Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan dengan Pengungkapan Corporate Sosial Responsibility sebagai Variabel Pemoderasi (Studi Kasus Pada Perusahaan Rokok Yang Terdaftar Di BEI)

Abstract

The purpose of this study is to test the effects of Good Corporate Governance (GCG) to the corporate value that is moderated by the disclosure of Corporate Social Responsibility (CSR). The corporate's value measured by Tobin's Q, proxy GCG in the capture of researchers that managerial ownership and the proportion of the board of commissioners, disclosure of CSR into 7 categories: environment, energy, health and safety of workers, other workers, products, community involvement, and the public.
Research results show that GCG has a negative effect on corporate value, this is possible because the company apply only to meet the GCG formal. So that, managerial ownership does not provide added value to the company and the existence of an independent commissioner did not show improved performance in the company, so it can increase the value of the company. CSR disclosure has no significant value to the company, so it can be said that disclosure of CSR are not able to moderate the relationship with the company's GCG. No significant results of CSR indicate that the market does not use information about CSR disclosure in assesing investment.
Keyword : Good Corporate Governance, Corporate Social Responsibility Disclosure, Corporate Value