PENGARUH RASIO LIKUIDITAS, RASIO RENTABILITAS DAN RASIO SOLVABILITAS TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY DAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL PEMODERASI (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR TERGOLONG RAWAN PENCEMARAN DI BURSA EFEK INDONESIA TAHUN 2009 – 2013)

Abstract

Based on the description of the background of the problem, then that becomes a
problem in this research is how the simultaneous and partial effect between
current ratio, Return on Assets and Debt to Equity Ratio Disclosure Of Corporate
Values with Corporate Social Responsibility and Good Corporate Governance As
a moderating variable in the Manufacturing Company category in Prone to
pollution in the Indonesia Stock Exchange Year 2009 to 2013.
The study population was all companies listed on the Jakarta Stock Exchange and
classified in an industry vulnerable to environmental pollution. Based on the
priority, then the company is classified as pollution-prone sectors: (1) Mining, (2)
and Chemical Industry Association, (3) Automotive, and (4) Textiles. Based on the
industrial sector, the company acquired as many as 193 companies. For
sampling, the criteria used. Based on these criteria, then obtained a sample of 34
companies manufacturing environments prone between the period 2009-2013.
From the results of the partial test of the value of the company ROE known that
ROE has no effect on the value of the company. These results support the research
conducted by Herdiana (2003), Wibowo (2005), Saso and Wulandari (2006) that
there is no influence between ROE and the value of the company. From the test
results it is known that the disclosure of CSR does not affect the relationship
between financial performance and corporate value. These results support the
research Hidayat (2010). In theory, the disclosure of CSR should be a
consideration of the investor before investing, because it contains social
information that has been done by the company. ROE and KM interaction
variables have an inverse relationship.

The survey results revealed that as the increase in KM, then the relationship ROE
and Tobins will decrease. It supports research Demsetz (1983), Fama and Jensen
(1983) showed that in a certain stage, the level of managerial ownership is not
always positively linearly related loss of credit for the value of the company.