View of Effectiveness of Good Corporate Governance and Corporate Social Responsibility Mechanisms on the Company's Financial Performance on the Indonesian Public Listed Companies

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DOI: 10.31289/jab.v9i2.9667

JURNAL AKUNTANSI DAN BISNIS

Jurnal Program Studi Akuntansi

Available online http://ojs.uma.ac.id/index.php/jurnalakundanbisnis

Effectiveness of Good Corporate Governance and Corporate Social Responsibility Mechanisms on the Company's Financial Performance on the Indonesian Public Listed

Companies

Santi Yopie*, & Veronica Oktavia

Program Studi Akuntansi, Fakultas Bisnis dan Manajemen, Universitas Internasional Batam, Indonesia

Submitted: June 2, 2023; Reviewed: October 9, 2023; Accepted: October 25, 2023

*Coresponding Email: [email protected]

Abstract

Business stocks with solid fundamentals, impressive performance, and liquid portfolios make up the KOMPAS100 index. This study is useful in determining the impact of corporate governance (GCG) and corporate social responsibility (CSR) systems on financial performance by using profit management as a mediation variable. This research is useful to determine the effect of corporate governance (GCG) and corporate social responsibility (CSR) mechanisms on financial performance. This considers the importance of theory in the inclusion of activities to be carried out by the company such as agency theory and legitimacy, agency is a theory that will bring together the company owner with the company manager, on the side the company manager can trigger problems due to differences in thinking with the owner of the company which will make profit management arise and then legitimacy where this theory is centered In one important core, namely sustainability, stakeholders will strive so that the company can continue to implement social interests by providing a positive response to the environment in which it operates. The purposive sampling strategy is used to select annual financial statements and reports from businesses included in the Kompas100 index for 2018 to 2021.

The sample consisted of 32 businesses in total. Data processing and tabulation will be carried out using Eviews software version 12. The result of the analysis is that GCG and CSR have no influence on earning management. While earnings management has a significant positive effect on asset returns and Tobin's Q, but there is no effect on EPS. For GCG, it has a significant positive effect on asset returns but does not affect EPS and Tobin's Q. CSR has a significant negative effect on asset returns and Tobin's Q, but no effect on EPS.

Keywords: corporate governance, corporate social responsibility, profit management, financial performance

How to Cite: Yopie, S, & Oktavia, V. (2023). Moderating Effect of Good Corporate Governance on Financial Distress in Indonesia Stock Exchange. Jurnal Program Studi Akuntansi. 9 (2): 80-92

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INTRODUCTION

A company's financial performance has a big influence on how well it performs. If it improves, it will also have a positive impact on the company's performance. On the other hand, if it worsens, it will have a negative impact on the company's performance. The Indonesian Institute of Accountants (IAI) said that the ability of the company to be able to regulate and control its resources can be referred to as financial performance.

According to (Erawati &; Wahyuni, 2019), stronger inter-business matches can cause public companies to always evaluate their performance and also make various improvements in order to compete. This is also an important goal for the company because in general shareholders are people who will be directly affected by the decisions to be taken by the issuer (Kurniawan, 2014).

Financial performance can be interpreted as a form and description of the success that has been achieved and is also the result of various activities that have been carried out. According to (Faisal et al., 2018) financial position is measured with financial measurement tools to see the financial condition of the specified period. Good Corporate Governance (GCG) or can also be referred to as corporate governance is a structure that runs management and is able to provide trust to shareholders to be able to ensure that all stakeholders can be treated equally. In addition, good corporate governance can provide general assurance to existing shareholders when investing in company shares.

With governance in the company, it will bring up an important value for shareholders (Abdul Kadir, 2018). Financial performance can provide good changes and developments if continuous improvements are made to make financial performance superior to competition.

There are failures of several companies and also the emergence of cases of financial malpractice activities are unexpected practices of Corporate Governance. So, in the end, Good Corporate Governance becomes an important thing to implement, especially in our country, Indonesia, which feels the most affected malpractice activities due to the crisis that occurs. This can be seen from the violations of issuers in the capital market which show how low and still lagging our country is from the quality of Good Corporate Governance practices (Nuryana &; Surjandari, 2019). The results of research looking at how Good Corporate Governance affects financial performance were analyzed inconsistently and produced different opinions. (Nuryana &; Surjandari, 2019) examined the influence of corporate governance and audit committees on companies listed on the IDX using company manufacturing selection, in line with (Gunawan &; Pratiwi, 2020) using data from kompas100 also showed significant positives. (Mahendra &; Widajantie, 2021) and writing (Cantwell, 2009) similar to (Abdallah Mohammad Qadorah, 2018) showed significant positive results on financial performance, according to (Mahendra &;

Widajantie, 2021) the audit committee is useful in providing benefits and can strengthen in terms of supervision related to the Good Corporate Governance process, corporate financial reporting, and risk management contained in the company and according to (Cantwell, 2009) along with (Abdallah Mohammad Qadorah, 2018) the composition of the board of directors that gave the same results.

The running of the company is also closely related to the surrounding environment, not only related to clients, stakeholders, shareholders, and internal parties of the company so that the company needs to implement CSR (Corporate Social Responsibility) in business processes and in carrying out company operations. The company cannot ignore the surrounding environment so management needs to try to pay attention to it.

Although the company stands to seek a profit, it still needs to see the impact of the company's operations because this impact affects the social impact of the community.

Therefore, companies must still be able to maintain the company's good name and reputation and build a positive image through the implementation of CSR (Mahrani &;

Soewarno, 2018). In the opinion of (Barauskaite &; Streimikiene, 2021), CSR issues are

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issues that have significant financial impact for companies in certain industries. Nearly a hundred years later there is still an ongoing widespread debate about the relationship of CSR to the financial performance of companies. Previous writing has been contradictory, with some studies finding CSR and financial performance to be related and others finding no or negative relationship.

Using data selected from IDX with a focus on manufacturing companies, writing (Alviansyah &; Adiputra, 2021) showed negligible negative results, while writing (Cahya Ningsih &; Retnaningdiah, 2021) and (Malau et al., 2018) showed results that contradicted previous writings, namely this writing showed a significant relationship supported by the same results from research (Manokaran et al., 2018)and (Huang, 2022). This inspired researchers to add another component, namely utilizing profit management as a mediation variable, based on the previous writing that has been described, profit management is also referred to as a deliberate effort made by managers to falsify financial statements and change them within the limits of accounting procedures that are still allowed (Putra, 2018). This leads to the conclusion that profit management is often known as a form of manager's attempt to decide business profits for personal gain. Profit management can fool investors by making it seem as if the company has strong financials and large profits.

LITERATURE REVIEW

A company's financial performance has a big influence on how well it performs. If it improves, it will also have a positive impact on the company's performance. On the other hand, if it worsens, it will have a negative impact on the company's performance. The Indonesian Institute of Accountants (IAI) said that the ability of the company to be able to regulate and control its resources can be referred to as financial performance.

According to (Erawati &; Wahyuni, 2019), stronger inter-business matches can cause public companies to always evaluate their performance and also make various improvements in order to compete. This is also an important goal for the company because in general shareholders are people who will be directly affected by the decisions to be taken by the issuer (Kurniawan, 2014).

Financial performance can be interpreted as a form and description of the success that has been achieved and is also the result of various activities that have been carried out. According to (Faisal et al., 2018) financial position is measured with financial measurement tools to see the financial condition of the specified period. Good Corporate Governance (GCG) or can also be referred to as corporate governance is a structure that runs management and is able to provide trust to shareholders to be able to ensure that all stakeholders can be treated equally. In addition, good corporate governance can provide general assurance to existing shareholders when investing in company shares.

With governance in the company, it will bring up an important value for shareholders (Abdul Kadir, 2018). Financial performance can provide good changes and developments if continuous improvements are made to make financial performance superior to competition.

There are failures of several companies and also the emergence of cases of financial malpractice activities are unexpected practices of Corporate Governance. So, in the end, Good Corporate Governance becomes an important thing to implement, especially in our country, Indonesia, which feels the most affected malpractice activities due to the crisis that occurs. This can be seen from the violations of issuers in the capital market which show how low and still lagging our country is from the quality of Good Corporate Governance practices (Nuryana &; Surjandari, 2019).

The results of research looking at how Good Corporate Governance affects financial performance were analyzed inconsistently and produced different opinions. (Nuryana &;

Surjandari, 2019) examined the influence of corporate governance and audit committees on companies listed on the IDX using company manufacturing selection, in line with

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(Gunawan &; Pratiwi, 2020) using data from kompas100 also showed significant positives. (Mahendra &; Widajantie, 2021) and writing (Cantwell, 2009) similar to (Abdallah Mohammad Qadorah, 2018) showed significant positive results on financial performance, according to (Mahendra &; Widajantie, 2021) the audit committee is useful in providing benefits and can strengthen in terms of supervision related to the Good Corporate Governance process, corporate financial reporting, and risk management contained in the company and according to (Cantwell, 2009) along with (Abdallah Mohammad Qadorah, 2018) the composition of the board of directors that gave the same results.

The running of the company is also closely related to the surrounding environment, not only related to clients, stakeholders, shareholders, and internal parties of the company so that the company needs to implement CSR (Corporate Social Responsibility) in business processes and in carrying out company operations. The company cannot ignore the surrounding environment so management needs to try to pay attention to it.

Although the company stands to seek a profit, it still needs to see the impact of the company's operations because this impact affects the social impact of the community.

Therefore, companies must still be able to maintain the company's good name and reputation and build a positive image through the implementation of CSR (Mahrani &;

Soewarno, 2018). In the opinion of (Barauskaite &; Streimikiene, 2021), CSR issues are issues that have significant financial impact for companies in certain industries. Nearly a hundred years later there is still an ongoing widespread debate about the relationship of CSR to the financial performance of companies. Previous writing has been contradictory, with some studies finding CSR and financial performance to be related and others finding no or negative relationship.

Using data selected from IDX with a focus on manufacturing companies, writing (Alviansyah &; Adiputra, 2021) showed negligible negative results, while writing (Cahya Ningsih &; Retnaningdiah, 2021) and (Malau et al., 2018) showed results that contradicted previous writings, namely this writing showed a significant relationship supported by the same results from research (Manokaran et al., 2018)and (Huang, 2022).

This inspired researchers to add another component, namely utilizing profit management as a mediation variable, based on the previous writing that has been described, profit management is also referred to as a deliberate effort made by managers to falsify financial statements and change them within the limits of accounting procedures that are still allowed (Putra, 2018). This leads to the conclusion that profit management is often known as a form of manager's attempt to decide business profits for personal gain. Profit management can fool investors by making it seem as if the company has strong financials and large profits.

Financial performance is often associated with the financial condition of the company as seen from the company's profit and loss condition. If investors want to invest, they will pay attention to the financial condition of the company first. Financial performance is a useful analysis to provide an overview of how good and good the company is in applying financial performance rules appropriately and accurately. As well as in preparing financial statements with concepts that must be adjusted to Financial Accounting Standards (SAK) and GAAP (Generally Accepted Accounting Principles).

Measuring the financial performance of a company depends on the perspective and purpose of the analysis, According to (Tyas, 2020) Financial performance considers the financial statements owned by the affected companies/business units that support as a means and this is reflected in the information obtained by Strengthening financial capacity assessment.

GCG and CSR are currently very important for companies to have. At present, to be able to improve the company's financial performance cannot only focus on achieving

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profits, but it is necessary to pay attention to the impact caused by company activities on social (Malau et al., 2018). (Organization of Economic Cooperation and Development) or commonly abbreviated as OEDC mentions good corporate governance is a process that is useful for providing direction and controlling the activities carried out by the company.

This governance can spread objectives to management to use existing human resources efficiently. The implementation of good governance provides many benefits such as increasing company performance which will also have an impact on financial performance and can also provide healthy competition in the business environment and improve the company's image (Prihati &; Tidar, 2022).

Hypothesis formulation:

H1. There is a significant positive influence between Good Corporate Governance on the company's financial performance

H2. There is a significant positive influence between Good Corporate Governance on Earning Management

The CSR variable used in this study can also be interpreted as a form of activity of an entity that is carried out without being based on coercion and attachment to the laws of the country where the company is located and does not intend to increase company profits, but as a form of society from the company. (Gunawan &; Pratiwi, 2020) also said that Corporate Social Responsibility is useful in participating in economic development and also a sustainable economy and can improve the quality of the environment and society, which in turn benefits companies that carry out these activities and the impact on society.

Research from (Manokaran et al., 2018) and (Huang, 2022) produced research that has a positive influence on the relationship of GCG and CSR companies to their financial performance. (Alviansyah &; Adiputra, 2021) provide the opposite view, stating that CSR has no influence on financial performance in manufacturing companies listed on the IDX between 2017 to 2019 and has a negative impact.

H3. There is a significant positive influence between Corporate Social Responsibility on the company's financial performance.

H4. There is a significant positive influence between Corporate Social Responsibility on Earning Management

Result study (Nuryana &; Surjandari, 2019) shows that every increase in one profit management unit with Discreationary accruals measurement will cause an increase in profit quality so that the results of no positive influence on financial performance. From the results of the study (H. Wijaya &; Tifanny, 2020) There are two types of profit management, namely real and accrual earning management, each of which is proxied with abnormal cash flow from abnormal operations and abnormal overproduction. The independent variable of corporate governance is proxied by the five factors of audit committee size, audit committee composition, management and institutional ownership, and audit committee expertise serving as a proxy for independent corporate governance variables. In addition, it uses control variables for leverage and company size. None of the factors led to conclusive findings in favor.

H5. There is a significant negative influence between Earning Management on the company's financial performance.

This is a modified research model image from the research (Mahrani &; Soewarno, 2018)

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Research Model, Source: Processed Secondary Data (2023)

RESEARCH METHODS

To increase the credibility of the research, this writing uses quantitative data on companies included in the Kompas100 index for the 2018-2021 time frame without distinguishing between financial and non-financial companies (Basha, 2018). Purposive sampling is used so that data can be collected from annual reports and annual financial reports. The SPSS Statistics program version 25 was used to analyze 132 data points from 33 different companies and remove data outliers. Eviews software version 12 was then used to perform data panel regression analysis.

Tabel 1. Variable Measurement

Variables Measurement

Financial Performance:

Return on asset (ROA) Earning per share

(EPS) Tobin’s q

Earnings Management

Good Corporate Governance (GCG)

Corporate Social Responsibility (CSR)

Source: Processed Secondary Data, 2023

Keterangan:

= total akrual

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= total aset

= perubahan laba bersih = perubahan piutang = gross property plant and

= pendapatan sebelum extraordinary = net operating cash flows

= tahun

= sample perusahaan RESULTS AND DISCUSSION Descriptive Statistics

Of the total 100 companies registered in Kompas100, the sample of companies that have met the criteria is 67 and the total outlier data is 19 so that the total data that can be used

as research is 113 data which will then be processed with version 12 eviews software.

Descriptive statistical test results

Tabel 3. Statistika deskriptif

ROA TOBINS_Q EPS C EM GCG_INDEX CSR_INDEX

Mean 0.058946 1.824098 394.0995 1.000000 1.765686 0.839252 0.493173 Median 0.032656 1.147525 181.4300 1.000000 1.090195 0.875000 0.494505 Maximum 0.466601 18.35514 6003.354 1.000000 11.97998 0.968750 0.857143 Minimum -0.092170 0.748300 -684.2365 1.000000 0.009918 0.468750 0.032967 Std. Dev. 0.088894 2.508653 769.7700 0.000000 2.199875 0.106737 0.193834 Skewness 2.683791 5.061144 4.275435 NA 2.739825 -1.306260 -0.207323 Kurtosis 11.26926 30.12600 26.39422 NA 11.05935 4.392590 2.215759 Jarque-Bera 534.5540 4610.544 3412.237 NA 522.3888 48.20512 4.328310 Probability 0.000000 0.000000 0.000000 NA 0.000000 0.000000 0.114847 Sum 7.780841 240.7809 52021.13 132.0000 233.0706 110.7813 65.09890 Sum Sq. Dev. 1.035181 824.4278 77623501 0.000000 633.9678 1.492446 4.921877

Observations 132 132 132 132 132 132 132

ROA variable is used to assess how well a company is using its resources; it is considered very good if it is more than 5%, based on the thinking of (R. Wijaya, 2019)

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ROA is a comprehensive and solid measurement used to measure how effective the company's operations are. Table 3 shows that the general or average ROA result is 0.058946 or 5.8%, this shows that the subject of writing has a very good average.

Tobin's variable q is said to be high if it is above number 1, if the company gets Tobin's q number above 1 it means that the company has good company kineja, the average of Tobin's q is 1.824098 that show the object of writing has good company performance.

EPS variable is a variable that shows how much profit is contained in each share and provides an overview of the company's prospects for the future and development of the company. The EPS in table 3 shows 394.0995 as the average and 6003.354 as the maximum.

The results of the Earning Management mediation variables in table 3 show an average of 1.765686 which means that there are still companies listed in the Kompas100 index that carry out profit management practices, and the maximum value of 11.97998 shows the number of profit management practices that occur and the minimum value of 0.009918 shows that there is still a slight decline in profit management practices.

Next is the GCG and CSR index, with a high significance index showing better company performance or a more fulfilled index showing better company performance.

While the CSR index has an average value of 0.493173 which shows that on average 49%

of entities meet the CSR index requirements, the GCG index displays good average, maximum, and lowest values, which shows that the company also has a strong company performance.

Outlier Test

The outlier test is useful in order to find values that are far from the mean. The outlier test applies the value of (Studentized Deleted Residual) with numbers that include oulier are numbers that >1.96 and <-1.96 which then the outlier number data is excluded from the processing data to be analyzed. The total outliers found were 19 data with details:

Tabel 4. Outlier Data Company’

s coding Year SDR

ACES ACES ACES ACES ELSA ELSA ELSA ELSA ITMG ITMG UNTR UNTR UNTR UNVR UNVR UNVR UNVR TPIA WSKT

2018 2019 2020 2021 2018 2019 2020 2021 2018 2021 2018 2019 2021 2018 2019 2020 2021 2021 2020

4.63465 3.64159 3.41611 2.55193 4.37121 3.77016 2.95098 2.60803 3.94391 9.47621 3.6197 3.47699 3.26711 7.87245 6.47117 2.4904 6.0001 4.12701 -2.0357 Source: Processed Secondary Data, 2023

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Test the Hypothesis

Using panel regression analysis and the Eviews program version 12, the hypothesis was tested. Pooled Least Square (PLS), which is useful for providing estimates based on the assumption that errors from regression can have constant properties that are not affected by objects as well as time, Fixed Effect Model (FEM), which is affected by object, time, and is fixed, and Random Effects Model (REM), which is influenced by object, time, and random, are the three types of regression models that make up panel regression analysis.

F Test

Table 5. Results of the F Test

There are differences in the findings of this study, can be seen from the data table presented. One dependent variable produces insignificant, but two dependent factors produce significant results. The prob value can be used to determine significance. If the (p-value) is less than 0.05, it is considered significant. Knowing how to use the F test can determine the factors from independently influencing the dependent variable.

Results of the T Test

Table 6. Results of the T Test (ROA)

Source: Processed Secondary Data, 2023 Tabel 7. Hasil dari Uji t (EPS)

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Table 8. Results of the T Test (TOBIN’S Q)

Source: Processed Secondary Data, 2023 Table 9. Results of the T Test (Profit Management)

Coefficient of Determination Test Results

Table 10. Results of the Coefficient of Determination Test

This test is used to show the model match between dependent and independent variables, which is useful for research with enough independent variables or >1 so as to determine which one is most suitable for the dependent variable, determined from a higher percentage of results the better model fit. The percentages below show how much the independent variable describes the dependent and the remaining number describes variables that are not in the model.

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Sobel Test Result

Table 11.Sobel Test Result

The sobel test is examined in order to see the relationship between variables that through mediation will have a significant effect. The sobel test carried out can be known through the results of the sobel test which is said to be significant if it is above 1.96 and said to be insignificant if it is below 1.96. From the results of table 11, it can be concluded that the mediation variable used, namely earning management, has not been able to mediate the relationship between the independent variable and the dependent variable.

The effect of Good Corporate Governance (GCG) on financial performance.

Financial performance chosen as the research variable consisted of ROA, EPS and Tobin's Q. The effect of corporate governance on the three dependent variables produces different results. The results of the GCG test on roa are to produce a coefficient of 0.172511, t-statistics 2.420682 and prob. 0.0175 with a significantly positive result. The results of GCG test on eps resulted in a coefficient of 428.5558, t-statistics 1.095262 and prob. 0.2755 with an insignificant result. The results of GCG tests on tobins'q produced a coefficient of 0.248626, t-statistics 0.375626 and prob. 0.7078 with an insignificant result. It can be concluded that gcg can have a significant positive impact on asset returns and does not have a significant impact on eps and tobin's q. This is in line with (Nuryana

&; Surjandari, 2019) and (Gunawan &; Pratiwi, 2020) which states that gcg has an effect on financial performance. So hypothesis 1 is confirmed.

The effect of Corporate Social Responsibility (CSR) on financial performance.

The test result of CSR on roa is to produce a coefficient of -0.138051, t-statistic - 3.702719 and prob. 0.0004 with a significantly negative result. The test results against eps are coefficient -244.6930, t-statistic -1.103411 and prob. 0.2720 with an insignificant result. The test results against tobin's q are coefficient -0.869821, t-statistic -2.328223 and prob. 0.0215 with a significantly negative result. It can be said that although CSR has a major impact on ROA and Q Tobin, it has little or no effect on EPS which is in line with research (Cahya Ningsih &; Retnaningdiah, 2021) and (Alviansyah &; Adiputra, 2021). So hypothesis 3 is not confirmed.

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The effect of GCG and CSR on profit management (EM).

The result of GCG on EM is to produce a coefficient of -0.395986, t-statistic - 0.721754 and prob. 0.4718 with an insignificant result. The results of the CSR test on EM are coefficient -0.143417, t-statistic -0.460888 and prob. 0.6457 with an insignificant result. It can be concluded that GCG and CSR do not have a visible effect on profit management, the results of (Alviansyah &; Adiputra, 2021) also provide results according to this study. So hypotheses 2 and 4 are not confirmed

The effect of profit management (EM) on financial performance.

The EM output at ROA is a significant positive coefficient of 0.011268, t-statistic 3.972546, and prob. result 0.0001. Test findings for EPS show a coefficient of -28.24775, t-statistic -1.349098, and prob. of 0.1797, all of which are negligible. Tobin's q test findings had significant positive results with a coefficient of 0.202387, t-statistic 4.853702, and prob. 0,0000. It can be said that Tobin's Q still has little impact on EPS while profit management increases ROA significantly. So, hypothesis 5 is confirmed.

The influence of GCG and CSR on financial performance through mediation.

The results of the sobel test in Table 11 show that profit management variables that are below the threshold of 1.96 which shows the success of mediation variables are unable to mediate a combination of governance and social responsibility for financial performance.

CONCLUSION

The analysis carried out and developed is to see whether the variables used, namely GCG and CSR using indexes which are then mediated by profit management, can have an influence on financial performance. With profit management which also aims to see whether there is a direct and indirect influence in affecting the financial performance of an entity listed in the Kompas 100 with the average company that has very good fundamentals, if usually only seen through an outline, this study examines companies that are already classified as having a good portfolio. From the results of the study, GCG and CSR have no influence on earning management. While earnings management has a significant positive effect on asset returns and Tobin's Q, but there is no effect on EPS.

For GCG, it has a significant positive effect on asset returns but does not have an effect on EPS and Tobin's Q.CSR which has a significant negative effect on asset returns and Tobin's Q, but has no effect on EPS. The results of the Sobel test show that GCG and CSR cannot be mediated with the management of profit on financial performance of the company. Supporting articles through profit management as a variable that mediates financial performance are still quite limited so that this raises the limitations of the study.

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