Effect of Ownership Structure on Corporate Social Responsibility Disclosure on SRI-KEHATI Index Companies Listed on Indonesia Stock Exchange
Keywords:
Corporate Social Responsibility, Managerial Ownership, Institutional Ownership, Foreign Ownership
Abstract
The study aims to analyze the influence (1) of ownership structures with managerial ownership proxies, (2) ownership structures with institutional ownership proxies and (3) ownership structures with foreign ownership proxies on corporate social responsibility (CSR) disclosures on SRI-KEHATI index companies listed on the Indonesia Stock Exchange in 2016-2020. The study used three control variables: profitability, leverage, and firm size. The population in this study is all companies that include the SRI-KEHATI index listed on the Indonesia Stock Exchange. While the samples in the study were determined by the purposive sampling method, the company's samples for five consecutive years from 2016-2020, resulting in a samples count of 18 companies with 90 observations for each variable. The analysis method used is multiple linear regression analysis using the IBM SPSS Statistics 25 program..
The results of this study concluded that (1) ownership structures with managerial ownership proxies have a negative and insignificant effect on CSR disclosure, (2) ownership structure with institutional ownership proxy positive and significant on CSR disclosure, (3) ownership structure with foreign ownership proxy negative and insignificant on CSR disclosure on SRI-KEHATI index companies listed on Indonesia Stock Exchange
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References
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Damodar, G. (1995). Ekonometrika dasar. In Erlangga, Jakarta.
Deegan, & Michael, C. (2014). Financial Accounting Theory (4th Editio). McGraw-Hill Education.
Dewi, N. P., & Suaryana, I. G. . (2015). Pengaruh Profitabilitas dan Kepemilikan Asing pada Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi Universitas Udayana, 13(1), 84–98.
Downes, J., & Goodman, J. E. (1999). Dictionary of finance and investment terms. Simon and Schuster.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do Institutional Investors Drive Corporate Social Responsibility? International Evidence. Journal of Financial Economics, 131(3), 693–714. https://doi.org/10.1016/j.jfineco.2018.08.013
Erjon, R. A., & Rasyid, R. (2021). Effect of Profitability, Leverage and Managerial Ownership on the Disclosure of Corporate Social Responsibility (CSR) in Companies Indexed in SRI-KEHATI. Financial Management Studies, 1(1), 1–10. https://doi.org/10.24036/jkmb.xxxxxxxx
Fernando, S., & Lawrence, S. (2014). A Theoretical Framework for CSR Practices: Integrating Legitimacy Lheory,Stakeholder Theory and Intitutional Work. Journal Of Theoretical Accounting Research, 10(1), 149–178.
Freeman, R. E. (1984). Darden Graduate School of Business Administration A Stakeholder Approach to Strategic Management. In Handbook of Strategic Management (Issues 01–02). Blackwell Publishing.
Ghozali, Imam. 2006. Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Universitas Diponegoro.
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Indriantoro, Nur & Bambang, Supomo. 2018. Metodologi Penelitian Bisnis. Yogyakarta: BPFE Yogyakarta
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Kusumawardani, I., & Sudana, I. P. (2017). Faktor-Faktor yang Mempengaruhi Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi Universitas Udayana, 19, 741–770.
Majeed, S., Aziz, T., & Saleem, S. (2015). The Effect of Corporate Governance Elements on Corporate Social Responsibility (CSR) Disclosure: An Empirical Evidence from Listed Companies at KSE Pakistan. International Journal of Financial Studies, 3(4), 530–556. https://doi.org/10.3390/ijfs3040530
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Nurleni, Bandang, A., Darmawati, & Amiruddin, A. (2017). The Effect of Managerial and Institutional Ownership on Corporate Social Responsibility Disclosure. International Journal of Law and Management, 60(4), 979–987.
Oh, W. Y., Chang, Y. K., & Martynov, A. (2011). The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea. Journal of Business Ethics, 104(2), 283–297. https://doi.org/10.1007/s10551-011-0912-z
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Ramadhanty, N. S., & Budiasih, I. G. N. (2020). The Effect of Financial Leverage on Stock Returns with Corporate Social Responsibility Disclosure as Moderating Variable (Empirical Study on Mining …. … Journal of Humanities and Social …, 6, 48–53. https://www.ajhssr.com/wp-content/uploads/2020/06/G20464853.pdf
Riantani, S., & Nurzamzam, H. (2015). Analysis of Company size, Financial Leverage, and Profitability and it’s Effect to CSR Disclosure. In JDM (Jurnal Dinamika Manajemen) (Vol. 6, Issue 2).
Rivandi, M. (2021). Pengaruh Struktur Kepemilikan terhadap Pengungkapan Corporate Social Responsibility. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 16(1), 21–40. https://doi.org/10.25105/jipak.v16i1.6439
Rustiarini, N. I. W. (2011). Pengaruh Struktur Kepemilikan Saham Pada Pengungkapan Corporate Social Responsibility. Jurnal Ilmiah Akuntansi Dan Bisnis, 6(1).
Salehi, M. (2017). The Relationship Between Board of Directors’ Structure and Company Ownership with Corporate Social Responsibility. Humanomics, 33(4), 398–418.
Singal, P. A., & Putra, I. N. W. A. (2019). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, dan Kepemilikan Asing pada Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi, 29(1), 468. https://doi.org/10.24843/eja.2019.v29.i01.p30
Soliman, D. M. M., Din, D. M. B. El, & Sakr, D. A. (2012). Ownership Structure and Corporate Social Responsibility (CSR): An Empirical Study of the Listed Companies in Egypt. The International Journal of Social Sciences, 5(1). https://doi.org/10.2139/ssrn.2257816
Subramanyam, Wild. 2010. Analisis Informasi Keuangan. Jakarta: Salemba Empat.
Sufian, M. A., & Zahan, M. (2013). Ownership Structure and Corporate Social Responsibility Disclosure in Bangladesh. International Journal of Economics and Financial Issues, 3(4), 901–909.
Suliyanto, D. (2011). Ekonometrika Terapan: Teori dan Aplikasi dengan SPSS. In Penerbit Andi: Yogyakarta.
Suminar, R., & Purnama, D. (2020). Analisis Faktor-Faktor yang Mempengaruhi yang Mempengaruhi return saham. Jurnal Ekonomi Akuntansi Dan Manajemen, 1(1).
Suprijani, P., & Patrisia, D. (2020). Pengaruh Struktur Kepemilikan, Dewan Komisaris, dan Kebijakan Dividen terhadap Corporate Social Responsibility. Jurnal Kajian Manajemen Dan Wirausaha, 2(2), 83. https://doi.org/10.24036/jkmw0284960
Ulpah, S., Malisan, L., & Kusumawardani, A. (2019). Pengaruh Kinerja Keuangan dan Struktur Kepemilikan terhadap Pengungkapan Tanggung Jawab Sosial pada Perusahaan Pertabangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Universitas Mulawarman, 3(4), 1–20.
Wulandari, A. A. A. I., & Sudana, I. P. (2018). Pengaruh Profitabilitas , Kepemilikan Asing , Kepemilikan Manajemen , dan Leverage pada Intensitas Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi Universitas Udayana, 22, 1445–1472.
Yunaida, A., & Lestari, D. I. (2020). Apakah Kepemilikan Asing, Ukuran Perusahaan, dan Leverage Mempengaruhi Pengungkapan Corporate Social Responsibility? Business Management, Economic, and Accounting National Seminar, 1, 90–103. https://conference.upnvj.ac.id/index.php/biema/article/view/867
Asyirin, R., Ariani, N., & Pembimbing, D. (2017). Pengaruh Struktur Kepemilikan Saham terhadap Pengungkapan Corporate Social Responsibility (CSR) pada Perusahaan Manufaktur (Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia).
Chariri, A., & Ghozali, I. (2007). Teori akuntansi. In Semarang: Badan Penerbit Universitas Diponegoro.
Damodar, G. (1995). Ekonometrika dasar. In Erlangga, Jakarta.
Deegan, & Michael, C. (2014). Financial Accounting Theory (4th Editio). McGraw-Hill Education.
Dewi, N. P., & Suaryana, I. G. . (2015). Pengaruh Profitabilitas dan Kepemilikan Asing pada Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi Universitas Udayana, 13(1), 84–98.
Downes, J., & Goodman, J. E. (1999). Dictionary of finance and investment terms. Simon and Schuster.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do Institutional Investors Drive Corporate Social Responsibility? International Evidence. Journal of Financial Economics, 131(3), 693–714. https://doi.org/10.1016/j.jfineco.2018.08.013
Erjon, R. A., & Rasyid, R. (2021). Effect of Profitability, Leverage and Managerial Ownership on the Disclosure of Corporate Social Responsibility (CSR) in Companies Indexed in SRI-KEHATI. Financial Management Studies, 1(1), 1–10. https://doi.org/10.24036/jkmb.xxxxxxxx
Fernando, S., & Lawrence, S. (2014). A Theoretical Framework for CSR Practices: Integrating Legitimacy Lheory,Stakeholder Theory and Intitutional Work. Journal Of Theoretical Accounting Research, 10(1), 149–178.
Freeman, R. E. (1984). Darden Graduate School of Business Administration A Stakeholder Approach to Strategic Management. In Handbook of Strategic Management (Issues 01–02). Blackwell Publishing.
Ghozali, Imam. 2006. Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Universitas Diponegoro.
Indonesian Stock Exchange. (2019). IDX Stock Index.
Indriantoro, Nur & Bambang, Supomo. 2018. Metodologi Penelitian Bisnis. Yogyakarta: BPFE Yogyakarta
Jensen, M. C., & H.Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1177/0018726718812602
Karima, N. (2014). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan Kepemilikan Asing terhadap Pengungkapan Tanggung Jawab Sosial Perusahaan 219. 02, 219–230.
Kusumawardani, I., & Sudana, I. P. (2017). Faktor-Faktor yang Mempengaruhi Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi Universitas Udayana, 19, 741–770.
Majeed, S., Aziz, T., & Saleem, S. (2015). The Effect of Corporate Governance Elements on Corporate Social Responsibility (CSR) Disclosure: An Empirical Evidence from Listed Companies at KSE Pakistan. International Journal of Financial Studies, 3(4), 530–556. https://doi.org/10.3390/ijfs3040530
Majumder, M. T. H., Li, X., Akter, A., & Begum, M. (2019). Corporate Attributes and Corporate Social Disclosures : A Meta-aAnalytical Review. International Journal of Law and Management.
Merawati, L. K., & Pramitha, G. D. (2020). Struktur Kepemilikan, Kinerja Keuangan dan Pengungkapan Corporate Social Responsibility. Jurnal Riset Akuntansi (JUARA), 10(1), 66–75.
Muttakin, M. B., & Subramaniam, N. (2015). Firm Ownership and Board Characteristics Do They Matter for Corporate Social Responsibility Disclosure of Indian Companies? Sustainability Accounting, Management and Policy Journal, 6(2), 138–165.
Nurleni, Bandang, A., Darmawati, & Amiruddin, A. (2017). The Effect of Managerial and Institutional Ownership on Corporate Social Responsibility Disclosure. International Journal of Law and Management, 60(4), 979–987.
Oh, W. Y., Chang, Y. K., & Martynov, A. (2011). The Effect of Ownership Structure on Corporate Social Responsibility: Empirical Evidence from Korea. Journal of Business Ethics, 104(2), 283–297. https://doi.org/10.1007/s10551-011-0912-z
Putu, N., Kusuma, Y., Gusti, N., & Wirawati, P. (2021). The Influence of Share Ownership Structure and Company Size on Corporate Social Responsibility Disclosures. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(2), 67–73.
Ramadhanty, N. S., & Budiasih, I. G. N. (2020). The Effect of Financial Leverage on Stock Returns with Corporate Social Responsibility Disclosure as Moderating Variable (Empirical Study on Mining …. … Journal of Humanities and Social …, 6, 48–53. https://www.ajhssr.com/wp-content/uploads/2020/06/G20464853.pdf
Riantani, S., & Nurzamzam, H. (2015). Analysis of Company size, Financial Leverage, and Profitability and it’s Effect to CSR Disclosure. In JDM (Jurnal Dinamika Manajemen) (Vol. 6, Issue 2).
Rivandi, M. (2021). Pengaruh Struktur Kepemilikan terhadap Pengungkapan Corporate Social Responsibility. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 16(1), 21–40. https://doi.org/10.25105/jipak.v16i1.6439
Rustiarini, N. I. W. (2011). Pengaruh Struktur Kepemilikan Saham Pada Pengungkapan Corporate Social Responsibility. Jurnal Ilmiah Akuntansi Dan Bisnis, 6(1).
Salehi, M. (2017). The Relationship Between Board of Directors’ Structure and Company Ownership with Corporate Social Responsibility. Humanomics, 33(4), 398–418.
Singal, P. A., & Putra, I. N. W. A. (2019). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, dan Kepemilikan Asing pada Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi, 29(1), 468. https://doi.org/10.24843/eja.2019.v29.i01.p30
Soliman, D. M. M., Din, D. M. B. El, & Sakr, D. A. (2012). Ownership Structure and Corporate Social Responsibility (CSR): An Empirical Study of the Listed Companies in Egypt. The International Journal of Social Sciences, 5(1). https://doi.org/10.2139/ssrn.2257816
Subramanyam, Wild. 2010. Analisis Informasi Keuangan. Jakarta: Salemba Empat.
Sufian, M. A., & Zahan, M. (2013). Ownership Structure and Corporate Social Responsibility Disclosure in Bangladesh. International Journal of Economics and Financial Issues, 3(4), 901–909.
Suliyanto, D. (2011). Ekonometrika Terapan: Teori dan Aplikasi dengan SPSS. In Penerbit Andi: Yogyakarta.
Suminar, R., & Purnama, D. (2020). Analisis Faktor-Faktor yang Mempengaruhi yang Mempengaruhi return saham. Jurnal Ekonomi Akuntansi Dan Manajemen, 1(1).
Suprijani, P., & Patrisia, D. (2020). Pengaruh Struktur Kepemilikan, Dewan Komisaris, dan Kebijakan Dividen terhadap Corporate Social Responsibility. Jurnal Kajian Manajemen Dan Wirausaha, 2(2), 83. https://doi.org/10.24036/jkmw0284960
Ulpah, S., Malisan, L., & Kusumawardani, A. (2019). Pengaruh Kinerja Keuangan dan Struktur Kepemilikan terhadap Pengungkapan Tanggung Jawab Sosial pada Perusahaan Pertabangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Universitas Mulawarman, 3(4), 1–20.
Wulandari, A. A. A. I., & Sudana, I. P. (2018). Pengaruh Profitabilitas , Kepemilikan Asing , Kepemilikan Manajemen , dan Leverage pada Intensitas Pengungkapan Corporate Social Responsibility. E-Jurnal Akuntansi Universitas Udayana, 22, 1445–1472.
Yunaida, A., & Lestari, D. I. (2020). Apakah Kepemilikan Asing, Ukuran Perusahaan, dan Leverage Mempengaruhi Pengungkapan Corporate Social Responsibility? Business Management, Economic, and Accounting National Seminar, 1, 90–103. https://conference.upnvj.ac.id/index.php/biema/article/view/867
