Muhammad Ravi, Hadri Mulya
Universitas Mercu Buana, Indonesia
Email: [email protected], [email protected]
|
KEYWORDS Profitability, Leverage, Corporate Social
Responsibility Disclosure, Size Companies |
ABSTRACT This study discusses how Profitability and Leverage on Corporate Social
Responsibility Disclosures are moderated by company size. This study uses
secondary data as a data source with a total sample of 135 companies listed
on the property and real estate sector stock exchanges with a time span from
2016 to 2020. The results of this study indicate that the Profitability
variable does not have a significant effect on Corporate Social
Responsibility Disclosure has a significant effect if it is moderated by Size
Companies while the Leverage variable has a significant effect on Corporate
Social Responsibility Disclosure but does not have a significant effect if it
is moderated by Size Companies. |
INTRODUCTION
The community and the surrounding environment are very
closely related to the development of a company, the better the service and the
company's relationship with the surrounding community, the greater the
opportunity for the company to develop its business into a large company. The
company wants its business to continue to grow into a large-scale company in
order to be able to make a large contribution to the economy of a country. As
the business world is growing rapidly, it causes companies to carry out various
ways in developing and carrying out their business activities. The development
of companies that are growing rapidly is not in line with the development of
disclosure of corporate social responsibility which is considered to be still
low, current public awareness of the role of companies in the social
environment is also increasing and the community needs information about the
extent to which companies have carried out their social activities to ensure
that their rights has been fulfilled.
Corporate social responsibility is an accounting
concept that can bring companies to carry out their responsibilities towards
the environment and society. Regarding Disclosure of Corporate Social
Responsibility in Indonesia, it is still considered low, this was revealed in
the study of (Lawrence & Thomas 2018) entitled "Sustainability
Reporting in ASEAN Countries" showing the average level of CSR disclosure
with economic, social and environmental topics in 100 listed companies on the
Indonesian Stock Exchange (IDX) based on market capitalization and
sustainability reports using English from 2017 to May 2018. The study shows the
level of disclosure of public companies in Indonesia is the lowest compared to
the other four ASEAN countries, the Philippines, Malaysia, Singapore and
Thailand. The standard used to measure this level of disclosure is the Global
Reporting Initiative (GRI). Furthermore Fitra Roman Cahaya in the Social
Responsibility Journal in 2019 the level of disclosure of human rights in
Indonesia is still low where in reports from 75 companies listed on the
Indonesia Stock Exchange (IDX) less than 40%. The results of the descriptive
statistical analysis show that, on average, only 36.74% of the nine disclosure
items are reported by the sample companies. This is supported by data from the
Central Statistics Agency (BPS) in 2017 showing that there are around 1.2
million child workers in Indonesia. These children are employed in various
sectors such as agriculture and forestry. The low level of disclosure of human
rights implementation in public companies is also due to the absence of clear
regulations regarding this matter. Although there are several regulations that
require companies to disclose CSR information (Cahaya,
2020).
This is also supported by the Center for Governance,
Institutions, and Organizations National University of Singapore (NUS) Business
School research which conducted a study of 100 companies from 4 countries,
namely Indonesia, Thailand, Malaysia and Singapore with quality assessment
criteria taken from governance indicators. corporate, economic, environmental
and social activities that explain the company's low understanding of CSR
practices, which also causes the low quality of corporate social
responsibility. The research results show that Thailand is the country with the
highest quality CSR implementation with a score of 56.8 percent. Followed by
Singapore 48.8 percent, Indonesia 48.4 percent and Malaysia 47.7 percent (Suastha, 2016). The results of other research were also
shown in a joint study of the ASEAN CSR Network (ACN) and the National
University of Singapore (NUS), entitled "Sustainability Reporting in
ASEAN" regarding Indonesia's low level of CSR practices in environmental
indicators, where Indonesia recorded the lowest score. Among the four
countries, Indonesia recorded a score of 31.4 percent for environmental
indicators. The lowest figure compared to Malaysia 36 percent, Singapore 37.1
percent and Thailand 41.4 percent. In addition to environmental, governance,
economic and social indicators, Indonesia recorded a relatively good score for
governance 60.7 percent and economy 55.4 percent with the quality of
environmental indicators research conducted including energy, water, waste
management, carbon emissions, biodiversity, stewardship products and services
(Hope, 2016). Abdul Malik Haramain (Deputy Chair of
Commission VIII DPR) assessed that the implementation of the CSR program so far
has existed, but is still weak. In terms of accountability, the implementation
of CSR programs is also seen by Abdul Malik as low and not transparent. Even
though it is mandatory to carry out CSR activities, it turns out that it does
not fully contribute to sustainable development. The government also has
difficulties in monitoring and measuring the commitment of companies' CSR
programs due to a lack of analysis of reports made by companies (Naftalia Inge, 2019).
METHOD��
RESEARCH
This
type of research uses a causal research design, namely to test hypotheses about
the influence of several variables (independent variables) Profitability,
leverage and company size on other variables (dependent variable) Disclosure of
corporate social responsibility (corporate social responsibility disclosure)
and knowing the factors that influence corporate social responsibility. corporate
social responsibility towards Property and Real Estate companies listed on the
Indonesia Stock Exchange 2016-2020. The method used in this research is
descriptive quantitative. Quantitative descriptive method is a research method
based on the philosophy of positivism that is used to examine certain
populations or samples. In this study there are 2 independent variables, namely
Profitability and Leverage, 1 dependent variable, namely: Disclosure of
Corporate Social Responsibility and 1 (moderating variable), Size Companies.
RESULTS AND
DISCUSSION
1. Effect of Profitabilitas on Corporate Social Responsibility Disclosure.
The first hypothesis
in this study is that Profitability has no significant effect on Disclosure of
Corporate Social Responsibility. These conditions indicate that when
profitability increases or decreases, it will not have a significant effect on
Disclosure of Corporate Social Responsibility. Companies that have a high level
of profitability do not necessarily carry out more social activities, because
management is more profit-oriented. Management is more interested in focusing
on the disclosure of financial information and considers it unnecessary to
disclose more corporate social responsibility.
The basic premise of stakeholder theory is that the stronger the
corporate relationship, the better the corporate business will be. Conversely,
the worse the corporate relationship, the more difficult it will be. Strong
relationships with stakeholders are based on trust, respect and cooperation.
Stakeholder theory is a strategic management concept, its purpose is to help
corporations strengthen relationships with external groups and develop
competitive advantages (Mardikanto, 2014). This
research is in line with the results of research that has been conducted (Setiyawati & Basar, 2017)
showing that profitability has no significant effect on disclosure of Corporate
Social Responsibility, however this research is not in line with research that
has been conducted by (Halmawati., & Oktalia, 2015) showing that profitability results have a
significant effect on the disclosure of corporate social responsibility
2. Effect of Leverage on Corporate Social Responsibility Disclosure.
The second hypothesis in this study is that leverage has a significant
effect on corporate social responsibility. These conditions indicate that when
leverage decreases or increases in debt, it will affect the Disclosure of
Corporate Social Responsibility. Companies will find it easier to get funding
or loans if the company discloses a lot of information, not only financial
information but also by disclosing corporate social activities so that
investors get more information that makes the company's reputation good and
guarantees investors' rights as creditors. This will be a consideration for
investors. in making larger investment decisions.
The stakeholder theory put forward by Rhenald Kasali in (Purnasis, 2011) is
that every group of people both within the company and outside the company has
a role in determining the success of the company. With this stakeholder theory,
a company is expected to provide benefits to stakeholders. These benefits can
be provided by implementing Corporate Social Responsibility, with this program
the company is expected to be able to improve the welfare of employees,
customers and local communities. So that a good relationship can be established
between the company and the environment around the place of operation (Sisdianto & Fitri, 2020). This
research is in line with the results of research that has been conducted (Purba & Yadnya, 2015) which
states that leverage has an effect on disclosure of corporate social
responsibility, but this research is not in line with research that has been
conducted by (Susilawati, 2018) stating that leverage
has no significant effect on corporate disclosure. social responsibility.
3. Effect of Profitability moderated by Size of Corporate Social Responsibility Disclosure.
The third hypothesis in this study is that
Profitability affects Corporate Social Responsibility if it is moderated by
size. The results of the panel data regression test that has been carried out,
show that profitability affects Corporate Social Responsibility after being
moderated by size, so the hypothesis is accepted. These conditions indicate
that when profitability increases or decreases, it will affect Corporate Social
Responsibility. Companies that have a large size scale are able to achieve
higher levels of profitability so that they will receive a good response from stakeholders
such as investors and creditors which will be able to increase Corporate Social
Responsibility information. Hery (2017: 98) states
that large companies tend to be more attractive and pay more attention to the
public. Large companies make more disclosures than small companies, that is,
large companies are paid more attention by investors and these companies have
more cost capabilities for broader disclosures, to maintain a good image and
reputation, to make larger investment decisions, and to maintain the loyalty of
potential customers and employees.
Legitimacy theory was first put forward by (Dowling
and Pfeffer 1975) in "Legitimacy is a condition or a status which exists
when an entity's value system is congruent with the value system of the larger
social system of which the entity is a part" Legitimacy theory is another
theory that underlies CSR and is closely related to stakeholder theory.
Legitimacy will experience a shift along with changes in the environment and
society where the company is located. Changes in social values
and norms in society as a consequence of the development of human
civilization is one example of the background to the shift from legitimacy
(Lindblom 1994:13-16). The results of this study are in line with the results
of research conducted by (Yuliawati & Sukirman, 2015) which states that company size strengthens
the effect of profitability on corporate CSR disclosure. The results of a
similar study were also conducted by (Dermawan, 2015)
which stated that Size Companies strengthened the effect of profitability on
CSR disclosure.
4. Effect of Leverage moderated by Size of Corporate Social Responsibility Disclosure.
The fourth hypothesis in this study is that leverage has no effect on
Corporate Social Responsibility if it is moderated by size. The results of the
panel data regression test that has been carried out show that leverage has no
effect on Corporate Social Responsibility after moderation with size, so the
hypothesis is rejected. These conditions indicate that if leverage is moderated
by size, it does not have a significant effect on Corporate Social
Responsibility. Companies with high levels of wealth tend to be easier and less
reluctant to incur costs to maintain consumer confidence, including maintaining
the company's profit percentage, this is different from companies that only
have low levels of wealth, they tend to think twice about spending costs. costs
that are considered capable of reducing company profits (Sholihin
& Harnovinsah, 2018).
The bigger the company, the greater the costs incurred by the company to
finance its operational activities, thus the company
tends to focus more on strengthening its financial condition and reducing costs
to fulfill its obligations so that companies tend to want to report higher
profits in order to reduce the possibility of companies violating debt
agreements. (Lindblom 1994:13-16). Legitimacy theory states that companies have
contracts with the community (Fatoni, 2016). Even
though companies have operating policies in the industry, failure can occur if
companies cannot adjust to norms accepted by society which will threaten the
legitimacy and company resources, ultimately threatening the continuity of the
company. The results of this study are in line with the results of research
conducted by (Setiadewi & Purbawangsa,
2015) which states that company size is not able to strengthen the influence of
leverage on disclosure of Corporate Social Responsibility. The results of this
study can explain the effect of company size not being able to influence
(strengthen) leverage on the disclosure of Corporate Social Responsibility
CONCLUSION
From this study it can be concluded that the study
aims to determine the effect of profitability and leverage on disclosure of Corporate
Social Responsibility with a total sample used of 135. It can be concluded that
profitability has no significant effect on disclosure of corporate social
responsibility. Management is more interested in how to develop companies by
focusing more on disclosure. financial information alone is not with
information about the disclosure of corporate social responsibility. Then
Leverage has a significant effect on disclosure of corporate social
responsibility. By disclosing more information with corporate social activities
will make the company's reputation good, the company's access is greater and
wider to obtain funding sources from outside. Company size strengthens the
influence of profitability on disclosure of Corporate Social Responsibility
disclosure, the higher the profit generated by the company and is influenced by
the size of the company the greater will have an impact on the company to
develop Corporate Social Responsibility disclosure and company size is not able
to strengthen the influence of leverage on the disclosure of Corporate Social
Disclosure Responsibility, large or small companies have not been able to carry
out CSR disclosures extensively before their debts or obligations are fulfilled
to reduce costs to be incurred.
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