Pengaruh Kualitas Pengungkapan Corporate Social Responsibiliy terhadap Nilai Perusahaan dengan Kepemilikan Asing sebagai Variabel Moderasi: Studi Empiris pada Perusahaan Pertambangan yang Terdaftar di BEI Periode 2021 - 2024
Abstract
This study examines the effect of corporate social responsibility (CSR) disclosure quality on firm value, with foreign ownership as a moderating variable. The study focuses on mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Using purposive sampling, 25 companies were selected, resulting in 100 firm-year observations, and analyzed using moderated regression analysis (MRA). The findings indicate that CSR disclosure quality has a negative and significant effect on firm value, suggesting that higher CSR reporting quality may not be appreciated by the market and may even be perceived as a cost. However, foreign ownership positively moderates this relationship, suggesting that the presence of foreign investors strengthens governance and transforms CSR reporting into a long-term value creation mechanism. These results contribute to the literature by integrating CSR disclosure quality as measured by the GRI Standards with foreign ownership, a rarely examined approach in the Indonesian mining sector. Future studies are recommended to expand the cross-sector scope and complement the quantitative analysis with qualitative approaches.
References
Andreas, Christin, Wijaya, S., & Sembiring, J. C. (2021). Effect Of Liquidity, Asset Management, Leverage and Dividend Policy on Firm Value at Food and Beverages Companies Listed on the Indonesia Stock Exchange. Budapest International Research and Critics Institute-Journal, 4, 2615–3076.
Anggraini, R. D. (2011). Pengaruh Kepemilikan Institusional Dan Kepemilikan Asing Terhadap Pengungkapan Pertanggungjawaban Sosial Perusahaan Dalam Annual Report. Universitas Diponegoro.
Astuti, W. B., & Ayuningtyas, R. D. (2019). Faktor-Faktor Yang Mempengaruhi Reputasi Lingkungan Perusahaan Indonesia. Sosio Dialektika, 4(2), 143–160.
Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. The Academy of Management Review, 4(4), 497–505.
Chandrarin, Grahita. 2018. Metode Riset Akuntansi Pendekatan Kuantitatif. Cetakan Kedua. Jakarta: Salemba.
Cormier, D., Ledoux, M. J., & Magnan, M. (2011). The Informational Contribution of Social and Environmental Disclosures for Investors. Management Decision, 49(8), 1276–1304.
Delvia, S., & Helmy, H. (2024). Pengaruh Penerapan Green Accounting Dan Pengungkapan Corporate Social Responsibility (Csr) Terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi (Jea), 6(4), 1372–1389.
Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, And Implications and From the Specific Comments of Many People, Including Professors Aupperle. Academy Of Management Review, 20(1), 65–91.
Dzakkiansyah, M., Ruhadi & Setiawan, I. (2022). Apakah Harga Saham dapat Dipengaruhi Return on Equity dan Return on Investmen? Studi pada Perbankan yang Terdaftar di Bursa Efek Indonesia. Indonesian Journal of Economics and Management, 2(3), 583-589.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74. https://doi.org/10.5465/amr.1989.4279003
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325. https://doi.org/10.1086/467037
Fanani, Z., & S, Y. H. (2016). Struktur Kepemilikan Dan Nilai Perusahaan. Jurnal Kajian Ekonomi Dan Bisnis Islam, 9(1), 99–122.
Fatima, A. H., N. Abdullah, dan M. Sulaiman. (2015). Enviromeltal Disclosure Quality: Examining the Impact of the Stock Exchange of Malaysia’s Listing Requirements. Social Responsibility Journal 11(4): 904-922.
Fatmasari, R. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Variabel Pemoderasi. Skripsi.
Fauzi, Hasan. (2006). Corporate Social and Enviromental Performance: A Comparative Study Between Indonesian Companies and Multinational Companies (Mncs) Operating In Indonesia. Jurnal Akuntansi Dan Bisnis, Vol 6, No.1, Februari 2006.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program Ibm Spss 25. Semarang: Badan Penerbit Universitas Diponegoro.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Corporate Environmental and Social Responsibility Disclosure: Investor Behavior and Firm Responses. Annual Review of Financial Economics, 13, 339–361. https://doi.org/10.1146/annurev-financial-112420-030338
Gould, A. M., Joullié, J. E., & Gould, K. (2024). First Things First: Unselfconscious Corporate Virtuosity and Corporate Performance. Business Strategy and The Environment, 33(2), 692–706. Https://Doi.Org/10.1002/Bse.3510
Gunawan, J., & Utami, S. R. (2008). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, 10(2), 100–110.
Hadiprajitno, P. B. (2013). Struktur Kepemilikan, Mekanisme Tata Kelola Perusahaan, Dan Biaya Keagenan Di Indonesia. Jurnal Akuntansi & Auditing, 9(2), 97–127.
Haji, A. A., Coram, P., & Troshani, I. (2023). Consequences Of Csr Reporting Regulations Worldwide: A Review and Research Agenda. Accounting, Auditing and Accountability Journal, 36(1), 177–208. Https://Doi.Org/10.1108/Aaaj-05-2020-4571
Hery. (2017). Kajian Riset Akuntansi Mengulas Berbagai Hasil Penelitian Terkini Dalam Bidang Akuntansi Dan Keuangan. PT Grasindo.
Indrarini, S. (2019). Nilai Perusahaan Melalui Kualitas Laba (Good Governance Dan Kebijakan Perusahaan). Scopindo.
Indrawan, D. C. (2011). Pengaruh Corporate Social Responsibility Terhadap Kinerja Perusahaan. Skripsi.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jizi, M. I., A. Salama, R. Dixon, dan R. Stratling. (2014). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from US Banking Sector. Journal of Business Ethics 125(4): 601-615.
Kawisana, P. G. W. P., Jayanti, S. E., & Pertiwi, D. A. E. (2023). Effect Of Corporate Social Responsibility Disclosure to the Value of Companies with Environmental Management as A Moderating Variable. International Journal of Environmental, Sustainability, And Social Science, 4(4), 1068–1073. Https://Doi.Org/10.38142/Ijesss.V4i4.672
Khairina Sissandhy, A. (2014). Pengaruh Kepemilikan Asing Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Intervening. Diponegoro Journal of Accounting, 3(2), 1–7. Http://Ejournal-S1.Undip.Ac.Id/Index.Php/Accounting
Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate Governance and Corporate Social Responsibility Disclosures: Evidence from An Emerging Economy. Journal Of Business Ethics, 114(2), 207–223. Https://Doi.Org/10.1007/S10551-012-1336-0
Kuo, L. dan V. Y. J. Chen. 2013. Is Environ- mental Disclosure an Effective Strategy on Establishment of Environmental Legitimacy for Organization? Manage- ment Decision 51 (7): 1462-1487.
Maulida, Dinda. (2013). Pengaruh Kepemilikan Asing, Afiliasi Asing Dan Proyek Pemerintah Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan. Skripsi Fakultas Ekonomi: Universitas Diponegoro.
Nuraini, W., (2015). Pengaruh Pengungkapan Corporate Social Responsibility (Csr) Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Dan Struktur Kepemilikan Asing Sebagai Variabel Moderating. Skripsi Fakultas Ekonomi: Uin Maulana Malik Ibrahim Malang.
Ogachi, D., & Zoltan, Z. (2020). Corporate Social Responsibility and Firm Value Protection. International Journal of Financial Studies, 8(4), 1–22. Https://Doi.Org/10.3390/Ijfs8040072
Oh, W. Y., Chang, Y. K., & Martynov, A. (2011). The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea. Journal of Business Ethics, 104(2), 283–297. https://doi.org/10.1007/s10551-011-0912-z
Permana, I. B. T., & Wirawati, N. G. P. (2018). Pengaruh Corporate Social Responsibility Disclosure Pada Nilai Perusahaan Dengan Kepemilikan Asing Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 25(1), 606–634.
Prado-Lorenzo, J. M., Gallego-Álvarez, I., & García-Sánchez, I. M. (2009). Stakeholder Engagement and Corporate Social Responsibility Reporting: The Ownership Structure Effect. Corporate Social Responsibility and Environmental Management, 16(2), 94–107. https://doi.org/10.1002/csr.189
Priambodo, D. B., & Prasetyo, K. (2020). Corporate Social Responsibility, Foreign Ownership, And Firm Financial Performance. International Journal Of Innovation, Creativity And Change, 13(4), 830–847.
Priyatno, D. (2010). Paham Analisa Statistik Data dengan SPSS. Yogyakarta: Mediakom
Purwanto, A. (2020). The Effect of CSR Disclosure Quality on Firm Value: Evidence from Indonesia. International Journal of Economics and Business Administration, 8(3), 307–316.
Putra, A. G. T. D., & Wirakusuma, M. G. (2017). Pengaruh Corporate Social Responsibility Disclosure Terhadap Nilai Perusahaan Dengan Kepemilikan Asing Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 19, 1719–1746.
Rahayu, Puji. (2015). Pengaruh Kepemilikan Saham Publik, Profitabilitas, Dan Pengungkapan Media Terhadap Pengungkapan Tanggung Jawab Social Pada Perusahaan Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2013. Skripsi. Semarang: Fakultas Ekonomi, Universitas Negeri Semarang
Rahmania, M., (2022). Pengaruh Pengungkapan Csr Dan Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderating. Skripsi Fakultas Ekonomi Dan Bisnis, Universitas Mulawarman Samarinda.
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect Of Liquidity, Profitability, And Size Of Companies On Firm Value. Utopia Y Praxis Latinoamericana, 25(Extra 6), 325–332. Https://Doi.Org/10.5281/Zenodo.3987632
Rofiqkoh, E., & Priyadi, M. P. (2016). Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(10), 1–18.
Rosiliana, K., Gede Adi Yuniarta, & Darmawan, N. A. S. (2014). Pengaruh Corporate Social Responsibility Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Lq45 Di Bursa Efek Indonesia Periode 2008- 2012). Jurusan Akuntansi Program S1, 2(2). Https://Doi.Org/10.35905/Balanca.V5i2.5318
Rustiarini, N. W. (2010). Pengaruh Corporate Governance Pada Hubungan Corporate Social Responsibility Dan Nilai Perusahaan. Simposium Nasional Akuntansi XIII Purwokerto 2010, 1–24.
Seth, R., & Mahenthiran, S. (2022). Impact Of Dividend Payouts And Corporate Social Responsibility On Firm Value – Evidence From India. Journal Of Business Research, 146(March), 571–581. Https://Doi.Org/10.1016/J.Jbusres.2022.03.053
Sharif, H. P., Johari, J., Fadzilah, W., & Theng, L. W. (2021). Impact Of Integrated Reporting Quality Disclosure On Cost Of Equity Capital In Australia And New Zealand. Indonesian Journal Of Sustainability Accounting And Management, 5(2). Https://Doi.Org/10.28992/Ijsam.V5i2.400
Subramaniam, N., McManus, L., & Zhang, J. (2009). Corporate governance, firm characteristics and risk management committee formation in Australian companies. Managerial Auditing Journal, 24(4), 316–339.
Sekaran, Uma. (2006). Metodologi Penelitian Untuk Bisnis. Edisi 4. Buku 1. Jakarta: Salemba Empat.
Tamba, E. G. H. (2011). Pengaruh Struktur Kepemilikan Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan (Studi Empiris Pada Perusahaan Manufacturing Secondary Sectors Yang Listing Di Bei Tahun 2009 ). Skripsi, 1–110.
Tarjo, T., Anggono, A., Yuliana, R., Prasetyono, P., Syarif, M., Alkirom Wildan, M., & Syam Kusufi, M. (2022). Corporate Social Responsibility, Financial Fraud, And Firm’s Value In Indonesia And Malaysia. Heliyon, 8(12). Https://Doi.Org/10.1016/J.Heliyon.2022.E11907
Tian, Z., Wang, R., & Yang, W. (2011). Consumer Responses To Corporate Social Responsibility (CSR) In China. Journal Of Business Ethics, 101(2), 197–212. Https://Doi.Org/10.1007/S10551-010-0716-6
Uy, W. S., & Hendrawati, E. (2020). Pengaruh Corporate Social Responsibility Dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Liability, 2(2), 87–108. Https://Doi.Org/10.57235/Jamparing.V2i2.3100
Wahyuni, W., A P, I. N. N., & Hidayati, S. A. (2018). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility (CSR) Sebagai Variabel Pemoderasi (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Jakarta Islamic Index Periode 2010 – 2017). Jmm Unram - Master of Management Journal, 7(2), 72–85. Https://Doi.Org/10.29303/Jmm.V7i2.383
Weston, J., & Brigham, E. F. 1993. Manajemen Keuangan : Jilid 1. Jakarta: Salemba Empat. Yulfitri, R., & Yuyetta, E. N. A. (2017). Kualitas Pengungkapan CSR dan Nilai Perusahaan: Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI. Diponegoro Journal of Accounting, 6(4), 1–12.
.png)
.png)
