CORPORATE GOVERNANC, CORPORATE SOCIAL RESPONSIBILITY DAN KETAHANAN PERUSAHAAN DI INDONESIA CORPORATE GOVERNANCE, CORPORATE SOCIAL RESPONSIBILITY AND CORPORATE RESILIENCE IN INDONESIA
Article Sidebar
Published:
Mar 18, 2023
Keywords:
CG, CSR , Corporate Resilience, Covid-19, Indoensia
Main Article Content
Abstract
This study aims to provide empirical evidence about the influence of internal corporate governance mechanisms and corporate social responsibility on corporate resilience. This research's novelty is to analyze companies' resilience during the Covid-19 pandemic in Indonesia from March to September 2020. Data analysis in this study used SmartPLS 3.3.9 software. Based on the purposive sampling technique, a sample of 44 companies was obtained, which were registered at IDX80 as of February 2020. The findings of this study are that CSR on the topic of Environment does not have a significant effect on corporate resilience; however, Economic and Social topics have a significant effect on corporate resilience. Corporate governance on the board of commissioners and directors has no significant effect on corporate resilience, but the audit committee significantly affects corporate resilience. Other findings in this study indicate that Firm Size and Sales Growth significantly affect corporate resilience. The results of this study help investors and management understand the importance of CG, CSR, Firm Size, and Sales Growth in building corporate resilience in facing the coming crisis.
Downloads
Download data is not yet available.
Article Details
How to Cite
Rahman, K., & Bahari, A. (2023). CORPORATE GOVERNANC, CORPORATE SOCIAL RESPONSIBILITY DAN KETAHANAN PERUSAHAAN DI INDONESIA: CORPORATE GOVERNANCE, CORPORATE SOCIAL RESPONSIBILITY AND CORPORATE RESILIENCE IN INDONESIA. CURRENT: Jurnal Kajian Akuntansi Dan Bisnis Terkini, 4(1), 165-178. https://doi.org/10.31258/current.4.1.165-178
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Hak Cipta (Copyright)
Penulis yang mempublikasikan naskahnya pada Jurnal ini menyetujui ketentuan berikut:
Hak cipta pada setiap artikel adalah milik penulis.
- Penulis mengakui bahwa Jurnal Current : Jurnal Kajian Akuntansi dan Bisnis Terkini berhak sebagai yang mempublikasikan pertama kali dengan lisensi Creative Commons Attribution 4.0 International License.
- Penulis dapat memasukan tulisan secara terpisah, mengatur distribusi non-ekskulif dari naskah yang telah terbit di jurnal ini kedalam versi yang lain (misal: dikirim ke respository institusi penulis, publikasi kedalam buku, dll), dengan mengakui bahwa naskah telah terbit pertama kali pada Jurnal Current :Jurnal Kajian Akuntansi dan Bisnis Terkini.
References
Brial, P. O. (2020). How can CSR boost companies’ resilience in the era of COVID-19? Manutan. https://www.manutan.com/blog/en/news/how-can-csr-boost-companies-resilience-against-covid-19
Chaussée de la Muette. (2020). Improving Business resilience through corporate governance. November, 1–6. https://biac.org/wp-content/uploads/2020/11/20201123-Improving-Business-resilience-through-corporate-governance-1.pdf
Cheema-Fox, A., LaPerla, B. R., Serafeim, G., & Wang, H. (2020). Corporate Resilience and Response During COVID-19. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3578167
Christian, J., Juanda, B., & Bandono, B. (2020). Good Corporate Governance on Stock Prices of Companies Listed in the KOMPAS 100 Index 2014-2018. International Research Journal of Business Studies, 13(3), 293–306. https://doi.org/10.21632/irjbs.13.3.293-306
Cynthia, & Salim, S. (2020). Pengaruh dividend yield, sales growth, firm value, firm size terhadap return saham. Jurnal Multiparadigma Akuntansi Tarumanegara, 2(4), 1540–1549. https://doi.org/10.24912/jpa.v2i4.9331
DesJardine, M., Bansal, P., & Yang, Y. (2019). Bouncing Back: Building Resilience Through Social and Environmental Practices in the Context of the 2008 Global Financial Crisis. Journal of Management, 45(4), 1434–1460. https://doi.org/10.1177/0149206317708854
Devinta, T. P., Titisari, K. H., & Wijayanti, A. (2020). Profitabilitas, kepemilikan manajerial, dan komite audit terhadap return saham. Jurnal Investasi, 6(1), 16–25. https://investasi.unwir.ac.id/index.php/investasi/article/view/51
Ding, W., Levine, R. E., Lin, C., & Xie, W. (2020). Corporate Immunity to the COVID-19 Pandemic. SSRN Electronic Journal, August. https://doi.org/10.2139/ssrn.3578585
Engelhardt, N., Ekkenga, J., & Posch, P. (2021). Esg ratings and stock performance during the covid-19 crisis. Sustainability (Switzerland), 13(13), 1–15. https://doi.org/10.3390/su13137133
Fitriani, N., Sadikin, A., & Wahyuni, A. (2021). Analisis Pengaruh Corporate Social Responsibility Terhadap Return Saham Dengan Roe Sebagai Variabel Moderating Pada Indeks LQ-45. Jurnal Komunikasi Bisnis Dan Manajemen, 8(1), 81–93. https://doi.org/http://dx.doi.org/10.31602/al-kalam.v8i1.4160
Garel, A., & Petit-romec, A. (2020). Investor Rewards to Environmental Responsibility in the COVID-19 Crisis. April.
Hair, J. F., Sarstedt, M., Ringle, C. M., & Gudergan, S. P. (2017). Advanced Issues in Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks, CA.
Handayani, H., Muharam, H., & Mawardi, W. (2019). Determinants of the Stock Price Volatility in the Indonesian Manufacturing Sector. 11(3), 179–193. https://doi.org/https://doi.org/10.21632/irjbs
Hirawan, D. S., & Hasanah, E. N. (2020). Analisis Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan Komite Audit terhadap Return Saham. Indonesian Journal of Accounting and Governance, 6(2), 1105–1111. https://doi.org/10.36766/ijag.v2i1.10
Hua, J., Peng, L., Schwartz, R. A., & Alan, N. S. (2019). Resiliency and Stock Returns. Review of Financial Studies, 33(2), 747–782. https://doi.org/10.1093/rfs/hhz048
Ibrahim, K., & Elmghaamez, J. I. O. (2022). Corporate social responsibility and financial performance of product and service-based firms listed on London Stock Exchange. Corporate Social Responsibility and Environmental Management. https://doi.org/https://doi.org/10.1002/csr.2275
Ida Bagus Anom, P., & Rahyuda, H. (2022). The effect of ownership structure, dividend policy, composition of the board of directors on financial performance and share return. Growing Science : Accounting, 8, 1–8. https://doi.org/10.5267/j.ac.2021.6.012
Ikrima, A. S., & Asrori, A. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Return Saham Dengan Return On Asset Sebagai Variabel Moderating. Gorontalo Accounting Journal, 3(1), 1. https://doi.org/10.32662/gaj.v3i1.832
Kurniaty, S., Ragil Handayani, S., & Mangesti Rahayu, S. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. 4(1), 18–34. https://doi.org/10.1108/AJAR-07-2018-0021
Kyere, M. (2021). Corporate governance and firms financial performance in the United Kingdom. February 2019, 1871–1885. https://doi.org/10.1002/ijfe.1883
Li, Z., Wei, S. Y., Chunyan, L., Mahfod, M. M., Qadus, A., & Hishan, S. S. (2022). The impact of CSR and green investment on stock return of Chinese export industry. Economic Research-Ekonomska Istrazivanja , 35(1), 4971–4987. https://doi.org/10.1080/1331677X.2021.2019599
Mahmud, A., Ding, D., & Hasan, M. M. (2021). Corporate Social Responsibility: Business Responses to Coronavirus (COVID-19) Pandemic. SAGE Open, 11(1). https://doi.org/10.1177/2158244020988710
Mahmud, A., Ding, D., Kiani, A., & Hasan, M. M. (2020). Corporate Social Responsibility Programs and Community Perceptions of Societal Progress in Bangladesh: A Multimethod Approach. SAGE Open, 10(2). https://doi.org/10.1177/2158244020924046
Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008
Managi, S., Yoo, S., Keeley, A. R., & Managi, S. (2021). Does Sustainability Activities Performance Matter During Financial Crises? Investigating the Case of COVID-19. Energy Policy. https://doi.org/10.1016/j.enpol.2021.112330
Maramis, A., Norisanti, N., & Komariah, K. (2021). Analisis Pengaruh Firm Size Dan Sales Growth Terhadap Return Saham. COSTING : Journal of Economic, Business and Accounting, 5(1), 542–549. https://doi.org/10.31539/costing.v5i1.2418
Marcelin, I., Brink, D., & Sun, W. (2021). Firms ’ resilience to financial constraints The role of trade credit (Issue May). Wider.unu.edu. https://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2021-78-firms-resilience-to-financial-constraints-role-of-trade-credit.pdf
Mayangsari, L. D. (2020). Pengaruh Corporate Social Responsibility Terhadap Profitabilitas Dan Return Saham Pada Perusahaan Perbankan Di Indonesiatahun 2011-2016. Journal of Economics Development Issues, 3(01), 26–37. https://doi.org/10.33005/jedi.v3i01.42
Mittelbach-hörmanseder, S., Hummel, K., & Rammerstorfer, M. (2021). The information content of corporate social responsibility disclosure in Europe : an institutional perspective. European Accounting Review, 30(2), 309–348. https://doi.org/10.1080/09638180.2020.1763818
Muhlis, & Gultom, K. S. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan BUMN Sektor Pertambangan. Jurnal Ilmiah Akuntansi Kesatuan, 9(1), 191–197. https://doi.org/https://doi.org/10.37641/jiakes.v9i1.559
Natalia, & Lusmeida, H. (2021). Pengaruh good corporate governance terhadap saham return perusahaan perbankan yang tercatat di bei periode 2016 – 2019. Journal of Strategic Management, 1(2), 125–136. https://doi.org/10.19166/ms.v1i2.4368
Prasetyo, S. D., & Nani, D. A. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham (Studi Empiris Pada Perusahaan Perkebunan Sub Sektor Sawit Yang Terdaftar Di Bursa Efek Indonesia Periode 2017 -2019). Accounting Global Journal, 5(2), 123–151. https://doi.org/https://doi.org/10.24176/agj.v5i2.6230
Rahman, K. (2022). Implikasi Krisis Pandemi Covid-19 Terhadap Etika Perusahaan: Prespektif Etis Corporate Social Responsibility. Jurnal Akuntansi Dan Ekonomika, 12(2), 173–180. https://doi.org/10.37859/jae.v12i2.4183
Ramdiani, D. M., & Iradianty, A. (2022). 2079-Article Text-6516-1-10-20220726. Jurnal Ilmiah MEA, 6(2), 884–893. https://doi.org/10.31955/mea.v6i2.2079
Rampling, P. (2020). Corporate Resilience – A Literature Review. Southern Cross University. https://www.researchgate.net/publication/339842929_Corporate_Resilience_-_A_Literature_Review
Robiyanto, R., & Susanto, A. D. (2020). Corporate Governance Structure and Stock Price Synchronicity. Jurnal Organisasi Dan Manajemen, 16(2), 114–128. https://doi.org/10.33830/jom.v16i2.967.2020
Sajko, M., Boone, C., & Buyl, T. (2021). CEO Greed , Corporate Social Responsibility , and Organizational Resilience to Systemic Shocks. Journal of Man, 47(4), 957–992. https://doi.org/10.1177/0149206320902528
Utami, E. S., & Hasan, M. (2021). The Role Of Corporate Social Responsibility On The Relationship Between Financial Performance And Company Value. Journal of Asian Finance, Economics and Business, 8(3), 1249–1256. https://doi.org/10.13106/jafeb.2021.vol8.no3.1249
Chaussée de la Muette. (2020). Improving Business resilience through corporate governance. November, 1–6. https://biac.org/wp-content/uploads/2020/11/20201123-Improving-Business-resilience-through-corporate-governance-1.pdf
Cheema-Fox, A., LaPerla, B. R., Serafeim, G., & Wang, H. (2020). Corporate Resilience and Response During COVID-19. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3578167
Christian, J., Juanda, B., & Bandono, B. (2020). Good Corporate Governance on Stock Prices of Companies Listed in the KOMPAS 100 Index 2014-2018. International Research Journal of Business Studies, 13(3), 293–306. https://doi.org/10.21632/irjbs.13.3.293-306
Cynthia, & Salim, S. (2020). Pengaruh dividend yield, sales growth, firm value, firm size terhadap return saham. Jurnal Multiparadigma Akuntansi Tarumanegara, 2(4), 1540–1549. https://doi.org/10.24912/jpa.v2i4.9331
DesJardine, M., Bansal, P., & Yang, Y. (2019). Bouncing Back: Building Resilience Through Social and Environmental Practices in the Context of the 2008 Global Financial Crisis. Journal of Management, 45(4), 1434–1460. https://doi.org/10.1177/0149206317708854
Devinta, T. P., Titisari, K. H., & Wijayanti, A. (2020). Profitabilitas, kepemilikan manajerial, dan komite audit terhadap return saham. Jurnal Investasi, 6(1), 16–25. https://investasi.unwir.ac.id/index.php/investasi/article/view/51
Ding, W., Levine, R. E., Lin, C., & Xie, W. (2020). Corporate Immunity to the COVID-19 Pandemic. SSRN Electronic Journal, August. https://doi.org/10.2139/ssrn.3578585
Engelhardt, N., Ekkenga, J., & Posch, P. (2021). Esg ratings and stock performance during the covid-19 crisis. Sustainability (Switzerland), 13(13), 1–15. https://doi.org/10.3390/su13137133
Fitriani, N., Sadikin, A., & Wahyuni, A. (2021). Analisis Pengaruh Corporate Social Responsibility Terhadap Return Saham Dengan Roe Sebagai Variabel Moderating Pada Indeks LQ-45. Jurnal Komunikasi Bisnis Dan Manajemen, 8(1), 81–93. https://doi.org/http://dx.doi.org/10.31602/al-kalam.v8i1.4160
Garel, A., & Petit-romec, A. (2020). Investor Rewards to Environmental Responsibility in the COVID-19 Crisis. April.
Hair, J. F., Sarstedt, M., Ringle, C. M., & Gudergan, S. P. (2017). Advanced Issues in Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks, CA.
Handayani, H., Muharam, H., & Mawardi, W. (2019). Determinants of the Stock Price Volatility in the Indonesian Manufacturing Sector. 11(3), 179–193. https://doi.org/https://doi.org/10.21632/irjbs
Hirawan, D. S., & Hasanah, E. N. (2020). Analisis Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan Komite Audit terhadap Return Saham. Indonesian Journal of Accounting and Governance, 6(2), 1105–1111. https://doi.org/10.36766/ijag.v2i1.10
Hua, J., Peng, L., Schwartz, R. A., & Alan, N. S. (2019). Resiliency and Stock Returns. Review of Financial Studies, 33(2), 747–782. https://doi.org/10.1093/rfs/hhz048
Ibrahim, K., & Elmghaamez, J. I. O. (2022). Corporate social responsibility and financial performance of product and service-based firms listed on London Stock Exchange. Corporate Social Responsibility and Environmental Management. https://doi.org/https://doi.org/10.1002/csr.2275
Ida Bagus Anom, P., & Rahyuda, H. (2022). The effect of ownership structure, dividend policy, composition of the board of directors on financial performance and share return. Growing Science : Accounting, 8, 1–8. https://doi.org/10.5267/j.ac.2021.6.012
Ikrima, A. S., & Asrori, A. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Return Saham Dengan Return On Asset Sebagai Variabel Moderating. Gorontalo Accounting Journal, 3(1), 1. https://doi.org/10.32662/gaj.v3i1.832
Kurniaty, S., Ragil Handayani, S., & Mangesti Rahayu, S. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. 4(1), 18–34. https://doi.org/10.1108/AJAR-07-2018-0021
Kyere, M. (2021). Corporate governance and firms financial performance in the United Kingdom. February 2019, 1871–1885. https://doi.org/10.1002/ijfe.1883
Li, Z., Wei, S. Y., Chunyan, L., Mahfod, M. M., Qadus, A., & Hishan, S. S. (2022). The impact of CSR and green investment on stock return of Chinese export industry. Economic Research-Ekonomska Istrazivanja , 35(1), 4971–4987. https://doi.org/10.1080/1331677X.2021.2019599
Mahmud, A., Ding, D., & Hasan, M. M. (2021). Corporate Social Responsibility: Business Responses to Coronavirus (COVID-19) Pandemic. SAGE Open, 11(1). https://doi.org/10.1177/2158244020988710
Mahmud, A., Ding, D., Kiani, A., & Hasan, M. M. (2020). Corporate Social Responsibility Programs and Community Perceptions of Societal Progress in Bangladesh: A Multimethod Approach. SAGE Open, 10(2). https://doi.org/10.1177/2158244020924046
Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008
Managi, S., Yoo, S., Keeley, A. R., & Managi, S. (2021). Does Sustainability Activities Performance Matter During Financial Crises? Investigating the Case of COVID-19. Energy Policy. https://doi.org/10.1016/j.enpol.2021.112330
Maramis, A., Norisanti, N., & Komariah, K. (2021). Analisis Pengaruh Firm Size Dan Sales Growth Terhadap Return Saham. COSTING : Journal of Economic, Business and Accounting, 5(1), 542–549. https://doi.org/10.31539/costing.v5i1.2418
Marcelin, I., Brink, D., & Sun, W. (2021). Firms ’ resilience to financial constraints The role of trade credit (Issue May). Wider.unu.edu. https://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2021-78-firms-resilience-to-financial-constraints-role-of-trade-credit.pdf
Mayangsari, L. D. (2020). Pengaruh Corporate Social Responsibility Terhadap Profitabilitas Dan Return Saham Pada Perusahaan Perbankan Di Indonesiatahun 2011-2016. Journal of Economics Development Issues, 3(01), 26–37. https://doi.org/10.33005/jedi.v3i01.42
Mittelbach-hörmanseder, S., Hummel, K., & Rammerstorfer, M. (2021). The information content of corporate social responsibility disclosure in Europe : an institutional perspective. European Accounting Review, 30(2), 309–348. https://doi.org/10.1080/09638180.2020.1763818
Muhlis, & Gultom, K. S. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan BUMN Sektor Pertambangan. Jurnal Ilmiah Akuntansi Kesatuan, 9(1), 191–197. https://doi.org/https://doi.org/10.37641/jiakes.v9i1.559
Natalia, & Lusmeida, H. (2021). Pengaruh good corporate governance terhadap saham return perusahaan perbankan yang tercatat di bei periode 2016 – 2019. Journal of Strategic Management, 1(2), 125–136. https://doi.org/10.19166/ms.v1i2.4368
Prasetyo, S. D., & Nani, D. A. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Harga Saham (Studi Empiris Pada Perusahaan Perkebunan Sub Sektor Sawit Yang Terdaftar Di Bursa Efek Indonesia Periode 2017 -2019). Accounting Global Journal, 5(2), 123–151. https://doi.org/https://doi.org/10.24176/agj.v5i2.6230
Rahman, K. (2022). Implikasi Krisis Pandemi Covid-19 Terhadap Etika Perusahaan: Prespektif Etis Corporate Social Responsibility. Jurnal Akuntansi Dan Ekonomika, 12(2), 173–180. https://doi.org/10.37859/jae.v12i2.4183
Ramdiani, D. M., & Iradianty, A. (2022). 2079-Article Text-6516-1-10-20220726. Jurnal Ilmiah MEA, 6(2), 884–893. https://doi.org/10.31955/mea.v6i2.2079
Rampling, P. (2020). Corporate Resilience – A Literature Review. Southern Cross University. https://www.researchgate.net/publication/339842929_Corporate_Resilience_-_A_Literature_Review
Robiyanto, R., & Susanto, A. D. (2020). Corporate Governance Structure and Stock Price Synchronicity. Jurnal Organisasi Dan Manajemen, 16(2), 114–128. https://doi.org/10.33830/jom.v16i2.967.2020
Sajko, M., Boone, C., & Buyl, T. (2021). CEO Greed , Corporate Social Responsibility , and Organizational Resilience to Systemic Shocks. Journal of Man, 47(4), 957–992. https://doi.org/10.1177/0149206320902528
Utami, E. S., & Hasan, M. (2021). The Role Of Corporate Social Responsibility On The Relationship Between Financial Performance And Company Value. Journal of Asian Finance, Economics and Business, 8(3), 1249–1256. https://doi.org/10.13106/jafeb.2021.vol8.no3.1249