The Comparison Models of Earning Management, CSR, and Intellectual Capital on Firm Value Moderated by Performance
Abstract
Objective – This study aims to compare the effect of earnings management, corporate social responsibility (CSR), and intellectual capital on firm value moderated by performance in two different periods, 2015-2019 (before COVID-19 pandemic) and 2015-2020 (9 months of pandemic).
Design/methodology – This Study used two data year groups, from 2015-2019 and 2015-2020 with purposive sampling technique. The population of 5 sectors and 2 sub-sectors of companies listed on the Indonesia Stock Exchange which consists of basic and chemical industry, consumer goods, mining, Infrastructure, Utilities & Transportation, various industries (excluding textile and automotive) sector and the Automotive & Components, Textile & Garment sub-sector.
Results – The results show, even though the pandemic lasted 9 months in 2020, the average return on assets (ROA) of the 2015-2020 group decreased, turns out it doesn't have much effect on the strength of ROA to moderate the variable x to y. For 2015-2019 (before COVID-19 pandemic), performance moderates the effect of earnings management, CSR, and intellectual capital on firm value in the textile, automotive and components sub-sectors, various industries, consumer goods sectors and infrastructure and for 2015-2020 (9 months of the pandemic) only textile, automotive and components sub-sectors, various industries, and infrastructure. Partially for 2015-2019, value added intellectual coefficient (VAIC) has a significant effect moderated by performance in the consumer goods infrastructure sector, and automotive, then CSR has a significant effect moderated by performance in the basic industry and textile. Earning management has a significant effect moderated by performance in the basic industry, infrastructure and automotive. The same results for 2015-2020, for earning management. VAIC has a significant effect moderated by performance in consumer goods and infrastructure sector and CSR has a significant effect moderated by performance in textile, basic industry and various industries.
Research limitations/implications – This study only uses secondary data for 2015-2019 and 2015-2020 and only uses 5 sectors from 9 sectors and does not compare each sub-sector.
Novelty/Originality – This study obtained a comparison of the model of the influence of earnings management, intellectual capital, and CSR on firm value moderated by performance for 5 sectors and 2 sub-sectors.Keywords
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DOI: https://doi.org/10.24815/jaroe.v5i2.26514
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