Biaya Modal Perusahaan Di Indonesia: Tanggung Jawab Sosial Dan Tata Kelola Perusahaan

Amrie Firmansyah; Arifah Fibri Andriyani; Moch. Luthfi Mahrus; Wahyudi Febrian; Pramuji Handar Jad

doi:10.24912/je.v26i3.796

Authors

Amrie Firmansyah Program D4 Akuntansi Sektor Publik, Politeknik Keuangan Negara STAN
Arifah Fibri Andriyani Program D3 Akuntansi, Politeknik Keuangan Negara STAN
Moch. Luthfi Mahrus Program D3 Akuntansi, Politeknik Keuangan Negara STAN
Wahyudi Febrian Program D4 Akuntansi Sektor Publik, Politeknik Keuangan Negara STAN
Pramuji Handar Jad Program D4 Akuntansi Sektor Publik, Politeknik Keuangan Negara STAN

DOI:

https://doi.org/10.24912/je.v26i3.796

Keywords: corporate risk, transparency, sustainability.

Abstract

The high capital cost indicates the company's risk to obtain funding from debt and equity. The test in this study aims to prove the association between corporate social responsibility and corporate governance with the cost of capital. This study employs data sourced from financial reports and annual reports of the listed companies on the Indonesia Stock Exchange, downloaded from www.IDX.co.id. In addition, this research data also employs stock price information sourced from finance.yahoo.com. The sample selection in this study used purposive sampling with a total sample of 260 observations from 65 companies from 2016 to 2019. The hypothesis test in this study used multiple linear regression analysis for panel data. This study concludes that corporate governance is positively associated with the cost of capital, while corporate social responsibility is negatively associated with the cost of capital. This study suggests that Indonesia's capital market supervisory authority needs to improve its governance policies and governance oversight mechanisms for companies listed on the Indonesia Stock Exchange.

Author Biographies

Amrie Firmansyah, Program D4 Akuntansi Sektor Publik, Politeknik Keuangan Negara STAN

amrie@pknstan.ac.id

Arifah Fibri Andriyani, Program D3 Akuntansi, Politeknik Keuangan Negara STAN

arifah@pknstan.ac.id

Moch. Luthfi Mahrus, Program D3 Akuntansi, Politeknik Keuangan Negara STAN

luthfi@pknstan.ac.id

Wahyudi Febrian, Program D4 Akuntansi Sektor Publik, Politeknik Keuangan Negara STAN

wahyudi@pknstan.ac.id

Pramuji Handar Jad, Program D4 Akuntansi Sektor Publik, Politeknik Keuangan Negara STAN

pramuji@pknstan.ac.id

References

Aguilera, R. V., Rupp, D. E., Williams, C. A., and Ganapathi, J. (2007). Putting the S back in corporate social responsibility: A multilevel theory of social change in organizations. Academy of Management Review, 32(3), 836-863.

Ailawadi, K. L., Neslin, S. A., Luan, Y. J., and Taylor, G. A. (2014). Does retailer CSR enhance behavioral loyalty? A case for benefit segmentation. International Journal of Research in Marketing, 31(2), 156-167.

Albarrak, M.S., Elnahass, M., and Salama, A. (2019). The effect of carbon dissemination on cost of equity. Business Strategy and the Environment, 28(6), 1179-1198.

Albuquerque, R., Durnev, A., and Koskinen, Y. (2013). Corporate social responsibility and firm risk: Theory and empirical evidence. CEPR discussion papers.

Anggraeni, A. V., and Indarti, M. G. K. (2021). Pengaruh pengungkapan modal intelektual terhadap biaya modal ekuitas. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(1), 63-87.

Appuhami, R. (2018). The signalling role of audit committee characteristics and the cost of equity capital. Paciﬁc Accounting Review, 30(3), 387-406.

Arimbi, R. A. D., dan Indarti, M. G. K. (2021). Pengaruh corporate governance terhadap biaya modal ekuitas: bukti empiris pada perusahaan manufaktur di Indonesia. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 5(2), 1794-1815.

Botosan, C., and Plumlee, M. (2002). A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research, 40(1), 21-40.

Botosan, C. A., Plumlee, M. A., and Wen, H. (2011). The relation between expected returns, realized returns, and ﬁrm risk characteristics. Contemporary Accounting Research, 28(4), 1085-1122.

Bouslah, K., Kryzanowski, L., and M’zali, B. (2013). The impact of the dimensions of social performance on firm risk. Journal of Banking & Finance, 37(4), 1258e1273.

Brigham, E. F., dan Houston, J. F. (2018). Dasar-Dasar manajemen keuangan buku 1, terjemahan oleh Novietha Indra Sallama dan Febriany Kusumastuti, edisi 14. Jakarta: Salemba Empat.

Breuer, W., Muller, T., Rosenbach, D., and Salzmann, A. (2018). Corporate social responsibility, investor protection, and cost of equity: A crosscountry comparison. Journal of Banking & Finance, 96, 34-55.

Brown, L., and Caylor, M. (2006). Corporate governance and ﬁrm valuation. Journal of Accounting and Public Policy, 25(4), 409-434.

Chang, Y., Hsieh, C. H., Wang, T. C., and Hsieh, T. Y. (2014). Corporate social responsibility, cost of equity and cost of bank loans (Vol. 6). International Review of Accounting, Banking & Finance.

Chen, B., and Zhang, A. (2021). How does corporate social responsibility affect the cost of equity capital through operating risk? Borsa Istanbul Review. http://doi.org/10.1016/j.bir.2021.01.005.

Chen, K., Chen, Z., and Wei, K. (2009). Legal protection of investors, CG, and the cost of equity capital. Journal of Corporate Finance, 15(3), 273-289.

Chen, W., Chung, H., Hsu, T., and Wu, S. (2010). External ﬁnancing needs, CG, and ﬁrm value. Corporate Governance: An International Review, 18(3), 234-249.

Chollet, P., and Sandwidi, B. W. (2018). CSR Engagement And Financial Risk: A virtuous circle? International evidence. Global Finance Journal, 38, 65-81.

Core, E., Guay, W. R., and Rusticus, T.O. (2006). Does weak governance cause weak stock returns? An examination of ﬁrm operating performance and investors’ expectations. The Journal of Finance, 61(2), 655-687.

Cox, P., and Wicks, P. G. (2011). Institutional interest in corporate responsibility: Portfolio evidence and ethical explanation. Journal of Business Ethics, 103(1), 143e165.

Crespi, R., and Martín-Oliver, A. (2015). Do family ﬁrms have better access to external ﬁnance during crises? Corporate Governance: An International Review, 23(3), 249-265.

Cui, J., Jo, H., and Na, H. (2018). Does corporate social responsibility affect information asymmetry? Journal of Business Ethics, 148(3), 549-572.

Dittmar, A., and Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.

Drobetz, W., Schillhofer, A., and Zimmermann, H. (2004). Corporate governance and expected stock returns: evidence from Germany. European Financial Management, 10(2), 267-293.

Durnev, A., and Kim, E. (2005). To steal or not to steal: ﬁrm attributes, legal environment, and valuation. The Journal of Finance, 60(3), 1461-1493.

Eccles, R.G., Serafeim, G., and Krzus, M. P. (2011). Market interest in nonfinancial information. Journal of Applied Corporate Finance, 23(4), 113-127.

El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.

Erbach, A. S. (2020). Pengungkapan intellectual capital dan nilai pasar ekuitas terhadap biaya modal ekuitas. Musamus Accounting Journal, 3(1), 30-39

Faysal, S., Salehi, M., and Moradi, M. (2020). The impact of ownership structure on the cost of equity in emerging markets. Management Research Review, 43(10), 1221-1239.

Febrininta, C. N., dan Siregar, S. V. (2014). Manajemen laba akrual, manajemen laba riil, dan biaya modal. Jurnal Akuntansi Multiparadigma, 5(3), 365-379.

Febriyanto, A. S., and Firmansyah, A. (2018). The effects of tax avoidance, accrual earnings management, real earnings management, and capital intensity on the cost of equity. Jurnal Dinamika Akuntansi, 10(1), 40-50.

Feng, Z. Y., Wang, M. L., and Huang, H. W. (2015). Equity ﬁnancing and social responsibility: Further international evidence. The International Journal of Accounting, 50(3), 247-280.

Firmansyah, A., and Estutik, R. S. (2020). Environmental responsibility performance, corporate social responsibility disclosure, tax aggressiveness: does corporate governance have a role? Journal of Governance and Regulation, 9(4), 8-24.

Firmansyah, A., Fauzi, I., dan Yuniar, M. R. (2020). Biaya Utang dari Sudut Pandang Kebijakan Dividen, Volatilitas Laba, dan Kualitas Akrual. Akurasi: Studi Akuntansi dan Keuangan, 3 (2), 109-129.

Firmansyah, A., dan Suhanda, N. H. (2021). Bagaimana peran tata kelola perusahaan dalam hubungan antara manajemen laba dan risiko idiosinkratik di Indonesia? Jurnal Ekonomi, 26(2), 229-249.

Firmansyah, A., Febrian, W., Jadi, P. H., Husna, M. C., dan Putri, M A. (2021). Respon investor atas tanggung jawab sosial tata kelola perusahaan di Indonesia: perspektif resource based view. E-Jurnal Akuntansi, 31(8), 1918-1935.

Flammer, C., and Luo, J. (2017). Corporate social responsibility as an employee governance tool: Evidence from a quasi-experiment. Strategic Management Journal, 38(2), 163-183.

Galbreath, J., and Shum, P. (2012). Do customer satisfaction and reputation mediate the CSReFP link? Evidence from Australia. Australian Journal of Management, 37(2), 211-229.

Garay, U., and Gonzales, M. (2008). Corporate governance and ﬁrm value: the case of Venezuela. Corporate Governance: An International Review, 16(3), 194-209.

Girerd-Potin, I., Jimenez-Garces, S., and Louvet, P. (2014). Which dimensions of social responsibility concern ﬁnancial investors? Journal of Business Ethics, 121(4), 559-576.

Hail, L., and Leuz, C. (2006). International differences in the cost of equity capital: do legal institutions and securities regulation matter? Journal of Accounting Research, 44(3), 485-531.

Hidayah, N., dan Firmansyah, A. (2020). Implementasi likuidasi korporasi di Indonesia: kajian akuntansi dan yuridis. Jurnal Ilmiah Wahana Akuntansi, 15(2), 184-196.

Hill, C. W. L., and Jones, T.M. (1992). Stakeholder-agency theory. Journal of Management Studies, 29(2), 131-154.

Hung, M., and Trezevant, R. (2003). Insider trading and CG structure: evidence from Southeast Asia. Working paper, Marshall School of Business University of Southern California.

Hutagaol, J. A., dan Lubis, R. H. (2021). Pengaruh pengungkapan modal intelektual terhadap biaya ekuitas pada perusahaan otomotif yang terdaftar di BEI. Jurnal Multidisiplin Madani(MUDIMA), 1(1), 41-50.

Ida, I. (2010). Pemilihan sumber pendanaan perusahaan berdasarkan hipotesis pecking order. Jurnal Akuntansi, 2(1), 93-100.

Jensen, M. C., and Meckling, W. H. (1976). Theory of the ﬁrm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Harjoto, M. A., and Jo, H. (2015). Legal vs. normative CSR: Differential impact on analyst dispersion, stock return volatility, cost of capital, and ﬁrm value. Journal of Business Ethics, 128(1), 1-20.

Johnson, S., Boone, P., Breach, A., and Friedman, E. (2000). Corporate governance in the Asian ﬁnancial Crisis. Journal of Financial Economics, 58 Nos 1/2, 141-186.

Khanchel El Mehdi, I. (2007). Empirical evidence on CG and corporate performance in Tunisia. Corporate Governance: An International Review, 15(6), 1429-1441.

Kovermann, J. H. (2018). Tax avoidance, tax risk and the cost of debt in a bank-dominated economy. Managerial Auditing Journal, 33(8/9), 683-699.

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. (2000). Investor protection and CG. Journal of Financial Economics, 58(Nos ½), 3-27.

Le, H. T. T., Vo, X. V., and Vo, T. T. (2021). Accruals quality and the cost of debt: Evidence from Vietnam. International Review of Financial Analysis, 76, 101726.

Lei, A. C. H., and Song, F. M. (2005). Corporate governance, family ownership and ﬁrm valuations in emerging markets: evidence from Hong Kong Panel data. Working Paper, SSRN.

Lombardo, D., and Pagano, M. (2002). Law and equity markets: a simple model. Working Paper, University of Salerno.

Luo, X., and Bhattacharya, C. B. (2009). The debate over doing good: corporate social performance, strategic marketing levers, and firm-idiosyncratic risk. Journal of Marketing, 73(6), 198-213.

Masulis, R.W., Wang, C., and Xie, F. (2007). Corporate governance and acquirer returns. Journal of Finance, 62(4), 1851-1889.

Matthiesen, M-L, and Salzmann, A. J. (2016). Corporate social responsibility and firms’ cost of equity: how does culture matter? Cross Cultural & Strategic Management, 24(1), 105-124.

Morey, M., Gottesman, A., Baker, E., and Godridge, B. (2009). Does better CG result in higher valuations in emerging markets? Another examination using a new data set. Journal of Banking and Finance, 33(2), 254-262.

Parendra, A., Firmansyah, A., dan Prakosa, D. K. (2020). Ukuran perusahaan, leverage, risiko saham di perusahaan perbankan. Dinamika Akuntansi, Keuangan dan Perbankan, 9(2), 119-132.

Raimo, N., de Nuccio, E., Giakoumelou, A., Petruzzella, F., and Vitolla, F. (2020). Non-financial information and cost of equity capital: an empirical analysis in the food and beverage industry. British Food Journal, 123(1), 49-65.

Rohman, M. S., dan Ismanto, H. (2020). Determinan biaya modal ekuitas: studi empiris pada perusahaan properti, real estate dan kontruksi bangunan. Journal of Applied Business and Economics (JABE), 7(2), 194-208.

Salman, I., Firmansyah, A., dan Widyaningrum, M. R. (2020). Peran leverage sebagai pemoderasi: revaluasi aset tetap, kebijakan dividen, nilai perusahaan. Jurnal Magister Akuntansi Trisakti, 7(2), 171-190.

Schauten, M. B. J., Van Dijk, D., and Van der Waal, J. (2008). Corporate governance and the value of excess cash holdings of large European ﬁrms. European Financial Management, 18(5), 991-1016.

Shleifer, A., and Vishny, R. (1997). A survey of corporate governance. Journal of Finance, 52, 737–83.

Tamimi, N., and Sebastianelli, R. (2017). Transparency among S&P 500 companies: an analysis of ESG disclosure scores. Management Decision, 55(8), 1660-1680.

Teti, E., Dell’Acqua, A., Etro, L. and Resmini, F. (2016). Corporate governance and cost of equity: empirical evidence from Latin American companies. Corporate Governance, 16(5), 831-848. https://doi.org/10.1108/CG-02-2016-0028.

Vermander, B. (2014). Corporate social responsibility in China: A vision, an assessment and a blueprint. World Scientiﬁc.

Weber, J. L. (2018). Corporate social responsibility disclosure level, external assurance and cost of equity capital. Journal of Financial Reporting and Accounting, 16(4), 694-724.

Widyowati, D. D. (2020). Pengaruh manajemen laba, asimetri informasi, dan pengungkapan sukarela terhadap biaya modal ekuitas. Paradigma, 17(2), 69-87.

Xu, S., Liu, D., and Huang, J. (2015). Corporate social responsibility, the cost of equity capital and ownership structure: An analysis of Chinese listed ﬁrms. Australian Journal of Management, 40(2), 245-276.

Yawar, S. A., and Seuring, S. (2017). Management of social issues in supply chains: A literature review exploring social issues, actions and performance outcomes. Journal of Business Ethics, 141(3), 621-643.

Zhang, M., Ma, L., Su, J., and Zhang, W. (2014). Do suppliers applaud corporate social performance? Journal of Business Ethics, 121(4), 543-557.