Abstract
This study aims to examine the effect of Good Corporate Governance on firm value by disclosing Corporate Social Responsibility and profitability as a moderating variable. Good Corporate Governance variables are measured by CGPI scores. Company value variable is measured by Tobins' Q. Corporate Social Responsibility disclosure variables measured by the GRI 4.0 item checklist. The profitability variable is measured by Return on Assets (ROA). This study uses a sample of companies that participated in the IICG on the Indonesia Stock Exchange (IDX) for the period 2014 - 2018. The sampling technique used was purposive sampling. The sample used in this study amounted to 7 companies, a total of 35 data. The data analysis technique in this study is the moderation regression analysis. The software used for data processing is SPSS version 22 for Windows. The results of hypothesis testing are as follows. First, Good Corporate Governance influences company value. Second, disclosure of Corporate Social Responsibility is able to moderate the relationship between Good Corporate Governance and corporate value. Third, profitability is not able to moderate the relationship between Good Corporate Governance and firm value.
Highlights
Tujuan utama dari perusahaan tidak hanya untuk memenuhi keinginan shareholders tetapi juga stakeholders, baik yang secara lagsung maupun tidak langsung berhubungan dengan proses produksi
This study aims to examine the effect of Good Corporate Governance on firm value by disclosing Corporate Social Responsibility and profitability as a moderating variable
Analisis Pengaruh Kinerja Keuangan, Pengungkapan Corporate Social Responbility, dan Corporate Governance pada Nilai Perusahaan
Summary
(Persamaan 1) hasil uji determinasi bahwa nilai adjusted R square sebesar 0,149yang mengandung arti bahwa 14,9% besarnya nilai perusahaan mampu dijelaskan oleh variabel Good Corporate Governance, sedangkan sisanya 15,1% (100% - 14,9%) lainnya dijelaskan oleh variabel lain di luar model. (Persamaan 2) hasil uji determinasi bahwa nilai adjusted R square sebesar 0.502yang mengandung arti bahwa 50,2% besarnya nilai perusahaan mampu dijelaskan oleh variabel Good Corporate Governance, Pengungkapan Corporate social Responsibility, Interaksi antara Good Corporate Governancedengan pengungkapan Corporate Social Responsibility, sedangkan sisanya 49,8% (100% - 50,2%) lainnya dijelaskan oleh variabel lain di luar model. (Persamaan 3) hasil uji determinasi bahwa nilai adjusted R square sebesar 0,029yang mengandung arti bahwa 2,9% besarnya nilai perusahaan mampu dijelaskan oleh variabel Good Corporate Governance, Profitabilitas, Interaksi antara Good Corporate Governancedengan Profitabilitas, sedangkan sisanya 97,1% (100% - 2,9%) lainnya dijelaskan oleh variabel lain di luar model. Perusahaan yang memiliki skor GCG yang tinggi akan memberikan sinyal positif bagi para stakeholder, dimana stakeholder menganggap bahwa perusahaan yang memiliki skor GCG yang tinggi akan lebih memperhatikan kepentingan stakeholder, hal ini yang akan berdampak pada peningkatan nilai perusahaan
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