Pengaruh Corporate Social Responsibility Disclosure

Bidang Ilmu :
Manajemen Keuangan
LAPORAN PENELITIAN HIBAH DISERTASI DOKTOR
TAHUN ANGGARAN 2011
Pengaruh Corporate Social Responsibility Disclosure Terhadap Kinerja
Keuangan dan Kinerja Pasar
(Studi Perusahaan Tercatat pada Bursa Efek Indonesia)
Dian Masita Dewi, SE.,MM.
Dibiayai Oleh Direktorat Jendral Pendidikan Tinggi, Kementrian Pendidikan Nasional
Melalui DIPA Universitas Brawijaya Rev. 1 Nomor: 0636/023-04.2.16/15/2011 R,
Tanggal 30 Maret 2011, dan Berdasarkan Surat Keputusann Rektor Universitas Brawijaya
Nomor : 214/SK/2011 tanggal 2 Mei 2011
UNIVERSITAS BRAWIJAYA
NOVEMBER 2011
ABSTRAK
Dian Masita Dewi, Program Doctor Ilmu Manajemen Pascasarjana Fakultas
Ekonomi Universitas Brawijaya, Malang 2011. Pengaruh Corporate Social
Responsibility Disclosure Terhadap Kinerja Keuangan Dan Kinerja Pasar (S
S tu d i
Perusahaan Tercatat Pada Bursa Efek Indonesia). Promotor : Made Sudarma, KoPromotor: Djumahir Dan Eko Ganis.S.
Penelitian bertujuan untuk menguji dan membuktikan secara empiris pengaruh
pengungkapan pelaksanaan Corporate Social Responsibility Disclosure (CSRD)
terhadap kinerja perusahaan. Hasil penelitian ini diharapkan dapat memperkaya dan
melengkapi khasanah ilmu pengetahuan di bidang manajemen keuangan, terutama
mengenai fenomena pengaruh CSRD terhadap kinerja perusahaan, dimana dalam
penelitian ini tidak hanya dianalisis secara parsial namun penelitian ini juga
menganalisis secara interdependen/ resiprokal untuk mengetahui lebih dalam motivasi
perusahaan untuk extent of disclosure.
Penelitian merupakan penelitian eksplanatoris dengan menggunakan
pendekatan positivist (paradigma positivisme). Populasi penelitian adalah perusahaan
yang tercatat pada Bursa Efek Indonesia selama 3 tahun pengamatan (2007-2009).
Penentuan sampel dilakukan dengan menggunakan metode purposive sampling dan
diperoleh sebanyak 58 perusahaan pertahun. Analisis data dalam penelitian ini terbagi
menjadi 2 jenis analisis, yaitu statistik deskriptif dan statistic inferensial (SEM). Dalam
penelitian ini analisis statistic deskriptif berupa nilai minimum, nilai terendah dan
tertinggi dari masing-masing variable. Statistic inferensial dalam penelitian ini dianalisis
dengan menggunakan metode analisis Structural Equation Model (SEM) dengan
menggunakan program Analysis of moment Structures (AMOS) versi 16.
Hasil penelitian menunjukkan bahwa: (1) berapapun tingkat CSRD tidak
berpengaruh terhadap tinggi rendahnya kinerja keuangan yang diproxykan oleh Return
on Equity (ROE); (2) semakin tinggi kinerja keuangan yang diproxykan oleh ROE
mendorong perusahaan untuk lebih meningkatkan tingkat CSRDnya, demikian
sebaliknya. (3) berapapun tingkat CSRD tidak berpengaruh terhadap tinggi rendahnya
kinerja keuangan yang diproksikan oleh Return On Asset (ROA) (4) semakin tinggi
kinerja keuangan yang diproxykan oleh Return On Asset (ROA) mengakibatkan
peningkatan tingkat CSRD (5) berapapun tingkat CSRD tidak berpengaruh terhadap
peningkatan kinerja pasar yang diproxykan oleh Market Value Added (MVA) (6)
meningkatnya kinerja pasar yang diproxykan oleh Market Value Added (MVA)
berpengaruh terhadap peningkatan CSRD,demikian pula sebaliknya.
Kata kunci: Corporate Social Responsibility Disclosure, ROA, ROE, MVA
ABSTRACT
Dian Masita Dewi, A Program Of Doctor Of Management Sciences Graduate Fakultas
Ekonomi Universitas Brawijaya , Unfortunate 2011 . The Influence Of Corporate Social
Responsibility Disclosure Against The Financial Performance Of And Performance The
Market ( The Study Of The Company Listed On The Indonesia Stock Exchange ) . A
Promoter : Made Sudarma , Ko Promotor : Djumahir And Eko Ganis . S .
Research aims to test and prove in an empirical manner the influence of the
disclosure of the execution of Corporate Social Responsibility Disclosure ( CSRD )
against the performance of the company . The result of this research is expected to be
enrich and equips khasanah science in the field of money management , especially
regarding the phenomena of the influence of CSRD against the performance of the
company , where in of this research was not only analyzed in partial but this research
also analyze in interdependen / reciprocals to know exceed in motivation company to
extent of disclosure . Research is research eksplanatoris by the use of the approach of
positivist ( paradigm of positivism ) .Tthe population research is a company that listed
on the Indonesia Stock Exchange during 3 years observation (2007-2009 ) .
Determination of the sampling is done using a purposive sampling method and obtained
as many as 58 companies per year. Data analysis in the present study is divided into
two types of analysis, descriptive statistics and the statistical inferensial (SEM). In this
descriptive study of the statistical analysis of minimum value, the lowest and highest
value of each variable. The statistical inferensial in the present study analyzed by using
Structural Equation Model analysis method (SEM) by using program Analysis of
moment Structures (AMOS) version 16.
The results showed that: (1) Regardless of the level of CSRD has no effect on
the financial performance of a high low proxied by Return on Equity (ROE); (2) The
higher the financial performance of the proxied by pushing the company to more ROE
increase the level of CSRDnya, so instead. (3) Regardless of the level of CSRD has no
effect on the financial performance of a high low proxied by Return On Asset (ROA) (4)
The higher the performance of the financial proxied by Return On Asset (ROA) lead to
increased levels of CSRD (5) Regardless of the level of CSRD has no effect on the
performance improvement of the market proxied by Market Value Added (MVA) (6)
Increasing the performance of a market proxied by Market Value Added (MVA) affect
the improvement of CSRD, and vice versa.
Keywords: Corporate Social Responsibility Disclosure, ROA, ROE, MVA
DAFTAR PUSTAKA
Abbot, WF., and Monsen, R.J. (1979). On the Measurement of Corporate Social
Responsibility : Self-Reported an Methode of Measurement Corporate Social
Involvement, Academy of Management Journal, 22 : 501-15.
Adams, C.A. (2002). Internal Organizational Factors Influencing Corporate Social and
Ethical Reporting Beyond Current Theorizing, Accounting, Auditing and
Accountability Journal, 15 : 2.
Ambadar, Jackie, Corporate Social Responsibility (CSR) dalam Praktik di Indonesia,
Jakarta : PT. Elex Media Komputindo, 2008.
Anggraini, Fr. Reni Retno. (2006). Pengungkapan informasi sosial dan faktor-faktor
yang mempengaruhi pengungkapan informasi sosial dalam laporan keuangan
tahunan (studi empiris pada perusahaan-perusahaan yang terdaftar Bursa Efek
Jakarta). Simposium Nasional Akuntansi IX, Padang, 23-26 Agustus 2006.
Anderson, S., Palma, A. De., and Thisse, J. (1997). Privatization and Efficiency in a
differentiated Industry, European Economic Review, 41 : 1635-1654.
Anderson, J.C. and Frankle, A.W. (1980). Voluntary Social Reporting: An Iso-Beta
Portfolio Analysis, The Accounting Review, 55 : 468-79.
Ballou, B., L. Heither dan C. E. Landes. (2006). The Future of Corporate Sustainability
Reporting : a Rapidly Growing Assurance Opportunity, Journal of Accounting, 65 :
74.
Basalamah, A. S. dan J. Jermias. (2005). Social and Environmental Reporting and
Auditing in Indonesia : Maintaining Organizational Legitimacy? Gajah Mada
International Review Volume, 14 : 107-125
Belkaoui, A. And Karpik, P.G. (1989). Determinants of the Corporate Decision to
Disclose Social Information, Accounting, Auditing and Accountability Journal, 1:1.
Bourgeois, L.J. (1985). Strategic Goal, Percevied Uncertainly and Economic
Performance in Volatile Environments, Academy of Management Journal, 29 :
562-585.
Bowman, H. (1978). Strategy, Annual Report and Alchemy, California Management
Review, 20 : 64-71.
Bragdon, J.H. and Marlin, J.U.A.T. (1972). Is Pollution Profitable. Risk Management. 19
: 9-18.
Brown, N. dan C. Deegan. 1998. The public disclosure of environmental performance
information—a dual test of media agenda setting theory and legitimacy theory,
Accounting and Business Research 29(1): 21-41
Chapra, Umer. (1992). Islam and The Economic Challenge. The Islamic Foundation.
London.
Cooper, S.M., dan D.L. Owen. 2007. Corporate social reporting and stakeholder
accountability: the missing link, Accounting, Organization, and Society 32:
649-667
Darwin, Ali. (2006). Akuntabilitas Kebutuhan, Pelaporan dan Pengungkapan CSR bagi
Perusahaan di Indonesia, Economic Business Accounting Review Departemen
Akuntansi FEUI, Edisi III : 83-95.
Devina, F., L. Suryanto, dan Zulaikha. 2004. Pengaruh karakteristik perusahaan
terhadap pengungkapan sosial dalam laporan tahunan perusahaan Go Publik di
Bursa Efek Jakarta, Jurnal Manajemen Akuntansi & Sistem Informasi 4 : 161-177
Deegan, C. (2002). Introduction - The Legitimizing Effect of Social and Enviromental
Disclosure – A Theoretical Foundation. Accounting, Auditing and Accountability
Journal, 15 : 182-311.
Deegan, C. Rankin, M. Tobin, J. (2002). An Examination of the Corporate Social and
Enviromental Disclosure BHP from 1983-1997 a Test of Legitimacy Theory,
Accounting, Auditing and Accountability Journal, 15 : 312-343.
Elkington, J. (1997). Cannibals with Forks : The Tripple Botton Line of 21st Centaury
Business. Oxford. UK. Capstone.
Farinos, J.E., Garcia, C.J., and Ibanez, A.M. (2007). Operating and Stock Market
Performance of State-owned Enterprise Privatizations : The Spanish Experience,
International Review of Financial Analysis.
Ferdinand, A. (2006). Structural Equition Modelling : Dalam Penelitian Manajemen, BP.
UNDIP.
Fliess, B., H. Lee, H., O.L. Dubreuil dan O. Agati. 2006. CSR and trade Informing
consumer about social and environmental conditions of globalised production,
OECD Trade Policy Working Paper No. 47: 2-39
Freedman, M. and Jaggi. (1988). An Analysis of the Association Between Pollution
Disclosure and Economic Performance, Accounting, Auditing and Accountability
Journal, 1 : 6-20.
Fry, F. and Hock, R.J. (1976). Who Claim Corporate Responsibility? The Biggest and
The Worst, Bussiness and Society Review/Innovation, 18 : 62-75.
Ghazali, Nazli, A.M. (2007). Ownership Structure and Corporate Social Responsibility
Dsiclosure : Some Malaysian Evidence, Manajement Research News, 7 : 251-266.
s:
Ghazali, Nazli, A.M. (2008). Voluntary Disclosure in Malaysian Corporate Annual Report
: Views of Stakeholder, Manajement Research News, 4 : 504-516.
Gray, R. Kouhy, R. And Lavers, S. (1995). Corporate Social and Environmental Report,
Accounting and Auditing Journal, 8 : 47-77.
Ghozali, I. (2008). Sttructural Equation Modelling Metode Alternatif dengan Partial Least
Square. Edisi 2. BP UNDIP.
Gruning, M. (2007). Drivers of Corporate Disclosure : a Structural Equation Analysis in a
Central European Setting, Management Reseach News, 30 : 646-660.
Guthrie, J. and L.D. Parker (1990), “Corporate Social Disclosure Practice: A
Comparative International Analysis”, Advances in Public Interest Accounting, Vol.
3, pp. 159-175
Handayani, Lilik (2009). Pengaruh Manajemen Laba Dan Mekanisme Corporate
Governance
Terhadap
Pengungkapan
Tanggung
Jawab
Sosial:
Studi Pada Perusahaan Publik Di Bursa Efek Indonesia. Tesis pada program
megister akuntansi, Universitas Brawijaya.
Haniffa, R.M. dan T.E. Cooke. 2002. Culture, corporate governance and disclosure in
Malaysian corporations, Abacus 38 (3): 317-349
Harahap, Sofyan, S. (2004). Teori Akuntansi. Raja Grafindo Persada.
Hasyir, D.A. (2009). Pengungkapan Informasi Pertanggungjawaban Sosial Pada
Laporan Tahunan Perusahaan-Perusahaan Publik di Bursa Efek Jakarta, Working
Paper in Accounting and Finance, Departement of Accounting Padjadjaran
University.
Heard, J.E. and Bolce, W.J. (1981). The Political Significant of Corporate Social
Reporting in The USA, Accounting, Organizations and Society, 6 : 54-247.
Jo, Hoje dan Yongtae Kim. (2007). Ethics and Disclosure : A Stusy of The Financial
Performance of Firm in the Seasoned Equity Offerings Market, Journal of Business
Ethics, 80 : 855-878.
Ingram, R.W. and Frazier, K.B. (1983). Environmental Performance and Corporate
Disclosure, Journal of`Accounting Research, 18 : 614-660.
Ikatan Akuntansi Indonesia. (2007). Standar Akuntansi Keuangan. Penerbit Salemba
Empat. Jakarta.
Jogiyanto. (2004). Metodologi Penelitian Bisnis : Salah Kaprah dan PengalamanPengalaman, Edisi 2004-2005. BPFE. Yogyakarta.
Kasali, Reinald. (2005). Managemen Public Relations. Jakarta. Ghalia Indonesia.
Keputusan Badan Pengawas Pasar Modal dan Lembaga Keuangan Nomor : Kep134/BL/2007 tentang Kewajiban Penyampaian Laporan Tahunan bagi Emiten atau
Perusahaan Publik.
Lindblom, C.K. (1994). The Implications of Organizational Legitimacy for Corporate
Social Performance and Disclosure, Paper Presented at the Critical Perspectives
of Accounting Conference. New York.
Mahoney, L., Roberts, R.W., 2007. Corporate social performance, and financial
performance and institutional ownership in Canadian firms. Accounting Forum 31,
233-253.
Mc.Guire, J. (1963). Business and Society. McGraw-Hill. New York.
McConnell, J., and Servaes, H. (1990). Additional Evidence on Equity Ownership and
Corporate Value, Journal of Financial Economic, 27 : 595-612.
Megginson, W., Nash, R., and Randenborg. (1994). The Financial and Operating
Performance of Newly Privatized Firms : An Interbational Emphirical Analysis,
Journal of Financial Economic, 49 : 403-452.
Memed, Sueb. (2001). Tanggungjawab Sosial Perusahaan dan Kaitannya dengan
Pasal 33 UUD 1945, Konglomerat dan Sepak terjangnya, Kwik Kian Gie dan B.N.
Marbun. Pustaka Sinar harapan. Jakarta.
Milne, M.J. and Adler, R.W. (1996). Exploring the Reability of Social and Environmental
Disclosure Content Analysis, Accounting, Auditing and Accountability Journal, 1 :
34-54.
Mittal, R.K., Sinha, N. and Singh, A., (2008). An Analysis of Linkage Betewen Economic
Value Added and Corporate Social Responsibility, Management Decision Journal,
46 : 1437-1443.
Molina-Azorin, Jose F., Enrique Claner-Cortes, Maria D. Lopez-Gamero dan Juan J.
Tari. (2008). Green Management and Financial Performance : a Literature Review,
Journal Management Decision, 47 : 1080-1100.
Nik Ahmad, N. N., Sulaiman, M., 2004. Environmental disclosure in Malaysian annual
reports: a legitimacy theory perspective. International Journal of Commerce and
Management 14 (1), 44-58.
Nik Ahmad, N.N., Sulaiman, M., Siswantoro, D., 2003. Corporate Social Responsibility
disclosure in Malaysia: An analysis of annual reports of KLSE listed companies.
IIUM Journal of Economics and Management 11 (1), 1-37.
O’Donovan, G. (2007). Managing Legitimacy Through Increased Corporate
Environmental Reporting : An Exploratory Study, Interdiciplinary Environmental
Review, 1 : 63-99.
O’Donovan, G. (2002). Environmental Disclosure in the Annual Report : Extending The
Aplicability and Predictive Power Legitimacy Theory, Accounting, Auditing and
Accountability Journal, 15 : 344-371.
Poddi, Laura dan Sergio Vergalli. (2009). Does Corporate Social Responsibility Affect
the Performance of Firm? Nota Di Lavoro, 52 University of Brescia.
Roida, H. Y. 2008. Relevansi program Corporate Social Responsibility bagi wacana
publik: menjadi baik pada saat sudah menjadi buruk, The 2nd National Conference
UKWMS, Surabaya, 6 September.
Sembiring, Eddy Rismanda. 2003. “Kinerja Keuangan, Political Visibility,
Ketergantungan Pada Hutang, dan Pengungkapan Tanggung Jawab Sosial
Perusahaan.” Makalah disampaikan pada Simposium Nasional Akuntansi VI,
Surabaya, 16 – 17 Oktober 2003.
Solimun, dan Rinaldo, A. (2009). Permodelan Persamaan Struktural Pendekatan PLS
dan SEM Aplikasi Software SmartPLS dan Amos. Laboratorium Statistika FMIPA
Universitas Brawijaya Malang.
Suharto, E. (2008). Menggagas Standar Audit Program CSR, http://www.google.com
diakses pada November 2009.
Sulastini. 2007. Pengaruh Karakteristik Perusahaan Terhadap Social Disclosure
Perusahaan Manufaktur Yang Telah Go Public. Skripsi pada Jurusan Akuntansi
FE Uiversitas Negeri Semarang.
Suman, agus (2010) Paradigma CSR . www.Bataviase.co.id. diakses tgl 30 Juni 2010
Suta, I Putu Gede Ary. (2000). Menuju Pasar Modal Modern. Jakarta. Yayasan Sad
Satria Bhakti.
Suta, I Putu Gede Ary. (2006). Kinerja Pasar Perusahaan Publik di Indonesia ; Suatu
Analisis Reputasi Perusahaan. Jakarta. Yayasan Sad Satria Bhakti.
Syamsir, H. (2006). Solusi Investasi di Bursa Saham Indonesia. PT. Elex Media
Komputindo. Jakarta.
Ullman, A.R. (1985). Data in Search of a Theory : a Criticl Examination of the
Relationships Among Social Performance, Social Disclosure and Economic
Performance of US Firm, Academy of Management, 10 : 540-557.
Undang-undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan
Terbatas.
Undang-undang Republik Indonesia Nomor 25 Tahun 2007 tentang Penanaman Modal.
Undang-undang Republik Indonesia Nomor 19 Tahun 2003 tentang Badan Usaha Milik
Negara.
Utama, S. (2008). Evaluasi Infrastruktur Pendukung Pelaporan Tanggung Jawab Sosial
dan Lingkungan di Indonesia. http://www.google.com diakses pada November
2009.
Waddock, S. A. dan S.B. Graves. 1997. The corporate social performance-financial
performance link, Strategic Management Journal 18: 303–319.
Wardhani, R. 2007. Mekanisme corporate governance dalam perusahaan yang
mengalami permasalahan keuangan, Jurnal Akuntansi dan Keuangan Indonesia
4(1): 95-114
Watt, R.L. and Zimmerman, J.L. (1985). Positive Accounting Theory. Prentice Hall.
Weir, C. D. Laing, P.J. McKnight. 2002. Internal and external governance mechanisms:
Their impact on the performance of large UK public companies, Journal of
Business Finance & Accounting, 29(5 & 6): 579-611
Woodward, D., P. Edwards, and F. Birkin. 2001. Some evidence on executives’ views of
corporate social responsibility. British Accounting Review 33(3): 357-397.
World Business Council for Sustainability Development. WBCSD Publications,
http://www.wbcsd..org diakses pada Maret 2009.
Wibisono, Yusuf. (2007). Membedah Konsep dan Aplikasi Corporate Social
Responsibility. Fascho Publishing. Jawa Timur.
Yamaguchi, Keiko. (2008). Static and Dinamic Return on Corporate Environmental
Investement Activity : Emphirical Evidence from Japan, CSR Paper 36 Kobe
University Japan.
Yang, Fu-Ju (2009) The linkage between corporate social performance and corporate
financial performance. African Journal of Business Management Vol. 4(4), pp. 406413,
Yoshikawa, T., Phan, P.H., 2003. The performance implications of ownership-driven
governance reform. European Management Journal 21 (6), 698-06.
www.ncsr.evolutionteams.com/id/isra2008.html diakses tgl 13 januari 2010).
www.idx.co.id.