Corporate social responsibility, kinerja perushaan, dan fund raising di masa krisis

Cornellia, Cornellia (2018) Corporate social responsibility, kinerja perushaan, dan fund raising di masa krisis. Masters thesis, Universitas Pelita Harapan.

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Abstract

The purpose of this study is to know the impact of social capital through CSR activities to firm performance and capital raising. In this study, the firm performance is measured by 4 methods: stock return, operating return on asset, gross margin, and sales growth. Then capital raising has 2 model of measurements: long term debt and equity. Data of this research are collected using 79 manufacturing company in Bursa Efek Indonesia at 2008 – 2009 (crisis period) and 2011 – 2012 (non-crisis period). The study result suggest that social capital and trust through CSR activities effect on stock return, operating return on asset, and sales growth. On contrast, CSR does not have effect on gross margin. Besides that, the effect of CSR on firm performance is different between crisis period and noncrisis period. During the financial crisis, CSR more influence significantly on operating return on asset. For the other method of measurements (stock return, gross margin, and sales growth), CSR does not affect it in the crisis period. Moreover, this study examines the impact of CSR activities on capital raising. This study proves that CSR influence significantly on equity, but CSR does not affect long term debt. However, CSR more influence significantly on both methods of capital raising (LTD and Equity) during the financial crisis. / Penelitian ini bertujuan untuk mengetahui pengaruh social capital yang diukur melalui kegiatan CSR terhadap kinerja perusahaan dan capital raising. Kinerja perusahaan dalam penelitian ini dibagi menjadi 4 aspek: stock return, operating return on asset, gross margin, dan sales growth. Sedangkan capital raising dalam penelitian dibagi menjadi 2 model pengukuran: long term debt dan equity. Sampel data dalam penelitian ini menggunakan 79 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2008 – 2009 (periode krisis) dan tahun 2011 – 2012 (periode non krisis). Hasil dari penelitian ini membuktikan bahwa social capital dan trust melalui aktivitas CSR berpengaruh terhadap stock return, operating return on asset, dan sales growth. Sedangkan untuk aspek gross margin, CSR tidak berpengaruh signifikan. Akan tetapi, terdapat perbedaan pengaruh CSR terhadap kinerja perusahaan pada saat krisis dan non-krisis. Pada saat krisis, CSR lebih berpengaruh signifikan hanya terhadap aspek operating return on asset saja. Untuk aspek stock return, gross margin, dan sales growth, CSR tidak berpengaruh signifikan pada saat krisis. Selanjutnya, penelitian ini menguji dampak kegiatan CSR terhadap capital raising. Penelitian ini membuktikan bahwa CSR berpengaruh signifikan terhadap aspek equity, sedangkan untuk aspek LTD, CSR tidak berpengaruh signifikan. Namun pada saat krisis, CSR lebih berpengaruh signifikan terhadap kedua aspek capital raising tersebut (LTD dan Equity).

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