Pengaruh Manajemen Laba dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility

Sabrani, Agus (2014) Pengaruh Manajemen Laba dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility. S2 thesis, Universitas Mercu Buana Jakarta-Menteng.

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Abstract

This research aim to analyze influence of earning management and firm size to firm value with Corporate Social Responsibility as a moderating variable. Technique sampling is purposive sampling. The research is conducted on twenty six companies, which consistently include in the consumer goods company in Indonesia Stock Exchange with three years range of time. The estimation model being used is panel data regression, with Fixed Effect Method approach. Simultaneously, all variables have positive effect and significant to firm value. The estimation results in partial indicate that earning management have negative effect and significant to firm value. Firm size and CSR having significantly positive effect to firm value. Corporate Social Responsibility is significantly as a moderating variable of the relationship between earning management and firm size to firm value. Overall, this research has proven the Agency Theory in another form, which states that manager is not only responsible towards shareholder but also responsible towards all stakeholders. Similarly, the results are in favor of Signaling Theory, which argues that CSR is a form of positive signal to investor. Keywords: earning management , firm size, firm value, CSR. Penelitian ini bertujuan untuk menganalisis pengaruh manajemen laba dan ukuran perusahaan terhadap nilai perusahaan dengan CSR (Corporate Social Responsibility) sebagai variabel pemoderasi. Teknik pengambilan sampel yang digunakan adalah purposive sampling. Penelitian dilakukan terhadap perusahaan yang konsisten termasuk dalam Sektor Industri Barang Konsumsi di Bursa Efek Indonesia dengan rentang waktu penelitian selama tiga tahun. Estimasi model yang digunakan adalah regresi data panel melalui pendekatan Fixed Effect Method. Uji simultan menujukkan bahwa seluruh variabel berpengaruh positif signifikan terhadap return saham. Hasil estimasi secara parsial menunjukkan bahwa manajemen laba berpengaruh negatif dan signifikan, ukuran perusahaan dan CSR berpengaruh positif dan signifikan terhadap nilai perusahaan. Pengungkapan Corporate Social Responsibility terbukti secara signifikan sebagai variabel pemoderasi hubungan antara pengaruh manajemen laba dan ukuran perusahaan terhadap nilai perusahaan. Secara keseluruhan hasil penelitian ini membuktikan Agency Theory dalam bentuk lain yaitu bahwa manajer tidak hanya bertanggungjawab terhadap shareholder melainkan bertanggung jawab juga terhadap seluruh stakeholder. Demikian pula hasil penelitian mendukung Signaling Theory yaitu bahwa CSR merupakan salah satu bentuk pemberian sinyal positif kepada investor. Kata kunci : manajemen laba, ukuran perusahaan, nilai perusahaan, CSR.

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