LAPORAN PENELITIAN HIBAH DISERTASI DOKTOR TAHUN ANGGARAN 2011

Pengaruh Corporate Social Responsibility Disclosure Terhadap Kinerja Keuangan dan Kinerja Pasar

(Studi Perusahaan Tercatat pada Bursa Efek Indonesia)

Dian Masita Dewi, SE.,MM.

Dibiayai Oleh Direktorat Jendral Pendidikan Tinggi, Kementrian Pendidikan Nasional

Melalui DIPA Universitas Brawijaya Rev. 1 Nomor: 0636/023-04.2.16/15/2011 R, Tanggal 30 Maret 2011, dan Berdasarkan Surat Keputusann Rektor Universitas Brawijaya

Nomor : 214/SK/2011 tanggal 2 Mei 2011

UNIVERSITAS BRAWIJAYA NOVEMBER 2011

Bidang Ilmu :

Manajemen Keuangan

ABSTRAK

Dian Masita Dewi, Program Doctor Ilmu Manajemen Pascasarjana Fakultas

Ekonomi Universitas Brawijaya, Malang 2011. Pengaruh Corporate Social

Responsibility Disclosure Terhadap Kinerja Keuangan Dan Kinerja Pasar (SSttuuddii

PPeerruussaahhaaaann TTeerrccaattaatt PPaaddaa BBuurrssaa EEffeekk IInnddoonneessiiaa). Promotor : Made Sudarma, Ko-

Promotor: Djumahir Dan Eko Ganis.S.

Penelitian bertujuan untuk menguji dan membuktikan secara empiris pengaruh

pengungkapan pelaksanaan Corporate Social Responsibility Disclosure (CSRD)

terhadap kinerja perusahaan. Hasil penelitian ini diharapkan dapat memperkaya dan

melengkapi khasanah ilmu pengetahuan di bidang manajemen keuangan, terutama

mengenai fenomena pengaruh CSRD terhadap kinerja perusahaan, dimana dalam

penelitian ini tidak hanya dianalisis secara parsial namun penelitian ini juga

menganalisis secara interdependen/ resiprokal untuk mengetahui lebih dalam motivasi

perusahaan untuk extent of disclosure.

Penelitian merupakan penelitian eksplanatoris dengan menggunakan

pendekatan positivist (paradigma positivisme). Populasi penelitian adalah perusahaan

yang tercatat pada Bursa Efek Indonesia selama 3 tahun pengamatan (2007-2009).

Penentuan sampel dilakukan dengan menggunakan metode purposive sampling dan

diperoleh sebanyak 58 perusahaan pertahun. Analisis data dalam penelitian ini terbagi

menjadi 2 jenis analisis, yaitu statistik deskriptif dan statistic inferensial (SEM). Dalam

penelitian ini analisis statistic deskriptif berupa nilai minimum, nilai terendah dan

tertinggi dari masing-masing variable. Statistic inferensial dalam penelitian ini dianalisis

dengan menggunakan metode analisis Structural Equation Model (SEM) dengan

menggunakan program Analysis of moment Structures (AMOS) versi 16.

Hasil penelitian menunjukkan bahwa: (1) berapapun tingkat CSRD tidak

berpengaruh terhadap tinggi rendahnya kinerja keuangan yang diproxykan oleh Return

on Equity (ROE); (2) semakin tinggi kinerja keuangan yang diproxykan oleh ROE

mendorong perusahaan untuk lebih meningkatkan tingkat CSRDnya, demikian

sebaliknya. (3) berapapun tingkat CSRD tidak berpengaruh terhadap tinggi rendahnya

kinerja keuangan yang diproksikan oleh Return On Asset (ROA) (4) semakin tinggi

kinerja keuangan yang diproxykan oleh Return On Asset (ROA) mengakibatkan

peningkatan tingkat CSRD (5) berapapun tingkat CSRD tidak berpengaruh terhadap

peningkatan kinerja pasar yang diproxykan oleh Market Value Added (MVA) (6)

meningkatnya kinerja pasar yang diproxykan oleh Market Value Added (MVA)

berpengaruh terhadap peningkatan CSRD,demikian pula sebaliknya.

Kata kunci: Corporate Social Responsibility Disclosure, ROA, ROE, MVA

ABSTRACT

Dian Masita Dewi, A Program Of Doctor Of Management Sciences Graduate Fakultas

Ekonomi Universitas Brawijaya , Unfortunate 2011 . The Influence Of Corporate Social

Responsibility Disclosure Against The Financial Performance Of And Performance The

Market ( The Study Of The Company Listed On The Indonesia Stock Exchange ) . A

Promoter : Made Sudarma , Ko Promotor : Djumahir And Eko Ganis . S .

Research aims to test and prove in an empirical manner the influence of the

disclosure of the execution of Corporate Social Responsibility Disclosure ( CSRD )

against the performance of the company . The result of this research is expected to be

enrich and equips khasanah science in the field of money management , especially

regarding the phenomena of the influence of CSRD against the performance of the

company , where in of this research was not only analyzed in partial but this research

also analyze in interdependen / reciprocals to know exceed in motivation company to

extent of disclosure . Research is research eksplanatoris by the use of the approach of

positivist ( paradigm of positivism ) .Tthe population research is a company that listed

on the Indonesia Stock Exchange during 3 years observation (2007-2009 ) .

Determination of the sampling is done using a purposive sampling method and obtained

as many as 58 companies per year. Data analysis in the present study is divided into

two types of analysis, descriptive statistics and the statistical inferensial (SEM). In this

descriptive study of the statistical analysis of minimum value, the lowest and highest

value of each variable. The statistical inferensial in the present study analyzed by using

Structural Equation Model analysis method (SEM) by using program Analysis of

moment Structures (AMOS) version 16.

The results showed that: (1) Regardless of the level of CSRD has no effect on

the financial performance of a high low proxied by Return on Equity (ROE); (2) The

higher the financial performance of the proxied by pushing the company to more ROE

increase the level of CSRDnya, so instead. (3) Regardless of the level of CSRD has no

effect on the financial performance of a high low proxied by Return On Asset (ROA) (4)

The higher the performance of the financial proxied by Return On Asset (ROA) lead to

increased levels of CSRD (5) Regardless of the level of CSRD has no effect on the

performance improvement of the market proxied by Market Value Added (MVA) (6)

Increasing the performance of a market proxied by Market Value Added (MVA) affect

the improvement of CSRD, and vice versa.

Keywords: Corporate Social Responsibility Disclosure, ROA, ROE, MVA

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