公司治理、企业社会责任和信息不对称对印尼上市公司价值的影响

IF 4.3 Q2 MANAGEMENT
Annisa Abubakar Lahjie, Riccardo Natoli, Segu Zuhair
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引用次数: 0

摘要

本研究旨在探讨公司治理(CG)和企业社会责任(CSR)对企业价值的影响,同时考虑信息不对称的影响。本实证分析基于2007-2019年期间来自83家印尼上市公司的1,079项观察结果。本文应用了普通最小二乘法和两阶段最小二乘法的联立方程模型。作者提出了经验证据,证明企业社会责任机制显著导致企业社会责任水平低。此外,作者还发现信息不对称对企业责任、企业社会责任和企业价值之间的关系有显著影响。研究的局限性/启示研究结果表明,信息不对称、企业责任和企业社会责任并不一定会导致公司价值的全面提高。此外,非线性cobb - douglas型函数的使用表明边际收益递减。研究结果可以帮助发展中国家的决策者改善企业社会责任机制的监测和监督作用,为企业社会责任提供更多的支持,增加提高企业社会责任绩效的监管压力,并通过采用标准化的企业社会责任报告方案来减少信息不对称。本文所提出的社会启示有助于印尼上市公司在实践社会责任方面采取更可持续的做法,并改善与消费者和利益相关者的关系。原创性/价值采用全面的企业社会责任测量工具来检查企业社会责任的价值有助于现有文献,以及在发展中国家背景下检查信息不对称对企业社会责任、企业社会责任和企业价值之间关系的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The effect of corporate governance, corporate social responsibility and information asymmetry on the value of Indonesian-listed firms
Purpose This study aims to examine the influence of corporate governance (CG) and corporate social responsibility (CSR) on firm value while accounting for the impact of information asymmetry. Design/methodology/approach This empirical analysis is based on 1,079 observations from 83 listed Indonesian firms for the period 2007–2019. The authors applied simultaneous equation models with ordinary least squares and two-stage least squares. Findings The authors present empirical evidence of CG mechanisms that significantly contribute to low levels of CSR. Moreover, the authors identify a significant impact of information asymmetry on the relationship between CG, CSR and firm value. Research limitations/implications The results show that information asymmetry, CG and CSR do not necessarily result in improved firm value across boards. Moreover, the employment of a nonlinear Cobb–Douglas-type function indicated diminishing marginal returns. Practical implications The findings can help policymakers in developing countries in improving the monitoring and supervisory roles of CG mechanisms to provide more support to CSR, increasing regulatory pressures for improved CSR performance and reducing information asymmetry by adopting a standardized CSR reporting scheme. Social implications The suggested implications can contribute to more sustainable practices among Indonesian-listed firms as well as improving relationships with consumers and stakeholders toward the practice of CSR. Originality/value The adoption of a comprehensive CSR measurement tool to examine the value of CSR contributes to the extant literature, along with examining the impact of information asymmetry on the relationship between CG, CSR and firm value in a developing country context.
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来源期刊
CiteScore
7.90
自引率
3.00%
发文量
28
期刊介绍: The International Journal of Accounting & Information Management focuses on publishing research in accounting, finance, and information management. It specifically emphasizes the interaction between these research areas on an international scale and within both the private and public sectors. The aim of the journal is to bridge the knowledge gap between researchers and practitioners by covering various issues that arise in the field. These include information systems, accounting information management, innovation and technology in accounting, accounting standards and reporting, and capital market efficiency.
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