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The Influence of Profitability to the Company Value with Corporate

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The Influence of Profitability to the Company Value with Corporate THE INFLUENCE OF PROFITABILITY TO THE COMPANY VALUE WITH CORPORATE SOCIAL RESPONSIBILITY AS A VARIABLE MODERATION Case studies on companies listed in the Sri Kehati Index for the 2012-2016 period By 1. Eddy Winarso [email protected] 2. Veronica Christina M.P. [email protected] ABSTRACT This study aims to determine whether the company value as measured by price book value is influenced by the company's ability to obtain profits measured by Return on Assets and moderated by corporate social responsibility in companies listed on the SRI - KEHATI index for the period 2012 - 2016. Researchers are interested in conducting research This is because Investors in determining stock investment see the ability to obtain corporate profits but also see whether the company has carried out social responsibility for nature and the social environment around the company or called green investment. The company has carried out corporate social responsibility which can be seen from whether the company has carried out CSR in accordance with the GRI index set by the government with 79 indicators. In this study using corporate social resposibility as a moderating variable with a number of samples of annual report research of 18 companies listed on the SRI - KEHATI Index from 2012 - 2016 and found that profitability as an independent variable and corporate social responsibility as a moderating variable has a positive effect on value The company measured by Price book value is 72.40% meaning that profitability and corporate social responsibility have a strong match in assessing the company's performance, while 27.60% is influenced by other variables not examined. Keywords: Return On Assets (ROA), Corporate Social Responsibility (CSR), Price Book Value (PBV). Research Background Investors in making decisions to buy shares as an object of investment are important decisions. Therefore, in the selection process, investors need historical data on stock movements, both individually, in groups, and in combination (Didit, 2013) [1]. Buying or selling shares in investor portfolios analyzes in advance the performance of the company whose shares will be purchased. To analyze the company's performance data is obtained from financial statements published by the issuer with the presentation of information that is specific about stock movements, because the stock investment transactions occur with different variations. Simple information that can represent a particular condition will create a map of problems symbolized by certain numerical signs or terminology. Based on this problem map, investors are expected and predict the situation that will occur in the future. The mapping system of historical events involves a number of facts and certain quantities that describe changes in stock prices in the past. The form of historical information that is considered very appropriate to describe stock movements in the past is a stock price index (Sunariyah, 2011) [2]. Annual reports and financial reports that have been audited. Investors will see how the value of the company is showing a good development from year to year or fluctuating and even decreasing. Then the investor will look at the company's price to book value (PBV) and see how the profit growth rate (Profitability) increases or the opposite occurs. Furthermore, investors in the current paradigm not only look for high returns (capital gains and dividends) but also pay attention to the social impact on the products produced by the company, whether they have a negative impact on nature or on the social environment, namely through the role of the company in protecting the environment and social by looking at what has been done by company management through corporate social responsibility (CSR). With the implementation of CSR, the company's value will increase because CSR is the company's concern for the survival of the natural and social environment, the Indonesian Biodiversity Foundation (Kehati) on June 8, 2009 in collaboration with the Indonesia Stock Exchange established the Sustainable and Responsible Investment Index (SRI) so called SRI - KEHATI Index [3] with a total of 25 companies only. In this study will be seen how the influence of profitability on corporate value with Corporate Social Responsibility as a moderating variable. The author is interested in researching this because CSR is a burden for companies that must be issued, but at the expense of CSR, company profits will increase so that the value of the company will increase as well. Theoretical basis Signaling theory Drever, Stanton and Mc Gowan (2007) [4], suggested that signaling theory emphasizes that reporting companies can increase firm value through reporting, if the company fails to present additional information, then the stakeholders will assess the company as an average company equal to the company do not disclose additional reports. Brigham, Eugene, and Houston (2013) [5] say that investors consider changes in financial information as a signal of management's earnings estimates. Furthermore, it was explained that signal theory emphasizes the importance of information that is published by the company on investment decisions by investors or outside parties. Information is an important element for investors and business people to see the company's past, present and future forecasts. Therefore, investors will make decisions from the information presented in the company's financial statements that are published, fundamental information is one of the basis for making decisions whether the company's shares are worth buying or not. Profitability Profitability ratio is a tool to measure the ability of a company towards the overall funds invested in business activities with the aim of generating profits by utilizing assets owned by the company. Edmonds, Olds, McNair, and Tsay (2012) [6] said "profitability refers to a company's ability to generate earnings. Both management and external users desire information about the company 's success in generating profits. Measurement of profitability by using several ratios, namely: 1. Net Margin Ratio (or operating margin ratio, profit margin ratio, return on Sales ratio) Describes the present remaining of each other's sales after substracting dollar ass as well as cost of good sold: 1. Net Margin Ratio (or operating margin ratio, profit margin ratio, return on Sales ratio) Describes the present remaining of each sales dollar after substracting other expenses ass well as cost of good sold: Net Income Net Margin = ------------------------- Net Sales 2. Assets Turnover Ratio (Return on Assets or Turnover of assets ratio) Measures how many sales dollar were generated for each dollar of assets invested: Net Sales Asset Turnover= -------------------------------- Average total assets 3. Return on Investment (return on assets or earning power) The ratio of wealth generated (Net Income) to the amount invested (average total assets) to generated the wealth, ROI or ROA can be calculated: Net Income ROI (ROA) = ----------------------------------- Average total assets 4. Return on Equity (ROE) Measure the profitabilitas of the stockholders’ investment. ROE is usually higher than ROI because of financial leverage. Financial leverage refers to using debt financing to increase the assets available to a business beyond the amount of assets financed by owners. Net Income ROE = ----------------------------------------- Average total stockholders’ equity In this study researchers used one of the profitability ratios, namely Asset turn over (ROA). 1. The value of the company Firm value is the present value of the cash flow expected by the company, or the value of the future company discounted at the level of capital costs. Some value concepts that explain the value of a company are nominal value, market value, intrinsic value, book value and liquidation value (Manurung, 2004) [7]. So it can be said that the value of the company is the perception of investors or potential investors on the company's success in conducting business activities as measured by the company's stock price. High stock prices reflect an increase in market confidence in the company's performance in the present and in the future. The main objective of the company is to maximize the value of the company, so the owner of the company will become more prosperous. To measure company value according to Brealey, Myers and Marcus [8] market to book ratio: Market value of equity Market-to-book ratio (PBV) = ----------------------------------- Book value of equity 2. Corporate Social Responsibility (CSR) Companies in conducting business activities interact with the social environment. Then there is a reciprocal relationship between the company and the social environment which implies the social impact of the company's operations on the natural environment and surrounding communities. As long as the company uses existing human and community resources, the company has the responsibility to generate profits and return some of the profits to the community (Nor Hadi, 2016) [9]. A healthy company not only seeks economic profit (profit) but also carries a concern for the environment (planet) and community welfare (Elkington, 1998) [10]. The concept of Corporate Social Responsibility (CSR) was proposed by Howard R. Bowen in 1953 which was philanthropic in nature, but currently the concept has changed, CSR is one of the company's strategies to improve the company's image which will also influence the company's financial performance (Gantino, 2016) in Achmad
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