Main Article Content
Abstract
This study aimed to investigate the influence of Corporate Social Responsibility Disclosure (CSRD) on companies’ financial performance which was proxied by Return on Assets (ROA), Return on Equity (ROE), and Earning per Share (EPS). The analysis was conducted on the annual reports of 31 manufacturing companies that were listed on the IDX from 2016 to 2019. A purposive sampling method was employed to select samples from the population. The data analysis was performed by using SPSS Statistics for Windows, Version 21. The results indicated that CSRD had significant positive influences on ROA and ROE, but CSRD did not have an influence on EPS. The findings of this study can be a consideration for companies’ decision making related to their CSRD which is important for their public image and profit-making activities. Investors can also benefit from the study by using CSRD as a reference in making investment decisions. Lastly, the government can use this study to evaluate the implementation of compulsory CSRD in companies in Indonesia.
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Copyright (c) 2022 Ayu Chairina Laksmi, Adella Puspita Hasri
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References
- Cahyanti, N., Windy, N., Nuzula, Firdausi, N., Nurlaily, & Ferina. (2018). Corporate Social Responsibility Disclosure (CSRD) terhadap profitabilitas perusahaan (studi pada perusahaan manufaktur yang terdaftar di BEI periode 2016). Jurnal Administrasi Bisnis, 61(1), 224.
- Cuganesan, S., Ward, L., & Guthrie, J. (2007). Legitimacy Theory: A Story of Reporting Social and Environmental Matters within the Australian Food and Beverage Industry. 5th Asian Pacific Interdisciplinary Research in Accounting, 8–10.
- Delano, A. H., Muslih, M., & Aminah, W. (2019). Pengaruh Corporate Social Responsibility Disclosure terhadap kinerja keuangan dan earning response coefficient perusahaan (studi pada emiten di indeks Saham Kompas100 periode 2014-2017). E-Proceeding of Management.
- Dewi, D. M. (2015). The Role of CSRD on Company’s Financial Performance and Earnings Response Coefficient (ERC). Procedia - Social and Behavioral Sciences, 541–549.
- Feneir, I. M. (2021). Corporate Social Responsibility Disclosure (CSRD). In U. Hacioglu & T. Aksoy (Eds.), Financial Ecosystem and Strategy in the Digital Era (pp. 265–292). Spingerlink.
- Freeman, R. E. (2001). A stakeholder theory of the modern corporation. Perspectives in Business Ethics Sie, 3(144), 38–48.
- Freeman, R. E., & Dmytriyev, S. (2017). Corporate Social Responsibility and Stakeholder Theory: Learning from each other. Symphonya. Emerging Issues in Management, 1, 7–15.
- Gantino, R. (2016). Pengaruh corporate social responsibility terhadap kinerja keuangan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2008-2014. Jurnal Dinamika Akuntansi Dan Bisnis, 3(2), 19–32.
- Hanni, D., & Krisnawati, A. (2020). The effect of corporate social responsibility disclosure on earnings per share in listed mining in Indonesia. In I. Rachmawati & R. Hendayani (Eds.), Managing Learning Organization in Industry 4.0 (1st ed., p. 6). Routledge.
- Hapsoro, D., Wicaksono, C. A., & Primaretka, T. A. (2020). Does CSRD moderate the effect of financial performance on stock return? Evidence of Indonesian mining companies. Jurnal Akuntansi & Auditing Indonesia, 24(1), 1–10.
- Kasmir. (2014). Analisis Laporan Keuangan. Raja Grafindo Persada.
- Khairudin, & Dewi, E. (2015). Effect of disclosure Corporate Social Responsibility (CSR) to profitability in textile and garment industry listed in Indonesia Stock Exchange in 2011-2013. Jurnal Akuntansi Dan Keuangan, 6(2), 65–77.
- Kurawa, J. M., & Shuaibu, K. (2022). Environmental disclosure and financial performance of listed non-financial companies in Nigeria. European Journal of Accounting, Auditing and Finance Research, 10(2), 31–52.
- Lindawati, A. S. L., & Puspita, M. E. (2015). Corporate social responsibilty: Implikasi stakeholder dan legitimacy gap dalam peningkatan kinerja perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 157–174.
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- Muat, S., & Prayogo, A. (2018). Corporate social responsibility disclosure and financial performance: A state owned enterprises case study. Sosial Budaya, 15(1), 11–18.
- Nguyen, T. H., Vu, Q. T., Nguyen, D. M., & Le, H. L. (2021). Factors influencing Corporate Social Responsibility Disclosure and its impact on financial performance: The case of Vietnam. Sustainability, 13(15), 1–16.
- Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., & Colle, S. De. (2010). Stakeholder Theory: The State of the Art. The Academy of Management Annals, 4(1), 403–445.
- Rahayu, W. (2014). Pengaruh pengungkapan Corporate Social Responsibility (CSR) terhadap profitabilitas perusahaan. Jurnal Administrasi Bisnis, 17(2), 1–8.
- Ratmono, D., & Sagala, W. M. (2015). Pengungkapan Corporate Social Responsibility (CSR) sebagai sarana legitimasi: Dampaknya terhadap tingkat agresivitas pajak. Nominal, 4(2), 16–30.
- Rosdwianti, M. K., AR, M. D., & A, Z. Z. (2016). Pengaruh Corporate Social Responsibility (CSR) terhadap profitabilitas perusahaan (studi pada sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia periode 2013-2014). Jurnal Administrasi Bisnis, 38(2), 16–22.
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- Singh, A., & Chakraborty, M. (2021). Does CSR disclosure influence financial performance of firms? Evidence from an emerging economy. Sustainability Accounting, Management and Policy Journal, 12(4), 788–810.
- Suciwati, D. P., Pradnyan, D. P. A., & Ardina, C. (2017). Pengaruh Corporate Social Responsibility terhadap kinerja keuangan. Jurnal Bisnis Dan Kewirausahaan, 12(2), 104–112.
References
Cahyanti, N., Windy, N., Nuzula, Firdausi, N., Nurlaily, & Ferina. (2018). Corporate Social Responsibility Disclosure (CSRD) terhadap profitabilitas perusahaan (studi pada perusahaan manufaktur yang terdaftar di BEI periode 2016). Jurnal Administrasi Bisnis, 61(1), 224.
Cuganesan, S., Ward, L., & Guthrie, J. (2007). Legitimacy Theory: A Story of Reporting Social and Environmental Matters within the Australian Food and Beverage Industry. 5th Asian Pacific Interdisciplinary Research in Accounting, 8–10.
Delano, A. H., Muslih, M., & Aminah, W. (2019). Pengaruh Corporate Social Responsibility Disclosure terhadap kinerja keuangan dan earning response coefficient perusahaan (studi pada emiten di indeks Saham Kompas100 periode 2014-2017). E-Proceeding of Management.
Dewi, D. M. (2015). The Role of CSRD on Company’s Financial Performance and Earnings Response Coefficient (ERC). Procedia - Social and Behavioral Sciences, 541–549.
Feneir, I. M. (2021). Corporate Social Responsibility Disclosure (CSRD). In U. Hacioglu & T. Aksoy (Eds.), Financial Ecosystem and Strategy in the Digital Era (pp. 265–292). Spingerlink.
Freeman, R. E. (2001). A stakeholder theory of the modern corporation. Perspectives in Business Ethics Sie, 3(144), 38–48.
Freeman, R. E., & Dmytriyev, S. (2017). Corporate Social Responsibility and Stakeholder Theory: Learning from each other. Symphonya. Emerging Issues in Management, 1, 7–15.
Gantino, R. (2016). Pengaruh corporate social responsibility terhadap kinerja keuangan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2008-2014. Jurnal Dinamika Akuntansi Dan Bisnis, 3(2), 19–32.
Hanni, D., & Krisnawati, A. (2020). The effect of corporate social responsibility disclosure on earnings per share in listed mining in Indonesia. In I. Rachmawati & R. Hendayani (Eds.), Managing Learning Organization in Industry 4.0 (1st ed., p. 6). Routledge.
Hapsoro, D., Wicaksono, C. A., & Primaretka, T. A. (2020). Does CSRD moderate the effect of financial performance on stock return? Evidence of Indonesian mining companies. Jurnal Akuntansi & Auditing Indonesia, 24(1), 1–10.
Kasmir. (2014). Analisis Laporan Keuangan. Raja Grafindo Persada.
Khairudin, & Dewi, E. (2015). Effect of disclosure Corporate Social Responsibility (CSR) to profitability in textile and garment industry listed in Indonesia Stock Exchange in 2011-2013. Jurnal Akuntansi Dan Keuangan, 6(2), 65–77.
Kurawa, J. M., & Shuaibu, K. (2022). Environmental disclosure and financial performance of listed non-financial companies in Nigeria. European Journal of Accounting, Auditing and Finance Research, 10(2), 31–52.
Lindawati, A. S. L., & Puspita, M. E. (2015). Corporate social responsibilty: Implikasi stakeholder dan legitimacy gap dalam peningkatan kinerja perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 157–174.
Liputan6.com. (2020, February 27). Terbukti Cemari DAS Citarum, Perusahaan Ini Kena Denda Rp 12 Miliar. Liputan6.Com. https://www.liputan6.com/bisnis/read/4188738/terbukti-cemari-das-citarum-perusahaan-ini-kena-denda-rp-12-miliar
Merdeka.com. (2016, September 16). Anies Baswedan Minta Pabrik yang Cemari Udara Jakarta Ubah Metode Produksi. Merdeka.Com. https://www.merdeka.com/jakarta/anies-baswedan-minta-pabrik-yang-cemari-udara-jakarta-ubah-metode-produksi.html
Muat, S., & Prayogo, A. (2018). Corporate social responsibility disclosure and financial performance: A state owned enterprises case study. Sosial Budaya, 15(1), 11–18.
Nguyen, T. H., Vu, Q. T., Nguyen, D. M., & Le, H. L. (2021). Factors influencing Corporate Social Responsibility Disclosure and its impact on financial performance: The case of Vietnam. Sustainability, 13(15), 1–16.
Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., & Colle, S. De. (2010). Stakeholder Theory: The State of the Art. The Academy of Management Annals, 4(1), 403–445.
Rahayu, W. (2014). Pengaruh pengungkapan Corporate Social Responsibility (CSR) terhadap profitabilitas perusahaan. Jurnal Administrasi Bisnis, 17(2), 1–8.
Ratmono, D., & Sagala, W. M. (2015). Pengungkapan Corporate Social Responsibility (CSR) sebagai sarana legitimasi: Dampaknya terhadap tingkat agresivitas pajak. Nominal, 4(2), 16–30.
Rosdwianti, M. K., AR, M. D., & A, Z. Z. (2016). Pengaruh Corporate Social Responsibility (CSR) terhadap profitabilitas perusahaan (studi pada sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia periode 2013-2014). Jurnal Administrasi Bisnis, 38(2), 16–22.
Sindonews.com. (2015, November 2). Ini Penyebab Asap Pabrik Pestisida Racuni Warga Bekasi. Sindonews.Com. https://metro.sindonews.com/berita/1058288/170/ini-penyebab-asap-pabrik-pestisida-racuni-warga-bekasi
Singh, A., & Chakraborty, M. (2021). Does CSR disclosure influence financial performance of firms? Evidence from an emerging economy. Sustainability Accounting, Management and Policy Journal, 12(4), 788–810.
Suciwati, D. P., Pradnyan, D. P. A., & Ardina, C. (2017). Pengaruh Corporate Social Responsibility terhadap kinerja keuangan. Jurnal Bisnis Dan Kewirausahaan, 12(2), 104–112.