Pengaruh Corporate Social Responsibility, Leverage, Dan Proporsi Komisaris Independen Terhadap Kinerja Keuangan Perusahaan
DOI:
https://doi.org/10.25299/kiat.2017.vol28(1).2902Keywords:
corporate social responsibility, leverage, proportion of independent commissioner, short-term profitability (ROE), long-term profitability (Tobin's Q)Abstract
This research was aims to examine empirically the influence of corporate social responsibility, leverage, and the proportion of independent commissioners to the company's financial performance. Through purposive sampling techniques acquired 41 companies that follow PROPER and listed on the Indonesia Stock Exchange as a sample. Performed during the observation period of 3 years, namely the period 2011 through 2013. The results showed that for the model 1 only leverage significant effect on short-term profitability (ROE), while the CSR and the proportion of independent commissioners had no significant effect. For model 2 CSR only significant effect on long-term profitability (Tobin's Q), while the leverage and the proportion of independent commissioners had no significant effect.
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References
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Aras, G., Aybars, A., & Kutlu, O. 2009. Managing corporate performance investigating the relationship between corporate social responsibility and financial performance in emerging markets. International Journal ofProductivity and Performance Management Vol.59 No.3, 2010 pp.229-254.
Banks, E. 2004. Corporate Governance Financial Responsibility, Controls and Ethics. First published: Palgrave Macmillan.
Brigham, F. Eugene dan Joel F. Houston. 2001. Manajemen Keuangan, Edisi Kedelapan. Jakarta: Penerbit Erlangga.
Cabral, Luis. 2012. Living Up To Expectations: Corporate Reputation and Sustainable Competitive Advantage. New York University and CEPR.
Chariri, A., dan Ghozali, I., 2007. Teori Akuntansi. Semarang: Badan Penerbit UNDIP, ISBN 979.704.014.3.
Daniri, M. Achmad. 2008. Standarisasi Tanggung Jawab Sosial Perusahaan. Diakses 11 November 2014.
Elkington, J. 1997. Cannibals With Forks: The Triple Bottom Line of 21st Century Business. Capstone: Oxford.
Global Reporting Initiative (GRI). https://www.globalreporting.org/resourcelibrary/G3-Sustainability-Reporting-Guidelines.pdf. Diakses 20 September 2014.
Gonzalez, Víctor M. 2013. Leverage and corporate performance: International evidence. International Review of Economics and Finance 25 169–184.
Gupta, P., dan Sharma, A.M. 2014. A study of the impact of corporate governance practices on firm performance in Indian and South Korean companies. Social and Behavioral Sciences 133:4–11.
Hanafi, M,M., dan Halim, A. 2012. Analisis Laporan Keuangan. Edisi Keempat. Yogyakarta: UPP STIM YKPN.
Ikhsan. 2008. Akuntansi Lingkungan dan Pengungkapannya. Edisi Pertama. Yogyakarta: Graha Ilmu.
Inoue, Yuhei., dan Lee, Seoki. 2011. Effects of different dimensions of corporate social responsibility on corporate financial performance in tourism-related industries. Tourism Management Journal 32 (2011) 790e804.
Kang Wang, W., Min Lu, W., Long Kweh, Q., dan Wen Lai, H. 2014. Does corporate social responsibility influence the corporate performance of the U.S. telecommunications industry. Telecommunications Policy Journal 38(2014).
Kasmir. 2008. Analisis Laporan Keuangan. Jakarta: Penerbit Raja Grafindo Persada.
Keputusan Direksi PT Bursa Efek Jakarta Nomor : Kep-305/BEJ/07-2004 tentang “Pencatatan Saham dan Efek Bersifat Ekuitas Selain Saham Yang Diterbitkan oleh Perusahaan Tercatat”. Diakses 29 Desember 2014.
Keputusan Menteri Badan Usaha Milik Negara Nomor : Kep-117/M-Mbu/2002 Tentang “Penerapan Praktek Good Corporate Governance Pada Badan Usaha Milik Negara (Bumn)”.
Lako, Andreas. 2010. Dekonstruksi CSR & Reformasi Paradigma Bisnis dan Akuntansi, Jakarta: Penerbit Erlangga.
Lioui, Abraham., dan Sharma, Zenu., 2012. Environmental corporate social responsibility and financial performance: Disentangling direct and indirect effects. Ecological Economics Journal 78 (2012) pp.100–111.
Lipton, M., Lorsch, J. 1992. A Modest Proposal for Improved Corporate Governance, Business Lawyer. Vol. 48, Issue 1, pp. 59-78.
Lu, Jun. 2010. The Relationship Among Enviromental Disclosure, Enviromental Performance and Financial Performance: An Empirical Study in China. Working Paper series.
Maden, C., Arikan, E., Telci, E., dan Kantur, D. 2012. Linking corporate social responsibility to corporate reputation: a study on understanding behavioral consequences. Procedia Journal. Social and Behavioral Sciences 58 (2012) 655–664.
Marina, Diana. 2014. Analisis Pengaruh Implementasi CSR Terhadap Economic Value Added Perusahaan di Indonesia. Tesis Universitas Gadjah Mada.
Maryati, E., dan Tjahjadi, B. 2013. Analisis Corporate Social Responsibility dan Good Corporate Governance Terhadap Kinerja Keuangan Yang Mempengaruhi Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi dan Bisnis.
Matemilola, B.T, Bany-Ariffin, and Azman-Saini, W.N.W. 2013. Impact of Leverage and Managerial Skills on Shareholders’ Return. Procedia Economics and Finance 7 103–115.
Muntoro, R.K. 2006. Membangun Dewan Komisaris yang Efektif.
Oeyono, J., Samy, M., & Bampton, R. 2011. An examination of corporate social responsibility and financial performance: A study of the top 50 Indonesian listed corporations. Journal of Global Responsibility Vol.2 No.1, 2011, pp. 100-112.
Orlitzky, M., Siegel, D.S, and Waldman, D.A. 2011. Strategic Corporate Social Responsibility and Environmental Sustainability. Business Society: 50:6.
Pedoman Umum Good Corporate Governance Indonesia. 2006. Komite Nasional Kebijakan Governance. Diakses 22 Desember 2014.
Porter, M. E., & Kramer, M. R. 2002. The competitive advantage of corporate philanthropy. Harvard Business Review. 80 (12) 56-68.
Ridha, Ahmad. 2012. Konsep Dasar dan Prinsip Akuntansi “Investasi Modal” http://ahmadridhawordprees.blogspot.com/2012/07/investasi-modal.html. Diakses 4 Desember 2014.
Saeidi, S.P., Sofian, S., Parvaneh S., Parisa, S., dan Alireza, S. 2014. How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research.
Subramanyam, K R dan Wild J. 2010. Financial Statement Analysis. Edisi Sepuluh. Jakarta: Salemba Empat.
Syamsuddin, Lukman. 2009. Manajemen Keuangan Perusahaan. Jakarta: Penerbit Raja Grafindo Persada.
Tunggal, W. S. P., dan Fachrurrozie. 2014. Pengaruh Environmental Performance, Environmental Cost Dan Csr Disclosure Terhadap Financial Performance. Accounting Analysis Journal 3 (3) (2014).
