THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY (CSR), CAPITAL STRUCTURE, AND DIVIDEND POLICY ON COMPANY VALUE IN ENERGY SECTOR COMPANIES

Authors

  • Awanda Novi Cahyawati Akuntansi, Fakultas Ekonomi dan Bisnis, UPN Veteran Yogyakarta, Indonesia
  • Sri Suryaningsum Program Pascasarjana Magister Akuntansi, Fakultas Ekonomi dan Bisnis, UPN Veteran Yogyakarta, Indonesia

DOI:

https://doi.org/10.61677/count.v2i3.356

Keywords:

Corporate social responsibility¸capital structure, dividend policy, company value

Abstract

This study aims to empirically test the effect of corporate social responsibility (CSR), capital structure, and dividend policy on company value in energy sector companies listed on the Indonesia Stock Exchange (IDX) in 2019-2023. This study uses the latest GRI standard, namely 101, which replaces the GRI standard 304 regarding biodiversity, so that it is expected to provide a more accurate assessment of the company's CSR, especially regarding environmental aspects, especially biodiversity. This study uses a sample of 120 consisting of 38 companies obtained based on the purposive sampling method. The data used in this study are secondary data consisting of annual reports and sustainability reports obtained from the official website of the Indonesia Stock Exchange and the company's official website. This study uses multiple linear regression analysis techniques. The results of this study indicate that CSR and capital structure do not affect company value. CSR and capital structure require costs for long-term projects and sustainability in the energy sector, so their impact on company value cannot be felt directly. Meanwhile, dividend policy has a positive effect on company value. Investors prefer dividend rewards obtained in the short term.

Author Biography

Sri Suryaningsum, Program Pascasarjana Magister Akuntansi, Fakultas Ekonomi dan Bisnis, UPN Veteran Yogyakarta, Indonesia

Correspondence Author

References

Andesta, C. R., & Iryanto, M. B. W. (2022). Mediasi Biaya Keagenan pada Pengaruh Kebijakan Utang dan Kebijakan Dividen terhadap Nilai Perusahaan. Jurnal Manajemen, 12(1), 38–55. https://doi.org/10.46806/jman.v12i1.977

Aprianti, D., Abbas, D. S., Hidayat, I., & Basuki. (2022). Pengaruh Profitabilitas, Kebijakan Dividen, Dewan Komisaris Independen Dan Corporate Social Responsibility Terhadap Nilai Perusahaan. Jurnal Ekonomi, Bisnis Dan Manajemen, 1(4), 116–130. https://doi.org/10.58192/ebismen.v1i4.151

Darmawan. (2019). Manajemen Keuangan: Memahami Kebijakan Dividen Teori dan Praktiknya di Indonesia. In Universitas Islam Negeri Sunan Kalijaga (Issue 18). digilib.uin-suka.ac.id

Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25 (9th ed.). Universitas Diponegoro.

Hanindia, C., & Mayangsari, S. (2022). Pengaruh Kebijakan Dividen, Profitabilitas, Dan Corporate Social Responsibility (Csr) Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 2(2), 481–492. https://doi.org/10.25105/jet.v2i2.14310

Mudjiyono, Sudarman, Kristiyani, H., & Dewi, R. (2022). Pengaruh Struktur Modal, Ukuran Perusahaan, dan Kebijakan Dividen terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di BEI (Studi Kasus Perusahaan Sektor Industri Barang Konsumsi Tahun 2016-2019). 2015, 16–29. https://doi.org/10.54066/jbe.v7i2.219

Prasetyo, D. W., & Hermawan, A. (2023). Profitabilitas, Ukuran Perusahaan, Dan Struktur Modal Terhadap Nilai Perusahaan. Jesya, 6(1), 545–559. https://doi.org/10.36778/jesya.v6i1.969

Revaliana, F. R., & Budiwitjaksono, G. S. (2022). CSR Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. Journal of Management and Bussines (JOMB), 4(1), 324–335. https://doi.org/10.31539/jomb.v4i1.3753 DOI:

Saputri, C. K., & Giovanni, A. (2022). Pengaruh Profitabilitas, Pertumbuhan Perusahaan, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Paradigma Akuntansi, 4(4), 1589–1599. https://doi.org/10.24912/jpa.v4i4.21390

Sekaran, U., & Bougie, R. (2017). Metode Penelitian Untuk Bisnis (6th ed.). Salemba Empat.

Sugiyono. (2013). Metodologi Penelitian Kuantitatif, Kualitatif dan R & D. Alfabeta.

Suryaningsum, S., Ayusulistyaningrum, D., & Nugroho, G. S. (2024). The Effect Of Net Income And Stock Price On Dividend. 2(1), 95–105. Https://Doi.Org/10.61677/Count.V2i1.244

Suryaningsum, S., Pronosokodewo, B. G., & Ayusulistyaningrum, D. (2024). Signalling Laba Bersih Sebagai Pertimbangan Pembelian Saham Sebelum Keputusan Pembagian Dividen. 6(2), 211–223. https://doi.org/10.36067/jbis.v6i2.252

Wardhani, W. K., Titisari, K. H., & Suhendro, S. (2021). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Dan Good Corporate Governance terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 5(1), 37. https://doi.org/10.33087/ekonomis.v5i1.264

Yuliandhari, W. S., & Nurramadhani, R. N. (2024). Determinants Of Company Value In Energy Sector Companies. Jurnal Akuntansi, 28(2), 225–243. https://doi.org/10.24912/ja.v28i2.1681

Downloads

Published

2025-02-19

How to Cite

Awanda Novi Cahyawati, & Sri Suryaningsum. (2025). THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY (CSR), CAPITAL STRUCTURE, AND DIVIDEND POLICY ON COMPANY VALUE IN ENERGY SECTOR COMPANIES. Count : Journal of Accounting, Business and Management, 1(4), 220–231. https://doi.org/10.61677/count.v2i3.356

Issue

Vol. 1 No. 4 (2024): April: COUNT: Journal of Accounting, Business and Management

Section

Articles

License

Copyright (c) 2025 Awanda Novi Cahyawati, Sri Suryaningsum

Creative Commons License

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

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