The Effect of Corporate Social Responsibility on Corporate Financial Performance with Non-Financial Aspects as Moderator
Abstract
ABSTRAK
Penelitian ini mengkaji pengaruh tanggung jawab sosial perusahaan (CSR) terhadap kinerja keuangan dengan aspek non-keuangan sebagai moderator, yang meliputi tekanan kelembagaan, tekanan lingkungan, dan tata kelola. Sampel terdiri dari 32 perusahaan yang terdaftar di Bursa Efek Indonesia, yaitu 16 perusahaan manufaktur dan 16 perusahaan pertambangan, dengan total 256 observasi dari tahun 2015-2022. Data dianalisis menggunakan model pengaruh langsung dengan metode Generalized Least Square (GLS). Hasil penelitian menunjukkan bahwa CSR memiliki pengaruh positif terhadap kinerja keuangan perusahaan. Semakin banyak kegiatan CSR yang dilakukan, maka kinerja keuangan perusahaan semakin baik, mendukung teori legitimasi dan teori stakeholder. Tekanan kelembagaan memperkuat pengaruh positif CSR terhadap kinerja keuangan, sedangkan tekanan lingkungan dan tata kelola (diukur melalui keberagaman latar belakang pendidikan direksi) melemahkan pengaruh tersebut. Penelitian ini memberikan implikasi penting bagi regulasi di negara berkembang, seperti Indonesia, dengan menekankan perlunya aturan yang lebih ketat mengenai penerapan CSR oleh perusahaan untuk memastikan praktik tanggung jawab sosial yang efektif.
Kata Kunci: Aspek Non Keuangan, CSR, Tekanan Kelembagaan, Tekanan Lingkungan, Tata Kelola, Kinerja Keuangan
ABSTRACT
This study examines the effect of corporate social responsibility (CSR) on financial performance with non-financial aspects as moderators, which include institutional pressure, environmental pressure, and governance. The sample consists of 32 companies listed on the Indonesia Stock Exchange, namely 16 manufacturing companies and 16 mining companies, with a total of 256 observations from 2015-2022. The data were analyzed using a direct influence model with the Generalized Least Square (GLS) method. The results showed that CSR has a positive influence on the company's financial performance. The more CSR activities carried out, the better the company's financial performance, supporting legitimacy theory and stakeholder theory. Institutional pressures strengthen the positive influence of CSR on financial performance, while environmental and governance pressures (measured through the diversity of directors' educational backgrounds) weaken this influence. This study provides important implications for regulation in developing countries, such as Indonesia, by emphasizing the need for stricter rules regarding the implementation of CSR by companies to ensure effective social responsibility practices.
Keywords: Non-financial aspects, CSR, Institutional Pressure, Environmental Pressure, Governance, Financial Performance
Keywords
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DOI: https://doi.org/10.17509/jrak.v12i3.75076
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