PENGARUH KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN: TANGGUNG JAWAB SOSIAL SEBAGAI VARIABEL MODERATING

Abstract

The purpose of this research is to examine the influence of managerial ownership to the firm value with the
corporate social responsibility as the moderating variable on the non-financial state-owned enterprises (BUMN)
companies which are listed in Indonesia stock exchange (IDX) in 2010-2013 periods. The samples are 8 nonfinancial
state-owned enterprises (BUMN) companies which are listed in Indonesia Stock Exchange (IDX) with
the numbers of observation are 32 and they have been selected by using purposive sampling. The result of the
research which is done by using multiple linear regressions shows that the managerial ownership does not have
any influence to the firm value. Meanwhile, the analysis of the moderating variable which has been done by
using the interaction test method of Moderated Regression Analysis (MRA) shows that corporate social
responsibility cannot moderate the influence of managerial influence to the firm value therefore it cannot
increase the firm value.
Keywords: Managerial Ownership, Firm Value, corporate social responsibility.