Pengaruh Independent Board dan CSR terhadap PBV
Peran NPM sebagai Variabel Intervening
DOI:
https://doi.org/10.59001/pjeb.v5i2.883Keywords:
dewan komisaris independen, tanggung jawab sosial perusahaan, Price-to-Book Value (PBV), Net Profit Margin (NPM)Abstract
This study aims to examine the effects of independent commissioners and ISO 26000-based CSR disclosure on Price-to-Book Value (PBV), with Net Profit Margin (NPM) as an intervening variable. This study employs a quantitative approach using data from companies listed on the stock exchange. The data were analyzed using multiple linear regression and multi-stage path analysis to examine the direct and indirect effects among the variables. The results show that independent commissioners have a negative and significant effect on PBV, while ISO 26000-based CSR disclosure has no significant effect on PBV. Furthermore, NPM serves as a partial mediator, indicating that profitability is one of the mechanisms linking internal governance and CSR disclosure to firm value. Practically, these findings highlight the importance of integrating corporate governance and CSR practices with improved profitability to generate economic benefits for companies. Academically, this study contributes to strengthening the integration of agency theory, stakeholder theory, and signaling theory in explaining the relationships among corporate governance, CSR, financial performance, and firm value in emerging market contexts.
Penelitian ini bertujuan untuk menguji pengaruh dewan komisaris independen dan pengungkapan CSR berbasis ISO 26000 terhadap PBV, dengan Net Profit Margin (NPM) sebagai variabel intervening. Penelitian ini menggunakan pendekatan kuantitatif dengan data perusahaan yang terdaftar di bursa. Data dianalisis menggunakan regresi linier berganda dan multi-stage path analysis untuk menguji pengaruh langsung dan tidak langsung antarvariabel. Hasil penelitian menunjukkan bahwa dewan komisaris independen berpengaruh negatif dan signifikan terhadap PBV, sedangkan pengungkapan CSR berbasis ISO 26000 tidak berpengaruh terhadap PBV. Selanjutnya, NPM berperan sebagai mediator parsial, yang menunjukkan bahwa profitabilitas menjadi salah satu mekanisme yang menghubungkan tata kelola internal dan pengungkapan CSR dengan nilai perusahaan. Secara praktis, temuan ini menunjukkan pentingnya mengintegrasikan praktik tata kelola dan CSR dengan peningkatan profitabilitas agar dapat memberikan manfaat ekonomi bagi perusahaan. Secara akademis, penelitian ini berkontribusi pada penguatan integrasi agency theory, stakeholder theory, dan signaling theory dalam menjelaskan hubungan antara tata kelola, CSR, kinerja keuangan, dan nilai perusahaan pada konteks pasar negara berkembang.
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