Titisari, Kartika Hendra (2019) Pengaruh Corporate Governance dan Corporate Social Responsibility terhadap Cost of Capital dan dampaknya terhadap Firm Value (Studi Empiris di Bursa Efek Indonesia). Doktor thesis, Universitas Brawijaya.
Abstract
Corporate governance dan corporate social responsibility adalah merupakan hal penting untuk keberlanjutan perusahaan yang mempengaruhi firm value. Pada saat yang sama, hasil penelitian di beberapa negara memberikan bukti empiris yang beragam. Penelitian ini bertujuan menganalisis dampak corporate governance dan corporate social responsibility pada firm value melalui cost of capital di perusahaan publik di Indonesia. Populasi penelitian ini adalah perusahaan yang telah menerbitkan Sustainability Report tahun 2016 sebanyak 48 perusahaan. Namun sebagian perusahaan tidak menerbitkan secara rutin selama periode pengamatan dari tahun 2010 hingga 2016. Penelitian ini menggunakan syarat populasi, perusahaan tidak menerbitkan sustainabily report maksimal 1 tahun. Sehingga diperoleh popoulasi sebanyak 27 perusahaan, yang digunakan seluruhnya sebagai sampel penelitian (sampel jenuh) dengan jumlah observasi 189. Metode analisis menggunakan analisis jalur, dengan Warp PLS. Hasil penelitian menunjukkan bahwa corporate governance dan corporate social responsibility memiliki efek langsung dan tidak langsung pada firm value. Pengujian langsung, corporate governance berdampak pada penurunan firm value, sedangkan corporate social responsibility berdampak pada peningkatan firm value. Cost of capital bertindak sebagai variabel mediasi dalam hubungan ini. Corporate governance dan corporate social responsibility berdampak pada penurunan cost of capital dan penurunan cost of capital berdampak pada peningkatan firm value. Temuan menunjukkan bahwa corporate governance dan corporate social responsibility dapat meningkatkan kinerja perusahaan dan citra perusahaan secara internal dan eksternal, sehingga meningkatkan kepercayaan investor, dan perusahaan memiliki kesempatan untuk mendapatkan sumber pendanaan murah yang dapat mengurangi cost of capital. Penurunan cost of capital dapat meningkatkan profitabilitas dan berdampak pada peningkatan firm value
English Abstract
Corporate governance and corporate social responsibility are important for corporate sustainability since they affect firm value. The results of studies in several countries provide diverse empirical evidences. This study analyzes the impact of corporate governance and corporate social responsibility on firm value of Indonesian public companies through the cost of capital. The population of this research is the companies that have published Sustainability Report in 2016 as many as 48 companies. However, some companies did not publish regularly during the observation period from 2010 to 2016. This study used population requirements, the company did not publish a sustainability report for a maximum of 1 year. So as much as 27 companies are obtained, which are used entirely as research samples (saturated samples) with a total of 189 observations. The data was analyzed using path analysis in Warp PLS. The result of the hypotheses testing show that corporate governance and corporate social responsibility have both direct and indirect effects on firm value. According to direct testing, Corporate governance has effect a reduce on firm value, while corporate social responsibility has effect a increase on firm value. The cost of capital acts as a mediating variable in this relationship. The corporate governance and corporate social responsibility has effect a reduce on cost of capital, while cost of capital has effect a increase on firm value . The findings show that corporate governance and corporate social responsibility can improve the company performance and corporate image internally and externally, thereby increasing the investors` confidence, and companies have the opportunity to obtain inexpensive funding sources that can reduce cost of capital. A decrease in cost of capital can increase profitability and have an impact on firm value increasing.
Other obstract
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| Item Type: | Thesis (Doktor) |
|---|---|
| Identification Number: | DIS/332.632 2/TIT/p/2019/061911252 |
| Uncontrolled Keywords: | cost of capital, profitability, firm value |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment > 332.63 Specific forms of investment > 332.632 Securities, real estate, commodities > 332.632 2 Stocks (Shares) |
| Divisions: | S2/S3 > Doktor Ilmu Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endang Susworini |
| Date Deposited: | 25 May 2022 07:33 |
| Last Modified: | 25 May 2022 07:33 |
| URI: | http://repository.ub.ac.id/id/eprint/190755 |
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