Abstract
This study examine the influence of bonus plan hypothesis, debt/equity hypothesis, political cost hypothesis, earning management, institutional ownership, public ownership, independent board and audit committee on firm value with corporate social responsibility as the intervening variable. The study population is 65 natural resource companies listed in Indonesia Stock Exchange period 2012-2015. Based on purposive sampling method, 21 natural resource companies were selected (or 84 observations). Data was selected from the companies’ financial reports and analysed by using path analysis. This study found that corporate social responsibility can be used as an intervening variable to mediate the effect of political cost hypothesis, earning management, and audit committee to firm value. But, it cannot mediate the effect of bonus plan hypothesis, debt/equity hypothesis, institutional ownership, public ownership and independent board to firm value.
Highlights
This study examine the influence of bonus plan hypothesis, debt/equity hypothesis, political cost hypothesis, earning management, institutional ownership, public ownership, independent board and audit committee on firm value with corporate social responsibility as the intervening variable
The study population is 65 natural resource companies listed in Indonesia Stock Exchange period 20122015
This study found that corporate social responsibility can be used as an intervening variable to mediate the effect of political cost hypothesis, earning management, and audit committee to firm value
Summary
2.3 Corporate Governance terhadap Nilai Perusahaan melalui Pengungkapan Tanggung Jawab Sosial. Tata kelola perusahaan (corporate governance) adalah serangkaian kebijakan perusahaan agar kegiatan operasi perusahaan berjalan sesuai dengan harapan para pemangku kepentingan (stakeholders). Tujuan penerapan corporate governance adalah memberikan batas tertentu agar pengambil kebijakan di perusahaan tidak melakukan hal-hal yang ilegal atau tidak etis (Syahyunan, 2015). Salah satu cara agar dapat meningkatkan transparansi dan akuntabilitas perusahaan adalah dengan menerapkan tata kelola perusahaan yang baik. Salah satu indikator penerapan tata kelola perusahaan yang baik adalah adanya perbedaan konsentrasi kepemilikan. Yao, et al (2011) dalam penelitiannya berhasil membuktikan bahwa konsentrasi kepemilikan dapat berpengaruh terhadap CSRD perusahaan. Majeed, et al (2015) dalam penelitiannya juga berhasil membuktikan bahwa terdapat pengaruh signifikan antara penerapan corporate governance terhadap tanggung jawab sosial perusahaan. Perusahaan yang tidak berturut-turut termasuk dalam sektor Sumber Daya Alam (19)
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