¹Anggit Anggrahito Kiswoyo, ²Tri Ratnawati, ³Ulfi Pristiana

^1,2,3The Faculty of Economics and Business, Universitas 17 Agustus 1945 Surabaya, Indonesia

DOI : https://doi.org/10.58806/ijsshmr.2023.v2i12n12

Google Scholar Download Pdf
ABSTRACT

This research aims to empirically demonstrate the influence of macroeconomics, liquidity risk, debt risk, and earnings management on corporate social responsibility disclosure and stock returns, with good corporate governance as a moderating variable. The population under research includes all companies listed in the Jakarta Islamic Index during the period 2020-2022. A total of 38 companies were selected as samples through purposive sampling. Hypothesis testing was conducted using a Structural Equation Model (SEM) based on Partial Least Squares (PLS). Based on the analysis of 10 hypotheses, it was found that 4 hypotheses were accepted while 6 were rejected. Macroeconomics and corporate social responsibility disclosure can influence stock returns. Debt risk influences corporate social responsibility disclosure. And the relationship between corporate social responsibility disclosure and stock returns with the influence of good corporate governance as a significant positive moderating variable.

KEYWORDS:

macroeconomics, liquidity risk, debt risk, earnings management, corporate social responsibility disclosure, good corporate governance

REFERENCES

1) Agustia, I. M. (2021). Pengaruh Risiko Kredit, Risiko Nilai Tukar Dan Suku Bunga Terhadap Return Saham Dengan Profitabilitas Sebagai Variabel Intervening. JURNAL INOVASI MANAJEMEN, 2(3).

2) Anggita, M. A., Putri, T. E., & Kurniawan, A. (2019). The effect of tax avoidance, earnings management and political connection on corporate social responsibility disclosure: Indonesian manufacturing companies’ evidence. ACCRUALS (Accounting Research Journal of Sutaatmadja), 3(2), 212-225.

3) Chasanah, A. N. (2021). Pengaruh Makroekonomi Terhadap Return Saham Pada Perusahaan Perbankan. Fokus Ekonomi: Jurnal Ilmiah Ekonomi, 16(1), 111-122.

4) Fransisca, S., Naga, C. K. D., & Ratnawati, T. (2021). Good Winner, Bad Loser: Abnormal Stock Return LQ45 Indonesia Stock Exchange During Covid-19. Budapest International Research and Critics Institute-Journal (BIRCIJournal), 4(4), 7909-7919.

5) Itan, I. (2020). Peran Manajemen Laba Memediasi Hubungan Antara CSR, GCG Dan Kinerja Perusahaan Keluarga. Jurnal Ecodemica: Jurnal Ekonomi, Manajemen, Dan Bisnis, 4(2), 318–329. https://doi.org/10.31294/jeco.v4i2.8146

6) Mokoaleli-Mokoteli, T. (2019). The corporate credit rating changes and firm returns in a transitional economy: The case of South Africa. South African Journal of Business Management, 50(1). https://doi.org/10.4102/sajbm.v50i1.460

7) Mukhyi, R. A., Hwihanus, H., & Ratnawati, T. (2021). The Analysis of Financial Performance in Risk Systematic and Return Stock for Manufacturing Companies Listed in Indonesia Stock Shariah Index (Issi) (Doctoral dissertation, Universitas 17 Agustus 1945 Surabaya).

8) Rahmiyati, N., & Anggrahito, A. (2023). Analisis Analisis Ratio Free Float, Risiko Likuiditas, dan Risiko Keuanganpada Return Saham Indeks IDXV 30 Tahun 2020-2021. REVITALISASI: Jurnal Ilmu Manajemen, 12(1), 77-82.

9) Ramli, C. A. (2021). Analisis Pengaruh Faktor Fundamental Dan Makro Ekonomi Terhadap Return Saham (Studi Kasus Pada Indsutri Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015). JISIP (Jurnal Ilmu Sosial dan Pendidikan), 5(2).

10) Su, F., Song, N., Shang, H., & Fahad, S. (2022). The impact of economic policy uncertainty on corporate social responsibility: A new evidence from food industry in China. Plos one, 17(6), e0269165.

11) Sugiyanto, S., & Candra, A. (2019). Good corporate governance, conservatism accounting, real earnings management, and information asymmetry on share return. Jiafe (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(1), 9-18.

12) Wang, J., Zhang, X., & Dai, M. (2021). Influences Of Economic Policy Uncertainty on Corporate Social Responsibility Information Disclosure. Amfiteatru Economic, 23(58), 843–862. https://doi.org/10.24818/EA/2021/58/843

VOlUME 02 ISSUE 12 DECEMBER 2023