Optimizing Food & Baverage Company Performance Through Governance and Social Responsibility: Random Effect Model Approach
DOI:
https://doi.org/10.12928/jampe.v3i2.9441Keywords:
Company Performance, Corporate Governance, Corporate Social ResponsibilityAbstract
The purpose of this study is to improve the efficiency of food and beverage companies listed on the Indonesia Stock Exchange by implementing GCG & CSR principles. Using panel data from 95 companies covering the period 2018-2022 and using the Random Effects model, the regression analysis shows that the Board of Commissioners has no statistically significant effect on company performance. In contrast, the Audit Committee shows a significant and beneficial impact. The novelty of this study emphasizes the complex nature of the interaction between GCG parameters, CSR, and business success in the food and beverage industry. Practical suggestions include increasing the authority of the Audit Committee to improve performance and applying CSR more contextually to reduce the impact of the Board of Commissioners. The contribution of this research is a valuable understanding of the interaction between governance dynamics and CSR in the context of strategic decision-making.
References
Achim, Monica Violeta. 2023. Economic and Financial Crime, Sustainability and Good Governance.
Akanmu, Muslim Diekola. 2023. “Sustainability through TQM Practices in the Food and Beverages Industry.” International Journal of Quality and Reliability Management 40(2): 335–64.
Akpanuko, Essien Ekerette, and Ntiedo John Umoren. 2018. “The Influence of Creative Accounting on the Credibility of Accounting Reports.” Journal of Financial Reporting and Accounting 16(2): 292–310.
Alghifari, Erik Syawal et al. 2022. “Corporate Financial Strategy in an Emerging Market: Evidence from Indonesia.” Journal of Risk and Financial Management 15(8).
Alhababsah, Yekini, S. 2021. “Audit Committee and Audit Quality : An Empirical Analysis Considering Industry Expertise , Legal Expertise and Gender Diversity.” https://pure.coventry.ac.uk/ws/portalfiles/portal/58801738/Post_Print.pdf.
Alisa, Desy Nindy, and Dwi Nita Aryani. 2022. “Profitability, Growth Opportunity and Capital Structure on Firm Value at Non-Go Public Banks.” East Asian Journal of Multidisciplinary Research 1(7): 1395–1404.
Andreani Hanjani. 2022. “Environmental Performance and Financial Performance: Empirical Evidence from Indonesian Companies.” Corporate Social Responsibility and Environmental Management. https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.2433.
Annelies Renders, Ann Gaeremynck. 2012. “Corporate Governance, Principal-Principal Agency Conflicts, and Firm Value in European Listed Companies.” Corporate Governance 20. https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8683.2011.00900.x.
Appels, Moritz. 2022. “CEO Sociopolitical Activism as a Signal of Authentic Leadership to Prospective Employees.” Journal of Management 49(8): 2727–65.
Audia, Desinta, and Nimas Alfiana Raras Saputri. 2023. “Pengaruh Luas Lahan Pertanian Dan Nilai Realisasi Proyek Penanaman Modal Asing Terhadap Emisi Gas Rumah Kaca Di Kabupaten Batang Jawa Tengah.” Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan 5(6): 2639–44.
Ayem, Sri, and Jaimatun Nikmah. 2019. “PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI (Studi Empiris Pada Perusahaan LQ45 Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2017).” Jurnal Akuntansi Paajak Dewantara 1(2): 138–49.
Bae, Seong Mi, Md Abdul Kaium Masud, and Jong Dae Kim. 2018. “A Cross-Country Investigation of Corporate Governance and Corporate Sustainability Disclosure: A Signaling Theory Perspective.” Sustainability (Switzerland) 10(8).
Barauskaite, Gerda. 2021. “Corporate Social Responsibility and Financial Performance of Companies: The Puzzle of Concepts, Definitions and Assessment Methods.” Environmental Management. https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.2048.
Barman, Abhijit, Rubi Das, and Pijus Kanti De. 2021. “Impact of COVID-19 in Food Supply Chain: Disruptions and Recovery Strategy.” Current Research in Behavioral Sciences 2(November 2020).
Bataineh, Hanady. 2021. “The Impact of Ownership Structure on Dividend Policy of Listed Firms in Jordan.” Cogent Business and Management 8(1). https://doi.org/10.1080/23311975.2020.1863175.
Benjamin R. Olthuis. 2020. “The Board of Directors and CSR: How Does Ideological Diversity on the Board Impact CSR?” Journal of Cleaner Production. https://www.sciencedirect.com/science/article/abs/pii/S0959652619344026.
Bita, Femelia Yovita, Sri Hermuningsih, and Alfiatul Maulida. 2021. “Pengaruh Profitabilitas Likuiditas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan.” Jurnal Syntax Transformation 2(03): 298–306. https://jurnal.syntaxtransformation.co.id/index.php/jst/article/view/233.
Borgholthaus, Cameron J., Dinesh N. Iyer, and Jonathan P. O’Brien. 2021. “The Effects of Firm Aspirational Performance on Changes in Leadership Structure.” Journal of Business Research 129(February 2022): 319–27. https://doi.org/10.1016/j.jbusres.2021.03.009.
Brian L. Connelly, S. Trevis Certo. 2010. “Signaling Theory: A Review and Assessment.” Journal of management. https://journals.sagepub.com/doi/10.1177/0149206310388419.
Cahyaningrum, Safira Putri, Kartika Hendra Titisari, and Agni Astungkara. 2022. “Pengaruh Penerapan Good Corporate Governance Dan Corporate Social Responsibility Terhadap Kinerja Keuangan Perusahaan.” Owner 6(3): 3027–35.
Cornell, Bradford, and Alan C. Shapiro. 2021. “Corporate Stakeholders, Corporate Valuation and ESG.” European Financial Management 27(2): 196–207.
Darmawan, Fajar, and Zulfa Rosharlianti. 2023. “PERAN KOMITE AUDIT DALAM MEMODERASI KEBIJAKAN DIVIDEN DAN MANAGERIAL ENRENCHMENT TERHADAP KUALITAS LABA (Pada Perusahaan Sektor Kesehatan Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021).” Account 10(1): 1881–90.
David Talbot, Olivier Boiral. 2018. “GHG Reporting and Impression Management: An Assessment of Sustainability Reports from the Energy Sector.” Journal of Business Ethics. https://link.springer.com/article/10.1007/s10551-015-2979-4.
Dou, Yiwei, Ole-kristian Hope, Wayne B Thomas, and Y Zou. 2018. “Blockholder Exit Threats and Financial Reporting Quality [Contemporary Accounting Research, Forthcoming].”
Dyah Dwi Astuti. 2018. “Kejagung Usut Indikasi Penggelembungan Dana Pengadaan Obat HIV.” ANTARA 2018. https://www.antaranews.com/berita/760041/kejagung-usut-indikasi-penggelembungan-dana-pengadaan-obat-hiv.
El-chaarani, Hani, and Rebecca Abraham. 2022. “The Impact of Corporate Governance on the Financial Performance of the Banking Sector in the MENA ( Middle Eastern and North African ) Region : An Immunity Test of Banks for COVID-19.”
Elsayed, Raghda Abdellatif Abdelkhalik. 2023. “The Effect of Investment in the Brand Value Chain on Profitability and Market Value of the Firm: Lesson of Success Taken from Amazon.” Future Business Journal 9(1). https://doi.org/10.1186/s43093-023-00196-2.
Endri, Endri et al. 2020. “Determinants of Profit Growth in Food and Beverage Companies in Indonesia.” Journal of Asian Finance, Economics and Business 7(12): 739–48.
Fairuz, Annisa, Hadiyanto Wibowo, Edi Joko Setyadi, and Rina Mudjiyanti. 2023. “Pengaruh Non-Performing Loans, Keputusan Investasi, Dan Umur Perusahaan Terhadap Tobin’s Q Pada Perusahaan Sub-Sektor Perbankan Konvensional.” Ekonika : Jurnal Ekonomi Universitas Kadiri 8(1): 163–79.
Feng He. 2022. “Corporate ESG Performance and Manager Misconduct: Evidence from China.” International Review of Financial Analysis. https://www.sciencedirect.com/science/article/abs/pii/S1057521922001624.
Ferrarini, Guido. 2023. “Firm Value versus Social Value: Dealing with the Trade-Offs.” SSRN Electronic Journal (March).
Fitriyani, Yuniar. 2021. “Pengaruh Good Corporate Governance Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Subsektor Perbankan Yang Terdaftar Di Bei.” Akuntabel 18(4): 703–12.
Ghafran, Chaudhry, Noel O Sullivan, and Sofia Yasmin. 2022. “Journal of International Accounting , Auditing and Taxation When Does Audit Committee Busyness Influence Earnings Management in the UK ? Evidence on the Role of the Financial Crisis and Company Size.” Journal of International Accounting, Auditing and Taxation 47: 100467. https://doi.org/10.1016/j.intaccaudtax.2022.100467.
GHOZALI, Imam. 2018. “Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 Edisi 9.” Badan penerbit Universitas Diponegoro.
Grosse, Robert, Jonas Gamso, and Roy C. Nelson. 2021. “China’s Rise, World Order, and the Implications for International Business.” Management International Review 61(1): 1–26. https://doi.org/10.1007/s11575-020-00433-8.
Hardian, Ananda Putra, and Nur Fadjrih Asyik. 2016. “Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan, Csr Sebagai Variabel Moderasi.” Jurnal Ilmu dan Riset Akuntansi 5(9): 1–16.
Harjoto, Maretno A., and Hoje Jo. 2011. “Corporate Governance and CSR Nexus.” Journal of Business Ethics 100(1): 45–67.
Hastuti, Rini Tri. 2017. “Faktor Yang Mempengaruhi Income Smoothing Pada Perusahaan Manufaktur Di Bei Tahun 2013-2015.” Jurnal Ekonomi 22(3): 366–73.
Hendrati, Ignatia Martha, Begench Soyunov, Riski Dwi Prameswari, and Dian Anita Nuswantara. 2023. “Cogent Business & Management The Role of Moderation Activities the Influence of the Audit Committee and the Board of Directors on the Planning of the Sustainability Report The Role of Moderation Activities the Influence of the Audit Committee and the Boar.” Cogent Business & Management 10(1). https://doi.org/10.1080/23311975.2022.2156140.
Herman, Emilia, Kinga Emese Zsido, and Veronika Fenyves. 2022. “Cluster Analysis with K-Mean versus K-Medoid in Financial Performance Evaluation.” Applied Sciences (Switzerland) 12(16).
Hermanto, Yustinus Budi, Lusy Lusy, and Maria Widyastuti. 2021. “How Financial Performance and State-Owned Enterprise (Soe) Values Are Affected by Good Corporate Governance and Intellectual Capital Perspectives.” Economies 9(4).
Herusetya, Antonius, and Mariska Suryadinata. 2022. “Business Strategy Typologies: Do the Board of Commissioners and Audit Committee Concern about Prospector-Type Strategies?” Asian Journal of Accounting Research 7(3): 266–78.
Holly, Anthony, Kunradus Kampo, Robert Jao, and Theresia Cindy Lauren Jip. 2022. “Pengaruh Family Control, Ukuran Perusahaan, Pertumbuhan Perusahaan Dan Leverage Terhadap Nilai Perusahaan.” JAF- Journal of Accounting and Finance 6(2): 78.
Idx.co.id. 2023. “BEI Kembali Raih Penghargaan The Best Islamic Capital Market.” www.idx.co.id. https://www.idx.co.id/id/berita/siaran-pers/1753.
idx.com. 2023. “Suspensi.” ixd.com. https://www.idx.co.id/id/berita/suspensi.
Idx.com. 2023. “Financial Statements & Annual Report.” Indonesia Stock Excahnge Building. https://www.idx.co.id/en/listed-companies/financial-statements-and-annual-report.
Ika, Septiani, and Indrasti Anita Wahyu. 2020. “Jurnal Akuntansi Dan Keuangan FEB Universitas Budi Luhur.” Jurnal Akuntansi dan Keuangan 9(2): 167–84.
Ikbal Maulana. 2023. “Kejagung Resmi Tahan 6 Tersangka Kasus Korupsi Dana Pensiun Pelindo.” Kompas TV. https://www.kompas.tv/video/405148/kejagung-resmi-tahan-6-tersangka-kasus-korupsi-dana-pensiun-pelindo.
Ikram, M., P. Zhou, S. A.A. Shah, and G. Q. Liu. 2019. “Do Environmental Management Systems Help Improve Corporate Sustainable Development? Evidence from Manufacturing Companies in Pakistan.” Journal of Cleaner Production 226: 628–41.
Ilham Hidayah Napitupulu. 2020. “Optimizing Good Corporate Governance Mechanism to Improve Performance: Case in Indonesia’s Manufacturing Companies.” Global Business Review. https://journals.sagepub.com/doi/abs/10.1177/0972150920919875.
Ines Kateb. 2023. “The Bridge to Quality Financial Reporting: Audit Committees’ Mediating Role in IFRS Implementation For Emerging Markets.” Corporate accounting Finance. https://onlinelibrary.wiley.com/doi/abs/10.1002/jcaf.22664.
Irwan Trinugroho, Tastaftiyan Risfandy, Mamduh M. Hanafi, Raditya Sukmana. 2023. “Busy Commissioners and Firm Performance: Evidence from Indonesia.” International Journal of Emerging Markets. https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2020-0007/full/html.
Islami, Norma, Rudi Zulfikar, and Iis Ismawati. 2022. “Pengaruh Kinerja Keuangan, Kebijakan Dividen Dan Struktur Modal Terhadap Nilai Perusahaan.” Indonesian Journal of Economy, Business, Entrepreneuship and Finance 2(1): 28–36. http://ijebef.esc-id.org/index.php/home/article/view/45.
Iwan Kusuma Negara. 2019. “Analisis Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabelpemoderasi (Studi Pada Indeks Sri-Kehatiyang Listed Di Bei).” Jmm Unram - Master of Management Journal 8(1): 46–61.
Jao, Robert, Paulus Tangke, Anthony Holly, and Bill Kreshna Loandy. 2022. “Peran Mekanisme Good Corporate Governance Dalam Meningkatkan Reputasi Perusahaan Serta Dampaknya Terhadap Kinerja Keuangan.” Assets : Jurnal Ekonomi, Manajemen dan Akuntansi 12(1): 138–58.
Jensen, Michael C., and William H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3(4): 305–60.
Juwita, Arina, and Dwi Febriyanti. 2021. “Pengaruh Tata Kelola Perusahaan Dan Pengungkapan Tanggung Jawab Sosial Perusahaan Terhadap Kinerja Keuangan Dengan Manajemen Laba Sebagai Variabel Mediasi.” Diponegoro Journal of Accounting 1(1): 1094–1113.
Kara M. Obermire. 2021. “Audit Committee Members’ Professional Identities: Evidence from the Field.” Accounting, Organizations and Society. https://www.sciencedirect.com/science/article/abs/pii/S0361368221000180.
Karen A. Parker. 2019. “Risk Management within the Cannabis Industry: Building a Framework for the Cannabis Industry.” Financial Market Institution. https://onlinelibrary.wiley.com/doi/abs/10.1111/fmii.12104.
Karim, Rashed Al, and Tamima Alam. 2013. “An Evaluation of Financial Performance of Private Commercial Banks in Bangladesh: Ratio Analysis.” Journal of Business Studies Quarterly 5(2): 65–77.
Kawilarang, Medeleen Florencia, Fransiskus E. Daromes, and Paulus Tangke. 2023. “The Effect of Intellectual Capital on Sustainable Growth Moderated By the Green Innovation Strategy.” Green Innovation Strategy 06(01): 1–18.
Kemala Dewi, Ghina et al. 2021. “Pengaruh GCG, Leverage, Pengungkapan CSR Terhadap Performance Financial Pada Perbankan Syariah Di Indonesia Dengan Ukuran Perusahaan Sebagai Variabel Moderasi.” Jurnal Ilmiah Ekonomi Islam 7(03): 1740–51. http://jurnal.stie-aas.ac.id/index.php/jie.
Khan, Imran, and Syeda Nitasha Zahid. 2020. “The Impact of Shari’ah and Corporate Governance on Islamic Banks Performance: Evidence from Asia.” International Journal of Islamic and Middle Eastern Finance and Management 13(3): 483–501.
Khan, Muhammad Asif, and Adler Haymans Manurung. 2023. “The Impact of Corporate Social Responsibility on Financial Performance Mediated by Corporate Strategy , Corporate Reputation , Stakeholder Engagement & Political Connection.” 3(7): 279–92.
Kumar, Anish, Sachin Kumar Mangla, Pradeep Kumar, and Malin Song. 2021. “Mitigate Risks in Perishable Food Supply Chains: Learning from COVID-19.” Technological Forecasting and Social Change 166(February): 120643. https://doi.org/10.1016/j.techfore.2021.120643.
Kuzey, Cemil. 2021. “CSR Performance and Firm Performance in the Tourism, Healthcare, and Financial Sectors: Do Metrics and CSR Committees Matter?” Journal of Cleaner Production. https://www.sciencedirect.com/science/article/abs/pii/S0959652621030006.
Lan Nguyen-Thi-Huong, Anh Nguyen-Phuong. 2023. “The Impact of Online CSR Disclosure on Firm Performance in Banking Industry: Evidence from Vietnam.” Contemporary Economic Issues in Asian Countries.
Latan, Hengky et al. 2018. “Effects of Environmental Strategy, Environmental Uncertainty and Top Management’s Commitment on Corporate Environmental Performance: The Role of Environmental Management Accounting.” Journal of Cleaner Production 180: 297–306. https://doi.org/10.1016/j.jclepro.2018.01.106.
Lavery, Scott, and Davide Schmid. 2021. “European Integration and the New Global Disorder*.” Journal of Common Market Studies 59(5): 1322–38.
Lins, Karl V., Henri Servaes, and Ane Tamayo. 2017. “Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis.” Journal of Finance 72(4): 1785–1824.
Madhur Bhatia, Rachita Gulati. 2021. “Board Governance and Bank Performance: A Meta- Analysis.” Research in International Business and Finance. https://www.sciencedirect.com/science/article/abs/pii/S0275531921000465.
Manes-Rossi, Francesca, Adriana Tiron-Tudor, Giuseppe Nicolò, and Gianluca Zanellato. 2018. “Ensuring More Sustainable Reporting in Europe Using Non-Financial Disclosure-de Facto and de Jure Evidence.” Sustainability (Switzerland) 10(4): 7–9.
Manh-Chien Vu, Thanh Tu Pha, Nhu Tuyen Le. 2018. “Relationship between Board Ownership Structure and Firm Financial Performance in Transitional Economy: The Case of Vietnam.” Research in International Business and Finance. https://www.sciencedirect.com/science/article/abs/pii/S0275531917300442.
Martono, S, Fachrurrozie Fachrurrozie, Hasan Mukhibad, and Ahmad Nurkhin. 2022. “Cogent Business & Management Evaluation of the Impact of the Pay Gap on Performance - A Study of Dual System Banking Evaluation of the Impact of the Pay Gap on Performance - A Study of Dual System Banking.” Cogent Business & Management 9(1). https://doi.org/10.1080/23311975.2022.2110646.
Md Nasir, Noorul Azwin binti, Muhammad Jahangir Ali, Rushdi M.R. Razzaque, and Kamran Ahmed. 2018. “Real Earnings Management and Financial Statement Fraud: Evidence from Malaysia.” International Journal of Accounting and Information Management 26(4): 508–26.
Melani, Sulistia. 2017. “Pengaruh CSR Dan GCG Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderating.” Jurnal Ilmu dan Riset Akuntansi 6(10): 1–24.
Miranda Tanjung. 2020. “A Cross-Firm Analysis of Corporate Governance Compliance and Performance in Indonesia.” Managerial Auditing Journal. https://www.emerald.com/insight/content/doi/10.1108/MAJ-06-2019-2328/full/html.
Monica Wareza. 2019. “Tiga Pilar Dan Drama Penggelembungan Dana.” CNBC Indonesia. https://www.cnbcindonesia.com/market/20190329075353-17-63576/tiga-pilar-dan-drama-penggelembungan-dana.
Napitupulu, Ilham Hidayah, Anggiat Situngkir, Ferry Hendro Basuki, and Widyo Nugroho. 2020. “Optimizing Good Corporate Governance Mechanism to Improve Performance: Case in Indonesia’s Manufacturing Companies.” Global Business Review (46).
Nasih, Mohammad, Nadia Anridho, Nadia Klarita Rahayu, and John Nowland. 2023. “CEO Masculinity and CSR Disclosure : Evidence from Indonesia.” 8(2): 157–69.
Nerantzidis, Michail. 2020. “International Journal of Disclosure and Governance Audit Committee and Factors That Affect Its Characteristics : The Case of Greece.”
Nguyen, Van Chien. 2023. “Characteristics of the Board of Directors and Corporate Financial Performance — Empirical Evidence.”
Nisa, Tasya Rahmatul, and Mia Ika Rahmawati. 2023. “Pengaruh Persistensi Laba , Leverage , Dan Mekanisme Good Corporate Governance Terhadap Kualitas Laba.” Jurnal Ilmu Dan Riset Akuntansi 12(4): 19.
Okafor, Anthony, Bosede Ngozi Adeleye, and Michael Adusei. 2021. “Corporate Social Responsibility and Financial Performance : Evidence from U . S Tech Firms Related Papers.” Journal of Cleaner Production 292.
Pham, Duc Cuong et al. 2021. “Cogent Business & Management The Impact of Sustainability Practices on Financial Performance : Empirical Evidence from Sweden The Impact of Sustainability Practices on Financial Performance : Empirical Evidence from Sweden.” Cogent Business & Management 8(1). https://doi.org/10.1080/23311975.2021.1912526.
Platonova, Elena, Mehmet Asutay, Rob Dixon, and Sabri Mohammad. 2018. “The Impact of Corporate Social Responsibility Disclosure on Financial Performance : Evidence from the GCC Islamic Banking Sector.” Journal of Business Ethics 151(2): 451–71.
Pourmansouri, Rezvan et al. 2022. “An Investigation of the Link between Major Shareholders’ Behavior and Corporate Governance Performance before and after the COVID-19 Pandemic: A Case Study of the Companies Listed on the Iranian Stock Market.” Journal of Risk and Financial Management 15(5).
Puspaningrum, Yustisia. 2019. “Pengaruh Corporate Social Responsibility Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Dengan Profitabilitas Dan Ukuran Perusahaan Sebagai Variabel Moderating (Studi Empiris Pada Perusahaan Pertambangan Di Bursa Efek Indonesia).” Jurnal Profita 2(1): 1–14.
Putri Utami, Bernadette Cahya. 2021. “Analisis Kinerja Keuangan Pada PT Wahana Ottomitra Multiartha Tbk Di Masa Pandemi Covid 19.” Jurnal Sistem Informasi Akuntansi) 1(1): 61–66. http://jurnal.bsi.ac.id/index.php/jasika.
Renée B. Adams, Daniel Ferreira. 2009. “Women in the Boardroom and Their Impact on Governance and Performance.” Wiley. https://www.sciencedirect.com/science/article/abs/pii/S0304405X09001421.
Robert E. Goodin. 2013. Green Political Theory. https://books.google.co.id/books?id=LLimSF81PSAC&dq=Green+theory+argues+that+companies+that+are+committed+to+protecting+the+environment+will+be+favored+by+investors.&lr=&hl=id&source=gbs_navlinks_s.
Rosalia Maharani, Ida Siswatiningsih, and Mawar Ratih Kusumawardani. 2022. “Pengaruh Profitabilitas, Likuiditas, Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Sub Sektor Hotel, Pariwisata, Dan Restoran Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2019.” GEMILANG: Jurnal Manajemen dan Akuntansi 2(4): 127–37.
Saidu, Musa, and Hope Osayantin Aifuwa. 2020. “Board Characteristics and Audit Quality : The Moderating Role of Gender Diversity.” 8(1): 144–55.
Sanjai Bhagat, Brian Bolton. 2021. “Corporate Governance and Firm Performance.” Accounting 7(1): 13–22.
Santoso, Aprih, and Sri Yuni Widowariti. 2023. “The Role of in Disclosing Firm Value.” Jurnal Ekonomi Manajemen 8(1): 71–78.
Saud A. Taj. 2016. “Application of Signaling Theory in Management Research: Addressing Major Gaps in Theory.” European Management Journal 34(4). https://www.sciencedirect.com/science/article/abs/pii/S0263237316300056?via%3Dihub.
Seth, Sameer. 2023. “The Influence of the Quantity of Corporate Social Responsibility and National Diversity of the Board of Companies on Corporate Value with the Availability of Sustainability Reports as a Moderating Variable.” 1(1): 14–27.
Shirasu, Yoko, and Hidetaka Kawakita. 2021. 50 Global Finance Journal Long-Term Financial Performance of Corporate Social Responsibility.
Shoaib, Adnan, and Muhammad Ayub Siddiqui. 2022. “Earnings Management and Theoretical Adjustment in Capital Structure Performance Pattern: Evidence from APTA Economies.” Borsa Istanbul Review 22(1): 20–36. https://doi.org/10.1016/j.bir.2020.12.001.
Sihombing, Kennedy Samuel, and Shiddiq Nur Rahardjo. 2014. “Analisis Fraud Diamond Dalam Mendeteksi Financial Statement Fraud: Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2010-2012.” Diponegoro Journal of Accounting 3(2): 657–68. https://ejournal3.undip.ac.id/index.php/accounting/article/view/6136.
Sugiyono, Prof.DR. 2013. “Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif Dan R&D.” Bandung : Alfabeta.,: 456 hlm. https://digilib.unigres.ac.id/index.php?p=show_detail&id=43&keywords=.
Suhardjanto, Djoko, Alwiyah, Marieta Ekananda Utami, and Muchamad Syafruddin. 2017. “Board of Commissioners Diversity and Financial Performance: A Comparative Study of Listed Mining Industry in Indonesia and Pakistan.” Review of Integrative Business and Economics Research 6(1): 131–42. http://buscompress.com/journal-home.html.
Suhartono, Sugi. 2020. “Analisis Pengaruh Fraud Diamond Dan Good Corporate Governance Dalam Mendeteksi Kemungkinan Terjadinya Fraudulent Financial Statement.” Jurnal Bina Akuntansi 7(2): 175–207.
Suhartono, Suhartono, Dwi Susilowati, and Astutih Astutih. 2022. “Pengaruh Good Corporate Governance, Kebijakan Dividen, Roa Dan Pertumbuhan Laba Perusahaan Terhadap Nilai Perusahaan.” Jurnal GeoEkonomi 13(2): 138–54.
Sunitiyoso, Yos et al. 2022. “Port Performance Factors and Their Interactions: A Systems Thinking Approach.” Asian Journal of Shipping and Logistics 38(2): 107–23. https://doi.org/10.1016/j.ajsl.2022.04.001.
Suteja, Jaja, Ardi Gunardi, and Erik Syawal Alghifari. 2023. “Investment Decision and Firm Value : Moderating Effects of Corporate Social Responsibility and Profitability of Non-Financial Sector Companies on the Indonesia Stock Exchange.”
Sutopo, Bambang, Sebastian Kot, Arum Kusumaningdyah Adiati, and Lina Nur Ardila. 2018. “Sustainability Reporting and Value Relevance of Financial Statements.” Sustainability (Switzerland) 10(3): 1–14.
Taha Almarayeh, Modar Abdullatif, Beatriz Aibar-Guzmán. 2022. “The Role of Audit Committees in Mitigating Earnings Management: Evidence from Jordan.” Journal of Accounting in Emerging Economies. https://www.emerald.com/insight/content/doi/10.1108/JAEE-09-2020-0235/full/html.
Thomas, Keith, and Aquinas J. Purcell. 2019. “Local Government Audit Committees: A Behaviour Framework for Effective Audit Committee Performance.” Australian Accounting Review 29(2): 418–37.
Torelli, Riccardo, Federica Balluchi, and Katia Furlotti. 2020. “The Materiality Assessment and Stakeholder Engagement: A Content Analysis of Sustainability Reports.” Corporate Social Responsibility and Environmental Management 27(2): 470–84.
Tsuroyya, Mutiara Ulfa, and Ida Bagus Putra Astika. 2017. “Pengaruh Profitabilitas Dan Financial Leverage Pada Income Smoothing Dengan Ukuran Perusahaan Sebagai Variabel Pemoderasi.” E-Jurnal Akuntansi 20(3): 2275–81. https://ojs.unud.ac.id/index.php/akuntansi/article/view/29393.
Valeria Naciti. 2019. “Corporate Governance and Board of Directors: The Effect of a Board Composition on Firm Sustainability Performance.” Journal of Cleaner Production. https://www.sciencedirect.com/science/article/abs/pii/S0959652619325879.
Vania Carolina Santoso Njotodiardjo. 2021. “Jurnal Akuntansi, Manajemen, Dan Bisnis.” Jurnal Akuntansi, Manajemen, dan Bisnis 8. https://jurnal.machung.ac.id/index.php/parsimonia/article/view/516/238.
Villers, De, Jing Jia, and De Villers. 2022. “University of Tasmania Open Access Repository Cover Sheet Are Boards ’ Risk Management Committees Associated with Firms ’ Environmental Performance ?”
Wahana, Prawira, and Idhar Yahya. 2023. “Effect of the Board of Commissioners , Capital Intensity , Profitability , and Audit Committee on Tax Avoidance with Firm Size as a Moderating Variable in Food and Beverage Companies Listed on the IDX.” 10(July): 401–13.
Wakhidati, Nur Khoiriya. 2022. “Pengaruh Good Corporate (GCG), Corporate Social Responsibility (CSR), Dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan.” Jurnal Ilmu dan Riset Akuntansi 11(4): 1–14.
White, Halbert. 1980. “White, H. (1980).Pdf.” https://scholar.google.com/scholar?hl=id&as_sdt=0%2C5&q=White%2C+H.+%281980%29.+A+heteroskedasticity-consistent+covariance+matrix+estimator+and+a+direct+test+for+heteroskedasticity.+Econometrica%2C+48%284%29%2C+817-838.&btnG=.
Wicaksono, Ando Suryo, and Isna Putri Rahmawati. 2019. “Pengaruh Kecakapan Manajerial , Good Corporate Governance Dan Book Tax Differences Terhadap Kualitas Laba Perbankan Di Indonesia.” Jurnal Mutiara Madani 07(2): 161–79.
Xu, Zhitao et al. 2021. “The Compounded Effects of COVID-19 Pandemic and Desert Locust Outbreak on Food Security and Food Supply Chain.” Sustainability (Switzerland) 13(3): 1–17.
Yanti, Lia, Yunia Oktari, and Ardy Ardy. 2022. “Keterkaitan Good Corporate Governance Dan Corporate Social Responsibility Terhadap Kinerja Keuangan Perusahaan.” eCo-Buss 4(3): 582–93.
Ye, Meng, Hongdi Wang, and Weisheng Lu. 2021. “Opening the ‘Black Box’ between Corporate Social Responsibility and Financial Performance: From a Critical Review on Moderators and Mediators to an Integrated Framework.” Journal of Cleaner Production 313(November).
Zhang, Qingyu et al. 2020. “Effects of Corporate Social Responsibility on Customer Satisfaction and Organizational Attractiveness: A Signaling Perspective.” Business Ethics 29(1): 20–34.
Zhao, Jingchen. 2021. “Reimagining Corporate Social Responsibility in the Era of COVID-19 : Embedding Resilience and Promoting Corporate Social Competence.”
![](http://journal2.uad.ac.id/public/journals/62/submission_9441_8496_coverImage_en_US.jpg)
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Agus, Annisa, Kaira, Daniel, Ibrahim
![Creative Commons License](http://i.creativecommons.org/l/by-sa/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.