Pengaruh struktur kepemilikan institusional, corporate social resonsibility disclosure (csrd), dan cash holding terhadap nilai perusahaan pada perusahaan sub sektor textile dan garment yang terdaftar di bursa efek Indonesia

Fitri Ayu Ramadani, Hairul Anwar

Abstract


Penulis melakukan penelitian dengan tujuan untuk menganalisis pengaruh Struktur Kepemilikan Institusional (KI), Corporate Social Responsibility Disclosure (CSRD), dan Cash Holding (CH) terhadap Nilai Perusahaan pada perusahaan sub sektor textile dan garment yang terdaftar di Bursa Efek Indonesia 2017-2019. Penelitian ini dilakukan pada perusahaan sub sektor textile dan garment yang terdaftar di Bursa Efek Indonesia pada tahun 2017-2019. Dalam penelitian ini menggunakan purposive sampling dengan jumlah sampel sebanyak 17 perusahaan. Jenis data yang digunakan adalah data kuantitatif dan sumber data berupa laporan keuangan dan laporan tahunan perusahaan. Alat analisis data yang digunakan adalah statistik deskriptif dan regresi data panel. Hasil penelitian ini menunjukkan bahwa Struktur Kepemilikan Institusional (KI) berpengaruh positif signifikan terhadap Nilai Perusahaan (NP), Corporate Social Responsibility Disclosure (CSRD) berpengaruh negatif tidak signifikan terhadap Nilai Perusahaan (NP), dan Cash Holding (CH) berpengaruh negatif tidak signifikann terhadap Nilai Perusahaan (NP).


Keywords


Struktur kepemilikan institusional; corporate social responsibility disclosure; cash holding; nilai perusahaan

References


Ameer, R. (2012). Impact of cash holdings and ownership concentration on firm valuation: Empirical evidence from Australia. Review of Accounting and Finance, 11(4), 448–467. https://doi.org/10.1108/14757701211279196

Anonim. (2019). Kemenperin.go.id, 12 Mei 2019. Diakses pada 23 Januari 2021. https://kemenperin.go.id/artikel/20666/Lampaui-18-Persen,-Industri-Tekstil-dan-Pakaian-Tumbuh-Paling-Tinggi

Asante-Darko, D., Adu Bonsu, B., Famiyeh, S., Kwarteng, A., & Goka, Y. (2018). Governance structures, cash holdings and firm value on the Ghana Stock Exchange. Corporate Governance (Bingley), 18(4), 671–685. https://doi.org/10.1108/CG-07-2017-0148

Ayuningtyas, D. (2019). CNBC Indonesia, 3 Oktober 2019. Diakses pada 23 Januari 2021. https://www.cnbcindonesia.com/market/20191003123029-17-104139/duh-emiten-tekstil-terpukul-harga-saham-anjlok

Dittmar, A., Mahrt-smith, J., & Servaes, H. (2003). Dittmar_Smith_2002_cash.pdf. Journal Of Financial And Quantitative Analysis, 38(1), 111–133.

García-Teruel, P. J., Martínez-Solano, P., & Sánchez-Ballesta, J. P. (2009). Accruals quality and corporate cash holdings. Accounting and Finance, 49(1), 95–115. https://doi.org/10.1111/j.1467-629X.2008.00276.x

Gray, R., Javad, M., Power, D. M., & Sinclair, C. D. (2001). Social and environmental disclosure and corporate characteristics: A research note and extension. Journal of Business Finance and Accounting, 28(3–4), 327–356. https://doi.org/10.1111/1468-5957.00376

Gray, R., Kouhy, R., & Lavers, S. (1995). Methodological themes: Constructing a research database of social and enviromental reporting by UK companies. Accounting, Auditing & Accountability Journal, 8(2), 78–101. https://www-emerald-com.proxy.ub.umu.se/insight/content/doi/10.1108/09513579510086812/full/html

Hackston, D., & Milne, M. J. (1996). Some Determinants of Social and Environmental Disclosures in New Zealand Companies. Accounting, Auditing & Accountability Journal, 9(1), 77–108.

Hou, T. C. T. (2019). The relationship between corporate social responsibility and sustainable financial performance: firm-level evidence from Taiwan. Corporate Social Responsibility and Environmental Management, 26(1), 19–28. https://doi.org/10.1002/csr.1647

Ifada, L. M., Indriastuti, M., & Hanafi, R. (2020). The role of cash holding in increasing firm value. 12(2), 81–86.

Isshaq, Z., Bokpin, G. A., & Mensah Onumah, J. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. Journal of Risk Finance, 10(5), 488–499. https://doi.org/10.1108/15265940911001394

Jensen, M. (1986). American Economic Association Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329.

Jensen, MICHAEL C. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x

Jensen, Michael C, & Meckling, W. H. (1976). Theory Of The Firm : Managerial Behavior, Agency Costs and Ownership Structure. Human Relations, 72(10), 1671–1696. https://doi.org/10.1177/0018726718812602

Jentsch, V. (2019). Board Composition, Ownership Structure and Firm Value: Empirical Evidence from Switzerland. In European Business Organization Law Review (Vol. 20, Issue 2). Springer International Publishing. https://doi.org/10.1007/s40804-018-00128-6

Lin, F. L. (2010). A panel threshold model of institutional ownership and firm value in Taiwan. International Research Journal of Finance and Economics, 42, 54–62.

Ling, D. C., Wang, C., & Zhou, T. (2020). Institutional common ownership and firm value: Evidence from real estate investment trusts. Real Estate Economics, 1–37. https://doi.org/10.1111/1540-6229.12312

Nguyen, B. T. N., Tran, H. T. T., Le, O. H., Nguyen, P. T., Trinh, T. H., & Le, V. (2015). Association between Corporate Social Responsibility Disclosures and Firm Value – Empirical Evidence from Vietnam. International Journal of Accounting and Financial Reporting, 1(1), 212. https://doi.org/10.5296/ijafr.v5i1.7394

Nhan, D. T. T., & Ha, P. (2016). Cash holding, state ownership and firm value: The case of Vietnam. International Journal of Economics and Financial Issues, 6(6Special Issue), 110–114.

Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics, 151(2), 451–471. https://doi.org/10.1007/s10551-016-3229-0

Sampong, F., Song, N., Boahene, K. O., & Wadie, K. A. (2018). Disclosure of CSR performance and firm value: New evidence from South Africa on the basis of the GRI guidelines for sustainability disclosure. Sustainability (Switzerland), 10(12). https://doi.org/10.3390/su10124518

Seok, J., Lee, Y., & Kim, B. Do. (2020). Impact of CSR news reports on firm value. Asia Pacific Journal of Marketing and Logistics, 32(3), 644–663. https://doi.org/10.1108/APJML-06-2019-0352

Sundaram, A. K., & Inkpen, A. C. (2004). The corporate objective revisited. Organization Science, 15(3), 350–363. https://doi.org/10.1287/orsc.1040.0068

Tsai, H., & Gu, Z. (2007). Institutional Ownership and Firm Performance: Empirical Evidence from U.S.-Based Publicly Traded Restaurant Firms. Journal of Hospitality and Tourism Research, 31(1), 19–38. https://doi.org/10.1177/1096348006296056

Zahedi, J., Talebi, E., & Aval, S. L. (2015). Ownership Concentration , Cash Holding and Firm Value. International Journal of Management, Accounting and Economics, 2(8), 902–912. www.ijmae.com




DOI: https://doi.org/10.29264/jimm.v7i2.10864

Refbacks

  • There are currently no refbacks.


Copyright (c) 2022 Jurnal Ilmu Manajemen Mulawarman (JIMM)

Crossref logo 

Editorial Address

Jurnal Ilmu Manajemen Mulawarman (JIMM)
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jimm.feb@gmail.com