PENGARUH KINERJA LINGKUNGAN TERHADAP KINERJA KEUANGAN DENGAN PENGUNGKAPAN TANGGUNG JAWAB SOSIAL PERUSAHAAN SEBAGAI VARIABEL PEMODERASI

Abstract

Researches on the influence of environmental performance and Corporate Social Responsibility (CSR) disclosure on financial performance have inconclusive results. This condition drives researcher to use CSR Disclosure as a moderating variable. This research aims to test and analyze the influence of environmental performance and CSR disclosure on financial performance with the influence of environmental performance on financial performance by using the CSR disclosure as a moderating variable. The number of samples used in this research were ten firms in mining, chemical, pharmaceutical, cement, pulp and paper sectors which are listed on the Indonesia Stock Exchange (IDX) during 2006-2010 with 50 observation. Data are taken from annual report 2006-2010 of the companies listed on IDX which participated in PROPER since 2006 and the CSR checklist item. Data analysis is done using multiple regression and moderated regression analysis by the software SPSS version 16. The corporate financial performance is measured using net profit margin, while environment performance is measured using rating PROPER and CSR Disclosure is measured with CSR Index. Results indicate that (1) environment performance has a positive effect on financial performance, (2) CSR disclosure has a positive effect on financial performance, and (3) CSR disclosure is not able to strengthen the influence of environmental performance on financial performance. This is possible because the market in Indonesia is still not efficient and market players are not using the annual report comprehensively. The environment rating accompanied by the disclosure can be negative signal to the market.