Yuliana, Purnomosidhi, Sukoharsono, Pengaruh K arakteristik Perusahaan terhadap. 245
J u m a l A k u n t a n s i d a n K e u a n g a n I n d o n e s i a
V o l u m e 5 - N o m o r 2 , D e s e m b e r 2 0 0 8
P E N G A R U H K A R A K T E R I S T I K P E R U S A H A A N T E R H A D A P
P E N G U N G K A P A N
CORPORATE SO CIAL R E SPO N SIBILITY
( C S R ) D A N D A M P A K N Y A T E R H A D A P R E A K S I I N V E S T O R
R i t a Y u l i a n a
F a k u lta s E k o n o m i U n iv e r s ita s T r u n o jo y o
B a m b a n g P u r n o m o s i d i i
E k o G a n i s S u k o h a r s o n o
F a k u lta s E k o n o m i U n iv e r s ita s B r a w ija y a
y u l i a n a _ r i t a @ y a h o o . c o mA b s t r a c t
R e c e n tly , C o r p o r a te S o c ia l R e s p o n s ib ility (C S R ) id io m c a n b e e a s ily f o u n d in m a n y
a c c o u n tin g lite r a tu re s . I t r e fe r s to th e id e a th a t th e f i r m c o u ld n o t b e s e p a r a te d
w ith its e n v ir o n m e n t. C S R is th e r e s p o n s ib ility o f b u s in e s s o r g a n iz a tio n to in v o lv e
in p r o te c tin g e n v ir o n m e n t a n d s o c ia l w elfa re. I n f a c t , m a n y f i r m s in In d o n e s ia h a v e
a lr e a d y a p p lie d th e d is c lo s u r e o f C SR , e v e n j u s t in a s im p le w a ys. T h e o b je c tiv e
o f th is re s e a rc h a re: (1) to id e n tify th e c o r p o r a te / f i r m c h a r a c te r is tic s in c lu d in g
c o r p o r a te / f i r m s ize , p r o fita b ility , s iz e o f th e b o a r d o f c o m m is s io n e r s , a n d p u b l i c
o w n e r s h ip in flu e n c e s to th e d e p th o f C S R d is c lo su r e , (2) to d e te r m in e th e im p a c t
o f C S R d is c lo s u r e to in v e s to r r e a c tio n in flu e n c e s in te r m s o f a b n o r m a l r e tu r n a n d
tr a d in g v o lu m e a c tiv ity . T h e s a m p le o f th is re s e a rc h a re 11 6f i r m s lis te d in I n d o n e s ia
S to c k E x c h a n g e . P a r tia l L e a s t S q u a r e (P L S ) is u s e d to te s t th e h y p o th e s is . B a s e d
o n d a ta a n a ly sis, I f i n d th a t th e f i r m c h a r a c te r is tic s , in c lu d in g p r o file a n d p u b lic
o w n e r s h ip h a v e a s ig n ific a n t p o s itiv e in flu e n c e o n C S R d is c lo su r e . A n d a ls o , th is
r e s e a r c h s h o w s th a t th e s c o p e o f C S R d is c lo s u r e h a s a s ig n ific a n t in flu e n c e o n
in v e s to r s rea c tio n s.
246 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 276
P E N D A H U L U A N
A k h i r - a k h i r i n i m u n c u l w a c a n a t a n g g u n g j a w a b s o s i a l p e r u s a h a a n a t a u
C o r p o r a te S o c ia l R e s p o n s ib ility
( C S R ) . W a c a n a t e r s e b u t m u n c u l d i l a n d a s i p e m i k i r a n b a h w a k e b e r a d a a n p e r u s a h a a n t i d a k l e p a s d a r i l i n g k u n g a n n y a . O l e h k a r e n a i t u , s e t i a p t i n d a k a n y a n g d i a m b i l p e r u s a h a a n b e r d a m p a k n y a t a t e r h a d a p k u a l i t a s k e h i d u p a n m a n u s i a , b a i k i n d i v i d u , m a s y a r a k a t , d a n s e l u r u h k e h i d u p a n d i b u m i . G a g a s a n C S R m e n e k a n k a n b a h w a t a n g g u n g j a w a b p e r u s a h a a n b u k a n s e k e d a r k e g i a t a n e k o n o m i , y a i t u m e n c i p t a k a n l a b a d e m i k e l a n g s u n g a n u s a h a , m e l a i n k a n j u g a t a n g g u n g j a w a b s o s i a l d a n l i n g k u n g a n . D a s a r p e m i k i r n y a a d a l a h b a h w a m e n g g a n t u n g k a n s e m a t a - m a t a p a d a k e s e h a t a n f i n a n s i a l t i d a k m e n j a m i n p e r u s a h a a n a k a n t u m b u h s e c a r a b e r k e l a n j u t a n ( D j a t m i k o 2 0 0 6 ) .F o k u s a k u n t a b i l i t a s p e r u s a h a a n s e l a m a i n i m a s i h m e n g e d e p a n k a n p e m e g a n g s a h a m . P e r u s a h a a n c e n d e r u n g m e n g a b a i k a n k e p e n t i n g a n
s ta k e h o ld e r
l a i n n y a . P a d a h a l k e b e r a d a a ns ta k e h o ld e r
t e r s e b u t b e r k a i t e r a t d e n g a n k e s i n a m b u n g a n h i d u p s u a t u u s a h a (g o in g c o n c e r n o f e n tity ).
P e n g e r t i a n t a n g g u n g j a w a b s o s i a l p e r u s a h a a n m e n u r u t P l u n k e t t d a n A r t h u r ( 1 9 8 3 , 1 7 4 ) , d a l a m P u r w a t i ( 2 0 0 1 ) , y a i t u :
T h e m o r a l a n d e t h i c a l c o n t e n t o f m a n a g e r i a l a n d c o r p o r a t e d e c is i o n , th a t is, t h e v a l u e u s e d in b u s s i n e s s d e c i s i o n o v e r a n d a b o r e t h e p r a g m a t i c i m p o s e d b y l e g a l p r i n c i p l e s a n d t h e m a r k e t e c o n o m y .
P a d a i n t i n y a t a n g g u n g j a w a b s o s i a l p e r u s a h a a n (
c o r p o r a te s o c ia l
r e s p o n s ib ility )
a d a l a h k e w a j i b a n o r g a n i s a s i b i s n i s u n t u k m e n g a m b i l b a g i a n d a l a m k e g i a t a n y a n g b e r t u j u a n m e l i n d u n g i d a n m e n i n g k a t k a n k e s e j a h t e r a a n m a s y a r a k a t s e c a r a k e s e l u r u h a n . D i s i p l i n a k u n t a n s i j u g a m e r e s p o n p e r k e m b a n g a n p e r t a n g g u n g j a w a b a n s o s i a l p e r u s a h a a n , y a i t u d e n g a n m e l a h i r k a n w a c a n a b a r u . S a l a h s a t u n y aa d a l a h t e m a y a n g d i k e m b a n g k a n d a l a m w a c a n a
S o c ia l R e s p o n s ib ility A c c o u n tin g
(S R A )
a t a u a k u n t a n s i p e r t a n g g u n g j a w a b a n s o s i a l . T e m a i n i b e r t u j u a n u n t u k m e n g u n g k a p k a nite m -ite m
i n d i v i d u a l y a n g m e m p u n y a i d a m p a k s o s i a l ( B e l k a o u i 2 0 0 6 , 3 4 9 ) .P r a k t i k p e n g u n g k a p a n C S R t e l a h b a n y a k d i t e r a p k a n o l e h p e r u s a h a a n p u b l i k d i I n d o n e s i a . P a d a l a p o r a n t a h u n a n n y a , p e r u s a h a a n t e l a h m e n y e b u t k a n
a s p e k p e r t a n g u n g j a w a b a n s o s i a l w a l a u p u n d a l a m b e n t u k y a n g r e l a t i f s e d e r h a n a . P e r u s a h a a n b e r h a k m e m i l i h b e n t u k p e n g u n g k a p a n y a n g s e s u a i d e n g a n k e b u t u h a n d a n k o m p l e k s i t a s o r g a n i s a s i n y a . M e s k i p u n i n f o r m a s i m e n g e n a i C S R y a n g d i u n g k a p d a l a m l a p o r a n t a h u n a n t e r s e b u t b e l u m m e n d e t a i l , i t i k a d b a i k p e r u s a h a a n i n i p e r l u
Yuliana, Pum om osidhi, Sukoharsono, Pengaruh K arakteristik Perusahaan terhadap. 247
I n v e s t o r m e n g a p r e s i a s i p r a k t i k C S R i n i d a n m e l i h a t a k t i v i t a s C S R s e b a g a i r u j u k a n u n t u k m e n i l a i p o t e n s i k e b e r l a n j u t a n s u a t u p e r u s a h a a n . B i l a p e r u s a h a a n t i d a k m e n g u n g k a p k a n p r o g r a m C S R , b i s a j a d i
s ta k e h o ld e r
m e n g a n g g a p p e r u s a h a a n y a n g b e r s a n g k u t a n t i d a k m e l a k u k a n t a n g g u n g j a w a b s o s i a l n y a d a n m e r a g u k a ng o in g
c o n c e r n -
n y a ( P a m b u d i 2 0 0 6 b ) . S e l a n j u t n y a , i n v e s t o r a k a n m e n i l a i p e r u s a h a a n t i d a k m a m p u m e m p e r t a h a n k a n k e b e r l a n j u t a n u s a h a n y a s e h i n g g a i n v e s t o r t i d a k t e r t a r i k u n t u k m e n g i v e n s t a s i k a n d a n a n y a p a d a p e r u s a h a a n t e r s e b u t .T e r d a p a t b e b e r a p a m o t i v a s i y a n g m e m i c u p e r l u n y a p e n e l i t i a n i n i , y a i t u ( 1 ) m u n c u l n y a t r e n b a g i p e r u s a h a a n u n t u k b e r p e r i l a k u l e b i h e t i s d e n g a n l e b i h m e m p e r h a t i k a n f a k t o r l i n g k u n g a n d a n s o s i a l , ( 2 ) t e o r i - t e o r i y a n g m e n d a s a r i C S R b a n y a k y a n g m e n y e b u t k a n k a i t a n a n t a r a C S R d e n g a n p e r u s a h a a n d a n i n v e s t o r , ( 3 ) b e r a g a m n y a h a s i l p e n e l i t i a n m e n g e n a i p e n g a r u h k a r a k t e r i s t i k p e m s a h a a n t e r h a d a p t i n g k a t k e l u a s a n p e n g u n g k a p a n C S R , ( 4 ) t e r d a p a t b e r a g a m b u k t i e m p i r i s m e n g e n a i p e n g a r u h l u a s p e n g u n g k a p a n s o s i a l d a l a m l a p o r a n t a h u n a n p e r u s a h a a n t e r h a d a p r e a k s i i n v e s t o r .
P e n e l i t i a n i n i m e r u p a k a n t i n d a k l a n j u t d a r i p e n e l i t i a n y a n g t e l a h d i l a k u k a n o l e h Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) s e r t a S e m b i r i n g ( 2 0 0 5 ) . B e r i k u t i n i p e r b e d a a n a n t a r a p e n e l i t i a n i n i d e n g a n p e n e l i t i a n t e r s e b u t :
1. P e r i o d e a m a t a n . P e r i o d e a m a t a n p e n e l i t i a n i n i a d a l a h p a d a t a h u n 2 0 0 6 , s e d a n g k a n p e r i o d e a m a t a n k e d u a p e n e l i t i a n s e b e l u m n y a a d a l a h t a h u n 2 0 0 1 d a n 2 0 0 2 . 2 . J u m l a h o b j e k p e n e l i t i a n . P e n e l i t i a n i n i m e n g g u n a k a n 1 1 6 p e r u s a h a a n y a n g
m e n y u s u n p e n g u n g k a p a n C S R d a l a m l a p o r a n t a h u n a n d i B u r s a E f e k I n d o n e s i a p a d a p e r i o d e 2 0 0 6 s e b a g a i o b j e k p e n e l i t i a n . P e n e l i t i a n s e b e l u m n y a m e n g g u n a k a n s a m p e l y a n g r e l a t i f l e b i h s e d i k i t , y a i t u 1 5 d a n 7 8 p e r u s a h a a n .
3 . A l a t p e n g u k u r p e n g u n g k a p a n C S R . P e n e l i t i a n i n i m e n g g u n a k a n I n d i k a t o r K i n e r j a y a n g d i s u s u n o l e h
G lo b a l R e p o r tin g In itia tiv e
p a d a t a h u n 2 0 0 6 u n t u k m e n g u k u r p e n g u n g k a p a n C S R , s e d a n g k a n p e n e l i t i a n Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) m e n g g u n a k a n d a f t a r p e n g u n g k a p a n s o s i a l y a n g p e r n a h d i l a k u k a n o l e h U t o m o ( 2 0 0 0 ) . S e d a n g k a n p e n e l i t i a n S e m b i r i n g ( 2 0 0 5 ) m e n g u k u r p e n g u n g k a p a n t a n g g u n g j a w a b s o s i a l p e r u s a h a a n d e n g a n m e n g a d o p s i p e n e l i t i a n y a n g d i l a k u k a n o l e h H a c k s t o n d a n M i l n e ( 1 9 9 6 ) .3 . A l a t p e n g u k u r r e a k s i i n v e s t o r . P e n e l i t i a n i n i m e n g g u n a k a n
a b n o r m a l r e tu r n
d a ntr a d in g v o lu m e a c tiv ity
u n t u k m e n g u k u r r e a k s i i n v e s t o r , s e d a n g k a n p e n e l i t i a n Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) m e n g g u n a k a nu n e x p e c te d tr a d in g v o lu m e
s e b a g a i a l a t u k u r r e a k s i p a s a r .248 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 216
m e r u p a k a n k a r a k t e r i s t i k p e r u s a h a a n y a n g d i g u n a k a n o i e h S e m b i r i n g ( 2 0 0 5 ) , s e d a n g k a n 2 k a r a k t e r i s t i k y a n g l a i n m e r u p a k a n k a r a k t e r i s t i k t a m b a h a n
y a n g
d i i n d i k a s i k a n b e r p e n g a r u h t e r h a d a p p e n g u n g k a p a n C S R . K a r a k t e r i s t i k t a m b a h a n t e r s e b u t a d a l a h p r o f i t a b i l i t a s d a n k o n s e n t r a s i k e p e m i l i k a n .B e r d a s a r k a n u r a i a n d i a t a s , r u m u s a n m a s a l a h y a n g d i a j u k a n d a l a m p e n e l i t i a n i n i a d a l a h :
a . A p a k a h k a r a k t e r i s t i k p e r u s a h a a n y a n g m e l i p u t i u k u r a n p e r u s a h a a n , p r o f i t a b i l i t a s , p r o f i l , u k u r a n d e w a n k o m i s a r i s , d a n k o n s e n t r a s i k e p e m i l i k a n b e r p e n g a r u h t e r h a d a p t i n g k a t k e l u a s a n p e n g u n g k a p a n C S R ?
b . A p a k a h t i n g k a t k e l u a s a n p e n g u n g k a p a n C S R b e r p e n g a r u h t e r h a d a p r e a k s i i n v e s t o r y a n g d i u j i d e n g a n
a b n o r m a l re tu r n
d a n v o l u m e p e r d a g a n g a n s a h a m ?P e n e l i t i a n i n i d i h a r a p k a n d a p a t m e m b e r i k a n k o n t r i b u s i t e r h a d a p p e r k e m b a n g a n t e o r i d e n g a n m e m p e r k u a t s i n t e s i s b a h w a p e n e r a p a n C S R m e r u p a k a n s a l a h s a t u f a k t o r y a n g m e m p e n g a r u h i r e a k s i p a s a r . U n t u k s i s i p r a k t i k , p e n e l i t i a n i n i d i h a r a p k a n b i s a m e m b e r i k a n w a c a n a k e p a d a m a n a j e r d a l a m u p a y a m e m p e r t i n g g i n i l a i p e r u s a h a a n m e l a l u i p e n e r a p a n C S R . T e r a k h i r , p e n e l i t i a n i n i d i h a r a p k a n d a p a t d i p a k a i s e b a g a i s a l a h s a t u r e f e r e n s i d a l a m p e n e l i t i a n t e r k a i t d e n g a n p e n g a r u h k a n d u n g a n i n f o r m a s i a k u n t a n s i t e r h a d a p r e s p o n p a s a r .
L A N D A S A N T E O R I D A N P E N G E M B A N G A N H I P O T E S I S
Corporate Social Responsibility
( C S R )D i s i p l i n a k u n t a n s i j u g a m e r e s p o n p e r k e m b a n g a n p e r t a n g g u n g j a w a b a n s o s i a l p e r u s a h a a n y a i t u d e n g a n m e l a h i r k a n w a c a n a b a r u ( B e l k a o u i 2 0 0 0 ) , y a i t u ( 1 )
S o c ia l
R e s p o n s ib ility A c c o u n tin g
( S R A ) y a n g b e r t u j u a n u n t u k m e n g u n g k a p k a nite m -ite m
i n d i v i d u a l y a n g m e m p u n y a i d a m p a k s o s i a l , ( 2 )T o ta l I m p a c t A c c o u n tin g
( T I A ) y a n g m e l i p u t i p e n g a r u h s e l u r u h b i a y a y a n g d i t a n g g u n g o l e h p e r u s a h a a n s e b a g a i a k i b a t o p e r a s i u s a h a y a n g d i j a l a n k a n , b a i k b i a y a p r i v a t m a u p u n b i a y a p u b l i k , d a n ( 3 ) So s io
E c o n o m ic A c c o u n tin g
( S E A ) y a n g d i d e f i n i s i k a n o l e h L i n o w e s s e b a g a i p e n e r a p a n a k u n t a n s i d i b i d a n g i l m u s o s i a l y a n g m e l i p u t i i l m u p e n g e t a h u a n m a s y a r a k a t , i l m u p e n g e t a h u a n p o l i t i k , d a n i l m u p e n g e t a h u a n e k o n o m i .T e o r i - T e o r i Y a n g M e n d a s a r i P r a k t i k C S R
Yuliana, Purnomosidhi, Sukoharsono, Pengaruh K arakteristik Perusahaan terhadap. 249
D ecision U sefulness S tu dies
T e o r i i n i m e m a s u k k a n p a r a p e n g g u n a l a p o r a n a k u n t a n s i y a n g l a i n s e l a i n p a r a i n v e s t o r k e d a l a m k r i t e r i a d a s a r p e n g g u n a l a p o r a n a k u n t a n s i s e h i n g g a s u a t u
p e l a p o r a n a k u n t a n s i d a p a t b e r g u n a u n t u k p e n g a m b i l a n k e p u t u s a n e k o n o m i
o l e h s e m u a u n s u r p e n g g u n a l a p o r a n t e r s e b u t . B e b e r a p a p e n e l i t i m e l a k u k a n s t u d i d a n m e n e m u k a n b u k t i b a h w a i n f o r m a s i s o s i a l d i b u t u h k a n o l e h p e n g g u n a .
S t u d i t e r s e b u t m e m i n t a p a r a a n a l i s ,
b a n k e r ,
d a n p i h a k l a i n y a n g t e r l i b a t u n t u k m e m b e r i k a n p e r i n g k a t t e r h a d a p i n f o r m a s i a k u n t a n s i . I n f o r m a s i a k u n t a n s i t e r s e b u t t i d a k t e r b a t a s p a d a i n f o r m a s i y a n g t e l a h d i k e n a l s e l a m a i n i , m e l a i n k a n j u g am e m u a t i n f o r m a s i l a i n y a n g r e l a t i f b a r u d a l a m w a c a n a a k u n t a n s i .
E con om ic Theory S tu dies
S t u d i i n i b e r d a s a r k a n
e c o n o m ic a g e n c y th e o ry .
T e o r i t e r s e b u t m e m b e d a k a n a n t a r a p e m i l i k p e r u s a h a a n d e n g a n p e n g e l o l a p e r u s a h a a n d a n m e n y i r a t k a n b a h w a p e n g e l o l a p e r u s a h a a n h a r u s m e m b e r i k a n l a p o r a n p e r t a n g g u n g j a w a b a n a t a ss e g a l a s u m b e r d a y a y a n g d i m i l i k i d a n d i k e l o l a n y a k e p a d a p e m i l i k p e r u s a h a a n . S e l a n j u t n y a , f r a s e p e m i l i k p e r u s a h a a n m e n g a l a m i p e r k e m b a n g a n l e b i h l a n j u t , t i d a k h a n y a p e m i l i k m o d a l (
s h a r e h o ld e r
) , t e t a p i j u g a m e l u a s k e u n s u rs ta k e h o ld e r s
l a i n n y a , y a i t u m a s y a r a k a t l u a s t e r m a s u k p e m e r i n t a h d a n l i n g k u n g a n a l a m . H a lt e r s e b u t m e n g a k i b a t k a n p e r u s a h a a n j u g a d i t u n t u t u n t u k m e m b u a t p e l a p o r a n y a n g l e n g k a p u n t u k m e m e n u h i k e b u t u h a n i n f o r m a s i b a g i
s ta k e h o ld e r s
t e r s e b u t .S o c ia l a n d P olitical S tu dies
S e k t o r e k o n o m i t i d a k d a p a t d i p i s a h k a n d a r i k e h i d u p a n p o l i t i k , s o s i a l , d a n k e r a n g k a i n s t i t u s i o n a l t e m p a t e k o n o m i b e r a d a . S t u d i s o s i a l d a n p o l i t i k m e n c a k u p
d u a t e o r i u t a m a , y a i t u : p e r t a m a
^ S ta k e h o ld e r T h e o r y
y a n g m e n g a s u m s i k a n b a h w a e k s i s t e n s i p e r u s a h a a n d i t e n t u k a n o l e h p a r as ta k e h o ld e r s .
F o k u s u t a m a d a l a m t e o r i i n i y a i t u b a g a i m a n a p e r u s a h a a n m e m o n i t o r d a n m e r e s p o n k e b u t u h a n p a r as ta k e h o ld e r s -
n y a . K e d u a ,L e g itim a c y T h e o r y
y a n g m e n y a t a k a n b a h w a p e r u s a h a a n h a r u s d a p a t m e n y e s u a i k a n d i r i d e n g a n s i s t e m n i l a i y a n g t e l a h d i t e r a p k a nm a s y a r a k a t . U s a h a p e r u s a h a a n a n t a r a l a i n d i w u j u d k a n m e l a l u i p e n g u n g k a p a n s o s i a l . H a l t e r s e b u t d i l a k s a n a k a n d e n g a n t u j u a n a g a r a k t i v i t a s d a n k e b e r a d a a n
p e r u s a h a a n t e r l e g i t i m a s i d i m a t a m a s y a r a k a t .
T e o r i - t e o r i l a i n y a n g m e n d u k u n g p r a k t i k p e n g u n g k a p a n s o s i a l , y a i t u t e o r i k o n t r a k s o s i a l . T e o r i t e r s e b u t m e n y a t a k a n b a h w a p e r u s a h a a n s e b a g a i b a g i a n y a n g
250 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 276
L a p o r a n P e r u s a h a a n
T e r d a p a t b e b e r a p a p r i n s i p p e n t i n g b e r k a i t a n d e n g a n l a p o r a n p e r u s a h a a n , y a i t u :
Pengungkapan (Disclosure) D alam Laporan Tahunan
P e n g u n g k a p a n d i d e f i n i s i k a n s e b a g a i p e n y e d i a a n s e j u m l a h i n f o r m a s i y a n g d i b u t u h k a n u n t u k p e n g o p e r a s i a n s e c a r a o p t i m a l p a s a r m o d a l e f i s i e n ( H e n d r i k s e n 1 9 9 8 , 1 3 6 ) . D a l a m i n t e r p r e t a s i y a n g l e b i h l u a s , p e n g u n g k a p a n t e r k a i t d e n g a n i n f o r m a s i b a i k y a n g t e r d a p a t d a l a m l a p o r a n k e u a n g a n m a u p u n k o m u n i k a s i t a m b a h a n
(s u p le m e n ta r y c o m m u n ic a tio n )
y a n g t e r d i r i a t a s c a t a t a n k a k i , i n f o r m a s i t e n t a n g k e j a d i a n s e t e l a h t a n g g a l l a p o r a n , a n a l i s i s m a n a j e m e n a t a s o p e r a s i p e r u s a h a a n d i m a s a m e n d a t a n g , p e r k i r a a n k e u a n g a n d a n o p e r a s i , s e r t a i n f o r m a s i l a i n n y a ( Z u h r o h d a n S u k m a w a t i 2 0 0 3 ) .Tujuan Pengungkapan
T u j u a n p e n g u n g k a p a n m e n u r u t
S e c u r itie s E x c h a n g e C o m m is io n
( S E C ) d i k a t e g o r i k a n m e n j a d i d u a . y a i t u ( W o l k d a n T e m a y 1 9 8 9 d a l a m U t o m o 2 0 0 0 ) :1.
P r o te c tiv e d is c lo s u r e ,
y a n g d i m a k s u d k a n s e b a g a i u p a y a p e r l i n d u n g a n t e r h a d a p i n v e s t o r .2 .
In fo r m a tiv e d is c lo su r e ,
y a n g b e r t u j u a n m e m b e r i k a n i n f o r m a s i y a n g l a y a k k e p a d a p e n g g u n a l a p o r a n .K u alitas In form asi y a n g Seharusnya D iungkapkan
H e n d r i k s e n ( 1 9 9 8 , 1 4 0 ) m e n y a t a k a n t i g a k o n s e p u m u m t e n t a n g p e n g u n g k a p a n y a n g u m u m n y a d i u s u l k a n , y a i t u :
1 . P e n g u n g k a p a n y a n g c u k u p
(a d e q u a te ),
m e r u p a k a n p e n g u n g k a p a n y a n g m i n i m c u k u p u n t u k m e m b u a t l a p o r a n t i d a k m e n y e s a t k a n .2 . P e n g u n g k a p a n y a n g w a j a r
(fa ir),
m e r u p a k a n p e n g u n g k a p a n y a n g m e m b e r i k a n p e r l a k u a n y a n g s a m a b a g i s e m u a p e m b a c a p o t e n s i a l .3 . P e n g u n g k a p a n y a n g l e n g k a p
(fu ll),
m e r u p a k a n p e n y a j i a n s e m u a i n f o r m a s i y a n g r e l e v a n .M a n fa at Pengungkapan B ag i P em akai Inform asi
Yuliana, Pum om osidhi, Sukoharscmo, Pengaruh K arakteristik P erusahaan terhadap. 251
P e d o m a n
Global Reporting Initiative
( G R I )I s u m e n g e n a i C S R t e r k a i t e r a t d e n g a n
s u s ta in a b ility re p o rtin g .
G R I m e r u p a k a n s a l a h s a t u d a r i l e m b a g a y a n g s e r i u s m e n a n g a n i p e r m a s a l a h a n y a n gb e r h u b u n g a n d e n g a n
s u sta in a b ility . S u s ta in a b ility r e p o r tin g
m e r u p a k a n p r a k t i k p e n g u k u r a n , p e n g u n g k a p a n , d a n p e r t a n g g u n g j a w a b a n k e p a d as ta k e h o ld e r
i n t e r n a l d a n e k s t e r n a l p e r u s a h a a n t e r k a i t d e n g a n k i n e r j a p e n c a p a i a n t u j u a n k e b e r l a n g s u n g a n p e r u s a h a a n .S u s ta in a b ility r e p o r tin g
m e r u p a k a n t e r m i n o l o g i y a n g l u a s m e n g e n a i p e n g u n g k a p a n k i n e r j a e k o n o m i , l i n g k u n g a n , d a n s o s i a l ( m i s a l n y aT rip le B o tto m
L in e , C o r p o r a te S o c ia l R e s p o n s ib ility ,
d a n l a i n - l a i n ) ( G R I 2 0 0 6 , 4 ) .S e c a r a u m u m , p e d o m a n G R I t e r d i r i a t a s e m p a t b a g i a n . B a g i a n p e r t a m a
a d a l a h p e n g a n t a r . B a g i a n k e d u a b e r i s i t e n t a n g p e n j e l a s a n m e n g e n a i p e n g g u n a a n p e d o m a n G R I . B a g i a n k e t i g a t e n t a n g p r i n s i p - p r i n s i p p e l a p o r a n , d a n b a g i a n k e e m p a t
m e n j e l a s k a n i s i p e l a p o r a n S R .
P e n g e m b a n g a n H i p o t e s i s
U kuran Perusahaan
U k u r a n p e r u s a h a a n m e r u p a k a n v a r i a b e l p e n d u g a y a n g b a n y a k d i g u n a k a n u n t u k m e n j e l a s k a n v a r i a s i p e n g u n g k a p a n d a l a m l a p o r a n t a h u n a n p e r u s a h a a n . H a l
i n i j i k a d i k a i t k a n d e n g a n t e o r i a g e n s i , m e n g i n d i k a s k a n b a h w a p e r u s a h a a n b e s a r y a n g m e m i l i k i b i a y a k e a g e n a n y a n g l e b i h b e s a r a k a n m e n g u n g k a p k a n i n f o r m a s i
y a n g l e b i h l u a s u n t u k m e n g u r a n g i b i a y a k e a g e n a n t e r s e b u t . S e l a i n i t u , p e r u s a h a a n
b e s a r m e r u p a k a n e m i t e n y a n g b a n y a k d i s o r o t i , p e n g u n g k a p a n y a n g l e b i h b e s a r m e r u p a k a n p e n g u r a n g a n b i a y a p o l i t i s s e b a g a i w u j u d t a n g g u n g j a w a b s o s i a l
p e r u s a h a a n ( S e m b i r i n g 2 0 0 5 ) .
B e b e r a p a p e n e l i t i a n m e n u n j u k k a n b a h w a u k u r a n p e r u s a h a a n t e r b u k t i
b e r p e n g a r u h t e r h a d a p t i n g k a t k e l u a s a n p e n g u n g k a p a n t a n g g u n g j a w a b s o s i a l ( S e m b i r i n g 2 0 0 5 ; G r a y e t a l . 2 0 0 1 ) . D e m i k i a n j u g a B e l k a o u i d a n K a r p i k ( 1 9 8 9 ) ,
K a c k s t o n d a n M i l n e ( 1 9 9 6 ) , A d a m e t a l . ( 1 9 9 8 ) , G r a y e t a l . ( 2 0 0 1 ) , S e m b i r i n g ( 2 0 0 3 ) , A n g g r a i n i ( 2 0 0 6 ) , d a n M o r r i s o n d a n S i e g e l ( 2 0 0 6 ) y a n g b e r h a s i l m e n e m u k a n
b u k t i e m p i r i s a t a s p e n g a r u h u k u r a n p e r u s a h a a n t e r h a d a p k e l u a s a n p e n g u n g k a p a n
C S R . S e m e n t a r a R o b e r t ( 1 9 9 2 ) t i d a k b e r h a s i l m e n e m u k a n h u b u n g a n a n t a r a k e d u a v a r i a b e l t e r s e b u t .
B e r d a s a r k a n p e n e l i t i a n - p e n e l i t i a n t e r s e b u t , m a k a h i p o t e s i s y a n g d i a j u k a n d a l a m p e n e l i t i a n i n i , y a i t u :
H a ] : U k u r a n p e r u s a h a a n b e r p e n g a r u h p o s i t i f t e r h a d a p k e l u a s a n p e n g u n g k a p a n
252 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 2 7 6
Profitabilitas
S h i n g h v i d a n D e s a i ( 1 9 7 1 ) , d a l a m S i m a n j u n t a k d a n W i d i a s t u t i ( 2 0 0 4 ) , m e n y a t a k a n b a h w a r e n t a b i l i t a s e k o n o m i d a n
p r o fit m a rg in
y a n g t i n g g i a k a n m e n d o r o n g m a n a j e r u n t u k m e m b e r i k a n i n f o r m a s i y a n g l e b i h t e r p e r i n c i . H a l t e r s e b u t d i s e b a b k a n m a n a j e r i n g i n m e y a k i n k a n i n v e s t o r a k a n p r o f i t a b i l i t a s p e r u s a h a a n d a n s e l a n j u t n y a a k a n m e n d o r o n g k o m p e n s a s i m a n a j e m e n . H a s i l p e n e l i t i a n t e r s e b u t s e s u a i d e n g a ns ig n a llin g h y p o th e s is
y a n g m e n y a t a k a n b a h w a p e r u s a h a a n y a n g u n g g u l d a n m e m p u n y a i l a b a y a n g b a i k a k a n m e n g u n g k a p k a n i n f o r m a s i l e b i h r i n c i , t e r m a s u k k e b e b a s a n d a n k e l e l u a s a a n u n t u k m e n u n j u k k a n d a n m e m p e r t a n g g u n g j a w a b k a n s e l u r u h p r o g r a m s o s i a l n y a .K e b a n y a k a n p e n e l i t i a n i l m i a h m e n g e n a i h u b u n g a n p r o f i t a b i l i t a s d a n p e n g u n g k a p a n t a n g g u n g j a w a b s o s i a l p e r u s a h a a n m e m p e r l i h a t k a n h a s i l y a n g p o s i t i f , s e p e r t i y a n g d i b u k t i k a n o l e h R a s h i d d a n I b r a h i m ( 2 0 0 2 ) , O ’D w y e r ( 2 0 0 3 ) , J u h o l i n ( 2 0 0 4 ) , H o p k i n s ( 2 0 0 4 ) , R a a r ( 2 0 0 4 ) , S e m b i r i n g ( 2 0 0 5 ) , B a r o n ( 2 0 0 5 ) , d a n A n g g r a i n i ( 2 0 0 6 ) . S e b a l i k n y a , H a c k s t o n d a n M i l n e ( 1 9 9 6 ) s e r t a S e m b i r i n g ( 2 0 0 3 ) m e m p e r o l e h b u k t i b a h w a p r o f i t a b i l i t a s d a n p e n g u n g k a p a n t a n g g u n g j a w a b s o s i a l p e r u s a h a a n t i d a k m e m i l i k i h u b u n g a n y a n g p o s i t i f . H a s i l y a n g l a i n d i t u n j u k k a n o l e h C a p a l d i ( 2 0 0 6 ) y a n g m e n e m u k a n b u k t i b a h w a h u b u n g a n p r o f i t a b i l i t a s d e n g a n t i n g k a t k e l u a s a n p e n g u n g k a p a n C S R d i p e n g a r u h i o l e h c a r a p a n d a n g p e n g u s a h a t e r k a i t d e n g a n d u a l i s m e h u b u n g a n C S R d e n g a n l a b a . A d a s e b a g i a n p e n g u s a h a y a n g m e m a n d a n g C S R s e b a g a i p e n g u r a n g l a b a d a n a d a s e b a g i a n y a n g j u s t r u b e r p a n d a n g a n s e b a l i k n y a .
T e r k a i t i s u p r o f i t a b i l i t a s d e n g a n p e n g u n g k a p a n C S R , m a k a h i p o t e s i s y a n g d i a j u k a n d a l a m p e n e l i t i a n i n i a d a l a h :
H a2: P r o f i t a b i l i t a s b e r p e n g a r u h p o s i t i f t e r h a d a p k e l u a s a n p e n g u n g k a p a n
C S R .
Profile
Yuliana, Purnom osidhi, Sukoharsono, Pengaruh K arakteristik P erusahaan terhadap. 253
o p e r a s i y a n g m e r e k a l a k u k a n m e n g a l a m i k e g a g a l a n a t a u k e s a l a h a n p a d a a s p e k t e r t e n t u d a l a m p r o s e s a t a u h a s i l p r o d u k s i n y a . B i l a d i b a n d i n g k a n d e n g a n p e r u s a h a a n - p e r u s a h a a n
h ig h p r o file ,
p e r u s a h a a n y a n g t e r k a t e g o r i d a l a m i n d u s t r ilo w p r o file
l e b i h d i t o l e r a n s i o l e h m a s y a r a k a t l u a s m a n a k a l a m e l a k u k a n k e s a l a h a n .P e n e l i t i a n y a n g b e r k a i t a n d e n g a n
p r o file
p e r u s a h a a n k e b a n y a k a n m e n d u k u n g b a h w a i n d u s t r ih ig h -p r o file
m e n g u n g k a p k a n i n f o r m a s i t e n t a n g t a n g g u n g j a w a b s o s i a l n y a l e b i h b a n y a k d a r i i n d u s t r ilo w -p ro file ,
s e p e r t i y a n g d i b u k t i k a n o l e h H a c k s t o n d a n M i l n e ( 1 9 9 6 ) , R a s h i d d a n I b r a h i m ( 2 0 0 2 ) , Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) , J u h o l i n ( 2 0 0 4 ) , S a l l y a n n e ( 2 0 0 4 ) , J o n e s e t a l . ( 2 0 0 5 ) , B r a n c o d a n R o d r i g u e s ( 2 0 0 6 ) , d a n J o n e s e t a l . ( 2 0 0 7 ) . H a s i l y a n g b e r b e d a d i t e m u k a n o l e h S e m b i r i n g ( 2 0 0 5 ) y a n g m e n y a t a k a n b a h w a t i d a k t e r d a p a t p e n g a r u h p r o f i l p e r u s a h a a n t e r h a d a p p e n g u n g k a p a n C S R .B e r d a s a r k a n h a s i l p e n e l i t i a n t e r d a h u l u t e r s e b u t , m a k a h i p o t e s i s y a n g d i a j u k a n t e r k a i t d e n g a n m a s a l a h p r o f i l p e r u s a h a a n , y a i t u :
H a3:
H igh pro file com pany
m e m i l i k i t i n g k a t p e n g u n g k a p a n C S R y a n g l e b i h l u a s d i b a n d i n g k a nlow pro file company.
U kuran D ewan Kom isaris
I m p l e m e n t a s i p r o g r a m C S R m e r u p a k a n h a s i l d a r i k e b i j a k a n s t r a t e g i s p e r u s a h a a n y a n g m e l i b a t k a n s e l u r u h m a n a j e m e n t i n g k a t a t a s d a n j u g a k o m i s a r i s . P e l a k s a n a a n C S R l e b i h o p t i m a l p a d a p e r u s a h a a n y a n g m e n d a p a t d u k u n g a n p e n u h d a r i d e w a n k o m i s a r i s ( J u h o l i n 2 0 0 4 ) . K e b e r a d a a n p a r a p r o f e s i o n a l y a n g t e r g a b u n g d a l a m d e w a n k o m i s a r i s j u g a m e n j a d i p e r t i m b a n g a n m a n a j e m e n p e r u s a h a a n d a l a m p e n e n t u a n k e p u t u s a n t e r k a i t d e n g a n k e b i j a k a n k e u a n g a n , p e n c i t r a a n , d a n a k s i s o s i a l p e r u s a h a a n ( H i n e s 2 0 0 2 ) .
P e n e l i t i a n e m p i r i s y a n g m e n d u k u n g p e n g a r u h p o s i t i f a n t a r a u k u r a n p e r u s a h a a n t e r h a d a p p r a k t i k C S R , a n t a r a l a i n d i l a k u k a n o l e h C o o p e r e t a l . ( 2 0 0 4 ) , H i n e s ( 2 0 0 2 ) , J u h o l i n ( 2 0 0 4 ) , d a n S e m b i r i n g ( 2 0 0 5 ) . P e n e l i t i a n - p e n e l i t i a n t e r s e b u t m e n y a t a k a n b a h w a d e w a n k o m i s a r i s m e r u p a k a n p e n d u k u n g u t a m a d a l a m k e g i a t a n C S R p e r u s a h a a n .
H i p o t e s i s y a n g d i a j u k a n t e r k a i t d e n g a n m a s a l a h u k u r a n d e w a n k o m i s a r i s p e r u s a h a a n , y a i t u :
H a4: U k u r a n d e w a n k o m i s a r i s p e r u s a h a a n b e r p e n g a r u h p o s i t i f t e r h a d a p
k e l u a s a n p e n g u n g k a p a n C S R .
K on sen trasi K epem ilikan
254 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 2 7 6
k e p e m i l i k a n b e r p e n g a r u h p o s i t i f t e r h a d a p p r a k t i k C S R p a d a p e r u s a h a a n d i P o r t u g a l . H a l t e r s e b u t s a n g a t d i p e n g a r u h i o l e h b a s i s e k o n o m i n e g a r a , y a i t u u s a h a k e c i l d a n m e n e n g a h s e h i n g g a f a k t o r k e p e m i l i k a n u s a h a m e n j a d i h a l y a n g d i p e r t i m b a n g k a n . B u k t i l a i n d i t u n j u k k a n o l e h S e m b i r i n g ( 2 0 0 5 ) y a i t u b a h w a t e r n y a t a k o n s e n t r a s i k e p e m i l i k a n t i d a k b e r p e n g a r u h t e r h a d a p p e n g u n g k a p a n C S R . H a l t e r s e b u t d i a k i b a t k a n o l e h r e n d a h n y a k e k u a t a n i n d i v i d u - i n d i v i d u y a n g t e r p i s a h u n t u k m e n e k a n m a n a j e m e n .
B e r d a s a r k a n u r a i a n t e r s e b u t , m a k a h i p o t e s i s y a n g d i a j u k a n d a l a m p e n e l i t i a n i n i , y a i t u :
H aS: K o n s e n t r a s i k e p e m i l i k a n p e r u s a h a a n b e r p e n g a r u h p o s i t i f t e r h a d a p
k e l u a s a n p e n g u n g k a p a n C S R .
A bn orm al R eturn
A b n o r m a l r e tu r n
s e r i n g k a l i d i p a k a i s e b a g a i p r o k s i d a l a m m e n i l a i r e a k s i p a s a r . P e n e l i t i a n y a n g m e n u n j u k k a n b a h w a p e n g u n g k a p a n t a n g g u n g j a w a b s o s i a l b e r p e n g a r u h t e r h a d a pa b n o r m a l retu rn ,
a n t a r a l a i n d i l a k u k a n o l e h F r a n k e n t a l ( 2 0 0 1 ) y a n g m e m b u k t i k a n b a h w a C S R m e r u p a k a n s a l a h s a t u t e m u a n i n o v a s i d a l a m p e n c i t r a a n p e r u s a h a a n k a r e n a d a p a t m e m p e n g a r u h i i n v e s t o r d e n g a n p e m b u k t i a n a d a n y a p e n i n g k a t a na b n o r m a l retu rn .
R a a r ( 2 0 0 4 ) m e n y a t a k a n b a h w a p e r p a d u a n a n t a r a n i l a i l i n g k u n g a n d a n s o s i a l d a l a m k e b i j a k a n p e r u s a h a a n b i s a m e n i n g k a t k a n c i t r a p e r u s a h a a n d a n m e n c i p t a k a n k e s e j a h t e r a a n b a i k b a g i p e r u s a h a a n m a u p u n i n v e s t o r . B a r o n ( 2 0 0 5 ) m e m p e r o l e h b u k t i b a h w a i m p l e m e n t a s i C S R s e c a r a s t r a t e g i s d a p a t m e n i n g k a t k a na b n o r m a l r e tu r n
d a n R u t e e t a l . ( 2 0 0 5 ) m e n g i d e n t i f i k a s i b a h w a s a l a h s a t u m o t i v a s i p e n t i n g p e l a k s a n a a n C S R a d a l a h p e r o l e h a na b n o r m a l re tu rn .
B e r d a s a r k a n u r a i a n t e r s e b u t , p e n e l i t i a n i n i m e n g g u n a k a na b n o r m a l r e tu r n
s e b a g a i s a l a h s a t u p r o k s i r e a k s i p a s a r .B e r d a s a r k a n u r a i a n t e r s e b u t , m a k a h i p o t e s i s y a n g d i a j u k a n d a l a m p e n e l i t i a n i n i , y a i t u :
H ae: K e l u a s a n p e n g u n g k a p a n C S R b e r p e n g a r u h p o s i t i f t e r h a d a p
abnorm al
return.
Volume Perdagangan Saham
Yuliana, Purnomosidhi, Sukoharsono, Pengaruh K arakteristik Perusahaan terhadap. 2 5 5
T e r d a p a t b e b e r a p a p e n e l i t i a n y a n g m e n g g u n a k a n v o l u m e p e r d a g a n g a n
s e b a g a i p r o k s i d a r i r e a k s i p a s a r . Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) m e n e m u k a n b u k t i
b a h w a p e n g u n g k a p a n s o s i a l d a l a m l a p o r a n t a h u n a n p e r u s a h a a n y a n g
g o p u b lic
b e r p e n g a r u h t e r h a d a p v o l u m e p e r d a g a n g a n . D e m i k i a n j u g a d e n g a n C e t i n d a m a rd a n H u s o y ( 2 0 0 7 ) d a n L o p e z e t a l . ( 2 0 0 7 ) y a n g m e n e m u k a n b u k t i b a h w a t e r d a p a t
p e r b e d a a n v o l u m e p e r d a g a n g a n a n t a r a p e r u s a h a a n y a n g m e l a k u k a n p e n g u n g k a p a n
t a n g g u n g j a w a b s o s i a l d a n y a n g t i d a k m e n g u n g k a p k a n n y a , s e d a n g k a n R a k h m a d ( 2 0 0 6 ) d a n I n d r a ( 2 0 0 8 ) t i d a k b e r h a s i l m e n u n j u k k a n p e n g a r u h p e n g u m u m a n
l a p o r a n C S R t e r h a d a p r e a k s i p a s a r . S a m a h a l n y a d e n g a n
a b n o r m a l r e tu r n ,
k e g a g a l a n t e r s e b u t d i s e b a b k a n k a r e n a k e c i l n y a s a m p e l y a n g d i g u n a k a n , y a i t u k u r a n g d a r i 1 0p e r u s a h a a n .
B e r d a s a r k a n h a l t e r s e b u t , m a k a h i p o t e s i s s e l a n j u t n y a d a l a m p e n e l i t i a n i n i a d a l a h :
H a7: K e l u a s a n p e n g u n g k a p a n C S R b e r p e n g a r u h p o s i t i f t e r h a d a p v o l u m e
p e r d a g a n g a n s a h a m .
M E T O D E P E N E L I T I A N
P o p u l a s i d a n S a m p e l
P o p u l a s i p e n e l i t i a n i n i a d a l a h s e l u r u h p e r u s a h a a n y a n g m e n g u n g k a p p r o g r a m C S R d i B u r s a E f e k I n d o n e s i a . B e r d a s a r k a n d a t a y a n g a d a d i
w e b s ite
B E I , p a d a t a n g g a l 3 1 D e s e m b e r 2 0 0 6 , t e r d a p a t 3 4 2 p e r u s a h a a n y a n g t e r c a t a t .M e t o d e p e n g a m b i l a n s a m p e l d a l a m p e n e l i t i a n i n i a d a l a h p e n g a m b i l a n
s a m p e l b e r t u j u a n
{ p u r p o s iv e s a m p lin g
) . P e n g a m b i l a n s a m p e l b e r t u j u a n d i l a k u k a n d e n g a n m e n g a m b i l s a m p e l d a r i p o p u l a s i b e r d a s a r k a n s u a t u k r i t e r i a t e r t e n t u ( H a r t o n o2 0 0 4 , 7 9 ) .
B e r d a s a r k a n s e l e k s i y a n g t e l a h d i l a k u k a n , d i p e r o l e h 1 1 6 p e r u s a h a a n s e b a g a i s a m p e l p e n e l i t i a n . B e r i k u t i n i k r i t e r i a y a n g d i g u n a k a n u n t u k m e n y e l e k s i s a m p e l
p e n e l i t i a n :
1. S a m p e l p e n e l i t i a n m e r u p a k a n p e r u s a h a a n y a n g t e r d a f t a r d i B E I p e r 3 1 D e s e m b e r 2 0 0 6 .
2 . S a m p e l p e n e l i t i a n h a r u s m e r u p a k a n p e r u s a h a a n y a n g t e r m u a t d a l a m d a f t a r
d i r e k t o r i l a p o r a n t a h u n a n p e r 3 1 D e s e m b e r 2 0 0 6 .
3 . S a m p e l p e n e l i t i a n h a r u s m e n y a j i k a n l a p o r a n t a h u n a n p e r 3 1 D e s e m b e r 2 0 0 6 .
256 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 276
T a b e l 1 m e m u a t k r i t e r i a p e m i l i h a n s a m p e l p e n e l i t i a n .
T a b e l 1
K r i t e r i a P e m i l i h a n S a m p e l P e n e l i t i a n
N o . K r i t e r i a J u m l a h P e r u s a h a a n
1. J u m l a h p e r u s a h a a n y a n g t e r d a f t a r d i B E I p e r 31
D e s e m b e r 2 0 0 6
3 4 2
2 . J u m l a h p e r u s a h a a n y a n g t e r d a f t a r d i d i r e k t o r i l a p o r a n
t a h u n a n p e r 31 D e s e m b e r 2 0 0 6
2 1 0
3 . P e r u s a h a a n y a n g m e n y a j i k a n l a p o r a n t a h u n a n p e r 31
D e s e m b e r 2 0 0 6
2 0 0
4 . P e r u s a h a a n y a n g m e n y a j i k a n p e n g u n g k a p a n C S R d a l a m
l a p o r a n t a h u n a n p e r 31 D e s e m b e r 2 0 0 6
1 1 6
S u m b e r : D a t a B E I y a n g d i o l a h .
H o r i s o n W a k t u
S e s u a i d e n g a n k a r a k t e r i s t i k m a s a l a h p e n e l i t i a n y a n g a k a n d i j a w a b m a k a p e n e l i t i a n i n i t e r g o l o n g s t u d i
c r o s s -s e c tio n a l,
y a i t u t i p e s t u d i s a t u t a h a p y a n g d a t a n y a b e r u p a b e b e r a p a s u b j e k p a d a w a k t u t e r t e n t u ( I n d r i a n t o r o d a n S u p o m o 2 0 0 2 , 9 5 ) .W a k t u a m a t a n p e n e l i t i a n d i t e n t u k a n p a d a t a h u n 2 0 0 6 d e n g a n a l a s a n b a h w a t a h u n 2 0 0 6 m e r u p a k a n t a h u n p e n e l i t i b i s a m e n d a p a t k a n d a t a t e r b a r u b e r u p a l a p o r a n t a h u n a n . P e n e l i t i a n i n i d i l a k u k a n p a d a t a h u n 2 0 0 8 , s e d a n g k a n
d a ta b a s e
B E I t e r a k h i r d i m u t a k h i r k a n t a h u n 2 0 0 7 y a n g b e r i s i l a p o r a n t a h u n a n d a n l a p o r a n k e u a n g a n t a h u n 2 0 0 6 . S e l a i n i t u , d a t aa b n o r m a l r e tu r n
d a n v o l u m e p e r d a g a n g a n s a h a m b i a s a n y a b a r u d i p u b l i k a s i k a n 4 b u l a n s e t e l a h l a p o r a n k e u a n g a n d i u m u m k a n .P e n g a m a t a n t e r h a d a p r e a k s i p a s a r m e n g g u n a k a n p e r i o d e w a k t u 11 h a r i , y a i t u h a r i - 5 s a m p a i d e n g a n h a r i + 5 t a n g g a l p u b l i k a s i l a p o r a n t a h u n a n . P e n e n t u a n w a k t u a m a t a n t e r s e b u t m e r u j u k p a d a p e n e l i t i a n Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) .
U n i t A n a l i s i s D a t a
U n i t a n a l i s i s m e r u p a k a n t i n g k a t a g r e g a s i d a t a y a n g d i a n a l i s i s d a l a m p e n e l i t i a n ( I n d r i a n t o r o d a n S u p o m o 2 0 0 2 , 9 4 ) . S e s u a i d e n g a n r u m u s a n m a s a l a h , m a k a u n i t a n a l i s i s d a t a d a l a m p e n e l i t i a n i n i t e r g o l o n g t i n g k a t p e r u s a h a a n , y a i t u m e n c a k u p s e l u r u h p e r u s a h a a n y a n g t e r d a f t a r d i s u a t u b u r s a e f e k .
M e t o d e S t a t i s t i k y a n g D i g u n a k a n
Yuliana, Purnomosidhi, Sukoharsono, Pengaruh K arakteristik Perusahaan terhadap... 2 5 7
D e f i n i s i O p e r a s i o n a l V a r i a b e l
P e n e l i t i a n i n i m e n g g u n a k a n 8 v a r i a b e l d a n t i a p - t i a p v a r i a b e l d i u k u r d e n g a n
m e n g g u n a k a n i n d i k a t o r t e r t e n t u . T a b e l 2 b e r i s i r i n g k a s a n v a r i a b e l p e n e l i t i a n b e s e r t a
i n d i k a t o r n y a .
T a b e l 2
V a r i a b e l d a n I n d i k a t o r P e n e l i t i a n
N o . V a r i a b e l I n d i k a t o r
1
.
U k u r a n p e r u s a h a a n ( U P ) a . J u m l a h t e n a g a k e r j a ( T K ) b .Total asset
( T A )2 . P r o f i t a b i l i t a s ( P R F )
Return on asset
( R O A )Return on equity
( R O E )3 .
Profile
( P R L ) T i p e i n d u s t r i ( H / L )4 . U k u r a n d e w a n k o m i s a r i s ( K O M ) J u m l a h d e w a n k o m i s a r i s ( D K )
5 . K o n s e n t r a s i k e p e m i l i k a n ( K P ) P e r s e n t a s e j u m l a h s a h a m p e r u s a h a a n y a n g
d i m i l i k i o l e h p u b l i k ( S P )
6 . L u a s p e n g u n g k a p a n C S R ( C S R D ) K u a n t i t a s p e n g u n g k a p a n C S R ( C S R D ,)
P r o p o r s i p e n g u n g k a p a n C S R ( C S R D 2)
D i m e n s i p e n g u n g k a p a n C S R ( C S R D 3)
A s p e k p e n g u n g k a p a n C S R ( C S R D 4)
I n d i k a t o r k i n e r j a C S R ( C S R D 5)
7. R e a k s i I n v e s t o r
Abnormal return
( A R )Trading volume activity
( T V A )Ukuran Perusahaan (UP)
U k u r a n p e r u s a h a a n d i u k u r d e n g a n m e n g g u n a k a n p r o k s i j u m l a h t e n a g a k e r j a ( T K ) y a n g a d a d a l a m p e r u s a h a a n ( G r a y e t a l . 2 0 0 1 ; S e m b i r i n g 2 0 0 5 ) d a n t o t a l a s e t ( T A ) ( M a c h f o e d z 1 9 9 4 ) . P e n g u k u r a n u k u r a n p e r u s a h a a n d e n g a n m e n g g u n a k a n p r o k s i j u m l a h t e n a g a k e r j a d a n t o t a l a s e t j u g a m e m p e r l i h a t k a n t i n g k a t p r o d u k t i v i t a s d a n s k a l a e k o n o m i p e r u s a h a a n ( M o r r i s o n d a n S i e g e l 2 0 0 6 ) .
Profitabilitas (PRF)
258 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 216
Profile (PRL)
D u m m y v a r ia b le
a k a n d i g u n a k a n u n t u k m e n g k l a s i f i k a s i k a nh ig h -p r o file
d a nlo w -p r o file . H ig h -p r o file
a k a n d i b e r i n i l a i 1 y a i t u u n t u k p e r u s a h a a n - p e r u s a h a a n y a n g b e r g e r a k d i b i d a n g p e r m i n y a k a n d a n p e r t a m b a n g a n , k i m i a , h u t a n , k e r t a s , o t o m o t i f , a g r o b i s n i s , t e m b a k a u d a n r o k o k , m a k a n a n d a n m i n u m a n , m e d i a d a n k o m u n i k a s i , k e s e h a t a n , t r a n s p o r t a s i , d a n p a r i w i s a t a ( H a s i b u a n 2 0 0 1 ; H e n n y d a n M u r t a n t o 2 0 0 1 ; U t o m o 2 0 0 0 ; H a c k s t o n d a n M i l n e 1 9 9 6 d a l a m S e m b i r i n g 2 0 0 5 ) . N i l a i 0 d i b e r i k a n u n t u k p e r u s a h a a n y a n glo w -p r o file ,
y a n g m e l i p u t i b i d a n g b a n g u n a n , k e u a n g a n d a n p e r b a n k a n ,s u p p lie r
p e r a l a t a n m e d i s ,r e ta ile r ,
t e k s t i l d a n p r o d u k t e k s t i l , p r o d u k p e r s o n a l , d a n p r o d u k r u m a h t a n g g a .K l a s i f i k a s i t e r s e b u t t e l a h d i g u n a k a n d a l a m p e n e l i t i a n H a k s t o n d a n M i l n e ( 1 9 9 6 ) , Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) , d a n S e m b i r i n g ( 2 0 0 5 ) . K e t i g a p e n e l i t i a n t e r s e b u t m e r u p a k a n p e n e l i t i a n y a n g m e n g i d e n t i f i k a s i p e n g a r u h p r o f i l p e r u s a h a a n t e r h a d a p k e l u a s a n p e n g u n g k a p a n C S R .
Ukuran D ew an K om isaris (KOM )
M e n u r u t C o l l e r d a n G r e g o r y ( 1 9 9 9 ) d a l a m S e m b i r i n g ( 2 0 0 5 ) d e w a n k o m i s a r i s b e r f u n g s i u n t u k m e m o n i t o r d a n m e n g e n d a l i k a n C E O . S e m a k i n b e s a r j u m l a h a n g g o t a d e w a n k o m i s a r i s ( D K ) , m a k a a k a n s e m a k i n m u d a h u n t u k m e n g e n d a l i k a n C E O d a n
m o n ito r in g
y a n g d i l a k u k a n a k a n s e m a k i n e f e k t i f . U k u r a n d e w a n k o m i s a r i s y a n g d i g u n a k a n d a l a m p e n e l i t i a n i n i k o n s i s t e n d e n g a n p e n e l i t i a n J u h o l i n ( 2 0 0 4 ) d a n S e m b i r i n g ( 2 0 0 5 ) , y a i t u j u m l a h a n g g o t a d e w a n k o m i s a r i s .K epem ilikan Publik (KP)
P e r u s a h a a n y a n g p r o p o r s i k e p e m i l i k a n p u b l i k n y a b e s a r , m a k a m e m e r l u k a n p e n g e n d a l i a n y a n g l e b i h k e t a t ( J e n s e n d a n M e c k l i n g 1 9 7 6 ) . O l e h k a r e n a i t u , p e r u s a h a a n y a n g p r o p o r s i k e p e m i l i k a n p u b l i k n y a b e s a r d i t u n t u t u n t u k m e m b u a t p e n g u n g k a p a n k i n e r j a y a n g l e b i h l e n g k a p . K o n s e n t r a s i k e p e m i l i k a n d i h i t u n g d e n g a n m e n g g u n a k a n p e r s e n t a s e j u m l a h s a h a m p e r u s a h a a n y a n g d i m i l i k i o l e h p u b l i k ( S P ) ( H o p k i n s 2 0 0 4 ) .
L u as Pengungkapan CSR (CSRD)
Yuliana, Purnomosidhi, Sukoharsono, Pengaruh K arakteristik Perusahaan terhadap. 259
A c u a n y a n g d i p a k a i d a l a m m e l a k u k a n a n a l i s i s i s i a d a l a h p e d o m a n
i n d i k a t o r k i n e r j a G R I 2 0 0 6 . P e r t i m b a n g a n p e m a k a i a n a l a t a n a l i s i s t e r s e b u t a d a l a h s u p a y a i n f o r m a s i y a n g d i p e r o l e h l e b i h b e r k u a l i t a s b a i k s e c a r a k u a n t i t a s m a u p u n
k u a l i t a s n y a . H a l t e r s e b u t t e r k a i t d e n g a n s e b e r a p a b e s a r p e r u s a h a a n m e m i l i k i k e p e d u l i a n t e r h a d a p C S R . H a s i l y a n g d i p e r o l e h d a r i p e n g g u n a a n a n a l i s i s k o n t e n
a d a l a h b e r u p a b e b e r a p a i n d i k a t o r y a n g r e p r e s e n t a t i f u n t u k m e n g u k u r t i n g k a t
k e l u a s a n p e n g u n g k a p a n C S R . B e r i k u t i n i b e b e r a p a h a l y a n g m e n j a d i i n d i k a t o r t i n g k a t k e l u a s a n p e n g u n g k a p a n C S R :
1. K u a n t i t a s p e n g u n g k a p a n C S R ( C S R D , ) .
K u a n t i t a s p e n g u n g k a p a n C S R t e r k a i t d e n g a n s e b e r a p a b a n y a k p e r u s a h a a n m e n g a l o k a s i k a n s u m b e r d a y a y a n g d i m i l i k i u n t u k m e m f a s i l i t a s i p e n g u n g k a p a n
C S R . K u a n t i t a s t e r s e b u t d i u k u r d e n g a n m e n g g u n a k a n j u m l a h h a l a m a n y a n g d i g u n a k a n u n t u k p e n g u n g k a p a n C S R . J u m l a h h a l a m a n m e n u n j u k k a n s e b e r a p a
b a n y a k i n f o r m a s i y a n g d i s a j i k a n o l e h p e r u s a h a a n t e r k a i t d e n g a n t a n g g u n g j a w a b s o s i a l n y a .
2 . P r o p o r s i p e n g u n g k a p a n C S R ( C S R D 2).
P r o p o r s i p e n g u n g k a p a n C S R m e r u p a k a n p e r b a n d i n g a n a n t a r a j u m l a h h a l a m a n
y a n g d i g u n a k a n u n t u k p e n g u n g k a p a n C S R d e n g a n j u m l a h h a l a m a n l a p o r a n t a h u n a n s e l u r u h n y a . P r o p o r s i i n i m e n u n j u k k a n s e b e r a p a b e s a r p e r h a t i a n
p e r u s a h a a n d a l a m m e n g i m p l e m e n t a s i k a n C S R d i b a n d i n g k a n d e n g a n k e g i a t a n p e r u s a h a a n l a i n n y a .
3 . D i m e n s i p e n g u n g k a p a n C S R ( C S R D 3).
D i m e n s i p e n g u n g k a p a n C S R m e r u p a k a n s u b b a g i a n C S R y a n g m e n y e b u t k a n h a l p o k o k a p a s a j a y a n g h a r u s a d a d a l a m p e n g u n g k a p a n C S R . T e r d a p a t 6 d i m e n s i
p e n g u n g k a p a n C S R , y a i t u l i n g k u n g a n , e k o n o m i , h a k a s a s i , k e t e n a g a k e r j a a n , t a n g g u n g j a w a b p r o d u k , d a n k e m a s y a r a k a t a n . B e r d a s a r k a n d a f t a r d i m e n s i
t e r s e b u t , m a k a d i l a k u k a n p e n i l a i a n s e j a u h m a n a d i m e n s i y a n g d i m i l i k i o l e h p e n g u n g k a p a n C S R s e t i a p p e r u s a h a a n . P e n i l a i a n d i l a k u k a n d e n g a n m e n g h i t u n g
d i m e n s i p e n g u n g k a p a n y a n g a d a p a d a s e t i a p p e n g u n g k a p a n C S R . 4 . A s p e k p e n g u n g k a p a n C S R ( C S R D 4).
A s p e k p e n g u n g k a p a n m e r u p a k a n t i n j a u a n a t a s p r a k t i k C S R u n t u k s e t i a p d i m e n s i . D a r i k e e n a m d i m e n s i y a n g a d a , s e t i a p d i m e n s i d i r i n c i l a g i k e d a l a m
b e b e r a p a a s p e k . M i s a l n y a , d i m e n s i e k o n o m i t e r d i r i a t a s t i g a a s p e k , y a i t u : a s p e k k i n e r j a e k o n o m i , a s p e k k e b e r a d a a n p a s a r , d a n a s p e k d a m p a k e k o n o m i
t i d a k l a n g s u n g . S e t i a p p e n g u n g k a p a n C S R p e r u s a h a a n a k a n d i n i l a i s e b e r a p a
26 0 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 2 7 6
5 . T i n g k a t k e s e s u a i a n p e n g u n g k a p a n C S R d e n g a n i n d i k a t o r k i n e r j a y a n g a d a p a d a s e t i a p a s p e k p e n g u n g k a p a n ( C S R D 5).
R i n c i a n p a l i n g a k h i r d a l a m p e n g u n g k a p a n C S R a d a l a h i n d i k a t o r k i n e r j a . I n d i k a t o r k i n e r j a t e r s e b u t d i s u s u n b e r d a s a r k a n a s p e k y a n g a d a . J u m l a h k e s e l u r u h a n i n d i k a t o r k i n e r j a a d a l a h 7 9 . J a d i , p e r u s a h a a n y a n g m e m e n u h i 7 9 i n d i k a t o r k i n e r j a t e r s e b u t d i k a t a k a n p a l i n g l u a s p e n g u n g k a p a n C S R - n y a .
R eaksi Investor (RI)
R e a k s i i n v e s t o r d i u k u r d e n g a n m e n g g u n a k a n i n d i k a t o r
a b n o r m a l r e tu r n
d a n v o l u m e p e r d a g a n g a n s a h a m .1.
A b n o r m a l re tu rn
( A R )A b n o r m a l re tu rn
a d a l a h s e l i s i h a n t a r ar e tu r n
s e s u n g g u h n y a (a c tu a l r e tu r n
) d e n g a ne x p e c te d re tu rn . A b n o r m a l r e tu r n
d i g u n a k a n u n t u k m e l i h a t h a r g a s a h a m p a d ae v e n t w in d o w
u n t u k t i a p - t i a p h a r i d i s e k i t a r t a n g g a l p e r i s t i w a . M e n u r u t H a r t o n o ( 2 0 0 0 , 4 1 6 ) ,a b n o r m a l re tu rn
d a p a t d i h i t u n g d e n g a n p e r s a m a a n :A R .t = R - E
I t U [ i ? . l ...L l t JK e t e r a n g a n :
A R .'
= a b n o r m a l r e tu r n
s e k u r i t a s k e - i p a d a p e r i o d e p e r i s t i w a k e - tR it
= a c tu a l r e tu r n
s a h a m s e k u r i t a s k e - i p a d a p e r i o d e p e r i s t i w a k e - t[ R E
J =e x p e c te d re tu rn
s e k u r i t a s k e - i p a d a p e r i o d e k e - t2 . V o l u m e P e r d a g a n g a n ( T V A )
V o l u m e p e r d a g a n g a n s a h a m m e r u p a k a n j u m l a h s a h a m y a n g t e l a h d i p e r d a g a n g k a n s a m p a i d e n g a n b a t a s a k h i r p a d a s a t u h a r i t e r t e n t u d a n p e n g u k u r a n i n i d i g u n a k a n d e n g a n d i d a s a r k a n p a d a
s u p p ly - d e m a n d a n a ly sis.
M e n u r u t M o r s e ( 1 9 8 1 ) , d a l a m A r d i a n s y a h ( 2 0 0 2 ) , v o l u m e p e r d a g a n g a n s a h a m d a p a t m e r e f l e k s i k a n s e m u a a k t i v i t a s i n v e s t o r d i p a s a r , y a i t u s e c a r a k e s e l u r u h a n p e r d a g a n g a n s a h a m d ip a s a r . V o l u m e p e r d a g a n g a n s a h a m d i u k u r b e r d a s a r k a n v o l u m e p e r d a g a n g a n s a h a m h a r i a n d e n g a n m e n g g u n a k a n
T r a d in g V olum e A c tiv ity
( T V A ) .T e r d a p a t b e b e r a p a p e n e l i t i a n y a n g m e n g g u n a k a n v o l u m e p e r d a g a n g a n s e b a g a i p r o k s i d a r i r e a k s i p a s a r . Z u h r o h d a n S u k m a w a t i ( 2 0 0 3 ) m e n e m u k a n b u k t i
b a h w a p e n g u n g k a p a n s o s i a l d a l a m l a p o r a n t a h u n a n p e r u s a h a a n y a n g
g o p u b lic
b e r p e n g a r u h t e r h a d a p v o l u m e p e r d a g a n g a n . D e m i k i a n j u g a d e n g a n C e t i n d a m a r d a n H u s o y ( 2 0 0 7 ) d a n L o p e z e t a l . ( 2 0 0 7 ) y a n g m e n e m u k a n b u k t i b a h w a t e r d a p a tYuliana, Pum om osidhi, Sukoharsono, Pengaruh K arakteristik Perusahaan terhadap... 261
t a n g g u n g j a w a b s o s i a l d a n y a n g t i d a k m e n g u n g k a p k a n n y a
M o d e l E m p i r i s d a n P e n g u j i a n H i p o t e s i s
M odel E m piris
T e r d a p a t 6 h i p o t e s i s y a n g d i u j i d a l a m p e n e l i t i a n i n i . K e e n a m h i p o t e s i s t e r s e b u t m e l i b a t k a n 7 v a r i a b e l d a n 1 4 i n d i k a t o r . B e n t u k m o d e l i n d i k a t o r d a l a m p e n e l i t i a n i n i a d a l a h r e f l e k s i f . M e n u r u t G h o z a l i ( 2 0 0 6 , 7 ) , m o d e l r e f l e k s i f m e n g a s u m s i k a n b a h w a k o n s t r u k a t a u v a r i a b e l l a t e n m e m p e n g a r u h i i n d i k a t o r ( a r a h h u b u n g a n k a u s a l i t a s d a r i k o n s t r u k k e i n d i k a t o r a t a u m a n i f e s ) . B e n t u k m o d e l h u b u n g a n a n t a r v a r i a b e l d a n i n d i k a t o r d a l a m p e n e l i t i a n i n i d i t u n j u k k a n o l e h G a m b a r 1.
G a m b a r 1 M o d e l P e n e l i t i a n
H A S I L D A N P E M B A H A S A N
D e s k r i p s i D a t a
G u n a m e n g e t a h u i k a r a k t e r i s t i k d a t a y a n g d i g u n a k a n d a l a m p e n e l i t i a n i n i , m a k a d i l a k u k a n u j i s t a t i s t i k d e s k r i p t i f y a n g h a s i l n y a d a p a t d i l i h a t p a d a T a b e l 3 .
262 Jurnal Akuntansi dan Keuangan Indonesia, D esem ber 2008, Vol. 5, No. 2, Hal. 245 - 2 7 6
T a b e l 3
S t a t i s t i k D e s k r i p t i f
N M inimum M aximum M ean Std. Deviation
T K 9 4 6 , 0 0 6 6 . 0 0 0 4 . 4 2 6 9 . 5 4 5 T A ( d a l a m j u t a a n ,
k e c u a l i u n t u k d a t a N )
9 4 5 7 7 2 6 8 . 0 0 0 . 0 0 0 1 4 . 4 7 9 . 0 0 0 4 1 . 3 9 9 . 8 0 0
R O A 9 4 - 0 , 2 8 0 , 7 5 0 , 0 5 6 2 0 , 1 0 3 9 2 R O E 9 4 - 9 , 1 7 1 8 , 9 2 0 , 2 4 2 5 2 , 1 8 5 3 1 H / L 9 4 0 , 0 0 1 , 0 0 0 , 3 0 8 5 0 , 4 6 4 3 6 D K 9 4 2 , 0 0 1 1 , 0 0 4 , 6 4 8 9 1 , 9 2 7 2 1 S P 9 4 0 , 2 1 8 3 , 6 6 2 5 , 9 3 6 7 1 8 , 1 4 4 1 4 C S R D 1 9 4 1 , 0 0 1 1 , 0 0 2 , 6 0 6 4 2 , 1 7 6 2 1 C S R D 2 9 4 0 , 0 1 0 , 1 4 0 , 0 4 4 1 0 , 0 2 4 4 4 C S R D 3 9 4 1 , 0 0 5 , 0 0 1 , 7 8 7 2 1 , 0 8 6 3 0 C S R D 4 9 4 1 , 0 0 1 0 , 0 0 2 , 8 0 8 5 2 , 2 0 5 9 4 C S R D 5 9 4 1 , 0 0 1 6 , 0 0 3 , 8 5 1 1 3 , 8 6 0 3 5 T V A ( d a l a m j u t a a n ,
k e c u a l i u n t u k d a t a N )
9 4 0 , 0 0 3 , 2 0 0 1 6 3 4 6 3
A R 9 4 - 0 , 1 1 0 , 3 2 - 0 , 0 1 4 4 0 , 0 6 3 2 7
j u m l a h t e n a g a k e r j a p a l i n g s e d i k i t ( m i n i m u m ) a d a l a h 6 o r a n g d a n j u m l a h t e n a g a k e r j a t e r b a n y a k ( m a k s i m u m ) a d a l a h 6 6 . 0 0 0 o r a n g . R a t a - r a t a j u m l a h t e n a g a k e r j a a d a l a h 4 . 4 2 7 o r a n g d e n g a n s t a n d a r d e v i a s i s e b e s a r 9 . 5 4 6 . B e r d a s a r k a n n i l a i s t a n d a r d e v i a s i d i b a n d i n g k a n d e n g a n n i l a i r a t a - r a t a n y a d a p a t d i l i h a t b a h w a h a m p i r s e l u r u h d a t a t i d a k t e r d i s t r i b u s i s e c a r a n o r m a l , k e c u a l i u n t u k d a t a j u m l a h s a h a m p e r u s a h a a n y a n g d i m i l i k i o l e h p u b l i k ( S P ) . K o n d i s i d a t a y a n g t i d a k t e r d i s t r i b u s i n o r m a l t i d a k m e n j a d i k e n d a l a d a l a m a n a l i s i s s t a t i s t i k d e n g a n m e n g g u n a k a n a l a t P L S .
H a s i l U j i H i p o t e s i s
P e n g u j i a n d e n g a n m e t o d e P L S t e r d i r i d a r i p e n g u j i a n
o u te r
m o d e l{ m e a s u r e m e n t)
d a nin n e r
( s t r u k t u r a l ) m o d e l . B e r i k u t i n i h a s i l p e n g u j i a n h i p o t e s i s d e n g a n m e n g g u n a k a n m e t o d e P L S :Pen gu jian Outer M odel (M easurem ent)
T e r d a p a t t i g a k r i t e r i a y a n g d i g u n a k a n d a l a m p e n i l a i a n
o u te r
m o d e l y a i t uc o n v e r g e n t va lid ity, d is c r im in a n t v a lid ity ,
d a nc o m p o s ite r e lia b ility .
B e r i k u t p e n j e l a s a n u n t u k t i a p - t i a p p e n i l a i a n t e r s e b u t :a. C o r v e r g e n t v a lid ity
Yuliana, Purnomosidhi, Sukoharsono, Pengaruh K arakteristik P erusahaan terhadap. 263
s c o r e
y a n g d i h i t u n g d e n g a n P L S . U k u r a n r e f l e k s i f i n d i v i d u a l d i k a t a k a n t i n g g i j i k a b e r k o r e l a s i l e b i h d a r i 0 , 7 0 d e n g a n k o n s t r u k y a n g i n g i n d i u k u r . M e s k i p u n d e m i k i a n , u n t u k p e n e l i t i a n t a h a p a w a l d a r i p e n g e m b a n g a n s k a l a p e n g u k u r a n n i l a i l o a d i n g 0 , 5 0 s a m p a i 0 , 6 0 d i a n g g a p c u k u p .T a b e l 4
H a s i l U j i
Convergent Validity
T a h a p K e d u aC o n s tr u c t In d ic a to r
Factor Loading. Residual and Weights
M e a n S td .D e v L o a d in g R e sid u a l W eight
U P T K 4 4 2 6 , 5 0 0 0 0 0 9 5 4 5 , 4 9 5 7 8 6 1 , 0 0 0 0 0 0 0 , 0 0 0 0 0 0 1 , 0 0 0 0 0 0
P R F R O A 0 , 0 5 6 1 5 8 0 , 1 0 3 9 1 9 1 , 0 0 0 0 0 0 0 , 0 0 0 0 0 0 1 , 0 0 0 0 0 0
P R L H / L 0 , 3 0 8 5 1 1 0 , 4 6 4 3 5 5 1 , 0 0 0 0 0 0 0 , 0 0 0 0 0 0 1 , 0 0 0 0 0 0
K O M D K 4 , 6 4 8 9 3 6 1 , 9 2 7 2 1 0 1 , 0 0 0 0 0 0 0 , 0 0 0 0 0 0 1 , 0 0 0 0 0 0
K P S P 2 5 , 9 3 6 7 1 7 1 8 , 1 4 4 1 3 9 1 , 0 0 0 0 0 0 0 , 0 0 0 0 0 0 1 , 0 0 0 0 0 0
C S R D 4 2 , 8 0 8 5 1 1 2 , 2 0 5 9 3 6 0 , 9 8 4 2 0 0 0 , 0 3 1 4 0 0 0 , 5 0 7 5 0 0 C S R D
C S R D 5 3 , 8 5 1 0 6 4 3 , 8 6 0 3 5 1 0 , 9 8 4 2 0 0 0 , 0 3 1 3 0 0 0 , 5 0 8 5 0 0
R I A R 1 6 3 4 6 9 0 8 , 1 0 6 3 8 3 4 6 2 8 4 1 6 3 5 , 8 4 7 0 3 8 1 , 0 0 0 0 0 0 0 , 0 0 0 0 0 0 1 , 0 0 0 0 0 0
S u m b e r : Output V P L S .
T a b e l 4 m e n u n j u k k a n b a h w a s e l u r u h n i l a i
lo a d in g f a c t o r
t i a p - t i a p i n d i k a t o r a d a l a h l e b i h d a r i 0 , 5 s e h i n g g a h a s i l t e r s e b u t t e l a h m e m e n u h ic o n v e r g e n t v a lid ity .
b.
D is c r im in a n t v a lid ity
L a n g k a h s e l a n j u t n y a a d a l a h m e n i l a i
d is c r im in a n t v a lid ity
i n d i k a t o r r e f l e k s i f .D is c r im in a n t v a lid ity
d a r i m o d e l p e n g u k u r a n d e n g a n r e f l e k s i f i n d i k a t o r d i n i l a i b e r d a s a r k a ncro ss lo a d in g
p e n g u k u r a n d e n g a n k o n s t r u k . J i k a k o r e l a s i k o n s t r u k d e n g a nite m
p e n g u k u r a n l e b i h b e s a r d a r i p a d a u k u r a n k o n s t r u k l a i n n y a , h a l t e r s e b u t m e n u n j u k k a n b a h w a k o n s t r u k l a t e n m e m p r e d i k s i u k u r a n p a d a b l o k m e r e k a l e b i h b a i k d a r i p a d a u k u r a n b l o k l a i n n y a . T a b e l 5 m e r u p a k a n h a s i l y a n g m e n u n j u k k a np e n i l a i a n
c ro s s lo a d in g
t e r s e b u t .B e r d a s a r k a n T a b e l 5 , t e r l i h a t b a h w a k o r e l a s i k o n s t r u k U P d e n g a n i n d i k a t o r n y a ( 1 , 0 1 0 9 ) , y a i t u T K , l e b i h t i n g g i d i b a n d i n g a n d e n g a n k o r e l a s i i n d i k a t o r
T K d e n g a n k o n s t r u k l a i n n y a ( P R F , P R L , K O M , K P , C S R D , d a n R I ) . H a l i n i j u g a b e r l a k u u n t u k k o r e l a s i k o s t r u k d e n g a n i n d i k a t o r y a n g l a i n n y a . D e n g a n d e m i k i a n ,
m a k a d i s i m p u l k a n b a h w a k o n s t r u k l a t e n m e m p r e d i k s i i n d i k a t o r p a d a b l o k m e r e k a
