PENGARUH PENGUNGKAPAN CSR DAN TATA KELOLA PERUSAHAAN TERHADAP NILAI PERUSAHAAN SEKTOR INDUSTRI SUB SEKTOR TEKSTIL DAN GARMEN
DOI:
https://doi.org/10.25170/jak.v15i1.1619Keywords:
firm’s value, good corporate governance, csr disclosureAbstract
The purpose of this study was to determine the effect of Corporate Social Responsibility Disclosure and Good Corporate Governance on Firm Value in Various Industries Sector, Textile and Garment Sub-Sector Listed on the Indonesia Stock Exchange 2014-2019 Period. This research method uses a descriptive method with a quantitative approach. The source of this research uses secondary data sourced from the annual report of various sector companies in the textile and garment sub-sector listed on the Indonesia Stock Exchange. The sample of this study were 9 companies using purposive sampling technique. The results of this study indicate that partially the Corporate Social Responsibility Disclosure has a significant effect on Firm Value. Meanwhile, Good Corporate Governance with indicators (Managerial Ownership, Institutional Ownership, Independent Ownership and Audit Committee) Managerial Ownership and Audit Committee have a significant effect on Firm Value, while Institutinal Ownership and Independent Comissioner don’t have a significant effect on Firm Value.
References
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Cheung, W. M., Chung, R., & Fung, S. (2015). The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment. Journal of Corporate Finance, 35, 211–231.https://doi.org/10.1016/j.jcorpfin.2015.09.001
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics. https://doi.org/10.1016/S0304-405X(98)00058-0
Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal. https://doi.org/10.1108/SRJ-01-2017-0005
Diviney, E., & Lillywhite, S. (2013). Corporate responsibility and stakeholder governance: Relevance to the Australian garment sector. In Fair Trade, Corporate Accountability and Beyond Experiments in Globalizing Justice.
Gray, R., Javad, M., Power, D. M., & Sinclair, C. D. (2001). Social and environmental disclosure and corporate characteristics: A research note and extension. Journal of Business Finance and Accounting. https://doi.org/10.1111/1468-5957.00376
Herawaty, V. (2008). Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 10(2), 97–108. https://doi.org/10.9744/jak.10.2.PP.97-108
Ilmi, M., Kustono, A. S., & Sayekti, Y. (2017). Effect of Good Corporate Governance , Corporate Social Responsibility Disclosure and Managerial Ownership To the Corporate Value With Financial Performance As Intervening Variables : Case on Indonesia Stock Exchange. 1, 75–88.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(76)90026-X
Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y
Jo, H., & Kim, Y. (2007). Disclosure frequency and earnings management. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2006.03.007
Jo, H., & Kim, Y. (2008). Ethics and disclosure: A study of the financial performance of firms in the seasoned equity offerings market. Journal of Business Ethics. https://doi.org/10.1007/s10551-007-9473-6
Kawatu, F. S. (2009). Mekanisme Corporate Governance terhadap Nilai Perusahaan dengan Kualitas Laba sebagai Variabel Intervening. Jurnal Keuangan Dan Perbankan, 13(3), 405–417.
Khasanah, I., & Sucipto, A. (2020). Pengaruh corporate social responbility (csr) dan good corporate governance (gcg) terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening. AKUNTABEL: Jurnal Akuntansi Dan Keuangan, 17(1), 14–28.
Kurniasari, W., & Warastuti, Y. (2015). The Relationship Between CSR and Profitability to Firm Value in SRI-KEHATI Index. The International Journal of Economic Behavior - IJEB, 5(1), 31–41.
Linder, S., & Foss, N. J. (2015). Agency Theory. In International Encyclopedia of the Social & Behavioral Sciences: Second Edition. https://doi.org/10.1016/B978-0-08-097086-8.73038-8
Luetkenhorst, W. (2004). Corporate social responsibility and the development agenda - The case for actively involving small and medium enterprises. Intereconomics. https://doi.org/10.1007/BF02933583
M.E. Porter, & M.R. Kramer. (2011). Creating Shared Value. Harvard Business Review. https://doi.org/10.1108/09600039410055963
Marrakchi Chtourou, S., B�dard, J., & Courteau, L. (2005). Corporate Governance and Earnings Management. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.275053
Medyawati, H., & Yunanto, M. (2017). The Influence of Corporate Social Responsibility to the Value Of Company in Indonesia. International Journal Globalisation and Small Business.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. An empirical analysis. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(88)90048-7
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Mukhtaruddin, Relasari, & Felmania, M. (2014). Good Corporate Governance Mechanism , Corporate Social Responsibility Disclosure on Firm Value : Empirical Study on Listed Company in Indonesia Stock Exchange. International Journal of Finance & Accounting Studies, 2(1), 1–10. https://doi.org/10.7575/aiac.ijfas.v.2n.1p.1
Mulyadi, M. S., & Anwar, Y. (2012). Impact of Corporate Social Responsibility Toward Firm Value and Profitability. The Business Review, Cambridge.
Omar, B. F., & Zallom, N. O. (2016). Corporate social responsibility and market value: evidence from Jordan. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/jfra-11-2014-0084
Perry, P., & Towers, N. (2013). Conceptual framework development: CSR implementation in fashion supply chains. International Journal of Physical Distribution and Logistics Management. https://doi.org/10.1108/IJPDLM-03-2012-0107
Pujiati, D., & Widanar, E. (2009). Pengaruh Struktur Kepemilikan Terhadap Nilai Perusahaan Keputusan Keuangan Sebagai Variabel Intervening. Jurnal Ekonomi Bisnis & Akuntansi Ventura.
Putri, C. A. (2019). Dilanda Tutup Pabrik & PHK, Ini Penjelasan Pengusaha Tekstil. CNBC Indonesia.
R, L. P., FL, de S., & Shleifer, A. (1999). corporateownership.pdf. The Journal of Finance.
Rasulov Madrahimovich, N., & Amonboyev, M. (2015). Corporate Governance and Development: The Case of Uzbekistan. Journal of International Business Research and Marketing, 1(6), 31–36. https://doi.org/10.18775/jibrm.1849-8558.2015.16.3005
Retno, R. D., & Priantinah, D. (2012). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2010). Nominal, Barometer Riset Akuntansi Dan Manajemen. https://doi.org/10.21831/nominal.v1i2.1000
Robert Jao, & Gagaring Pagalung. (2011). Corporate Governance, Ukuran Perusahaan, Dan Leverage Terhadap Manajemen Laba Perusahaan Manufaktur Indonesia. Jurnal Akuntansi & Auditing. https://doi.org/https://doi.org/10.14710/jaa.8.1.43-54
Ross, S. A. (1979). Equilibrium and Agency -- Inadmissible Agents in the Public Agency Problem. American Economic Review.
Sahla, W. A., & Aliyah, S. S. R. (2016). Pengungkapan Corporate Social Responsibility Berdasarkan Global Reporting Initiative (GRI-G4) pada Perbankan Indonesia. Jurnal INTEKNA.
Sembiring. (2006). JMAKSI_Jan_2006_05_Edy_Rismanda_Sembiring.pdf.
Shleifer, A., & Vishny, R. W. (2007). A survey of corporate governance. In Corporate Governance and Corporate Finance: A European Perspective. https://doi.org/10.4324/9780203940136
Siallagan, H., & Machfoedz, M. (2006). Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi 9 Padang.
Sujoko, & Soebiataro, U. (2007). Shareholding Structure influence Leverage Factor Internal And External Factors Against Value Company (empirical study on the manufacturing and non-manufacturing companies in Jakarta Stock Exchange). Journal of Management and Entrepreneurship,.
Sutedi, A. (2012). Good Corporate Governance. Jakarta: Sinar Grafika. Jakarta: Sinar Grafika.
Suteja, J., & Manihuruk, W. (2009). Pengaruh Struktur Modal , Kepemilikan , dan Faktor Eksternal pada Penentuan Nilai Perusahaan. Trikonomika.
Tobin, J. (1965). Money and Economic Growth. Econometrica. https://doi.org/10.2307/1910352
Tristiarini, N. (2015). CSR’s Capability as a Conflict’s Resolution to Enhance a Firm’s Value in Indonesia. International Journal of Corporate Finance and Accounting. https://doi.org/10.4018/ijcfa.2015010103
Watch, C. G. (2018). Hard Decisions Asia Faces Tough Choices in CG Reform. Asian Corporate Governance Association and CLSA Limited, (December). https://doi.org/10.4324/9781351142007-6
Widjaya, N. U., & Darmawan, A. (2018). Pengaruh Free Cash Flow , Kepemilikan Saham Manajer , Kepemilikan Saham Institusi, dan Leverage terhadap Dividen (Studi pada Perusahaan Sub Sektor Farmasi di Bursa Efek Indonesia (BEI). Jurnal Administrasi Bisnis (JAB), 64(1), 10–18.
Yanto, S.E., Ak., M.Ak., E. (2018). Effect of Corporate Social Responsibility and Good Corporate Governance on the Value of Company with Profitability as Moderating Variables. JAAF (Journal of Applied Accounting and Finance), 2(1), 36. https://doi.org/10.33021/jaaf.v2i1.304
Bay, & Michael, R. (n.d.). Managerial Economics and Business Strategy. Columbus: McGraw Hill.
Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy. https://doi.org/10.1016/j.jaccpubpol.2006.05.005
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal. https://doi.org/10.1002/smj.2131
Cheng, M., & Christiawan, Y. J. (2011). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Abnormal Return. Jurnal Akuntansi Dan Keuangan. https://doi.org/10.9744/jak.13.1.24-36
Cheung, W. M., Chung, R., & Fung, S. (2015). The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment. Journal of Corporate Finance, 35, 211–231.https://doi.org/10.1016/j.jcorpfin.2015.09.001
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics. https://doi.org/10.1016/S0304-405X(98)00058-0
Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal. https://doi.org/10.1108/SRJ-01-2017-0005
Diviney, E., & Lillywhite, S. (2013). Corporate responsibility and stakeholder governance: Relevance to the Australian garment sector. In Fair Trade, Corporate Accountability and Beyond Experiments in Globalizing Justice.
Gray, R., Javad, M., Power, D. M., & Sinclair, C. D. (2001). Social and environmental disclosure and corporate characteristics: A research note and extension. Journal of Business Finance and Accounting. https://doi.org/10.1111/1468-5957.00376
Herawaty, V. (2008). Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 10(2), 97–108. https://doi.org/10.9744/jak.10.2.PP.97-108
Ilmi, M., Kustono, A. S., & Sayekti, Y. (2017). Effect of Good Corporate Governance , Corporate Social Responsibility Disclosure and Managerial Ownership To the Corporate Value With Financial Performance As Intervening Variables : Case on Indonesia Stock Exchange. 1, 75–88.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(76)90026-X
Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y
Jo, H., & Kim, Y. (2007). Disclosure frequency and earnings management. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2006.03.007
Jo, H., & Kim, Y. (2008). Ethics and disclosure: A study of the financial performance of firms in the seasoned equity offerings market. Journal of Business Ethics. https://doi.org/10.1007/s10551-007-9473-6
Kawatu, F. S. (2009). Mekanisme Corporate Governance terhadap Nilai Perusahaan dengan Kualitas Laba sebagai Variabel Intervening. Jurnal Keuangan Dan Perbankan, 13(3), 405–417.
Khasanah, I., & Sucipto, A. (2020). Pengaruh corporate social responbility (csr) dan good corporate governance (gcg) terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening. AKUNTABEL: Jurnal Akuntansi Dan Keuangan, 17(1), 14–28.
Kurniasari, W., & Warastuti, Y. (2015). The Relationship Between CSR and Profitability to Firm Value in SRI-KEHATI Index. The International Journal of Economic Behavior - IJEB, 5(1), 31–41.
Linder, S., & Foss, N. J. (2015). Agency Theory. In International Encyclopedia of the Social & Behavioral Sciences: Second Edition. https://doi.org/10.1016/B978-0-08-097086-8.73038-8
Luetkenhorst, W. (2004). Corporate social responsibility and the development agenda - The case for actively involving small and medium enterprises. Intereconomics. https://doi.org/10.1007/BF02933583
M.E. Porter, & M.R. Kramer. (2011). Creating Shared Value. Harvard Business Review. https://doi.org/10.1108/09600039410055963
Marrakchi Chtourou, S., B�dard, J., & Courteau, L. (2005). Corporate Governance and Earnings Management. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.275053
Medyawati, H., & Yunanto, M. (2017). The Influence of Corporate Social Responsibility to the Value Of Company in Indonesia. International Journal Globalisation and Small Business.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. An empirical analysis. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(88)90048-7
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Mukhtaruddin, Relasari, & Felmania, M. (2014). Good Corporate Governance Mechanism , Corporate Social Responsibility Disclosure on Firm Value : Empirical Study on Listed Company in Indonesia Stock Exchange. International Journal of Finance & Accounting Studies, 2(1), 1–10. https://doi.org/10.7575/aiac.ijfas.v.2n.1p.1
Mulyadi, M. S., & Anwar, Y. (2012). Impact of Corporate Social Responsibility Toward Firm Value and Profitability. The Business Review, Cambridge.
Omar, B. F., & Zallom, N. O. (2016). Corporate social responsibility and market value: evidence from Jordan. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/jfra-11-2014-0084
Perry, P., & Towers, N. (2013). Conceptual framework development: CSR implementation in fashion supply chains. International Journal of Physical Distribution and Logistics Management. https://doi.org/10.1108/IJPDLM-03-2012-0107
Pujiati, D., & Widanar, E. (2009). Pengaruh Struktur Kepemilikan Terhadap Nilai Perusahaan Keputusan Keuangan Sebagai Variabel Intervening. Jurnal Ekonomi Bisnis & Akuntansi Ventura.
Putri, C. A. (2019). Dilanda Tutup Pabrik & PHK, Ini Penjelasan Pengusaha Tekstil. CNBC Indonesia.
R, L. P., FL, de S., & Shleifer, A. (1999). corporateownership.pdf. The Journal of Finance.
Rasulov Madrahimovich, N., & Amonboyev, M. (2015). Corporate Governance and Development: The Case of Uzbekistan. Journal of International Business Research and Marketing, 1(6), 31–36. https://doi.org/10.18775/jibrm.1849-8558.2015.16.3005
Retno, R. D., & Priantinah, D. (2012). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2010). Nominal, Barometer Riset Akuntansi Dan Manajemen. https://doi.org/10.21831/nominal.v1i2.1000
Robert Jao, & Gagaring Pagalung. (2011). Corporate Governance, Ukuran Perusahaan, Dan Leverage Terhadap Manajemen Laba Perusahaan Manufaktur Indonesia. Jurnal Akuntansi & Auditing. https://doi.org/https://doi.org/10.14710/jaa.8.1.43-54
Ross, S. A. (1979). Equilibrium and Agency -- Inadmissible Agents in the Public Agency Problem. American Economic Review.
Sahla, W. A., & Aliyah, S. S. R. (2016). Pengungkapan Corporate Social Responsibility Berdasarkan Global Reporting Initiative (GRI-G4) pada Perbankan Indonesia. Jurnal INTEKNA.
Sembiring. (2006). JMAKSI_Jan_2006_05_Edy_Rismanda_Sembiring.pdf.
Shleifer, A., & Vishny, R. W. (2007). A survey of corporate governance. In Corporate Governance and Corporate Finance: A European Perspective. https://doi.org/10.4324/9780203940136
Siallagan, H., & Machfoedz, M. (2006). Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi 9 Padang.
Sujoko, & Soebiataro, U. (2007). Shareholding Structure influence Leverage Factor Internal And External Factors Against Value Company (empirical study on the manufacturing and non-manufacturing companies in Jakarta Stock Exchange). Journal of Management and Entrepreneurship,.
Sutedi, A. (2012). Good Corporate Governance. Jakarta: Sinar Grafika. Jakarta: Sinar Grafika.
Suteja, J., & Manihuruk, W. (2009). Pengaruh Struktur Modal , Kepemilikan , dan Faktor Eksternal pada Penentuan Nilai Perusahaan. Trikonomika.
Tobin, J. (1965). Money and Economic Growth. Econometrica. https://doi.org/10.2307/1910352
Tristiarini, N. (2015). CSR’s Capability as a Conflict’s Resolution to Enhance a Firm’s Value in Indonesia. International Journal of Corporate Finance and Accounting. https://doi.org/10.4018/ijcfa.2015010103
Watch, C. G. (2018). Hard Decisions Asia Faces Tough Choices in CG Reform. Asian Corporate Governance Association and CLSA Limited, (December). https://doi.org/10.4324/9781351142007-6
Widjaya, N. U., & Darmawan, A. (2018). Pengaruh Free Cash Flow , Kepemilikan Saham Manajer , Kepemilikan Saham Institusi, dan Leverage terhadap Dividen (Studi pada Perusahaan Sub Sektor Farmasi di Bursa Efek Indonesia (BEI). Jurnal Administrasi Bisnis (JAB), 64(1), 10–18.
Yanto, S.E., Ak., M.Ak., E. (2018). Effect of Corporate Social Responsibility and Good Corporate Governance on the Value of Company with Profitability as Moderating Variables. JAAF (Journal of Applied Accounting and Finance), 2(1), 36. https://doi.org/10.33021/jaaf.v2i1.304
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Published
2021-04-19
How to Cite
Nurfauziah, F. L., & Utami, C. K. (2021). PENGARUH PENGUNGKAPAN CSR DAN TATA KELOLA PERUSAHAAN TERHADAP NILAI PERUSAHAAN SEKTOR INDUSTRI SUB SEKTOR TEKSTIL DAN GARMEN. Jurnal Akuntansi, 15(1), 42–70. https://doi.org/10.25170/jak.v15i1.1619
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