PENGARUH FOKUS REGULATORI DAN PENGUKURAN KINERJA TERHADAP KEPUTUSAN INVESTASI TANGGUNG JAWAB SOSIAL PERUSAHAAN

HIJROH ROKHAYATI, Supriyadi M.Sc., Ph.D.; Prof. Mahfud Sholihin, M.Acc., Ph.D.; Ertambang Nahartyo, M.Sc., Ph.D.

2019 | Disertasi | DOKTOR ILMU AKUNTANSI

Penelitian ini menginvestigasi pengaruh fokus regulatori, ukuran kinerja terhadap keputusan investasi tanggung jawab sosial perusahaan (TJSP). Penelitian ini mendasarkan pada teori fokus regulatori, bahwa perilaku yang mengarah pada tujuan diatur oleh dua sistem motivasional yang berbeda yaitu fokus promosi atau prevensi. Fokus regulatori akan mengarah langsung terhadap pengambilan keputusan strategis. Terdapat perbedaan cara strategi yang sesuai antara fokus promosi dan fokus prevensi dalam pencapaian tujuan. Penelitian ini menggunakan metoda eksperimen dengan desain faktorial 2x2 antarsubyek yang melibatkan 144 partisipan. Data dianalisis dengan mengggunakan Analysis of Variance, t-test dan uji kontras. Penelitian ini memberikan bukti bahwa fokus regulatori berpengaruh positif terhadap keputusan investasi TJSP. Individu dengan fokus prevensi yang akan lebih memilih investasi TJSP dibandingkan fokus promosi karena keputusan investasi TJSP sesuai dengan fokus prevensi dalam pemenuhan kewajiban dan tanggung jawab perusahaan. Penelitian ini juga menunjukkan bahwa ukuran kinerja keuangan dan TJSP berpengaruh positif terhadap keputusan investasi TJSP. Adanya ukuran kinerja mampu memotivasi manager dalam pengambilan keputusan investasi TJSP. Ukuran kinerja keuangan dan TJSP memiliki karakteristik komplementer dan substitusi. Ukuran komplementer menunjukkan bahwa terdapat keterkaitan antara ukuran TJSP dan keuangan, saat kinerja TJSP tercapai maka akan mendorong tercapainya kinerja keuangan. Sedangkan ukuran substitusi menunjukkan tidak adanya hubungan antara ukuran kinerja TJSP dan keuangan. Penelitian ini menunjukkan bahwa manager akan lebih memilih investasi TJSP saat ukuran kinerja komplementer dibandingkan ukuran kinerja substitusi. Adanya keterikatan antar ukuran kinerja komplementer mampu memitigasi efek bias heuristika atas pilihan investasi yang hanya berfokus pada ukuran keuangan. Hasil penelitian ini mampu memberi bukti faktor individual (fokus regulatori manager) dan faktor situasional (ukuran kinerja) yang efektif dalam mendorong keputusan investasi TJSP. Pada kondisi manager memiliki fokus prevensi dan ukuran komplementer akan menghasilkan keputusan investasi TJSP paling besar. Hasil penelitian ini mengonfirmasi teori kesesuaian fokus regulatori bahwa individu akan merasa keputusannya semakin bernilai jika terdapat kesesuaian antara fokus regulatori dan sarana yang diambil. Hasil penelitian ini mengimplikasikan perlunya aktivasi fokus regulatori prevensi manager dan penggunaan ukuran komplementer untuk meningkatkan investasi TJSP.

This study investigates the influence of the regulatory focus, performance measurement towards Corporate Social Responsibility (CSR) investment decisions. This study based on the regulatory focus theory, behavior that leads to goals are governed by two different motivational systems, namely the promotion focus or prevention focus. The regulatory focus will lead directly to strategic decision making. There are differences in means strategies that are appropriate between the promotion focus and prevention focus in achieving goals. This study used an experimental method with a 2x2 inter factorial design involving 144 participants. Data were analyzed using the Analysis of Variance, t-test, and contrast test. This study provides evidence that the regulatory focus influences CSR investment decisions positively. Individuals with a prevention focus who would prefer CSR investments compared to the promotion focus because CSR investment decisions are in accordance with the prevention focus in fulfilling company obligations and responsibilities. This study shows that financial and CSR measurement performance effect on CSR investment decisions positively. The performance measurement can motivate managers in CSR investment decisions. Financial and CSR performance measurement have complementary and substitute characteristics. Complementary measurement shows that there is a relationship between CSR and financial measurement when CSR performance is achieved, it will encourage financial performance, whereas substitute measures show no relationship between CSR and financial performance measurement. This study shows that managers will prefer CSR investments when complementary performance measurement are compared to substitute performance measurement. The attachment between complementary performance measurement can mitigate the effects of heuristic bias on investment choices that only focus on financial measurement. The results of this study provide evidence of individual factors (regulatory focus) and situational factors (performance measurement) that are effective in encouraging CSR investment decisions. In the condition that managers have a focus on prevention and complementary measurement will result in the greatest CSR investment decisions. The results of this study confirm the regulatory fit theory that individuals will feel the decision is more valuable if there is a fit between the regulatory focus and the means are taken. This study implies to activate the prevention focus of the manager and use of complementary measurement performance to increase CSR investment

Kata Kunci : Regulatory focus, performance measurement, complementary, substitute, CSR investment decisions, regulatory focus theory