Jurnal Indonesian Business Padlah Riyadi. 2022
Jurnal Indonesian Business Padlah Riyadi. 2022
Jurnal Indonesian Business Padlah Riyadi. 2022
Abstract
This study aims to determine and analyze the effect of profitability, leverage, firm size and environmental
performance moderated by company profile variable on the CSR disclosures of companies listed the IDX in
2014-2019. Based on purposive sampling, there were 12 companies according to the research criteria
multiplied by the number of 6 years of observation, 72 data were processed and analyzed using multiple linear
regression. The result of simultaneously, the variables of profitability, leverage, firm size, environmental
performance and company profile have a significant influence on CSR Disclosure. Partial testing shows that
only leverage has a significant effect on CSR disclosure, while profitability, firm size, environmental
performance and company profile have no significant effect on CSR disclosure. From direct testing,
Keyword : Profitability, leverage, firm size, environmental performance, company profile and CSR disclosure
1. INTRODUCTION
1.1. Background of the problem.
Organizational progress in the 4.0 revolution era, is very dynamic and advanced. All these advances
are shown by the modern industrial enterprise that uses robotic applications to increase production capacity.
The use of human and natural aspects is also increasing, in maximizing work processes, efficiency and
productivity, business entities seek (robotic and digital approach) in production, business streamlining, use of
cheap resources, cost efficiency and others as an effort to increase productivity.
Increasing productivity and efficiency that ignores social and environmental factors, causing natural
damage, such as land erosion, forest fires, air pollution, water waste and others are very detrimental to other
stakeholders in maintaining sustainability or sustainability of the company's business environment. Facts show
how neglect of social and environmental aspects creates resistance from society (conflicts and disputes).
Various problems arise due to the company's indifference in managing natural resources, the environment and
the surrounding community, both in the short and long time range, in the long and long period of time after the
restoration of social damage, environmental ecology is very threatening the regeneration of the sustainability of
the ecosystem, environment and social of the surrounding community, (sustainability damage domino effect).
The number of cases of environmental damage in Indonesia, which is caused by the neglect of corporate
responsibility from the company's business processes in natural resource management, is more negative for
the surrounding environment, the negative impact is pollution and environmental damage,
In Indonesia, CSR disclosure is regulated by Law No. 40 of 2007. Article 74 paragraph 1 states that
PTs that carry out business activities in the field of and/or related to natural resources are obliged to carry out
social and environmental responsibilities. UU no. 25 of 2007 Article 15 concerning "Investment" explains that
every business actor is responsible for carrying out corporate social activities, and Article 34 contains sanctions
for business entities or individuals who ignore corporate social responsibility, even though there are regulations
that regulate In the form of law, not a few companies are negligent or less compliant in implementing corporate
social responsibility program policies because the costs incurred are relatively large, and this will certainly
reduce the company's net profit.
Based on the problems and the phenomenon of the existing gap, it is very interesting to do a re-
examination of the disclosure of corporate social responsibility or corporate social responsibility disclosure. The
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independent variables of this study are profitability, leverage, firm size, environmental performance and
company profile which are thought to have an effect on CSR disclosure.
From the background of the problem, phenomenon and gap research, the title of this research is:
“Determinants of Profitability, Leverage, Firm Size and Environmental Performance Moderated Company
Profile in Corporate CSR Disclosure on the IDX 2014-2019”
1. 2 Problem Formulation.
Based on the background above, the formulation of this research is a Do profitability, leverage, firm size
and environmental performance moderated by company profile affect CSR disclosure?
1. 3 Research Objectives.
This study aims to examine and analyse the effect of profitability, leverage, firm size and environmental
performance moderated by company profile on CSR disclosure?
1. 4 Research Benefits.
1. Theoretical Benefits, this research is expected to provide empirical evidence about CSR disclosure and
can be a reference for academics and provide a conceptual contribution to research related to CSR
disclosure.
2. Practical Benefits, the research results are expected to provide benefits to organizational stakeholders in
the government (public) and private (private) sectors, especially regarding management aspects in CSR
disclosure and can be used as a reference for company policies, in consideration of company policies
related to CSR disclosure.
2.3. Profitability
according to(Abdul Halim & Hanafi., 2012, p. 89), the notion of profitability is "... the company's
ability to generate profits or profits at a certain level of sales, assets and share capital." Profitability ratios
are expected to be able to describe the basic ability of business entities to earn profits and measure the
level of usability of operations carried out by management. Explanation(Abdul Halim & Hanafi., 2012)three
profitability ratios that are widely used in the use of financial ratios, namely:
1. Profit Margins:
is the ratio of net income generated to sales.
2. Return On Assets:
is the ratio between the company's net profit with total assets
3. Return On Equity:
is a ratio that measures the company's ability to generate net income based on a certain share capital, this
ratio is also seen as a measure of profitability from the perspective of shareholders.
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2.4. Leverage
Explanation(Cashmere, 2016, pp. 151–152), the leverage ratio is: " ... the ratio used to measure the
extent to which the company is financed with debt ".according to(Fahmi, 2015, p. 72), "leverage is the use of
sources of funds that have a fixed burden, with the aim of providing increased profits from fixed costs, so that
shareholder profits increase, consideration of using fixed costs, usually to increase shareholder income.
Leverage is also a tool in increasing profit or return of yield or value without increasing investment.
according to(Cashmere, 2016, pp. 155–156)In practice, the use of this ratio is adjusted to the needs of
the company, whether it will be used all or only partially. Some leverage ratios are:
1. Debt to Asset
Debt ratio Comparison of total debt with total assets, this analysis is used to measure how much the
company's assets are financed from debt.
2. Debt to Equity Ratio:
This ratio compares total debt with equity, the purpose of use is to see how much rupiah of equity is used as
debt security.
3. Long Term Return On Equity (LTDEbr)
Comparison of long-term debt with equity, it means that rupiah from each equity is used as collateral for
long-term debt.
4. Time Interest Earned:
Time interest earnedis the sizea ratio that assesses management's ability to pay or cover future interest
costs. This ratio is classified as one of the financial ratios in the solvency ratio, because the times interest
earned ratio assesses the company's ability to pay interest and debt.
5. Fixed Charge Coverage (FCC)
Used to get long debts based on a lease (lease contract).
4.2.2. Sample
The sample is the number of part of the population that is representative of the study.(Ghozali, 2016).
The sample method chosen is based on purposive sampling, using various reasons (judgment sampling) for
samples that do not meet the criteria and cannot have the opportunity to be selected as samples again, the
criteria referred to are as follows:
Table 4
Research Sample
Sample Criteria Number of samples
Companies listed on the IDX that publish sustainability reports from 2014 to 2019 46
Companies that are inconsistent or incomplete in publishing sustainability reports in (7)
a row during 2014-2019
Companies that do not have a PROFER rating during 2014-2109 (27)
Number of research samples 12
Observation year 6
Final research sample 72
Source: processed secondary data (2021) completeness of data can be seen in appendix 2.
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4.3.3. Firm Size(X3)
Firm sizebased on the size of the total assets, sales, number of employees, and market capitalization
owned by the company. (Suhardjanto 2008). Firm size measurement is based on research by Akrout-Othman
(2013), Van De Burgwal-Vieira (2014), transformed mathematically in the form of an asset logarithm to equate
the calculation method with the variable in question, the reason for using the total asset value is because the
asset value is greater than other indicators.
4.3.4. Environmental Performance(X4)
From the research of Suratno, et al (2006) environmental performance is the company's participation
in the program made by KML in the form of PROPER. Environmental performance assessment is based on
research from Pradini (2013), Jannah (2014) and Jane Andriana (2017), which uses numbers 1 to 5 according
to color in PROPER using direct selection of PROPER ranking reports at the Ministry of Environment.
4.3.5. Company Profile(Z)
The public assesses the company based on the characteristics of the business model related to risk,
total employees, and assets owned. From this assessment there are group categories, first high profileis an
industrial group that is in the public spotlight due to operational performance that intersects with the community.
The public is very sensitive to this type of company because the slightest carelessness of the company can
have a bad impact on the community.
4.3.6. Corporate Social Responsibility Disclosure or CSR Disclosure (Y)
Measurement CSR using the corporate social disclosure index (CSDI) with an explanation of the
approach, namely the number 1 if the CSR instrument is disclosed, on the contrary 0 if the instrument from the
CSR indicator is not reported, the number of points for each item is totaled to get the total value of each
company. The CSDI calculation formula is as follows(Kristi, 2013)
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The autocorrelation test aims to see whether the linear regression model has a correlation between the
confounding error in period t and the error in period t-1 (previous). If there is a correlation, it is called an
autocorrelation problem. Autocorrelation arises because successive observations are related all the
time(Ghozali Iman, 2018, p. 199).
4.5.3. Hypothesis Model Test
The equation for the multiple linear regression model can be written as follows:
Y = + 1 .X1 + 2. X2 + 3. X3 + 4. X4 + 5. Z+e ......
where:
Y =C S R D i s c l o s u r e
= Constant
= Regression coefficient
X1 = Profitability
X2 = Leverage
X3 = Firm Size
X4 = Environmental Performance
Z = Company Profile
E =E rror
according to(Ghozali Iman, 2018, p. 78), "The accuracy of the regression function in estimating the actual
value is measured from its goodness of fit, which can be statistically measured from the coefficient of
determination (R2), F-value statistics and t-value statistics."
1. R² Test (Coefficient of Determination)
The coefficient of determination test is used in determining how much the independent variable iscan
explain the dependent variable, the value of the coefficient of determination between zero and one, from a
small R² value describes the ability of the independent variables to explain the dependent variable is very
limited.
2. F Statistic Test
The f test is used to see the relationship of the independent variables equally to the dependent variable, in
seeing the influence of the independent variables together on the dependent variable, by looking at the
significance level of < 0.05. if the probability F value is greater the the regression model cannot be used to
predict the dependent variable or in other words the independent variables jointly affect the independent
variables(Ghozali Iman, 2018, p. 88).
3. Test Statistics t
The t statistic test was used to see the relationship of each independent variable individually to the
dependent variable. There are 2 (two) ways to perform the t-test, namely by looking at the level of
significance and by comparing the calculated t-value with the t-table value.(Ghozali Iman, 2018, p. 88)
4. Moderated Regression Analysis
The data analysis model used in this study was multiple linear regression analysis with Moderating
Regression Analysis (MRA).Moderated Regression Analysis (MRA). According to (Ghozali, 2018) the
purpose of this analysis is to determine whether the moderating variable will strengthen or weaken the
independent variable and the dependent variable.In this study, the MRA test will be used.
Hypothesiss is moderating is accepted if the company profile moderating variable at the time of direct
testing has a significant effect on CSR disclosure, if during direct testing the variables that are considered as
moderating variables are not significant, then the moderation test cannot be at the moderation test stage, but
only comes to ordinary linear regression testing. Exist three regression test models of moderating variables,
namely interaction, absolute difference, and residual.(Ghozali Iman, 2018, p. 108).
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4) The value of the regression coefficient on the firm size variable (X3) shows a unidirectional or negative
effect, which means that if the firm size variable (X3) increases by 1 unit, it will increase CSR disclosure (Y)
by 1.3.5%.
5) The regression coefficient value on the environmental performance variable (X4) shows a unidirectional or
positive effect, which means that if the environmental performance variable (X4) increases by 1 unit, it will
increase CSR disclosure (Y) by 3.5%.
6) The value of the regression coefficient on the company profile variable (Z) shows a direct or positive
influence, which means that if the company profile variable (Z) increases by 1 unit, it will increase CSR
disclosure (Y) by 5.1%.
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Multiple linear regression testing can be seen in table 5.8, statistical test F, states that the company
profile simultaneously with other variables affects the dependent variable or CSR disclosure, while the
regression coefficient value with t test, company profile variable with a positive direction of 0.410 with t test
results from the lowest t arithmetic value t table (0.410 < 1.9965) and the significance is greater than the
tolerance level (0.683 > 0.05), from the information it is said that the company profile (X5) has no impact on
CSR disclosure, so it can be said that the fifth hypothesis ( H5) which states that the company profile variable
(X5) has an effect on the Y variable or CSR disclosure is rejected
This study is consistent with (Zuhroh and Sukmawati, 2003), (Fauzi et al., 2007) and (Nadiah, 2011)
which found empirical evidence that company profiles have no effect on CSR disclosure. And rejects research
(Gunawan, 2000), (Hasibuan, 2001) and (Djakman and Machmud, 2018) which state that the company profile
has a significant influence on CSR disclosure.
1.1.6. The influence of the company profile is thought to moderate the influence of the relationship between
profitability, leverage, firm size and environmental performance with CSR disclosure
Based on the results of calculations using the SPSS 26 program as shown in table 5.8 The results of
the t-test between the company profile variables and CSR disclosure where the company profile produces a t-
count value of 0.410 and a significance of 0.683obtained insignificant results, it can be concluded that
hypothesis 6 is rejected, meaning that the company profile variable at the time of direct testing has no effect
and is significant, with the conclusion that the company profile variable is not a moderator that strengthens and
weakens the correlation of one variable and more so that it can be concluded that hypothesis 6 is rejected.
This research is consistent with what was done (Nurkhin, 2009), stated that the company profile had
no effect on CSR disclosure, and rejected research (Sembiring, 2005), (Anggraini, 2006), (Yuliawan Dwi
Cahyo, 2011) and (Ni Luh Asri Suryaputri, I Putu Sudana, 2017) stated that the company profile has a
significant influence on CSR disclosure
1.1.7. Research Implication
The impact of this research includes 2 (two) things, namely theoretical and practical. Theoretical
implications relate to the contribution of the findings to the development of theoriesCSR disclosureand then
practically relates to research findings on the achievement of CSR disclosure.
1.1.7.1. Theoretical Implications.
Stakeholder theory sees that companies with high levels of leverage are more likely to reduce the level
of CSR disclosure. With the high level of leverage, the company's fixed costs will increase. This will result in
limited CSR disclosure. The company will try to carry out CSR disclosure activities to a minimum to avoid
pressure from creditors. Creditors can influence and pressure the company if the company is too busy with
social activities, creditors expect their interests to be prioritized by the company rather than carrying out social
activities. This research proves the validity of stakeholder theory as the theory that underlies this research. This
research is in line with research conducted by Amran & Devi (2008) and Andrikopoulos & Krkodeni (2013)
1.1.7.2. Practical Implications
The practical impact of research shows data and material for consideration for entities, especially
companies listed on the Indonesia Stock Exchange that publish sustainability report for decision making for the
management, If the company wants to increase the disclosure of corporate environmental social responsibility,
the company must also improve the quality and quantity of the company's CSR disclosures contained in the
report.
Partially, only leverage has an impact on CSR disclosure. This condition indicates that CSR disclosure
is important for entities that intersect with the interests of the community, creditors and other related parties.
The implementation of CSR creates harmonious relationships and eliminates gaps that interfere with the
sustainability (existence) of the company's business activities. This research also explains that only leverage
has an effect on CSR disclosure, therefore it is necessary to re-examine the factors that influence CSR
disclosure by adding different variables, objects, and periods.
1.1.8. Research Limitations.
The research conducted shows that there are still many limitations of this research, including:
1. The results of the Adjusted R Square test are 21%, where these results indicate that the influence of the
independent variable on the dependent variable in this study is still low and there are many other factors
outside the variables studied that affect the dependent variable of the study.
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2. The use of a dummy variable or dichotomy is not recommended as a moderating variable, because when
the direct test is carried out the results will not be significant, for example, the company profile which is
used as the moderating variable from the direct test results is not significant to the dependent variable.
3. The small number of research samples is only 12 companies, with a research period of 6 years (2014-
2019) so that the research sample is only 72 samples.
4. Another limitation is that the selection of research sample criteria must consistently publish sustainability
reports and PROFER regularly during the year of observation, thus causing a large number of populations
that cannot be used as research samples due to the absence of opportunities or equal opportunities for
each element of the population to be selected as samples.
VI. CONCLUSION
5.1. Conclusion
The results of the analysis presented from this study are:
1. Profitability(X1) has no significant effect on CSR disclosure. This condition is due to the profits
obtained first being used for operational purposes. This situation is used by management as an
attraction for company development rather than implementing CSR disclosure.
2. Leverage (X2) has a significant impact on CSR disclosure. This illustrates the success of wealth and
asset management in providing high returns to investors. In conditions of greater obligations, the
financial obligations are also large, this forces the company to pay off its obligations first compared to
carrying out other obligations.
3. Firm size (X3) has no impact on CSR disclosure. (Y). This information explains that the disclosure of
environmental social responsibility does not depend on the size of the company. Another reason is
that the disclosure of corporate social responsibility is not related to the size of the total assets owned
by the company, the company does not want to carry out corporate social responsibility programs
because they see it only as an expense.
4. Environmental performance (X4), has no significant effect on CSR disclosure. (Y). Environmental
performance as measured by PROPER has no impact on the company's CSR disclosure. CSR
disclosures made by the sample companies that follow PROPER, are not widely disclosed in the
sustainability report. The results of the 72 data processing are mostly blue companies, meaning that
environmental management carried out by companies is limited to responsibilities regulated by
regulations.
5. Company profile (Z) has no significant effect on CSR disclosure. (Y). From the information above, it
can be concluded that the sample companies that have a high company profile also report limited or
incomplete CSR disclosures, so it can be said that the size of CSR disclosure is not influenced by the
company profile.
6. Company profile(Z) or the company profile that is suspected to moderate the profitability (X1),
leverage (X2), firm size (X3) and environmental performance (X4) variables on CSR disclosure (Y),
when the direct test is carried out the results have no effect and are not significant. so that it can be
said that the company profile variable (X5), presumed to be a moderating variable that can strengthen
and weaken the independent variable, is not a moderating variable.
7. Adjusted R Square13.6%, indicating the small impact of the influence of the independent variable on
the dependent variable and the number of other factors that have not been studied outside of this
study.
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