ukuran Komite Audit, Dewan Komisaris Independen, Kepemilikan Pemerintah, Kepemilikan Institusional, Kepemilikan Keluarga, Dan Kepemilikan Asing Terhadap Tingkat Pengungkapan Corporate Social Responsibility (CSR). 3(2017), 54–67.
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.
Rossi, M., Chouaibi, J., Chouaibi, S., Jilani, W., & Chouaibi, Y. (2021). Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms. Journal of Risk and Financial Management, 14(8), 354. https://doi.org/10.3390/jrfm14080354
Sekhon, A. K., & Kathuria, L. M. (2020). Analyzing the impact of corporate social responsibility on corporate financial performance: evidence from top Indian firms. Corporate Governance (Bingley), 20(1), 143–157. https://doi.org/10.1108/CG-04-2019-0135
Shabbir, M. S., & Wisdom, O. (2020). The relationship between corporate social responsibility, environmental investments and financial performance: evidence from manufacturing companies. Environmental Science and Pollution Research, 27(32), 39946–39957. https://doi.org/10.1007/s11356-020-10217-0
Ying, M., Tikuye, G. A., & Shan, H. (2021). Impacts of firm performance on corporate social responsibility practices: The mediation role of corporate governance in ethiopia corporate business. Sustainability (Switzerland), 13(17). https://doi.org/10.3390/su13179717
Zaid, M. A. A., Abuhijleh, S. T. F., & Pucheta-Martínez, M. C. (2020). Ownership structure, stakeholder engagement, and corporate social responsibility policies: The moderating effect of board independence. Corporate Social Responsibility and Environmental Management, 27(3), 1344–1360. https://doi.org/10.1002/csr.1888
Published
2022-10-26
How to Cite
SUSANTO, Androni; FIONA, Fiona.
Tata Kelola Perusahaan Memoderasi Hubungan Corporate Social Responsibility dan Kinerja Keuangan.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 10, p. 2944-2958, oct. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/91038>. Date accessed: 19 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i10.p04.
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