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Pengaruh Corporate Governance Pada Hubungan Corporate Social Responsibility Dan Nilai Perusahaan

Ni Wayan Rustiarini*
Universitas Mahasaraswati Denpasar

[Jurnal Akuntansi (SNA 13) – Akuntansi Keuangan dan Pasar Modal]

Abstract

The corporate responsibility has to be based on triple bottom lines those are social, environmental, and financial. The corporate governance is represented with managerial ownership, institutional ownership, independent commissary proportion, and the member of audit committee as the moderating variable. This research is aimed to investigate the influence corporate social responsibility and corporate governance on firm value, and to study the influence of corporate governance toward corporate social responsibility and firm value in Indonesia Stock Exchange on 2008. Factor analysis and regression analysis are used to analyze the data.

The result shows that corporate social responsibility and corporate governance influence on firm value. Corporate governance influenced on the relation between corporate social responsibility disclosure and firm value. Corporate governance variable is a moderating variable on the relation between corporate social responsibility disclosure and firm value.

Keywords: audit committee, independent commissary, institusional ownership, managerial ownership.

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Currently the company’s responsibility should be based on the triple bottom lines of corporate responsibility on social aspects, environment, and finance so that every company must disclose information about corporate social responsibility or corporate social responsibility (CSR). The importance of CSR has been regulated in the Act. 25 of 2007 on Investment and the Law No. 40 of 2007 regarding Limited Liability Company. Thus, CSR is an obligation that must be implemented enterprise, not a voluntary activity. Research on the relationship of CSR and corporate performance has been widely applied but showed inconsistent results. Initial empirical research conducted Spicer (1978) who found no association between the investment value of shares with corporate social performance although the association rate decreases from year to year. Research and Buchloz Alexander (1978) found no effect of social disclosure stock price. Research Suratno et al. (2006) found different results that positively affect the environmental performance to economic performance. Results were consistent with the study and Paul Siegel (2006) which indicates that CSR activities affect the efficiency, technical change, and economies of scale enterprise.

Research on the relationship of CSR and corporate performance has been widely carried out but showed inconsistent results. Early empirical studies conducted Spicer (1978) who found an association between the investment value of the shares by the company’s social performance although the association rate decreases from year to year. Alexander and Buchloz penelit ian (1978) found no effect of social disclosure by the stock price. Research Suratno et al. (2006) found different results of the environmental performance of a positive effect on economic performance. The results are consistent with research and Paul Siegel (2006) which indicates that CSR activity affects the efficiency, technical change, and the company’s economies of scale. ………….

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