PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY DAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL PEMODERASI

Abstract

Researches on the influence of financial performance on corporate value
have been widely conducted, however results inconsistency occurred. Financial
performance, which in this case is assessed by Return on Assets (ROA), have a
positive effect on corporate value, however there are also some findings that ROA
have a negative effect. Researchers predicted that there are other influencing
factors. This condition drives researchers to use corporate social responsibility
(CSR) and good corporate governance (GCG) as moderating variables. This
research aims to test the influence of financial performance on corporate value by
considering the two moderating variables.
This research uses 27 manufacturing firms listed on the Jakarta Stock
Exchange during 2005 - 2006 as samples with 54 observation Hypothesis is
tested using moderated regression analysis to find out the interactive influence of
the moderating variables. The corporate value measured using Tobin's Q, while
disclosure of CSR and GCG are measured with CSR Index and managerial
ownerships, respectively..
Results indicate that (1) ROA has a positive effect on corporate value, (2)
the disclosure of CSR is able to moderate relation of ROA and corporate value,
but managerial ownerships are unable to moderate the link. This is possible
because managerial ownerships in Indonesia is still very small and companies
tend to be family-owned.