Pengaruh Value Based Management Pada Nilai Ekuitas Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Pemoderasi

Nina Fitri
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Abstract

The purpose of this research is to examine that the disclosure of Corporate Social Responsibility moderate the relationship of Value-Based Management with the corporate equity. This research was conducted at the Indonesian Stock Exchange in the year 2019 to 2020. Purposive sampling method was used to determine samples and 103 observations were obtained. The statistical analysis which was done included the classic assumption test and goodness of fit test. Testing the influence of moderating variables in this research hypothesis was conducted using Moderated Regression Analysis (MRA) which is a special application of multiple linear regressions. Based on the research results and their discussions, it can be concluded that the disclosure of Corporate Social Responsibility is not proven significantly as a moderating variable of the relationship between the Value-Based Management with the corporate equity. It is indicated that way because investors do not need to look at the disclosure of Corporate Social Responsibility anymore which has no longer been a voluntary but a mandatory. Using Value-based Management as an indicator which is measured by the Economic Value Added, the investor does not consider the corporate social responsibility in making investment decisions. This is consistent with the concept of Value-based Management that investors tend to have a main purpose to obtain maximum returns from investment with the view that the economic value of a commercial enterprise is legitimated only by the benefits gained.
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本研究旨在探讨企业社会责任披露对价值管理与企业股权关系的调节作用。这项研究是在2019年至2020年期间在印度尼西亚证券交易所进行的。采用目的抽样法确定样本,共获得103个观察值。统计分析包括经典假设检验和拟合优度检验。本文采用多元线性回归的一种特殊应用——适度回归分析(MRA)来检验本研究假设中调节变量的影响。根据研究结果和他们的讨论,可以得出结论,企业社会责任披露并没有被证明是价值管理与公司股权关系的显著调节变量。之所以这样表示,是因为投资者不再需要关注企业社会责任的披露,而企业社会责任已不再是自愿的,而是强制性的。以价值管理为指标,以经济增加值为衡量标准,投资者在进行投资决策时没有考虑企业的社会责任。这与价值管理的概念是一致的,即投资者倾向于以获得最大的投资回报为主要目的,认为商业企业的经济价值只有通过获得的利益才合法。
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