Hamdani Arifulsyah Rangkuti, Heri Ribut Yuliantoro, Yefni Yefni


Abstrak: Lebih Penting Mana Sustainability Report atau Laba bagi Perusahaan Perkebunan? Penelitian ini berusaha untuk menemukan penjelasan lebih rinci mengenai determinasi sustainability report bagi kinerja keuangan perusahaan perkebunan. Metode yang digunakan adalah regresi linear berganda pada14 perusahaan perkebunan yang listed di Bursa Efek Indonesia (BEI) dari tahun 2013 sampai 2017. Penelitian ini menemukan bahwa laba lebih berperan penting daripada sustainability report. Laporan ini sudah diwajibkan bagi perusahaan yang listed di BEI namun belum memiliki hukuman yang tegas bagi yang belum membuatnya. Oleh karena itu, regulator perlu menindak tegas pelaku yang yang tidak melampirkan laporan berkelanjutannya atau membuat laporan berkelanjutan itu hanya sekedarnya saja


Abstract: Which is Important between SR or Profit for Plantation Corporations? This study seeks to find a more detailed explanation of the determination of sustainability reports for the financial performance of plantation companies. The method used is multiple linear regression on 14 plantation companies listed on the Indonesia Stock Exchange (IDX) from 2013 to 2017. This study found that earnings play a more important role than sustainability reports. This report is required for companies listed on the IDX but hasn’t strict penalties for those who have not made it. Therefore, regulators need to take firm action against actors who don’t attach their sustainability report or make the sustainability report only modestly.


csr; ukuran perusahaan; usia perusahaan; kinerja perusahaan

Full Text:



Agnihotri, A., & Bhattacharya, S. (2019). Communicating CSR Practices–Role of Internationalization of Emerging Market Firms. Journal of Marketing Communications, 25(4), 365-384. https://doi.org/10.1080/13527266.2016.1251488

Ali, W., Frynas, J. G., & Mahmood, Z. (2017). Determinants of Corporate Social Responsibility (CSR) Disclosure in Developed and Developing Countries: A Literature Review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294. https://doi.org/ 10.1002/csr.1410.

Beck, C., Frost, G., & Jones, S. (2018). CSR Disclosure and Financial Performance Revisited: A Cross-Country Analysis. Australian Journal of Management, 43(4), 517–537. https://doi.org/10.1177/0312896218771438

Bellalah, M. (2016). Shadow Costs of Incomplete Information and Short Sales in the Valuation of the Firm and Its Assets. The North American Journal of Economics and Finance, 37, 406-419. https://doi.org/10.1016/j.najef.2016.02.001

Beyer, A., Guttman, I., & Marinovic, I. (2019). Earnings Management and Earnings Quality: Theory and Evidence. The Accounting Review, 94(4), 77-101. https://doi.org/10.2308/accr-52282

Borisova, G., John, K., & Salotti, V. (2013). The Value of Financing through Cross-Border Asset Sales: Shareholder Returns and Liquidity. Journal of Corporate Finance, 22, 320-344. https://doi.org/10.1016/j.jcorpfin.2013.06.002

Brown-Liburd, C., & Zamora, V. L. (2015). The Role of Corporate Social Responsibility (CSR) Assurance in Investors' Judgments When Managerial Pay is Explicitly Tied to CSR Performance. AUDITING: A Journal of Practice & Theory, 34(1), 75-96. https://doi.org/10.2308/ajpt-50813

Cai, W., Lee, E., Xu, A. L., & Zeng, C. C. (2019). Does Corporate Social Responsibility Disclosure Reduce the Information Disadvantage of Foreign Investors? Journal of International Accounting, Auditing and Taxation, 34, 12-29. https://doi.org/10.1016/j.intaccaudtax.2019.02.001

Capasso, A., Gallucci, C., & Rossi, M. (2015). Standing the Test of Time: Does Firm Performance Improve with Age? An Analysis of the Wine Industry. Business History, 57(7), 1037-1053. https://doi.org/10.1080/00076791.2014.993614

Chen, R. C. Y., & Lee, C. H. (2017). The Influence of CSR on Firm Value: An Application of Panel Smooth Transition Regression on Taiwan. Applied Economics, 49(34), 3422-3434. https://doi.org/10.1080/00036846.2016.1262516

Chen, Y. C., Hung, M., & Wang, Y. (2018). The Effect of Mandatory CSR Disclosure on Firm Profitability and Social Externalities: Evidence from China. Journal of Accounting and Economics, 165(1), 169-190. https://doi.org/10.1016/j.jacceco.2017.11.009

Chintrakarn, P., Jiraporn, P., Jiraporn, N., & Davidson, T. (2017). Estimating the Effect of Corporate Social Responsibility on Firm Value Using Geographic Identification. Asia Pacific Journal of Financial Studies, 46(2), 276-304. https://doi.org/10.1111/ajfs.12170

Church, B. K., Jiang, W., Kuang, X. J., & Vitalis, A. (2019). A Dollar for a Tree or a Tree for a Dollar? The Behavioral Effects of Measurement Basis on Managers' CSR Investment Decision. The Accounting Review, 94(5), 117-137. https://doi.org/10.2308/accr-52332

Coad, A., Segarra, A., & Teruel, M. (2013). Like Milk or Wine: Does Firm Performance Improve with Age? Structural Change and Economic Dynamics, 24, 173-189. https://doi.org/10.1016/j.strueco.2012.07.002

Cooper, E., & Uzun, H. (2019). Corporate Social Responsibility and Bankruptcy. Studies in Economics and Finance, 36(2), 130-153. https://doi.org/10.1108/SEF-01-2018-0013

Cruz, L. B., Boehe, D. M., & Ogasavara, M. H. (2015). CSR-based Differentiation Strategy of Export Firms From Developing Countries: An Exploratory Study of the Strategy Tripod. Business & Society, 54(6), 723–762. https://doi.org/10.1177/0007650312473728

Cullinan, C. P., Mahoney, L., & Roush, P. B. (2017). Are CSR Activities Associated with Shareholder Voting in Director Elections and Say-on-Pay Votes? Journal of Contemporary Accounting & Economics, 13(3), 225-243. https://doi.org/10.1016/j.jcae.2017.09.003

Dah, M. A., & Jizi, M. I. (2018). Board Independence and the Efficacy of Social Reporting. Journal of International Accounting Research, 17(1), 25-45. https://doi.org/10.2308/jiar-51952

Dai, N. T., Du, F., Young, S. M., & Tang, G. (2018). Seeking Legitimacy through CSR Reporting: Evidence from China. Journal of Management Accounting Research, 30(1), 1-29. https://doi.org/10.2308/jmar-51627

Ding, D. K., Ferreira, C., & Wongchoti, U. (2016). Does It Pay to be Different? Relative CSR and Its Impact on Firm Value. International Review of Financial Analysis, 47, 86-98. https://doi.org/10.1016/j.irfa.2016.06.013

Dosinta, N. F, Brata, H., & Heniwati, E. (2018). Haruskah Value Creation Hanya Terdapat pada Integrated Reporting? Jurnal Akuntansi Multiparadigma, 9(2), 248-266. https://doi.org/10.18202/jamal.2018.04.9015

Elgergeni, S., Khan, N., & Kakabadse, N. K. (2018). Firm Ownership Structure Impact on Corporate Social Responsibility: Evidence from Austerity UK. International Journal of Sustainable Development & World Ecology, 25(7), 602-618. https://doi.org/10.1080/13504509.2018.1450306

Faurel, L., Haight, T. D., & Simon, A. (2018). The Issuance and Informativeness of Management Long-Term Earnings Growth Forecasts. Accounting Horizons, 32(3), 1-27. https://doi.org/10.2308/acch-52111

Fryzel, B., & Seppala, N. (2016). The Effect of CSR Evaluations on Affective Attachment to CSR in Different Identity Orientation Firms. Business Ethics: A European Review, 25(3), 310-326. https://doi.org/10.1111/beer.12116

Gao, Y., Wu, J., & Hafsi, T. (2017). The Inverted U‐Shaped Relationship between Corporate Philanthropy and Spending on Research and Development: A Case of Complementarity and Competition Moderated by Firm Size and Visibility. Corporate Social Responsibility and Environmental Management, 24(6), 465– 477. https://doi.org/10.1002/csr.1420.

Gödker, K., & Mertins, L. (2018). CSR Disclosure and Investor Behavior: A Proposed Framework and Research Agenda. Behavioral Research in Accounting, 30(2), 37-53. https://doi.org/10.2308/bria-51976

Gorbenko, A. S. (2019). How Do Valuations Impact Outcomes of Asset Sales with Heterogeneous Bidders? Journal of Financial Economics, 131(1), 88-117. https://doi.org/10.1016/j.jfineco.2018.08.001

Gupta, K., & Krishnamurti, C. (2018). Does Corporate Social Responsibility Engagement Benefit Distressed Firms? The Role of Moral and Exchange Capital. Pacific-Basin Finance Journal, 50, 249-262. https://doi.org/10.1016/j.pacfin.2016.10.010

Hamilton, E. L., & Winchel, J. (2019). Investors' Processing of Financial Communications: A Persuasion Perspective. Behavioral Research in Accounting, 31(1), 133-156. https://doi.org/10.2308/bria-52211

Herremans, I. M., & Nazari, J. A. (2016). Sustainability Reporting Driving Forces and Management Control Systems. Journal of Management Accounting Research, 28(2), 103-124. https://doi.org/10.2308/jmar-51470

Ibrahim, M., Solikahan, E., & Widyatama, A. (2015). Karakteristik Perusahaan, Luas Pengungkapan Corporate Social Responsibility, dan Nilai Perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 99-106. https://doi.org/10.18202/jamal.2015.04.6008

Indrawati, N., Darlis, E., & Azhar, A. L. (2017). The Accuracy of Earning Forecast Analysis, Information Asymmetry and Integrated Reporting – Case of Indonesia. Jurnal Dinamika Akuntansi dan Bisnis, 4(1), 19–32. https://doi.org/10.24815/jdab.v4i1.5843

Johnson, J. A. (2019). The Influence of Performance Reporting Attributes on Managers' Capital Allocation Decisions: An Examination of Reporting Audience and Location. Journal of Financial Reporting, 4(1), 117-139. https://doi.org/10.2308/jfir-52430

Kao, E. H., Yeh, C. C., Wang, L. H., & Fung, H. G. (2018). The Relationship between CSR and Performance: Evidence in China. Pacific-Basin Finance Journal, 51, 155-170. https://doi.org/10.1016/j.pacfin.2018.04.006

Kucharska, W, & Kowalczyk, R. (2019). How to Achieve Sustainability?—Employee's Point of View on Company's Culture and CSR Practice. Corporate Social Responsibility and Environmental Management, 26(2), 453– 467. https://doi.org/10.1002/csr.1696

Laidroo, L., & Sokolova, M. (2015). International Banks’ CSR Disclosures After the 2008 Crisis. Baltic Journal of Management, 10(3), 270-294. https://doi.org/10.1108/BJM-08-2014-0128

Lin, K. C., & Dong, X. (2018). Corporate Social Responsibility Engagement of Financially Distressed Firms and Their Bankruptcy Likelihood. Advances in Accounting, 43, 32-45. https://doi.org/10.1016/j.adiac.2018.08.001

Lindawati, A., & Puspita, M. (2015). Corporate Social Responsibilty: Implikasi Stakeholder dan Legitimacy Gap dalam Peningkatan Kinerja Perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 157-174. https://doi.org/10.18202/jamal.2015.04.6013

Lopatta, K., Jaeschke, R., Canitz, F., & Kaspereit, T. (2017). International Evidence on the Relationship between Insider and Bank Ownership and CSR Performance. Corporate Governance: An International Review, 25(1), 41– 57. https://doi.org/10.1111/corg.12174.

López-Pérez, M. E., Melero, I., & Sese, F. J. ( 2017). Management for Sustainable Development and Its Impact on Firm Value in the SME Context: Does Size Matter? Business Strategy and Environment, 26(7), 985–999. https://doi.org/10.1002/bse.1961.

Ma, C. A., & Jin, Y. (2016), What Drives the Relationship Between Financial Flexibility and Firm Performance: Investment Scale or Investment Efficiency? Evidence from China. Emerging Markets Finance and Trade, 52(9), 2043-2055. https://doi.org/10.1080/1540496X.2015.1098036

Malik, M., Mamun, M. A., & Amin, A. (2019). Peer Pressure, CSR Spending, and Long-Term Financial Performance. Asia-Pacific Journal of Accounting & Economics, 26(3), 241-260. https://doi.org/10.1080/16081625.2018.1493933

Martin, P. R., & Moser, D. V. (2013). Managers’ Green Investment Disclosures and Investors’ Reaction. Journal of Accounting and Economics, 61(1), 239-254. https://doi.org/10.1016/j.jacceco.2015.08.004

Maulana, P., Salim, U., & Aisjah, S. (2015). Determinan Harga Saham Perbankan yang Terdaftar (2009-2012) di Bursa Efek Indonesia. Jurnal Akuntansi Multiparadigma, 6(2), 185-200. https://doi.org/10.18202/jamal.2015.08.6015

Nazari, J. A., Hrazdil, A., & Mahmoudian, F. (2017). Assessing Social and Environmental Performance through Narrative Complexity in CSR Reports. Journal of Contemporary Accounting & Economics, 13(2), 166-178. https://doi.org/10.1016/j.jcae.2017.05.002

Papenfuß, U. (2014). How (Should) Public Authorities Report on State-Owned Enterprises for Financial Sustainability and Cutback Management—A New Quality Model. Public Money & Management, 34(2), 115-122. https://doi.org/10.1080/09540962.2014.887519

Petrenko, O. V., Aime, F., Ridge, J., & Hill, A. (2016. Corporate Social Responsibility or CEO Narcissism? CSR Motivations and Organizational Performance. Strategic Management. Journal, 37(2), 262-279. https://doi.org/10.1002/smj.2348

Rafiq, S., Salim, R., & Smyth, R. (2016). The Moderating Role of Firm Age in the Relationship between R&D Expenditure and Financial Performance: Evidence from Chinese and US Mining Firms. Economic Modelling, 56, 122-132. https://doi.org/10.1016/j.econmod.2016.04.003

Reimsbach, D., Hahn, R., & Gürtürk, A. (2018). Integrated Reporting and Assurance of Sustainability Information: An Experimental Study on Professional Investors’ Information Processing. European Accounting Review, 27(3), 559-581. https://doi.org/10.1080/09638180.2016.1273787

Rim, H., & Kim, S. (2016). Dimensions of Corporate Social Responsibility (CSR) Skepticism and Their Impacts on Public Evaluations toward CSR. Journal of Public Relations Research, 28(5-6), 248-267. https://doi.org/10.1080/1062726X.2016.1261702

Story, J., & Neves, P. (2015). When Corporate Social Responsibility (CSR) Increases Performance: Exploring the Role of Intrinsic and Extrinsic CSR Attribution. Business Ethics: A European Review, 24(2), 111-124. https://doi.org/10.1111/beer.12084

Thomas, J. R. & Kumar, J. (2016). Social Performance and Sustainability of Indian Microfinance Institutions: An Interrogation. Journal of Sustainable Finance & Investment, 6(1), 38-50. https://doi.org/10.1080/20430795.2015.1124237

Türker, D. (2015). Contrasting Instrumental Views on Corporate Social Responsibility: Short-term Versus Long-term Profit Orientation Approach. Procedia - Social and Behavioral Sciences, 207, 568-576. https://doi.org/10.1016/j.sbspro.2015.10.128

Unerman, J., & Zappettini, F. (2014). Incorporating Materiality Considerations into Analyses of Absence from Sustainability Reporting. Social and Environmental Accountability Journal, 34(3), 172-186. https://doi.org/10.1080/0969160X.2014.965262

Verma, P., & Singh, A. (2016). Fostering Stakeholders Trust through CSR Reporting: An Analytical Focus. IIM Kozhikode Society & Management Review, 5(2), 186–199. https://doi.org/10.1177/2277975215618473

Wickert, C., Scherer, A. G., & Spence, L. J. (2016). Walking and Talking Corporate Social Responsibility: Implications of Firm Size and Organizational Cost. Journal of Management Studies, 53(7), 1169-1196. https://doi.org/10.1111/joms.12209

Withisuphakorn, P., & Jiraporn, P. (2016). The Effect of Firm Maturity on Corporate Social Responsibility (CSR): Do Older Firms Invest More in CSR? Applied Economics Letters, 23(4), 298-301. https://doi.org/10.1080/13504851.2015.1071464

Yoon, B., & Chung, Y. (2018). The Effects of Corporate Social Responsibility on Firm Performance: A Stakeholder Approach. Journal of Hospitality and Tourism Management, 37, 89-96. https://doi.org/10.1016/j.jhtm.2018.10.005

Zahller, K. A., Arnold, V., & Roberts, R. W. (2015). Using CSR Disclosure Quality to Develop Social Resilience to Exogenous Shocks: A Test of Investor Perceptions. Behavioral Research in Accounting, 27(2), 155-177. https://doi.org/10.2308/bria-51118

DOI: http://dx.doi.org/10.18202/jamal.2019.08.10021


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.