PENGARUH CORPORATE GOVERNANCE TERHADAP HUBUNGAN CORPORATE SOCIAL RESPONSIBILITY DAN NILAI PERUSAHAAN

Abstract

Company value is final destination of managerial action. There are several perspectives why company value vary in practice. One of the perspective is stakeholders perspective. This perspective allocate the important the social responsibility of company (SCR) as determinant of the company value. However, this condition become optimal if this CSR interact with the corporate governance. Furhter, there is a still limited study investigating the role of CG as moderating variables. Therefore, this study aims to determine the effect of corporate governance toward relationship between corporate social responsibility (CSR) and companies’ value from manufacturing companies that listed on Indonesia Stock Exchange. Corporate governance as a moderating variable is represented by managerial ownership, institutional ownership, independent directors and audit committee. The sample of this study was all of the manufacturing companies that listed in Indonesia Stock Exchange. The sample was selected by using purposive sampling and it was obtained 50 companies of 140 manufacturing companies listed on Stock Exchange in 2011-2013 as the sample. The result of regression analysis show that corporate social responsibility has a significant effect on the value of company. Corporate governance that is represented by managerial ownership, institutional ownership and audit committee has the significant effect on the value of company, but independent director doesn’t have the effect on companies’ value. Moreover, corporate governance that is presented by managerial ownership and institutional ownership doesn’t influence the relationship between  corporate social responsibility and company value. In contrast, , independent directors and audit committee has significant influence on relationship between corporate social responsibility and company value. This findins has an implication that CG can play a role of  strengthen the relationship between CSR and company value.

Key words: Corporate social responsibility, corporate governance, and the             companies’ value.