Analisa Pengaruh Corporate Governance, CSR, dan Financial Distress terhadap Firm Value pada Perusahaan yang Terdaftar dalam BEI Tahun 2011-2015
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Abstract
Tujuan- Penelitian ini bertujuan untuk mengetahui pengaruh corporate governance terhadap firm value melalui corporate social responsibility dan financial distress sebagai variabel intervening.
Desain / metodologi / pendekatan - Teknik pengambilan sampel menggunakan metode purposive sampling. Adapun yang menjadi sampel penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) dan Sustainability reporting-nya terdaftar dalam Global Reporting Initiative Database (GRI) periode pada tahun 2011-2015 sehingga diperoleh 32 perusahaan. Data yang digunakan dalam penelitian ini di analisis menggunakan Structural Equation Model (SEM) dengan model pendekatan Partial Least Square (PLS).
Temuan- Hasil dari penelitian ini menunjukkan bahwa corporate governance memiliki pengaruh yang signifikan terhadap firm value, corporate governance memiliki pengaruh yang signifikan terhadap CSR, corporate governance memiliki pengaruh yang signifikan terhadap financial distress, CSR memiliki pengaruh yang signifikan terhadap financial distress, CSR memiliki pengaruh yang signifikan terhadap firm value, dan financial distress memiliki pengaruh yang signifikan terhadap firm value.
Keterbatasan Penelitian - Terdapat beberapa keterbatasan dalam penelitian ini, antara lain dikarenakan periode pengamatan yang terbatas dari tahun 2011 sampai dengan 2015 saja. Selain itu, sampel perusahaan yang hanya terbatas sebanyak 32 perusahaan saja. Hal ini dikarenakan perusahaan yang menjadi sampel hanyalah perusahaan yang terdaftar dalam Bursa Efek Indonesia (BEI) dan yang menerbitkan sustainability reporting sesuai dengan standar Global Reporting Indonesia.
Orisinalitas / nilai – makalah ini memberikan gambaran bahwa saat ini penerapan tata kelola dan corporate social responsibility memiliki pengaruh terhadap firm value disamping financial distress.
Kata kunci: corporate governance, corporate social responsibility, financial distress, firm value.
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