PENGARUH GOOD CORPORATE GOVERNANCE (GCG), LEVERAGE, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE SOCIAL RESPONSIBILITY (CSR) SEBAGAI VARIABEL MEDIASI

Abstract

Government regulations require companies to implement Corporate
Social Responsibility (CSR). CSR is expected to increase company value.
However, in reality the company's value measured using Tobins'Q decreases. So
the objective of this research is to analyze the effect of Good Corporate
Governance (GCG), leverage, and profitability to firm value with CSR as a
mediation variable.
The population of this research is all public companies listed on the Bursa
Efek Indonesia (BEI) in 2015 as many as 525 companies. The sample of this
research is 100 companies with purposive sampling technique. Criteria: is a
public listed company listed on IDX and has the largest market capitalization
ranking in 2015 based on Institute for Corporate Directorship (IICD) calculation.
Testing is done by using mediating regression analysis with sobel test.
The results showed that the variables that have significant effect on CSR
are GCG, while the leverage and profitability variables have no effect on CSR.
Variables that significantly effect to the firm value is GCG and profitability,
while the leverage and CSR variables have no effect to the firm value. The CSR
variable also does not mediate the effect of GCG, leverage, and profitability on
firm value. The implications of this research for companies: companies that have
not done CSR in a suistanable and still philanthropic can not see the impact of
CSR significantly through firm value. Increasing the value of the company
through CSR activities will be felt by the company in the long term, for the
implementation of CSR should be done in a suistanable and strategic activities of
the company.