Tanggung Jawab Sosial Dan Risiko Sistematis: Efek Moderasi Dari Fleksibilitas Keuangan Dan Investasi Penelitian Dan Pengembangan

The study is conducted with the aim of examining the effect of corporate social responsibility on systematic risk in companies listed on the IDX for the period of 2016-2020. This study adds financial flexibility and research and development investment as moderators which are still remain unexplored in Indonesia. This research is expected to be able to make investors consider social responsibility as a factor in making investment decisions. The data taken are stock prices, annual reports and sustainability reports which are secondary data. Data collection using purposive sampling method with certain criteria so that the number of samples in this study amounted to 43 companies. In testing the hypothesis using panel data regression analysis techniques with eviews. The results of the regression analysis show that the existence of corporate social responsibility has a significant positive effect on systematic risk. The moderating variable of financial flexibility does not affect the relationship between CSR and systematic risk. Then the research and development investment variables weaken the relationship between CSR and systematic risk. Therefore, management is expected to pay attention to R&D investment in making CSR policies. This study explains that R&D investment is one of the important roles in company sustainability.

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Corporate Social Responsibility and Firm Value: The Moderating Effects of Financial Flexibility and R&D Investment

Sustainability ◽

10.3390/su12208452 ◽

2020 ◽

Vol 12 (20) ◽

pp. 8452

Author(s):

Zhaoyang Guo ◽

Siyu Hou ◽

Qingchang Li

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Firm Value ◽

Idiosyncratic Risk ◽

Tobin’S Q ◽

Moderating Effects ◽

Tobin's Q ◽

Financial Flexibility ◽

Corporate Social ◽

D Investment

Despite the significance of corporate social responsibility (CSR), there remains an extensive debate regarding its implications for firm value. This study examines the moderating effects of financial flexibility and R&D investment on CSR and firm value. Using multiple archival data of 2311 companies from 2010 to 2016, our study finds that CSR is a “double-edged sword” for firm value; specifically, CSR significantly increases systematic risk but reduces firms’ idiosyncratic risk as well as the Tobin’s q. Besides, the results indicate that financial flexibility and R&D investment significantly reduce the negative correlation between CSR and Tobin’s q, the difference between the two being that financial flexibility can reduce the positive relationship between CSR and system risk, while R&D spending can reduce the negative relationship between CSR and idiosyncratic risk. By adding new aspects to the discussion about how CSR affects firm value, the results speak to both theorists and practitioners.

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Financial Flexibility - A Synthesis of Literature Review

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v9i1.13195 ◽

2019 ◽

Vol 9 (1) ◽

pp. 245

Author(s):

Rashidul Islam ◽

Man Wang ◽

Leo Vashkor Dewri

Keyword(s):

Corporate Governance ◽

Corporate Social Responsibility ◽

Firm Performance ◽

Financial Crisis ◽

Social Responsibility ◽

Balance Sheet ◽

Z Score ◽

Financial Flexibility ◽

Corporate Social ◽

The Relationship

Financial flexibility has engrossed considerable interest of researcher over the last three decades. It is considered as most critical element of capital structure decision. The objectives of this research are to synthesize the existing literature on financial flexibility and find the literature gap. First, we show the relationship between theories and financial flexibility from existing literature and discuss the relationship between cash holding, leverage, payout policy and impact on firm performance during and after financial crisis. Second, we discuss how off balance sheet instruments impact on leverage and financial flexibility. We also discuss the relationship between corporate governance, corporate social responsibility and financial flexibility. We evidence from existing literature that financial flexibility has positive relationship on investment and firm performance during and after financial crisis. In addition to that we conclude that the off balance sheet instrument financing is increasing abnormally, and it has effect on debt policy and financial flexibility that yet to be studied verified. We further document from the current literature that corporate social responsibility and corporate governance may also widen financial flexibility in the US market but no significant researcher addressed these issues in the developed markets. While using Altman’s Z-Score for measuring financial flexibility it is unable to accommodate off balance sheet items therefore market demands for adjusted Z-Score.

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Pengaruh Intellectual Capital dan Corporate Social Responsibility terhadap Nilai Perusahaan dimoderasi oleh Kinerja

Esensi Jurnal Bisnis dan Manajemen ◽

10.15408/ess.v10i2.18858 ◽

2021 ◽

Vol 10 (2) ◽

pp. 215-230

Author(s):

Rilla Gantino ◽

Leli Ruliati Alam

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Financial Performance ◽

Intellectual Capital ◽

Stock Prices ◽

Firm Value ◽

Moderator Variable ◽

Good Image ◽

Corporate Social ◽

The Relationship

Competitive advantage through the use of knowledge and creating a good image through CSR activities is needed to face competition. Many companies have moved from resource based to knowledge base. Companies that are able to innovate and are able to create a good image will make consumers loyal and have an impact on improving performance. Increased performance will provide hope for investors and potential investors towards the company so that the company's value will increase, which is indicated by rising stock prices. This study aims to analyze the effect of intellectual capital and corporate social responsibility on firm value with company performance as a moderator variable in the basic and chemical industries listed on the Indonesia Stock Exchange (BEI) for the 2014-2018 period. Hypothesis testing results showed that simultaneous intellectual capital and corporate social responsibility affect the value of the company, partially intellectual capital affects the value of the company and financial performance succeeded in moderator the relationship between them, corporate social responsibility affects the company value, in addition simultaneously financial performance succeeded in moderator the relationship between intellectual capital and corporate social responsibility to the value of the company, partially financial performance succeeded in moderator the relationship between intellectual capital to the value of the company, while partially financial performance was not able to moderate the relationship between cororate social responsibility and corporate value.

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PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY DAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERATING

El Dinar ◽

10.18860/ed.v6i1.5454 ◽

2018 ◽

Vol 6 (1) ◽

pp. 64

Author(s):

Nur Mufidah Mufidah ◽

Puji Endah Purnamasari

Keyword(s):

Corporate Governance ◽

Regression Analysis ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Firm Value ◽

Linear Regression Analysis ◽

Good Corporate Governance ◽

Corporate Social ◽

Relationship Of ◽

The Relationship

Increasing the firm value is a key point for firm to attract investors. The firm value is very important because it becomes a benchmark of firm performance, the firm value in addition is influenced by profitability, investors also see the effect of the firm or form of firm Social Responsibility in the firm. The purpose of this study is to determine the effect of profitability toward firm value, firm Social Responsibility moderate the relationship of profitability toward firm value and Good Corporate Governance moderate the relationship of profitability toward the firm value. The population in this study is a state-owned firm listed on the BEI in 2012-2016. The technique of sampling uses purposive sampling and based on criteria that have been done then the number of samples are obtained as many as 12 samples of state-owned enterprises. The experiment hypothesis of the research used multiple linear regression analysis techniques and Moderating Regression Analysis (MRA) with SPSS application. The results of this study indicate that profitability variables have a positive and significant effect on firm value, the disclosure of Corporate Social Responsibility does not moderate the relationship of return on assets to firm value, firm Social Responsibility strengthens the relationship of return on equity to firm value and Good firm Governance does not moderate profitability relation to firm value.

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CORPORATE SOCIAL RESPONSIBILITY DAN EARNINGS MANAGEMENT: MANAGERIAL ENTRENCHMENT SEBAGAI VARIABEL MODERASI

JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) ◽

10.34204/jiafe.v7i1.2869 ◽

2021 ◽

Vol 07 (01) ◽

Author(s):

Steven Khosasi ◽

◽

Rizky Eriandani ◽

Keyword(s):

Regression Analysis ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Earnings Management ◽

Management Practices ◽

Managerial Entrenchment ◽

Share Ownership ◽

Management Actions ◽

Corporate Social ◽

The Relationship

Abstrak: Penelitian ini bertujuan menguji pengaruh managerial entrenchment terhadap hubungan tanggung jawab sosial perusahaan (CSR) dengan praktik manajemen laba. Data yang digunakan adalah semua perusahaan sektor manufaktur yang terdaftar di BEI periode 2016-2018. Proksi yang digunakan untuk mengukur managerial entrenchment adalah kepemilikan saham CEO dan masa jabatan CEO. Pengolahan data menggunakan moderated regression analysis. Hasil penelitian yang diperoleh menyatakan bahwa tanggungjawab sosial perusahaan berpengaruh negatif terhadap manajemen laba, sedangkan masa jabatan CEO dan kepemilikan saham CEO tidak memberikan pengaruh terhadap hubungan tanggung jawab sosial perusahaan dengan manajemen laba. Selain itu, pada penelitian ini juga menemukan bahwa masa jabatan CEO memiliki pengaruh yang signifikan terhadap kesenjangan tanggung jawab sosial perusahaan. Penelitian ini memberikan implikasi bahwa walaupun managerial entrenchment tidak merusak hubungan CSR dan tindakan manajemen laba, namun managerial entrenchment menentukan jenis aktifitas CSR yang dilakukan perusahaan. Abstract: This study aims to examine the effect of managerial entrenchment on the relationship between corporate social responsibility (CSR) and earnings management practices. The data used are all manufacturing sector companies listed on the IDX for the 2016-2018 period. The proxies used to measure managerial entrenchment are CEO's share ownership and CEO's tenure. Data processing using moderated regression analysis. The results obtained indicate that corporate social responsibility harms earnings management. At the same time, the tenure of the CEO and CEO's share ownership does not affect the relationship between corporate social responsibility and earnings management. In addition, this study also found that CEO tenure has a significant influence on the corporate social responsibility gap. This study implies that although managerial entrenchment does not damage the relationship between CSR and earnings management actions, managerial entrenchment determines the company's types of CSR activities.

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Corporate Social Responsibility and Financial Performance: Exploring the Relationship

Management and Labour Studies ◽

10.1177/0258042x0503000301 ◽

2005 ◽

Vol 30 (3) ◽

pp. 211-223 ◽

Cited By ~ 4

Author(s):

H. S. Sandhu ◽

Shveta Kapoor

Keyword(s):

Regression Analysis ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Financial Performance ◽

Correlation And Regression Analysis ◽

Considerable Research ◽

Results Reporting ◽

Corporate Social ◽

The Relationship

Although there has been considerable research into the relationship between corporate social responsibility and financial performance, yet no real consensus exists as various studies revealed conflicting results reporting positive, negative or inconclusive relationship between the two. Based on the dataset of 20 leading companies operating in India and covering a three-year period from 2000-01 to 2002-2003, this paper is an attempt to explore the association between corporate social responsibility and financial performance. The relationship is examined by using correlation and regression analysis which revealed no significant association between the variables under study.

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DAMPAK MODERASI INTENSITAS RESEARCH DAN DEVELOPMENT TERHADAP PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY PADA NILAI PERUSAHAAN

Jurnal Akuntansi Auditing dan Keuangan BALANCE ◽

10.25170/balance.v17i2.2259 ◽

2021 ◽

Vol 17 (2) ◽

pp. 101-124

Author(s):

Thio Anastasia Petronila ◽

James Julian Surjadi

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Research And Development ◽

Firm Value ◽

Stock Exchange ◽

Annual Reports ◽

Corporate Social Responsibility Disclosure ◽

Corporate Social ◽

The Impact ◽

The Relationship

The responsibility of a company is not only to make profits, but the company is also responsible for the impact of its products and production processes on social and environmental aspects. This research aims to analyze the effect of corporate social responsibility disclosure on financial performance and analyze the relationship between corporate social responsibility and firm value with the intensity of research and development as a moderating variable. The research was conducted on companies in the consumer goods industry pharmaceutical sub-sector which were listed on the Indonesia Stock Exchange (IDX) for the 2016-2018 period. Of the 10 companies there are 8 companies were sampled based on purposive sampling and from the outlier data, there are 22 observation units used in this research. The data used in this research are secondary data obtained from financial reports and annual reports. The results show that corporate social responsibility disclosure has a significant effect on a firm value which is proxied by Tobin's Q. While research and development intensity does not moderate the relationship between corporate social responsibility disclosure and firm value.

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The Determinant of Earning Quality Using State Ownership as Moderating Variable on Companies in Malaysia

Jurnal Economia ◽

10.21831/economia.v17i1.33147 ◽

2021 ◽

Vol 17 (1) ◽

pp. 34-48

Author(s):

Retnoningrum Hidayah ◽

Ahwan Sholih ◽

Linda Agustina ◽

Rita Rahayu

Keyword(s):

Regression Analysis ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Dividend Policy ◽

Stock Exchange ◽

Earnings Quality ◽

State Ownership ◽

Earning Quality ◽

Corporate Social ◽

The Relationship

Abstract: The study aims to determine the effect of disclosure of corporate social responsibility (CSRD), dividend policy, and audit committee financial expertise (ACFE) on earnings quality. It uses state ownership as a moderating variable. The population consists of government-linked companies (GLCs) and transportation and logistics sector companies listed on the Malaysia Stock Exchange for the period 2016-2019 by employing a purposive sampling method. The research analysis applies Moderate Regression Analysis (MRA) with the SPSS program. The results showed that CSRD has a positive effect on earnings quality. Meanwhile, dividend policy has a negative effect on earnings quality. Further, state ownership strengthens the relationship between dividend policy and earnings quality. However, ACFE does not affect earnings quality. At last, the moderating effect of government ownership variables is not significant to the relationship between CSRD and earnings quality.Keywords: CSR disclosure, dividend policy, ACFE, earnings quality, state ownership Faktor Penentu Kualitas Laba Dengan Kepemilikan Negara Sebagai Variabel Moderating Pada Perusahaan di MalaysiaAbstrak: Penelitian bertujuan untuk mengetahui pengaruh pengungkapan corporate social responsibility (CSRD), kebijakan deviden (dividend policy), dan keahlian keuangan komite audit (ACFE) terhadap kualitas laba (earning quality). Lebih lanjut, penelitian ini menggunakan kepemilikan pemerintah (state ownership) sebagai variabel moderating. Populasi penelitian terdiri dari government-linked companies (GLCs) dan perusahaan sektor transportasi serta logistik yang terdaftar di Malaysia Stock Exchange periode 2016-2019. Pemilihan sampel menerapkan metode purposive sampling. Analisis penelitian menggunakan Moderate Regression Analysis (MRA) dengan program SPSS. Hasil penelitian menunjukkan CSRD berpengaruh secara positif terhadap kualitas laba. Kebijakan deviden memiliki pengaruh secara negatif terhadap kualitas laba. Selanjutnya, state ownership memperkuat hubungan kebijakan deviden dan kualitas laba. Namun, ACFE tidak mampu memberikan pengaruh terhadap kualitas laba. Selanjutnya, pengaruh moderasi variabel kepemilikan pemerintah tidak signikan terhadap hubungan antara CSRD terhadap kualitas laba.Kata kunci: pengungkapan CSR, kebijakan deviden, ACFE, kualitas laba, kepemilikan negara

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PENGARUH KINERJA KEUNGAN TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL PEMODERASI

Jurnal Akuntansi Trisakti ◽

10.25105/jat.v4i2.4838 ◽

2019 ◽

Vol 4 (2) ◽

pp. 245 ◽

Cited By ~ 1

Author(s):

Abdul Gaffar Rafid ◽

Hotman Tohir Pohan ◽

Ice Nasyrah Noor

Keyword(s):

Regression Analysis ◽

Corporate Social Responsibility ◽

Linear Regression ◽

Social Responsibility ◽

Financial Performance ◽

Firm Value ◽

Linear Regression Analysis ◽

Corporate Social ◽

The Cost ◽

The Relationship

The Study examined the effect of the allocation of the cost of social responsibility as a proxy of the disclosure of Corporate Social Responsibility) on the relationship between ROA as a proxy of the financial performance of the company’s value and the impact of the cost allocation of social responsibility as a proxy of the financial performance of the company’s value. The purpose of research is to find empirical evidence of (a) the effect of financial performance ROA on firm value, (b) the effect of the financial performance of CR on firm value (c) the effect of CSR on the relationship between ROA enterprise value (d) the effect of CSR on the relationship between CR with the value of the company.The sample in this research is manufacturing companies listed in Indonesia Stock Exchange (IDX) in the range of 2013-2015. Samples were as many 33 companies with 95 observation. Analysis of data using multiple linear regression analysis.Result of research by linear regression analysis showed that the ROA have negative significant effect on firm value. Than the results of linear regression analysis showed that the CR also has a negative significant effect on firm value. Furtermore, linear regression analysis reveals that the disclosure of CSR is not able to oderate the relationship between ROA on firm value. But unlike the CR, research results show that the disclosure of CSR is able to moderate the relationship between CR on firm value. Simulataneous the independent variable affects the company’s value.

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MUSLIM CEO AND ISLAMIC SOCIAL REPORTING DISCLOSURE: EVIDENCE FROM INDONESIA

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v20i2.6089 ◽

2020 ◽

Vol 20 (2) ◽

pp. 169

Author(s):

Dian Yuni Anggraeni ◽

Rayna Kartika ◽

Yuskar Yuskar

Keyword(s):

Regression Analysis ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Empirical Study ◽

Significant Relationship ◽

Social Reporting ◽

Corporate Social ◽

The Relationship

Corporate social responsibility (CSR) has been attracting ever considerable attention from practice and academia, but the determinants of CSR remain unclear. The Islamic principles of vicegerency (khalifah) and brotherhood (ukhuwwah) is seen as closely connected to CSR, called Islamic Social Reporting (ISR). Thus, this study aims to examine the presence of Muslim CEO on ISR disclosure. Using regression analysis, this empirical study covers a sample of firms which are listed in the Jakarta Islamic Index (JII) for the year 2016-2018. The result reveals that Muslim CEO has a positive and significant relationship with ISR disclosure. It suggests that the attribute of board (CEO) has an importance role to enhance ISR engagement among corporation, especially a religion background of CEO as Islam emphasises the relationship between Allah and man and Allah and the environment or the nature.

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