Analisa Pengaruh Corporate Governance, CSR, dan Financial Distress terhadap Firm Value pada Perusahaan yang Terdaftar dalam BEI Tahun 2011-2015

Lia Tanujaya, Hatane Semuel, Devie Devie

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.


Full Text:

PDF

References


Abdullah, S.N. (2006). Board structure and ownership in Malaysia: The case of distressed listed companies. Corporate Governance: The International Journal of Business in Society, 6(5), 582-594.

Al-Tamimi, H.A.H. (2012). The effects of corporate governance on performance and financial distress: The experience of UAE national banks. Journal of Financial Regulation and Compliance, 20(2), 169-181.

Altman, E. I. (1968). Financial ratios: Discriminan analysis and the prediction of coporate bankruptcy. Journal of Finance Edition, 123.

Ammann, M., Oesch, D., & Schmid, M. M. (2010). Corporate governance and firm value: International evidence. Journal of Empirical Finance, 18, 36–55.

Arafat, M. Y., Warokka, A., Abdullah, H. H., & Septian, R. R. (2012). The triple bottom line effect on emerging market companies: A test of corporate social responsibility and firm value relationship. Journal of Southeast Asian Research. 1-15.

Asbaugh, H., Collins, D., & Lafond, R. (2004). Corporate governance and the cost of equity capital. Working paper, University of Iowa and University of Wisconsin. Madison: Lowa city.

Atmini. (2005). Manfaat laba dan arus kas untuk memprediksi kondisi financial distress pada perusahaan textile mill products dan apparel and other textile products yang terdaftar di bursa efek Jakarta. Malang: Universitas Brawijaya.

Bai, C.E., Liu, Q., Lu, J. Z., Song, F. M., & Zhang J. (2002). Corporate governance and firm valuation in China. Journal of Economic Literature, 34, 1-35.

Bairathi, V. (2009). Corporate governance: A suggestive code. International Research Journal, 11(6), 753-754.

Baron, D.P. (2007). Corporate social resposibility and social entrepreneurship. Journal of Economics & Management Strategy, 16(3), 683-717.

Becchetti, L., Ciciretti, R., & Hasan, I. (2009). Corporate social responsibility and shareholder’s value: An event study analysis. Journal of Business Research, 1, 1-50.

Belu, C. (2009). Ranking corporations in terms of sustainable and socially responsible practices. Sustainable Development. 17, 257-268.

Black, B. Jang, H., & Kim, W. (2003). Does GCG affect firm value? Evidence from Korea. Journal of Law, Economic, and Organization. 22.

Brahmana, R. (2007). Identifying financial distress condition in Indonesia manufacture industry. Journal of Accounting, 5-51.

Brigham, E. F. & Daves, P.R. (2004). Intermediate Financial Management 8th edition. Ohio: Thomson South-Western.

Brown, H.S., DeJong, M., & Levy, D.L. (2009). Building in situations based on information disclosure: Lessons from GRI sustainability reporting. J.Clean.Prod,17(6), 571–580.

Che Haat, M.H, Rahman, R. A., & Mahenthiran, S. (2008). Corporate governance, transparency and performance of Malaysian companies. Managerial Auditing Journal, 23(8).

Chen, L.J. & Chen, S. Y. (2011). The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations, 8(3), 121-129.

Chen, Y.R. (2008). Corporate governance and cash holdings: Listed new economy versus old economy firms. Corporate Governance, 16(5), 430-42.

Chintrakarn, P., Jiraporn, P., Young, K.S., & Jang, K.C. (2015). The effect of corporate governance on corporate social responsibility (CSR): Evidence from the institutional shareholder services (ISS). Journal of Financial Studies, 45(1), 102-123.

Chung, K. H. & Pruitt, S. W. (1994). A simple approximation of tobin's q. Financial Management, 23(3).

Cormier, D. & Magnan, M. (2014). The impact of social responsibility disclosure and governance on financial analysts’ information environment. Corporate Governance, 14(4), 467 – 484.

Cremers, M. & Nair, V.B. (2005). Governance mechanisms and equity prices. Journal Finance, 60, 2859–2894. Crisostomo, V.L., Freire, F.S., & Vasconcellos, F.C. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295-309.

Daily, C.M. & Dalton, D.R. (1994). Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37(6), 1603-1617.

Dalam 6 tahun, 29 perusahaan didepak dari bursa. (2014, December 2014). Detik Finance. Retrieved February 27, 2017, from https://finance.detik.com/bursa-valas/2769479/dalam-6-tahun-29-perusahaan-didepak-dari-bursa

Damodaran, A. (2001). Corporate Finance: Theory and Practice 2nd ed. New York.

Deegan, C., Rankin, M., & Tobin, J. (2002). An examination of corporate social and environmental disclosures of BHP from 1983-1997: A test of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 312–343.

Deng, X. & Wang, Z. (2006). Ownership structure and financial distress: Evidence from public-listed companies in China. International Journal of Management, (23), 486-502.

Donaldson, T. & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review. 20, 65-91.

El Ghoul, S., et al. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance. 35(9), 2388-2406.

Endang, A. (2012). Model prediksi financial distress perusahaan. Jurnal Polibisnis, 4(2), 1-10.

Farook, S. & Roman, L. (2005). Banking on Islam? Determinants of corporate social responsibility disclosure. International Conference on Islamic Economics and Finance. 355-388.

Fombrun, C. & Shanley, M. (1990). What’s in a name? Reputation building and corporate strategy. Academy of Management Journal. 33(2), 233-258.

Goss, A. (2009). Corporate social responsibility and financial distress. ASAC, Niagara Falls.

Global Reporting Initiative (GRI). (2000-2011). Sustainability reporting guidelines. Retrieved October 20, 2016, from https://www.globalreporting.org/ resourcelibrary/G3.1-Guidelines-Incl-Technical-Protocol.pdf.

Hair, J. F., et al. (2014). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). California: Sage Publications.

Hambrick, D.C. & D’Aveni, R.A. (1992). Top team deterioration as part of the downward spiral of large corporate bankruptcies. Management Science, 38(10), 1445-1466.

Hanifah, O. (2013). Pengaruh struktur corporate governance dan financial indicators terhadap kondisi financial distress. Jurnal Maksi Undip. 25-53.

Harford, J., Mansi, S.A., & Maxwell, W.F. (2008). Corporate governance and cash holdings. Journal of Financial Economics, 87(3), 535-55.

Hartono. (2015). Menperin: pertumbuhan industri triwulan I tahun 2015 lebih tinggi dibanding pertumbuhan ekonomi. Retrieved October 1, 2016, from http://www.kemenperin.go.id/artikel/12021/Menperin:-Pertumbuhan-Industri-Triwulan-I-Tahun-2015-Lebih-Tinggi-Dibanding-Pertumbuhan-Ekonomi.

Hassel, L., Nilsson, F., & Nyquist, S. (2005). The value relevance of environmental performance. European Accounting Review, 14(1), 41-61.

Hill, C. W. & Jones, T. M. (1992). Stakeholder ‐ agency theory. Journal of Management Studies, 29(2), 131-154.

Hodgson, A., Lhaopadchan, S., & Buakes, S. (2011). How informative is the Thai corporate governance index? A financial approach. International Journal of Accounting and Information Management, 19(1), 53-79.

Hsu, F.J. & Chen, Y.C. (2015). Is a firm’s financial risk associated with corporate social responsibility? Management Decision, 53(9), 2175 – 2199.

Hull, C.E. & Rothenberg, S. (2008) Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal. 29, 781-789.

Husted, B.W. & Allen, D.B. (2007). Strategic corporate social responsibility and value creation among large firms: Lessons from the Spanish experience. Long Range Planning, 40(6), 594-610.

Isshaq, Z., Bokpin, G.A. & Onumah, J. M. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. The Journal of Risk Finance, 10(5), 488 – 499.

Jamali, D. & Rabbath, M. (2008). Corporate governance and corporate social responsibility: Synergies and inter-relationships.Corporate Governance: An International Review, 16(5), 443-459.

Jamali, D., Hallal, M., & Abdallah, H. (2010). Corporate governance and corporate social responsibility: Evidence from the healthcare sector. Corporate Governance: The International Journal of Business in Society, 10(5), 590 – 602.

Jensen, M. C. & Meckling, W.H. (1976). Theory of the firm: Managerial behaviour, agency cost, and ownership structure. Journal of Finance and Economics, 3, 305-360.

Jo, H. & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106, 53-72.

Jogiyanto, H. (2000). Teori portofolio dan analisis investasi edisi 2. Yogyakarta: BPFE.

Jogiyanto, H.M. & Abdillah, W. (2015). Partial Least Square (PLS): Alternatif SEM dalam Penelitian Bisnis. Yogyakarta: Penerbit Andi.

Khan, H.U.Z. (2010). The effect of corporate governance elements on corporate social responsibility (CSR) reporting: Empirical evidence from private commercial banks of Bangladesh. International Journal of Law and Management, 52(2), 82 – 109.

Khlif. H., Guidara, A. & Souissi, M. (2015). Corporate social and environmental disclosure and corporate performance: Evidence from South Africa and Morocco. Journal of Accounting in Emerging Economies, 5(1), 51-69.

Khosravi, S., Fathi, Z., & Valinia, S.N. (2014). Investigating the relationship between financial evaluation (economic and market value-added) and dividend yield of the companies listed on Tehran stock exchange. Journal of Current Research in Science, 2(1), 104-109.

Koentjoro, W. & Khotimah, S. (2015). Pengaruh good corporate governance, leverage, dan corporate social responsibility terhadap kinerja keuangan. Ekobis. 16 (1), 80-89.

Kolk, A. & Pinske, J. (2010). The integration of corporate governance in corporate social responsibility disclosures. Corporate Social Responsibility and Environmental Management, 17(1), 15-26.

Konar, S. & Cohen, M. (2001). Does the market value environmental performance? Review of Economics and Statistics, 83, 281-309.

KPMG. (2016). OJK-Corporate governance guideline for public companies. Retrieved December 20, 2016, from https://home.kpmg.com/id/en/home/insights/2016/04/ojk-corporategovernance guidelineforpubliccompanies.html

Lee, D.D., Faff, R.W., & Smith, K. L. (2009). Revisiting the vexing question: Does superior corporate social performance lead to improved financial performance? Australian Journal of Management. 34(1), 21-49.

Marimon, F., Alonso-Almeida, M.D.M., Rodríguez, M.D.P., & Alejandro, K.A.C. (2012). The world wide diffusion of the global reporting initiative: what is the point? Journal Cleaner Production, 33,132–144.

Martini, N. N. G P., Moeljadi, Djumahir, & Djazuli, A. (2014). Factors affecting firms value of Indonesia public manufacturing firm. International Journal of Business and Management Invention ISSN. 3(2), 35-44.

Mayangsari, L.P. & Andayani. (2015). Pengaruh good corporate governance dan kinerja keuangan terhadap financial distress. Jurnal Ilmu dan Riset Akuntansi, 4(4), 1-18.

Nurkhin, A. (2010). Corporate governance dan profitabilitas, pengaruhnya terhadap pengungkapan CSR perusahaan. Jurnal Dinamika Akuntansi, 2(1), 46-55.

Nurlela, R. & Ishlahuddin. (2008). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan prosentase kepemilikan manajemen sebagai variabel moderating. Simposium Nasioanal Akuntansi XI.

Orlitzky, M. & Benjamin, J.D. (2001). Corporate social performance and firm risk: A meta-analytic review. Business & Society, 40(4), 369-396.

Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441.

Page, J.P. (2005). Corporate governance and value creation. Research Foundation of CFA Institute, University of Sherbrooke, Que´bec.

Palmer, K., Oates, W., & Portney, P. (1995) Tightening environmental standards: the benefits-cost or no-cost paradigm? Journal of Economic Perspectives. 9, 119-132.

Parker, S., Peters, G.F., & Turetsky, H.F. (2002). Corporate governance and corporate failure: A survival analysis. Corporate Governance: International Journal of Business in Society, 2(2), 4-12.

Parrino, R. & Weisbach, M.S. (1999). Measuring investment distortions arising from stockholder - bondholder conflicts. Journal of Financial Economics, 53, 3-42.

Pirsch, J., Gupta, S., & Grau, S. L. (2007). A framework for understanding corporate social responsibility programs as a continuum an exploratory study. Journal of Business Ethics, 70, 125–140.

Pranowo, K. et al. (2010). Determinant of corporate financial distress in an emerging market economy: Empirical evidence from the Indonesian stock exchange 2004-2008. International Research Journal of Finance and Economics. I52, 80-88.

Poddi, L. & Vergalli, S. (2009). Does corporate social responsibility affect the performance of firm? Fondazione Eni Enrico Mattei (FEEM), 52.

Retno, R. D. & Priantinah D. (2012). Pengaruh good corporate governance dan pengungkapan corporate social responsibility terhadap nilai perusahaan (studi empiris pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2007-2010). Jurnal Nominal, 1(1).

Roberts, P.W. & Dowling, G.R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal. 23(12), 1077-1093.

Ruangviset, J., Jiraporn, P., & Kim, J.C. (2014). How does corporate governance influence corporate social responsibility? Procedia-Social and Behavioral Sciences, 143, 1055-1057.

Ruf, B. M., et al. (2001). An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, 32, 143-156.

Rusdin. (2016). Corporate social responsibility (CSR) disclosure and the implications of earning response coefficient (ERC). Jurnal AdBispreneur. 1(2), 153-164.

Saham delisting. (n.d.). Retrieved February 27, 2017, from http://www.sahamok.com/emiten/saham-delisting/

Sari, N.I. (2013, November 5). Dalam 5 tahun, BEI ‘tendang’ 20 perusahaan dari lantai bursa. Merdeka. Retrieved February 27, 2017, from https:// www. merdeka.com/uang/dalam-5-tahun-bei-tendang-20-perusahaan-dari-lantai-bursa.html

Siagian, F., Siregar, S. V., & Rahadian, Y. (2013). Corporate governance, reporting quality, and firm value: Evidence from Indonesia. Journal of Accounting in Emerging Economies, 3(1), 4 – 20.

Stuebs, M. & Sun, Li. (2015). Corporate governance and social responsibility. International Journal of Law and Management, 57(1), 38 – 52.

Surroca, J., Tribo, J.A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal. 31(5), 463-490.

Suk, K.S. (2007). Dinamika pemodelan financial distress perusahaan publik di Indonesia. Jurnal Akuntansi dan Keuangan (Integrity), 1(3), 187-204.

Sun, N., Salama, A., Hussainey, K., & Habbash, M. (2010). Corporate environmental disclosure, corporate governance and earnings management. Managerial Auditing Journal. 25(7), 679-700.

Suwardjono. (2005). Teori akuntansi: Perekayasaan pelaporan keuangan ed. 3. Yogyakarta: BPFE.

Taqiyaah, B. (2011, December 21). Dari 438 emiten, hanya 25 perusahaan yang membuat laporan berkelanjutan. Kontan. Retrieved February 27, 2017, from http://investasi.kontan.co.id/news/dari-438-emiten-hanya-25-perusahaan-yang-membuat-laporan-berkelanjutan.

Taqiyaah, B. (2014, December 3). Berikut emiten yang delisting di 3 tahun terakhir. Kontan. Retrieved February 27, 2017, from http://investasi.kontan.co.id/news/berikut-emiten-yang-delisting-di-3-tahun-terakhir.

Undang-Undang Republik Indonesia Nomor 40 tahun 2007 tentang Perseroan Terbatas.

Verwijmeren, P. & Derwall, J. (2010). Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking & Finance, 34(5), 956-964.

Waddock, S.A. & Graves, S.A. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18, 303-319.

Wardoyo & Veronica, T. M. (2013). Pengaruh good corporate governance, corporate social responsibility & kinerja keuangan terhadap nilai perusahaan. Jurnal Dinamika Manajemen, 4(2), 132-149.

Winarto, J. (2015). The determinants of manufacturer firm value in Indonesia stock exchange. International Journal of Information Business and Management, 7(4), 323.

Yap, B.C., Clayton, G.J., & Zulkifflee. (2013). Using financial ratios and managing financial risks in investing in “grey” zone companies: Evidence from Malaysia. International Journal of Finance & Accounting Studies, 1(2), 1-8.

Yu, M. & Zhao, R. (2015). Sustainability and firm valuation: An international investigation. International Journal of Accounting and Information Management, 23(3), 289 – 307.

Zaretzky, K. & Zumwalt, J. K. (2007). Relation between distress risk, book-to-market ratio and return premium. Managerial Finance, 33(10), 788 – 797.

Zeitun, R. & Tian, G.G. (2007). Capital structure and corporate performance: Evidence from Jordan. Australasian Accounting Business and Finance Journal, 1(4), 41-62.


Refbacks

  • There are currently no refbacks.