PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY DAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL PEMODERASI (Studi Empiris Pada Perusahaan Manufaktur di Bursa Efek Jakarta)

Abstract

This study is investigate the influence of Corporate Social Responsibility disclosure and managerial ownership as proxy from Good Corporate Governance to relationship between ROE as proxy from financial performance and firm value. The aim of this research is to find empirical proof about (a) the influence of ROE to firm value, (b) the influence of CSR disclosure as moderating variable in the relationships between ROE and firm value, (c) the influence of managerial ownership as moderating variable in relationships between ROE and firm value. The sample of this research is manufacture firm which is listed on Indonesia Stock Exchange (IDX) over 2007-2009. The research sample are 34 firm with 102 observations. The analysis methods of this research used simple regression analysis for hypothesis 1 and multiple regression analysis with the Moderated Regression Analysis (MRA) for hypothesis 2 and 3. The result of this research shows that ROE doesn’t have significant influence to firm value (t count = 0,1362 ; Sig. =0.177), meanwhile the analysis with the moderating variable MRA shows that CSR disclosure can’t moderate in relations between ROE and firm value (t count = 0.192 ; Sig. = 0.848). Managerial ownership is disable to be moderating variable which can moderate in relations between ROE and firm value although it shows significant influences and in reciprocal ways (t count = -2.433 ; Sig. 0.017).