PERAN MODERASI MANAJEMEN LABA PADA PENGARUH CORPORATE SOCIAL RESPONSIBILITY (CSR) TERHADAP KINERJA PERUSAHAAN

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Reiza Aulia Larasati
Hersugondo

Abstract

Aktivitas CSR adalah bagian dari tanggung jawab etis serta penciptaan nilai bagi para pemangku kepentingan suatu perusahaan. Tujuan dari studi ini ialah mengukur pengaruh CSR pada kinerja perusahaan, dengan melibatkan manajemen laba sebagai moderator. Sampel studi ini yaitu 59 perusahaan yang tercatat dalam Bursa Efek Indonesia tahun 2017-2022, sehingga menghasilkan sejumlah 354 observasi penelitian. Variabel terikat penelitian yaitu kinerja perusahaan digambarkan menggunakan tiga jenis kinerja yang meliputi kinerja operasional (ROA), kinerja keuangan (ROE), serta kinerja pasar (Tobin’s Q). Variabel bebas CSR diproksikan melalui ESG Disclosure Score, sedangkan peran moderator diukur dengan proksi nilai discretionary accrual dari modifikasi Model Jones. Olah data dilakukan dengan menerapkan Moderated Regression Analysis data panel melalui peranti lunak Eviews 12. Hasil temuan menyatakan CSR tidak signifikan pada kinerja operasional dan keuangan. Namun menunjukkan nilai negatif serta signifikan pada kinerja pasar. Selanjutnya, manajemen laba berpengaruh positif terhadap kinerja keuangan dan operasional. Terakhir, variabel moderasi manajemen laba berpengaruh positif dan signifikan dalam memoderasi hubungan CSR terhadap kinerja pasar.


 


Activities related to CSR contribute to a firm's ethical obligation and value generation for its stakeholders. This research uses earnings management as a moderator to assess the impact of CSR on businesses. A total of 354 research observations were made from the sample of 59 publicly traded firms that listed on the Indonesia Stock Exchange in 2017-2022. The study's dependent variables are the firm's performance as measured by three different performance metrics: market performance (Tobin's Q), financial performance (ROE), and operational performance (ROA). The modified Jones Model’s proxy value for discretionary accruals is used to evaluate the moderating role, while the independent variable, CSR, is proxied by the ESG Disclosure Score. Using Eviews 12 software, Moderated Regression Analysis was applied to panel data analysis. The findings show that, whereas CSR significantly and negatively affects market performance, it has no appreciable effect on operational or financial performance. Furthermore, there exists a positive influence between earnings management and both Financial also Opereational Performance. Lastly, the relation among CSR and market performance is significantly and favorably moderated by the earnings management moderation variable.

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References

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