The Influence of Corporate Social Responsibility and Company Life Cycle on Firm Value in Manufacturing Companies listed on the Indonesia Stock Exchange
Keywords:
Corporate Social Responsibility, Life Cycle, Company Value.
Abstract
This study aims to analyze whether there is an effect of corporate social responsibility and life cycle on firm value. The object of this research is a manufacturing company listed on the Indonesia Stock Exchange (IDX) in 2018-2019. The sample selection in this study used a purposive sampling method and the data used were secondary data. The sample in this study was 79. The analytical technique used for this study was multiple linear regression analysis. Data processing using SPSS application. The result of this research is that corporate social responsibility has a negative effect on firm value with a significance of 0.010. The company's life cycle has no effect on the value of the company with a significance value of 0.447.
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References
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Murhadi, Werner, R & Liliana, I, W (2011). “Studi Pengaruh Good Corporate Governance. Analyst Coverage, dan Tahapan Daur Hidup terhadap Kebijakan Dividen”. Jurnal Manajemen dan Bisnis. Volume 10, No. 1, Maret 2011.
Muttakin, M.B., Khan, A. and Subramaniam, N. (2015), “Firm characteristics, board diversity and corporate social responsibility: evidence from Bangladesh”, Pacific Accounting Review, Vol. 27 No. 3, pp. 353-372
Nelling, E. and Webb, E. (2009), “Corporate social responsibility and financial performance: the virtuous circle revisited”, Review of Quantitative Finance and Accounting, Vol. 32 No. 2, pp. 197-209.
Purwanto, E. A. (2017). Metode penelitian kuantitatif : untuk administrasi publik dan masalah-masalah sosial. Gava Media
Retno, R. D., & Priantinah, D. (2012). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate social responsibility Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2010). Nominal, Barometer Riset Akuntansi Dan Manajemen, 1(2). https://doi.org/10.21831/nominal.v1i2.1000
Reverte, C. 2009. Determinants of Corporate social responsibility Disclosure Ratings by Spanish Listed Firms. Journal of Business Ethies, 88, pp: 351-366
Rosiana, G. A. M. E., Juliarsa, G., dan Sari, M. M. R. (2013). Pengaruh Pengungkapan CSR Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Pemoderasi. E- Jurnal Akuntansi Universitas Udayana 5.3, hal : 723-738.
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Servin, Juniarti. (2014). Pengaruh Family Control, Firm Size, Firm Risk dan Firm Life Cycle terhadap profitabilitas dan nilai perusahaan sektor industri barang konsumsi. Business Accounting Review, Vol. 2, No. 1.
Winningsih, Puput & Rejeki, Dewi. (2022). Gppd Corporate Governance (GCG) dan Corporate social responsibility (CSR) sebagai determinasi nilai perusahaan. Jurnal Akuntansi dan Bisnis Krisnadwipayana, Vol. 9, No. 1.
Wirawan. A. W, Falah. L. J, Kusumadewi. L, Adhariani. D & Djakman, C.D. (2020). The effect of Corporate social responsibility on the Firm Value with Risk Management as a Moderating Variabel. Journal of Asia-Pacific Business.
Alan, G. Rajesh, T. & Julie, W. (2015). Corporate social responsibility and firm value: disaggregating the effects on cash flow, risk and growth. Journal Of Business Ethics.
Benlemlih, M. (2017). Corporate social responsibility and Firm Debt Maturity. Journal of Business Ethics, 144(3), 491–517. https://doi.org/10.1007/s10551-015-2856-1
Brigham, Eugene F. dan Houston, Joel F. 2011. Dasar-dasar Manajemen Keuangan Terjemahan. Edisi 10. Jakarta: Salemba Empat.
Cameron S. Kim and Quinn E. Robert, Diagnosing and Changin Organizational Culture : Based on the Competing Values Framework, Third Edition (San Fransisco : Joh Wiley & Sons, Inc., 2006,2011)
Chabachi, M. Ftriana, U, T. Hersugondo, H. Pamungkas, D, I. & Udin (2019) Firm Value Improvement Strategy, Corporate Social Responsibility and Institusional Ownership. International Journal of Financial Reseacrh. Vol. 10, No, 4.
Dai, N.T., et al. (2018), “Seeking legitimacy through CSR reporting: evidence from China”, Journal of Management Accounting Research, Vol. 30 No. 1, pp. 1-29, doi: 10.2308/jmar-51627.
Dang, C., (Frank) Li, Z., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of Banking and Finance, 86, 159–176. https://doi.org/10.1016/j.jbankfin.2017.09.006
DeAngelo, H., DeAngelo, L., & Stulz, R. M. 2010. Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics 95(3), 275-295.
Dickinson, V. 2011. Cash flow patterns as a proxy for firm life cycle. The Accounting Review. 86 (6), 1969-1994.
Dowling, J. and Pfeffer, J. 1975. Organizational Legitimacy: Social Values And Organizational Behavior. Pacific Sociological Journal Review, Vol. 18, Page. 122-136.
Fuente, J. A., García-Sánchez, I. M., & Lozano, M. B. (2017). The role of the board of directors in the adoption of GRI guidelines for the disclosure of CSR information. Journal of Cleaner Production, 141, 737–750. https://doi.org/10.1016/j.jclepro.2016.09.155
Ghozali, I. (2011). Aplikasi Analisis Multivariate Dengan Program SPSS. Badan Penerbit Universitas Diponegoro.
Godfrey, P.C. (2005), “Philanthropy and shareholder wealth: the relationship between corporate a risk management perspective”, Academy of Management Review, Vol. 30 No. 4, pp. 777-798.
Harjoto, M, A (2009). CEO Power and Firm Performance: A Test of the Life-Cycle Theory. Asia-Pacific Journal of Financial Studies. V38, No.1. PP.35-66
Hendratama, D. T. & Huang, Y. ( 2021). Corporate social responsibility, firm value and life cycle: evidence from Southeast Asian countries. Journal of Applied Accounting Research.Vol. 22 No. 4, 2021 pp. 577-597
Hoepner, A., Oikonomou, I., Scholtens, B., & Schröder, M. (2016). The Effects of Corporate and Country Sustainability Characteristics on The Cost of Debt: An International Investigation. Journal of Business Finance and Accounting, 43(1– 2), 158–190. https://doi.org/10.1111/jbfa.12183
Huang, X. B., & Watson, L. (2015). Corporate social responsibility research in accounting. Journal of Accounting Literature, 34, 1–16. https://doi.org/10.1016/j.acclit.2015.03.001
Indriantoro dan Supomo. (2018). METODOLOGI PENELITIAN BISNIS (Maya (ed.)). C. V ANDI OFFSET
Jan, N.; Karn, A.L.; Li, Z.; Liu, X. (2021).The Relationship between Corporate Social Responsibility Reporting and Firm Performance and the Moderating Role of Firm Life Cycle Stages: Evidence from China. Sustainability, 13, 10038. https:// doi.org/10.3390/su1318100
K. Elsayed and D. Paton. (2007). The Impact of Financial Performance on Environmental Policy: Does Firm Life Cycle Matter?. Business Strategy and the Environment.
K.S. Bardos, M. Ertugrul and L.S. Gao, (2020). Corporate social responsibility, product market perception, and firm value, Journal of Corporate Finance, https://doi.org/10.1016/j.jcorpfin.2020.101588
Kasmir, Pengantar Manajemen Keuangan, Jakarta: Kencana, 2016.
Khuong, V, N. & Anh, L. H. T. (2022). The nexus between corporate social responsibility and firm value: the moderating role of life-cycle stage. Social Responsibility Jorunal. ISSN 1747-1117. http://dx.doi.org/10.1108/SRJ-09-2021-0370
Martono, Nanang, Metode Penelitian Kuantitatif,Jakatra: Rajawali Pers,2014.
Miller, D., Friesen, P. H. 1984. A longitudinal study of the corporate life-cycle. Management Science 30, 1161−1183.
Murhadi, Werner, R & Liliana, I, W (2011). “Studi Pengaruh Good Corporate Governance. Analyst Coverage, dan Tahapan Daur Hidup terhadap Kebijakan Dividen”. Jurnal Manajemen dan Bisnis. Volume 10, No. 1, Maret 2011.
Muttakin, M.B., Khan, A. and Subramaniam, N. (2015), “Firm characteristics, board diversity and corporate social responsibility: evidence from Bangladesh”, Pacific Accounting Review, Vol. 27 No. 3, pp. 353-372
Nelling, E. and Webb, E. (2009), “Corporate social responsibility and financial performance: the virtuous circle revisited”, Review of Quantitative Finance and Accounting, Vol. 32 No. 2, pp. 197-209.
Purwanto, E. A. (2017). Metode penelitian kuantitatif : untuk administrasi publik dan masalah-masalah sosial. Gava Media
Retno, R. D., & Priantinah, D. (2012). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate social responsibility Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2010). Nominal, Barometer Riset Akuntansi Dan Manajemen, 1(2). https://doi.org/10.21831/nominal.v1i2.1000
Reverte, C. 2009. Determinants of Corporate social responsibility Disclosure Ratings by Spanish Listed Firms. Journal of Business Ethies, 88, pp: 351-366
Rosiana, G. A. M. E., Juliarsa, G., dan Sari, M. M. R. (2013). Pengaruh Pengungkapan CSR Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Pemoderasi. E- Jurnal Akuntansi Universitas Udayana 5.3, hal : 723-738.
Sabatini, K & Sudana, Putu, I (2019). Pengaruh Pengungkapan Corporate Social Responsibility pada Nilai Perusahaan dengan Manajemen Laba sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi dan Bisnis. Vol. 14, No. 1. https://doi.org/10.24843/JIAB.2019.v14.i01.p06
Servin, Juniarti. (2014). Pengaruh Family Control, Firm Size, Firm Risk dan Firm Life Cycle terhadap profitabilitas dan nilai perusahaan sektor industri barang konsumsi. Business Accounting Review, Vol. 2, No. 1.
Winningsih, Puput & Rejeki, Dewi. (2022). Gppd Corporate Governance (GCG) dan Corporate social responsibility (CSR) sebagai determinasi nilai perusahaan. Jurnal Akuntansi dan Bisnis Krisnadwipayana, Vol. 9, No. 1.
Wirawan. A. W, Falah. L. J, Kusumadewi. L, Adhariani. D & Djakman, C.D. (2020). The effect of Corporate social responsibility on the Firm Value with Risk Management as a Moderating Variabel. Journal of Asia-Pacific Business.
