Analisis pengaruh corporate social responsibility terhadap return saham dengan nilai perusahaan sebagai variabel intervening pada perusahaan yang terdaftar di Bursa Efek Indonesia

Fatah, Juan Adhitya (2021) Analisis pengaruh corporate social responsibility terhadap return saham dengan nilai perusahaan sebagai variabel intervening pada perusahaan yang terdaftar di Bursa Efek Indonesia. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Investor sebelum mengambil keputusan untuk berinvestasi biasanya memperhatikan return suatu saham. Return saham dipengarui oleh banyak faktor. Dalam penelitian ini faktor yang ingin di uji untuk mengetahui apakah faktor tersebut memiliki pengaruh terhadapa return saham adalah faktor corporate social responsibility index (CSRI), corporate value melalui nilai tobin’s q. Selain itu juga faktor lain yang ingin diuji adalah umur perusahaan , lnassets dan juga book to market ratio yang dijadikan variabel kontrol. Adapun yang menjadi sampel pada penelitian ini adalah semua emiten yang terdaftar di bursa yang memiliki sustainability report lengkap selama 3 tahun. Berdasarkan pengolahan data, maka hasil penelitian ini adalah variabel corporate social responsibility index (CSRI) berpengaruh tidak signifikan terhadap nilai perusahaan dan juga CSR berpengaruh tidak signifikan terhadap return saham melalui tobin’s q sebagai variabel mediasi. Adapun besaran pengaruh langsung variabel CSR terhadap return saham adalah 0.063, pengaruh tidak langsung CSR melalui variabel tobin’s q adalah -0.00014, sedangkan pengaruh langsung variabel CSR terhadap nilai perusahaan dalam hal ini variabel tobin’s q adalah 0.032 / Investors before making a decision to invest usually pay attention to the return of a stock. Stock returns are affected by many factors. In this study, what is wanted to be tested to find out whether these factors have an influence on stock returns is the corporate social responsibility index (CSRI) factor, the value of the company through the value of Tobin's q. In addition, other factors that want to be tested are company age, lnassets and also the book to market ratio which are used as control variables. The samples in this study are all issuers listed on the stock exchange that have a complete sustainability report for 3 years. Based on the data, the results of this study are the corporate social responsibility index (CSRI) variable has no significant effect on firm value and CSR also does not significantly affect stock returns through Tobin’s q as a mediating variable. The magnitude of the direct influence of the CSR variable on stock returns is 0.063, the indirect effect of CSR through the tobin’s q variable is -0.00014, while the direct influence of the CSR variable on firm value in terms of the Tobin’s q variable is 0.032.

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