KINERJA TANGGUNG JAWAB SOSIAL PERUSAHAAN DAN EFISIENSI INVESTASI
DOI:
https://doi.org/10.32832/neraca.v16i1.4613Abstrak
Beberapa tahun terakhir ini terlihat peningkatan pesat dalam tanggung jawab sosial perusahaan (CSR). Makalah ini membahas hubungan langsung dan tidak langsung antara kinerja CSR dan efisiensi investasi. Dengan menggunakan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2013-2017, pengambilan sampel dilakukan dengan metode purposive sampling dan dianalisis dengan regresi berganda. Hasil pertama menunjukkan bahwa perusahaan dengan kinerja CSR tinggi berinvestasi dengan lebih efisien. Analisis dilanjutkan dengan membedakan dua alternatif situasi: underinvestment dan overinvestment. Berfokus pada perusahaan yang kurang berinvestasi, kami menemukan bahwa kinerja CSR meningkatkan tingkat investasi perusahaan melalui pengurangan asimetri informasi. Sebaliknya, untuk perusahaan yang berinvestasi berlebihan, kinerja CSR mengurangi kelebihan investasi melalui mitigasi masalah arus kas bebas. Secara keseluruhan, temuan ini menunjukkan peran CSR secara tidak langsung memperbaiki efisiensi investasi tingkat perusahaan dengan mengatasi masalah keagenan serta masalah asimetri informasi.
Kata kunci: Tanggung Jawab Sosial Perusahaan, Efisiensi investasi, Biaya keagenan, Asimetri informasi.
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