Analisis Hubungan Corporate Governance, Corporate Social Responsibility, dan Corporate Financial Performance pada Perusahaan Kompas 100

Annisa Putri Caesari, Abdul Kohar Irwanto, Muhammad Syamsun


In accommodating the objectives and obligations, the company may apply a system called Corporate Governance (CG) and Corporate Social Responsibility (CSR). The implementation of CG and CSR are related because CSR is a consequence of the implementation of CG. CG and CSR are also interconnected with Corporate Financial Performance (CFP). Through the implementation of CG, the company can improve CFP. While the relationship between CSR and CFP can be associated positively or negatively. CSR can improve CFP during the company does not over investment in CSR activities. The research was conducted on one hundred companies listed in Kompas100 index to determine the relationship of implementation of CG on the disclosure of CSR, the relationship of implementation of CG to the CFP, the relationship disclosure of CSR to the CFP, and the relationship of implementation of CG to the CFP with CSR as a moderating variable in the sample companies. structural equation modeling (SEM) analysis uses in order to determine the relationship of these three variables. The results show that the implementation of CG which is reflected in board size indicator significantly positive related to the disclosure of CSR activities. However, the implementation of CG significantly negative related to the company’s financial performance that is reflected in PER ratio. Moreover, CSR disclosure is significantly negative related to the financial performance. Due to the relationship between CG and CFP and the relationship between CSR and CFP is significantly negative related, implementation of CG is also significantly negative related to the CFP through the disclosure of CSR as a moderating variable.



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