ANALISIS HUBUNGAN VALUE BASED MANAGEMENT DENGAN CORPORATE SOCIAL RESPONSIBILITY DALAM IKLIM BISNIS INDONESIA
(STUDI KASUS PERUSAHAAN SWA100 2006)
Elsa Rumiris Monika
Fakultas Ekonomi Universitas Indonesia
Dwi Hartanti
Fakultas Ekonomi Universitas Indonesia
Abstract
This research tries to analyze the relationship between corporate environmental performance and financial performance. The influence of corporate environmental management aspect into that relationship is also observed.
We used PROPER rating 2002 – 2004 as proxy of environmental performance, accounting and market based measure in financial performance and GRI Guideline for environmental aspect of companies. We conducted lead – lag scenario for tested the relationship. We also try to analyze the effect of disclosure and ISO as environmental aspect of companies.
The study found that the relationship between environmental performance and financial performance is positive but not significant, both in lead and lag scenario. We also found that market react negatively to the environmental aspect of company such as corporate environmental management and ISO 14001. The relationship between environmental performance and ISO is negative. But we found that the better the corporate environmental management, the higher the disclosure.
Key word: Environmental performance, financial performance, corporate social responsibility
PENDAHULUAN
Financial condition alone is not enough to guarantee a sustainable growth company value (Narver, 1971; McWilliams and Siegel, 2000). The sustainability of the company (corporate sustainability) will only be guaranteed if the company’s attention to social and environmental dimensions. It is a fact how the society around resistance to surface against companies deemed to be notice of the environment. An example is the case in Indonesia Inti Utama Indorayon, North Sumatra.
Awareness about the importance of CSR practice has become a global trend in line with the rise of a global public awareness to the products environmentally friendly and manufactured with attention to social norms and principles of human rights (human rights). For example, a boycott of Nike products by citizens in European countries and the United States occurred when the manufacturer of Nike shoes in Asia and Africa reported employing minors with very low wages. Other global trends in CSR implementation in the field of capital markets is the implementation of an index that includes the category of stocks that have been practicing CSR.
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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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