CSR PERFORMANCE AND ESG RISK TERHADAP NILAI DAN KESEHATAN KEUANGAN PERUSAHAAN NON-FINANCIAL TERDAFTAR BURSA EFEK INDONESIA PERIODE 2019-2022
Abstract
Penelitian ini bertujuan guna menganalisis bagaimana CSR Performance dan ESG Risk terhadap nilai perusahaan dan kesehatan keuangan perusahaan. Dimana peneliti melakukan penelitian menggunakan perusahaan non-keuangan BEI pada periode 2019-2022.
Penelitian ini menggunakan pendekatan kuantitaif dengan Generally Least Square (GLS) dan Binary Regression Logistic dalam melakukan analisis. Sampel yang digunakan dalam penelitian ini 176 observasi periode 2019-2022. Variabel independen yang digunakan adalah CSR Performance (CSR Index), ESG Risk (ESG Score), Debt to Asset Ratio ( DAR), Ukuran Perusahaan (SIZE), dan Usia Perusahaan Listisng (AGE), dan Pertumbuhan Aset (GROW). Variabel dependen adalah TOBINQ dengan menggunakan skala nominal dan S-SCORE dengan menggunakan skala rasio. 1 untuk perusahaan sehat dan 0 untuk perusahaan tidak sehat.
Penelitian ini menunjukkan bahwa CSR Performance tidak memiliki pengaruh apapun terhadap nilai dan kesehatan keuangan perusahaan. Serta ESG Risk tidak memiliki pengaruh terhadap nilai perusahaan. Akan tetapi, ESG Risk memiliki pengaruh positif terhadap keshetan keuangan perusahaan.
References
Adams, C., & Zutshi, A. (2004). Corporate Social Responsibility: Why Business Should Act Responsibly and Be Accountable. Australian Accounting Review, 14(34), 31-39. doi: https://doi.org/10.1111/j.1835-2561.2004.tb00238.x
Aguinis, H., & Glavas, A. (2012). What We Know and Don’t Know About Corporate Social Responsibility. Journal Of Management. doi:10.1177/0149206311436079
Amel-Zadeh, A., & Serafeim, G. (2018). Why and How Investors Use ESG Information: Evidence from a Global Survey. Financial Analysts Journal, 74(3), 87-103. doi:http://dx.doi.org/10.2139/ssrn.2925310
Atan, R. A. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality, 182-194.
Atan, R. A., M. M., S. J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality, 29(2), 182-194. doi:https://doi.org/10.1108/MEQ-03-2017-0033
Azmat, F., & Samaratunge, R. (2009). Responsible Entrepreneurship in Developing Countries: Understanding the Realities and Complexities. Journal of Business Ethics, 90(3), 437-452. doi:10.1007/s10551-009-0054-8
Bae, K.-H., Ghoul, S. E., Gong, Z. (., & Guedhami, O. (2021). Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic. Journal of Corporate Finance. doi:10.1016/j.jcorpfin.2020.101876
Barnea, A., & Rubin, A. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics, 97, 71-86.
Behl, A. K. (2022). Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: case of the Indian energy sector. Annals of Operations Research, 313, 231-256. doi:https://doi.org/10.1007/s10479-021-04189-8
Bhaskaran, R. K. (2020). Environmental, social and governance initiatives and wealth creation for firms: An. Managerial And Decision Economics, 41(5), 710-729. doi: https://doi.org/10.1002/mde.3131
Bodhanwala, S., & Bodhanwala, R. (2023). Environmental, social and governance performance: influence on market value in the COVID-19 crisis. Management Decision, 2442-2466. doi:https://doi.org/10.1108/MD-08-2022-1084
Brown, J., & Fraser, M. (2006). Approaches and perspectives in social and environmental accounting: An overview of the conceptual landscape. Business Strategy and the Environment, 15(2), 103-117. doi:10.1002/bse.452
Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality, 30(1), 98-115. doi:https://doi.org/10.1108/MEQ-12-2017-0149
Buallay, A., Kukreja, G., Aldhaen, E. S., & Mubarak, M. A. (2020). Corporate social responsibility disclosure and firms' performance in Mediterranean countries: a stakeholders' perspective. EuroMed Journal of Business. doi:10.1108/EMJB-05-2019-0066
Capelle-Blancard, G. (2019). Every Little Helps? ESG News and Stock Market Reaction. Journal of Business Ethics, 157(2), 543-565. doi:10.1007/s10551-017-3667-3
Chang, Y.-C., & Shen, C.-H. (2014). Corporate Social Responsibility and Profitability-Cost of Debt as the Mediator. Taipei Economic Inquiry, 50(02), 291-357.
Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83. doi:https://doi.org/10.1016/j.irfa.2022.102291
Cho, Y. (2022). ESG and Firm Performance: Focusing on the Environmental Strategy. Sustainability, 14(13). doi:https://doi.org/10.3390/su14137857
Dang, H. N., Hoang, K., Vu, V. T., & Nguyen, L. V. (2021). Do socially responsible firms always disclose high-quality earnings? Evidence from an emerging socialist economy. Asian Review of Accounting, 29(3), 291-306. doi:https://doi.org/10.1108/ARA-11-2020-0174
de Vincentiis, ,. P. (2022). Do international investors care about ESG news?. Qualitative Research in Financial Markets. doi:10.1108/QRFM-11-2021-0184
Deon Arinaldo, J. C. (2019, Maret). Dinamika Batu Bara Indonesia: Menuju Transisi Energi yang Adil. The Institute for Essential Services Reform (IESR).
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics, 168(02), 315-334. doi:10.1007/s10551-019-04177-w
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714. doi:https://doi.org/10.1016/j.jfineco.2018.08.013
Elkington. (1998). Cannibals with forks: The Triple Bottom Line of 21st. BC Canada: New Society Publisher.
Esteban-Sanchez, P., Cuesta, M. D., & --, J. P.-G. (2017). Corporate Social Performance and its relation with Corporate Financial Performance: international evidence in the banking industry. Journal of Cleaner Production, 162(3). doi:10.1016/j.jclepro.2017.06.127
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. doi:https://doi.org/10.1016/j.gfj.2017.03.001
Folger-Laronde, Z., Pashang, S., Feor, L., & Elalfy, A. (2020). ESG ratings and financial performance of exchange-traded funds during the COVID-19 pandemic. Journal of Sustainable Finance & Investment, 12(1), 1-7. doi:10.1080/20430795.2020.1782814
Friedman, L. C. (2009). Tobacco Industry Use of Corporate Social Responsibility Tactics as a Sword and a Shield on Secondhand Smoke Issues. Journal of Law, Medicine & Ethics, 37(4), 819-827. doi:https://doi.org/10.1111/j.1748-720X.2009.00453.x
Gangi, F., D'Angelo, E., Daniele, L. M., & Varrone, N. (2021). Assessing the impact of socially responsible human resources management on company environmental performance and cost of debt. Corporate Social Responsibility and Environmental Management, 28(4). doi:10.1002/csr.2179
Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135-147. doi:https://doi.org/10.1016/j.jclepro.2017.02.180
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66.
Halbritter, G., & Dorfleitner, G. (2015). The wages of social responsibility — where are they? A critical review of ESG investing. Review of Financial Economics, 26(C), 25-35. doi:10.1016/j.rfe.2015.03.004
Hamdoun M., A. M. (2022). Could CSR Improve the Financial Performance of Developing Countries’ Firms? Analyses of Mediating Effect of Intangible Resources. European Business Review, 34, 41-61. doi:https://doi.org/10.1108/EBR-09-2019-0236
Ibikunle, G., & Steffen, T. (2017). European Green Mutual Fund Performance: A Comparative Analysis with their Conventional and Black Peers. Journal of Business Ethics, 145, 337-355. doi:https://doi.org/10.1007/s10551-015-2850-7
Ionescu, G. H. (2019). The impact of ESG factors on market value of companies from travel and tourism industry. Technological and Economic Development of Economy, 25(5), 820-849. doi:10.3846/tede.2019.10294
Jamali, D., & Mirshak, R. (2007). Corporate Social Responsibility (CSR): Theory and Practice in a Developing Country Context. Journal of Business Ethics, 72, 243-262.
Jyoti, G., & Khanna, A. (2021). Does sustainability performance impact financial performance? Evidence from Indian service sector firms. Sustainable Development, 29(6), 1086-1095. doi:https://doi.org/10.1002/sd.2204
Kanuri, V. K., Houston, R., & Andrews, M. (2020). Firms behaving badly? Investor reactions to corporate social irresponsibility. Business and Society Review, 125(1), 41-70. doi: https://doi.org/10.1111/basr.12193
Khovrak, I. (2020). “Higher education institutions as a driver of sustainable social development:Polish experience for Ukraine". Environmental Economics, 11(1), 1-13. doi:http://dx.doi.org/10.21511/ee.11(1).2020.01
Kim, M., Yin, X., & Lee, G. (2020). The effect of CSR on corporate image, customer citizenship behaviors, and customers’ long-term relationship orientation. International Journal of Hospitality Management, 88. doi:https://doi.org/10.1016/j.ijhm.2020.102520
Lahane, S., & Kant, R. (2022). Investigating the sustainable development goals derived due to adoption of circular economy practices. Waste Management, 143, 1-14. doi:https://doi.org/10.1016/j.wasman.2022.02.016
Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15(01), 11-27. doi:https://doi.org/10.1108/SRJ-11-2017-0254
Long, R., Zhang, M., Tan, Q., & Wei, K. (2022). Do CSR awards enhance firms’ market value? Evidence from China. Chinese Management Studies, 17(6), 1302-1317. doi:https://doi.org/10.1108/CMS-07-2022-0234
Madsen, P. M., & Rodgers, Z. J. (2015). Looking good by doing good: The antecedents and consequences of stakeholder attention to corporate disaster relief. Strategic Management Journal, 36(5), 776-794. doi:https://doi.org/10.1002/smj.2246
Maqbool, S., & Zameer, N. (2018). Corporate Social Responsibility and Financial Performance: An Empirical Analysis of Indian Banks. Future Business Journal, 4, 84-93. doi:https://doi.org/10.1016/j.fbj.2017.12.002
Marsat, S., & Williams, B. (2011). CSR and Market Valuation: International Evidence. International Conference of the French Finance Association. doi:http://dx.doi.org/10.2139/ssrn.1833581
Minutiello, V., & Tettamanzi, P. (2021, August 22). The quality of nonfinancial voluntary disclosure: A systematic literature network analysis on sustainability reporting and integrated reporting. Corporate Social Responsibility and Environmental Management, 1-18. doi: https://doi.org/10.1002/csr.2195
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Gonçalves, L. M. (2018). The Value Relevance of Environmental, Social, and Governance Performance: The Brazilian Case. Sustainability, 10(3). doi:https://doi.org/10.3390/su10030574
Mirzaei, S., & Shokouhyar, S. (2022). Applying a thematic analysis in identifying the role of circular economy in sustainable supply chain practices. Environment Development and Sustainability, 25, 4691-4722. doi:https://doi.org/10.1007/s10668-022-02217-61
Mirzaei, S., & Shokouhyar, S. (2022). Applying a thematic analysis in identifying the role of circular economy in sustainable supply chain practices. Environment Development and Sustainability, 25(1).
Nakao, Y., Matsumura, K., Genba, K., & Amano, A. (2007). Relationship between Environmental Performance and Financial Performance: An Empirical Analysis of Japanese Corporations. Business Strategy and the Environment, 16(02), 106-118. doi:10.1002/bse.476
Nekhili, M. B. (2021). ESG performance and market value: the moderating role of employee board representation. International Journal of Human Resource Management, 32(14), 3061-3087. doi:https://doi.org/10.1080/09585192.2019.1629989
Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: the “virtuous circle” revisited. Review of Quantitative Finance and Accounting , 197-209.
Ng, A. C., & Rezaee, Z. (2020). Business sustainability factors and stock price informativeness. Journal of Corporate Finance, 64(C). doi:10.1016/j.jcorpfin.2020.101688
Oprean-Stan, C., Oncioiu, I., Iuga, I. C., & Stan, S. (2020). Impact of Sustainability Reporting and Inadequate Management of ESG Factors on Corporate Performance and Sustainable Growth. Sustainability, 12(20). doi:https://doi.org/10.3390/su12208536
Paradis, G., & Schiehll, E. (2021). ESG Outcasts: Study of the ESG Performance of Sin Stocks. Sustainability, 13(7), 1-18.
Pastor, L., Stambaugh, R., & Taylor, L. A. (2021). Sustainable investing in equilibrium. Journal of Financial Economics, 142(2), 550-571. doi:10.1016/j.jfineco.2020.12.011
Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics, 151, 451–471. doi:10.1007/s10551-016-3229-0
Porter, M., & van der Linde, C. (1995). Toward a New Conception of the Environment Competitiveness Relationship. Journal of Economic Perspectives, 09, 97-118. doi:http://dx.doi.org/10.1257/jep.9.4.97
Preuss, L., Barkemeyer, R., & Glavas, A. (2016). Corporate Social Responsibility in Developing Country Multinationals: Identifying Company and Country-Level Influences. Business Ethics Quarterly, 26(3), 347-378. doi:https://doi.org/10.1017/beq.2016.42
Quresh, M. A., Qureshi, J., Thebo, J. A., & Shaikh, G. M. (2019). The nexus of employee’s commitment, job satisfaction, and job performance: An analysis of FMCG industries of Pakistan. Cogent Business & Managment, 06(01). doi:10.1080/23311975.2019.1654189
Rhou, Y., & Singal, M. (2020). A review of the business case for CSR in the hospitality industry. International Journal of Hospitality Management, 84. doi:https://doi.org/10.1016/j.ijhm.2019.102330
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(02), 341-350. doi:https://doi.org/10.1016/j.jbusres.2014.06.024
Shaikh, I. (2022). ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) PRACTICE AND FIRM PERFORMANCE: AN INTERNATIONAL EVIDENCE. Journal of Business Economics and Management, 23(1), 218-237. doi:https://doi.org/10.3846/jbem.2022.16202
Sharma, E. (2019). A review of corporate social responsibility in developed and developing nations. Corporate Social Responsibility and Environmental Management, 26(4), 712-720. doi:https://doi.org/10.1002/csr.1739
Sirsly, C.-A. T., & Lvina, E. (2019). From Doing Good to Looking Even Better: The Dynamics of CSR and Reputation. Business & Society, 58(6), 1234-1266. doi:https://doi.org/10.1177/0007650315627996
Surroca, J., Tribo, J. A., & Waddock, S. (2010). Corporate Responsibility and Financial Performance: The Role of Intangible Resources. Strategic Management Journal, 31(5), 463-490. doi:10.1002/smj.820
Teng, X., Wang, Y., Wang, A., Chang, B.-G., & Wu, K.-S. (2021). Environmental, Social, Governance Risk and Corporate Sustainable Growth Nexus: Quantile Regression Approach. International Journal of Environmental Research and Public Health, 18(20). doi:https://doi.org/10.3390/ijerph182010865
Utz, S. W., Hirschberger, M., & Steuer, R. E. (2014). Tri-criterion inverse portfolio optimization with application to socially responsible mutual funds. European Journal of Operational Research.
Wang, H., & Qian, C. (2011). Corporate Philanthropy and Corporate Financial Performance: The Roles of Stakeholder Response and Political Access. Academy of Management Journal, 54, 1159-1181. doi:https://doi.org/10.5465/amj.2009.0548
Wang, H., Takeuchi, R., George, G., & Tong, L. (2016). Corporate Social Responsibility: An Overview and New Research Directions. Academy of Management Journa, 59(2), 534-544. doi:10.5465/amj.2016.5001
Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10. doi:https://doi.org/10.3390/su10103635
