The Influence of Corporate Governance, Corporate Social Responsibility
THE INFLUENCE OF CORPORATE GOVERNANCE,
JAM
17, 1
Received, July 2018
Revised, September 2018
December 2018
Accepted, December 2018
Journal of Applied
Management (JAM)
Volume 17 Number 1,
March 2019
Indexed in Google Scholar
Corresponding Author:
Choirun Nisful Laili, Master of
Management, Faculty of Eco-
nomics and Business, Universi-
tas Brawijaya, DOI: http://
dx.doi.org/10. 21776/ub.jam.
2019.017. 01.20
DIKTI ACCREDITED SK NO. 30/E/KPT/2018
CORPORATE SOCIAL RESPONSIBILITY, FIRM SIZE
ON FIRM VALUE: FINANCIAL PERFORMANCE AS
MEDIATION VARIABLE
Choirun Nisful Laili
Master of Management, Faculty of Economics and Business, Universitas Brawijaya
Atim Djazuli
Nur Khusniyah Indrawati
Faculty of Economics and Business, Universitas Brawijaya
Abstract: This study aims to examine and analyze the effect of directly or indirectly be-
tween the variables of corporate governance, corporate social responsibility, firm size, the
financial performance of the company with the sample value amounted to 53 companies
engaged in the manufacturing sector with years of observations from 2015 to 2017. Meth-
ods of data analysis using path analysis with AMOS software 24. Corporate governance is
proxied by the Corporate Governance Index (CGI), corporate social responsibility is proxied
by the Corporate Social Responsibility Index (CSRI), firm size is proxied by Size, financial
performance proxied by Return on Assets (ROA), and the value of the company is proxied
by Tobin’s Q. The results showed that the direct effect of the test results show that 1)
corporate social responsibility, firm size effect on financial performance. 2) Corporate social
responsibility, firm size, financial performance affects the value of the company 3) corporate
governance does not affect the company’s financial performance and value. As for the
indirect effect of the test showed that corporate governance, corporate social responsibil-
ity, firm size, to the value of the company through the financial performance of no signifi-
cant impact. Therefore, the three did not mediate financial performance affects the value of
the company 3) corporate governance does not affect the company’s financial performance
and value. As for the indirect effect of the test showed that corporate governance, corpo-
rate social responsibility, firm size, to the value of the company through the financial perfor-
mance of no significant impact. Therefore, the three did not mediate financial performance
affects the value of the company 3) corporate governance does not affect the company’s
financial performance and value. As for the indirect effect of the test showed that corporate
governance, corporate social responsibility, firm size, to the value of the company through
the financial performance of no significant impact. Therefore, the three did not mediate.
Keywords: Corporate governance, corporate social responsibility, Company value, finan-
cial performance.
Cite this article as: Laili, C. N., Atim D., and Nur K. I. 2019. The Influence of Corporate
Governance, Corporate Social Responsibility, Firm Size on Firm Value: Financial Per-
formance as Mediation Variable. Jurnal Aplikasi Manajemen, Volume 17, Number 1, Pages
179–186. Malang: Universitas Brawijaya. http://dx.doi.org/10.21776/ub.jam.2019.017.01.20
179 ISSN: 1693-5241 179
 Choirun Nisful Laili, Atim Djazuli, Nur Khusniyah Indrawati
The success of management in managing a com-
pany is reflected in the value of the company. Maxi-
mizing the value of the company is very important
for the company because the company’s value also
means maximizing the welfare of shareholders, who
are the main objectives of the company. According
to G Martini (2014), the company’s value can be
achieved in several ways. First, improve financial
performance, profitability. Second, implement and
disclose corporate social responsibility in accordance
with applicable guidelines. Third, implement good
corporate governance in accordance with applicable
guidelines. Fourth, concerning increasing the scale
or size of the company.
Globalization is one of the challenges that must
be answered by the company tostill exist in the busi-
ness world. Globalization is forcing companies to
be able to continue to balance the desires of con-
sumers and what is offered by the company, as well
as forcing the company to be competitive both in
the domestic market or the international market, so
the standardization of the company must be syn-
chronized with the international standards for ex-
ample related to the presentation of an annual re-
port that comes with the disclosure of the activities
of corporate governance according to the Organi-
zation for Economic Cooperation and Development
(OECD) principals and sustainability reports that
meet the standards of the Global Reporting Initia-
tive (GRI) guidelines. Therefore, good corporate
governance and also the implementation of corpo-
rate social responsibility activities essential to over-
come these challenges.
The purpose of this study is to examine and
analyze the direct and indirect effects of corporate
governance, corporate social responsibility, firm size,
the financial performance of the firm value in the
manufacturing sector companies listed on the Indo-
nesia Stock Exchange 2015-2017 period.
BASIS THEORY AND HYPOTHESES
Agency theory
Agency theory according to Jensen and
Meckling (1976),A contract under which one or
more persons the principals engage another person
(the agent) to perform some service on their behalf
180 JOURNAL OF APPLIED MANAGEMENT
which involves delegating some decision making
authority to the agent
Signal theory
Signalling Theory by G Martini (2014), de-
scribes how the company is represented by an agent
or management have an incentive to provide infor-
mation related to the financial statements to exter-
nal parties.
Stakeholder theory
According to Freeman (1983), states that the
stakeholder theory is a theory that describes the
corporate responsibility to the parties concerned.
Companies must maintain relationships with stake-
holders in a way to accommodate the needs and
desires of stakeholders.
Legitimacy theory
Legitimacy is an enterprise management sys-
tem that is oriented to empowering communities,
governments, individuals and community groups.
According to this theory, the company and the sur-
rounding community have close social relations as
both are engaged in a “social contract” (Wahyudi
and Busyra, 2008).
Firm Value
Firm value can be interpreted value that reflects
the company’s performance in the form of stock
price where this value will be the reference value
investors are willing to pay if the company will be
sold.
Hypotheses
Implementation of corporate governance is one
way to tackle the problem of agency, so to have the
implementation of corporate governance will cer-
tainly better corporate performance. It is also sup-
ported by the results G Martini (2014), Siagian, et
al. (2013), and Septianto (2016). Based on the above
presentation it was built the following hypothesis:
H1: Application of corporate governance significant
effect on the financial performance of the com-
pany.
VOLUME 17 NUMBER 1 MARCH 2019
 The Influence of Corporate Governance, Corporate Social Responsibility
Companies that carry out corporate social re-
sponsibility activities are getting two kinds of profit
that are profit macro and micro (Wu, M and Shen,
C, 2013). This is supported by research Choi et al.
(2010), Bidhari (2013), Widyatama (2013), and G
Martini (2014).
H2: Application of corporate social responsibility a
significant effect on financial performance
Buzzle and Gale (1987), found a positive effect
of firm size on firm performance means that with
increasing size of the firm, the firm increasingly able
to manage economic resources properly, then cause
a value of the firm increases. This is supported by
the results G Martini (2014), Siagian, et al., (2013),
and Carey (2012).
H3: Firm size a significant effect on financial per-
formance
Garay and Gonzalez (2008) in Septianto (2016),
shows that corporate governance affects the value
of the company. This is supported by the results of
research Agustina (2016), Siagian, et al., (2013), and
Sheikh, et al., (2013).
H4: The application of corporate governance sig-
nificant effect on the value of the firm.
Joseph (2016), in his research results show that
the disclosure of corporate social responsibility in-
fluences the value of the firm. Results were also
supported by research Arafat, et al. (2012).
H5: Corporate social responsibility a significant ef-
fect on the value of the firm
Buzzle and Gale (1987), the size of the
company’s positive effect on the company’s per-
formance means that with increasing size of the
company, the company increasingly able to manage
economic resources properly, then cause a value of
the firm increases. Results were also supported by
research Weshah et al., (2012), Carey (2012), and
G. Martini (2014).
H6: Firm size a significant effect on the value of
the firm
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Firm value for investors is a benchmark for firm
performance that is often associated with the
company’s stock price. This is supported by the re-
sults of research Ghosh (2008) and Bidhari (2013).
H7: Financial Performance significant effect on the
value of the firm
The company’s main purpose is to maximize
the value of the firm, and this is an advantage for
our stakeholders as prosperity increases with in-
creasing value of the firm. As research Ghosh
(2008) and Bidhari (2013) which showed that the
financial performance (ROA, ROE) effect on firm
value (Tobin’s Q).
H8: Corporate governance significant effect on the
value of the firm through the financial perfor-
mance
Scoring the Corporate Governance Index (CGI)
aims to inform how the application of corporate
governance is implemented and reported by the
company. To realize the implementation of corpo-
rate governance and healthy business will create a
good image for the company to encourage increased
firm value through investor interest in investing capi-
tal. Results of research support the statement is Sari
and Sedianingsih research (2014), G Martini (2014),
and Septianto (2016).
H9: Corporate social responsibility a significant ef-
fect on firm value through financial perfor-
mance
Corporate social responsibility and Corporate
Governance as well as the aims, namely to create a
healthy business and will create a good image for
the company to encourage increased firm value
through investor interest in investing capital. The
result of research that supports the G Martini (2014).
H10: firm size significantly influence the value of
the company through the financial perfor-
mance
Firm size is a reflection on the assets owned by
the company. Total assets were great means hav-
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 Choirun Nisful Laili, Atim Djazuli, Nur Khusniyah Indrawati
ing a good cash flow, so it has good prospects in the
future, and more and more companies can manage
economic resources properly, and likely to produce
higher profits which would then impact on the value
of the firm increases. The results of the research
indicate that firm size affects the value of the com-
pany through the financial performance is a research
G Martini (2014).
METHOD
Population and Sample
The population of this research is manufactur-
ing companies listed in Indonesia Stock Exchange
within the study period, 2015-2017. Sampling using
a purposive sampling method and acquired 53 com-
panies as samples. This study used a sample satu-
rated with a three-year study period, and a total of
N observation as much as 159.
Operational definition
The study consists of three variables, namely
the independent variable (corporate governance,
corporate social responsibility, and firm size), the
dependent variable (firm value), and mediating vari-
ables (financial performance).
Firm value (Y) based on Hoyt and Liebenberg
(2011), is proxied by Tobin’s Q. The financial per-
formance (Z) based on Alkausar (2017), is proxied
byReturn on Assets (ROA). Corporate gover-
nance (X1) by Agustina (2016), with the corporate
governance index (CGI), the methods of corporate
governance index developed by the OECD to com-
pare items published company by the number of
OECD indicator. Corporate social responsibility is
based Narullia (2017), is proxied by corporate so-
cial responsibility index (CSRI), which also com-
pare items published company by the number of GRI
indicators 4. Firm size by Dang et al. (2017) Size
which is proxied by the logarithm of total asset value.
Data analysis
Methods of data analysis of this study consisted
of two phases 1) descriptive analysis 2) path analy-
sis using SPSS and AMOS 24 software.
182 JOURNAL OF APPLIED MANAGEMENT
RESULTS
The study sample consisted of three sub-sec-
tors namely basic industry and chemical sector (20
companies), the consumer goods industry sector (21
companies), miscellaneous industry sector (12 com-
panies).
Results Categorization Level of Implementa-
tion of Corporate Governance, Corporate So-
cial Responsibility
The level of implementation of corporate gov-
ernance, corporate social responsibility in manufac-
turing companies, is seen from the average index of
each company. The categorization is based on the
comparison of per industry and per comparisons
throughout the manufacturing industry.
Based on the results of scoring or index cor-
porate governance shows that of the 53 compa-
nies, 25 companies in the category above average,
the 24 companies in the category below average,
and 4 companies equal to the average. This shows
that the implementation of corporate governance and
disclosure manufacturing company has been good
enough, but much more needs to be increased again
to the fore the company has good governance, both
in terms of application, or in terms of reporting.
Based on the categorization Corporate Social
Responsibility shows that of the 53 companies, 22
companies in the category above average, the 28
companies in the category below average, and three
companies equal to the average. This indicates that
the disclosure of Corporate Social Responsibility
activities of manufacturing companies still need to
be improved and enhanced since the disclosure still
further with GRI standards.
Descriptive Statistics Analysis Results
Results of the descriptive statistical analysis
showed that the maximum value achieved corpo-
rate governance = 0.87 Indocement Tunggal
Prakasa Tbk. The maximum value of corporate
social responsibility = 0.69 Asahimas achieved Flat
Glass Tbk. The maximum value achieved sized com-
panies = 30.44 Kalbe Farma Tbk. The maximum
value of the value of the company = 22.99 achieved
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 The Influence of Corporate Governance, Corporate Social Responsibility
by Unilever Indonesia Tbk. The maximum value =
0526 achieved financial performance Multi Bintang
Tbk. The standard deviation of the four variables
are smaller than the average value of this means
that there is little variation value between the mini-
mum and maximum values during the observation
period, only one variable value is a different com-
pany wherestandard deviation greater than the av-
Corporate
Govermance (X1) 0.023
- 0.042
Financial
e1 Performance (Z)
- 0.159
CSR (X2) 0.120
- 0.351
- 0.027
Firm size (X3)
Figure 1 Diagram Research Line
Hypothesis Testing Results
Based on Figure 1 shows that the direct effect
of X1 to Z is 0.023 with a significance value of the
effect is not so significant that 0753 first hypothesis
is not proven. The magnitude of the direct influence
of X2 to Z is 0030 -0129 with significant value and
significant influence that hypothesis 2 is proven. The
magnitude of the direct influence of X3 to Z is 0000
-0351 with significant value and significant influence
that the third hypothesis is proven. The amount of
direct influence on Y X1 is 0395 -0042 with signifi-
cant value and the effect is not significant, so the
hypothesis 4 is not proven. The amount of direct
influence on Y X2 is 0.120 with 0.016 significance
value and significant influence that hypothesis 5
proven. The magnitude of the direct influence of
X3 to Y is -0. 027 with significant value 0608 and
the effect is not significant, so the hypothesis 6 is
not proven. The magnitude of the direct effect of Z
to Y is 0789 with significant value 0.000 and the
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erage this indicates that there is great value varia-
tion between maximum and minimum values dur-
ing the observation period.
Path Analysis Results
Testing is done by using path analysis software
SPSS and AMOS 24. The path coefficient test re-
sults are presented in Figure 1:
Firm Value(Y)
0.789
E2
significant impact that proven hypothesis 7. The
magnitude of the indirect effect X1 to Y by Z is
0.018 with Z count (Sobel coefficient) which is 0289
less than the Z table is 1.96, so hypothesis 8 is not
proven. The amount of influence is not X2 to Y by
Z is -0.1255. Z count (Sobel coefficient) which is
0.383 less than the Z table is 1.96, so hypothesis 9 is
not proven. The amount of indirect influence of X3
to Y by Z is -0.2769 with Z count (Sobel coeffi-
cient) which is 0387 less than the Z table 10 is 1.96,
so the hypothesis is not proven.
DISCUSSION
Based on path analysis showed that hypothesis
1, 4, 6, 8, 9, 10 rejected while hypothesis 2, 3, 5, 7
accepted. And based on test indirect effect with
Sobel test proved that financial performance does
not directly influence the value of the company so
that financial performance can not mediate third
independent variables are corporate governance,
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 Choirun Nisful Laili, Atim Djazuli, Nur Khusniyah Indrawati
corporate social responsibility, the size of the com-
pany.
Corporate governancewell proven insignifi-
cant effect on financial performance and corporate
value. The research result is consistent with research
Jamali (2014), Sari and Sedianingsih (2014), and
Septianto (2016), also showed that corporate gov-
ernance is not a significant effect on the financial
performance or the value of the company. This is
presumably due to the implementation of corporate
governance disclosure is not optimal where some
companies have not disclosed in accordance with
existing standards. Disclosure of corporate infor-
mation governance to be important to investors to
reproduce the information for the consideration of
investment decision.
Corporate social responsibility proven effect
on financial performance and corporate value. How-
ever, corporate social responsibility a significant
negative effect on financial performance. It shows
that the relationship between the two is an anomaly
whereby when corporate social responsibility has
increased its implementation will lower the company’s
financial performance. The results of this study are
consistent with Sari, et al. (2016).
The size of the company proved a significant
negative effect on financial performance. It is proved
that the development of firm size is not always fol-
lowed by an increase in financial performance.
Negative means that when there is an increase in
the size of the company will lower the company’s
financial performance. In addition, the size of the
company also proved no significant effect on the
value of the company, consistent with research
Gherghina and Georgeta (2015) and Pratiwi and
Rahayu (2015), which means that the size of the
company proxy to log the total assets of the com-
pany has no significant effect on the value of a com-
pany means increasing or decreasing the size of the
company does not necessarily increase or decrease
the value of the company.
The financial performance of a proven effect
on the value of the company. Increasing financial
performance will further enhance shareholder value.
The company’s value for investors is a benchmark
for the performance of companies that are often
184 JOURNAL OF APPLIED MANAGEMENT
associated with the company’s stock price. If the
stock price is high, it will make the company’s value
too high and vice versa. High enterprise value is a
reflection of the company’s performance not only
at this time but also can be a measure of the
company’s prospects in the future. The results of
this study are consistent with research Ghosh (2008)
and Bidhari (2013).
Based on testing proved that the indirect effect
of financial performance also proved unable to me-
diate the three independent variables due to the non
optimal management of the asset management com-
pany in generating profits and it is estimated for the
years 2015-2016 unfavourable business conditions
of its profit is not optimal. The results support the
research Ward (2013), Aziz (2016).
CONCLUSIONS AND RECOMMENDA-
TIONS
Conclusion
Corporate governance as the company’s inter-
nal controls has not been able to balance the inter-
ests of stakeholders and is unable to improve finan-
cial performance. Application and implementation
of corporate social responsibility is also a negative
impact on financial performance. This shows that
the implementation of which has been running just
lowered financial performance. It is proved that
corporate social responsibility activity is still seen
as a burden that reduces the profit in vain, but basi-
cally would benefit the implementation of corporate
social responsibility will be felt in the long term. But
if the company wanted to improve performance
through corporate governance and corporate social
responsibility will be very good.
Recommendation
Suggestions for further research include an
Excavating various supporting documents (1) to re-
duce the level of subjectivity researchers when us-
ing index measurement in measuring corporate gov-
ernance and corporate social responsibility (2) to
support the annual report that has not revealed ap-
plication of corporate governance and corporate
social responsibility as the guidelines or existing ref-
VOLUME 17 NUMBER 1 MARCH 2019
 The Influence of Corporate Governance, Corporate Social Responsibility
erence (3) Develop the relationship between the
variables of research in the wider framework rel-
evant to current issues.
LIMITATIONS
This study has several limitations, among oth-
ers (1) Measurement of the index for corporate
governance and corporate social responsibility is still
dependent on the subjectivity of the research (2)
There is still a lack of disclosure of the implementa-
tion of corporate governance and corporate social
responsibility in the annual report in accordance with
some existing reporting standards
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