The Effect of Corporate Social Responsibility on the Firm Value with Risk Management as a Moderating Variable

Q3 Business, Management and Accounting
A. Wirawan, Laila Jahidatul Falah, Lydia Kusumadewi, D. Adhariani, Chaerul D. Djakman
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引用次数: 18

Abstract

ABSTRACT The aim of this research is to obtain empirical evidence on the influence of corporate social responsibility (CSR) disclosure on firm value and to examine the moderating effect of risk management on the association. Data related to CSR disclosure and nonfinancial data were obtained from annual reports and websites of manufacturing companies listed on the Indonesia Stock Exchange. Financial data was collected from Thomson Reuters Eikon database. Hypothesis testing was conducted using panel data regression analysis. Based on the 130 sampled companies during the period 2014–2016, we found that CSR disclosures have positive effect on firm value. Interestingly, risk management applied by the company does not help maximize the value. This might be because the risk management information is not presented comprehensively that it does not help investors make investment decisions.
以风险管理为调节变量的企业社会责任对企业价值的影响
摘要本研究旨在获得企业社会责任披露对企业价值影响的实证证据,并检验风险管理对企业价值关联的调节作用。与企业社会责任披露和非财务数据有关的数据来自印度尼西亚证券交易所上市的制造业公司的年度报告和网站。财务数据来自汤森路透Eikon数据库。假设检验采用面板数据回归分析。基于2014-2016年期间的130家抽样公司,我们发现企业社会责任披露对公司价值有积极影响。有趣的是,公司应用的风险管理并不能帮助实现价值最大化。这可能是因为风险管理信息没有全面呈现,无法帮助投资者做出投资决策。
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来源期刊
Journal of Asia-Pacific Business
Journal of Asia-Pacific Business Business, Management and Accounting-Business and International Management
CiteScore
2.50
自引率
0.00%
发文量
17
期刊介绍: Present circumstances underscore the need to improve the understanding of conducting business with and within the Asia-Pacific countries. The Journal of Asia-Pacific Business™ provides a blend of cutting-edge knowledge and practical applications on business management and marketing strategy. In the Journal of Asia-Pacific Business™, you will find articles and feature sections that provide a pragmatic view of the business environment in this dynamic region. This essential resource offers readers a good blend of descriptive, conceptual, and theoretical articles dealing with current topics.
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