PERAN PEMODERASI REPUTASI PERUSAHAAN PADA PENGARUH LUAS PENGUNGKAPAN WEBSITE CSR TERHADAP KINERJA KEUANGAN
Keywords:
CSR website disclosure, firm financial performance, firm reputation
Abstract
The objective of this research is to provide empirical evidence concerning the moderating role of firm reputation on the effect of the range of website CSR disclosure on firm financial performance. The study focused on companies within the manufacturing sector that are listed on the Indonesia Stock Exchange during the period from 2016 to 2022. This research used a purposive sampling method and 238 firm-year observations were obtained. The moderating variable is firm reputation measured by market capitalization ratio. The independent variable of the range of website CSR disclosure is measured using content analysis method and dependent variable is firm financial performance measured by ROA and ROE. Data were analyzed through methods such as multiple linear regression analysis methods and moderated regression analysis (MRA) test. The results provide empirical evidence that first, the range of website CSR disclosure has a negative and significant influence on the firm’s financial performance. Second, the results of this study provide empirical evidence that firm reputation was unable to moderate in the effect of the range of website CSR disclosure on firm financial performance.
References
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Kang, K. H., Lee, S., & Huh C. 2010. Impacts of Positive and Negative Corporate Social Responsibility Activities on Company Performance in the Hospitality Industry. Int. J. Hosp. Manag. 29: 72–82.
Kim HS. 2011. A Reputational Approach Examining Publics’ Attributions on Corporate Social Responsibility Motives. Asian J. Commun. 21: 84–101.
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McWilliams, A., & Siegel D. 2001. Corporate social responsibility: A theory of the firm perspective. Acad. Manag. Rev. 26: 117–127.
Nguyen NTT, Nguyen NP, Thanh Hoai T. 2021. Ethical leadership, corporate social responsibility, firm reputation, and firm performance: A serial mediation model. Heliyon 7: e06809.
OJK. 2015. Peraturan Otoritas Jasa Keuangan Nomor 8/POJK.04/2015 tentang Situs Web Emiten atau Perusahaan Publik. Indonesia.
Oyewumi OR, Ogunmeru OA, Oboh CS. 2018. Investment in corporate social responsibility, disclosure practices, and financial performance of banks in Nigeria. Futur. Bus. J. 4: 195–205.
Peng, C. W., & Yang ML. 2014. The Effect of Corporate Social Performance on Financial Performance: The Moderating Effect of Ownership Concentration. J. Bus. Ethics 123: 171–182.
Pham HST, Tran HT. 2020. CSR disclosure and firm performance: The mediating role of corporate reputation and moderating role of CEO integrity. J. Bus. Res. 120: 127–136.
Rakhmawati NDP& N. 2018. The Effect of CSR on Financial Performance: A Study of Plantation Companies in Indonesia and Malaysia. J. Ilm. Mhs. FEB UB 6: 1–13.
Rehman Z ur, Khan A, Rahman A. 2020. Corporate social responsibility’s influence on firm risk and firm performance: the mediating role of firm reputation. Corp. Soc. Responsib. Environ. Manag. 27: 2991–3005.
Rely G. 2018. The Effect of Environmental Accounting, Corporate Social Responsibility and Corporate Performance to Corporate Reputation. Res. J. Financ. Account. www.iiste.org ISSN 9: 159–171.
Rowley, T., & Berman S. 2000. A Brand New Brand of Corporate Social Performance. Bus. Soc. 39: 397–418.
Saeidi SP, Sofian S, Saeidi P, Saeidi SP, Saaeidi SA. 2015. How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. J. Bus. Res. 68: 341–350.
Schröder P. 2021. Corporate social responsibility (CSR) website disclosures: empirical evidence from the German banking industry. Int. J. Bank Mark. 39: 768–788.
Singh K, Misra M. 2021. Linking Corporate Social Responsibility (CSR) and Organizational Performance: the moderating effect of corporate reputation. Eur. Res. Manag. Bus. Econ. 27: 100139.
Siueia TT, Wang J, Deladem TG. 2019. Corporate Social Responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. J. Clean. Prod. 226: 658–668.
Smith, M., Yahya. K., Marzuki A. 2007. Environmental Disclosure and Performance Reporting in Malaysia. Asian Rev. Acounting 15: 186–199.
Sotorrío, L. L., & Sánchez JLF. 2008. Corporate Social Responsibility of The Most Highly Reputed European and North American Firms. J. Bus. Ethics 82: 379–390.
Sultoni MH. 2020. Corporate Social Responsibility (Kajian Korelasi Program CSR terhadap Citra Perusahaan). Wafi A, editor. Pamekasan, Jawa Timur: Duta Media Publishing. 88 p.
Surroca, J., Tribo, J.A., Waddock S. 2010. Corporate Responsibility and Financial Performance: The Role of Intangible Resources. Strateg. Manag. J. 31: 463–490.
Waddock, S. A. & Graves SB. 1997. The Corporate Social Performance-Financial Performance Link. Strateg. Manag. J. 18: 303–319.
Widiastuty, E. & Febrianto R. 2022. Hubungan Ukuran Perusahaan, Profitabilitas, Internasionalisasi, Pengeluaran CSR dengan Kinerja Perusahaan. E-Jurnal Manaj. Univ. Udayana 11: 2065–2084.
Williams, S.M. and Ho Wern Pei C-A. 1999. Corporate Social Disclosures by Listed Companies on Their Web Sites. An International Comparison. Int. J. Account. 34: 389–419.
Wood, D. J., & Jones RE. 1995. Stakeholder Mismatching: A Theoretical Problem in Empirical Research on Corporate Social Performance. Int. J. Organ. Anal. 3: 229–267.
Wright, P., & Ferris SP. 1997. Agency Conflict and Corporate Strategy: The Effect of Divestment on Corporate Value. Strateg. Manag. J. 18: 77–83.
Yuen, C.P. and Yip D. 2002. Corporate Environmental Reporting – The CLP Power Experience. Corp. Environ. Strateg. 9: 95–100.
Zhu Y, Sun L, Leung ASM. 2013. Corporate Social Responsibility, Firm Reputation, and Firm Performance : The Role of Ethical Leadership. Asia Pacific J. Manag. 31: 925–947.
Alshammari M. 2015. Corporate Social Responsibility and Firm Performance: The Moderating Role of Reputation and Institutional Investors. Int. J. Bus. Manag. 10: 15–28.
Azzahra, N. & Widiastuty E. 2023. Peran Reputasi Perusahaan sebagai Pemediasi pada Pengaruh Pengungkapan Website CSR terhadap Kinerja Bisnis Perusahaan. J. Stud. Akunt. dan Keuang. 6: 33–54.
Bae, K.H., Kang, J.K., Wang J. 2011. Employee Treatment and Firm Leverage: A Test of The Stakeholder Theory of Capital Structure. J. Financ. Econ. 100: 130–153.
Baird, P. L., Geylani, P. C., & Roberts JA. 2012. Corporate Social and Financial Performance Re-examined: Industry Effects in a Linear Mixed Model Analysis. J. Bus. Ethics 109: 367–388.
Bol ıvar MPR. 2009. Evaluating Corporate Environmental Reporting on The Internet. Bus. Soc. 48: 179–201.
Brammer, S., Brooks, Ch. and Pavelin S. 2006. Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures. Financ. Manag. 35: 97–116.
Branco MC, Rodrigues LL. 2006. Communication of corporate social responsibility by Portuguese banks: A legitimacy theory perspective. Corp. Commun. 11: 232–248.
Chaudhri, V. and Wang J. 2007. Communicating Corporate Social Responsibility on The Internet: A Case Study of The Top 100 Information Technology Companies in India. Manag. Commun. Q. 21: 232–247.
Cheng, I. H., Hong, H & Shue K. 2013. Do Managers do Good with Other People’s Money? NBER Work. Pap.
Clarkson MBE. 1995. A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Acad. Manag. Rev. 20: 92–117.
DiSegni, Dafna M. et al. 2015. Corporate Social Responsibility, Environmental Leadership and Financial Performance. Soc. Responsib. J. 11: 131–148.
Fahmi I. 2014. Analisa Kinerja Keuangan. Bandung: Alfabeta.
Freeman RE. 1994. The Politics of Stakeholder Theory: Some Future Directions. Bus. Ethics Q. 4: 409–421.
Friedman M. 1970. A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits. N. Y. Times Mag.
Galbreath J, Shum P. 2012. Do customer satisfaction and reputation mediate the CSR-FP link? Evidence from Australia. Aust. J. Manag. 37: 211–229.
Gautam, R. and Singh A. 2010. Corporate Social Responsibility in India: A Study of Top 500 Companies. Glob. Bus. Manag. Res. An Int. J. 2: 41–56.
Godfrey PC. 2005. The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective. Acad. Manag. Rev. 30: 777–798.
Goyal, P., Rahman, Z., Kazmi AA. 2013. Corporate Sustainability Performance and Firm Performance Research. Manag. Decis. 51: 361–379.
Griffin, J. J., & Mahon JF. 1997. The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-five Years of Incomparable Research. Bus. Soc. 36: 5–31.
Groza, M.D.; Pronschinske, M.R.; Walker M. 2011. Perceived Organizational Motives and Consumer Responses to Proactive and Reactive CSR. J. Bus. Ethics 102: 639–652.
Gunawan J, Tin S. 2018. The development of corporate social responsibility in accounting research: evidence from Indonesia. Soc. Responsib. J. 15: 671–688.
Hinson RE. 2011. Online CSR Reportage of Award-Winning Versus Non Award-Winning Banks in Ghana. J. Information, Commun. Ethics Soc. 9: 102–115.
Hutabarat F. 2020. Analisis Kinerja Keuangan Perusahaan, 1e. Puspitasari G, editor. Serang, Banten: Penerbit Desanta Muliavisitama. 120 p.
Kang, K. H., Lee, S., & Huh C. 2010. Impacts of Positive and Negative Corporate Social Responsibility Activities on Company Performance in the Hospitality Industry. Int. J. Hosp. Manag. 29: 72–82.
Kim HS. 2011. A Reputational Approach Examining Publics’ Attributions on Corporate Social Responsibility Motives. Asian J. Commun. 21: 84–101.
Lin, C. H., Yang, H. L., & Liou DY. 2009. The Impact of Corporate Social Responsibility on Financial Performance: Evidence from business in Taiwan. Technol. Soc. 31: 56–63.
Lin C, Chang R, Dang VT. 2015. An Integrated Model to Explain How Corporate Social Responsibility Affects Corporate Financial Performance. 8292–8311.
Manrique, S., Martí-Ballester CP. 2017. Analyzing the Effect of Corporate Environmental Performance on Corporate Financial Performance in Developed and Developing Countries. Sustainability 9: 1–30.
Margolis, J.D., & Walsh JP. 2003. Misery Loves Companies: Rethinking Social Initiatives by Business. Adm. Sci. Q. 48: 268–305.
Masulis, R. W., & Reza SW. 2015. Agency Problems of Corporate Philanthropy. Rev. Financ. Stud. 28: 592–636.
Mathews MR. 1997. Twenty-five years of Social and Environmental Accounting Research: Is There a Silver Jubilee to Celebrate? Accounting, Audit. Account. J. 10: 481–531.
McWilliams, A., & Siegel D. 2001. Corporate social responsibility: A theory of the firm perspective. Acad. Manag. Rev. 26: 117–127.
Nguyen NTT, Nguyen NP, Thanh Hoai T. 2021. Ethical leadership, corporate social responsibility, firm reputation, and firm performance: A serial mediation model. Heliyon 7: e06809.
OJK. 2015. Peraturan Otoritas Jasa Keuangan Nomor 8/POJK.04/2015 tentang Situs Web Emiten atau Perusahaan Publik. Indonesia.
Oyewumi OR, Ogunmeru OA, Oboh CS. 2018. Investment in corporate social responsibility, disclosure practices, and financial performance of banks in Nigeria. Futur. Bus. J. 4: 195–205.
Peng, C. W., & Yang ML. 2014. The Effect of Corporate Social Performance on Financial Performance: The Moderating Effect of Ownership Concentration. J. Bus. Ethics 123: 171–182.
Pham HST, Tran HT. 2020. CSR disclosure and firm performance: The mediating role of corporate reputation and moderating role of CEO integrity. J. Bus. Res. 120: 127–136.
Rakhmawati NDP& N. 2018. The Effect of CSR on Financial Performance: A Study of Plantation Companies in Indonesia and Malaysia. J. Ilm. Mhs. FEB UB 6: 1–13.
Rehman Z ur, Khan A, Rahman A. 2020. Corporate social responsibility’s influence on firm risk and firm performance: the mediating role of firm reputation. Corp. Soc. Responsib. Environ. Manag. 27: 2991–3005.
Rely G. 2018. The Effect of Environmental Accounting, Corporate Social Responsibility and Corporate Performance to Corporate Reputation. Res. J. Financ. Account. www.iiste.org ISSN 9: 159–171.
Rowley, T., & Berman S. 2000. A Brand New Brand of Corporate Social Performance. Bus. Soc. 39: 397–418.
Saeidi SP, Sofian S, Saeidi P, Saeidi SP, Saaeidi SA. 2015. How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. J. Bus. Res. 68: 341–350.
Schröder P. 2021. Corporate social responsibility (CSR) website disclosures: empirical evidence from the German banking industry. Int. J. Bank Mark. 39: 768–788.
Singh K, Misra M. 2021. Linking Corporate Social Responsibility (CSR) and Organizational Performance: the moderating effect of corporate reputation. Eur. Res. Manag. Bus. Econ. 27: 100139.
Siueia TT, Wang J, Deladem TG. 2019. Corporate Social Responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. J. Clean. Prod. 226: 658–668.
Smith, M., Yahya. K., Marzuki A. 2007. Environmental Disclosure and Performance Reporting in Malaysia. Asian Rev. Acounting 15: 186–199.
Sotorrío, L. L., & Sánchez JLF. 2008. Corporate Social Responsibility of The Most Highly Reputed European and North American Firms. J. Bus. Ethics 82: 379–390.
Sultoni MH. 2020. Corporate Social Responsibility (Kajian Korelasi Program CSR terhadap Citra Perusahaan). Wafi A, editor. Pamekasan, Jawa Timur: Duta Media Publishing. 88 p.
Surroca, J., Tribo, J.A., Waddock S. 2010. Corporate Responsibility and Financial Performance: The Role of Intangible Resources. Strateg. Manag. J. 31: 463–490.
Waddock, S. A. & Graves SB. 1997. The Corporate Social Performance-Financial Performance Link. Strateg. Manag. J. 18: 303–319.
Widiastuty, E. & Febrianto R. 2022. Hubungan Ukuran Perusahaan, Profitabilitas, Internasionalisasi, Pengeluaran CSR dengan Kinerja Perusahaan. E-Jurnal Manaj. Univ. Udayana 11: 2065–2084.
Williams, S.M. and Ho Wern Pei C-A. 1999. Corporate Social Disclosures by Listed Companies on Their Web Sites. An International Comparison. Int. J. Account. 34: 389–419.
Wood, D. J., & Jones RE. 1995. Stakeholder Mismatching: A Theoretical Problem in Empirical Research on Corporate Social Performance. Int. J. Organ. Anal. 3: 229–267.
Wright, P., & Ferris SP. 1997. Agency Conflict and Corporate Strategy: The Effect of Divestment on Corporate Value. Strateg. Manag. J. 18: 77–83.
Yuen, C.P. and Yip D. 2002. Corporate Environmental Reporting – The CLP Power Experience. Corp. Environ. Strateg. 9: 95–100.
Zhu Y, Sun L, Leung ASM. 2013. Corporate Social Responsibility, Firm Reputation, and Firm Performance : The Role of Ethical Leadership. Asia Pacific J. Manag. 31: 925–947.
Published
2024-05-22
How to Cite
Natasya Elvin Maharani, & -, E. W. (2024). PERAN PEMODERASI REPUTASI PERUSAHAAN PADA PENGARUH LUAS PENGUNGKAPAN WEBSITE CSR TERHADAP KINERJA KEUANGAN . Jurnal Riset Akuntansi Aksioma, 23(1), 36-52. https://doi.org/10.29303/aksioma.v23i1.289
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Articles
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