Corporate Social Responsibility dan Nilai Perusahaan: Moderasi oleh Profitabilitas

Achyani, Marlina Nur
Calista, Salsa
Asaro, Ummi Aisyatul Latifah

Mandiri: Jurnal Akuntansi dan Keuangan
Vol. 3 No. 3 (2024): Oktober 2024

Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan Corporate Social Responsibility (CSR) terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019–2022. Menggunakan pendekatan kuantitatif deskriptif, data sekunder diperoleh dari laporan tahunan dan diolah melalui regresi moderasi dengan bantuan SPSS atau SmartPLS. Nilai perusahaan diukur melalui rasio PBV atau Tobin’s Q, CSR berdasarkan pedoman GRI, dan profitabilitas melalui ROA atau ROE. Hasil penelitian menunjukkan bahwa pengungkapan CSR berpengaruh signifikan terhadap nilai perusahaan, mendukung stakeholder theory. Namun, profitabilitas tidak terbukti memoderasi hubungan tersebut, menunjukkan bahwa CSR lebih dipengaruhi oleh regulasi daripada kinerja keuangan. Keterbatasan penelitian ini mencakup keterbatasan indikator nilai perusahaan dan cakupan data CSR. Penelitian ini menekankan pentingnya strategi CSR yang transparan dan bernilai tambah, serta merekomendasikan pengembangan indikator valuasi dan pertimbangan faktor eksternal dalam studi lanjutan. This study aims to analyze the effect of Corporate Social Responsibility (CSR) disclosure on firm value with profitability as a moderating variable in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2022 period. Using a descriptive quantitative approach, secondary data were obtained from annual reports and analyzed through moderation regression using SPSS or SmartPLS. Firm value was measured using PBV or Tobin’s Q, CSR was assessed based on GRI guidelines, and profitability was measured using ROA or ROE. The results show that CSR disclosure has a significant effect on firm value, supporting stakeholder theory. However, profitability was not proven to moderate this relationship, indicating that CSR practices are more influenced by regulatory compliance than financial performance. The study's limitations include a narrow valuation measurement and reliance on CSR disclosures in annual reports. This research highlights the importance of transparent and strategic CSR practices as value-added efforts, and recommends future studies to broaden firm value indicators and consider external factors such as brand reputation or public perception in evaluating CSR effectiveness.