PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE SOCIAL RESPONSIBILITYSEBAGAI VARIABEL MODERASI

Abstract

Researches on the influence of financial performance toward corporate value have
been widely conducted and showed different results. In several researches, financial
performance, which is measured by profitability ratio has a positive effect on corporate
value. However there are also some findings that profitability has a negative effect.
Researcher predicted that there are other influencing factors. This condition drives
researcher to use Corporate Social Responsibility (CSR). The aim of this research is to
examine the influence of financial performance which is measured by profitability ratio,
liquidity ratio, leverage ratio, and activity ratio toward corporate value by considering
Corporate Social Responsibility as moderating variables. The population of this research
are corporates which have been the winner of ISRA (Indonesia Sustainability Reporting
Award) and also listed on the Indonesia Stock Exchange.
Hypothesis is tested by regression analysis to find out the interactive influence of
the moderating variables. The corporate value is measured by Price to Book Value (PBV),
while disclosure of CSR is measured by CSR Index. The results indicate that ROE, DER,
TATO and the disclosure of CSR has a positive effect toward corporate value, CR has no
effect toward corporate value, and the disclosure of CSR is not able to moderate relation
between financial performance toward corporate value. The result bring the investor to
observe the disclosure of CSR.