CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE, INVESTMENT EFFICIENCY, INNOVATION, AND FIRM VALUE

Authors

  • Dien Ajeng Fauziah University of Brawijaya
  • Eko Ganis Sukoharsono University of Brawijaya
  • Erwin Saraswati University of Brawijaya

DOI:

https://doi.org/10.25273/jap.v10i1.6259

Keywords:

CSRD, Investment Efficiency, Innovation, Firm Value, Efisiensi Investasi, Inovasi, Nilai Perusahaan

Abstract

ABSTRACT

This research purpose is to analyze the effect of Corporate Social Responsibility Disclosure on the value of environmentally risky companies, as those in agricultural, primary industry and chemicals, mining, property, real estate, and building construction sectors, listed on the IDX from 2015 to 2018 through investment efficiency and innovation. The results of the PLS analysis indicate that such disclosure positively and insignificantly affects firm value through investment efficiency. Better exposure and efficiency tend to increase substantial value, although the improvement is insignificant in the underinvestment scenario. Furthermore, the disclosure positively and significantly enhances firm value through innovations with research and development activities.

ABSTRAK

Penelitian bertujuan untuk menguji dan menganalisis pengaruh CSRD terhadap nilai perusahaan melalui efisiensi investasi dan inovasi pada perusahaan berisiko dalam hal dampak lingkungan seperti sektor Agriculture, Basic Industry dan Chemicals, Mining, Property, Real Estate dan Building Construction terdaftar di BEI tahun 2015-2018. Penelitian ini menggunakan metode PLS sebagai analisis data. Hasil penelitian menunjukkan bahwa CSRD berpengaruh positif dan tidak signifikan terhadap nilai perusahaan melalui efisiensi investasi, artinya semakin baik CSRD dan efisiensi investasi maka cenderung dapat meningkatkan nilai perusahaan, meskipun peningkatannya tidak signifikan pada skenario underinvestment dan CSRD berpengaruh positif dan signifikan terhadap nilai perusahaan melalui inovasi dengan aktivitas RnD.

Downloads

Download data is not yet available.

References

Adhiwardana, E., & Daljono, D. (2013). Pengaruh Corporate Social Responsibility dan Kepemilikan Asing Terhadap Kinerja Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Diponegoro Journal of Accounting, 2(2), 1-12.

Amrulloh, M. F. (2019). Pengaruh Kebijakan Deviden, Kebijakan Hutang, Kebijakan Investasi Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2017. Journal of Chemical Information and Modeling, 53(9), 1689–1699.

Anggraeni, D. Y., & Djakman, C. D. (2018). Pengujian Terhadap Kualitas Pengungkapan CSR Di Indonesia. EKUITAS (Jurnal Ekonomi Dan Keuangan), 2(1), 22-41.

Benlemlih, M., & Bitar, M. (2018). Corporate Social Responsibility and Investment Efficiency. Journal of Business Ethics, 148, 647–671.

Bhandari, A., & Javakhadze, D. (2017). Corporate social responsibility and capital allocation efficiency. Journal of Corporate Finance, 43, 354-377.

Chen, R. C. Y., & Lee, C. H. (2017). The influence of CSR on firm value: an application of panel smooth transition regression on Taiwan. Applied Economics, 49(34), 3422-3434.

Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the relationship between CSR and financial performance. Sustainability (Switzerland), 11, 343.

Cook, K. A., Romi, A. M., Sánchez, D., & Sánchez, J. M. (2019). The influence of corporate social responsibility on investment efficiency and innovation. Journal of Business Finance and Accounting, 46(3-4), 494-537.

Deng, X., Kang, J. koo, & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.

Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal, 14(1), 180-193.

Dian, F., & Lidyah, R. (2016). Pengaruh Corporate Social Responsibility, Kepemilikan Manajerial Dan Kepemilikan Institusi Terhadap Nilai Perusahaan Tambang Batu Bara Yang Terdaftar Di BEI. Akuntansi, 4(2), 1-10.

Fajriana, A., & Priantinah, D. (2016). Pengaruh Corporate Social Responsibility, Keputusan Investasi, dan Struktur Modal Terhadap Nilai Perusahaan. Nominal, Barometer Riset Akuntansi Dan Manajemen, 5(2), 16-28.

Gallego-Ãlvarez, I., Prado-Lorenzo, J. M., & García-Sánchez, I. M. (2011). Corporate social responsibility and innovation: A resource-based theory. Management Decision, 49(10), 1709-1727.

García Lara, J. M., García Osma, B., & Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61(1), 221-238.

Hafez, H. (2016). Corporate social responsibility and firm value: an empirical study of an emerging economy. Journal of Governance and Regulation, 5(4), 40-53.

Handayani, R., Wahyudi, S., & Suharnomo, S. (2017). The effects of corporate social responsibility on manufacturing industry performance: The mediating role of social collaboration and green innovation. Business: Theory and Practice, 18, 152-159.

Harjoto, M., & Laksmana, I. (2018). The Impact of Corporate Social Responsibility on Risk Taking and Firm Value. Journal of Business Ethics, 151, 353–373.

Hung, M., Shi, J., & Wang, Y. (2013). The Effect of Mandatory CSR Disclosure on Information Asymmetry: Evidence from a Quasi-Natural Experiment in China. Retrieved October 4, 2019, from http://dx.doi.org/10.2139/ssrn.2206877.

Khanghah, V. T., & Zeynali, M. (2017). Investigating the Effect of Corporate Social Responsibility on the Investment Efficiency and Innovation. Journal of Health Accounting, 5(2), 1–27.

Kholida, N., & Susilo, D. E. (2019). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi (Studi Empiris Pada Perusahaan Sektor Pertambangan Batubara Yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2017-2018). Seminar Nasional Ekonomi & Bisnis Dewanatara, 1 (79–88). STIE PGRI Dewantara Jombang.

Klewitz, J., & Hansen, E. G. (2014). Sustainability-oriented innovation of SMEs: A systematic review. In Journal of Cleaner Production, 65(15), 57-75.

Kusumah, I. (2018). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Leverage Terhadap Nilai Perusahaan (Suatu Studi pada Perusahaan Pertambangan Sub Sektor Batu Bara yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017). Universitas Pasundan Bandung.

Li, Y., Gong, M., Zhang, X. Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. British Accounting Review, 50(1), 60-75.

MacGregor, S. P., & Fontrodona, J. (2011). Exploring the Fit between CSR and Innovation. Retrieved October 2, 2019. https://doi.org/10.2139/ssrn.1269334.

Marin, L., Martín, P. J., & Rubio, A. (2017). Doing Good and Different! The Mediation Effect of Innovation and Investment on the Influence of CSR on Competitiveness. Corporate Social Responsibility and Environmental Management, 24(2), 159-171.

Martono, N. (2014). Metode Penelitian Kuantitatif Analisis Isi dan Analisis Data Sekunder. Jakarta: Rajawali Press.

Meilinda Murnita, P. E., & Dwiana Putra, I. M. P. (2018). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas dan Leverage Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 23(2), 1470-1494.

Mishra, D. R. (2017). Post-innovation CSR Performance and Firm Value. Journal of Business Ethics, 140, 285–306.

Muqodim, M., & Susilo, J. (2013). Triple bottom line reporting dalam pelaporan tahunan perusahaan go public di indonesia. Jurnal Akuntansi & Auditing Indonesia, 17(1), 31-42.

Nur, F., Saraswati, E., & Andayani, W. (2019). Determinan Pengungkapan Tanggung Jawab Sosial Perusahaan dan Nilai Perusahaan: Kasus Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 6(2), 213–228.

Nur, M., & Priantinah, D. (2012). Analisis Faktor-Faktor Yang Mempengaruhi Pengungkapan Corporate Social Responsibility Di Indonesia (Studi Empiris Pada Perusahaan Berkategori High Profile Yang Listing Di Bursa Efek Indonesia). Nominal, Barometer Riset Akuntansi Dan Manajemen, 1(2), 22-34.

Orbaningsih, D., Subroto, B., Subekti, I., & Saraswati, E. (2017). Corporate Social Responsibility Disclosure, Firm Value, and Product Market Competition (Evidence from Indonesia). International Journal of Applied Business and Economic Research, 15(21), 471–482.

Prihadyanti, D., & Laksani, C. S. (2015). R & D dan Inovasi di Perusahaan Sektor Manufaktur Indonesia. Jurnal Manajemen Teknologi, 14(2), 187-198.

Pristianingrum, N. (2017). Pengaruh Ukuran, Profitabilitas, Dan Pengungkapan CSR Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Prosiding Seminar Nasional Dan Call For Paper Ekonomi Dan Bisnis (SNAPER-EBIS 2017), 353-364. Universitas Jember.

Rexhepi, G., Kurtishi, S., & Bexheti, G. (2013). Corporate Social Responsibility (CSR) and Innovation–The Drivers of Business Growth? Procedia - Social and Behavioral Sciences, 75, 532-541.

Rustiarini, N. I. W. (2010). Pengaruh Corporate Governance Pada Hubungan CSR dan Nilai Perusahaan. Simposium Nasional Akuntansi XIII. AKPM_12.

Samet, M., & Jarboui, A. (2017). How does corporate social responsibility contribute to investment efficiency? Journal of Multinational Financial Management, 40, 33-46.

Sheikh, S. (2018). Corporate social responsibility, product market competition, and firm value. Journal of Economics and Business, 98, 40–55.

Siswanti, I., Sukoharsono, E. G., & Prowanta, E. (2015). The Impact of Macro Economics on Firm Values and Financial Performance as an Intervening Variable: An Empirical Study of LQ45 Banking Industries in Indonesia. Global Journal of Business and Social Science Review Journal, 3(1), 88-94.

Stacia, E., & Juniarti. (2015). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan di Sektor Pertambangan. Business Accounting Review, 3(2), 81-90.

Sukoharsono, E. G. (2019). Sustaining a sustainability report by modifying triple bottom line to pentacle bottom line: an imaginary research dialogue. The International Journal of Accounting and Business Society, 27(1), 119–127.

Weng, H. H. R., Chen, J. S., & Chen, P. C. (2015). Effects of green innovation on environmental and corporate performance: A stakeholder perspective. Sustainability (Switzerland), 7(5), 4997-5026.

Willim, A. P. (2015). Price Book Value & Tobin’s Q: Which One is Better for Measure Corporate Governance? European Journal of Business and Management, 7(27), 74-79.

Zhong, M., & Gao, L. (2017). Does corporate social responsibility disclosure improve firm investment efficiency? Evidence from China. Review of Accounting and Finance, 16(3), 348-365.

Downloads

Additional Files

Published

2021-04-30

Issue

Vol. 10 No. 1 (2021)

Section

Articles

License

Perjanjian Lisensi dan Hak Cipta
Saat mengirimkan naskah ke jurnal, penulis menyatakan bahwa:

  • Mereka diberi wewenang oleh rekan penulisnya untuk masuk ke dalam perjanjian ini.
  • Karya yang dimaksud belum pernah diterbitkan secara resmi sebelumnya, kecuali dalam bentuk abstrak atau sebagai bagian dari kuliah, resensi, tesis, atau overlay jurnal yang diterbitkan.
  • Karya yang dimaksud tidak sedang dipertimbangkan untuk diterbitkan di tempat lain,
  • Publikasi karya yang dimaksud telah disetujui oleh semua penulis dan oleh otoritas yang bertanggung jawab - secara tahu sama tahu atau eksplisit - dari lembaga tempat pekerjaan itu dilakukan.
  • Mereka mengamankan hak untuk mereproduksi materi apa pun yang telah diterbitkan atau dilindungi hak cipta di tempat lain.
  • Mereka menyetujui lisensi dan perjanjian hak cipta berikut.

Hak Cipta
Penulis yang menerbitkan dengan ASSETS: Jurnal Akuntansi dan Pendidikan menyetujui persyaratan berikut:

  • Penulis mempertahankan hak cipta dan memberikan jurnal hak publikasi pertama dengan karya yang secara bersamaan dilisensikan di bawah Lisensi Atribusi Creative Commons (CC BY-SA 4.0) yang memungkinkan orang lain untuk berbagi karya dengan pengakuan kepenulisan karya dan publikasi awal di jurnal ini.
  • Penulis dapat masuk ke dalam pengaturan kontrak tambahan yang terpisah untuk distribusi non-eksklusif dari versi jurnal yang diterbitkan dari karya tersebut (misalnya, mempostingnya ke repositori institusional atau menerbitkannya dalam sebuah buku), dengan pengakuan publikasi awalnya di jurnal ini.
  • Penulis diizinkan dan didorong untuk memposting karya mereka secara daring (misalnya di repositori institusional atau di situs web mereka) sebelum dan selama proses pengiriman, karena dapat menghasilkan pertukaran yang produktif, serta kutipan lebih awal dan lebih besar dari karya yang diterbitkan.

 

License and Copyright Agreement
In submitting the manuscript to the journal, the authors certify that:

  • Their co-authors authorize them to enter into these arrangements.
  • The work described has not been formally published before, except as an abstract or part of a published lecture, review, thesis, or overlay journal.
  • That it is not under consideration for publication elsewhere,
  • That its publication has been approved by all the author(s) and by the responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
  • They secure the right to reproduce any material already published or copyrighted elsewhere.
  • They agree to the following license and copyright agreement.

Copyright
Authors who publish with ASSETS: Jurnal Akuntansi dan Pendidikan agree to the following terms:

  • Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  • Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during submission, as it can lead to productive exchanges and earlier and more extraordinary citations of published work.

Creative Commons License
ASSETS: Jurnal Akuntansi dan Pendidikan is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.