Pengaruh penerapan Corporate Social Responsibility terhadap Return Saham, nilai dan kinerja perusahaan

ARTIPRATIWI, Delia, I Wayan Nuka Lantara, SE.,M.Si

2007 | Tesis | Magister Manajemen

Penelitian ini dilatarbelakangi oleh semakin besarnya pengaruh perusahaan-perusahaan besar terhadap denyut kehidupan masyarakat. Perusahaan diharapkan mampu menciptakan lapangan kerja baru, mendorong kehidupan yang lebih baik bagi masyarakat luas , serta meningkatkan taraf hidup banyak orang. Fenomena ini memunculkan wacana tanggung jawab sosial perusahaan atau corporate social responsibility (CSR). Aktivitas CSR yang berada dalam koridor strategi perusahaan diarahkan dapat mencapai buttom-line business goal, seperti mendongkrak penjualan dan pangsa pasar; membangun positioning merek; menarik, memotivasi, membangun loyalitas karyawan; mengurangi biaya operasional; serta membangun citra korporat di pasar modal. Penelitian ini bertujuan untuk mengetahui pengaruh penerapan corporate social responsibility (CSR) terhadap return saham, nilai, dan kinerja perusahaan. SWA bersama dengan Surindo, Corporate Forum for Community Development (CFCD) dan MarkPlus & Co. melakukan survei terhadap beberapa perusahaan yang listing di BEJ yang melakukan praktik CSR. Survei ini memiliki tujuan untuk memetakan praktik CSR di Indonesia dan memberikan apresiasi atau penghargaan bagi perusahaan yang dinilai sudah serius melaksanakan praktik CSR. Ide penelitian ini adalah mencari beda antara perusahaan-perusahaan yang mendapatkan CSR Award 2005 dengan perusahaan-perusahaan pembanding yang tidak mendapatkan CSR Award 2005 tetapi dalam industri yang sama dan memiliki ukuran yang relatif sama dengan perusahaan-perusahaan yang mendapatkan CSR Award 2005. Dalam penelitian ini, return saham diukur dengan return saham tahunan, nilai perusahaan diukur dengan Q ratio (Tobin’s Q) dan kinerja perusahaan diukur dengan ROE. Penelitian ini menggunakan data dua periode publikasi laporan keuangan tahunan, yaitu tahun 2004 dan 2005. Tahun 2004 dimasukkan karena merupakan titik kritis, yaitu tahun yang diamati untuk memunculkan rating sebelum peratingan CSR Award dilakukan, sedangkan tahun 2005 dimasukkan karena merupakan tahun pemberian CSR Award bagi perusahaan-perusahaan tersebut. Penelitian ini membuktikan bahwa tidak terdapat perbedaan pada return saham antara kelompok perusahaan yang mendapatkan CSR Award 2005 dengan kelompok perusahaan yang tidak mendapatkan CSR Award 2005. Namun, terdapat perbedaan yang signifikan pada nilai dan kinerja perusahaan antara kelompok perusahaan yang mendapatkan CSR Award 2005 dengan kelompok perusahaan yang tidak mendapatkan CSR Award 2005. Setelah dilakukan analisis regresi terhadap Tobin’s Q dan ROE, dapat dibuktikan bahwa variabel bebas yang berpengaruh terhadap Tobin’s Q adalah variabel ROA dan BTM, sedangkan variabel bebas yag berpengaruh terhadap ROE adalah variabel ROA, BTM, dan AOE.

The backgrounds of this research are the influences of the big companies to the life of society that are becoming bigger and deeper day by day. The companies are expected to create new labor forces, creating a better life for the common society, and also improving the people’s welfare. This phenomenon are bringing a new term called the Corporate Social Responsibility (CSR). The CSR activities which are within the corridor of the corporate strategy are directed to achieve Bottom-Line Business Goal, like increasing sales and market share, building brand positioning, attracting, motivating, building the employees’ loyalty, reducing the operational costs, and also building the corporate image in the capital market. This research is purposed to understand the influence of the Corporate Social Responsibility (CSR) application to the stock return, value and corporate performance. SWA cooperated with Surindo, Corporate Forum for Community Development (CFCD) and Markplus & Co, conducted a survey to the companies which are listing in the Jakarta Stock Exchange (JSX) which applied the CSR. This survey had a purpose to mapping the CSR practices in Indonesia and gave appreciations or awards for the companies which are considered had seriously applied the CSR. The idea of this research is to find out the differences between the companies which were achieving the CSR Awards of 2005 with the compared companies which didn’t achieve the CSR Awards, within the same industry. Those companies also had the same measurements with those which achieved the CSR Awards. In this research, the stock return is measured with the annual stock return; the value of the companies is measured by using Q Ratio (Tobin’s Q) and companies’ performance is measured by the ROE. This research is using the two periods of the Annual Financial Reports published data, which are 2004 and 2005. The year 2004 is being included because this was a critical point; year 2004 is the year that was being observed to bring rating before the CSR rating measurement was being done, while the year 2005 is included because this year is the year that the CSR Awards is given for those companies. This research is approved that there is no difference in stock return between the companies which achieved the CSR Awards 2005 with the companies which didn’t achieve the CSR Awards. However there are significant differences in the value and corporate performance between the companies which achieved the CSR Awards with the companies which didn’t achieve the CSR Awards. After conducting the regression analysis to the Tobin’s Q and ROE, it can be proved that the independent variables which were affecting the Tobin’s Q are ROA and BTM, while the independent variables which were affecting to the ROE are ROA, BTM and AOE.

Kata Kunci : Return Saham,Kinerja Perusahaan,Corporate Social Responsibility, corporate social responsibility, stock return, firm value, corporate performance, financial ratios