PENGARUH KARAKTERISTIK PERUSAHAAN TERHADAP TINGKAT KEPERCAYAAN INVESTOR DENGAN CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE SEBAGAI VARIABEL INTERVENING

Abstract

Penelitian ini bertujuan untuk menguji pengaruh karakeristik perusahaan yang terdiri atas ukuran perusahaan, ukuran dewan komisaris, kepemilikan institusional, kepemilikan asing, umur perusahaan, profitabilitas, likuiditas, solvency dan leverage terhadap tingkat kepercayaan investor melalui corporate social responsibility disclosure sebagai variabel intervening. Populasi penelitian ini adalah perusahaan yang terdaftar sebagai perseroan di Indonesia dengan sampel perusahaan industri kimia dan dasar yang terdaftar di Bursa Efek Indonesia selama periode 2007 sampai dengan 2010. Sampel dipilih dengan metode purposive sampling, yaitu berjumlah 40 data. Metode analisis yang digunakan adalah partial least square yang merupakan metode alternatif dari structural equation modelling.Hasil penelitian membuktikan bahwa ukuran perusahaan dan ukuran dewan komisaris berpengaruh negatif terhadap tingkat kepercayaan investor melalui corporate social responsibility disclosure. Kepemilikan institusional, kepemilikan asing, umur perusahaan, profitabilitas, dan leverage berpengaruh positif terhadap tingkat kepercayaan investor melalui corporate social responsibility disclosure. Likuiditas dan solvency berpengaruh negatif terhadap tingkat kepercayaan investor melalui corporate social responsibility disclosure. Hal ini menunjukkan bahwa pengungkapan tanggung jawab sosial dalam laporan tahunan perusahaan dapat meningkatkan kepercayaan investor untuk berinvestasi.

Kata Kunci: karakteristik perusahaan, ukuran perusahaan, ukuran dewan komisaris, kepemilikan institusional, kepemilikan asing, umur perusahaan, profitabilitas, likuiditas, solvency, dan leverage, corporate social responsibility disclosure, tingkat kepercayaan investor.

The objectives of this research are to examine influence of firm characteristics, consist of firm size, board of commissioner size, institutional ownership, foreign ownership, firm age, profitability, liquidity, solvency and leverage toward the investor confidence level with corporate social responsibility disclosure as intervening variable. The populations are all limited companies in Indonesia with the samples are companies of chemical and basic industry member of Indonesia Stock Exchange in 2007 to 2010 periods. The samples selected based on purposive sampling method are meet 40 data. The analysis method used to tested hypothesis is partial least square, which is the alternative method of structural equation modelling.81The result of this research shows that firm size and board of commissioner size have negative influence toward the investor confidence level through corporate social responsibility disclosure. Institutional ownership, foreign ownership, firm age, profitability, and leverage have positive influence toward the investor confidence level through corporate social responsibility disclosure. Liquidity and solvency have negative influence toward the investor confidence level corporate social responsibility disclosure. This result indicates that corporate social responsibility disclosure in companies’ annual report increase the investor confidence level to invest.

Keywords: firm characteristics, firm size, board of commissioner size, institutional ownership, foreign ownership, firm age, profitability, liquidity, solvency, leverage, corporate social responsibility disclosure, the investor confidence level.