Manajemen Risiko PerusahaanCorporate Social Responsibility dan Nilai Perusahaan: Peran Modal Intelektual Sebagai Variabel Moderator
DOI:
https://doi.org/10.18196/rabin.v9i2.27287Keywords:
corporate social responsibility, manajemen risiko perusahaan, modal intelektual, nilai perusahaanAbstract
Latar Belakang: Penelitian ini dilatar belakangi dengan masih rendahnya nilai pasar sebagian besar perusahaan keuangan di indonesia, yang tercermin dari Rasio Price to Book Value (PBV) dibawah 1 yang terdapat 25% perusahaan sektor keuangan. Fenomena ini mengindikasikan persepsi investor yang lemah terhadap prospek perusahaan, meskipun banyak diantaranya telah mengadopsi praktik manajemen risiko, Corporate Social Responsibility (CSR), dan modal intelektual (MI). Ketidaksesuaian antara implementasi ketiga faktor tersebut dan peningkatan nilai perusaahaan menunjukan perlunya evaluasi mendalam terhadap efektivitas dan sinergi diantara ketiganya.
Tujuan: Penelitian ini bertujuan untuk mengetahui pengaruh manajemen risiko perusahaan dan CSR terhadap nilai perusahaan dengan modal intelektual sebagai pemoderasi.
Metode Penelitian: Dalam penelitian ini, data sekunder yang digunakan adalah data dari 27 perusahaan keuangan yang terdaftar di Bursa Efek Indonesia (BEI) yang secara umum konsisten dalam menerbitkan laporan keberlanjutan dan laporan tahunan selama periode 2020-2023, serta perusahaan yang nilai perusahaannya kurang dari 1,00. Analisis data yang digunakan menggunakan metode regresi linier berganda. Dan alat ukur untuk Manajemen risiko perusahaan diukur menggunakan Tobin's Q, dan CSR diukur menggunakan GRI-Standard dan untuk nilai perusahaan diukur menggunakan PBV.
Hasil Penelitian: Temuan penelitian menunjukkan bahwa ERM berdampak negatif terhadap nilai perusahaan. Modal intelektual dan CSR tidak menunjukkan pengaruh signifikan secara langsung. Nilai perusahaan memoderasi hubungan manajemen risiko perusahaan, tetapi tidak untuk MI atau CSR. Hal ini menunjukkan bahwa manajemen risiko perusahaan non-strategis melemahkan persepsi pasar.
Keaslian/Kebaruan Penelitian: Penelitian ini menggunakan variabel moderasi modal intelektual. Dari modal intelektual dapat diketahui sejauh mana ERM dan CSR berpengaruh terhadap pengungkapan keberlanjutan.
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