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
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