We develop a model to understand how competition for innovation affects the organization of research activity and property-rights allocation in science-based industries. We consider a vertical production process with a division of labour between research and commercialization. We analyze firms’ incentive for integration in the presence of upstream competition for innovation. Integration adversely affects an integrated firm’s R&D investment and creates positive externality for the independent firms. For a sufficiently strong externality, a semiintegrated structure appears in equilibrium. The model can thus explain the coexistence of integrated and independent research firms and conforms to the evidence of R&D competition in science-based industries. Interestingly, a non-integrated arrangement can sometime appear in equilibrium even though a semi-integrated arrangement has higher innovation probability and aggregate industry payoff. This is because those who gain from integration cannot commit to compensate the losing parties at the contracting stage. We analyze the effects of resource constraints and inter-customer licensing on the industry structure and their implications for the competition for innovation.
{"title":"Integration and Competition for Innovation in Science-Based Industries","authors":"Tapas Kundu, Seongwuk Moon","doi":"10.2139/ssrn.3172719","DOIUrl":"https://doi.org/10.2139/ssrn.3172719","url":null,"abstract":"We develop a model to understand how competition for innovation affects the organization of research activity and property-rights allocation in science-based industries. We consider a vertical production process with a division of labour between research and commercialization. We analyze firms’ incentive for integration in the presence of upstream competition for innovation. Integration adversely affects an integrated firm’s R&D investment and creates positive externality for the independent firms. For a sufficiently strong externality, a semiintegrated structure appears in equilibrium. The model can thus explain the coexistence of integrated and independent research firms and conforms to the evidence of R&D competition in science-based industries. Interestingly, a non-integrated arrangement can sometime appear in equilibrium even though a semi-integrated arrangement has higher innovation probability and aggregate industry payoff. This is because those who gain from integration cannot commit to compensate the losing parties at the contracting stage. We analyze the effects of resource constraints and inter-customer licensing on the industry structure and their implications for the competition for innovation.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126096326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This report assesses the impact of hurricanes Harvey and Irma on small businesses’ cash inflows, outflows and balances. We leverage an anonymized sample of 40,000 firms who hold business banking deposit accounts with Chase to produce a daily view of small business cash flows from August 2017 to November 2017. We find that cash balances for the typical small business dropped by 7.4 percent after landfall in Houston and Miami, but recovered within two to three weeks. Moreover, inflows dropped by over 63 percent and recover in about a week, and outflows dropped by over 54 percent and recovered in two to three weeks. While balances and cash flows fell in all industries the week of landfall, construction, repair and maintenance firm balances increased the most in the weeks following landfall. These findings provide insight into the major financial disruption that small businesses experienced in the wake of Hurricanes Harvey and Irma, and the relative financial resilience of firms in the face of these impacts.
{"title":"Bend, Don't Break: Small Business Financial Resilience after Hurricanes Harvey and Irma","authors":"Diana Farrell, Chris Wheat","doi":"10.2139/ssrn.3138573","DOIUrl":"https://doi.org/10.2139/ssrn.3138573","url":null,"abstract":"This report assesses the impact of hurricanes Harvey and Irma on small businesses’ cash inflows, outflows and balances. We leverage an anonymized sample of 40,000 firms who hold business banking deposit accounts with Chase to produce a daily view of small business cash flows from August 2017 to November 2017. We find that cash balances for the typical small business dropped by 7.4 percent after landfall in Houston and Miami, but recovered within two to three weeks. Moreover, inflows dropped by over 63 percent and recover in about a week, and outflows dropped by over 54 percent and recovered in two to three weeks. While balances and cash flows fell in all industries the week of landfall, construction, repair and maintenance firm balances increased the most in the weeks following landfall. These findings provide insight into the major financial disruption that small businesses experienced in the wake of Hurricanes Harvey and Irma, and the relative financial resilience of firms in the face of these impacts.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132909600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study attempts to formalize and explain the process through which Corporate Social Responsibility (CSR) is created incorporating it into a production model as one of the outputs comprising the technology. Our framework allows for analyzing technical efficiency and deriving a system of internal shadow prices to quantify the overall value as well as the marginal impact of implementing socially responsible activities. The empirical application focuses on the food and beverage manufacturing sector where we encounter high levels of technical efficiency among the firms included in the analysis. Our findings also document a positive average shadow price of CSR activities, implying that the net value of implementing these activities is positive as their benefit exceeds the cost. Regarding the value at the margin, we show that increasing the socially responsible commitment positively contributes to the creation of firm value. Conversely, reducing the CSR engagement has a negative marginal impact, indicating that firms perceive lower levels of CSR as very costly and damaging.
{"title":"The Value of Being Socially Responsible: A Primal-Dual Approach","authors":"D. Puggioni, S. Stefanou","doi":"10.2139/ssrn.3179144","DOIUrl":"https://doi.org/10.2139/ssrn.3179144","url":null,"abstract":"This study attempts to formalize and explain the process through which Corporate Social Responsibility (CSR) is created incorporating it into a production model as one of the outputs comprising the technology. Our framework allows for analyzing technical efficiency and deriving a system of internal shadow prices to quantify the overall value as well as the marginal impact of implementing socially responsible activities. The empirical application focuses on the food and beverage manufacturing sector where we encounter high levels of technical efficiency among the firms included in the analysis. Our findings also document a positive average shadow price of CSR activities, implying that the net value of implementing these activities is positive as their benefit exceeds the cost. Regarding the value at the margin, we show that increasing the socially responsible commitment positively contributes to the creation of firm value. Conversely, reducing the CSR engagement has a negative marginal impact, indicating that firms perceive lower levels of CSR as very costly and damaging.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126167444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This short report, included in the JEOD “Research Proceedings” Section, illustrates the World Co-operative Monitor (WCM), an initiative promoted by the International Co-operative Alliance (Alliance) and Euricse aimed at colleting economic, organizational, and social data about cooperatives and mutuals worldwide. The report briefly illustrates the project’s aims and methodology, and the main findings of the 2017 edition. Work on the next edition is underway, and the new report will be released in the fall of 2018. All of the past reports, the full methodology, and the 2018 questionnaire are accessible at the World Co-operative Monitor website (http://www.monitor.coop).
{"title":"World Co-Operative Monitor. Key Findings from the 2017 Edition","authors":"Ilana Gotz","doi":"10.5947/JEOD.2017.010","DOIUrl":"https://doi.org/10.5947/JEOD.2017.010","url":null,"abstract":"This short report, included in the JEOD “Research Proceedings” Section, illustrates the World Co-operative Monitor (WCM), an initiative promoted by the International Co-operative Alliance (Alliance) and Euricse aimed at colleting economic, organizational, and social data about cooperatives and mutuals worldwide. The report briefly illustrates the project’s aims and methodology, and the main findings of the 2017 edition. Work on the next edition is underway, and the new report will be released in the fall of 2018. All of the past reports, the full methodology, and the 2018 questionnaire are accessible at the World Co-operative Monitor website (http://www.monitor.coop).","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121345819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This note corrects an internal inconsistency in the description of methodology in Bird and Karolyi (2017).
本说明纠正了Bird和Karolyi(2017)在方法论描述中的内部不一致。
{"title":"Governance and Taxes: A Note on Methodology","authors":"Andrew Bird, S. Karolyi","doi":"10.2139/SSRN.3122658","DOIUrl":"https://doi.org/10.2139/SSRN.3122658","url":null,"abstract":"This note corrects an internal inconsistency in the description of methodology in Bird and Karolyi (2017).","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"6 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114131512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper reviews recent empirical evidence on privatisation in developing countries. Particular emphasis is placed on new areas of research such as the distributional impacts of privatisation. Overall, the literature now reflects a more cautious and nuanced evaluation of privatisation. Thus it is found that private ownership alone does not automatically generate economic and employment gains in developing economies; pre-conditions (especially the regulatory infrastructure) and the process of privatisation are important to attain a positive impact. Such factors include well-designed and sequenced reforms; the implementation of complementary policies; the creation of regulatory capacity; attention to poverty and social impacts; and strong public communication; a list which is often challenging in developing countries. However, the studies do identify scope for efficiency-enhancing privatisation which also promotes equity in developing countries.
{"title":"Privatisation in Developing Countries: What are the Lessons of Recent Experience?","authors":"S. Estrin, A. Pelletier","doi":"10.1093/WBRO/LKX007","DOIUrl":"https://doi.org/10.1093/WBRO/LKX007","url":null,"abstract":"This paper reviews recent empirical evidence on privatisation in developing countries. Particular emphasis is placed on new areas of research such as the distributional impacts of privatisation. Overall, the literature now reflects a more cautious and nuanced evaluation of privatisation. Thus it is found that private ownership alone does not automatically generate economic and employment gains in developing economies; pre-conditions (especially the regulatory infrastructure) and the process of privatisation are important to attain a positive impact. Such factors include well-designed and sequenced reforms; the implementation of complementary policies; the creation of regulatory capacity; attention to poverty and social impacts; and strong public communication; a list which is often challenging in developing countries. However, the studies do identify scope for efficiency-enhancing privatisation which also promotes equity in developing countries.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114725461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a firm organized into business units, we show when profitability increases if procurement is delegated to the division in charge of production. We highlight that our results are driven by the business unit having a different objective function than Headquarters. The profitability of procurement delegation is affected by the essentiality of production facilities to the activities of the firm, and by strategic distortions in both transfer and input prices. We also look at vertical separation of activities as an alternative to procurement delegation.
{"title":"Strategic Delegation in Procurement","authors":"Eduard Alonso‐Paulí, Lluís Bru","doi":"10.2139/ssrn.3118107","DOIUrl":"https://doi.org/10.2139/ssrn.3118107","url":null,"abstract":"In a firm organized into business units, we show when profitability increases if procurement is delegated to the division in charge of production. We highlight that our results are driven by the business unit having a different objective function than Headquarters. The profitability of procurement delegation is affected by the essentiality of production facilities to the activities of the firm, and by strategic distortions in both transfer and input prices. We also look at vertical separation of activities as an alternative to procurement delegation.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"125 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130569912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Logistics researchers often want to understand how particular management changes or external factors influence a firm. While this can be accomplished using operational or survey data, we outline an alternative approach using the event study method where inferences are made with the estimated magnitude and direction of abnormal returns. The calculated abnormal returns can be used as a dependent variable in a cross-sectional regression to understand which managerial decisions may affect these outcomes. As the method remains little used by logistics researchers, we outline key assumptions and design considerations. We review recent articles and provide suggestions for logistics researchers improve the rigor of their research designs. This article aims to provide an overview of the method for logistics and supply chain researchers with a focus on developing the capability to design an effective study and to evaluate research articles to assess methodological weaknesses that may lead to untrustworthy results.
{"title":"The Event Study Method in Logistics Research: Overview and a Critical Analysis","authors":"Lincoln C. Wood, Jason X. Wang","doi":"10.4018/IJAL.2018010104","DOIUrl":"https://doi.org/10.4018/IJAL.2018010104","url":null,"abstract":"Logistics researchers often want to understand how particular management changes or external factors influence a firm. While this can be accomplished using operational or survey data, we outline an alternative approach using the event study method where inferences are made with the estimated magnitude and direction of abnormal returns. The calculated abnormal returns can be used as a dependent variable in a cross-sectional regression to understand which managerial decisions may affect these outcomes. As the method remains little used by logistics researchers, we outline key assumptions and design considerations. We review recent articles and provide suggestions for logistics researchers improve the rigor of their research designs. This article aims to provide an overview of the method for logistics and supply chain researchers with a focus on developing the capability to design an effective study and to evaluate research articles to assess methodological weaknesses that may lead to untrustworthy results.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125345703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
An important purpose of the antitrust merger law is to arrest certain anticompetitive practices or outcomes in their “incipiency.” Many Clayton Act decisions involving both mergers and other practices had recognized the idea as early as the 1920s. In Brown Shoe the Supreme Court doubled down on the idea, attributing to Congress a concern about a “rising tide of economic concentration” that must be halted “at its outset and before it gathered momentum.” The Supreme Court did not explain why an incipiency test was needed to address this particular problem. Once structural thresholds for identifying problematic mergers are identified there is no need to condemn mergers that fall below that threshold. In the future merger law could always be brought to bear if the relevant numbers became larger. But this does not mean that incipiency tests are unimportant. They properly have a different use than the one that the Supreme Court identified. A better use of incipiency tests is to prevent certain bad outcomes early when antitrust rules make it difficult or impossible to prevent them later. Today most mergers are challenged before they occur, based on models that rest on an assumption of profit maximization to predict post-merger performance. As a result, the feared post-merger conduct has not occurred either and the evidence pertains to predicted rather than actual effects. This makes it important to place some limits on merger law’s prophylactic reach. First, the language of §7 requires causation -- a showing that the merger is what is likely to facilitate that feared anticompetitive conduct. Second, we must be satisfied that this conduct, if it should occur, will be both anticompetitive and difficult to reach through direct application of the antitrust laws. Third, the merger must raise a significant risk that the conduct will occur. Finally, as with all merger cases, there must not be offsetting gains that serve to justify the merger notwithstanding these threats to competition. This paper then applies these considerations to mergers threatening coordinated interaction, merges to monopoly or facilitating anticompetitive unilateral effects, vertical mergers, exclusionary IP acquisitions, and acquisitions of very small but highly innovative firms. The paper discusses some high profile transactions, including the AT&T/Time Warner acquisition, currently on appeal. In such situations the challenger applies widely accepted economic tools to estimate anticompetitive effects by considering how the merger would change the post-merger firm’s profit-maximizing behavior. The AT&T/Time Warner opinion was wrong to credit the testimony of the firms’ employees that they would not maximize profits subsequent to the transaction. That conclusion, if accepted and broadly applied, would undermine most of the basis for merger analysis today. Finally, the paper examines the recent Intellectual Ventures decision, now subject to appeal, which involves an allegedly anticompetit
{"title":"Prophylactic Merger Policy","authors":"Herbert Hovenkamp","doi":"10.2139/SSRN.3090650","DOIUrl":"https://doi.org/10.2139/SSRN.3090650","url":null,"abstract":"An important purpose of the antitrust merger law is to arrest certain anticompetitive practices or outcomes in their “incipiency.” Many Clayton Act decisions involving both mergers and other practices had recognized the idea as early as the 1920s. In Brown Shoe the Supreme Court doubled down on the idea, attributing to Congress a concern about a “rising tide of economic concentration” that must be halted “at its outset and before it gathered momentum.” The Supreme Court did not explain why an incipiency test was needed to address this particular problem. Once structural thresholds for identifying problematic mergers are identified there is no need to condemn mergers that fall below that threshold. In the future merger law could always be brought to bear if the relevant numbers became larger. But this does not mean that incipiency tests are unimportant. They properly have a different use than the one that the Supreme Court identified. A better use of incipiency tests is to prevent certain bad outcomes early when antitrust rules make it difficult or impossible to prevent them later. Today most mergers are challenged before they occur, based on models that rest on an assumption of profit maximization to predict post-merger performance. As a result, the feared post-merger conduct has not occurred either and the evidence pertains to predicted rather than actual effects. This makes it important to place some limits on merger law’s prophylactic reach. First, the language of §7 requires causation -- a showing that the merger is what is likely to facilitate that feared anticompetitive conduct. Second, we must be satisfied that this conduct, if it should occur, will be both anticompetitive and difficult to reach through direct application of the antitrust laws. Third, the merger must raise a significant risk that the conduct will occur. Finally, as with all merger cases, there must not be offsetting gains that serve to justify the merger notwithstanding these threats to competition. This paper then applies these considerations to mergers threatening coordinated interaction, merges to monopoly or facilitating anticompetitive unilateral effects, vertical mergers, exclusionary IP acquisitions, and acquisitions of very small but highly innovative firms. The paper discusses some high profile transactions, including the AT&T/Time Warner acquisition, currently on appeal. In such situations the challenger applies widely accepted economic tools to estimate anticompetitive effects by considering how the merger would change the post-merger firm’s profit-maximizing behavior. The AT&T/Time Warner opinion was wrong to credit the testimony of the firms’ employees that they would not maximize profits subsequent to the transaction. That conclusion, if accepted and broadly applied, would undermine most of the basis for merger analysis today. Finally, the paper examines the recent Intellectual Ventures decision, now subject to appeal, which involves an allegedly anticompetit","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117113603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pengungkapan Tanggungjawab, Sosial Perusahaan Csr, Kinerja Keuangan, Dan Harga, Saham Perusahaan, Pertambangan DI Bei, Kata Kunci, keuangan dan laporan, tahunan yang diterbitkan, perusahaan merupakan, salah satu, jenis informasi, yang paling, mudah dan paling, murah didapatkan dibanding
Indonesian Abstract: Persaingan bisnis yang sangat ketat menjadikan informasi keuangan maupun non keuangan sangat penting bagi investor, pihak manajemen maupun masyarakat.Tujuan dari penelitian ini adalah untuk menganalisis: (1) Pengaruh pengungkapan tanggungjawab sosial perusahaan (CSR) terhadap kinerja keuangan. (2). Pengaruh pengungkapan tanggungjawab sosial perusahaan (CSR) terhadap harga saham (3). Pengaruh kinerja keuangan terhadap harga saham. Data yang digunakan dalam penelitian ini diperoleh dari laporan keuangan dan laporan tahunan (Annual Report) dari masing-masing perusahaan pertambangan yang terhadap di BEI. jumlah sampel yang digunakan adalah sebanyak 18 perusahaan dengan periode pengamatan tahun 2010-2013 yang diambil melalui metode sensus (sampel jenuh). Teknik analisis yang digunakan adalah teknik analisis jalur (path analys) dengan bantuan progam SPSS versi 21. Hasil penelitian menunjukan bahwa variabel pengungkapan tanggungjawab sosial perusahaan (CSR) berpengaruh negatif terhadap kinerja keuangan. Pengungkapan tanggungjawab sosial perusahaan (CSR) berpengaruh negatif terhadap harga saham. Kinerja keuangan berpengaruh negatif terhadap harga saham. English Abstract: Business competition tight causes financial and non-financial information become important for investors, management and society. The aims of the research were to analyze: (1) the effect of corporate social responsibility (CSR) disclosure on financial performance, (2) the effect of corporate social responsibility (CSR) disclosure on stock prices, (3) the effect of financial performance on stock price. The data were obtained from financial report and annual report from each mining company listed in Indonesian Stock Exchange. The sample consisted of 18 companies observed from 2010 to 2013 selected using saturated sampling method. The data were analyzed using path analysis with the help of SPSS program version 21. The results of the research indicate that the variable of corporate social responsibility (CSR) disclosure has a negative effect on financial report. Similarly, corporate social responsibility (CSR) disclosure also has a negative effect on the stock price. Financial report also has negative effect on stock price.
{"title":"Pengungkapan Tanggungjawab Sosial Perusahaan (CSR), Kinerja Keuangan Dan Harga Saham Perusahaan Pertambangan Di BEI (Corporate Social Responsibility (CSR) Disclosure, Financial Performance and Stock Price of Mining Company in the Indonesian Stock Exchange)","authors":"Pengungkapan Tanggungjawab, Sosial Perusahaan Csr, Kinerja Keuangan, Dan Harga, Saham Perusahaan, Pertambangan DI Bei, Kata Kunci, keuangan dan laporan, tahunan yang diterbitkan, perusahaan merupakan, salah satu, jenis informasi, yang paling, mudah dan paling, murah didapatkan dibanding","doi":"10.2139/ssrn.3096399","DOIUrl":"https://doi.org/10.2139/ssrn.3096399","url":null,"abstract":"<b>Indonesian Abstract:</b> Persaingan bisnis yang sangat ketat menjadikan informasi keuangan maupun non keuangan sangat penting bagi investor, pihak manajemen maupun masyarakat.Tujuan dari penelitian ini adalah untuk menganalisis: (1) Pengaruh pengungkapan tanggungjawab sosial perusahaan (CSR) terhadap kinerja keuangan. (2). Pengaruh pengungkapan tanggungjawab sosial perusahaan (CSR) terhadap harga saham (3). Pengaruh kinerja keuangan terhadap harga saham. Data yang digunakan dalam penelitian ini diperoleh dari laporan keuangan dan laporan tahunan (Annual Report) dari masing-masing perusahaan pertambangan yang terhadap di BEI. jumlah sampel yang digunakan adalah sebanyak 18 perusahaan dengan periode pengamatan tahun 2010-2013 yang diambil melalui metode sensus (sampel jenuh). Teknik analisis yang digunakan adalah teknik analisis jalur (path analys) dengan bantuan progam SPSS versi 21. Hasil penelitian menunjukan bahwa variabel pengungkapan tanggungjawab sosial perusahaan (CSR) berpengaruh negatif terhadap kinerja keuangan. Pengungkapan tanggungjawab sosial perusahaan (CSR) berpengaruh negatif terhadap harga saham. Kinerja keuangan berpengaruh negatif terhadap harga saham. <b>English Abstract:</b> Business competition tight causes financial and non-financial information become important for investors, management and society. The aims of the research were to analyze: (1) the effect of corporate social responsibility (CSR) disclosure on financial performance, (2) the effect of corporate social responsibility (CSR) disclosure on stock prices, (3) the effect of financial performance on stock price. The data were obtained from financial report and annual report from each mining company listed in Indonesian Stock Exchange. The sample consisted of 18 companies observed from 2010 to 2013 selected using saturated sampling method. The data were analyzed using path analysis with the help of SPSS program version 21. The results of the research indicate that the variable of corporate social responsibility (CSR) disclosure has a negative effect on financial report. Similarly, corporate social responsibility (CSR) disclosure also has a negative effect on the stock price. Financial report also has negative effect on stock price.","PeriodicalId":416291,"journal":{"name":"IO: Firm Structure","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124371841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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