The effect of corporate social responsibility disclosure on stock prices through financial performance
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Jul 22, 2023
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Abstract
This study aims to analyze the effect of the relationship between Corporate Social Responsibility Disclosure on stock prices through the financial performance of go public companies listed in LQ 45 on the Indonesia Stock Exchange in 2019-2021. Focus on publicly traded companies that are listed in BEI under index LQ 45 enables specialised analyses relevant to Indonesian context. Indeks LQ 45 comprises 45 stocks with the highest liquidity in Indonesian stock markets and is widely regarded as a benchmark. In a specific subset of businesses, research on the relationship between CSR practise, financial performance, and stock price can provide valuable insights on local dynamics and investor sentiment related to CSR practises. Path analysis has been used as the analytical technique in this study. The study's variables include stock prices as the dependent variable, the profitability ratios ROE, ROA, and EPS as an intermediary variable, and Corporate Social Responsibility Disclosure as an independent variable. Using a sample of 23 businesses, it was discovered that: (1) Corporate Social Responsibility Disclosure has a significant impact on stock prices; (2) Corporate Social Responsibility Disclosure has a significant impact on ROE and ROA but not EPS; and (3) Corporate Social Responsibility Disclosure does not have a significant impact on stock prices when financial performance is used as an intermediary variable, represented by the ratio of ROE, ROA, and EPS.
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How to Cite
Yuniawati, R. A. (2023). The effect of corporate social responsibility disclosure on stock prices through financial performance. Enrichment : Journal of Management, 13(3), 1695-1703. https://doi.org/10.35335/enrichment.v13i3.1516
References
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Amin Saifudin, M., & Nurhadi, N. (2022). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham Indeks Sri Kehati Dengan Profitabilitas Sebagai Pemoderasi. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 3(5), 908–926. https://doi.org/10.47467/elmal.v3i5.1174
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Anthony, R. N., & Govindarajan, V. (2007). Management Control Systems (12th ed.). McGraw-Hill/Irwin.
Artini, N. M., & Setiawan, P. E. (2021). Pengungkapan Corporate Social Responsibility dan Penghindaran Pajak dengan Profitabilitas sebagai Variabel Moderasi. E-Jurnal Akuntansi, 31(9), 2277. https://doi.org/10.24843/eja.2021.v31.i09.p10
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Atan, R. (2016). the Relationship Between Corporate Governance and Corporate Social Responsibility Disclosure : a Case of High Malaysian Sustainability Companies and Global Sustainability .... Social Responsibility Disclosure : a Case of High Malaysian. October.
Bhavani, G., Kumar, A., & Mehta, A. (2014). International Journal of Management Research and Review. 4(1), 316–334. http://www.ijmrr.com/admin/upload_data/journal_NaserMohammadoghli___8sep13mrr.pdf
Bowerman, S., & Sharma, U. (2016). The effect of corporate social responsibility disclosures on share prices in japan and the uk. Corporate Ownership and Control, 13(2CONT1), 202–216. https://doi.org/10.22495/cocv13i2c1p2
Brigham, E. F., & Ehrhardt, M. C. (2005). Financial Management: Theory abd Practice (11th ed.). Thomson South-Western Ohio.
Budiharjo, R., Sagita, A., & Hariani, S. (2022). Pengaruh Kinerja Keuangan dan Pengungkapan Corporate Social Responsibility terhadap Harga Saham pada Perusahaan Infrastuktur. Judicious, 3(2), 271–278. https://doi.org/10.37010/jdc.v3i2.1105
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Dewi, G. A. I. P., & Badera, I. D. N. (2021). Pengungkapan Corporate Social Responsibility, Mekanisme Good Corporate Governance dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(11), 2774. https://doi.org/10.24843/eja.2021.v31.i11.p08
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Habbash, M. (2016). Corporate governance and corporate social responsibility disclosure: Evidence from Saudi Arabia. Social Responsibility Journal, 12(4), 740–754. https://doi.org/10.1108/SRJ-07-2015-0088
Hamdani, S. P., Yuliandari, W. S., & Budiono, E. (2017). Kepemilikan Saham Publik Dan Return on Assets Terhadap Pengungkapan Corporate Social Responsibility. Jrak, 9(1), 47. https://doi.org/10.23969/jrak.v9i1.368
Hamidu, A. A., Haron, H. M., & Amran, A. (2015). Corporate social responsibility: A review on definitions, core characteristics and theoretical perspectives. Mediterranean Journal of Social Sciences, 6(4), 83–95. https://doi.org/10.5901/mjss.2015.v6n4p83
Hasnia, & Rofingatun, S. (2017). Pengaruh Profitabilitas, Likuiditas , Growth Dan Media Exposure Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan. Jurnal Akuntansi & Keuangan Daerah, 12(1), 56–71.
Haziwan, M. (2009). The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies Mohamad Haziwan Bin Mohamad Taha 5B Learning Centre.
Hidayansyah, P. F., Hubeis, M., & Irwanto, A. K. (2016). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Kinerja Keuangan dan Harga Saham pada Sektor Properti di Bursa Efek Indonesia. Jurnal Manajemen Dan Organisasi, 6(1), 74. https://doi.org/10.29244/jmo.v6i1.12195
Indraswari, G. A. D., & Astika, I. B. P. (2015). Pengaruh profitabilitas, ukuran perusahaan, dan kepemilikan saham publik terhadap pengungkapan csr. E-Jurnal Akuntansi Universitas Udayana 11.1 (2015): 289-302, 1, 289–302.
Kusumadewi, A. (2013). Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Akuntansi, UDINUS, 1–18.
Mais, R. G., & Engkur, -. (2019). Influence of Industrial Type, Return on Asset, Company Size, and Institutional Ownership of Islamic Social Reporting Disclosure. Advances in Economics, Business and Management Research, 73, 173–177. https://doi.org/10.2991/aicar-18.2019.37
Moir, L. (1995). What Do We Mean By Corporate Social Responsibility? Midwest Studies in Philosophy, 20(1), 400–415. https://doi.org/10.1111/j.1475-4975.1995.tb00324.x
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). Jurnal Nominal, I(1).
Nurkhin, A. (2009). Corporate Governance Dan Profitabilitas ; Pengaruhnya Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan ( Studi Empiris Pada Perusahaan Yang Tercatat Di Bursa Efek Indonesia ) Program Pascasarjana Universitas Diponegoro Tahun 2009 Lembar Pengesahan.
Sarwono, J. (2012). Path analysis dengan SPSS : teori, aplikasi, prosedur analisis untuk riset skripsi, tesis dan disertasi. Elex Media Komputindo.
Sheela, S. D., Je-Yen, T., & Rajangam, N. (2016). Board composition and corporate social responsibility in an emerging market. Corporate Governance (Bingley), 16(1), 35–53. https://doi.org/10.1108/CG-05-2015-0059
Sugiarto, E., Pradana, M. G., & Muhtarom, A. (2019). Analisis Pengaruh Profitabilitas Terhadap Harga Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. Media Mahardhika, 17(2), 254. https://doi.org/10.29062/mahardika.v17i2.82
Suhendro, A. W. (2017). Pengaruh Profitabilitas Terhadap Harga Saham Perusahaan Manufaktur Sektor Makanan dan Minuman di BEI Tahun 2014-2015. JURNAL AKUNTANSI DAN PAJAK, 18(01), 123–129. https://doi.org/10.29040/jap.v18i01.89
Sumartono, S., Noch, M. Y., Zakaria, Z., & Pratama, A. (2021). Pengungkapan Corporate Sosial Responsibility pada Perusahaan Publik di Indonesia: Melalui Karakteristik Perusahaan. Wahana Riset Akuntansi, 9(1), 9. https://doi.org/10.24036/wra.v9i1.111830
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Wakid, N. L., Triyuwono, I., & Assih, P. (2013). Pengaruh Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social Responsibility Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. EL MUHASABA: Jurnal Akuntansi (e-Journal), 4(1), 1–12. https://doi.org/10.18860/em.v4i1.2329
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations and Society, 29(5–6), 447–471. https://doi.org/10.1016/S0361-3682(03)00032-1
Ali, W., Frynas, J. G., & Mahmood, Z. (2017). Determinants of Corporate Social Responsibility (CSR) Disclosure in Developed and Developing Countries: A Literature Review. Corporate Social Responsibility and Environmental Management, 24(4), 273–294. https://doi.org/10.1002/csr.1410
Amin Saifudin, M., & Nurhadi, N. (2022). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham Indeks Sri Kehati Dengan Profitabilitas Sebagai Pemoderasi. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 3(5), 908–926. https://doi.org/10.47467/elmal.v3i5.1174
Anggraeni, N., & Sayidah, N. (2017). Faktor-Faktor Yang Mempengaruhi Pengungkapan Corporate Social Responsibility. Jurnal Analisa Akuntansi Dan Perpajakan, 2(1), 100–114. https://doi.org/10.54964/liabilitas.v3i1.32
Anthony, R. N., & Govindarajan, V. (2007). Management Control Systems (12th ed.). McGraw-Hill/Irwin.
Artini, N. M., & Setiawan, P. E. (2021). Pengungkapan Corporate Social Responsibility dan Penghindaran Pajak dengan Profitabilitas sebagai Variabel Moderasi. E-Jurnal Akuntansi, 31(9), 2277. https://doi.org/10.24843/eja.2021.v31.i09.p10
Ashfaq, K., & Rui, Z. (2019). Revisiting the relationship between corporate governance and corporate social and environmental disclosure practices in Pakistan. Social Responsibility Journal, 15(1), 90–119. https://doi.org/10.1108/SRJ-01-2017-0001
Atan, R. (2016). the Relationship Between Corporate Governance and Corporate Social Responsibility Disclosure : a Case of High Malaysian Sustainability Companies and Global Sustainability .... Social Responsibility Disclosure : a Case of High Malaysian. October.
Bhavani, G., Kumar, A., & Mehta, A. (2014). International Journal of Management Research and Review. 4(1), 316–334. http://www.ijmrr.com/admin/upload_data/journal_NaserMohammadoghli___8sep13mrr.pdf
Bowerman, S., & Sharma, U. (2016). The effect of corporate social responsibility disclosures on share prices in japan and the uk. Corporate Ownership and Control, 13(2CONT1), 202–216. https://doi.org/10.22495/cocv13i2c1p2
Brigham, E. F., & Ehrhardt, M. C. (2005). Financial Management: Theory abd Practice (11th ed.). Thomson South-Western Ohio.
Budiharjo, R., Sagita, A., & Hariani, S. (2022). Pengaruh Kinerja Keuangan dan Pengungkapan Corporate Social Responsibility terhadap Harga Saham pada Perusahaan Infrastuktur. Judicious, 3(2), 271–278. https://doi.org/10.37010/jdc.v3i2.1105
Cowen, S. S., Ferreri, L. B., & Parker, L. D. (1987). The Impact of Corporate Characteristics on Social Responsibility Disclosure: A Typology and Frequency-Based Analysis. Accounting, Organizations and Society, 12(2), 111–122. https://doi.org/10.1016/0361-3682(87)90001-8
Dewi, G. A. I. P., & Badera, I. D. N. (2021). Pengungkapan Corporate Social Responsibility, Mekanisme Good Corporate Governance dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(11), 2774. https://doi.org/10.24843/eja.2021.v31.i11.p08
Elkington, J. (1999). Triple bottom-line reporting: Looking for balance. Australian CPA.
Habbash, M. (2016). Corporate governance and corporate social responsibility disclosure: Evidence from Saudi Arabia. Social Responsibility Journal, 12(4), 740–754. https://doi.org/10.1108/SRJ-07-2015-0088
Hamdani, S. P., Yuliandari, W. S., & Budiono, E. (2017). Kepemilikan Saham Publik Dan Return on Assets Terhadap Pengungkapan Corporate Social Responsibility. Jrak, 9(1), 47. https://doi.org/10.23969/jrak.v9i1.368
Hamidu, A. A., Haron, H. M., & Amran, A. (2015). Corporate social responsibility: A review on definitions, core characteristics and theoretical perspectives. Mediterranean Journal of Social Sciences, 6(4), 83–95. https://doi.org/10.5901/mjss.2015.v6n4p83
Hasnia, & Rofingatun, S. (2017). Pengaruh Profitabilitas, Likuiditas , Growth Dan Media Exposure Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan. Jurnal Akuntansi & Keuangan Daerah, 12(1), 56–71.
Haziwan, M. (2009). The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies Mohamad Haziwan Bin Mohamad Taha 5B Learning Centre.
Hidayansyah, P. F., Hubeis, M., & Irwanto, A. K. (2016). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Kinerja Keuangan dan Harga Saham pada Sektor Properti di Bursa Efek Indonesia. Jurnal Manajemen Dan Organisasi, 6(1), 74. https://doi.org/10.29244/jmo.v6i1.12195
Indraswari, G. A. D., & Astika, I. B. P. (2015). Pengaruh profitabilitas, ukuran perusahaan, dan kepemilikan saham publik terhadap pengungkapan csr. E-Jurnal Akuntansi Universitas Udayana 11.1 (2015): 289-302, 1, 289–302.
Kusumadewi, A. (2013). Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Akuntansi, UDINUS, 1–18.
Mais, R. G., & Engkur, -. (2019). Influence of Industrial Type, Return on Asset, Company Size, and Institutional Ownership of Islamic Social Reporting Disclosure. Advances in Economics, Business and Management Research, 73, 173–177. https://doi.org/10.2991/aicar-18.2019.37
Moir, L. (1995). What Do We Mean By Corporate Social Responsibility? Midwest Studies in Philosophy, 20(1), 400–415. https://doi.org/10.1111/j.1475-4975.1995.tb00324.x
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). Jurnal Nominal, I(1).
Nurkhin, A. (2009). Corporate Governance Dan Profitabilitas ; Pengaruhnya Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan ( Studi Empiris Pada Perusahaan Yang Tercatat Di Bursa Efek Indonesia ) Program Pascasarjana Universitas Diponegoro Tahun 2009 Lembar Pengesahan.
Sarwono, J. (2012). Path analysis dengan SPSS : teori, aplikasi, prosedur analisis untuk riset skripsi, tesis dan disertasi. Elex Media Komputindo.
Sheela, S. D., Je-Yen, T., & Rajangam, N. (2016). Board composition and corporate social responsibility in an emerging market. Corporate Governance (Bingley), 16(1), 35–53. https://doi.org/10.1108/CG-05-2015-0059
Sugiarto, E., Pradana, M. G., & Muhtarom, A. (2019). Analisis Pengaruh Profitabilitas Terhadap Harga Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. Media Mahardhika, 17(2), 254. https://doi.org/10.29062/mahardika.v17i2.82
Suhendro, A. W. (2017). Pengaruh Profitabilitas Terhadap Harga Saham Perusahaan Manufaktur Sektor Makanan dan Minuman di BEI Tahun 2014-2015. JURNAL AKUNTANSI DAN PAJAK, 18(01), 123–129. https://doi.org/10.29040/jap.v18i01.89
Sumartono, S., Noch, M. Y., Zakaria, Z., & Pratama, A. (2021). Pengungkapan Corporate Sosial Responsibility pada Perusahaan Publik di Indonesia: Melalui Karakteristik Perusahaan. Wahana Riset Akuntansi, 9(1), 9. https://doi.org/10.24036/wra.v9i1.111830
Susanto, Y. K., & Joshua, D. (2019). Pengaruh Tata Kelola Perusahaan Dan Karakteristik Perusahaan Terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan. EKUITAS (Jurnal Ekonomi Dan Keuangan), 2(4), 572–590. https://doi.org/10.24034/j25485024.y2018.v2.i4.4036
Wakid, N. L., Triyuwono, I., & Assih, P. (2013). Pengaruh Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social Responsibility Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. EL MUHASABA: Jurnal Akuntansi (e-Journal), 4(1), 1–12. https://doi.org/10.18860/em.v4i1.2329