PERAN FINANCIAL LEVERAGE SEBAGAI PEMODERASI PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP FINANCIAL PERFORMANCE
Abstract
ABSTRAK
Penelitian ini adalah untuk mengetahui apakah terdapat pengaruh dari pelaksanaan Corporate Social Responsibility (CSR) terhadap financial performance yang diproksikan oleh Return on Assets (ROA) dan Return on Equity (ROE) dengan efek moderasi dari financial leverage. Metode penelitian yang digunakan berupa penelitian kuantitatif dengan menggunakan data sekunder yang dikumpulkan dari laporan tahunan perusahaan. Sampel penelitian yang digunakan ialah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017-2021, dengan total sampel berjumlah 72 perusahaan menggunakan metode purposive sampling dan analisis regresi data panel. Hasil penelitian menunjukkan bahwa CSR berpengaruh positif terhadap ROA dan tidak berpengaruh terhadap ROE, sedangkan financial leverage berpengaruh negatif terhadap hubungan CSR dengan ROA dan tidak berpengaruh terhadap hubungan CSR dan ROE. Hubungan yang negatif pada ROA mengartikan bahwa rata-rata hutang perusahaan lebih besar dari pengembalian aset perusahaan, sehingga disarankan bagi manajer untuk menjaga eksposur hutang yang tinggi karena dapat mengikis keunggulan kompetitif perusahaan.
ABSTRACT
The purpose of this research is to find out whether there is an influence from the implementation of Corporate Social Responsibility (CSR) on financial performance proxied by ROA and ROE with the moderating effect of financial leverage. The research method used is quantitative research using secondary data collected from the company's annual report. The research sample used was manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period, with a total sample of 72 companies using the purposive sampling method and panel data regression analysis. The results showed that CSR has a positive effect on ROA and has no effect on ROE, while financial leverage has a negative effect on the relationship between CSR and ROA and has no effect on the relationship between CSR and ROE. A negative relationship with ROA means that the average company debt is greater than the company's return on assets, so managers should maintain high debt exposure because it can erode the company's competitive advantage.
Keywords
References
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DOI: 10.34204/jiafe.v9i2.8579
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