Pengungkapan CSR pada Nilai Perusahaan dengan Profitabilitas dan Ukuran Perusahaan sebagai Variabel Moderasi

Abstract

Firm value is a market-based value that can be observed in accounting through stock prices. One of the factors that influence firm value is Corporate Social Responsibility (CSR) disclosure. This study aimed to obtain empirical evidence regarding CSR disclosure on firm value by using the moderating variables of profitability and firm size to overcome the inconsistencies of previous studies. The theory used in this research is legitimacy theory and stakeholder theory. This research was conducted at SRI-KEHATI indexed companies on the Indonesia Stock Exchange for the 2017-2019 financial reporting year. The sampling technique used was the purposive sampling method; the number obtained was 75 observations. The analysis technique used is pure moderator regression analysis. The results showed that the higher the CSR disclosure, the higher the firm value, especially in companies with high profitability and large company sizes.
 Keywords: CSR Disclosure; Firm Value; Profitability; Firm Size.

Profitabilitas, Leverage, Kepemilikan Publik, dan Pengungkapan Corporate Social Responsibility

“…Pengungkapan CSR merupakan wujud komunikasi perusahaan dengan menyajikan informasi kepada para stakeholder mengenai kegiatan yang telah dilaksanakan perusahaan dengan memperhatikan aspek profit, people, dan planet (triple bottom line). Pengungkapan CSR yang berbasiskan aspek triple bottom line dapat dipersamakan dengan pengungkapan CSR pada laporan keberlanjutan atau sustainability reporting (Narayana & Wirakusuma, 2021). Hal ini selaras dengan penjelasan Peraturan Otoritas Jasa Keuangan (POJK) Nomor 51/POJK.03/2017 tentang Keuangan Berkelanjutan bahwa informasi yang diungkapkan dalam bagian tanggung jawab lingkungan dan sosial yang memuat ketiga aspek triple bottom line merupakan laporan keberlanjutan dan karenanya wajib bagi perusahaan untuk menerbitkan laporan keberlanjutan kepada masyarakat (OJK, 2017).…”

The Effect of Profitability, Leverage, Corporate Social Responsibility and Firm Size on Company Value with Good Corporate Governance as a Moderating Variable in Technology Companies Listed on the Bei in 2019-2022

“…Namun, hasil dari riset-riset tersebut belum konsisten. Narayana & Wirakusuma (2021) dan Nida (2022) menunjukkan bahwa semakin tinggi tingkat pengungkapan CSR, maka nilai perusahaan juga cenderung meningkat. Di sisi lain, Sabatini & Sudana (2019) dan Tamara & Budiasih (2020) menemukan bahwa semakin tinggi pengungkapan CSR, nilai perusahaan justru cenderung menurun.…”

Profitability: The Impact of Corporate Social Responsibility and Corporate Governance Implementation

“…Legitimacy Theory explains that by implementing CSR and producing good financial performance, the company will get legal recognition from the public that its business has been running based on appropriate standards (Narayana & Wirakusuma, 2021). Legitimacy theory provides a theoretical basis for understanding how companies utilize voluntary disclosures to obtain or follow authenticity between companies and local area assumptions by doing CSR (Agustina & Pramana, 2019).…”

“…Legitimacy theory provides a theoretical basis for understanding how companies utilize voluntary disclosures to obtain or follow authenticity between companies and local area assumptions by doing CSR (Agustina & Pramana, 2019). According to legitimacy theory, associations continue to strive to ensure that companies are seen as working within boundaries and standards recognized by society (Narayana & Wirakusuma, 2021). The inability to fulfill collective agreements can encourage consent imposed by the community, so that it can affect the carrying capacity of company activities (Laskar & Gopal Maji, 2018).…”

“…Stakeholder theory explains that by disclosing CSR and providing good financial performance, companies can provide benefits to their partners, so that companies can be relied on and provide benefits to partners having a positive picture that can increase profitability (Narayana & Wirakusuma, 2021). Disclosure of corporate CSR is getting wider with the presence of female board members because female commissioners will be more thorough in disclosing CSR matters to provide more straightforward information to stakeholders (Olga et al, 2020).…”