effect of corporate social performance, intellectual capital, ownership ...

International Journal of Business, Economics and Law, Vol. 2, Issue 1 (June) ISSN 2289-1552 2013

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EFFECT OF CORPORATE SOCIAL PERFORMANCE, INTELLECTUAL CAPITAL, OWNERSHIP STRUCTURE, AND CORPORATE GOVERNANCE ON CORPORATE PERFORMACE AND FIRM VALUE (STUDIES ON COMPANIES LISTED IN THE SRI-KEHATI INDEX) Idie Widigdo Department Of Finance, Faculty Of Economics Semarang State University Central Java Indonesia E-Mail : [email protected] Phone Number : +6281226340909

ABSTRACT

Accounting has changed the orientation of only as aids and presenter information in business activity has subsequently been transformed into one of the intellectual weapon in capitalism. Some evidence in the last decade has shown that the practice of accounting had been thick with capitalism, even accounting within the ideology of capitalism to be helpless and would not want to be subject to the ideology of capitalism. In terms of social ethics still found a company that does discrimination, unfair working conditions and safe, disregard for human rights and ignore labor standards. Furthermore, in terms of management of the company, there is the massive illegal earnings management practices (financial fraud) and white-collar crime tersistem conducted and planned. Such incidents bring to economists and practitioners on the importance of eco-friendly industries, finance sustainability, green finance, investment etchic as a new paradigm and measures to prevent and minimize the negative impacts of capitalist behavior. The concept of the company is implemented in various forms such as Corporate Social Responsibility (CSR), Anti-Fraud Policy, Good Corporate Governance (GCG), Corporate Citizenship. Especially on the capital markets, the increasing market demand for the company to enter the values of social justice, ethical and environmental considerations in the process of economic efficiency through Socially Responsible Investment (SRI). With the implementation of the SRI in the report, the company revealed more information pertaining to the performance of social, environmental and management so that the investor can determine the value of the company, which is used as a consideration of investment decisions. This study combines the influence of intangible assets of a company like Corporate Social Performance and Intellectual Capital and tangible assets such as Ownership Structure and Corporate Governance of the firm's short-term goal is Corporate Performance and long-term objectives Firm Value. The objectives of this research are: examined the effect of corporate social performance on corporate performance, examined the effect of intellectual capital on firm performance, examined the effect of ownership structure on corporate performance, examined the effect of corporate governance on corporate performance, to test the effect on the value of corporate social performance firm, examined the effect of intellectual capital on firm value, examined the effect of ownership structure on firm value, examined the effect of corporate governance on firm value, examined the effect of firm performance on firm value. Corporate social performance is a construct that emphasizes a company's responsibilities to multiple stakeholders, such as employees and the community at large, in addition to its traditional economic responsibilities to shareholders. Intellectual capital is the sum of everything everybody in your company knows that gives you a competitive edge in the market place. It is intellectual material knowledge, information, intellectual property, experience that can be put to use to create wealth. Ownership structure can be explained from two perspectives, namely agency approach and the approach of the imbalance of information. Agency approach considers the ownership structure as an instrument or tool to reduce conflicts of interest among the various holders of claims. Approach of looking at the information imbalance mechanism ownership structure as a way to reduce the imbalance of information between insiders and outsiders through the disclosure of information in the capital market. Corporate governance is about building confidence in your product erected on the foundation of transparency and accountability; good corporate governance flowed from practises that involved fairness, accountability, responsibility and transparency on a foundation of intellectual honest. Performance of the company is divided into operational performance and financial performance. Operational performance is the determination of periodic appearance in the form of company operations, organizational structure based on objectives, standards and criteria that have been set. Operational performance representing the concept of non-financial performance such as market share, new product introduction, product quality, marketing effectiveness, and other measures of technological efficiency that is part of the company's operations. While financial performance is a display about the financial condition of the company for a certain period. Firm value is the investor's perception of the company, which is often associated with the stock price. Based on the purpose of the research study is a type of research explanations. This study took place in companies established by the Indonesia Stock Exchange in the list of SRI KEHATI index. The sample used in this study sample is saturated. This study used analysis methods Partial Least Square (PLS), PLS analysis using the number of samples taken should not be large, it is recommended to range from 30 to 100 companIes. While the number of companies examined in this study were 25 companies.

Keywords: corporate social performance, intellectual capital, ownership structure, corporate governance, corporate performance, firm value, Indonesia Stock Exchange, SRI KEHATI index.

This paper is the plan of doctoral dissertation on the science of business administration program Brawijaya University, Malang Indonesia


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INTRODUCTION Background Accounting has proven axiomatically is not value free. Accounting cannot simply be viewed as rational technique and identic with digits only (value free) but it is a full of service activities with the influence of values in society (value laden). In practice, the accounting has changed the orientation of only as aids and presenter of information in business activity became one of the “intellectual weapons” in capitalism. As expressed by Mises (2002) that “monetary calculation and cost accounting constitute the most important intellectual tool of the capitalist entrepreneur”. In addition, Weber (2003) has cult accounting as the “spirit of capitalism” supported by Dore (1983), Storr (2006), Paretskaya (2010), Grytten (2012). Some evidence in the last decade has shown that the practice of accounting had been thick with capitalism; even accounting within the ideology of capitalism had been helpless and subjected to the ideology of capitalism. According to the Corruption Perceptions Index (CPI) issued by Transparency International (TI) in 2010, Indonesia is in the order of 110 of the 178 countries surveyed. Indonesia recorded CPI score of 2.8. TI classified scores of the value of 0-0.9 (highly corrupt) to 9-10 (very clean) (Semendawai et al, 2011). The accumulation of financial and business ethics violation is a domino effect on the vulnerability of the financial sector and business as well as creating a potential shock that can have a significant impact on the stability of the economic system of national, regional, and global levels. Such incidents make economists and practitioners aware of the importance of eco-friendly industries, finance sustainability, green finance, ethic investment as new paradigms and measures to prevent and minimize the negative impacts of capitalist behaviour. The concept is implemented by company in various forms such as Corporate Social Responsibility (CSR), an Anti-Fraud Policy, Good Corporate Governance (GCG), Corporate Citizenship. According to Sparkes (2002) Socially Responsible Investment (SRI) is defined generally as an investment philosophy that includes ethical and moral considerations as well as financial consideration. Spakes further stated that “the key distinguishing feature of equity portfolios investment lies in the construction of social, environmental and finance goals.” Eurosif (2008) stated that SRI is a generic term covering ethical investments, responsible investments, and any other investment process that combines investors’ financial objectives with concerns about Environmental, Social, and Governance of corporate that commonly abbreviated as ESG. SRI investors integrate ethical, social and religious in investments (Statman, 2008). Many stock exchanges in the countries around the world have adopted SRI in their instrument. For example, Dow Jones Sustainability Index (DJSI), the FTSE KLD Social Index and the Domini 400 Social Index in the U.S., DAX Global Sarasin Sustainability Germany Index and Dow Jones EURO STOXX Sustainability Index in Europe. In Asia there are Daw Jones Sustainability Asia Pacific Index, Korea SRI Socially Responsible Investment Index (KRXSRI) and Socially Responsible Investment-KEHATI Index. Socially Responsible Investment-KEHATI Index (SRI_KEHATI Index) is an index created in cooperation of the Indonesian Stock Exchange (BEI) and the Indonesian Biodiversity Foundation (KEHATI) engaged in the conservation and use of biodiversity. SRI_KEHATI indexes were launched on June 8, 2009, which specifically includes 25 listed companies on the Stock Exchange which has been screening based on environmental awareness, social and corporate governance procedures for Sustainable and Responsible Investment (SRI). Corporate Social Performance Corporate Performance indicated influence (Kaufmann and Olaru, 2012; Arshad et al, 2012) and Firm Value (Connelly et al, 2012 Mecca and Ballesta, 2011). This assumption is supported Legitimacy Theory argues that legitimacy can be acquired when the company’s existence does not interfere with or in accordance with the existence of values in society (Deegan, Robin, and Tobin, 2002). Stakeholder Theory also states that the satisfaction of each stakeholder group is a support instrument for Corporate Performance (Jones, 1995). Waddock and Graves (1997) also state in Good Management Theory (called Stakeholder Theory) corporate social responsibility in conjunction with stakeholders will increase competitive advantage and financial performance. Companies are assessed by the stakeholders have a good reputation will make the company easier to get a good financial position through market mechanism. Furthermore, Ownership Structure can influence the Corporate Performance (Wahla et al, 2012; Shah et al, 2012) and Firm Value (Connelly et al, 2012; Mecca and Ballesta, 2011). The assumption is supported by the Agency Theory, which explains how the parties behave in the company, because basically between agent and principal have different interests that lead to agency conflicts (Jensen and Meckling, 1976). Agency approach considers Ownership Structure as an instrument or tool to reduce conflicts of interest through increased managerial ownership or institutional ownership (Leland and Pyle, in Suranta and Machfoedz, 2003). In agency theory, one of the way to resolve conflict is the monitoring agency through Corporate Governance (McColgan, 2001). Corporate Governance as an effective mechanism aims to minimize agency conflicts with a particular emphasis on legal mechanisms that prevent exploration of the minority shareholders (Donaldson and Davis, 1991). The theory supports the assumption that Corporate Governance affects the Corporate Performance (Zareii et al, 2012; Fallatah and Dickins, 2012) and Firm Value (Liu et al, 2012; Bae et al, 2012). Signalling Theory suggests that the company seeks to provide the information politically as a signal as good as possible to get a positive response from government authorities, that the companies have used their assets through the mechanism of taxes, levies and other social responsibility activities (Watts and Zimmerman, 1986). This theory indicates that the Corporate Performance (Perez et al, 2012; Makkela, 2012) could affect the Firm Value.


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The variables used in this study consisted of Corporate Social Performance, Intellectual Capital, Ownership Structure, Corporate Governance, Corporate Performance and Firm Value. The study combines these variables in a single object yet discovered in the empirical study before, it make this study is authentic. Problem Formulation Based on the description of the background, the research question in this study is as follows: 1. Is there an effect of Corporate Social Performance on Corporate Performance? 2. Is there an effect of Intellectual Capital and Corporate Performance? 3. Is there an effect of the Capital Ownership Structure on Corporate Performance? 4. Is there an effect of Corporate Governance on Corporate Performance? 5. Is there an effect of Corporate Social Performance on Firm Value? 6. Is there an effect of Intellectual Capital on Firm Value? 7. Is there an influence of Ownership Structure on Firm Value? 8. Is there an effect of Corporate Governance on Firm Value? 9. Is there an effect of Corporate Performance on Firm Value? Research Objectives Based on the formulation of the problem that has been presented, the objectives of this research are as follows: 1. Examined the effect of Corporate Social Performance on Corporate Performance 2. Examined the effect of Intellectual Capital for Corporate Performance 3. Examined the effect of Ownership Structure on Corporate Performance 4. Examined the effect of Corporate Governance on Corporate Performance 5. Examined the effect of Corporate Social Performance on Firm Value 6. Examined the effect of Intellectual Capital on Firm Value 7. Examined the effect of Ownership Structure on Firm Value 8. Examined the effect of Corporate Governance on Firm Value 9. Examined the effect of Corporate Performance on Firm Value LITERATURE REVIEW Corporate Social Performance Clarkson (1995) defines Corporate Social Performance as a company’s ability to meet the demands of the different stakeholders. Another opinion expressed by Igalens and Gond (2005), who states that the Corporate Social Performance is a construct that is described in a different way for each stakeholder. Furthermore, Turban and Greening (1996) define Corporate Social Performance as, “a construct that emphasizes a company’s responsibilities to multiple stakeholders, such as employees and the communities at large, in addition to its traditional responsibilities to economics shareholders”. In this study, the Corporate Social Performance is companies listed in the SRI-KEHATI Index measured using the ESG Score (Environmental, Social and Governance). ESG measurement instruments used in this study referred to the 20 instruments used by Sparkes (2002); Jo et al (2008); Statman (2008); Anderlind et al (2007), Tsai (2009). Environmental score consists of 4 (four) indicators, social score consists of 9 (nine) indicators and governance score consists of 7 (seven) indicators.

Table 1 Dimension and Indicators of Corporate Social Performance Dimension Indicator Environmental Score

Corporate environmental performance, environmentally safe product, Management of environmental issue, environmental improvement)

Social Score Workforce Diversity, Human rights, Product quality and innovation, Philanthropy, Community involvement, misleading advertising, Stake holding, Training and education, Good employment practise

Governance Score Accounting, Executive compensation, Political accountability, Transparency, Ownership, Ethic guidelines, Woman on Board

Source: Sparkes (2002); Jo et al (2008); Statman (2008); Anderlind et al (2007); Tsai (2009) Corporate Social Performance is measured using dummy variables. Every indicator of Corporate Social Performance will be given a value of 1, and if not disclosed, would be given a value of 0. Each score indicator will be added together to obtain the overall score of the company. Then, the results will be compared with the expected number of disclosures. Intellectual Capital Edvinsson and Malone in Huang and Liu (2009) mentioned that Intellectual Capital is a type of control over knowledge, empirical experience, engineering organizations, customer relationships and professional skills. It will provide a competitive advantage for the company. Bukh et al (2005) defines intellectual capital as knowledge resources in the form of employee, customer, process, or technology in which the company can use it in the company’s value creation process. Pulic (2000) in Chen et al (2005) suggested an indirect measure of the Intellectual Capital by measuring the efficiency of the added value generated by the company’s intellectual ability (Value Added Intellectual Coefficient-VAIC). The VAIC model is a combination of Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE).


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Table 2 Dimension and Indicators of Intellectual Capital

Dimension Indicator Human Capital Efficiency

Value Added (the difference between output and input) per Human Capital (Salaries and employee benefits)

Structural Employed Efficiency

Structural capital (the difference between Value Added and Human Capital per Value Added (the difference between output and input)

Capital Employed Efficiency

Value Added (the difference between output and input) per Capital Employed (The book value of net assets)

Source: Pulic (2000) in Chen et al (2005) Ownership Structure In this study, ownership structure consists of managerial ownership and institutional ownership. Managerial ownership is the percentage ownership of shares held by the manager to the number of shares outstanding (Warfield et al, 1995). Whereas Institutional Ownership is the percentage of shares owned by institutional investors to total shares outstanding (Claessens, 2002). Shien, et al (2006) adds that institutional ownership is ownership by the government, financial institutions, legal entities institution, foreign institutions, trust funds, and other institutions at the end of the year.

Table 3 Dimension and Indicators of Ownership Structure

Dimension Indicator Managerial Ownership

Shares percentage of active commissioners and directors of the company

Institutional Ownership

Shares percentage of institutions such as government, banks and other institutions.

Source: (Warfield et al, 1995); Claessens (2002); Shien, et al (2006) Corporate Governance According to Cadbury (1992) in Ballesta and Garcia-Meca (2005), corporate governance is defined as a system in which the company will be guided and controlled. Corporate governance is a mechanism that can be used to ensure that the financial supplier or owner of the company’s capital gain the return from the activities undertaken by the manager, or in other words how financial suppliers exercise control over the company’s managers (Shleifer and Vishny, 1997).

Table 4 Dimension and Indicators of Corporate Governance Dimension Indicator Transparency Disclosure of the remuneration policy; qualification / certification of internal auditing profession, the name

and history secretary ship, chairman of the internal audit unit, members of the audit committee, remuneration committee, nomination committee and other committees; corporate risk disclosure; risk management efforts; open access data about information company to the public.

Accountable Frequency of meetings and the presence of members of the audit committee, nomination committee, remuneration committee; description of the implementation of the board of commissioners and directors; existence of an internal audit charter; training program directors; description of secretarial activities.

Responsible Consumer complaints center; description of the follow-up of complaints, reports of complaints completion rate; improvement customer service program; presence of assisted business partners’ program to improve education, health / arts and culture; expenditures report; social responsibility; activities for environmental protection; environmental management activities; certification of environmental management, environmental management activities cost report; case / lawsuit principal; status of settlement / lawsuit; influence matters on financial condition; presence of whistleblowing system; whistleblowing system mechanism; whistleblowing system output.

Independent independence of the audit committee; independence of nominating committee; independence of the remuneration committee; structure / position of the internal audit unit; affiliate member of the board of directors and a member of the board of commissioners with the company and its shareholders

Fairness disclosure of remuneration procedures of commissioners and directors board; description of duties and responsibilities of the audit committee, remuneration committee, nomination committee, determining the scope of work and responsibilities of directors board members; procedure of directors remuneration; performance of the directors remuneration, code of conduct, code of conduct content, deployment of code of conduct for employees, enforcement of codes of conduct; statement of corporate culture

Source: Syakroza (2002); Bapepam (2011) Corporate governance in this study was measured by using dummy variables. Each indicator are disclosed in the annual report will be given a value of 1, and if not disclosed it will be given a value of 0. Each score indicator will be added together to obtain the overall score of the company. Later, the results were compared with the expected number of disclosures.


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Corporate Performance Suta (2007) found that the performance of the company is divided into two; they are operational performance and financial performance. Operational performance is the determination of the periodic appearance in the form of company operations; objectives based organizational structure, and performance standards that have been set. Operational performance represents the concept of non-financial performance such as market share, new product introduction, product quality, marketing effectiveness, and other measures of technological efficiency which is part of the company's operations. While financial performance is a display about the financial condition of the company for a certain period.

Table 5 Dimension and Indicators of Corporate Governance Dimension Indicators Growth Ratio Sales Growth Ratio (SGR) Productivity Ratio Sales Per Employee Ratio (SPG) Profitability Ratio Return on Investment (ROI) Liquidity Ratio Current Ratio (CR)

Source: Gaur and Kesavan (2007); Fryges and Wagner (2007); Arsoy (2012); Aras et al (2010) Firm Value Firm Value is the investor's perception of the company, which is often associated with the stock price. High stock price made the value of the firm is also high. The main purpose of the company according to the theory of the firm is to maximize wealth or firm value (Salvatore, 2005). The equivalent of firm value and corporate performance are equally measured using certain financial ratios. The difference is, the value of the company is usually measured using the ratio of the specific market related investments and corporate loans. Whereas the company's performance is measured by using ratios of both financial and non-financial (operational). In this study, the value of the company is measured using Tobin's Q and Price Earnings Ratio (PER).

Table 6 Dimension and Indicators of Firm Value Dimension Indicators Tobin Q Market value of equity plus debt per assets Price Earnings Ratio (PER) Stock market price per Earning Per Share (EPS)

Source: Lang and Stulz (1994), Lee and Ryu (2003); Laihomaki (2010) Conceptual Framework


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Research Hypothesis

Explanation : CSP :Corporate Social Performance IC : Intelectual Capital OS : Ownership Structure CG : Corporate Governance CP : Corporate Performance FV : Firm Value

Table 7 The formulation of hypothesis, Basic Theoretical and Research Previous H Formulation of hypothesis Basic Theoretical Research Previous H1 Corporate Social Performance

significantly Influence on the Corporate Performance

Legitimacy Theory (Deegan et al, 2002); Stakeholder Theory (Jones, 1995); Signaling Theory (Watt and Zimmerman (1986)

Erhemjamts et al (2011); Foote et al (2010); Mackey et al (2007); Arshad et al (2012); Humphrey et al (2010); Kaufmann and Olaru (2012); Qu (2009); Longo et al (2005); Carter (2005)

H2 Intellectual capital significantly influence on the Corporate Performance

Resource Based Theory (Caldeira and Ward, 2001); Knowledge Based Theory (Fleming, 2001)

Muhammad and Ismail (2009); Rehman et al (2011); Gilaninia and Matak (2012); Clarke et al (2010); Belkaoui (2003); Bollen et al (2005); Gan and Saleh (2008); Mehralian et al (2012); Namvar et al (2010); Kamath (2008); Wang and Cang (2005); Wang (2011); Alipour (2012); Sharabati et al (2010); Peng et al (2007)

H3 Ownership Structure

significantly influence on the Corporate Performance

Agency Theory (Leland and Pyle, dalam Suranta dan Machfoedz, 2003); (Scott, 1997)

Wahla et al (2012); Shah et al (2012); Kang and Kim (2012); Hrovatin and Ursic (2002); Wei et al (2002); Jefferson et al (2003); Jermias and Gani (2005); Krivogorsky (2006); Berkowitz and Qiu (2003); Yen and Andre (2007); Gugler and Yurtoglu (2003); Wang (2005); Micco et al (2007); Iannotta et al (2007); Yuan et al (2008); Randoy and Goel (2003); Demsetz and Villalonga (2001); Oum et al (2006); Chi and Wang (2009); Arosa et al (2010); Yixiang (2011); Srivastava (2011); Desender (2009); Jiang (2004); Foroughi and Fooladi (2009); Farooque et al (2007); Kapopoulos and Lazareteo (2007); Kato and Long (2004); Grant and Kirchmaier (2004); Margaritis and Psillaki (2010); Andersson et al (2004); Bebczuk (2005) Javid and Iqbal (2010); Javid and Iqbal (2010); Mans (2011); Tam and Tan (2009); Mollah et al (2012); King and Santor (2008); Shiab and Thapanjeh (2005); McMahon (2007); Citak (2007); Zeitun (2009); Ponnu (2008); Shah et al (2011); Kuznetsov and Muravyev (2008); Wen (2010); Abor et al (2007)


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H4 Corporate Governance Significantly Influence on The Corporate Performance

Agency Theory (McColgan, 2001; Donaldson, 1991)

Zareii et al (2012); Fallatah and Dickins (2012); Reyna and Encalada (2012); Masulis et al (2012); Manaseer et al (2012); Aebi (2012); Lu et al (2012); Bebczuk (2005); Javid and Iqbal (2010); Mans (2011); Tam and Tan (2009); Mollah et al (2012); Adams and Ferreira (2009); Bauer et al (2008); Omran and Fatheldin (2008); Patibandla (2006); Cho (2005); Ehikioya (2009); Haat et al (2008); Tandelilin et al (2007); He (2008); Eldenburg et al (2004); Sueyoshi et al (2010); Kang and Kim (2012) Bhagat and Bolton (2008); Wruck and Wu (2009); Naceur et al (2007); Fischer and Khoury (2007); Switzer (2007); Khatab et al (2011); Mashayekhi and Bazaz (2008); Amran (2011); Al Haddad et al (2011); Fan et al (2007); Bruce (2006); Chaghadari (2011); Sunday (2008); Garay and Gonzalez (2008); Abor et al (2007); Bowen et al (2008); Najid and Rahman (2011); Ofurun and Torbira (2011); Javid and Robbina (2008); Rashid (2008); Li (2010); Yasser et al (2011); Huang and Chan (2009)

H5 Corporate Social Performance

Significantly Influence on The Firm Value

Legitimacy Theory (Kiyoran, 2006)

Chaves ( 2010); Godfrey et al (2009); Curcio and Wolf (1996); Servaes and Tamayo (2012); Videen (2010);

H6 Intelectual Capital Significantly Influence on The Firm Value

Knowledge Based Theory (Nonaka and Takeuchi, 1995)

Maditinos et al (2011); Lee et al (2010); Randjani and Jayendrika (2009); Tseng and Goo (2005); Chen et al (2004)

H7 Ownership Structure Significantly Influence on The Firm Value

Agency Theory (Bathala et al.,1994)

Connelly et al (2012) ; Xia (2008); Davies at al (2005); Chen and Ho (2000); Vera and Ugedo (2007); Acharya and Bisin (2005); Liang et al (2011); Mecca and Ballesta (2011); King and Santor (2008); Lemmon and Lins (2008); Uno and Kamiyama (2010); McConell and Servaes (1990); Wei et al (2005); Lins (2003); Baert and Vennet (2009); Lu et al (2010); Lee and Zhang (2008); Acharya and Bissin (2009); Yao (2008)

H8 Good Governance Significantly Influence on The Firm Value

Signaling Theory (Black et al, 2003)

Liu et al (2012); Bae et al (2012); Connelly et al (2012); Lemmon and Lins (2008); Hiraki et al (2003); Kusnadi (2011); Allayannis et al (2012); Brown and Caylor (2006); Ammann et al (2011); Baek et al (2004); Alexander et al (2007); Ammann et al (2010); Jo and Harjoto (2011); Black and Khanna (2007); Chhaochharia and Grinstain (2007); Lei and Song (2004); Black and Jang (2003); Thomsen (2005); Lee and Chen (2011); Tudway and Pascal (2006); Thomsen (2004); Oesch (2011); Sulong and Nor (2008); Isshaq et al (2009); Huang and Chan (2009); Black et al (2005); Marquez (2009); Bozec et al (2010); Lemmon and Lins (2001); Gupta et al (2009); Gutiérrez and Panbo (2005); Chong and Sinalez (2006); Leal (2005); Javed and Iqbal (2007)

H9 Corporate Performance Significantly Influence on The Firm Value

Singaling Theory (Wolk et al, 2000).

Makkela (2012); Zairi and Jarrar (2000); Rountree et al (2007); Wang (2002); Pérez et al (2012)

METHODS


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Type of Research Based on the purpose of the research study is a kind of explanatory research (research explanation). Explanatory research is research done to explain the causal relationship between the research constructs through hypothesis testing (Singarimbun in Singarimbun and Effendi, Ed., 1989). Research Sites This study took place in companies established by the Indonesia Stock Exchange (IDX) in the list of SRI KEHATI Index trading period May to October, where the data about the firm during the years 2009-2011 obtained from the Indonesian Capital Market Directory (ICMD), IDX websites and websites of each company. Determining the location is based on considerations such as: 1) SRI KEHATI Index is the first and the only one in Southeast Asia containing company stock after fulfilling the criteria and selection process, and otherwise care for the environment, social and corporate governance. 3) Growth SRI KEHATI index has significant performance, reaching 25% per year since its launch in 2009. Sample The Sample is part of the target population, carefully selected to represent the population (Cooper and Schindler, 2006). The sample used in this study sample saturated (census). Furthermore, this study used analysis method Partial Least Square (PLS). Ghozali (2008) gave the opinion that the PLS analysis using the number of samples taken should not be large, recommended a range from 30 companies to 100 companies. Based on these explanations, the sample in this study amounted to 25 companies. Research Construct This study used 7 (seven) construct, which consists of Corporate Social Performance, Intellectual Capital, Ownership Structure, Corporate Governance, Corporate Performance and FirmValue. Furthermore, the constructs in this study are divided into 4 (four) exogenous constructs and 3 (three) endogenous constructs. Exogenous Construct Exogenous construct known as "source variable" or "independent variable" that is not predicted by the other constructs in the model (Ferdinand, 2006). Exogenous construct research is Corporate Social Performance (consisting of Score Environment, Social and Management), Intellectual Capital (consisting of the Human Capital Efficiency, Structural Capital Efficiency, Efficiency Capital Employed), ownership structure (consisting of Managerial Ownership and Tenure Institutions) and Corporate Governance (consisting of Openness, Accountability, Responsibility, Independence and Justice). Endogenous construct Endogenous construct or dependent variables are factors that predicted by one or more construct (Ferdinand, 2006). Endogenous construct used in this study is the performance of the Company (the ratio of Growth, Productivity Ratio, Profitability Ratio, Liquidity Ratio) and the value of the Company (consisting of Tobin's Q and the ratio P / E Ratio). Operational Definition and Measurement Constructs The operational definition of variables / constructs used in this study are as follows: Corporate Social Performance Corporate Social Performance and achievement is the result of the company to meet the demands of stakeholders in terms of environmental, social and management. Intellectual Capital Intellectual capital is the knowledge resource that consists of human capital, structural capital, and physical capital as inputs the company. Ownership Structure Ownership structure is the distribution of ownership between corporate managers and institutional shareholders. Corporate Governance Corporate Governance is a mechanism of control and management of the company by virtue of the application of the principles of transparency, accountability, responsibility, independence and justice. Corporate Performance Financial Performance and achievement is the result of the company operations in terms of profitability and financial liabilities as well as the company in terms of profitability and liability companies in managing non-financial capital and financial capital in a specific time period. Firm Value The company is an investor perceptions of the value of the company's success rate in managing resources in a given year are reflected in stock prices next year. Types and Data Collection Methods


5

Types and Sources of Data By type, the data used in this study using an external secondary data, the researcher obtained data indirectly, through intermediaries, such as other people or documents. External sources of secondary data in this study are annual reports and the audited financial statements, published 2009-2012, companies listed on the index of the SRI-KEHATI, IDX website, Indonesian Capital Market Directory and websites of each company. Data Collection Methods Methods of data collection in this study using the method of documentation. Methods of documentation in the form of secondary research for this study uses data that reach out and discuss about the past derived from data that has been provided or documented others. For example, enterprise data, financial data, etc. Method of Data Analysis Based on the problems, research objectives and the formulation of hypotheses that have been outlined in the previous chapter, the data analysis methods used in this study consisted of two (2) methods by using descriptive statistical analysis and inferential statistical analysis. Descriptive Statistical Analysis Descriptive statistical analysis is a way to describe or depict the data that has been collected without intending to generally accepted conclusions / generalizations (Purwanto, 2007). Descriptive statistical analysis is used to obtain an overview of the construct of the research in this study. Presentation of data that has been collected in a descriptive discussion conducted using tables, graphs and diagrams. Inferential Statistical Analysis Inferential statistical conception aims to test the hypothesis stated in the study (Ferdinand, 2006). This study uses data analysis Partial Least Square (PLS) with software version 2.0 M3 Smart PLS. PLS was developed as an alternative method of SEM (Structural Equation Modeling) for mengesimasi path models using latent variables with multiple indicators (Ghozali, 2008). Ghozali (2008) explains that the PLS is a powerful method of analysis because it is not based on many assumptions, measurement data should not be a certain scale and the sample size may be small. With PLS, data should not normally distributed (distribution free), do not assume a particular distributed the data and indicators with a nominal scale, ordinal, interval and ratio can be used on the same model. The reason for the use of PLS as an analytical tool is based on the assumption PLS samples should not be large, the recommended sample size of about 30 and less than 100. While this study used a sample saturated by 25 companies in the SRI KEHATI index. Therefore, the assumption is quite in accordance with the number of samples of this study is 25 companies. List of registered in SRI KEHATI Index from May to October 2012

Source : Indonesia Stock Exchange 2012


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