Atribut Dewan dan Corporate Social Responsibility: Kinerja Keuangan sebagai Variabel Moderasi
Corporate Social Responsibility (CSR) disclosure has been an important aspect of assessing companies these days. Indonesian listed companies have begun to disclose CSR through sustainability reports because they understand the importance of CSR in improving company efficiency and reputation. CSR certainly cannot be separated from corporate governance, namely the attributes of the board. Therefore, the study was implemented with the aim of discovering the impact of board attributes on CSR with financial performance as a moderation variable. CSR in the study was measured using GRI standards. Researchers used associative causal research aimed at examining the relationship of the studied variables. Secondary data that formed in the quantitative approach were obtained from the annual and sustainability report of listed companies contained on the IDX website. Samples from the study were sorted out using the purposive sampling method which amounted to 52 companies. The study has managed to show that board independence had a significant influence on CSR. Financial performance as the moderating variable weakened the board size-CSR and CEO duality-CSR relationships. Study results can be utilized by readers and subsequent researchers in enriching the existing literature on CSR topics.
Keywords: Corporate Social Responsibility, Board Attributes, Sustainability Report, Financial Performance
Adel, C., M. M. Hussain, E. K. A. Mohamed, dan M. A. K. Basuony. 2019. Is corporate governance relevant to the quality of corporate social responsibility disclosure in large European companies? International Journal of Accounting and Information Management 27 (2): 301–332.
Ahmad, N. B. J., A. Rashid, dan J. Gow. 2017. Board independence and corporate social responsibility (CSR) reporting in Malaysia. Australasian Accounting, Business and Finance Journal 11 (2): 61–85.
Ali, S. A., M. Yassin, dan R. AbuRaya. 2020. The impact of firm characteristics on corporate financial performance in emerging markets: Evidence from egypt. International Journal of Customer Relationship Marketing and Management 11 (4): 70–89.
Alqatan, A., I. Chbib, dan K. Hussainey. 2019. How does board structure impact on firm performance in the UK? Corporate Board role duties and composition 15 (2): 18–27.
Aminy, M. M., dan A. Sauqi. 2020. The Determinants of Islamic Banks’ Stock Prices Volatility: Evidence From the GCC Countries. Al-Amwal : Jurnal Ekonomi dan Perbankan Syari’ah 12 (2): 227.
Anazonwu, H. O., F. C. Egbunike, dan A. Gunardi. 2018. Corporate Board Diversity and Sustainability Reporting: A Study of Selected Listed Manufacturing Firms in Nigeria. Indonesian Journal of Sustainability Accounting and Management 2 (1): 65.
Arayssi, M., M. Jizi, dan H. H. Tabaja. 2020. The impact of board composition on the level of ESG disclosures in GCC countries. Sustainability Accounting, Management and Policy Journal 11 (1): 137–161.
Asian Corporate Governance Association. 2021. CG Watch 2020: Future promise.
Badu, E. A., dan K. O. Appiah. 2017. The Impact of Corporate Board Size on Firm Performance: Evidence from Ghana and Nigeria. Research in Business and Management 4 (2): 1.
Beck, C., G. Frost, dan S. Jones. 2018. CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management 43 (4): 517–537.
Beji, R., O. Yousfi, N. Loukil, dan A. Omri. 2021. Board Diversity and Corporate Social Responsibility: Empirical Evidence from France. Journal of Business Ethics 173 (1): 133–155.
Biswas, P. K., M. Mansi, dan R. Pandey. 2018. Board composition, sustainability committee and corporate social and environmental performance in Australia. Pacific Accounting Review 30 (4): 517–540.
Bolourian, S., A. Angus, dan L. Alinaghian. 2021. The impact of corporate governance on corporate social responsibility at the board-level: A critical assessment. Journal of Cleaner Production 291: 125752.
Breliastiti, R., S. Putri, dan S. Valentina. 2020. Penerapan CGG dan dampaknya pada penerapan CSR (Perusahaan Pemenang IICG- ASEAN CG SCORECARD ). Jurnal akuntansi bisnis 13 (2): 66–77.
Cabeza-García, L., R. Fernández-Gago, dan M. Nieto. 2017. Do Board Gender Diversity and Director Typology Impact CSR Reporting? European Management Review 15 (4): 559–575.
Cantele, S., T. A. Tsalis, dan I. E. Nikolaou. 2018. A new framework for assessing the sustainability reporting disclosure of water utilities. Sustainability (Switzerland) 10 (2): 1–12.
Chams, N., dan J. García-Blandón. 2019. Sustainable or not sustainable? The role of the board of directors. Journal of Cleaner Production 226: 1067–1081.
Chijoke-Mgbame, A. M., C. O. Mgbame, S. Akintoye, dan P. Ohalehi. 2020. The role of corporate governance on CSR disclosure and firm performance in a voluntary environment. Corporate Governance (Bingley) 20 (2): 294–306.
Chintrakarn, P., P. Jiraporn, dan S. Treepongkaruna. 2021. How do independent directors view corporate social responsibility (CSR) during a stressful time? Evidence from the financial crisis. International Review of Economics and Finance 71 (August 2020): 143–160.
Cicchiello, A. F., A. M. Fellegara, A. Kazemikhasragh, dan S. Monferrà. 2021. Gender diversity on corporate boards: How Asian and African women contribute on sustainability reporting activity. Gender in Management 36 (7): 801–820.
Ciftci, I., E. Tatoglu, G. Wood, M. Demirbag, dan S. Zaim. 2019. Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review 28 (1): 90–103.
CNBC Indonesia. 2021. Geger ribuan karyawan Pan Brothers ngamuk karena THR dicicil, Mei.
Cook, A., dan C. Glass. 2018. Women on corporate boards: Do they advance corporate social responsibility? Human Relations 71 (7): 897–924.
Cucari, N., S. Esposito De Falco, dan B. Orlando. 2017. Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies. Corporate Social Responsibility and Environmental Management 25 (3): 250–266.
Cullinan, C. P., L. Mahoney, dan P. B. Roush. 2019. Entrenchment vs long-term benefits: classified boards and CSR. Journal of Global Responsibility 10 (1): 69–86.
Dakhli, A. 2021. Does financial performance moderate the relationship between board attributes and corporate social responsibility in French firms? Journal of Global Responsibility ahead-of-p (ahead-of-print).
Dewi, K., dan I. Anisykurlillah. 2021. Analysis of the Effect of Fraud Pentagon Factors on Fraudulent Financial Statement with Audit Committee as Moderating Variable. Accounting Analysis Journal 10 (1): 39–46.
Dewi, P. A. C., dan I. B. P. Sedana. 2019. Pengaruh Profitabilitas, Ukuran Perusahaan, Dan Leverage Terhadap Pengungkapan Corporate Social Responsibility. E-Jurnal Manajemen Universitas Udayana 8 (11): 6618.
DPR RI. 2019. Panja Limbah DPR temukan limbah B3 di pabrik mi instan Medan, Juli.
Endrikat, J., C. de Villiers, T. W. Guenther, dan E. M. Guenther. 2021. Board Characteristics and Corporate Social Responsibility: A Meta-Analytic Investigation. Business and Society 60 (8): 2099–2135.
Fahad, P., dan P. M. Rahman. 2020. Impact of corporate governance on CSR disclosure. International Journal of Disclosure and Governance 17 (2–3): 155–167.
García-Sánchez, I. M., J. Martínez-Ferrero, dan E. García-Meca. 2017. Board of Directors and CSR in Banking: The Moderating Role of Bank Regulation and Investor Protection Strength. Australian Accounting Review 28 (3): 428–445.
García-Sánchez, I. M., O. Suárez-Fernández, dan J. Martínez-Ferrero. 2019. Female directors and impression management in sustainability reporting. International Business Review 28 (2): 359–374.
Godos-Díez, J.-L., L. Cabeza-García, A. Martínez-Campillo, dan R. Fernández-Gago. 2020. The Importance of Firm Size and Development Strategies for CSR Formalisation. Adapting to Environmental Challenges: New Research in Strategy and International Business: 107–131.
Gymnastiar, M. A., dan Y. Apsari. 2019. Collaborative Approach and Scientific Approach in Teaching Writing Descriptive Text. PROJECT (Professional Journal of English Education) 2 (6): 869.
Harsono, B., dan S. Susanti. 2022. Analisis manajemen laba, penghindaran pajak, tata kelola terhadap tanggung jawab sosial. Jesya (Jurnal Ekonomi & Ekonomi Syariah) 5 (1): 1002–1017.
Hussain, N., U. Rigoni, dan R. P. Orij. 2018. Corporate Governance and Sustainability Performance: Analysis of Triple Bottom Line Performance. Journal of Business Ethics 149 (2): 411–432.
Issa, A., dan H. Fang. 2018. The Impact of Board Gender Diversity on Corporate Social Responsibility in the Arabian Gulf Cooperation Council (AGCC). SSRN Electronic Journal: 1–31.
Iswajuni, I., A. Manasikana, dan S. Soetedjo. 2018. The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research 3 (2): 224–235.
Jensen, M. C., dan W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics 3 (4): 305–360.
Jizi, M. 2017. The Influence of Board Composition on Sustainable Development Disclosure. Business Strategy and the Environment 26 (5): 640–655.
Jurnali, T., dan Susanti. 2021. Perspektif Kelembagaan, Tekanan Eksternal, dan Pengungkapan Tanggung Jawab Sosial Perusahaan. Jurnal Bisnis dan Akuntansi 23 (2): 191–202.
Kabir, R., dan H. M. Thai. 2017. Does corporate governance shape the relationship between corporate social responsibility and financial performance? Pacific Accounting Review 29 (2): 227–258.
Karim, S., N. A. Manab, dan R. B. Ismail. 2020. The dynamic impact of board composition on CSR practices and their mutual effect on organizational returns. Journal of Asia Business Studies 14 (4): 463–479.
Kaur, R., dan T. Dave. 2020. A Study on the Impact of Corporate Social Responsibility on Financial Performance of Companies in India. Asia-Pacific Journal of Management Research and Innovation 16 (3): 229–237.
Kaymak, T., dan E. Bektas. 2017. Corporate Social Responsibility and Governance: Information Disclosure in Multinational Corporations. Corporate Social Responsibility and Environmental Management 24 (6): 555–569.
Khaireddine, H., B. Salhi, J. Aljabr, dan A. Jarboui. 2020. Impact of board characteristics on governance, environmental and ethical disclosure. Society and Business Review 15 (3): 273–295.
Kim, J., K. Cho, dan C. K. Park. 2019. Does CSR assurance affect the relationship between CSR performance and financial performance? Sustainability (Switzerland) 11 (20).
Klynveld Peat Marwick Goerdeler. 2020. The time has come: The KPMG survey of sustainability reporting 2020.
Kompas.com. 2020. Jejak Hitam PT Hanson International, Manipulasi Laporan Keuangan 2016, Januari.
Laurencia, O., dan C. Meiden. 2020. Faktor - Faktor Yang Mempengaruhi Tingkat Pengungkapan Modal Intelektual dan Dampaknya Terhadap Nilai Perusahaan pada Perusahaan yang Melakukan IPO di BEI 2016 – 2018. Jurnal Ilmu Komputer dan Bisnis 11.
Machado, B. A. A., L. C. P. Dias, dan A. Fonseca. 2021. Transparency of materiality analysis in GRI-based sustainability reports. Corporate Social Responsibility and Environmental Management 28 (2): 570–580.
Mądra-Sawicka, M., dan J. Paliszkiewicz. 2020. Information sharing strategies in the social media era: The perspective of financial performance and CSR in the food industry. Information (Switzerland) 11 (10): 1–12.
Mahmood, Z., R. Kouser, W. Ali, Z. Ahmad, dan T. Salman. 2018. Does corporate governance affect sustainability disclosure? A mixed methods study. Sustainability (Switzerland) 10 (1): 1–20.
Maqbool, S., dan S. A. Hurrah. 2021. Exploring the Bi-directional relationship between corporate social responsibility and financial performance in Indian context. Social Responsibility Journal 17 (8): 1062–1078.
Mayorova, E. 2019. Corporate social responsibility disclosure: Evidence from the european retail sector. Entrepreneurship and Sustainability Issues 7 (2): 891–905.
Memon, S., Waqar Sethar, Adnan Pitafi, dan Wasim Uddin. 2019. Impact of CSR on Financial Performance of Banks: A Case Study. Journal of Accounting and Finance in Emerging Economies 5 (1): 129–140.
Mohammadi, S., H. Saeidi, dan N. Naghshbandi. 2020. The impact of board and audit committee characteristics on corporate social responsibility: evidence from the Iranian stock exchange. International Journal of Productivity and Performance Management (September 2021).
Naciti, V. 2019. Corporate governance and board of directors: The effect of a board composition on firm sustainability performance. Journal of Cleaner Production 237: 117727.
Naseem, M. A., J. Lin, R. ur Rehman, M. I. Ahmad, dan R. Ali. 2020. Does capital structure mediate the link between CEO characteristics and firm performance? Management Decision 58 (1): 164–181.
National Center for Sustainability Reporting. 2021. List of Rating – Asia Sustainability Reporting Rating (ASRRAT) 2021.
Nguyen, T. H. H., M. H. Elmagrhi, C. G. Ntim, dan Y. Wu. 2021. Environmental performance, sustainability, governance and financial performance: Evidence from heavily polluting industries in China. Business Strategy and the Environment 30 (5): 2313–2331.
Nuber, C., dan P. Velte. 2021. Board gender diversity and carbon emissions: European evidence on curvilinear relationships and critical mass. Business Strategy and the Environment 30 (4): 1958–1992.
Nwude, E. C., dan C. A. Nwude. 2021. Board Structure and Corporate Social Responsibility: Evidence From Developing Economy. SAGE Open 11 (1).
Onuoha, N. E., dan N. N. Nkwor. 2021. Slack Resources and Corporate Social Responsibility Link: Evidence from Manufacturing Firms in Nigeria. Journal of Accounting Auditing and Business 4 (2): 1–13.
Orazalin, N. 2019. Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: evidence from commercial banks of Kazakhstan. Corporate Governance (Bingley) 19 (3): 490–507.
Ordóñez-Castaño, I. A., E. E. Herrera-Rodríguez, A. M. F. Ricaurte, dan L. E. P. Mejía. 2021. Voluntary disclosure of gri and csr environmental criteria in colombian companies. Sustainability (Switzerland) 13 (10): 1–18.
P, F., dan N. K.B. 2018. Determinants of CSR disclosure: an evidence from India. Journal of Indian Business Research 13 (1): 110–133.
Pham, H. T. S., dan H. T. Tran. 2019. Board and corporate social responsibility disclosure of multinational corporations. Multinational Business Review 27 (1): 77–98.
Preston, L. E., dan D. P. O’Bannon. 1997. The Corporate Social-Financial Perfomance Relationship. Business & Society 36 (4): 419–429.
Pucheta-Martínez, M. C., dan I. Gallego-Álvarez. 2018. An international approach of the relationship between board attributes and the disclosure of corporate social responsibility issues. Corporate Social Responsibility and Environmental Management 26 (3): 612–627.
Putri, L. L., dan Devie Deviesa. 2017. Pengaruh CEO Duality Terhadap Firm Value Dengan Financial Performance Sebagai Variabel Intervening. Business Accounting Review 4 (1): 325–335.
R. Edward Freeman. 1994. The politics of stakeholders theory: some future directions 4 (4): 409–421.
Rahma, A. A., dan Y. Candra. 2020. Ethnicity commissioner board, foreign commissioner board and CSR Disclosure. Journal of Management & Muamalah 10 (1): 72–85.
Riaz, S., M. A. H. Khan, dan M. Shaheen. 2017. Relationship Between Board Size And Firm Performance: Intervening Role Of Policies. Bulletin of Business and Economics (BBE) 6 (3): 130–140.
Rosati, F., dan L. G. D. Faria. 2019. Business contribution to the Sustainable Development Agenda: Organizational factors related to early adoption of SDG reporting. Corporate Social Responsibility and Environmental Management 26 (3): 588–597.
Rossi, M., J. Chouaibi, S. Chouaibi, W. Jilani, dan Y. Chouaibi. 2021. Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms. Journal of Risk and Financial Management 14 (8): 354.
Rouf, M. A., dan M. A. Hossan. 2020. The effects of board size and board composition on CSR disclosure: a study of banking sectors in Bangladesh. International Journal of Ethics and Systems 37 (1): 105–121.
Ruggiero, P., dan S. Cupertino. 2018. CSR strategic approach, financial resources and corporate social performance: The mediating effect of innovation. Sustainability (Switzerland) 10 (10).
Salehi, M., H. Tarighi, dan M. Rezanezhad. 2017. The relationship between board of directors’ structure and company ownership with corporate social responsibility disclosure. Humanomics 33 (4): 201–213.
———. 2018. Empirical study on the effective factors of social responsibility disclosure of Iranian companies. Journal of Asian Business and Economic Studies 26 (1): 34–55.
Shahab, Y., C. G. Ntim, Y. Chen, F. Ullah, H. X. Li, dan Z. Ye. 2020. Chief executive officer attributes, sustainable performance, environmental performance, and environmental reporting: New insights from upper echelons perspective. Business Strategy and the Environment 29 (1): 1–16.
Shahab, Y., dan C. Ye. 2018. Corporate social responsibility disclosure and corporate governance: Empirical insights on neo-institutional framework from China. International Journal of Disclosure and Governance 15 (2): 87–103.
Shahbaz, M., A. S. Karaman, M. Kilic, dan A. Uyar. 2020. Board attributes, CSR engagement, and corporate performance: What is the nexus in the energy sector? Energy Policy 143 (May): 111582.
Suganya, S. J., dan L. Kengatharan. 2017. Board Structure and Financial Performance of Listed Finance Companies in Sri Lanka. International Journal of Accounting and Financial Reporting 7 (2): 292.
Sugiyono, P. D. 2017. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Swardani, N. W. R., H. B. Suprasto, N. M. D. Ratnado, dan I. G. N. A. Suaryana. 2021. The Role of Board of Commissioners and Institutional Ownership in CSR Disclosure: An Empirical Study in Indonesia. The Journal of Asian Finance, Economics and Business 8 (6): 51–58.
Tanujaya, K., dan R. Teresa. 2021. Pengaruh penghindaran pajak dan tata kelola perusahaan terhadap pengungkapan CSR dengan peran direksi wanita sebagai moderasi: kasus perusahaan di Bursa Efek Indonesia 7: 184–197.
Taolin, M. L., dan J. Safitri. 2020. the Role of Duality Managerial Ownership and Boards on Ipo Value (an Empirical Evidence of Indonesian Firms). Jurnal Penelitan Ekonomi dan Bisnis 5 (2): 162–179.
Tibiletti, V., P. L. Marchini, K. Furlotti, dan A. Medioli. 2021. Does corporate governance matter in corporate social responsibility disclosure? Evidence from Italy in the “era of sustainability.” Corporate Social Responsibility and Environmental Management 28 (2): 896–907.
Ullah, M. S., M. B. Muttakin, dan A. Khan. 2019. Corporate governance and corporate social responsibility disclosures in insurance companies. International Journal of Accounting and Information Management 27 (2): 284–300.
Valls Martínez, M. del C., dan S. Cruz Rambaud. 2019. Women on corporate boards and firm’s financial performance. Women’s Studies International Forum 76 (June): 102251.
Van Hoang, T. H., W. Przychodzen, J. Przychodzen, dan E. A. Segbotangni. 2021. Environmental transparency and performance: Does the corporate governance matter? Environmental and Sustainability Indicators 10: 100123.
Velte, P. 2017. Do women on board of directors have an impact on corporate governance quality and firm performance? A literature review. International Journal of Sustainable Strategic Management 5 (4): 302.
———. 2019. Does board composition influence CSR reporting? A meta-analysis. Corporate Ownership and Control 16 (2): 48–59.
Waddock, S. A., dan S. B. Graves. 1997. The Corporate Social Performance-Financial Performance Link. Stategic Manajemen Journal 18 (4): 303–319.
Wang, C., X. Deng, S. Álvarez-Otero, M. S. Sial, U. Comite, J. Cherian, dan J. Oláh. 2021. Impact of women and independent directors on corporate social responsibility and financial performance: empirical evidence from an emerging economy. Sustainability (Switzerland) 13 (11): 1–16.
Zaid, M. A. A., M. Wang, dan S. T. F. Abuhijleh. 2019. The effect of corporate governance practices on corporate social responsibility disclosure. Journal of Global Responsibility 10 (2): 134–160.
Zubeltzu-Jaka, E., I. Álvarez-Etxeberria, dan E. Ortas. 2020. The effect of the size of the board of directors on corporate social performance: A meta-analytic approach. Corporate Social Responsibility and Environmental Management 27 (3): 1361–1374.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.