Fraud sebagai Pemoderasi Hubungan CSR dan Nilai Perusahaan Tambang
DOI:
https://doi.org/10.32500/jematech.v9i2.10967Keywords:
CSR, Fraud, Nilai PerusahaanAbstract
Penelitian ini bertujuan untuk menguji peran Corporate Social Responsibility (CSR) terhadap nilai perusahaan dengan mempertimbangkan fraud sebagai variabel moderasi pada perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Isu CSR dan fraud menjadi relevan pada sektor pertambangan karena tingginya eksposur perusahaan terhadap risiko lingkungan, sosial, tata kelola, dan reputasi. Penelitian ini menggunakan data panel dengan 290 observasi. CSR diproksikan melalui indeks pengungkapan berbasis Global Reporting Initiative (GRI), fraud diproksikan menggunakan F-Score Dechow, sedangkan nilai perusahaan diukur dengan Price to Book Value (PBV). Teknik analisis yang digunakan adalah Random Effect Model (REM) dengan robust standard errors. Hasil penelitian menunjukkan bahwa CSR berpengaruh positif dan signifikan terhadap PBV, sedangkan fraud tidak berpengaruh langsung terhadap PBV. Selain itu, interaksi antara CSR dan fraud terbukti signifikan, yang menunjukkan bahwa efektivitas CSR terhadap nilai perusahaan bergantung pada tingkat risiko fraud. Mengingat nilai F-Score dalam sampel berada pada rentang negatif, interpretasi arah moderasi perlu mempertimbangkan karakteristik skala pengukuran fraud. Temuan ini menegaskan bahwa CSR dapat berkontribusi terhadap peningkatan nilai perusahaan apabila didukung oleh integritas, transparansi, dan tata kelola perusahaan yang baik.
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