Abstract
ABSTRACTThis study looks into the mediating role of earning management on the relationship between corporate social responsibility (CSR), good corporate governance (GCG) and family-owned companies’ performance. This study uses the panel data approach, and 116 family-owned companies on Indonesia Stock Exchange are included as the sample for the period 2014 to 2018 and data were analysed using SPSS and Smart PLS 3.0 software. In this study, CSR is measured using index of ISO 26000, good corporate governance is measured by board size, independent commissioners, board of commissioners and audit quality, while firm performance is measured by return on asset (ROA), Tobin’s Q and earning per share (EPS). Meanwhile, earning management is measured using discretionary accruals (DA) with the modified Jones model. The results show that CSR and GCG can build positive impact on firm performance. The findings also show that earning management mediates the relationship between GCG and firm performance, while it failed to mediate the relationship between CSR and firm performance. Keywords: Corporate Social Responsibility, Corporate Governance, Earning Management, Firm Performance, Family-owned CompaniesABSTRACTThis study looks into the mediating role of earning management on the relationship between corporate social responsibility (CSR), good corporate governance (GCG) and family-owned companies’ performance. This study uses the panel data approach, and 116 family-owned companies on Indonesia Stock Exchange are included as the sample for the period 2014 to 2018 and data were analysed using SPSS and Smart PLS 3.0 software. In this study, CSR is measured using index of ISO 26000, good corporate governance is measured by board size, independent commissioners, board of commissioners and audit quality, while firm performance is measured by return on asset (ROA), Tobin’s Q and earning per share (EPS). Meanwhile, earning management is measured using discretionary accruals (DA) with the modified Jones model. The results show that CSR and GCG can build positive impact on firm performance. The findings also show that earning management mediates the relationship between GCG and firm performance, while it failed to mediate the relationship between CSR and firm performance. Keywords: Corporate Social Responsibility, Corporate Governance, Earning Management, Firm Performance, Family-owned Companies
Highlights
Amerika Serikat dan Tiongkok, banyak perusahaan multinasional memindahkan perusahaan mereka dari Tiongkok ke negara lain untuk bertahan dalam ketegangan perdagangan ini (Kompas, 2019)
Hasil convergence validity test menunjukkan proksi yang memenuhi validitas konvergensi adalah Kualitas Audit, Dewan Direksi, Dewan Komisaris, Corporate Social Responsibility (CSR), Manajemen Laba, Return on Asset (ROA) dan Earning per Share (EPS) yang masing-masing proksi lebih besar dari nilai 0,7
Penulis tertarik melakukan penelitian di bidang keuangan perusahaan, perbankan dan Entrepreneurship
Summary
Amerika Serikat dan Tiongkok, banyak perusahaan multinasional memindahkan perusahaan mereka dari Tiongkok ke negara lain untuk bertahan dalam ketegangan perdagangan ini (Kompas, 2019). Tujuan penelitian ini adalah untuk mengetahui peran mediasi manajemen laba pada hubungan antara CSR, GCG dan kinerja perusahaan pada perusahaan keluarga. Hasil studi yang dilakukan oleh Ahmed & Hamdan (2015), Mashitoh & Irma (2013) dan Fuzi et al (2016) menemukan bahwa penerapan GCG dengan baik pada perusahaan akan mempengaruhi secara signifikan dan positif atas kinerja perusahaan. Studi lebih lanjut yang dilakukan oleh Nuryana & Surjandari (2019) bertentangan dengan temuan sebelumnya yang menyatakan manajemen laba tidak mempunyai pengaruh signifikan atas kinerja perusahaan. Penelitian yang telah dilakukan sebelumnya memaparkan bahwa hubungan antara CSR dan kinerja perusahaan dapat di mediasi oleh manajemen laba (Liu et al, 2017 dan Sial et al, 2018). Diajukan hipotesis berikut ini: H7: CSR mempengaruhi kinerja perusahaan melalui manajemen laba sebagai variabel mediasi
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