Tanggung Jawab Sosial Perusahaan dan Akses Pendanaan

https://doi.org/10.35912/jakman.v3i4.1392
Published: Oct 7, 2022

Abstract:

Purpose: Purpose of this research is to find out the effect of Corporate Social Responsibility (CSR) on cost of equity and capital constraint, as well as the effect of the cost of equity itself to capital constraint. Moreover, this research attempts to see the relationship effect of the exogenous variable towards the endogenous variable, and to test the position of cost of equity variable as an intervener.

Methodology/approach: Type of this research is descriptive and verification, where the focus is to find the effect and amount of the effect itself between the exogenous and endogenous variable. In case of the cost of equity as an intervening variable, multiple linear regression with Two Stage Least Squareis used. The sampling method for this research is a purposive sampling. To see the effect between the variables, t-test and F-test are used. Subjects of this research are the listed manufacturing companies in Indonesia Stock Exchange, and the objects are Corporate Social Responsibility as the exogenous variable that consist of stakeholder engagement and CSR Disclosure as proxy, and cost of equity as the endogenous variable, as well as the capital constraint.

Results/findings: The research result proves that the first structural model to see the effect of CSR on cost of equity partially or simultaneously is not significant. As the opposite, the second model to test the effect of CSR on capital constraint has significant relationship partially and simultaneously. Nevertheless, cost of equity is not proven to be an intervening variable for CSR and capital constraint.

Keywords:
1. corporate social responsibility
2. capital constraint
3. cost of equity
4. stakeholder engagement
5. disclosure
Authors:
Wendy Tandiawan
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Tandiawan, W. (2022). Tanggung Jawab Sosial Perusahaan dan Akses Pendanaan . Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(4), 323–341. https://doi.org/10.35912/jakman.v3i4.1392
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Issue & Section
Vol. 3 No. 4 (2022): September
Articles
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References

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    Branco, M. C., & Rodrigues, L. L. (2008). Factors influencing social responsibility disclosure by Portuguese companies. Journal of Business Ethics, 83(4), 685-701.

    Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.

    Carpenter, R. E., Fazzari, S. M., & Petersen, B. C. (1998). Financing constraints and inventory investment: A comparative study with high-frequency panel data. Review of Economics and Statistics, 80(4), 513-519.

    Carson, R. (1962). Silent Spring Mariner Books. Anv edition (October 22, 2002).

    Chan, L. K., Jegadeesh, N., & Lakonishok, J. (1996). Momentum strategies. The Journal of Finance, 51(5), 1681-1713.

    Chen, C. H. (2011). The major components of corporate social responsibility. Journal of global responsibility.

    Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23.

    Choi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic management journal, 30(8), 895-907.

    Christianti, A. (2008). PENGUJIAN PECKING ORDER THEORY (POT): Pengaruh Leverage Terhadap Pendanaan Surplus dan Defisit pada lndustri Manufaktur di Bursa Efek lndonesia. Jurnal Riset Akuntansi Dan Keuangan, 4(2), 86-99.

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    Compact, U. N. G. (2021). Climate Leadership in the Eleventh Hour: United Nations Global Compact.

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    Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100.

    El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of banking & finance, 35(9), 2388-2406.

    Elkington, J., & Rowlands, I. H. (1999). Cannibals with forks: The triple bottom line of 21st century business. Alternatives Journal, 25(4), 42.

    Foo, L. M. (2007). Stakeholder engagement in emerging economies: considering the strategic benefits of stakeholder management in a cross?cultural and geopolitical context. Corporate Governance: The International Journal of Business in Society.

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    Himmelberg, C. P., & Petersen, B. C. (1994). R & D and internal finance: A panel study of small firms in high-tech industries. The review of economics and statistics, 38-51.

    Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15-36.

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    Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of management review, 20(2), 404-437.

    Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? The quarterly journal of economics, 112(1), 169-215.

    Kartini, K., & Arianto, T. (2008). Struktur kepemilikan, profitabilitas, pertumbuhan aktiva dan ukuran perusahaan terhadap struktur modal pada perusahaan manufaktur. Jurnal Keuangan dan Perbankan, 12(1), 11-21.

    Kaur, A., & Lodhia, S. K. (2014). The state of disclosures on stakeholder engagement in sustainability reporting in Australian local councils. Pacific Accounting Review.

    Lamont, O., Polk, C., & Saaá-Requejo, J. (2001). Financial constraints and stock returns. The review of financial studies, 14(2), 529-554.

    Lang, M. H., & Lundholm, R. J. (1996). Corporate disclosure policy and analyst behavior. Accounting review, 467-492.

    Leary, M. T., & Roberts, M. R. (2010). The pecking order, debt capacity, and information asymmetry. Journal of Financial Economics, 95(3), 332-355.

    Lukas, S. A. (2003). Manajemen Keuangan. Edisi Revisi. Yogyakarta: ANDI.

    Mathews, M. R. (1997). Twenty?five years of social and environmental accounting research: is there a silver jubilee to celebrate? Accounting, auditing & accountability journal.

    Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information.

    Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.

    Retnaningsih, H. (2015). Permasalahan corporate social responsibility (csr) dalam rangka pemberdayaan masyarakat. Aspirasi: Jurnal Masalah-Masalah Sosial, 6(2), 177-188.

    Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2), 351-366.

    Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259.

    Rudito, B., Budimanta, A., & Prasetijo, A. (2004). Corporate Social Responsibility: Jawaban bagi model pembangunan Indonesia masa kini: Indonesia Center for Sustainable Development.

    Sartono, A. (2000). Manajemen Keuangan Edisi 3. Yogyakarta: BPFE.

    Setyawan, H., & Sutapa, S. (2017). Analisis Faktor Penentu Struktur Modal (Studi Empiris pada Emiten Syariah di Bursa Efek Jakarta 2001-2004). Riset Akuntansi dan Keuangan Indonesia, 5(2), 203-215.

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  1. Baker, M., Stein, J. C., & Wurgler, J. (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. The quarterly journal of economics, 118(3), 969-1005.
  2. Barako, D. G., Hancock, P., & Izan, H. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: an international review, 14(2), 107-125.
  3. Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting review, 323-349.
  4. Bowen, H. (1953). Social Responsibilities of the Businessman. Harper & Row: N. Y. Y, USA.
  5. Branco, M. C., & Rodrigues, L. L. (2008). Factors influencing social responsibility disclosure by Portuguese companies. Journal of Business Ethics, 83(4), 685-701.
  6. Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.
  7. Carpenter, R. E., Fazzari, S. M., & Petersen, B. C. (1998). Financing constraints and inventory investment: A comparative study with high-frequency panel data. Review of Economics and Statistics, 80(4), 513-519.
  8. Carson, R. (1962). Silent Spring Mariner Books. Anv edition (October 22, 2002).
  9. Chan, L. K., Jegadeesh, N., & Lakonishok, J. (1996). Momentum strategies. The Journal of Finance, 51(5), 1681-1713.
  10. Chen, C. H. (2011). The major components of corporate social responsibility. Journal of global responsibility.
  11. Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23.
  12. Choi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic management journal, 30(8), 895-907.
  13. Christianti, A. (2008). PENGUJIAN PECKING ORDER THEORY (POT): Pengaruh Leverage Terhadap Pendanaan Surplus dan Defisit pada lndustri Manufaktur di Bursa Efek lndonesia. Jurnal Riset Akuntansi Dan Keuangan, 4(2), 86-99.
  14. Clement, M. B., & Tse, S. Y. (2005). Financial analyst characteristics and herding behavior in forecasting. The Journal of Finance, 60(1), 307-341.
  15. Compact, U. N. G. (2021). Climate Leadership in the Eleventh Hour: United Nations Global Compact.
  16. Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, auditing & accountability journal.
  17. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100.
  18. El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of banking & finance, 35(9), 2388-2406.
  19. Elkington, J., & Rowlands, I. H. (1999). Cannibals with forks: The triple bottom line of 21st century business. Alternatives Journal, 25(4), 42.
  20. Foo, L. M. (2007). Stakeholder engagement in emerging economies: considering the strategic benefits of stakeholder management in a cross?cultural and geopolitical context. Corporate Governance: The International Journal of Business in Society.
  21. Greenwood, P. M. (2007). Functional plasticity in cognitive aging: review and hypothesis. Neuropsychology, 21(6), 657.
  22. Gregory, N. M. (2009). November 30. Macroeconomics.-Worth Publishers.
  23. Halim, A., & Iqbal, M. (2007). Pengelolaan keuangan daerah. Yogyakarta: Upp Stim Ykpn.
  24. Hall, B. H., & Rosenberg, N. (2010). Handbook of the Economics of Innovation (Vol. 1): Elsevier.
  25. Heinkel, R., Kraus, A., & Zechner, J. (2001). The effect of green investment on corporate behavior. Journal of financial and quantitative analysis, 36(4), 431-449.
  26. Hendriksen, E., & Van Breda, M. (2000). Accounting Theory: Per. from English/Ed. prof. IV Sokolov. M.: Finansi i statistika, P, 205.
  27. Henriques, I., & Sadorsky, P. (1996). The determinants of an environmentally responsive firm: An empirical approach. Journal of environmental economics and management, 30(3), 381-395.
  28. Hidayat, R. (2010). Keputusan Investasi Dan Financial Constraints: Studi Empiris Pada Bursa Efek Indonesia. Buletin Ekonomi Moneter dan Perbankan, 12(4), 457–479-457–479.
  29. Himmelberg, C. P., & Petersen, B. C. (1994). R & D and internal finance: A panel study of small firms in high-tech industries. The review of economics and statistics, 38-51.
  30. Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15-36.
  31. Hubbard, R. G. (1998). Capital-Market Imperfections and Investment. Journal of Economic Literature, 36(1), 193-225.
  32. Jaffar, R., Jamaludin, S., & Rahman, M. R. C. A. (2007). Determinant factors affecting quality of reporting in annual report of Malaysian companies. Management & Accounting Review (MAR), 6(2), 19-42.
  33. Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of management review, 20(2), 404-437.
  34. Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? The quarterly journal of economics, 112(1), 169-215.
  35. Kartini, K., & Arianto, T. (2008). Struktur kepemilikan, profitabilitas, pertumbuhan aktiva dan ukuran perusahaan terhadap struktur modal pada perusahaan manufaktur. Jurnal Keuangan dan Perbankan, 12(1), 11-21.
  36. Kaur, A., & Lodhia, S. K. (2014). The state of disclosures on stakeholder engagement in sustainability reporting in Australian local councils. Pacific Accounting Review.
  37. Lamont, O., Polk, C., & Saaá-Requejo, J. (2001). Financial constraints and stock returns. The review of financial studies, 14(2), 529-554.
  38. Lang, M. H., & Lundholm, R. J. (1996). Corporate disclosure policy and analyst behavior. Accounting review, 467-492.
  39. Leary, M. T., & Roberts, M. R. (2010). The pecking order, debt capacity, and information asymmetry. Journal of Financial Economics, 95(3), 332-355.
  40. Lukas, S. A. (2003). Manajemen Keuangan. Edisi Revisi. Yogyakarta: ANDI.
  41. Mathews, M. R. (1997). Twenty?five years of social and environmental accounting research: is there a silver jubilee to celebrate? Accounting, auditing & accountability journal.
  42. Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information.
  43. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  44. Retnaningsih, H. (2015). Permasalahan corporate social responsibility (csr) dalam rangka pemberdayaan masyarakat. Aspirasi: Jurnal Masalah-Masalah Sosial, 6(2), 177-188.
  45. Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2), 351-366.
  46. Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259.
  47. Rudito, B., Budimanta, A., & Prasetijo, A. (2004). Corporate Social Responsibility: Jawaban bagi model pembangunan Indonesia masa kini: Indonesia Center for Sustainable Development.
  48. Sartono, A. (2000). Manajemen Keuangan Edisi 3. Yogyakarta: BPFE.
  49. Setyawan, H., & Sutapa, S. (2017). Analisis Faktor Penentu Struktur Modal (Studi Empiris pada Emiten Syariah di Bursa Efek Jakarta 2001-2004). Riset Akuntansi dan Keuangan Indonesia, 5(2), 203-215.
  50. Sofyaningsih, S., & Hardiningsih, P. (2011). Struktur kepemilikan, kebijakan dividen, kebijakan utang dan nilai perusahaan. Dinamika keuangan dan perbankan, 3(1), 68-87.
  51. Steiner, G., & Risopoulos, F. (2007). Stakeholder communication as basis for sustainable innovations.
  52. Sukamulja, S. (2005). Analisis Fundamental, Teknikal dan program Meta stock. Finance Club Training.
  53. Susilawati. (2004). Analisis faktor-faktor yang mempengaruhi keputusan pendanaan perusahaan manufaktur. Retrieved from
  54. Trihendradi, C. (2012). Step by step SPSS 20 analisis data statistik. Yogyakarta: Andi.