THE EFFECT OF FINANCIAL PERFORMANCE AND COMPANY SIZE ON STOCK PRICES WITH CORPORATE SOCIAL RESPONSIBILITY (CSR) AS A MODERATING VARIABLE IN COAL MINING COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE FOR THE PERIOD 2017-2021

Gading Mustafa, Edyanus Herman Halim, Haryetti Haryetti

Abstract


This study aims to examine the effect of financial performance and company size on stock prices with Corporate Social Responsibility (CSR) as a moderating variable. The population in this study were coal mining companies listed on the Indonesia Stock Exchange (IDX) during the 2017-2021 period, totalling 27 companies. This study uses quantitative data and this study uses secondary data obtained from the website www.idx.co.id and the company's annual report. Sample selection using purposive sampling method with a total of 95 data from 19 companies in each period. This study uses Structural Equation Modelling-Partial Least Square (SEM-PLS) in analyzing data. The results showed that Return on Equity (ROE) has a positive and significant effect on stock prices. Earning per Share (EPS) has a negative and significant effect on stock prices. Company size has a negative and insignificant effect on stock prices. Corporate Social Responsibility (CSR) as a moderating variable is not able to moderate the positive relationship between Return on Equity (ROE) and stock price. Corporate Social Responsibility (CSR) as a moderating variable is able to moderate the negative relationship between Earning per Share (EPS) on stock prices. And Corporate Social Responsibility (CSR) as a moderating variable is able to moderate the negative relationship between company size and stock price.

Keywords


Return on Equity (ROE); Earning per Share (EPS); Firm Size; Stock Price; Corporate Social Responsibility (CSR)

References


Ali, F.I. and Hidayat, I. (2016) ‘Pengaruh Kinerja Keuangan, Inflasi, dan Nilai Tukar Terhadap Harga Saham Pada Perusahaan Rokok’, Jurnal Ilmu dan Riset Manajemen, 5(1).

Artha, D.R., Achsani, N.A. and Sasongko, H. (2014) ‘Analisis Fundamental , Teknikal Dan Makroekonomi’, Jurnal Manajemen Dan Kewirausahaan, 16(2), pp. 175–183. doi:10.9744/jmk.16.2.175.

Aspriyadi, D. (2020) ‘Pengaruh Kinerja Keuangan Terhadap Harga Saham Perusahaan (Studi Kasus Pada Perusahaan Jasa Tranportasi Yang Terdaftar Di Bei Periode 2015-2019)’, Jurnal Ilmiah Ekonomi Bisnis, 6(3), pp. 386–400. doi:10.35972/jieb.v6i3.407.

Badan Pusat Statistik (2022) Produk Domestik Regional Bruto Provinsi-Provinsi di Indonesia Menurut Lapangan Usaha. Available at: www.bps.go.id (Accessed: 16 February 2023).

Brigham, E.F. and Houston, J.F. (2015) Manajemen Keuangan. Jakarta: Erlangga.

Chasanah, N. and Rusmita, S.A. (2019) ‘Pengaruh Profitabilitas Terhadap Harga Saham Dengan Corporate Social Responsibility Sebagai Variabel Moderasi ( Perusahaan Yang Terdaftar Di JII Dan Indeks Sri-Kehati Periode 2016 – 2018)’, Jurnal Ekonomi Syariah Teori dan Terapan, 6(11), pp. 2331–2346.

cnbcindonesia.com (2020) Sektor Tambang Babak Belur Dihantam Pandemi, Ini Buktinya. Available at: https://www.cnbcindonesia.com/news/20201111080022-4-200907/sektor-tambang-babak-belur-dihantam-pandemi-ini-buktinya.

Cornelius, A. and Hanna (2019) ‘Pengaruh Informasi Arus Kas, Laba Akuntansi, Dan Ukuran Perusahaan Terhadap Harga Saham Pada Persusahaan Property Dan Real Estate’, Jurnal, 1(11), pp. 9–24.

Darmadji, T. and Fakhruddin, H.M. (2012) Pasar Modal di Indonesia. 3rd edn. Jakarta: Salemba Empat.

Deitiana, T. (2013) ‘Pengaruh Current Ratio , Return on Equity Dan Total Asset Turn Over Terhadap Devidend Payout Ratio Dan Implikasi Pada Harga Saham Perusahaan LQ 45’, Jurnal Bisnis dan Akuntansi, 15(1), pp. 82–88. Available at: http://www.tsm.ac.id/JBA.

Haniffa, R.M. and Cooke, T.E. (2005) ‘The impact of culture and governance on corporate social reporting’, Journal of Accounting and Public Policy, 24(5), pp. 391–430. doi:10.1016/j.jaccpubpol.2005.06.001.

Hartini, E.F. and Rosadi, K.H. (2019) ‘Pengaruh Kinerja Keuangan Terhadap Harga Saham Perusahaan Food and Beverages Yang Terdaftar Di Bursa Efek Indonesia’, Jurnal Manajemen Kewirausahaan, 15(2), p. 131. doi:10.33370/jmk.v15i2.222.

Hasanuddin, R. (2020) ‘Pengaruh Struktur Modal dan Profitabilitas Terhadap Harga Saham (Studi pada Perusahaan Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia Tahun 2009-2012)’, Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 11(1), p. 82708.

Id.investing.com (2022) Data Historis. Available at: Id.investing.com.

Idx.co.id (2022) Bursa Efek Indonesia. Available at: https://www.idx.co.id/ (Accessed: 10 July 2022).

Kasmir (2016) Analisis Laporan Keuangan. 1st edn. Jakarta: PT Raja Grafindo Persada.

Kompas.com (2023) Pencabutan Izin Usaha Tambang Dinilai Sudah Layak dari Aspek Lingkungan. Available at: https://money.kompas.com/read/2023/01/05/184916626/pencabutan-izin-usaha-tambang-dinilai-sudah-layak-dari-aspek-lingkungan (Accessed: 22 February 2023).

Marnelly, T.R. (2012) ‘Corporate Social Responsibility (CSR): Tinjauan Teori dan Praktek di Indonesia’, Jurnal Aplikasi Bisnis, 2(2), pp. 49–59.

Nst, N.A. and Sari, W. (2020) ‘Pengaruh Ukuran Perusahaan (Firm Size) dan Profitabilitas terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI)’, Jurnal Akuntansi Bisnis & Publik, 11(1), pp. 1–8.

Oktaviani, P.R. and Agustin, S. (2017) ‘Pengaruh PER, EPS , DPS , DPR Terhadap Harga Saham Pada Perusahaan Pertambangan’, IImu dan Riset Manajemen, 6(2), pp. 1–17.

Putra, A.C., Saryadi and Hidayat, W. (2013) ‘Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan BUMN (Non-Bank ) Yang Terdaftar di Bursa Efek Indonesia’, Akuntansi, pp. 1–9.

Ramdana, R. and Yuniati, T. (2017) ‘Pengaruh ROE, NPM, Terhadap Harga Saham Dengan Pengungkapan CSR Sebagai Variabel Moderasi’, Journal of Chemical Information and Modeling, 53(9), pp. 1689–1699.

Ridha, M.A. (2019) ‘Pengaruh Rasio Keuangan , Ukuran Perusahaan , dan Arus Kas Operasi terhadap Harga Saham Syariah’, Jurnal Ilmiah Akuntansi, 4(2), pp. 184–200.

Rokhmawati, A., Sathye, M. and Sathye, S. (2015) ‘The Effect of GHG Emission, Environmental Performance, and Social Performance on Financial Performance of Listed Manufacturing Firms in Indonesia’, Procedia - Social and Behavioral Sciences, 211(September), pp. 461–470. doi:10.1016/j.sbspro.2015.11.061.

Salsabila, N. and Marsono (2022) ‘PENGARUH KINERJA KEUANGAN TERHADAP HARGA SAHAM DENGAN PENGUNGKAPAN CSR SEBAGAI VARIABEL MODERASI (Studi Empiris Pada Peusahaan Makanan dan Minuman yang Terdaftar di BEI Tahun 2014-2019)’, Diponegoro Journal of Accounting, 11(3), pp. 1–14. Available at: http://ejournal-s1.undip.ac.id/index.php/accounting.

Saputro, D. (2019) ‘Pengaruh Return On Assets, Earnings Per Share Dan Book Value Per Share Terhadap Harga Saham’, Jurnal Samudra Ekonomi dan Bisnis, 10(2), pp. 124–132. doi:10.33059/jseb.v10i2.1305.

Siregar, H. and Nurmala, P. (2019) ‘Pengaruh Ukuran Perusahaan Dan Penerimaan Opini Going Concern Terhadap Harga Saham’, Jurnal Riset Keuangan Dan Akuntansi, 4(2). doi:10.25134/jrka.v4i2.1701.

Watung, R. and Ilat, V. (2016) ‘Pengaruh Return on Asset (Roa), Net Profit Margin (Npm), Dan Earning Per Share (Eps) Terhadap Harga Saham Pada Perusahaan Perbankan Di Bursa Efek Indonesia Periode 2011-2015’, Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 4(2), pp. 518–529.

Yuniningsih (2017) ‘SEBERAPA BESAR KEPEMILIKAN SAHAM BERPERAN DALAM PENENTUAN NILAI PERUSAHAAN DENGAN TINJAUAN AGENCY THEORY’, Jurnal Darussalam; Jurnal Pendidikan, Komunikasi dan Pemikiran Hukum Islam, IX(1), pp. 112–121.




DOI: http://dx.doi.org/10.31258/ijeba.8.2.181-200

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 IJEBA (INTERNATIONAL JOURNAL OF ECONOMIC, BUSINESS AND APPLICATIONS)