Analisis Hubungan Value Based Management Dengan Corporate Social Responsibility Dalam Iklim Bisnis Indonesia




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.

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