Analysis of Investment Decisions, Funding Decisions and Psak Compliance with Corporate Social Responsibility Disclosure (Csrd), Financial Performance, and Audit Opinions with Good Corporate Governance as Moderation in Indonesia State Enterprises
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Oct 27, 2021
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Abstract
The research gap in this study with previous research is in the first study of Ahmed A. Diab, Samir I. Abdelazim, Aref M. Eissa, Eid Mahmoud Abozaid, Mona Mohamed Elshaabany, where previous research only examined company size and financial performance on audit opinion in 2012-2016, while this research is on State-Owned Enterprises (BUMN) listed on the Indonesian Stock Exchange. In addition, there have not been many previous studies similar to this research, but the research has a novelty in the form of the absence of a comprehensive study that examines the variables of Investment Decisions, Funding Decisions, PSAK Compliance, on Audit Opinion with CSRD and Financial Performance as Intervening variables. and GCG as Moderating Variable.
The purpose of this study is to analyze the effect of investment decisions, funding decisions, PSAK compliance, on audit opinions. CSRD and Financial Performance variables as Intervening variables on CSRD, Financial Performance and Audit Opinion with GCG as moderating in BUMN companies on the Indonesia Stock Exchange.
The quantitative research method is Causal Explanatory with the unit of analysis as many as 23 Non-Bank BUMN companies during the 2017 to 2019 research period so that a total of 69 samples were processed using SmartPLS 3.0.
The results showed that 14 hypotheses were accepted, meaning that there was a significant effect on Investment Decisions, Funding Decisions and PSAK Compliance on CSRD, Financial Performance and Audit Opinions. Meanwhile, GCG is proven to moderate the influence of Financial Performance on Audit Opinion (H13), while one hypothesis, namely H12, is rejected. This means that GCG does not moderate the influence of CSRD on Audit Opinion
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References
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2014. Does Corporate Social Responsibility Lead to Improve in Firm Financial Performance? Evidence from Malaysia. International Journal of
Economics and Finance. Vol. 6, No. 3; 2014
Ahmed, Neveen and Ola Abdel Hadi. 2017. Impact of Ownership Structure on Firm Performance in the MENA Region: An Empirical Studi. Accounting and Financd Research. Vol. 6 No. 3. Pp. 105 - 115.
Ahmed, Mohammed, Nma.,Saheed Zakaree and Oladele, Olugbenga Kolawole.
2016. Corporate Social Responsibility Disclosure and Financial Performance of Listed Manufacturing Firm in Nigeria. Research Journal of
Finance and Accounting. Vol. 7. No. 47 – 58.
AL-Dhamari, Redhwan Ahmed and Ku Nor Izah Ku Ismail. 2014. An Investigation into the Effect of Surplus Free Cash Flow, Corporate Governance and Firm Size on Earnings Predictability. International Journal of Accounting and Information Management. Vol. 22 Issue 2, pp. 118 – 133.
Ali Darwin, Akuntabilitas, Kebutuhan, Pelaporan, dan Pengungkapan CSR bagi Perusahaan di Indonesia, EBAR, 2006, hal 113
Amihud, Yakov dan Lev, Brunch. 1981. Risk Reduction as Managerial Motive for Conglomerate Mergers. The Bell Journal of Economics. Vol. 12. No. 12.
Anggraini, Fr. Reni Retno. 2006. Pengungkapan Informasi Sosial Dan Faktor-Faktor Yang Mempengaruhi Pengungkapan Informasi Sosial Dalam Laporan Keuangan Tahunan (Studi Empiris Pada Perusahaan-Perusahaan Yang Terdaftar Bursa Efek Jakarta). Simposium Nasional Akuntansi IX, Padang, 23-26 Agustus 2006.
Arens, Alvin A., James K Loebbecke dan Amir Abadi Jusuf. 2008. Auditing. Edisi
6. Yogyakarta: Salemba Empat.
Balagobei, Saseela and Thirunavukkarasu Velnampy. 2017. A Study on Ownership Structure and Financial Performance of Listed Beverage Food aand Tobacco Companis in Sri Langka. International Journal of Accounting and Financial Reporting. Vol. 7. No. 2. Pp. 36 – 47.
Beaver, W. H, 2002, Perspectives on Recent Capital Market Research, the Accounting Review, Vol. 77, N. 2, April, Pg. 453-474
Beiner, S., W. Drobertz, F. schmid dan H.Zimmerman. 2003. “Is Board size an Independent Corporate Governane Mechanisme? Working paper No. 89.Financial Valuation and Risk Manajemen. Vers 23 Juni 2003.
Belkaoui, Ahmed R. 2006. Teori Akuntansi. Edisi Terjemahan. Jilid 1. Jakarta: Salemba Empat.
Boaventura, João Maurício, Ralph Santos da Silva dan Rodrigo Bandeira-de-Mello.
2012. Corporate Financial Performance and Corporate Social Performance: Methodological Development and the Theoretical Contribution of Empirical Studies.
R. Cont. Fin. – USP, São Paulo, v. 23, n. 60, p. 232-245, set./out./nov./dez. 2012
Bokpin, Godfred A.2013. Determinants and Value Relevance of Corporate Disclosure: Evidence from the Emerging Capital Market of Ghana. Journal of Applied Accounting Research. Vol. 14. Iss 2 pp. 127 – 146.
Bowman, Cliff and Veronique Ambrosini. 2007. Firm Value Creation and Levels of Strategy. Management Decision. Vol. 45 No. 3, pp. 360 – 371.
Boynton, WC dan Raymond, NJ. 2005. Modern Auditing: Assurance Services and The Integrity of Financial Reporting. Eighth Edition. New Jersey: Wiley
Brigham, Eugene F., and Houston Joel F, 2015, Dasar-Dasar Manajemen Keuangan.
Essitials of Financial Manajement. Jakarta: Salemba Empat
Carcello, Joseph V. and Terry L. Neal. 2003. Audit Committee Characteristics and Auditor Dismissals Following “New” Going-Concern Reports. The Accounting Review. Vol. 78. No. 1. January 2003. Pp. 95-117.
Chen, Carl R. and Thomas L. Steiner. 2000. Tobin’s Q, Managerial Ownership, and Analyst Coverage, A Nonlinear Simultaneous Equation Model. Journal of Economic and Business. 52. pp. 365-382.
Claude, Sylvie Berthelot and Francoeur Réal Labelle. 2012. Corporate Governance Mechanisms, Accounting Results and Stock Valuation in Canada. International Journal of Managerial Finance. Vol. 8 Issue 4. pp. 332 – 343.
Dahlia, Lely dan Siregar, Sylvia Veronica. 2008. Pengaruh Corporate Social Responsibility Terhadap Kinerja Perusahaan. Simposium Nasional Akuntansi XI. Pontianak.
Darmawati, Deni. Khomsiyah dan Rahayu, Rika Gelar. 2004. Hubungan Corporate Governance dan Kinerja Perusahaan. Simposium Nasional Akuntansi VII. Denpasar. 2-3 Desember.
DeAngelo, L. (1981). Auditor independence, low balling, and disclosure regulation.
Journal of Accounting and Economics. August. Page 113-127
Dewi, Kartika and Monalisa. 2016. Effect of Corporate Social Responsibility Disclosure on Financial Performance with Audit Quality as a Moderating Variable. Binus Business Review. 7(2). August 2016. 149 – 155.
Farida, Yusriati Nur., Yuli Prasetyo dan Eliada Herwiyanti. 2010. Pengaruh Penerapan Corporate Governance Terhadap Timbulnya Earning Management Dalam Menilai Kinerja Keuangan pada Perusahaan Perbankan di Indonesia. Jurnal Bisnis dan Akuntansi. Vol. 12, No. 2. Agustus 2010. hal. 69-80.
Geiger, Marshall A. and Dasaratha V. Rama. 2006. Audit Firm Size and Going- Concern Reporting Accuracy. Accounting Horizons. Vol. 20. No. 1. March 2006. Pp. 1-17.
Ghozali, Imam. 2014. Structural Equation Model: Metode Alternatif Dengan Partial Least Square (PLS). Edisi 4. Badan Penerbit Universitas Diponegoro.
Gilson, Ronald J.2000. Globalizing Corporate Governance: Convergence of Form or Function. Working Paper No. 174 & 192
Gitman, Lawrence J. 2003. Principles of Managerial Finance. 10th ed. International Editions Financial Series. Boston: Addison-Wesley.
Halim, Abdul. 2003. Auditing: Dasar-dasar Audit Laporan Keuangan. Buku 1 Edisi 3. Jogyakarta: AMP YKPN
Hamdani, Mailani. 2014. Hubungan Pengungkapan Corporate Social Responsibility (CSR) Terhadap Kinerja Keuangan Dan Harga Saham Pada Perusahaan LQ45. Jurnal Organisasi dan Manajemen. Volume 10. Nomor 1. Maret 2014. Pp. 27-36.
Husnan, Suad. 2001. Corporate Governance dan Keputusan Pendanaan: Perbandingan Kinerja Perusahaan dengan Pemegang Saham Pengendali Perusahaan Multinasional dan Bukan Multinasional. Jurnal Riset Akuntansi. Manajemen, Ekonomi, Vol. 1 No. 1. Februari 2001.
Ikatan Akuntan Indonesia. 2014. Pernyataan Standar Akuntansi Keuangan (PSAK) No. 1. Penyajian Laporan Keuangan. Standar Akuntansi Keuangan. Jakarta: Salemba Empat.
Ikatan Akuntan Indonesia. 2014. Standar Profesional Akuntan Publik.
Jakarta:Salemba Empat.
Kementerian Badan Usaha Milik Negara. Master Plan Badan Usaha Milik Negera tahun 2010 – 2014.
Keputusan Menteri Badan Usaha Milik Negara Nomor: KEP-117/M-MBU/2002 tentang Penerapan Praktek Good Corporate Covernance Pada Badan Usaha Milik Negera (BUMN) Meteri Badan Usaha Milik Negara
Lanis, Roman and Grant Richardson. 2013. Corporate Social Responsibility and Tax Aggressiveness: A Test of Legitimacy Theory. Accounting, Auditing & Accountability Journal. Vol. 26 Iss 1 pp. 75 – 100.
Mansary, Amidu P., Liu Yuanyuan and Sesay Brima. 2017. The Impact of Corporate Social Responsibility Disclosure on Financial Performance of Firms in Africa. International Journal of Economics and Financial Issues. Vol. 7. Issues 5. Pp. 137 – 146.
Mendra, Ni Putu Yuria dan Widanaputra, AAGP. 2012. Pengaruh Corporate Governance pada Kinerja Perusahaan. Jurnal RIset Akuntansi. Vol 2. No. 1.
Oyewumi, Obafemi R., Oluwabunmi A., Ogunmeru and Collins S. Oboh. 2018.
Investment in Corporate Social Responsibility, Disclosure Practices, and Financial Performance of Banks in Nigeria. Future Business Journal. Vol. 4. Pp. 195 – 205.
Peraturan Presiden Republik Indonesia No 5 tahun 2010 tentang Rencana Pembangunan Jangka Menengah Nasional Tahun 2010 – 2014.
Riyanto, Bambang dan Kusumawati, Dwi Novi. 2005. Corporate governance dan Kinerja: Analisis pengaruh Complience Reporting dan Struktur Dewan Terhadap Kinerja. Simposium Nasional Akuntansi VIII, Solo, 15-16 September 2005
Saleh, Hatta. Tri Ratnawati dan Sunu Priyawan. 2015. The Influence of Assets Structure, Capital Structure and Market Risk on the Growth, Profitability and Corporate Value (Study in Manufacturing Companies Listed in Indonesia Stock Exchange). International Journal of Business and Management Invention. Vol. 4. Issue 12. December 2015. ISSN (Online): 2319-8028. ISSN (Print) 2319-801X. pp. 45 – 53.
Sánchez, Isabel-María García., Luis Rodríguez Domínguez and Isabel Gallego Álvarez. 2011. Corporate Governance and Strategic Information On The Internet: A Study Of Spanish Listed Companies. Accounting, Auditing & Accountability Journal. Vol. 24 Iss 4 pp. 471 – 501.
Santosa, Arga Fajar dan Linda Kusumaning Wedari. 2007. Analisis Faktor yang Mempengaruhi Kecenderungan Penerimaan Opini Audit Going Concern. Jurnal Akuntansi & Auditing Indonesia. Vol. 11. No. 2. Hal. 141 – 158.
Sari, Derry Permata. dan Bahtiar Usman. 2014. Pengaruh Board Structure Dan Ownership Structure Terhadap Firm Performance Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. E-Journal Manajemen Fakultas Ekonomi Universitas Trisakti. Volume. 1 Nomor. 2 September 2014. Hal. 44-6. ISSN: 2339-0824.
Sartini, Luh Putu Novita dan Ida Bagus Anom Purbawangsa. 2014. Pengaruh Keputusan Investasi, Kebijakan Dividen Serta Keputusan Pendanaan Terhadap Nilai Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen Strategi Bisnis dan Kewirausahaan. Voil 8. No. 2. Agustus 2014.
Singarimbun, Masro dan Sofyan, Efendi. 2006. Metode Penelitian Survei. Cetakan ke 16. Jakarta: LP3ES.
Susanto, Yulius Kurnia. 2009. Faktor-Faktor Yang Mempengaruhi Penerimaan Opini Audit Going Concern. Jurnal Bisnis Dan Akuntansi. Vol. 11. No. 3 Des 2009. Hal. 155-173
Undang-Undang Republik Indonesia No. 17 Tahun 2007 tentang Rencana Pembangunan Jangka Panjang Nasional Tahun 2005 – 2025
Undang-Undang Republik Indonesia No. 19 Tahun 2003 tentang Badan Usaha Milik Negara
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroaan Terbatas
Wijaya, Lihan Rini Puspo, Bandi dan Anas Wibawa. 2010. Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan. Simposium Nasional Akuntansi XIII. Pp.10 – 21.
Yaparto, Marissa, Dianne Frisko K dan Rizky Eriandani. 2013. Pengaruh Corporate Social Responsibility terhadap Kinerja Keuangan Pada Sektor Manufaktur Yang Terdaftar di Bursa Efek Indonesia Pada Periode 2010 – 2011. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya. Vol.2. no. 1. Pp. 1-19