THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY AND LEVERAGE COMPANY VALUES WITH INSTITUTIONAL OWNERSHIP AS MODERATION VARIABLES IN MANUFACTURING COMPANIES

Authors

  • Melisa Dwirahmawati Universitas Hayam Wuruk Perbanas Surabaya
  • Dian Oktarina Universitas Hayam Wuruk Perbanas Surabaya

DOI:

https://doi.org/10.51804/econ12.v6i1.11207

Keywords:

Corporate Social Responsibility, Leverage, Firm Value, Institutional Ownership.

Abstract

The purpose of this research is to determine the effect of corporate social responsibility and leverage on firm value with institutional ownership as moderating variable. The population in this study were manufature companies listed on the Indonesia Stock Exchange in 2016 – 2020. The technique used in sample selection was purposive sampling and obtained 311 samples. Data analysis was performed using the SPSS 26 test tool by testing descriptive statistics, normality test, heterkedacity test, multiclinearity, autocorrelation, f test, R2 test, t test and Moderated Regression Analysis. The results of this study state that corporate social responsibility have no effect on firm value. Leverage have a positive effect on firm value. The ownership institutional can not moderate relationship between corporate social responsibility and leverage on firm value.

 

References

Ani Sri Rahayu. (2010). Pengantar Kebijakan Fiskal. Jakarta: Bumi Aksara.

Ardiani, N. L. N., & Sudana, I. P. (2018). Pengaruh Corporate Social Responsibility Pada Manajemen Laba. E-Jurnal Akuntansi, 24, 2333. https://doi.org/10.24843/eja.2018.v24.i03.p26

Ayem, S., & Nikmah, J. (2019). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi (Studi Empiris pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017). Jurnal Akuntansi Pajak Dewantara, 1(2), 138–149. https://doi.org/10.24964/japd.v1i1.874

Buchdadi, A. D., & Suherman, S. (2022). THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON FIRM VALUE OF MANUFACTURING COMPANIES LISTED ON THE IDX : THE ROLE OF INSTITUTIONAL AND MANAGERIAL. January.

Budiharjo, R. (2021). Pengaruh Return on assets dan Leverage Terhadap Nilai Perusahaan Dengan Kepemilikan Institusional Sebagai Variable Pemoderasi. Journal of Public Auditing and Financial Management, 1(1), 37–46.

Chariri, & Ghozali. (2007). Teori Akuntansi. Badan Penerbit Undip.

Christiani, L., & Herawaty, V. (2019). Pengaruh Kepemilikan Manajerial, Komite Audit, Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Manajemen Laba Sebagai Variabel Moderasi. Prosiding Seminar Nasional Cendekiawan, 2. https://doi.org/10.25105/semnas.v0i0.5824

Denziana, A., & Monica, W. (2016). Analisis Ukuran Perusahaan dan Profitabilitas terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan yang Tergolong LQ45 di BEI Periode 2011-2014). Jurnal Akuntansi dan Keuangan, Vol.07, No.02: 241-254. Jurnal Akuntansi Dan Keuangan, 07.

Fahmi, I. (2014). Analisis Laporan Keuangan (Vol. 179). Bandung: ALFABETA.

Farooq, M. A., & Masood, A. (2016). Impact of Financial Leverage on Value of Firms : Evidence from Cement Sector of Pakistan. Research Journal of Finance and Accounting, 7(9), 73–77.

Franita, R. (2016). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial dan Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Mediasi, 05 No.02, 72–89.

Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi (p. 229).

Gischanovelia, M. (2018). Analisis Rasio Leverage Untuk Memprediksi Pertumbuhan Laba Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015. JBMI (Jurnal Bisnis, Manajemen, Dan Informatika), 15(2), 147–172. https://doi.org/10.26487/jbmi.v15i2.3530

Gurnita, A., Kanta, A., & Surasni, N. K. (2021). International Journal of Multicultural and Multireligious Understanding The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable ( Studies in Manufacturing Companies for the 2014-2018 Period ). International Journal of Multicultural and Multireligious Understanding, 245–255.

Hamdani. (2016). Good Corporate Governance: Tinjauan Etika dalam Praktik Bisnis (1st ed.).

Halik, A., Arif, D., & Yucha, N. (2021). The influence of intellectual capital through human capital and structural capital towards financial performance manufacturing companies (sector garment and textile). International Journal of Learning and Intellectual Capital, 1(1), 1. https://doi.org/10.1504/ijlic.2021.10042858

Husnan, S. (2004). Manajemen Keuangan Teori dan Penerapan (Keputusan Jangka Panjang).

Indrawan, D. C. (2011). Pengaruh Corporate Social Responsibility Terhadap Kinerja Perusahaan. Jurnal Akuntansi. Jurnal Akuntansi.

Jensen, & Meckling. (1976). Theory of The Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economic 3, 4, 305–306.

Khanaghah, J. B., Sadeghi, H. A., & Ghadakforoushan, M. (2019). Investigating the Interactive Effect of Corporate Governance and Corporate Social Responsibility on the Firm Value in the Tehran Stock Exchange. Iranian Journal of Management Studies (IJMS), 12(3), 425–450.

Lanis, R., & Richardson, G. (2013). Corporate social responsibility and tax aggressiveness: A test of legitimacy theory. Accounting, Auditing and Accountability Journal, 26(1), 75–100. https://doi.org/10.1108/09513571311285621

Lastanti, H. S., & Salim, N. (2018). PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY , GOOD CORPORATE GOVERNANCE , DAN. Jurnal Akuntansi Trisakti, 0832, 27–40.

Machmuddah, Z., & T.A.H, N. (2018). Good corporate governance. Jurnal Riset Akuntansi, 8(2), 11–17.

Maulida, Aufa, K., & Adam, H. (2012). Faktor-faktor yang Mempengaruhi Pengungkapan Sustainability Performance. Jurnal S1 Jurusan Akuntansi Fakultas Ekonomi Universitas Brawijaya Malang.

Murnita, P., & Putra, I. made. (2018). Pengaruh Corporate Social Responsibilityterhadap NilaiPerusahaan dengan Profitabilitas dan Leverage sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 23, 26. https://doi.org/10.24843/eja.2019.v28.i01.p02

Mustanda, I. K., & Suwardika, I. N. A. (2017). Pengaruh Leverage, Ukuran Perusahaan, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Properti. None, 6(3), 254488.

Nahda, K., & Harjito, D. A. (2011). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Corporate Governance sebagai Variabel Moderasi. Jurnal Siasat Bisnis, 15(1), 1–12. https://doi.org/10.20885/jsb.vol15.iss1.art1

Nugroho, M., Arif, D., & Halik, A. (2021). The effect of loan-loss provision, non-performing loans and third-party fund on capital adequacy ratio. Accounting, 7(10), 943–950. https://doi.org/10.5267/j.ac.2021.1.013

Okta, W., & Ikhsan, B. R. (2017). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan. Jurnal Pendidikan Akuntansi & Keuangan, 6(2). https://doi.org/10.17509/jpak.v2i2.15464

Pizarro, V, & Cademamartori, M. (2012). he Influence of Insiders and Institutional Owners on the Value, Transparency, and Earnings Quality of Chilean Listed Firms. Editorial Manager (Tm) for Contemporary Accounting Research Manuscript Draft.

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. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/22432

Rely, G., & Kkg, I. B. I. (2018). An Effecting of Corporate Social Responsibility , Managerial Ownership , Institutional Ownership of Firm Values Towards Real Earnings Management. Research Journal of Finance and Accounting, 9(18), 66–77.

Rokhman, M. T. N. (2019). The Role of Institutional Ownership as Moderating Corporate Social Responsibility ( CSR ) Programs on Corporate Values. 3(6), 19–25.

Rudangga, G., & Sudiarta, M. (2021). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, 5(7), 569–576. https://doi.org/10.32528/psneb.v0i0.5210

Sayekti, Yosefa, & Sensi, L. W. (2007). Pengaruh CSR Disclosure erhadap Earning Response Coefficient. Simposium Nasional Akuntansi X.

Sugiharto, Laksamana, S., Tenri, A., Bacelius, R., Rudjito, Zaenal, S., Muwardi, S., Tony, P., Singgih, R., Djokosantoso, M., Baharudin, M., Lim, T., Azman, M., Arwin, R., & Hotasi, N. (2005). Indonesian BUMN: Isu, kebijakan dan strategi (N. D. Riant & R. Siahaan (eds.)).

Sugiono. (2013). Metodelogi Penelitian Kuantitatif, Kualitatif Dan R&D (p. 13). Bandung: ALFABETA.

Sugiyono. (2005). Memahami Penelitian Kualitatif (p. 62). Bandung: CV. Alfabeta.

Sugiyono. (2010). Metode Penelitian Pendidikan Pendekatan Kuantitatif, kualitatif, dan R&D (p. 73).

Wahidahwati. (2002). Pengaruh Kepemilikan Menejerial dan Kepemilikan Institusional pada Kebijakan Hutang Perusahaan: Sebuah Perspektif Theory Agency. Jurnal Riset Akuntansi Indonesia, 5 no. 1.

Widianingsih, D. (2018). Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, serta Komite Audit pada Nilai Perusahaan dengan Pengungkapan CSR sebagai Variabel Moderating dan Firm Size sebagai Variabel Kontrol. Jurnal Akuntansi Dan Pajak, 19(1), 38. https://doi.org/10.29040/jap.v19i1.196

Yanti, P. D. M., & Abundanti, N. (2019). Pengaruh Profitabilitas, Leverage Dan Kebijakan Dividen Terhadap Nilai Perusahaan Properti, Real Estate Dan Konstruksi Bangunan. E-Jurnal Manajemen Universitas Udayana, 8(9), 5632. https://doi.org/10.24843/ejmunud.2019.v08.i09.p14

Downloads

Published

2023-06-03

Issue

Section

Ecopreneur.12