ANALISIS PENGARUH KEPEMILIKAN MANAJERIAL DAN CSR TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL MEDIASI

Abstract

This study aims to analyze the effect of managerial ownership and Corporate Social Responsibility (CSR) on firm value mediated by financial performance in infrastructure companies listed on the Indonesia Stock Exchange. The research period was conducted in 2018 – 2022 with 110 data from 30 companies used based on the purposive sampling method. The independent variables of this study are managerial ownership as measured by the percentage of management share ownership compared to outstanding shares, CSR as measured by CSR costs compared to company revenue. While the depedent variable of this study is firm value measured by Tobin’s Q ratio. The mediating variable to connect the two previous variables is financial performance which is proxied with profitability by measuring Return on Assets (ROA). This study used descriptive statistical methods, multiple linear regression analysis and path analysis. Also, classical assumption tests were conducted. The result of this study is that managerial ownership has a positive effect on financial performance but does not affect firm value. CSR negatively affects financial performance and positively affects firm value. Financial performance has a positive effect on firm value.  In addition, the results of this study show that the company’s financial performance can mediate the relationship between managerial ownership and firm value and can mediate CSR with firm value.