Abstract
The purpose of this study was to determine the effect of independent board of commissioners and Islamic Social Reporting index on firm value with profitability (ROE) as an intervening variable. This research is quantitative in nature which uses secondary data with a purposive sampling method, obtained by 30 companies listing in the Indonesian Syariah Stock Index in 2015-2017. This study uses multiple linear regression analysis and path analysis to test the effect of intervening variables. The results of data processing show that the independent board of commissioners, Islamic Social Reporting index and profitability simultaneously have a significant positive effect on firm value (Tobin-Q). While partially shows that the independent board of commissioners does not affect the value of the company either directly or indirectly. The disclosure of the Islamic Social Reporting Index has a significantly positive effect on firm value indirectly through profitability. Profitability (ROE) significantly influences the value of the company listing in the Indonesian Islamic Stock Index.
Highlights
Keyword: Independent board of commissioners; Islamic Social Reporting Index (ISR); Profitability (ROE); company value (Tobin-Q); Indonesian Islamic Stock Index
The purpose of this study was to determine the effect of independent board of commissioners
This research is quantitative in nature which uses secondary data with a purposive sampling method
Summary
Freeman (1984) stakeholder didefinisikan sebagai sebagai individu, kelompok, dan organisasi yang memiliki pengaruh dalam proses dan keberhasilan suatu perusahaan dan siapa saja yang terlibat untuk mencapai tujuan perusahaan. Hal tersebut sesuai dengan teori sinyal menjelaskan bahwa peningkatan profitabilitas dalam laporan keuangan merupakan upaya yang dapat memberikan sinyal positif kepada investor (Ayu dan Suarjaya, 2013: 1132). (Marstila dan Meiranto, 2013: 9-10) Penelitian juga dilakukan bank di Indonesia menunjukkan dewan komisaris independen dan kepemilikan institusi asing berpengaruh terhadap profitabilitas perusahaan yang di ukur dengan ROA. Penelitian yang sama juga dilakukan oleh Andraeny dan Putri (2017: 317) mendapatkan hasil pengaruh Islamic Sosial Reporting (ISR) dan sharia supervisory board memiliki hubungan positif dan pengaruh yang signifikan pada kinerja keuangan di bank syariah di Indonesia. Hasil penelitian di bank syariah yang dilakukan oleh Purnama (2016) menunjukkan bahwa Islamic Social Reporting yang terdiri dari produk dan jasa, tenaga kerja, sosial, lingkungan serta tata kelola organisasi berpengaruh terhadap nilai perusahaan secara simultan. Profitabilitas yang tinggi menunjukkan prospek perusahaan yang bagusakan meningkatkan harga saham sehingga meningkatkan nilai perusahaan
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