Corporate Social Responsibility (CSR) Sebagai Salah Satu Faktor Yang Berpengaruh Terhadap Return Saham

Dewi Anggraini
Journal article Universitas Tarumanagara Journal of Accounting • 2014 Indonesia

Abstract

This research examines the influence of CSR (Corporate Social Responsibility)’s implementation towards stock return in the companies that are listed in Kompas-100 index. The aim of this research is to investigate the variables that influence CSR’s implementation and the extent of CSR’s implementation along with Market aspect, Financial aspect and Macroeconomic aspect’ influences on stock return. Financial aspect consist of Return On Assets (ROA) and Size (Total Asset), Market aspect consist of  Market to Book Ratio and Beta Stocks , while the Macro Economic aspect consist of  the Level of Economic Growth,and  Inflation Rate. The research is conducted on  financial and non-financial companies, which consistently include in the Kompas-100 Index in Indonesia Stock Exchange with 5 (five) years (2007-2011) range of time. The estimation model being used is regression analysis and panel data regression.The estimation results indicate that company’s CSR is influenced by two factors, which are ROA and Size, while stock return is influenced by five factors, which are CSR, ROA, M/B, Ratio, , Inflation, and Economic GrowthOverall, 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.

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Journal

Universitas Tarumanagara Journal of Accounting

Jurnal Akuntansi Untar (Universitas Tarumanagara Journal of Accounting) is an open access, peer-r... see more