Kemampuan CSR disclosure sebagai kosmetik earnings management
DOI:
Abstract Views:
5 times
PDF Downloads:
0 times
Abstract
Purpose – This study aims to analyze the role of Corporate Social Responsibility (CSR) disclosure in moderating the effect of earnings management (EM) on firm market value.
Method – The researcher employed a panel data regression method with a moderating variable approach. The sample consists of consumer cyclical companies listed on the Indonesia Stock Exchange (IDX) during the years 2022 and 2023.
Findings – The results show that earnings management (EM) does not have a significant effect on firm market value. However, the level of CSR disclosure has a positive and significant impact on market value, indicating that investors respond positively to greater transparency in social and environmental reporting. Additionally, CSR disclosure is not proven to moderate the relationship between EM and firm market value.
Implications – These findings have important implications for corporate management, regulators such as the Financial Services Authority (OJK), and the Indonesia Stock Exchange in formulating policies that promote social accountability and limit earnings management practices.
Originality – The novelty of this study lies in the use of prior-year CSR data to capture the delayed effect of information on investor decision-making, as well as the application of a content analysis approach based on Global Reporting Initiative (GRI) items to enhance the validity of CSR disclosure measurement.
Downloads
References
Abogun, S., Adigbole, E. A., & Olorede, T. E. (2021). Income smoothing and firm value in a regulated market: the moderating effect of market risk. Asian Journal of Accounting Research, 6(3), 296–308. https://doi.org/10.1108/AJAR-08-2020-0072
Ahmaddien, I. (2020). EVIEWS 9: Analisis Regresi Data Panel. Center for Open Science.
Al-Akbar, M. N. (2024). Refleksi Ekonomi Indonesia 2024 Hingga Pelajaran dari Deflasi Beruntun. CNBC Indonesia.
Almari, M. O. S., Weshah, S. R. S., Saleh, M. M. A., Aldboush, H. H. H., & Ali, B. J. A. (2021). Earnings management, ownership structure and the firm value: An empirical analysis. Journal of Management Information and Decision Sciences, 24(7), 1–14.
Anjayani, P. M., & Astika, I. B. P. (2023). Moderating CSR disclosure: Profitability on firm value. World Journal of Advanced Research and Reviews, 19(2), 692–699. https://doi.org/10.30574/wjarr.2023.19.2.1622
Ariana, S., Lestari, S. D., Pawirosumarto, S., Yuwono, Y., & Soekotjo, S. (2022). Corporate Social Responsibility and Firm Size on Earnings Management: Financial Profitability as Mediating Variable. Atestasi : Jurnal Ilmiah Akuntansi, 5(2), 362–377. https://doi.org/10.57178/atestasi.v5i2.330
Auer, C., Bosello, F., Bressan, G., Delpiazzo, E., Monasterolo, I., Otto, C., Parrado, R., & Reyer, C. P. O. (2025). Cascading socio-economic and financial impacts of the Russia-Ukraine war differ across sectors and regions. Communications Earth & Environment, 6(1), 194. https://doi.org/10.1038/s43247-025-02119-1
Ayuputri, A., Rudiawarni, F. A., & Girindratama, M. W. (2023). PENGARUH KUALITAS AUDIT TERHADAP EARNINGS MANAGEMENT PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA. Jurnal Akuntansi Trisakti, 10(1), 87–106. https://doi.org/10.25105/jat.v10i1.15050
Bawai, R., & Kusumadewi, H. (2021). Effect of Corporate Governance, Firm Characteristic, Disclosure of Corporate Social Responsibility (CSR) on Firm Value. Jurnal Economia, 17(1), 20–33. https://doi.org/10.21831/economia.v17i1.32523
Benjamin, S. J., & Biswas, P. K. (2022). Does winning a CSR Award increase firm value? International Journal of Disclosure and Governance, 19(3), 313–329. https://doi.org/10.1057/s41310-022-00142-8
Brahmana, R. K., Tan, M. Y., & You, H. W. (2018). Corporate environmental disclosure and earning management. International Journal of Green Economics, 12(3/4), 308. https://doi.org/10.1504/IJGE.2018.097874
Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95. https://doi.org/10.1016/j.jcorpfin.2018.07.004
Bursa Efek Indonesia. (2023). Apa itu Consumer Non Cyclical: Definisi dan Contoh Sahamnya di Pasar Modal.
Cicilia Erly Istia, Adawiyah, N. N., Mufid Suryani, & Ayunda Rizky Amalia. (2023). Determinants of Financial Performance on Firm Value in Textile and Garment Sub-Sector Companies Listed on the Indonesia Stock Exchange (IDX). Open Access Indonesia Journal of Social Sciences, 6(3), 969–979. https://doi.org/10.37275/oaijss.v6i3.160
Franata, H. S., & Santiago, F. (2023). Juridical Analysis of the Application of Restorative Justice in Corruption Crimes in Indonesia. Journal of World Science, 2(4), 513–519. https://doi.org/10.58344/jws.v2i4.277
Gao, L., & Zhang, J. H. (2015). Firms’ earnings smoothing, corporate social responsibility, and valuation. Journal of Corporate Finance, 32, 108–127. https://doi.org/10.1016/j.jcorpfin.2015.03.004
Garanina, T. (2024). CSR disclosure and state ownership: implications for earnings management and market value. Journal of Accounting in Emerging Economies, 14(3), 513–547. https://doi.org/10.1108/JAEE-06-2022-0175
Han, L., Zhou, Z., Shi, B., & Wang, Y. (2024). Challenges to environmental governance arising from the Russo–Ukrainian conflict: Evidence from carbon emissions. Journal of Environmental Management, 349, 119481. https://doi.org/10.1016/j.jenvman.2023.119481
Handayani, Y. D., & Ibrani, E. Y. (2020). The effect of audit committee characteristics on earnings management and its impact on firm value. International Journal of Commerce and Finance, 6(2), 104–116.
Isnalita, & Narsa, I. M. (2017). CSR Disclosure, Customer Loyalty, and Firm Values (Study at Mining Company Listed in Indonesia Stock Exchange). Asian Journal of Accounting Research, 2(2), 8–14. https://doi.org/10.1108/AJAR-2017-02-02-B002
Jones, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193. https://doi.org/10.2307/2491047
Kravchenko, M., Ilyash, O., Smoliar, L., Boiarynova, К., & Trofymenko, O. (2023). Changes in the energy supply strategy of the EU countries amid the full-scale Russian invasion. IOP Conference Series: Earth and Environmental Science, 1126(1), 012035. https://doi.org/10.1088/1755-1315/1126/1/012035
Kumala, R., & Siregar, S. V. (2021). Corporate social responsibility, family ownership and earnings management: the case of Indonesia. Social Responsibility Journal, 17(1), 69–86. https://doi.org/10.1108/SRJ-09-2016-0156
Martínez-Ferrero, J., Banerjee, S., & García-Sánchez, I. M. (2016). Corporate Social Responsibility as a Strategic Shield Against Costs of Earnings Management Practices. Journal of Business Ethics, 133(2), 305–324. https://doi.org/10.1007/s10551-014-2399-x
Melani, S., & Wahidahwati, W. (2017). Pengaruh CSR dan GCG terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderating. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 6(10).
Muhamad Fahminuddin Rosyid, Erwin Saraswati, & Abdul Ghofar. (2022). Firm Value: CSR Disclosure, Risk Management And Good Corporate Governance Dimensions. Jurnal Reviu Akuntansi Dan Keuangan, 12(1), 186–209. https://doi.org/10.22219/jrak.v12i1.18731
Olatunji, O. C., & Juwon, A. M. (2020). Accrual earnings management, real earnings management and firm’s value of quoted manufacturing companies in Nigeria. EuroEconomica, 39(3), 119–140.
Pakpahan, K. H., & Maria, N. S. B. (2022). Analisis Pengaruh Pertumbuhan Ekonomi, Upah Minimum, dan Pengangguran terhadap Kemiskinan di Kota Semarang Tahun 2002-2021. Diponegoro Journal of Economics, 11(4), 59–70. https://doi.org/https://doi.org/10.14710/djoe.35869
Pujiati, A., Yanto, H., Dwi Handayani, B., Ridzuan, A. R., Borhan, H., & Shaari, M. S. (2023). The detrimental effects of dirty energy, foreign investment, and corruption on environmental quality: New evidence from Indonesia. Frontiers in Environmental Science, 10, 1074172. https://doi.org/10.3389/fenvs.2022.1074172
Rahayu, H., Mais, R. G., & Suriawinata, I. S. (2020). Pengaruh Manajemen Laba dan Mekanisme Corporate Governance Terhadap Nilai Perusahaan Pada Industri Barang Konsumsi dalam Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2014 -2018. Jurnal STEI Ekonomi, 29(02), 01–16. https://doi.org/10.36406/jemi.v29i2.344
Retno, D., & Wahidahwati, W. (2017). Pengaruh CSR dan environmental performance terhadap nilai perusahaan dengan GCG variabel moderating. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 6(11).
Ricky, & Widyasari. (2022). Faktor-Faktor Yang Mempengaruhi Manajemen Laba. Jurnal Multiparadigma Akuntansi, 1(8), 499–508. https://doi.org/10.46799/jst.v1i8.138
Rohmah, F. (2019). Dampak Manajemen Laba Terhadap Nilai Perusahaan Terdaftar Indeks LQ45. Fakutas Ekonomi dan Bisnis Universitas Cendrawasih.
Sampong, F., Song, N., Boahene, K. O., & Wadie, K. A. (2018). Disclosure of CSR Performance and Firm Value: New Evidence from South Africa on the Basis of the GRI Guidelines for Sustainability Disclosure. Sustainability, 10(12), 4518. https://doi.org/10.3390/su10124518
Sarniati, S., & Handayani, W. (2024). Does Corporate Social Responsibility Matter in Moderating the Relationship Between Earning Management and Financial Performance? Evidence from Indonesia. The Indonesian Journal of Accounting Research, 27(01), 99–126. https://doi.org/10.33312/ijar.759
Tandry, A. Y., Setiawati, L., & Setiawan, E. (2014). The effect of CSR disclosure to firm value with earning management as moderating variable: case study of non-financing firms listed at Indonesia Stock Exchange. International Journal of Trade and Global Markets, 7(3), 190. https://doi.org/10.1504/IJTGM.2014.064907
Transparency International. (2023). Indeks Persepsi Korupsi Indonesia 2022 Mengalami Penurunan Terburuk Sepanjang Sejarah Reformasi.
Tulcanaza-Prieto, A. B., & Lee, Y. (2022). Real Earnings Management and Firm Value using Quarterly Financial Data: Evidence from Korea. GLOBAL BUSINESS FINANCE REVIEW, 27(1), 50–64. https://doi.org/10.17549/gbfr.2022.27.1.50
van der Nest, M., & van Vuuren, G. (2023). Commodity Prices and the US Business Cycle. Journal of Risk and Financial Management, 16(10), 462. https://doi.org/10.3390/jrfm16100462
Wahyuningsih, A., & Rasmini, N. K. (2020). CSR Disclosure on Earnings Management with the Presence of Women in the GCG Structure. Jurnal Ilmiah Akuntansi Dan Bisnis, 15(2), 293. https://doi.org/10.24843/JIAB.2020.v15.i02.p11
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
- Copyright on articles is retained by the respective author(s), without restrictions. A non-exclusive license is granted to Akuntansi dan Teknologi Informasi (JATI) to publish the article and identify itself as its original publisher, along with the commercial right to include the article in a hardcopy issue for sale to libraries and individuals.
- Articles published in Akuntansi dan Teknologi Informasi (JATI) are licensed under a Creative Commons Attribution-ShareAlike 4.0 International license. You are free to copy, transform, or redistribute articles for any lawful purpose in any medium, provided you give appropriate credit to the original author(s) and the journal, link to the license, indicate if changes were made, and redistribute any derivative work under the same license.
- By publishing in Akuntansi dan Teknologi Informasi (JATI), authors grant any third party the right to use their article to the extent provided by the Creative Commons Attribution-ShareAlike 4.0 International license.
