Mediation of CSR and Profitability on the Influences of GCG Mechanisms to the Firm Value

Abstract

The purpose of this research was to determine the causal relationship among GCG mechanism, financial performance, CSR and firm's value. The model of the research was constructed by using financial performance and CSR as intervening variables on the effect of GCG mechanism to firm's value. This research was accomplished on companies listed in Jakarta Islamic Index (JII) in Indonesia Stock Exchange for the period of 2007-2013. The result showed that GCG mechanism tended to reject every CSR financing. CSR was positively affected by Return on Investment (ROI). GCG mechanism represented by institutional ownership (INWN) had a positive effect to ROI. ROI had a positive effect to return on equity (ROE), and ROE had a positive effect to firm's value. This study proved that ROI was mediating significantly the effect of INWN to CSR, and ROE was mediating significantly the effect of ROI to firm's value. ABSTRAKTujuan penelitian ini adalah untuk menguji hubungan kausalitas antara mekanisme GCG, kinerja keuangan, CSR dan nilai perusahaan. Model penelitian dibangun dengan menempatkan kinerja keuangan dan CSR sebagai variabel intervening pada pengaruh mekanisme GCG terhadap nilai perusahaan. Penelitian dilalukan pada perusahaan Jakarta Islamic Index (JII) di Bursa Efek Indonesia untuk periode tahun 2007 penelitian menunjukkan bahwa mekanisme GCG cenderung menolak berbagai pembiayaan CSR. CSR dipengaruhi positif Return on Invesment (ROI). Mekanisme GCG yang diproksi Institutional Ownership (INWN) berpengaruh positif terhadap ROI. ROI berpengaruh positif terhadap Return on Equity (ROE), dan ROE berpengaruh positif terhadap nilai perusahaan. Penelitian ini membuktikan bahwa ROI memediasi secara signifikan pengaruh INWN terhadap CSR, dan ROE memediasi secara signifikan pengaruh ROI terhadap nilai perusahaan.

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