Apakah Pengungkapan Corporate Social Responcibility (CSR) Mempengaruhi Return Saham? Analisis Reputasi Sebagai Pemediasi

Erly Mulyani - Departemen Akuntansi, Universitas Negeri Padang
Syamsul Amar - Departemen Ilmu Ekonomi, Universitas Negeri Padang
Vidyarini Dwita - Departemen Manajemen, Universitas Negeri Padang

Abstract


With reputation serving as a mediator, this study seeks to ascertain the extent to which CSR disclosure affects stock return. This study employs a quantitative approach. focusing on noncyclical consumer companies listed on the IDX as the population.  The sampling technique used is purposive sampling. The results indictate that CSR influences the company’s reputation; however, CSR does not effect stock returns, and reputation cannot mediate the impact of CSR on stock returns.


Full Text:

PDF

References


Afridita, M., & Rahmidani, R. (2022). 56 Pengaruh Harga dan Reputasi Perusahaan Terhadap Loyalitas Penggunaan Aplikasi Gojek. Ecogen, 5(Vol 5), 56–69. http://ejournal.unp.ac.id/students/index.php/pek/index

Aguilera-Caracuel, J., & Guerrero-Villegas, J. (2018). How corporate social responsibility helps MNEs to improve their reputation. The moderating effects of geographical diversification and operating in developing regions. Corporate Social Responsibility and Environmental Management, 25(4), 355–372. https://doi.org/10.1002/csr.1465

Aldama, R. A. (2021). Peran Mediasi Reputasi Pada Hubungan Pengungkapan CSR Terhadap Probabilitas Bank di ASEAN Dari Perspektif Green Bangking. Jurnal Bisnis Dan Akuntansi, 23(1), 49–64. https://doi.org/10.34208/jba.v23i1.775

Arendt, S., & Brettel, M. (2010). Understanding the influence of corporate social responsibility on corporate identity, image, and firm performance. Management Decision, 48(10), 1469–1492. https://doi.org/10.1108/00251741011090289

Baruah, L., & Panda, N. M. (2022). Corporate Social Responsibility and Reputation: A Study on Top 100 Companies Operating in India. Indonesian Journal of Sustainability Accounting and Management, 6(2). https://doi.org/10.28992/ijsam.v6i2.407

Ergen Keleş, F. H., Keleş, E., & Schlegelmilch, B. B. (2023). Corporate social responsibility news and stock performance: A systematic literature review. In Borsa Istanbul Review (Vol. 23, Issue 2, pp. 443–463). Borsa Istanbul Anonim Sirketi. https://doi.org/10.1016/j.bir.2022.11.017

Fombrun, C. J. (n.d.). RI Insights A World of Reputation Research, Analysis and Thinking Building Corporate Reputation Through CSR Initiatives: Evolving Standards.

González-Rodríguez, M. R., Díaz-Fernández, M. C., Shi, F., & Okumus, F. (2021). Exploring the links among corporate social responsibility, reputation, and performance from a multi-dimensional perspective. International Journal of Hospitality Management, 99. https://doi.org/10.1016/j.ijhm.2021.103079

Huo, M. (2023). The impact of corporate reputation on stock value (Issue 6).

Irwan, I., Murwaningsarih, E., & Mayangsari, S. (2023). Factors Affecting Stock Return in Indonesian. 4(1). https://doi.org/10.38035/dijefa.v4i1

Jao, R., & Djabir Hamzah. (2020). Reputasi Perusahaan dan Reaksi Investor (Studi Pada Perusahaan yang Terdaftar di Bursa Efak Indonesia. In Jurnal Akuntansi dan Keuangan (Vol. 08, Issue 01). Online. http://jak.uho.ac.id/index.php/journal

Jao, R., Ng, S., & Holly, A. (2023). Peran Corporate Social Responsibility Dalam Meningkatkan Reputasi Perusahaan Serta Dampaknya Terhadap Stock Return. In Jurnal Akuntansi dan Keuangan (Vol. 08, Issue 01). Online. http://jak.uho.ac.id/index.php/journal

Kaur, A., & Singh, B. (2018). Corporate Reputation: Do Board Characteristics Matter? Indian Evidence. Indian Journal of Corporate Governance, 11(2), 122–134. https://doi.org/10.1177/0974686218797758

Li, Q., Luo, W., Wang, Y., & Wu, L. (2013). Firm performance, corporate ownership, and corporate social responsibility disclosure in China. In Business Ethics (Vol. 22, Issue 2, pp. 159–173). https://doi.org/10.1111/beer.12013

Lu, J., & Wang, J. (2021). Corporate governance, law, culture, environmental performance and CSR disclosure: A global perspective. Journal of International Financial Markets, Institutions and Money, 70. https://doi.org/10.1016/j.intfin.2020.101264

Novitasari, G. A., & Izzaty, K. N. (n.d.). Pengaruh Reputasi Perusahaan dan Kinerja Keuangan terhadap Return Saham (Studi pada Saham LQ45 yang Terindeks pada Corporate Image Index Periode 2020-2022). Jurnal Riset Akuntansi, 2024(2). https://doi.org/10.54066/jura-itb.v2i4.2990

Ortiz-Martínez, E., Marín-Hernández, S., & Santos-Jaén, J.-M. (2023). Sustainability, corporate social responsibility, non-financial reporting and company performance: Relationships and mediating effects in Spanish small and medium sized enterprises. Sustainable Production and Consumption, 35, 349–364. https://doi.org/10.1016/j.spc.2022.11.015

Pérez, A. (2015). Corporate reputation and CSR reporting to stakeholders: Gaps in the literature and future lines of research. Corporate Communications, 20(1), 11–29. https://doi.org/10.1108/CCIJ-01-2014-0003

Pérez-Cornejo, C., de Quevedo-Puente, E., & Wilson, A. (2022). In search of the roots of corporate reputation management: Being a consistent corporate social performer. Business Ethics, Environment and Responsibility, 31(1), 4–16. https://doi.org/10.1111/beer.12386

Rohmah, R. A., & Yuliana, I. (2024). Pengaruh Solvabilitas dan Likuiditas Terhadap Profitabilitas Dengan Ukuran Perusahaan Sebagai Variabel Mediasi Pada Perusahaan Yang Terdaftar Di Indeks Saham Syariah Indonesia (ISSI). Jurnal Ecogen, 7(2), 220. https://doi.org/10.24036/jmpe.v7i2.15846

Roy, P. P., Rao, S., & Zhu, M. (2022). Mandatory CSR expenditure and stock market liquidity. Journal of Corporate Finance, 72. https://doi.org/10.1016/j.jcorpfin.2022.102158

Sánchez-Torné, I., Morán-Álvarez, J. C., & Pérez-López, J. A. (2020). The importance of corporate social responsibility in achieving high corporate reputation. Corporate Social Responsibility and Environmental Management, 27(6), 2692–2700. https://doi.org/10.1002/csr.1993

Singh, K., & Misra, M. (2021). Linking Corporate Social Responsibility (CSR) and Organizational Performance: the moderating effect of corporate reputation. European Research on Management and Business Economics, 27(1). https://doi.org/10.1016/j.iedeen.2020.100139

Sutomo_2023_CSR-RS. (n.d.).

Vujicic, T. (2015). Corporate Social Responsibility And Stock Return: Examining Us Stock Performance. http://ssrn.com/abstract=2595769Electroniccopyavailableat:https://ssrn.com/abstract=2595769Electroniccopyavailableat:http://ssrn.com/

Wahidatul Husnaini, E. E. S. (2018). Corporate Social Responsibility (CSR) dan Reputasi (Vol. 2, Issue 2).

Wang, J., Wang, S., Dong, M., & Wang, H. (2024). ESG rating disagreement and stock returns: Evidence from China. International Review of Financial Analysis, 91. https://doi.org/10.1016/j.irfa.2023.103043




DOI: http://dx.doi.org/10.24036/jmpe.v8i2.17116