Pengaruh Corporate Social Responsibility, Mekanisme Good Corporate Governance, Nilai Perusahaan, Ukuran Perusahaan dan Leverage terhadap Return Saham

Sari Octavera,Febri Rahadi

doi:10.31575/jp.v1i3.39

Abstract

Corporate Social Responsibility (CSR) represents the role and concern of the company towards the social and environmental aspects related to the operations of the company that interacts with the environment and society and the efforts towards sustainable development. In addition, no less important in the company's operations and its relation in meeting stakeholder trust and stimulating investors to invest is the emphasis on Corporate Governance (GCG) mechanisms in achieving good corporate governance. Implementation of Corporate Social Responsibility and Corporate Governance mechanism and corporate image, as seen from the company's value (Tobin's Q), Company Size (LnSIZE) and Leverage (DER) will help achieve the objectives of establishing the company and improve the welfare of its owner or shareholder by increasing stock return. The sample of this research is 10 oil palm plantation sub-sector period 2012-2014 period. Testing simultaneously shows CSR, Managerial Ownership, Institutional Ownership, Corporate Value, Size and Leverage effect on stock return of 24.4%. Partially, CSR, managerial ownership and corporate value have a negative effect while institutional ownership has a positive effect on stock return. However, these findings have not been shown to have a significant effect. Meanwhile, firm size and leverage proved to have a positive and significant effect on stock return. Keywords: Corporate Social Responsibility, Good Corporate Governance, Firm Value, Firm Size, Leverage, Stock Return.

Highlights

PENDAHULUAN Berdasarkan data Badan Pusat Statistik (BPS), pada tahun 2009 lahan perkebunan kelapa sawit Indonesia tercatat seluas 7,95 juta hektar
Beberapa wilayah di Provinsi Banten juga menghadapi permasalahan pencemaran lingkungan seperti kerusakan laut di perairan Teluk Banten di kawasan Desa Pulo Panjang Kecamatan Pulo Ampel, Kabupaten Serang, kawasan Desa Lontar Kecamatan Tirtayasa, Kabupaten Serang dan di perairan Selat Sunda di kawasan Desa Cikoneng Kecamatan Anyar Kabupaten Serang (Republika, 2012)
Hasil penelitian ini bersesuaian dengan penelitian sebelumnya yang mengukur pengungkapan Corporate Social Responsibility (CSR) dan mekanisme Corporate Governance (CG) serta nilai perusahaan memiliki pengaruh yang positif pada return saham perusahaan (Brammer, Brooks, & Pavelin, 2006; Harjoto & Laksmana, 2016; Muid, 2011; Wang, 2011)

Summary

Variabel Dependen Return Saham

Return Saham merupakan hasil yang diperoleh dari suatu investasi. Return dapat berupa return realisasi yang sudah terjadi dan return ekspektasi yang belum terjadi yang diharapkan akan terjadi dimasa yang akan datang (Yusra, 2014). Return realisasi dapat digunakan sebagai salah satu pengukur kinerja perusahaan. Return realisasi dapat juga berguna sebagai dasar penentuan return ekspektasi dan resiko di masa yang akan datang. Keterangan: = Tingkat Pengembalian (Return) saham perusahaan = Harga saham perusahaan pada periode t = Harga saham perusahaan pada periode t-1

Corporate Social Responsibility

HASIL DAN PEMBAHASAN

Manajerial Institusional

Unstandardized Residual

Ukuran Perusahaan