The Financial Performance Determinant and Implication of the Stock

Return of Manufacturing Company in Indonesia

Faridah

Department of Accounting, State Polytechnic of Sriwijaya, Palembang, Indonesia

Keywords: Foreign ownership, total assets, DER, CSR, return share

Abstract: The purpose of this study is to analyze and prove the influence, foreign ownership, total assets, debt to equity

ratio and CSR of manufacturing companies listed on the Indonesia Stock Exchange on return share. The

population in this study is a manufacturing company listed on the stock exchanges of Indonesia in 2013-2017.

Sampling is restricted to firms that from 2013 to 2017 report financial reports to IDX with information

provided by the complete. In this study selected sample 48 companies. From the results of the test report

shows the effect of only total assets, against CSR. Together foreign ownership, total assets and company DER

affect CSR.

1 INTRODUCTION

Corporate social responsibility (CSR) becomes an

interesting topic to be discussed in the past decade.

Meetings are held in conjunction with CSR,

particularly with regard to the challenges and

opportunities for CSR development as well as the cost

and benefits of its implementation. Not just a hot

topic of discussion, the concept of CSR is also

becoming a study that is increasingly studied and

even become one of the strategies to achieve short-

term and long-term goals of the company.

Today it seems that CSR is entering a new phase

which is very important because the paradigm of

thinking about the concept of CSR is changing where

the concept of CSR is cost seems to be over. In

various activities that require expenditure, CSR

activity is no longer seen as activities that absorb the

cost (cost) but as a means to achieve profit (profit).

As previously mentioned, CSR activity is no

longer seen as an activity that absorbs cost but as a

means of profit. In relation to company performance,

there are many benefits of CSR activities for the

company. Stated that social and environmental

activities provide many benefits for the company

such as improving corporate image, favored by

consumers, and interested investors.

According to (Roberts, 1991), the company's

decision to provide information relating to social and

environmental aspects is done for various reasons,

including stock market considerations, reassuring

people and government, Changing perceptions, and

reducing various political costs. This is in line with

(Turcsanyi, And, & Sisaye., 2013) which states that

companies are motivated to implement CSR for a

number of reasons: obey government rules, improve

corporate image, provide transparency for investors,

and improve the company's economic performance.

All of these reasons along with various other reasons

can improve the company's overall financial

portfolio.

This research refers to the research of (Masnila,

2006). However, there is a difference between the

proposed research with both studies. These

differences include (Masnila, 2006) research only

looking at the influence of corporate characteristic,

firm size, age of listing, company base, and industry

classification of CSR activity disclosure in the annual

report.

The purpose of this study is to Know and prove

the influence of foreign ownership, company size and

DER

1. Towards CSR activities,

2. And CSR on stock return activities of

manufacturing companies listed on the Indonesia

Stock Exchange.

Faridah, .

The Financial Performance Determinant and Implication of The Stock Return of Manufacturing Company in Indonesia.

DOI: 10.5220/0009152400002500

In Proceedings of the 2nd Forum in Research, Science, and Technology (FIRST 2018), pages 56-63

ISBN: 978-989-758-574-6; ISSN: 2461-0739

2 LITERATURE REVIEW

2.1 Stakeholders Theory

In relation to the theory of stakeholders, (Freeman,

1984) states: “Corporate responsibility is closely

associated with stakeholder based strategic

management where companies recognize and

address their responsibilities to all their stakeholders

for mutual benefit or … “

Freeman's definition states that stakeholders are

groups or individuals who can influence or be

influenced by the achievement of corporate goals.

This implicit definition implies that the company's

going concern is influenced by corporate behavior

and stakeholder responses to the company's behavior.

Thus, the theory of stakeholders implies that the

existence of the company is determined by its

stakeholders. The company in running its operations

will try to adjust to the needs of stakeholders. The

stronger the stakeholders, the greater the tendency of

companies to adapt themselves to the needs and

desires of its stakeholders (Utomo, 2000).

2.2 Enterprise Theory

Enterprise theory arises as a result of social progress

and increased public accountability by corporations

(Harahap, 2003). The emergence of, among others,

employee reporting, human resources reporting, and

environmental reporting is a phenomenon that is in

line with the theory of enterprise (Harahap, 2003).

This enterprise theory is actually in harmony with

the theory of stakeholders. Both imply that ownership

of the company should be viewed from a wider angle

than just the owner of capital. It is also important to

realize that the power over the company is no longer

solely owned by the internal company, especially

management and owners of capital, but also owned

by parties outside the company.

2.3 Social Contract Theory

Social contract theory is relevant to corporate CSR.

The social contract theory is a series of social

contracts between members of society and society

itself (Moir, 2001). This means that the organization

and all stakeholders must work together to create

mutually beneficial relationships to jointly promote

and protect/protect each other's interests. Social

contract theory is a mutual agreement between

stakeholders to balance their rights and

responsibilities. Lantos in (Kreng & May-Yao., 2013)

undertook a study of the definition of corporate social

responsibility, and concluded that social contracts

between companies and society are based on social

needs and long-term expectations between the two.

Figure 1: Frame of mind

2.4 Hypothesis Formulation

Shares are a sign of capital participation in a limited

liability company. Stock demand is influenced by

CSR. In addition, the demand for shares is also

influenced by the company's Debt to Equity Ratio

(DER) which measures the company's ability to

obtain the profits available to the company's

shareholders or to determine the amount of return

given by the company for each rupiah of capital from

the owner.

The amount of CSR is influenced by DER, foreign

ownership and total assets of the company. The year

2015 will be the right momentum to discuss the issue

of foreign ownership (foreign ownership).

H1: The higher the foreign ownership the higher the

CSR

Business Impact Assessment Impact Distribution

of dividend Public company investigated by (Al-

Shubiri FN, Al-Abedallat AZ, 2012) There is a

positive and significant relationship between foreign

ownership structure and dividend policy.

H2: The higher the total assets of the company will be

the higher the CSR of the company

Currently it seems CSR is entering a very

important new phase because the paradigm of

thinking about the concept of CSR changed where the

CSR concept price seems to have ended. In various

activities that require expenditure, CSR activities are

no longer seen as activities that absorb the cost (cost)

but as a means to profit (profit).

H3: The higher the DER the company will be the

higher the CSR of the Company

The Financial Performance Determinant and Implication of The Stock Return of Manufacturing Company in Indonesia

Debt to Equity Ratio is the ability of the company

in fulfilling its obligations with its own capital owned

by the company. If the debt to equity ratio increases,

the CSR will decrease or vice versa. This is allegedly

due to high debt ratios, interest rates will also increase,

this will reduce the profits earned by the company.

H4: The higher the foreign ownership, total assets and

DER will be the higher the CSR of the Company

Foreign ownership is the proportion of ordinary

shares of an enterprise owned by an individual, legal

entity, government and other parts of foreign status.

Or individuals, legal entities, governments that are

not from Indonesia. Foreign ownership in the

company is considered to have a concern for

improving good corporate governance ((Simerly, R.

and Li, 2000); (Fauzi, 2006)). (Chibber P & S, 1999)

found that foreign ownership positively affects the

firm's performance in India.

H5: There is a positive influence of institutional

ownership on the stock returns of manufacturing

companies listed on the IDX.

The greater ownership of financial institutions,

the greater the power of voice and encouragement of

oversight financial institutions and consequently will

provide a greater impetus to optimize the value of the

company so that the company's performance will also

increase. The influence of institutional management

on companies can be very important and can be used

to align management interests with shareholders

(Solomon, 2012)

H6: There is a positive influence on the size of the

company on the stock returns of manufacturing

companies listed on the IDX.

The size of the company is a reflection of the size

of the company that relates to opportunities and the

ability to enter the capital market and other types of

financing that show the company's borrowing ability.

Larger companies have greater access to sources of

funding from various sources, so that obtaining loans

from creditors will also be easier because large-sized

companies are more likely to attract investors.

H7: There is a negative influence of the capital

structure on stock returns of manufacturing

companies listed on the IDX.

Debt is an important component of the company,

especially as one means of funding. Debt to equity

ratio measures the ability of the company's own

capital to be used as collateral for all debts. According

to (Brigham, & Houston, 2006) companies with low

debt to equity will have a small risk of loss when the

economic situation deteriorates, but when economic

conditions improve, the opportunity to obtain profits

is also low.

H8: There is a positive influence on corporate CSR

activities on stock returns of manufacturing

companies listed on the IDX.

The better a company in the public eye is the more

willing it is to buy products produced by the

company. This in turn will increase overall profit for

the company.

H9: There is the influence of company institutional

ownership, company size, capital structure, and CSR

activities on stock returns of manufacturing

companies listed on the IDX.

Debt is an important component of the company,

especially as one means of funding. Debt to equity

ratio is a ratio that measures the extent to which debt

can be covered by own capital. (Darmadji &

Fakhruddin, 2006). Debt to equity ratio measures the

ability of the company's own capital to be used as

collateral for all debts. According to (Brigham et al.,

2006) companies with low debt to equity will have a

small risk of loss when the economic situation

deteriorates, but when economic conditions improve,

the opportunity to obtain profits is also low.

3 RESEARCH METHODOLOGY

3.1 Population

This study was conducted with data sourced from the

annual report of companies listed on the Indonesia

Stock Exchange period 2013-2017.

Thus, the

population in this study are all manufacturing

companies listed on the Indonesia Stock Exchange

period 2013-2017.

3.2 Research Samples

To obtain the sample in this research used purposive

sampling technique. According to (Sanusi, 2013), this

type of sampling method is also called judgment

sampling, that is how the sampling is based on certain

criteria. In this study, the considerations used in

selecting samples are:

FIRST 2018 - 2nd Forum in Research, Science, and Technology (FIRST) – International Conference

1. Minimum listed companies in the Stock Exchange

period January 2013-December 2017.

2. Companies that issue Annual Reports within the

reporting period of 2013-2017 and may be

downloaded from the Indonesia Stock Exchange

page and positive financial ratio.

4. Companies that disclose CSR activities and the

funds spent for the implementation of CSR

activities.

The type of data used in this study is primary data

and secondary data.

4 RESULT AND DISCUSSION

4.1 Result

4.1.1 Multiple Linear Regression Analysis

After selecting the panel data regression model, the

chosen fixed effect model in this study. Regression

results are presented in equation below:

CSR

= 0.30+0.01*KI

+0.01*Aset

+ 0.00*DER

(1)

= -4.33 + 0.00*KI

+ 0.36*Aset

- 0.00*DER

-17CSRit (2)

Foreign ownership does not have a significant

effect on corporate CSR, as well as stock returns, so

that ownership of Inst can not mediate the company

to stock returns

DER does not affect CSR and does not

significantly influence stock returns, meaning CSR is

said not to mediate DER on stock returns

Total Assets have a significant influence on CSR

and stock returns, meaning CSR mediates total assets

against stock returns

CSR does not have a significant effect on stock

returns

4.1.2 Hypothesis Testing

F-Test Result.

The F-statistic test is basically used

to determine whether the variables of ownership, size,

DER and CSR affect stock returns of Indonesia.

Decision will be taken by looking at the probability

of F-statistics.

T-Test Result. This study prove that ownership has

a significant influence on the CSR. Size does not

significantly influence the CSR. DER does not

significantly influence the CSR ownership has no

effect on the stock returns. Size has no effect on the

stock returns. DER has no effect on the stock returns.

DER has no effect on the stock returns

4.2 Discussion

4.2.1 Hypothesis Testing 1

The concept of CSR has existed as the economy of

industrialization developed. David Vogel in

Sampurno (2007) mentions the fundamental concept

of CSR has been carried out by British companies

since the 19th century. Even further, it was revealed

that since the 4th century BC scholars from the

regions of India, Kautilya and Cicero, pre-Christian

scholars in the first century BC from the European

region, have sparked a similar idea. It is not surprising

that CSR activities began and developed from

European and American countries to then expand to

various parts of the world.

Companies in carrying out their company's

operations will try to adjust to the needs of

stakeholders. The stronger stakeholders, the greater

the tendency of companies to adapt themselves to the

needs and desires of their stakeholders. This study

supports the results of the Khasharmeh (2013) study,

and (Bonson & Bednarova, 2015) that foreign

companies are no better than national private

companies or BUMNs while rejecting the results of

Zeghal and Shadrudin (1991), (Cooke, 1992),

(Gamble, Kathy Hsu, & Radtke, 1995), Gamerschlag

(2011), (Utomo, 2000), (Fitriany, 2001), and (Kolks,

2000) previously stated that disclosures in annual

reports are not the same between foreign companies

and local companies

4.2.2 Hypothesis Testing 2

The higher the size of a company, the greater the level

of disclosure of social information. High company

size will encourage companies to provide more

detailed information, one of which is information

about corporate social responsibility because they

want to convince investors of the company so that

investors invest in the company.

The results of this study are in line with enterprise

theory where this theory views the company as a

broader unit. Thus the company is not only

responsible to shareholders, but also to employees,

creditors, customers (buyers and suppliers), the

The Financial Performance Determinant and Implication of The Stock Return of Manufacturing Company in Indonesia

government, and society. This study supports the

results of research that shows the same results,

namely that the size of the company has a relationship

with the company's CSR activities such as the

research conducted by Majdi (2014), (Cooke, 1992),

(Wallace, Olusegun., Nasser, & Araceli Mora, 1994),

(Gunawan & Yuniati, 2000), (Utomo, 2000),

(Fitriany, 2001), (Sembiring & Rismanda, 2005),

(Simerly, R. and Li, 2000), Gamerschlag (2011),

Vintila and Duca (2013), (V.U, J.O, Odia, & Imagbe,

2015), (Chen & R. W. Metcalf, 1990); (Udayasankar,

2008), (Cowen et al., 1987), (Buckholtz, K., Amason,

& Rutherford., 1999), (Brammer & Millington,

2005), (Sembiring & Rismanda, 2005), (Mahoney &

Robertss, 2007), (Chibber P & S, 1999). The results

of this study at the same time reject the results of

research conducted by (Adeneye, Babatunde, Ahmed,

& Maryam, 2015), and (Giannarakis et al., 2009).

4.2.3 Hypothesis Testing 3

The capital structure does not have a significant effect

on CSR activities. This is because CSR activities are

not only carried out by certain capital structure

companies but CSR activities are carried out by

companies from various existing capital structures.

The results of this study are not in line with

(Belkaoui & Philip G. Karpik, 1989), (Simanjuntak,

B. H. & Widiastuti, 2004) and (Mirza, Ali, & Javed,

n.d.) showing a significant negative effect of capital

structure variables (leverage) on corporate social

responsibility disclosure. This also explains why

disclosure of social information is also low. In

addition, companies that are included in certain

capital structures have a high level of sensitivity to

the environment, a high level of political risk, or a

strong level of competition. Companies with higher

leverage ratios will reveal more information.

Additional information is needed to eliminate

bondholders' doubts about fulfilling their rights as

creditors (Marwata, 2001), in (Fitriany, 2001)).

The results of this study support the results of

(Sembiring & Rismanda, 2005) research which

shows different results, namely leverage does not

affect CSR disclosure. Capital structure (leverage) of

a company that can affect expenditure at the expense

of CSR. In theory, CSR activities that cannot be

explained by the structure of corporate debt financing

are in accordance with the legitimacy theory.

Stakeholders give legitimacy to operational activities

carried out by a company regardless of the debt the

company has obtained. As long as the company pays

attention to social, community and environmental

aspects, the existence of the company will receive full

support from the community.

4.2.4 Hypothesis Testing 4

The companies with foreign ownership, company

size, capital structure jointly have an influence on the

CSR activities of manufacturing companies listed on

the IDX . Although partially the size of the company

only shows an influence on CSR, the joint

combination of the (foreign) base of the company, the

size of the company, and the capital structure turns

out to provide evidence that the various

characteristics of the company jointly influence the

CSR activities of manufacturing companies listed on

the Exchange Indonesian Securities.

Corporate social responsibility (CSR) is a

mechanism for an organization to voluntarily

integrate attention to the environment and socially

into its operations and its interactions with

stakeholders. CSR is also the company's commitment

to account for the impact of its operations in the

social, economic and environmental dimensions and

to continually maintain that these impacts contribute

to the community and its environment.

Financial leverage can moderate the interaction

between CSR (Fauzi, 2006), although partially

leverage has no effect, but together with size and age

and foreign base, each will contribute to the existence

of a joint influence on CSR activities carried out by

the company. It is very logical that large companies

get more attention than smaller companies. Therefore

these large companies tend to be more socially

responsive because the social impacts caused by large

companies are generally also greater (Brammer and

Millington, 2005; (Cowen et al., 1987), Ferreri and

Parker, 1987; (Chen & R. W. Metcalf, 1990);

(Udayasankar, 2008); (Martini et al., 2018). Thus the

size and visibility factors are positively correlated

with CSR activities. The foreign base is also one of

the characteristics that distinguish CSR activities

from one company with another.

4.2.5 Hypothesis Testing 5

The value of t from the influence of the company base

on the company's stock price is positive at 0.008936

and with a probability value of 0.9929> 0.05, so that

it can be stated that foreign ownership companies do

not have a significant influence on the stock prices of

manufacturing companies listed on the IDX.

The concept of CSR has existed as the economy

of industrialization developed. David Vogel in

Sampurno (2007) mentions the fundamental concept

of CSR has been carried out by British companies

FIRST 2018 - 2nd Forum in Research, Science, and Technology (FIRST) – International Conference

since the 19th century. While Michael Blowfield and

George Frynas (2005) state that moral business

practices have been carried out since Islamic

civilization and Christianity were present in the

world.

According to the results of a study by Roberts

(1991), around 68% of companies in European

countries have discounted information relating to

social and environmental issues.

The results of this study contradict the results of

research by Chibber & Majumdar (1999), and Warrad

(2012) and prove that companies with foreign

ownership show different stock prices than local base

companies. The presence of foreign ownership can

result in a transfer of technology, systems, a better

corporate culture and the ability to respond to

consumers' wishes and expectations more

responsibly. This enables operational efficiency and

effectiveness as well as the ability to win competition

in today's free economy.

4.2.6 Hypothesis Testing 6

The size of the company illustrates the size of a

company which can be stated, among others, with

total assets. In general, the greater the assets of a

company, the greater the ability of the company to

operate. Company size factor is one of the important

factors in the formation of profits.

The results of this study support the results of the

Arisadi et al. (2013) and Liargovas et al. (2008) which

states that for investors, the size of the company is

used as a benchmark that the company has a good

performance. Likewise, the results of research by

Prasetyantoko and Parmono (2008) which state that

company size can improve financial performance.

4.2.7 Hypothesis Testing 7

The structure does not have a significant effect on the

shares of manufacturing companies listed on the IDX.

Which states that companies with low profit growth

will try to withdraw funds from outside, to get

investment at the expense of most of their profits.

Increased debt will affect the size of the company's

profits, which reflects the company's ability to fulfill

all its obligations, which is indicated by several parts

of its own capital used to pay all its obligations,

because the greater the use of debt, the greater the

obligation.

The results of this study indicate that the capital

structure does not affect the stock price where high

debt is not followed by company profitability, on the

contrary decreases the company's debt, causing the

fixed costs (interest on loans) to be borne by smaller

companies in the end does not affect stock prices.

4.2.8 Hypothesis Testing 8

Some research results show that current CSR can

actually increase the company's stock price. Based on

the facts, it explains that a company or organization

must implement strategic activities in order to meet

the needs of stakeholders, so that the company gains

greater profits at a minimum rate. One such strategy

is the activity of Corporate Social Responsibility.

These results also support research that states the

influence of CSR on company performance as shown

by the results of Makni's research, et al (2009) and

Fauzi (2009), Aupperle, et al (1985), Belkaoui and

Karpik (1989), Majdi (2014), Chetty, et al (2015).

4.2.9 Hypothesis Testing 9

The assets owned by the company are generally

sourced from within and from outside the company. In

other words, the company's assets used in order to

generate income are obtained from the investment of

capital owners and loans from parties outside the

company.

Theoretically, large companies will not escape the

pressure, and larger companies with operating

activities and greater influence on society may have

shareholders who pay attention to social programs

made by the company.

The research results can be linked to the

Stakeholders theory. As mentioned earlier, the going

concern of a company is influenced by company

behavior and the response of stakeholders to the

behavior of the company. The theory of stakeholders

implies that the existence of the company is

determined by its stakeholders

5 CONCLUSIONS

The results of hypothesis testing are obtained the base

of foreign companies do not have a significant effect

on CSR activities of manufacturing companies listed

on the Stock Exchange. The size of the company has

a significant effect on CSR activities of

manufacturing companies listed on the Stock

Exchange. The capital structure has no significant

effect on CSR activities of manufacturing companies

listed on the Stock Exchange. The basis of foreign

companies, company size, age of listing, and capital

structure together affect the CSR activities of

The Financial Performance Determinant and Implication of The Stock Return of Manufacturing Company in Indonesia

companies listed on the Stock Exchange. This

influence can be seen from the value of R2 of 35.51%.

Foreign ownership has a significant positive

effect on the performance of manufacturing

companies listed on the Stock Exchange. The size of

the company has a significant influence on the stock

price of manufacturing companies listed on the Stock

Exchange. The capital structure has a significant

negative effect on the hargan shares of companies

listed on the Stock Exchange. CSR activity does not

have a significant effect on the stock price of

manufacturing companies listed on the Stock

Exchange. Foreign ownership, company size, capital

structure, and CSR activities together influence the

performance of manufacturing companies listed on

the BEI. This can be seen from R2 of 39.15%.

ACKNOWLEDGEMENTS

This research is based on work supported by State

Polytechnic of Sriwijaya, Indonesia. The author

thankfully acknowledges scientific discussion with

our colleagues from State Polytechnic of Sriwijaya,

Indonesia. The authors would like to acknowledge

the anonymous reviewers at the IC FIRST 2018 for

their feedback on an earlier version of the paper,

and also thank to the two anonymous reviewers

who provided feedback as part of this journal's

review process.

REFERENCES

Adeneye, Yusuf Babatunde & Ahmed, Maryam (2015).

Corporate Social Responsibility And Company

Performance. Journal of Business Studies Quarterly

2015, 7 (1).

Ang, Robert. 1997. Buku Pintar Pasar Modal Indonesia

(The Intelligent Guide to Indonesian Capital Market).

Jakarta: Mediasoft Indonesia.

Anastasia, Gunawan & Wijiyanti, Analysis of fundamental

factors and systematic risks to the price of property

shares on the JSX, Journal of Accounting and

Management. 5 (2).

Al-Shubiri FN, Al-Abedallat AZ, Orabi MMA. 2012.

Financial and non-financial determinants of corporate

social responsibility. Asian Economic and Financial

Review, 2: 1001-1012.

Belkaoui, Ahmed Riahi. 2006. Accounting Theory. Issue 5.

(Affordable). Ali Akbar Yulianto and Risnawati

Dermauli. Jakarta: Salemba Empat.

Belkaoui, Ahmed & Philip G. Karpik. 1989. Determinants

of the Corporate Commission to Dislose Social

Information. Journal of Accounting Auditing and

Accountability. 2 (1). 36-51.

Brigham, Eugene F & Houston. 2006. Fundamental of

FinancialManagement: Dasar - Dasar Manajemen

Keuangan. Edisi 10. Jakarta: Salemba Empat

Chibber P and Majumdar S. 1999. Capital structure and

performance: Evidence from a transition economy and

aspect of corporate governance. Public Choice (98),

287-303

Fama, Eugene F. & Kenneth R.French (1992), The cross-

section pengembalian saham yang diharapkan, jurnal

keuangan, 47, 427-465.

Fauzi, Hasan, L. Mahoney & A. A. Rahman. 2007.

Institutional Ownership and Corporate Social

Performance: Empirical Evidence from Indonesian

Companies. SSRN and Issues in Social and

Environmental Accounting, Vol. 1, No. 2, pp. 334-347.

Fitriany. 2001. Significance of the Differences in the Levels

of Compulsory and Voluntary Disclosures in Financial

Statements of Public Companies Listed on the Jakarta

Stock Exchange. National Accounting Symposium IV.

Freeman, E.R. 1984. Strategic Management: A Stakeholder

Approach. Pitman: Boston, MA.

Ghozali Imam & A. Chariri. 2007. Accounting Theory.

Semarang: Diponegoro University Publishing Agency.

Gunawan, Yuniati. 2000. Analisis Pengungkapan Informasi

Laporan Tahunan pada Perusahaan yang Terdaftar di

Bursa Efek Jakarta. Simposium Nasional Akuntansi

III.,

HA Khasharmeh Fluctuation in stock prices and its

relationship to different measures of performance in

listed Jordanian companies The International Journal of

Business and Management Research, 82

Harahap, Sofyan Syafri. 2003. Teori Akuntansi. Edisi

Revisi. Jakarta : PT Raja Grafindo Persada.

Harry. 2011. Akuntansi Perusahaan Dagang dan Jasa.

Bandung: Alfa Beta.

Hendriksen, Eldon S & Michael F. Van Breda. 2002. Teori

Akunting. Terjemahan Oleh Herman Wibowo. Buku 2.

Edisi 5. Jakarta: Interaksara.

Jensen, M.C and William H. Meckling, 1976. Theory of the

Firm: Managerial Behavior, Agency Costs, and

Ownership Structure. Journal of financial economics, 3

(4). 305-360, www.ssrn.com

Kolks, Ans. 2000. Trens in Sustainability Reporting by the

Fortune Global 250 Business Strategy and the

Environment. Sept-Oct pg. 279.

Kreng, Victor B., & Huang May-Yao. 2013. Tanggung

Jawab Sosial Perusahaan: Perilaku Konsumen, Strategi

Perusahaan, dan Kebijakan Publik. Perilaku Sosial dan

Kepribadian, 2011, 39 (4), 529-542.

Mahoney, L & Robertss, R.W. 2007. Kinerja Sosial dan

Lingkungan Perusahaan dan Hubungannya dengan

Kinerja Keuangan dan Kepemilikan Institusional:

Bukti Empiris pada Perusahaan Kanada. Forum

Akuntansi, Vol. 31. 233-253.

Makni, Rim; Francoeur, Claude; & Bellavance, Francois.

Kausalitas Antara Kinerja Sosial Perusahaan dan

Kinerja Keuangan: Bukti dari Perusahaan Kanada.

Jurnal Etika Bisnis (2009) 89: 409–422. DOI 10.1007 /

s10551-008-0007-7

FIRST 2018 - 2nd Forum in Research, Science, and Technology (FIRST) – International Conference

Manik, Tumpal. 2011. Analisis Kepemilikan Manajemen,

Direktur, Umur Perusahaan Terhadap Kinerja

Keuangan (Studi Empiris Perusahaan Property & Real

Estate Di Bei). JEMI. 2 (2), Desember 2011.

Masnila, Nelly & Sueb, Memed. 2010. The Effect of

Corporate Characteristics on Social Responsibility in

the Annual Report of Indigenous Corporations Listed in

Jakarta Stock Exchange The 2010 International

Conference on Governance and Accountability.

Proceedings. December 5-8 2010 Solo Indonesia

Martini, Rita; Sulaiman; Maria; Sari, Kartika Rachma;

Pangaribuan, Lambok Vera Riama; & Sari, Hanina.

2018. Return on Investment on Mining Companies:

Intellectual Capital Aspect. Jurnal Terapan

Manajemen dan Bisnis. 4(1). 87-92.

Marwata. 2001. Relationship between Company

Characteristics and Voluntary Expression Quality in the

Annual Report of Public Companies in Indonesia.

National Accounting Symposium IV.

Moir, Lance. 2001. What Do We Mean by Corporate Social

Responsibility?. Corporate Governance, 1 (2). 16-22.

Patibandla, M, 2007. Pattern of Foreign Direct Investment

in Developing Economies: A Comparative Analysis of

China and India. International Journal of Management

and Decision Making.

Roberts, Claire B. 1991. Environmental Disclosures: A

Note on Reporting Practices in Mainland Europe.

Journal of Accounting Auditing andAccountability. 04

(03). 62-71.

Sembiring, Eddy Rismanda. 2006. Karakteristik

Perusahaan dan Pengungkapan Tanggung Jawab

Sosial: Study Empiris pada Perusahaan yang Tercatat di

Bursa Efek Jakarta. Jurnal Maksi Universitas

Diponegoro Semarang, 6 (1), Januari, 69-85.

Simanjuntak, B. H. & Widiastuti, L. (2004). Faktor-faktor

yang Mempengaruhi kelengkapan Laporan Keuangan

pada Perusahaan Manufaktur yang Terdaftar di Bursa

Efek Jakarta. Jurnal Riset Akuntansi Indonesia, 7, 351–

366.

Simerly, R. and Li, M. (2000). Environmental dynamism,

capital structure and performance: a theoretical

integration and an empirical test. Strategic

Management Journal, 21

Solomon, Michael R (2012). Consumer Behavior. Ninth

Edition . New Jersey: Pearson Education

Sugiyono. 2005. Statistika untuk Penelitian. Cetakan

Kedelapan. Bandung: Penerbit Alfabeta.

Turcsanyi, Jessica & Seleshi Sisaye. 2013. Corporate social

responsibility and its link to financial performance

Application to Johnson & Johnson, a pharmaceutical

company. World Journal of Science, Technology and

Sustainable Development. 10 (1),

Tziner, Aharon 2013. Corporative social responsibility

(CSR) activities in the workplace: A comment on

Aguinis and Glavas. Journal of Work and

Organizational Psychology 29 (2013) 91-93

Udayasankar, K. 2008. Corporate Social Responsibility and

Firm Size. Journal of Business Ethics, 83 (2). 167-175,

2008.

Uddin MU, Hassan MR, Tarique KM. 2008. Three

Dimensional Aspects of Corporate Social

Responsibility. Daffodil International University

Journal of Business and Economics, 3. 199-212.

Utomo, Muhammad Muslim. 2000. Praktek Pengungkapan

Sosial pada Laporan Tahunan Perusahaan di Indonesia

(Studi Perbandingan Antara Perusahaan-Perusahaan

High Profile dan Low Profile). Simposium Nasional

Akuntansi III. Jakarta.

The Financial Performance Determinant and Implication of The Stock Return of Manufacturing Company in Indonesia