Beyond Compliance: Pengungkapan CSR dan Industry-Adjusted Firm Performance pada Perusahaan Pertambangan Indonesia
DOI:
https://doi.org/10.61231/5fgh5107Keywords:
Pengungkapan CSR; GRI Standards; Industry-Adjusted ROA; Perusahaan PertambanganAbstract
This study examines the effect of CSR disclosure on the Industry-Adjusted Firm Performance of Indonesian mining companies. Firm performance is measured using industry-adjusted return on assets (Adj. ROA), calculated as a firm’s ROA minus the average ROA of sample firms in the same subindustry and year. The sample consists of 30 mining companies observed from 2017–2024. CSR disclosure is measured through content analysis of 85 GRI Standards indicators, with scores assigned based on the completeness of the disclosed information. The findings indicate that CSR disclosure is not significantly associated with Adj. ROA, and this conclusion remains consistent in the sensitivity analysis. These results suggest that broader CSR disclosure does not directly lead to superior profitability relative to other firms in the same subindustry. In the mining sector, CSR disclosure may primarily serve as a mechanism for accountability, stakeholder relationship management, and the maintenance of corporate legitimacy.
References
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Baby, A., Mia, M. A., & Pitchay, A. A. (2024). A Systematic Review of Financial Performance in the Manufacturing Industry. Future Business Journal, 10(1), 70.
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Dupopadana, I. G., Arief, M. K., & Firmansyah, A. (2024). Perkembangan Pelaporan Berlanjutan di Indonesia. Journal of Law, Administration, and Social Science, 4(6), 1091–1100.
Endri, E., Utama, A. P., Aminudin, A., Effendi, M. S., Santoso, B., & Bahiramsyah, A. (2021). Coal Price and Profitability: Evidence of Coal Mining Companies in Indonesia. International Journal of Energy Economics and Policy, 11(5), 363–368. https://doi.org/10.32479/ijeep.11503
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Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.1061/9780784409398.ch05
Suhartini, D., Cahyani, M. I., & Putri, S. Y. (2024). Examining the Sustainability Report, Financial Performance, and Value of Mining Companies in Indonesia. Ilomata International Journal of Tax & Accounting, 5(1), 266–279.
Taufik, M., & William, T. (2021). Does BOC`’s Characteristics Moderate The Effect of Corporate Social Responsibility on Performance? Journal of Applied Accounting and Taxation, 6(2), 137–146. https://doi.org/10.30871/jaat.v6i2.3236
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan Terbatas, (2007).
Yousefian, M., Bascompta, M., Sanmiquel, L., & Vintró, C. (2023). Corporate Social Responsibility and Economic Growth in the Mining Industry. Extractive Industries and Society, 13(December 2022). https://doi.org/10.1016/j.exis.2023.101226
Awaysheh, A., Heron, R. A., Perry, T., & Wilson, J. I. (2020). On The Relation Between Corporate Social Responsibility and Financial Performance. Strategic Management Journal, 41(6), 965–987. https://doi.org/10.1002/smj.3122
Baby, A., Mia, M. A., & Pitchay, A. A. (2024). A Systematic Review of Financial Performance in the Manufacturing Industry. Future Business Journal, 10(1), 70.
Christensen, H. B., Hail, L., & Leuz, C. (2021). Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review. Review of Accounting Studies, 26(3), 1176–1248. https://doi.org/10.1007/s11142-021-09609-5
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. https://doi.org/10.1108/09513570210435852
Devie, D., Liman, L. P., Tarigan, J., & Jie, F. (2020). Corporate Social Responsibility, Financial Performance and Risk in Indonesian Natural resources industry. Social Responsibility Journal, 16(1), 73–90. https://doi.org/10.1108/SRJ-06-2018-0155
Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.5465/amr.1995.9503271992
Dupopadana, I. G., Arief, M. K., & Firmansyah, A. (2024). Perkembangan Pelaporan Berlanjutan di Indonesia. Journal of Law, Administration, and Social Science, 4(6), 1091–1100.
Endri, E., Utama, A. P., Aminudin, A., Effendi, M. S., Santoso, B., & Bahiramsyah, A. (2021). Coal Price and Profitability: Evidence of Coal Mining Companies in Indonesia. International Journal of Energy Economics and Policy, 11(5), 363–368. https://doi.org/10.32479/ijeep.11503
Eriandani, R., & Winarno, W. A. (2021). Corporate Social Activities and Adjusted Firm Performance: An SOE’s Context. Indian Journal of Economics and Business, 20(2), 329–343.
Fikru, M. G., Brodmann, J., Eng, L. L., & Grant, J. A. (2024). ESG Ratings in the Mining Industry: Factors and Implications. Extractive Industries and Society, 20(April), 101521. https://doi.org/10.1016/j.exis.2024.101521
Fitriaty, F., Solikhin, A., & Srikandi, M. (2021). Pengaruh Corporate Social Responsibility Dan Sistem Manajemen Lingkungan Iso 14001 Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Manajemen Terapan Dan Keuangan, 10(03), 525–537. https://doi.org/10.22437/jmk.v10i03.15813
Franken, G., & Schütte, P. (2022). Current Trends in Addressing Environmental and Social Risks in Mining and Mineral Supply Chains by Regulatory and Voluntary Approaches. Mineral Economics, 35(3–4), 653–671. https://doi.org/10.1007/s13563-022-00309-3
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
Global Sustainability Standards Board. (2016). GRI Standards. Global Sustainability Standards Board (GSBB).
Global Sustainability Standards Board. (2018a). 303: Water and Effluents.
Global Sustainability Standards Board. (2018b). 403: Occupational Health and Safety.
Handayati, P., Sumarsono, H., & Narmaditya, B. S. (2022). Corporate Social Responsibility Disclosure and Indonesian Firm Value: the Moderating Effect of Profitability and Firm’S Size. Journal of Eastern European and Central Asian Research, 9(4), 703–714. https://doi.org/10.15549/jeecar.v9i4.940
Howse, T. (2022). Trust and the social licence to operate in the Guatemalan mining sector: Escobal Mine case study. Resources Policy, 78(July), 102888. https://doi.org/10.1016/j.resourpol.2022.102888
Husnah, & Fahlevi, M. (2023). How do corporate social responsibility and sustainable development goals shape financial performance in Indonesia’s mining industry? Uncertain Supply Chain Management, 11(3), 1383–1394. https://doi.org/10.5267/j.uscm.2023.5.099
Husnah, H. (2023). Integrating Environmental, Social and Governance (ESG) Disclosure on Financial Performance of Indonesian Mining Industry Sector. Jurnal Aplikasi Bisnis Dan Manajemen, 9(3), 763–773. https://doi.org/10.17358/jabm.9.3.763
Isacowitz, J. J., Schmeidl, S., & Tabelin, C. (2022). The Operationalisation of Corporate Social Responsibility (CSR) in a Mining Context. Resources Policy, 79, 103012.
Khamisu, M. S., & Paluri, R. A. (2024). Emerging Trends of Environmental Social and Governance (ESG) Disclosure Research. Cleaner Production Letters, 7(November), 100079. https://doi.org/10.1016/j.clpl.2024.100079
Peraturan Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 51/POJK.03/2017 Tahun 2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Emiten, dan Perusahaan Publik.
Peraturan Pemerintah Republik Indonesia. (2012). Peraturan Pemerintah Nomor 47 Tahun 2012 tentang Tanggung Jawab Sosial Dan Lingkungan Perseroan Terbatas.
Prihandono, I., & Yuniarti, D. S. (2023). Indonesia’s Sustainability Reporting Standard: What Needs to be Improved? Associate Professor at the Faculty of Law, 7(1), 1–23.
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.1061/9780784409398.ch05
Suhartini, D., Cahyani, M. I., & Putri, S. Y. (2024). Examining the Sustainability Report, Financial Performance, and Value of Mining Companies in Indonesia. Ilomata International Journal of Tax & Accounting, 5(1), 266–279.
Taufik, M., & William, T. (2021). Does BOC`’s Characteristics Moderate The Effect of Corporate Social Responsibility on Performance? Journal of Applied Accounting and Taxation, 6(2), 137–146. https://doi.org/10.30871/jaat.v6i2.3236
Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 tentang Perseroan Terbatas, (2007).
Yousefian, M., Bascompta, M., Sanmiquel, L., & Vintró, C. (2023). Corporate Social Responsibility and Economic Growth in the Mining Industry. Extractive Industries and Society, 13(December 2022). https://doi.org/10.1016/j.exis.2023.101226
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