ANALISIS PENGARUH CORPORATE SOCIAL RESPONSIBILITY, LEVERAGE DAN SIZE TERHADAP FIRM VALUE DAN RETURN ON ASSETS PADA PERUSAHAAN NON KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016
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Keywords:
corporate social responsibility, leverage, firm size, return on assets, firm value
Abstract
This research aims to identify factors that affect the financial performance of a company measured through the approach of market based (firm value) and accounting based (return on assets) such as corporate social responsibility, leverage, and firm size of companies’ listed in the Indonesian Stock Exchange using stakeholders’ theory approaches. This research uses quantitative approach and multiple linear regression method to analyze the data. The target populations of this study are all non-financial companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 885 year observations. The independent variables used in this study are corporate social responsibility, leverage, and firm size. The study result showed that leverage has a positive significant and firm size has a negative significant impact on firm value. On the other hand, corporate social responsibility has no impact on firm value. Meanwhile, corporate social responsibility, firm size and leverage have negative and significant impact on return on assets.
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References
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Abor, J., 2007, Debt policy and performance of SMEs: evidence from Ghanaian and South African firms, The Journal of Risk Finance, Vol. 8, Issue 4, pp. 364- 379.
A, Prasetyantoko., dan Rachmadi Parmono, 2012, Does Firm Size Matter?An Empirical Study of Firm Performance in Indonesia, Jurnal Manajemen Bisnis, Vol. 2: 2.
E., Abd Sukor, 2012, Stock returns, firm size, liquidity and the festivities effect: Asian evidence, University of Malaya, Journal of Financial Economics, Vol. 30: 253–272.
Aupperle, K. E., A. B. Carroll, and J. D. Hatfield. 1985, An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability, Academy of Management Journal, Vol. 28: 446–463.
Barnett, M. L., & R. M. Salomon, 2006, Beyond Dichotomy: The Curvilinear Relationship between Social Responsibility and Financial Performance, Strategic Management Journal 27 (11): 1101–1122.
Carroll, A. B. 1999, A Corporate Social Responsibility: Evolution of A Definitional Construct, Journal of Business and Society, Vol. 38 (3): 68–295. doi:10.1177/000765039903800303.
Cornell, B., dan A. Shapiro, 1987, Corporate Stakeholders and Corporate Finance.Journal of Financal Management, Vol. 16: 5–14.
Fama, E.F., dan French, K.R, 1998, Taxes, financing decisions, & firm value, Journal of Finance, Vol. 53: 819-843.http://dx.doi.org/10.1111/0022- 1082.00036
Friend,I., dan Lang,H.P. 1988. An empirical test of the impact of managerial self interest on corporate capital structure. Journal of Finance, Vol. 43: 271- 281.http://dx.doi.org/10.1111/j.1540-6261.1988.tb03938.
Garcia-Castro, R., Ariño, M. A., & Canela, M. A. 2010. Does social performance really lead to financial performance? Accounting for endogeneity. Journal of Business Ethics, 921, 107–126
Gitman, L., & Zutter, C., Principles of Managerial Finance, 14th Edition, Pearson Series in Finance
Javed, Z. H., H. Rao., dan M.F. Nazir, 2015, Effect of Financial Leverage on Performance of the Firms: Empirical Evidence from Pakistan, Journal of Economics and Business, Vol.65 (2015), Issue 1-2, pp. 87-95
Lee, Huang, Y.K. Ginny, J.A. Yang, dan C.H. Lee. 2015, The Existence and Calculation of Optimal Capital Structure: an Application of Panel Smooth Transition Regression on Taiwan 50, Journal of Financial Planning and Forecasting, Vol. 6 (4): 211−231. doi:10.6292/AFPF.2015.06.09.
Li, Yao dan Eric K. B., 2015, An Empirical Analysis of Leverage and Financial Performance of Listed Non-Financial Firms in Ghana, International Journal of Economics and Finance, Vol. 7, No. 9., Canadian Center of Science and Education
Ludijanto, S. Ekawati., Handayani, Siti R., dan Hidayat, R. Rustam. 2014. “Pengaruh analisis Leverage terhadap Kinerja Keuangan Perusahaan (Studi pada Perusahaan Property dan Real Estate yang Listing di BEI Tahun 2010 – 2012)”. Jurnal Administrasi Bisnis, Vol. 8 No.1, hal. 1-8. Universitas Brawijaya, Malang.
Margolis, J., dan J. Walsh, 2001, People and Profits: The Search for a Link between a Company’s Social and Financial Performance, Mahwah, NJ: Lawrence Erlbaum Associates
Melin, A.J., dan Bratenius A.L.H., 2015, The Impact of CSR on Financial Performance: An event study of abnormal stock returns of Swedish companies, Master Thesis, Copenhagen Business School
Myers, S.C. 1984. The capital structure puzzle. Journal of Finance, Vol. 39: 575- 592.http://dx.doi.org/10.2307/2327916
Orlitzky, M., Schmidt, F. L., dan Rynes, S. L., 2003. Corporate social and financial performance: A meta-analysis. Organization Studies, 24, 403–441
Porter, M. E., dan Kramer, M. R., 2006. Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, Vol. 84: 78-92.
Prastuti, N. K. R., dan Sudiartha, I. G. M., 2016. pengaruh struktur modal, kebijakan dividen, dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan manufaktur. E-Jurnal Manajemen Universitas Udayana, Vol.5, No.3, 2016: 1572-1598
Putu, N. N. G. M., Moeljadi., Djumahir., Djazuli A., 2014, Factors Affecting Firms Value of Indonesia Public Manufacturing Firms, International Journal of Business and Management Invention, Volume 3 Issue 2: 35-44
Rodgers, W., Choy, H.L., Guiral, A., 2013, Do investors value a firm’scommitment to social activities?, Journal of Business Ethics, Vol 114: 607-623.
Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K., 2001. An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, Vol. 32: 143–156.
Sheikh, N.A., dan Wang, Z., 2013, The impact of capital structure on performance: an empirical study of non-financial listed firms in Pakistan, International Journal of Commerce and Management, Vol. 23 No. 4, pp. 354- 368
Siallagan, Hamonangan dan M. Machfoedz. 2006. Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Dalam Simposium Nasional Akuntansi IX, Padang.
Singh, M. dan Faircloth, S., 2005. “The impact of corporate debt on long term investment and firm performance” Journal of Applied Economics, Vol. 37, pp. 875–883.
Surroca, J., Tribó, J. A., dan Waddock, S., 2010. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 315, 463–490
Ullmann, A. A. 1985. Data in Search of a Theory, a Critical Examination of the Relationships among Social Performance, Social Disclosure, and Economic Performance of US Firms. The Academy of Management Review, Vol. 10 (3): 540–557.
Vatavu, S., 2015, The impact of capital structure on financial performance in Romanian listed companies, Journal of Economics and Finance, Vol. 32: 1314-1322.
Vance, S. C. 1975. Are Socially Responsible Corporations Good Investment Risks?, Management Review of Financial Analysis, Vol. 64: 18−24.
Wang, T., dan P. Bansal. 2012. Social Responsibility in New Ventures: Profiting from a Long-Term Orientation. Journal of Strategic Management, Vol. 33: 1135−1153.doi:10.1002/smj.1962.
Abor, J., 2007, Debt policy and performance of SMEs: evidence from Ghanaian and South African firms, The Journal of Risk Finance, Vol. 8, Issue 4, pp. 364- 379.
A, Prasetyantoko., dan Rachmadi Parmono, 2012, Does Firm Size Matter?An Empirical Study of Firm Performance in Indonesia, Jurnal Manajemen Bisnis, Vol. 2: 2.
E., Abd Sukor, 2012, Stock returns, firm size, liquidity and the festivities effect: Asian evidence, University of Malaya, Journal of Financial Economics, Vol. 30: 253–272.
Aupperle, K. E., A. B. Carroll, and J. D. Hatfield. 1985, An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability, Academy of Management Journal, Vol. 28: 446–463.
Barnett, M. L., & R. M. Salomon, 2006, Beyond Dichotomy: The Curvilinear Relationship between Social Responsibility and Financial Performance, Strategic Management Journal 27 (11): 1101–1122.
Carroll, A. B. 1999, A Corporate Social Responsibility: Evolution of A Definitional Construct, Journal of Business and Society, Vol. 38 (3): 68–295. doi:10.1177/000765039903800303.
Cornell, B., dan A. Shapiro, 1987, Corporate Stakeholders and Corporate Finance.Journal of Financal Management, Vol. 16: 5–14.
Fama, E.F., dan French, K.R, 1998, Taxes, financing decisions, & firm value, Journal of Finance, Vol. 53: 819-843.http://dx.doi.org/10.1111/0022- 1082.00036
Friend,I., dan Lang,H.P. 1988. An empirical test of the impact of managerial self interest on corporate capital structure. Journal of Finance, Vol. 43: 271- 281.http://dx.doi.org/10.1111/j.1540-6261.1988.tb03938.
Garcia-Castro, R., Ariño, M. A., & Canela, M. A. 2010. Does social performance really lead to financial performance? Accounting for endogeneity. Journal of Business Ethics, 921, 107–126
Gitman, L., & Zutter, C., Principles of Managerial Finance, 14th Edition, Pearson Series in Finance
Javed, Z. H., H. Rao., dan M.F. Nazir, 2015, Effect of Financial Leverage on Performance of the Firms: Empirical Evidence from Pakistan, Journal of Economics and Business, Vol.65 (2015), Issue 1-2, pp. 87-95
Lee, Huang, Y.K. Ginny, J.A. Yang, dan C.H. Lee. 2015, The Existence and Calculation of Optimal Capital Structure: an Application of Panel Smooth Transition Regression on Taiwan 50, Journal of Financial Planning and Forecasting, Vol. 6 (4): 211−231. doi:10.6292/AFPF.2015.06.09.
Li, Yao dan Eric K. B., 2015, An Empirical Analysis of Leverage and Financial Performance of Listed Non-Financial Firms in Ghana, International Journal of Economics and Finance, Vol. 7, No. 9., Canadian Center of Science and Education
Ludijanto, S. Ekawati., Handayani, Siti R., dan Hidayat, R. Rustam. 2014. “Pengaruh analisis Leverage terhadap Kinerja Keuangan Perusahaan (Studi pada Perusahaan Property dan Real Estate yang Listing di BEI Tahun 2010 – 2012)”. Jurnal Administrasi Bisnis, Vol. 8 No.1, hal. 1-8. Universitas Brawijaya, Malang.
Margolis, J., dan J. Walsh, 2001, People and Profits: The Search for a Link between a Company’s Social and Financial Performance, Mahwah, NJ: Lawrence Erlbaum Associates
Melin, A.J., dan Bratenius A.L.H., 2015, The Impact of CSR on Financial Performance: An event study of abnormal stock returns of Swedish companies, Master Thesis, Copenhagen Business School
Myers, S.C. 1984. The capital structure puzzle. Journal of Finance, Vol. 39: 575- 592.http://dx.doi.org/10.2307/2327916
Orlitzky, M., Schmidt, F. L., dan Rynes, S. L., 2003. Corporate social and financial performance: A meta-analysis. Organization Studies, 24, 403–441
Porter, M. E., dan Kramer, M. R., 2006. Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, Vol. 84: 78-92.
Prastuti, N. K. R., dan Sudiartha, I. G. M., 2016. pengaruh struktur modal, kebijakan dividen, dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan manufaktur. E-Jurnal Manajemen Universitas Udayana, Vol.5, No.3, 2016: 1572-1598
Putu, N. N. G. M., Moeljadi., Djumahir., Djazuli A., 2014, Factors Affecting Firms Value of Indonesia Public Manufacturing Firms, International Journal of Business and Management Invention, Volume 3 Issue 2: 35-44
Rodgers, W., Choy, H.L., Guiral, A., 2013, Do investors value a firm’scommitment to social activities?, Journal of Business Ethics, Vol 114: 607-623.
Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K., 2001. An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, Vol. 32: 143–156.
Sheikh, N.A., dan Wang, Z., 2013, The impact of capital structure on performance: an empirical study of non-financial listed firms in Pakistan, International Journal of Commerce and Management, Vol. 23 No. 4, pp. 354- 368
Siallagan, Hamonangan dan M. Machfoedz. 2006. Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Dalam Simposium Nasional Akuntansi IX, Padang.
Singh, M. dan Faircloth, S., 2005. “The impact of corporate debt on long term investment and firm performance” Journal of Applied Economics, Vol. 37, pp. 875–883.
Surroca, J., Tribó, J. A., dan Waddock, S., 2010. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 315, 463–490
Ullmann, A. A. 1985. Data in Search of a Theory, a Critical Examination of the Relationships among Social Performance, Social Disclosure, and Economic Performance of US Firms. The Academy of Management Review, Vol. 10 (3): 540–557.
Vatavu, S., 2015, The impact of capital structure on financial performance in Romanian listed companies, Journal of Economics and Finance, Vol. 32: 1314-1322.
Vance, S. C. 1975. Are Socially Responsible Corporations Good Investment Risks?, Management Review of Financial Analysis, Vol. 64: 18−24.
Wang, T., dan P. Bansal. 2012. Social Responsibility in New Ventures: Profiting from a Long-Term Orientation. Journal of Strategic Management, Vol. 33: 1135−1153.doi:10.1002/smj.1962.
Published
2018-03-01
Section
Bidang Manajemen (M)
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