Corporate Social Responsibility, Investment Decisions, and Managerial Ownership on Value of The Company : Evidence from Indonesia
DOI:
https://doi.org/10.52728/ijtc.v2i4.341Keywords:
Corporate social responsibility, investment decisions, managerial ownership, value of the companyAbstract
This study aims to prove the influence of corporate social responsibility, investment decisions and managerial ownership on value of the company. Theories used in this research are agency theory and signal theory. This research was done on all manufacturing companies listed on the Indonesia Stock Exchange for the period of 2016-2018. The sampling method used is purposive sampling technique and the data analysis method used is multiple linear regression analysis. The results of this study show that corporate social responsibility and managerial ownership have no influence on value of the company, while investment decisions have a positive influence on value of the company. Few suggestions for the further research are adjust research periods, use other criteria of sample, use other indicators such as funding decisions, company size, other corporate governance indicators, or use other methods to measure value of the company.
References
Abdelfattah, T., & Aboud, A. (2020). Tax avoidance, corporate governance, and corporate social responsibility: The case of the Egyptian capital market. Journal of International Accounting, Auditing and Taxation, 38, 100304. https://doi.org/10.1016/j.intaccaudtax.2020.100304
Andreas, K., & Adiputra, I. G. (2019). Pengaruh Keputusan Keuangan Dan Corporate Social Responsibility Terhadap Nilai Perusahaan Manufaktur. Jurnal Manajerial Dan Kewirausahaan, I(3), 524–531.
Astuti, C. W., & Nugrahanti, Y. W. (2015). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Reaksi Pasar. Jurnal Dinamika Akuntansi Keuangan Dan Perbankan, 4(2), 90–105. https://unisbank.ac.id/ojs/index.php/fe9/article/view/4589
Chung, C. Y., Jung, S., & Young, J. (2018). Do CSR Activities Increase Firm Value? Evidence from the Korean Market. Sustainability, MDPI, Open Access Journal, 10(9), 3–22. https://ideas.repec.org/a/gam/jsusta/v10y2018i9p3164-d167755.html
Dewi, K., & Sanica, I. G. (2017). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, dan Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. JIAB Jurnal Ilmiah Akuntansi Dan Bisnis, 2(1), 1–26. https://doi.org/https://doi.org/10.38043/jiab.v2i1.175
Dewi, L., & Wirasedana, I. W. P. (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen dan Tingkat Inflasi terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 23(2), 813–841. https://doi.org/10.24843/EJA.2018.v23.i02.p01
Elgebeily, E., Guermat, C., & Vendrame, V. (2021). Managerial optimism and investment decision in the UK. Journal of Behavioral and Experimental Finance, 31, 100519. https://doi.org/10.1016/j.jbef.2021.100519
Gayatri, I. A., Astika, I. . P., & Suputra, I. D. G. D. (2016). Kepemilikan Manajerial dan Modal Intelektual Sebagai Prediktor Perataan Laba dan Implikasinya Terhadap Nilai Perusahaan. E-Journal of Economics and Business, Udayana University Bali, 5(10), 3231–3266. https://ojs.unud.ac.id/index.php/EEB/article/view/20340
Hidayah, N. (2017). Pengaruh Investment Opportunity Set (IOS) dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Pada Perusahaan Property dan Real Estat di Bursa Efek Indonesia. Jurnal Akuntansi, 19(3), 420. https://doi.org/10.24912/ja.v19i3.89
Jarjir, S. L., Nasreddine, A., & Desban, M. (2020). Corporate social responsibility as a common risk factor. Global Finance Journal, September, 100577. https://doi.org/10.1016/j.gfj.2020.100577
Meidiawati, K., & Mildawati, T. (2016). Pengaruh Size, Growth, Profitabilitas, Struktur Modal, Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(2), 1–16. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/1536
Murnita, P. E. M., & Putra, I. M. P. D. (2018). Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas dan Leverage Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 23(2), 1470–1494. https://doi.org/10.24843/EJA.2018.v23.i02.p25
Pavez, I., Kendall, L. D., & Laszlo, C. (2020). Positive-impact companies: Toward a new paradigm of value creation. Organizational Dynamics, 2019, 100806. https://doi.org/10.1016/j.orgdyn.2020.100806
Pertiwi, P. J., Tommy, P., & Tumiwa, J. R. (2016). The Influence of Debt Policy, Investment Decisions and Profitability on the Value of Food and Beverages Companies listed on the Indonesia Stock Exchange. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi (EMBA), 4(1), 1369–1380. https://doi.org/https://doi.org/10.35794/emba.4.1.2016.12357
Puspaningrum, Y. (2017). Pengaruh Corporate Social Responsibility dan Kepemilikan Manajerial Terhadap Nilai Perusahaan dengan Profitabilitas dan Ukuran Perusahaan Sebagai Variabel Moderating (Studi Empiris Pada Perusahaan Pertambangan di Bursa Efek Indonesia). Journal of Accounting UNY, 5(2). https://eprints.uny.ac.id/17160/
Rahayu, M., & Sari, B. (2018). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan. Journal of Social and Humanities, Universitas Persada Indonesia YAI, 2(1), 69–76. https://journals.upi-yai.ac.id/index.php/ikraith-humaniora/article/view/73
Rahdari, A., Sheehy, B., Khan, H. Z., Braendle, U., Rexhepi, G., & Sepasi, S. (2020). Exploring global retailers’ corporate social responsibility performance. Heliyon, 6(8), e04644. https://doi.org/10.1016/j.heliyon.2020.e04644
Rely, G., & Purwanti, A. (2018). An Effecting of Corporate Social Responsibility, Managerial Ownership, Institutional Ownership of Firm Values Towards Real Earnings Management. Journal of Finance and Accounting Research, IBI KKG, 9(18), 66–77. https://www.iiste.org/Journals/index.php/RJFA/article/view/44432
Rinnaya, I. Y., Andini, R., & Oemar, A. (2016). Pengaruh Profitabilitas, Rasio Aktivitas, Keputusan Pendanaan Keputusan Investasi Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2010-2014). Journal Of Accounting Pandanaran, 2(2), 1–18. http://jurnal.unpand.ac.id/index.php/AKS/article/view/438
Singh, P., Sethuraman, K., & Lam, J. (2017). Impact of Corporate Social Responsibility Dimensions on Firm Value: Some Evidence from Hong Kong and China. Sustainability, 9(9), 1532. https://doi.org/10.3390/su9091532
Somantri, I., & Sukardi, H. A. (2019). Pengaruh Keputusan Investasi, Kebijakan Hutang Dan Kebijakan Dividen Terhadap Nilai Perusahaan. JEMPER (Jurnal Ekonomi Manajemen Perbankan), 1(1), 1. https://doi.org/10.32897/jemper.v1i1.125
Suastini, N. M., Purbawangsa, I. B. A., & Rahyuda, H. (2016). Pengaruh Kepemilikan Manajerial dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur di Bursa Efek Indonesia (Struktur Modal Sebagai Variabel Moderasi). E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5(1), 143–172. https://ojs.unud.ac.id/index.php/EEB/article/view/17817
Sudarma, I. K. G. A. M., & Darmayanti, N. P. A. (2021). Pengaruh CSR, Kepemilikan Manajerial dan Profitabilitas Terhadap Nilai Perusahaan Sektor Pertambangan Pada Indeks Kompas 100. E-Jurnal Manajemen, 6(4), 1906–1932. https://ojs.unud.ac.id/index.php/Manajemen/article/view/28212
Suroto, S. (2015). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ-45 yang Terdaftar di Bursa Efek Indonesia Periode Februari 2010-Januari 2015). Scientific Journal of UNTAG Semarang, 4(3), 100–117. http://jurnal.untagsmg.ac.id/index.php/sa/article/view/174
Suryandani, A. (2018). Pengaruh Pertumbuhan Perusahaan, Ukuran Perusahaan, dan Keputusan Investasi terhadap Nilai Perusahaan pada Perusahaan Sektor Property dan Real Estate. Business Management Analysis Journal (BMAJ), 1(1), 49–59. https://jurnal.umk.ac.id/index.php/bmaj/article/view/2682
Tanto, T. I. A., Simanjuntak, A. M. A., & Pangayow, B. J. C. (2019). Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Kebijakan Deviden Terhadap Nilai Perusahaan. Journal of Accounting and Finance, Cenderawasih University, 14(1), 162–177. https://doi.org/http://dx.doi.org/10.52062/jakd.v14i1.1450
Tarczynski, W., Tarczynska-Luniewska, M., & Majewski, S. (2020). The value of the company and its fundamental strength. Procedia Computer Science, 176, 2685–2694. https://doi.org/10.1016/j.procs.2020.09.331
Widianingsih, D. (2018). Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, serta Komite Audit pada Nilai Perusahaan dengan Pengungkapan CSR sebagai Variabel Moderating dan Firm Size sebagai Variabel Kontrol. Jurnal Akuntansi Dan Pajak, 19(1), 38. https://doi.org/10.29040/jap.v19i1.196
Widiastari, P. A., & Yasa, G. W. (2018). Pengaruh Profitabilitas, Free Cash Flow, dan Ukuran Perusahaan Pada Nilai Perusahaan. E-Jurnal Akuntansi, 23(2), 957–981. https://doi.org/10.24843/EJA.2018.v23.i02.p06
Wiguna, R. A., & Yusuf, M. (2019). Pengaruh Profitabilitas dan Good Corporate Governance Terhadap Nilai Perusahaan. ECONBANK: Journal of Economics and Banking, 1(2), 158–173. https://doi.org/10.35829/econbank.v1i2.47
Wulandari, A. A., Ramantha, I. W., & Wirakusuma, M. G. (2016). Dampak Moderasi Profitabilitas Terhadap Pengaruh Corporate Social Responsibility pada Nilai Perusahaan Manufaktur. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5(7), 1889–1918. Corporate Social Responsibility, Profitability, Firm Value%0A
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
