Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan Dengan Pengungkapan CSR, Good Corporate Governance dan Kebijakan Dividen Sebagai Variabel Pemoderasi  

Oleh:

Erlangga, Enggar ; Suryandari, Erni

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: Jurnal Akuntansi & Investasi vol. 10 no. 1 (Jan. 2009), page 57-70.
Topik: Financial performance; corporate value; CSR disclosure; Good Corporate Governance; dividend policy

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: AA73.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Researches on the influence of financial performance on corporate value have been widely conducted, however results inconsistency occurred. Financial performance, which in this case is assessed by return on Assets (ROA), have a positive effect on corporate value, however there are also some findings that ROA have no effect. Researcher predicted that there are other influencing factors. This condition drives researcher to use corporate social responsibility (CSR) disclosure, good corporate governance (GCG) and dividend policy as moderating variables. This research uses 18 manufacturing firms listed on the Jakarta Stock Exchange during 2004-2007 as samples with 72 observation. Hypothesis is tested using moderating regression analysis to find out the interactive influence of the moderating variables. The corporate value measured using Tobin's Q, disclosure of CSR measured with CSR index, GCG measured with audit committe, board of independent commissioner, and institutional ownership. Meanwhile, dividend policy measured using dividend pay-out ratio (DPR). Results indicate that (1) ROA has a positive effect on corporate, (2) the disclosure of CSR is able to moderate relation of ROA and corporate value, (3( audit committee, board of independent commissioner, and institutional ownership is able to moderate relation of ROA and corporate value, (4) dividend policy is able to moderate relation of ROA and corporate value.

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