Pengaruh Pengungkapan Corporate Social Responsibility Berdasarkan Standar GRI Terhadap Harga Saham
DOI:
https://doi.org/10.30656/jak.v12i1.9459Abstract
This study aims to determine the impact of Corporate Social Responsibility (CSR) disclosure using GRI standards on stock prices of coal mining companies in Indonesia from 2019 to 2023. Control variables ROE, ROA, and Current Ratio are added to measure the influence of CSR on stock prices. This research is quantitative, with using SPSS after converting qualitative CSR data into quantitative data. The results of this study show that Economic Category CSR disclosure has a significantly negative impact on stock prices, Environmental Category CSR disclosure has a significantly positive impact on stock prices, and Social Category CSR disclosure has a negative but not significant impact on stock prices. ROE has a significantly negative impact on stock prices, ROA has a significantly positive impact on stock prices, and Current Ratio has a positive but not significant impact on stock prices. All independent variables and the dependent variable simultaneously affect stock prices.
References
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Hardiyanti, F., & Munari, M. (2022). Pengaruh Current Ratio, Debt to Equity, Debt to Asset, Return on Asset, Return on Equity, Net Profit Margin dan Price Earning Ratio Terhadap Harga Saham. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(1), 1–10. https://doi.org/10.32670/fairvalue.v5i1.2224
Hong, B., Li, Z., & Minor, D. (2016). Corporate Governance and Executive Compensation for Corporate Social Responsibility. Journal of Business Ethics, 136(1), 199–213. https://doi.org/10.1007/s10551-015-2962-0
Hummel, K., & Schlick, C. (2016). The relationship between sustainability performance and sustainability disclosure – Reconciling voluntary disclosure theory and legitimacy theory. Journal of Accounting and Public Policy, 35(5), 455–476. https://doi.org/10.1016/j.jaccpubpol.2016.06.001
Jahn, J., & Brühl, R. (2019). Can bad news be good? On the positive and negative effects of including moderately negative information in CSR disclosures. Journal of Business Research, 97(December 2018), 117–128. https://doi.org/10.1016/j.jbusres.2018.12.070
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Miftah, A. A., Khairiyani, & Rosida. (2022). Pengaruh Corporate Social Responsibility (CSR) Terhadap Harga Saham (Perusahaan yang Terdaftar di JII (Jakarta Islamic Index) Period 2017-2019. Jurnal Ekonomi Islam, VII.
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Plumlee, M., Brown, D., Hayes, R. M., & Marshall, R. S. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4), 336–361. https://doi.org/10.1016/j.jaccpubpol.2015.04.004
Pradipta, D. H., & Supriyadi. (2015). Pengaruh Corporate Social Responsibility (CSR), Profitabilitas, Leverage, Dan Komisaris Independen Terhadap Praktik Penghindaran Pajak. Kompartemen Jurnal Ilmiah Akuntansi, XV(1), 1–25. http://lib.ibs.ac.id/materi/Prosiding/SNA XVIII/makalah/123.pdf
Prasetyo, S. D., & Nani, D. A. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham (Studi Empiris Pada Perusahaan Perkebunan Sub Sektor Sawit Yang Terdaftar Di Bursa Efek Indonesia Periode 2017 -2019). Accounting Global Journal, 5(2), 123–151. https://doi.org/10.24176/agj.v5i2.6230
Pratiwi, A. (2019). Pengaruh Current Ratio, Debt To Equity Ratio Dan Return On Asset Terhadap Harga Saham Perusahaan Perkebunan Arianti Pratiwi. Science of Management and Students Research Journal, 1(7), 213–221. https://doi.org/10.33087/sms.v1i7.33
Rasyid, C. A. M. P., Indriani, E., & Hudaya, R. (2022). Pengaruh Corporate Social Responsibility Dan Struktur Modal Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Dan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Pertambangan. Jurnal Aplikasi Akuntansi, 7(1), 135–156. https://doi.org/10.29303/jaa.v7i1.146
Robert C. Higgins, Jennifer Koski, T. M. (2023). Analysis for Financial Management (13th Editi). McGraw-Hill Education.
Sezgin Alp, O., Canbaloglu, B., & Gurgun, G. (2022). Stock liquidity, stock price crash risk, and foreign ownership. Borsa Istanbul Review, 22(3), 477–486. https://doi.org/10.1016/j.bir.2021.06.012
Stacia, E. (2013). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan di Sektor Pertambangan. 81–90.
Sujarweni, V. W. (2015). SPSS untuk Penelitian. Pustaka Baru Press.
Sulaiman, M. F., & Punawan, H. (2017). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham Perusahaan Pertambangan Yang Terdaftar Di Bei. BALANCE Jurnal Akuntansi Dan Bisnis, 2(2), 295. https://doi.org/10.32502/jab.v2i2.1181
Sun, W., Chen, S., Jiao, Y., & Feng, X. (2024). How does ESG constrain corporate earnings management? Evidence from China. Finance Research Letters, 61(October 2023), 104983. https://doi.org/10.1016/j.frl.2024.104983
Valintino, R., & Sularto, L. (2013). Pengaruh Return on Asset (ROA), Current Ratio (CR), Return on Equity (ROE), Debt to Equity Ratio (DR), dan Earning Per Share (EPS) Terhadap Harga Saham Perusahaan Manufaktur Sektor Industri Barang Konsumsi di BEI. Proceeding PESAT (Psikologi, Ekonomi, Sastra, Arsitektur & Teknik Sipil), 5.
Vigneau, L., Humphreys, M., & Moon, J. (2015). How Do Firms Comply with International Sustainability Standards? Processes and Consequences of Adopting the Global Reporting Initiative. Journal of Business Ethics, 131(2), 469–486. https://doi.org/10.1007/s10551-014-2278-5
Yuniarti, D. I. (2022). Pengaruh Current Ratio, Debt Equity Ratio, Return On Equity Terhadap Harga Saham Pada Perusahaan Farmasi. Jurnal Ekonomi, Bisnis, Dan Manajemen (EBISMEN), 1(3), 70–82.
Chen, Y. C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190. https://doi.org/10.1016/j.jacceco.2017.11.009
Elkington, J. (1999). Cannibals with Forks: The Triple Bottom Line of 21st Century Business. Capstone.
Fatmawati. (2017). Effect of Corporate Social Responsibility and Current Ratio on Basic and Chemical Industries Companies Listed on Indonesia Stock Exchange (IDX) 2013-2017. Jurnal Sains Dan Seni ITS, 6(1), 51–66.
Freeman, R. E. (1994). Stakeholders theory. In Jebm (Vol. 18, Issue 3, pp. 540–550).
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23 (Edisi 8). Badan Penerbit Universitas Diponegoro.
Greenpeace, & (ACMG), A. C. M. G. (2015). Kita, Batubara, & Polusi Udara. Greenpeace Indonesia. https://www.greenpeace.org/static/planet4-indonesia-stateless/2019/02/605d05ed-605d05ed-kita-batubara-dan-polusi-udara.pdf
GRI Standards 4.0 (2013).
Guo, C., Yang, B., & Fan, Y. (2022). Does mandatory CSR disclosure improve stock price informativeness? Evidence from China. Research in International Business and Finance, 62(92), 101733. https://doi.org/10.1016/j.ribaf.2022.101733
Hardiyanti, F., & Munari, M. (2022). Pengaruh Current Ratio, Debt to Equity, Debt to Asset, Return on Asset, Return on Equity, Net Profit Margin dan Price Earning Ratio Terhadap Harga Saham. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(1), 1–10. https://doi.org/10.32670/fairvalue.v5i1.2224
Hong, B., Li, Z., & Minor, D. (2016). Corporate Governance and Executive Compensation for Corporate Social Responsibility. Journal of Business Ethics, 136(1), 199–213. https://doi.org/10.1007/s10551-015-2962-0
Hummel, K., & Schlick, C. (2016). The relationship between sustainability performance and sustainability disclosure – Reconciling voluntary disclosure theory and legitimacy theory. Journal of Accounting and Public Policy, 35(5), 455–476. https://doi.org/10.1016/j.jaccpubpol.2016.06.001
Jahn, J., & Brühl, R. (2019). Can bad news be good? On the positive and negative effects of including moderately negative information in CSR disclosures. Journal of Business Research, 97(December 2018), 117–128. https://doi.org/10.1016/j.jbusres.2018.12.070
Jatmiko, H. (2021). Rekam Jejak Kasus Petambangan. 11. https://www.tuk.or.id/wp-content/uploads/REKAM-JEJAK-KASUS-PERTAMBANGAN.pdf
Jo, H., & Kim, Y. (2008). Ethics and disclosure: A study of the financial performance of firms in the seasoned equity offerings market. Journal of Business Ethics, 80(4), 855–878. https://doi.org/10.1007/s10551-007-9473-6
Liu, S., Wang, K. T., Walpola, S., & Zhu, N. Z. (2024). CSR contracting and stock price crash risk: International evidence. Journal of International Financial Markets, Institutions and Money, 93, 101999. https://doi.org/10.1016/j.intfin.2024.101999
Lubis, I. L. (2021). Pengaruh Profitabilitas, Struktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Paradigma Akuntansi, 3(1), 312. https://doi.org/10.24912/jpa.v3i1.11575
Miftah, A. A., Khairiyani, & Rosida. (2022). Pengaruh Corporate Social Responsibility (CSR) Terhadap Harga Saham (Perusahaan yang Terdaftar di JII (Jakarta Islamic Index) Period 2017-2019. Jurnal Ekonomi Islam, VII.
Nishitani, K., Unerman, J., & Kokubu, K. (2021). Motivations for voluntary corporate adoption of integrated reporting: A novel context for comparing voluntary disclosure and legitimacy theory. Journal of Cleaner Production, 322(March), 129027. https://doi.org/10.1016/j.jclepro.2021.129027
Nurlia, N., & Juwari, J. (2019). Pengaruh Return on Asset, Return on Equity, Earning Per Share Dan Current Ratio Terhadap Harga Saham Pada Perusahaan Sub Sektor Otomotif Dan Komponen Yang Terdaftar Di Bursa Efek Indonesia. Jurnal GeoEkonomi, 10(1), 57–73. https://doi.org/10.36277/geoekonomi.v10i1.50
Palepu, K. G., Healy, P. M., & Peek, E. (2019). Business Analysis and Valuation, Fifth Edition. www.cengage.com/highered
Phillips, R., Freeman, R. E., & Wicks, A. C. (2003). What Stakeholder Theory is Not. Business Ethics Quarterly, 13(4), 479–502. https://doi.org/https://doi.org/10.5840/beq200313434
Plumlee, M., Brown, D., Hayes, R. M., & Marshall, R. S. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4), 336–361. https://doi.org/10.1016/j.jaccpubpol.2015.04.004
Pradipta, D. H., & Supriyadi. (2015). Pengaruh Corporate Social Responsibility (CSR), Profitabilitas, Leverage, Dan Komisaris Independen Terhadap Praktik Penghindaran Pajak. Kompartemen Jurnal Ilmiah Akuntansi, XV(1), 1–25. http://lib.ibs.ac.id/materi/Prosiding/SNA XVIII/makalah/123.pdf
Prasetyo, S. D., & Nani, D. A. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham (Studi Empiris Pada Perusahaan Perkebunan Sub Sektor Sawit Yang Terdaftar Di Bursa Efek Indonesia Periode 2017 -2019). Accounting Global Journal, 5(2), 123–151. https://doi.org/10.24176/agj.v5i2.6230
Pratiwi, A. (2019). Pengaruh Current Ratio, Debt To Equity Ratio Dan Return On Asset Terhadap Harga Saham Perusahaan Perkebunan Arianti Pratiwi. Science of Management and Students Research Journal, 1(7), 213–221. https://doi.org/10.33087/sms.v1i7.33
Rasyid, C. A. M. P., Indriani, E., & Hudaya, R. (2022). Pengaruh Corporate Social Responsibility Dan Struktur Modal Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Dan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Pertambangan. Jurnal Aplikasi Akuntansi, 7(1), 135–156. https://doi.org/10.29303/jaa.v7i1.146
Robert C. Higgins, Jennifer Koski, T. M. (2023). Analysis for Financial Management (13th Editi). McGraw-Hill Education.
Sezgin Alp, O., Canbaloglu, B., & Gurgun, G. (2022). Stock liquidity, stock price crash risk, and foreign ownership. Borsa Istanbul Review, 22(3), 477–486. https://doi.org/10.1016/j.bir.2021.06.012
Stacia, E. (2013). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan di Sektor Pertambangan. 81–90.
Sujarweni, V. W. (2015). SPSS untuk Penelitian. Pustaka Baru Press.
Sulaiman, M. F., & Punawan, H. (2017). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham Perusahaan Pertambangan Yang Terdaftar Di Bei. BALANCE Jurnal Akuntansi Dan Bisnis, 2(2), 295. https://doi.org/10.32502/jab.v2i2.1181
Sun, W., Chen, S., Jiao, Y., & Feng, X. (2024). How does ESG constrain corporate earnings management? Evidence from China. Finance Research Letters, 61(October 2023), 104983. https://doi.org/10.1016/j.frl.2024.104983
Valintino, R., & Sularto, L. (2013). Pengaruh Return on Asset (ROA), Current Ratio (CR), Return on Equity (ROE), Debt to Equity Ratio (DR), dan Earning Per Share (EPS) Terhadap Harga Saham Perusahaan Manufaktur Sektor Industri Barang Konsumsi di BEI. Proceeding PESAT (Psikologi, Ekonomi, Sastra, Arsitektur & Teknik Sipil), 5.
Vigneau, L., Humphreys, M., & Moon, J. (2015). How Do Firms Comply with International Sustainability Standards? Processes and Consequences of Adopting the Global Reporting Initiative. Journal of Business Ethics, 131(2), 469–486. https://doi.org/10.1007/s10551-014-2278-5
Yuniarti, D. I. (2022). Pengaruh Current Ratio, Debt Equity Ratio, Return On Equity Terhadap Harga Saham Pada Perusahaan Farmasi. Jurnal Ekonomi, Bisnis, Dan Manajemen (EBISMEN), 1(3), 70–82.
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