Corporate Social Responsibility, Kinerja Lingkungan, Dan Nilai Perusahaan
Abstract
This study aims to empirically examine the influence of Corporate Social Responsibility on firm values and the moderating effect of enviromental performance on the influence of CSR and firm value. This study uses companies of the food and beverage sub-sector manufacturing industry as a sample with the observation year between 2017-2020. The analytical method uses in this study is the multiple linear regression analysis and residual test through the SPSS 25 application. The results of this study indicate that CSR has a negative effect on firm values, however environmental performance is found does not moderate the effect of CSR on firm values. It can be concluded that the majority of companies in making CSR are still far from the applicable GRI G4 standards.
References
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Darmawan, A., Nisa, A., & Rejeki, S. (2018). Article Info The Effect of Management Ownership, Institutional Ownership, Corporate Social Responsibility and Profitability to the Company’s Value (A Study on the Companies of Consumed Goods Industry on the IDX 2013-2016). International Journal of Islamic Business and Economics (IJIBEC), 2(2), 107–117. https://doi.org/10.28918/ijibec
Dewi, G., & Badera, I. D. (2021). PENGARUH CSR & GCG TERHADAP NILAI PERUSAHAAN. E-Jurnal Akuntansi, 31(11), 2774–2787. https://doi.org/10.24843/EJA.2021.v31.i11.p08
Gabrielle, & Toly, A. A. (2019). The Effect Of Greenhouse Gas Emissions Disclosure And Environmental Performance On Firm Value: Indonesia Evidence. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 106–119. https://doi.org/10.24843/jiab.2019.v14.i01.p10
García-Piqueres, G., & García-Ramos, R. (2021). Complementarity between CSR dimensions and innovation: behaviour, objective or both? European Management Journal. https://doi.org/10.1016/j.emj.2021.07.010
Hapsoro, D., & Adyaksana, R. I. (2020). Apakah Pengungkapan Informasi Lingkungan Memoderasi Pengaruh Kinerja Lingkungan Dan Biaya Lingkungan Terhadap Nilai Perusahaan? Jurnal Riset Akuntansi Dan Keuangan, 8(1), 41–52. https://doi.org/10.17509/jrak.v8i1.19739
Husnaini, W., & Basuki, B. (2020). ASEAN Corporate Governance Scorecard: Sustainability Reporting and Firm Value. Journal of Asian Finance, Economics and Business, 7(11), 315–326. https://doi.org/10.13106/jafeb.2020.vol7.no11.315
Hutapea, H. (2019). Pengaruh Corporate Governance dan Corporate Social Responsibility terhadap Kualitas Laba dan Nilai Perusahaan. In Journal of Applied Accounting and Taxation Article History (Vol. 4).
Jumiari, N. K. V., & Julianto, I. P. (2020). Pengaruh Intellectual Capital, Kinerja Keuangan, dan Kebijakan Keuangan Terhadap Nilai perusahaan. Jurnal Ilmiah Akuntansi Dan Humanika, 10(3), 276–287.
Kesumastuti, M. A. R. M., & Dewi, A. A. (2021). Pengaruh Pengungkapan CSR terhadap Nilai Perusahaan dengan Usia dan Ukuran Perusahaan Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 31(7), 1854. https://doi.org/10.24843/eja.2021.v31.i07.p19
Kuswanto, R. (2019). Penerapan Standar Gri Dalam Laporan Keberlanjutan Di Indonesia: Sebuah Evaluasi. Jurnal Bina Akuntansi, 6(2), 1–21. https://doi.org/10.52859/jba.v6i2.59
Laksmi, D. A., & Narsa, N. P. D. R. H. (2022). Corporate Social Responsibility, Capital Intensity, and Tax Aggresiveness: Evidence from Indonesia. AKRUAL: Jurnal Akuntansi, 13(2), 132-143.
Laksmi, A. A. S. D., & Wirawati, N. G. P. (2022). Profitabilitas, Good Corporate Governance, Pengungkapan Corporate Social Responsibility dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(4), 1046. https://doi.org/10.24843/eja.2022.v32.i04.p16
Lee, W. J., & Choi, S. U. (2021). Internal and external corporate social responsibility activities and firm value: Evidence from the shared growth in the supply chain. Borsa Istanbul Review, 21, S57–S69. https://doi.org/10.1016/j.bir.2021.02.007
Mau, M., & Kadarusman. (2022). Kinerja Keuangan Sebagai Pemoderasi Good Corporate Governance, Corporate Social Responsibility Dengan Nilai Perusahaan. Jurnal Manajemen Dan Keuangan, 11(1), 1–19.
Miladeny, N. N., & Damayanthi, I. G. (2021). Pengungkapan Corporate Social Responsibility dan Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 31(12), 3231–3243. https://doi.org/10.24843/EJA.2021.v31.i12.p15
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Pawitradewi, A. A. I., & Wirakusuma, M. G. (2020). Pengaruh Kinerja Lingkungan, Umur Perusahaan dan Proporsi Dewan Komisaris Independen pada Pengungkapan Informasi Lingkungan. E-Jurnal Akuntansi, 30(3), 598. https://doi.org/10.24843/eja.2020.v30.i03.p04
Pramitha, I. A. Y., & Sudana, I. P. (2021). Pengungkapan Corporate Social Responsibility, Kinerja Lingkungan dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(3), 615. https://doi.org/10.24843/eja.2021.v31.i03.p08
Prananjaya, K. P., & Narsa, N. P. D. R. H. (2019). Obedience pressure and tax sanction: An experimental study on tax compliance. Jurnal Akuntansi dan Keuangan, 21(2), 68-81.
Purawan, N. M. D., & Wirakusuma, M. G. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Pemoderasi. E-Jurnal Akuntansi, 30(2), 447. https://doi.org/10.24843/eja.2020.v30.i02.p13
Puspitasari, A., & Srimindarti, C. (2022). Pengaruh Corporate Social Responsibility, Leverage, dan Woman On Board Terhadap Firm Value. Owner, 6(2), 1269–1280. https://doi.org/10.33395/owner.v6i2.690
Putra, M., & Putri, I. G. (2022). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 32(5), 1317–1331. https://doi.org/10.24843/EJA.2022.v32.i05.p15
Rahmi, N. U., & Wijaya, V. V. (2022). Pengaruh Enterprise Risk Management, Corporate Social Responsibility, Free Cash Flow dan Leverage Terhadap Nilai Perusahaan pada Perusahaan Sektor Consumer Goods yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2019. Owner, 6(3). https://doi.org/10.33395/owner.v6i3.853
Rismayanti, I. A. W., Putri, I. G. A. M. A. D., & Suprasto, H. B. (2021). Leverage, Kepemilikan Manajerial, Kinerja Lingkungan dan Nilai Perusahaan: Studi Empiris pada Perusahaan Manufaktur di Indonesia. E-Jurnal Akuntansi, 31(7), 1667. https://doi.org/10.24843/eja.2021.v31.i07.p05
Rosaline, V. D., & Wuryani, E. (2020). Pengaruh Penerapan Green Accounting dan Environmental Performance Terhadap Economic Performance. Jurnal Riset Akuntansi Dan Keuangan, 8(3), 569–578. https://doi.org/10.17509/jrak.v8i3.26158
Sabatini, K., & Sudana, I. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Manajemen Laba Sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 56–69. https://doi.org/10.24843/jiab.2019.v14.i01.p06
Sejati, Zakaria, A. (2020). KINERJA LINGKUNGAN & CSR THDP KINERJA KEUANGAN, MOD FEMINISME s2. Jurnal Ilmiah Akuntansi, 5(2), 235–263.
Singh, K., & Misra, M. (2021). Linking Corporate Social Responsibility (CSR) and Organizational Performance: the moderating effect of corporate reputation. European Research on Management and Business Economics, 27(1). https://doi.org/10.1016/j.iedeen.2020.100139
Siregar, M., Dalimunthe, S., & Trijuniyanto, R. (2019). SIZE, PROFITABILITAS, KEB. DEVIDEN, STRUKTUR MODAL THDP NILAI PERUSAHAAN s3. Jurnal Riset Manajemen Sains Indonesia, 10(2), 356–385.
Sugiyanto, E., Trisnawati, R., & Kusumawati, E. (2021). Corporate Social Responsibility and Firm Value with Profitability, Firm Size, Managerial Ownership, and Board of Commisioners as Moderating Variables. Jurnal Riset Akuntansi Dan Keuangan Indonesia, 6(1), 18–26. Retrieved from http://journals.ums.ac.id/index.php/reaksi/index
Suniantari, I. G. A. P., & Yasa, G. W. (2022). Kinerja Lingkungan, Kepemilikan Manajerial dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(2), 3847. https://doi.org/10.24843/eja.2022.v32.i02.p19
Supadi, Y. M., & Sudana, I. P. (2018). PENGARUH KINERJA LINGKUNGAN DAN CSR TERHADAP KINERJA KEUANGAN PERUSAHAAN s3 2018. E-Jurnal Akuntansi, 7(4), 1165–1192.
Widyawati & Hardiningsih P. (2022). KINERJA LINGKUNGAN THDP PENGUNGKAPAN LINGKUNGAN s3. Jurnal Akuntansi Dan Pajak, 23(1). https://doi.org/1412-629X l E-ISSN2579-3055
Wirawati, N. G. P., Dwija Putri, I. G. A. M. A., & Badera, I. D. N. (2020). Pengaruh Ukuran Perusahaan, Leverage, Pengungkapan Lingkungan, dan Kinerja Lingkungan pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(9), 2417. https://doi.org/10.24843/eja.2020.v30.i09.p19
Yusuf, A., Hapsoh, Siregar, S. H., & Nurrochmat, D. R. (2019). JURNAL KEBAKARAN HUTAN DAN LAHAN DI RIAU s3_. Dinamika Lingkungan Indonesia, 6(2), 67–84.
Bawai, R., & Kusumadewi, H. (2021). Effect of Corporate Governance, Firm Characteristic, Disclosure of Corporate Social Responsibility (CSR) on Firm Value. Jurnal Economia, 17(1), 20–33. Retrieved from https://journal.uny.ac.id/index.php/economia
Darmawan, A., Nisa, A., & Rejeki, S. (2018). Article Info The Effect of Management Ownership, Institutional Ownership, Corporate Social Responsibility and Profitability to the Company’s Value (A Study on the Companies of Consumed Goods Industry on the IDX 2013-2016). International Journal of Islamic Business and Economics (IJIBEC), 2(2), 107–117. https://doi.org/10.28918/ijibec
Dewi, G., & Badera, I. D. (2021). PENGARUH CSR & GCG TERHADAP NILAI PERUSAHAAN. E-Jurnal Akuntansi, 31(11), 2774–2787. https://doi.org/10.24843/EJA.2021.v31.i11.p08
Gabrielle, & Toly, A. A. (2019). The Effect Of Greenhouse Gas Emissions Disclosure And Environmental Performance On Firm Value: Indonesia Evidence. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 106–119. https://doi.org/10.24843/jiab.2019.v14.i01.p10
García-Piqueres, G., & García-Ramos, R. (2021). Complementarity between CSR dimensions and innovation: behaviour, objective or both? European Management Journal. https://doi.org/10.1016/j.emj.2021.07.010
Hapsoro, D., & Adyaksana, R. I. (2020). Apakah Pengungkapan Informasi Lingkungan Memoderasi Pengaruh Kinerja Lingkungan Dan Biaya Lingkungan Terhadap Nilai Perusahaan? Jurnal Riset Akuntansi Dan Keuangan, 8(1), 41–52. https://doi.org/10.17509/jrak.v8i1.19739
Husnaini, W., & Basuki, B. (2020). ASEAN Corporate Governance Scorecard: Sustainability Reporting and Firm Value. Journal of Asian Finance, Economics and Business, 7(11), 315–326. https://doi.org/10.13106/jafeb.2020.vol7.no11.315
Hutapea, H. (2019). Pengaruh Corporate Governance dan Corporate Social Responsibility terhadap Kualitas Laba dan Nilai Perusahaan. In Journal of Applied Accounting and Taxation Article History (Vol. 4).
Jumiari, N. K. V., & Julianto, I. P. (2020). Pengaruh Intellectual Capital, Kinerja Keuangan, dan Kebijakan Keuangan Terhadap Nilai perusahaan. Jurnal Ilmiah Akuntansi Dan Humanika, 10(3), 276–287.
Kesumastuti, M. A. R. M., & Dewi, A. A. (2021). Pengaruh Pengungkapan CSR terhadap Nilai Perusahaan dengan Usia dan Ukuran Perusahaan Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 31(7), 1854. https://doi.org/10.24843/eja.2021.v31.i07.p19
Kuswanto, R. (2019). Penerapan Standar Gri Dalam Laporan Keberlanjutan Di Indonesia: Sebuah Evaluasi. Jurnal Bina Akuntansi, 6(2), 1–21. https://doi.org/10.52859/jba.v6i2.59
Laksmi, D. A., & Narsa, N. P. D. R. H. (2022). Corporate Social Responsibility, Capital Intensity, and Tax Aggresiveness: Evidence from Indonesia. AKRUAL: Jurnal Akuntansi, 13(2), 132-143.
Laksmi, A. A. S. D., & Wirawati, N. G. P. (2022). Profitabilitas, Good Corporate Governance, Pengungkapan Corporate Social Responsibility dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(4), 1046. https://doi.org/10.24843/eja.2022.v32.i04.p16
Lee, W. J., & Choi, S. U. (2021). Internal and external corporate social responsibility activities and firm value: Evidence from the shared growth in the supply chain. Borsa Istanbul Review, 21, S57–S69. https://doi.org/10.1016/j.bir.2021.02.007
Mau, M., & Kadarusman. (2022). Kinerja Keuangan Sebagai Pemoderasi Good Corporate Governance, Corporate Social Responsibility Dengan Nilai Perusahaan. Jurnal Manajemen Dan Keuangan, 11(1), 1–19.
Miladeny, N. N., & Damayanthi, I. G. (2021). Pengungkapan Corporate Social Responsibility dan Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 31(12), 3231–3243. https://doi.org/10.24843/EJA.2021.v31.i12.p15
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Pawitradewi, A. A. I., & Wirakusuma, M. G. (2020). Pengaruh Kinerja Lingkungan, Umur Perusahaan dan Proporsi Dewan Komisaris Independen pada Pengungkapan Informasi Lingkungan. E-Jurnal Akuntansi, 30(3), 598. https://doi.org/10.24843/eja.2020.v30.i03.p04
Pramitha, I. A. Y., & Sudana, I. P. (2021). Pengungkapan Corporate Social Responsibility, Kinerja Lingkungan dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(3), 615. https://doi.org/10.24843/eja.2021.v31.i03.p08
Prananjaya, K. P., & Narsa, N. P. D. R. H. (2019). Obedience pressure and tax sanction: An experimental study on tax compliance. Jurnal Akuntansi dan Keuangan, 21(2), 68-81.
Purawan, N. M. D., & Wirakusuma, M. G. (2020). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Pemoderasi. E-Jurnal Akuntansi, 30(2), 447. https://doi.org/10.24843/eja.2020.v30.i02.p13
Puspitasari, A., & Srimindarti, C. (2022). Pengaruh Corporate Social Responsibility, Leverage, dan Woman On Board Terhadap Firm Value. Owner, 6(2), 1269–1280. https://doi.org/10.33395/owner.v6i2.690
Putra, M., & Putri, I. G. (2022). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 32(5), 1317–1331. https://doi.org/10.24843/EJA.2022.v32.i05.p15
Rahmi, N. U., & Wijaya, V. V. (2022). Pengaruh Enterprise Risk Management, Corporate Social Responsibility, Free Cash Flow dan Leverage Terhadap Nilai Perusahaan pada Perusahaan Sektor Consumer Goods yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2019. Owner, 6(3). https://doi.org/10.33395/owner.v6i3.853
Rismayanti, I. A. W., Putri, I. G. A. M. A. D., & Suprasto, H. B. (2021). Leverage, Kepemilikan Manajerial, Kinerja Lingkungan dan Nilai Perusahaan: Studi Empiris pada Perusahaan Manufaktur di Indonesia. E-Jurnal Akuntansi, 31(7), 1667. https://doi.org/10.24843/eja.2021.v31.i07.p05
Rosaline, V. D., & Wuryani, E. (2020). Pengaruh Penerapan Green Accounting dan Environmental Performance Terhadap Economic Performance. Jurnal Riset Akuntansi Dan Keuangan, 8(3), 569–578. https://doi.org/10.17509/jrak.v8i3.26158
Sabatini, K., & Sudana, I. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Manajemen Laba Sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 56–69. https://doi.org/10.24843/jiab.2019.v14.i01.p06
Sejati, Zakaria, A. (2020). KINERJA LINGKUNGAN & CSR THDP KINERJA KEUANGAN, MOD FEMINISME s2. Jurnal Ilmiah Akuntansi, 5(2), 235–263.
Singh, K., & Misra, M. (2021). Linking Corporate Social Responsibility (CSR) and Organizational Performance: the moderating effect of corporate reputation. European Research on Management and Business Economics, 27(1). https://doi.org/10.1016/j.iedeen.2020.100139
Siregar, M., Dalimunthe, S., & Trijuniyanto, R. (2019). SIZE, PROFITABILITAS, KEB. DEVIDEN, STRUKTUR MODAL THDP NILAI PERUSAHAAN s3. Jurnal Riset Manajemen Sains Indonesia, 10(2), 356–385.
Sugiyanto, E., Trisnawati, R., & Kusumawati, E. (2021). Corporate Social Responsibility and Firm Value with Profitability, Firm Size, Managerial Ownership, and Board of Commisioners as Moderating Variables. Jurnal Riset Akuntansi Dan Keuangan Indonesia, 6(1), 18–26. Retrieved from http://journals.ums.ac.id/index.php/reaksi/index
Suniantari, I. G. A. P., & Yasa, G. W. (2022). Kinerja Lingkungan, Kepemilikan Manajerial dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(2), 3847. https://doi.org/10.24843/eja.2022.v32.i02.p19
Supadi, Y. M., & Sudana, I. P. (2018). PENGARUH KINERJA LINGKUNGAN DAN CSR TERHADAP KINERJA KEUANGAN PERUSAHAAN s3 2018. E-Jurnal Akuntansi, 7(4), 1165–1192.
Widyawati & Hardiningsih P. (2022). KINERJA LINGKUNGAN THDP PENGUNGKAPAN LINGKUNGAN s3. Jurnal Akuntansi Dan Pajak, 23(1). https://doi.org/1412-629X l E-ISSN2579-3055
Wirawati, N. G. P., Dwija Putri, I. G. A. M. A., & Badera, I. D. N. (2020). Pengaruh Ukuran Perusahaan, Leverage, Pengungkapan Lingkungan, dan Kinerja Lingkungan pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(9), 2417. https://doi.org/10.24843/eja.2020.v30.i09.p19
Yusuf, A., Hapsoh, Siregar, S. H., & Nurrochmat, D. R. (2019). JURNAL KEBAKARAN HUTAN DAN LAHAN DI RIAU s3_. Dinamika Lingkungan Indonesia, 6(2), 67–84.
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Published
2025-06-30
How to Cite
HANSEL, Richard; NARSA, Niluh Putu Dian Rosalina Handayani; SRIANI, Dewi.
Corporate Social Responsibility, Kinerja Lingkungan, Dan Nilai Perusahaan.
ACE: Accounting Research Journal, [S.l.], v. 5, n. 1, p. 1-22, june 2025.
ISSN 2808-8433.
Available at: <https://journal.feb.unipa.ac.id/index.php/ace/article/view/362>. Date accessed: 19 sep. 2025.
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