Islamic Corporate Social Responsibility (ICSR) di Jakarta Islamic Index (JII): Analisis Mediasi dan Moderasi
Abstrak
Jakarta Islamic Index (JII) merupakan salah satu indeks pasar modal yang unik di Indonesia karena membawa nuansa keislaman dalam pengelolaan emitennya. Salah satu konsekuensinya adalah munculnya Islamic corporate social responsibility (ICSR). Penelitian ini menginvestigasi determinan konstruk tersebut dengan menggunakan data panel dari tahun 2016-2018 dalam analisis mediasi dan moderasi, dan dianalisis dengan menggunakan alat Smartpls. Hasil analisis mendapati peran signifikan dari jumlah dewan komisaris yang berlatar belakang agama Islam dalam pengungkapan ICSR, tetapi tidak berpengaruh pada tingkat profitabilitas. Tingkat profitabilitas memengaruhi pengungkapan ICSR. Uji mediasi tidak mendapatkan dukungan dari data yang tersedia, sementara uji moderasi memberikan implikasi bahwa semakin besar ukuran perusahaan, maka pengaruh dari jumlah dewan komisaris muslim dalam membentuk ICSR akan semakin melemah.
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Referensi
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Akbaş, H. E., & Canikli, S. (2019). Determinants of voluntary greenhouse gas emission disclosure: An empirical investigation on Turkish firms. Sustainability (Switzerland), 11(1). https://doi.org/10.3390/su11010107
Alam, K., Rahman, S. A., Mustafa, H., Shah, S. M., & Hossain, S. (2019). Shariah governance framework of Islamic banks in Bangladesh: Practices, problems and recommendations. International Journal of English Language and Literature Studies, 9(1), 118–132. https://doi.org/10.18488/journal.aefr.2019.91.118.132
Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124
Alwi, Z., Parmitasari, R. D. A., & Syariati, A. (2021). An assessment on Islamic banking ethics through some salient points in the prophetic tradition. Heliyon, 7(5), e07103. https://doi.org/10.1016/j.heliyon.2021.e07103
Asutay, M., & Harningtyas, A. F. (2015). Developing Maqasid al-Shari’ah Index to Evaluate Social Performance of Islamic Banks: A Conceptual and Empirical Attempt. Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi, 1(1), 5–64.
Auda, J. (2008). Maqasid al-Shariah as philosophy of Islamic law: a systems approach. International Institute of Islamic Thought (IIIT).
Bae Choi, B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968
Bommer, M., Gratto, C., Gravander, J., & Tuttle, M. (1987). A behavioral model of ethical and unethical decision making. Journal of Business Ethics, 6(4), 265–280. https://doi.org/10.1007/BF00382936
Brustbauer, J. (2016). Enterprise Risk Management in SMEs: Towards a Structural Model. International Small Business Journal: Researching Entrepreneurship, 34(1), 70–85. https://doi.org/10.1177/0266242614542853
Di Bella, V., & Al-Fayoumi, N. (2016). Perception of stakeholders on corporate social responsibility of Islamic Banks in Jordan. EuroMed Journal of Business, 11(1), 30–56. https://doi.org/10.1108/EMJB-01-2015-0003
DIAMOND, D. W. (1985). Optimal Release of Information By Firms. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1985.tb02364.x
Donaldson, T., & Dunfee, T. W. (1994). Toward a unified conception of business ethics: Integrative. Academy of Management.The Academy of Management Review.
Erragraguy, E., & Revelli, C. (2015). Should Islamic investors consider SRI criteria in their investment strategies? Finance Research Letters. https://doi.org/10.1016/j.frl.2015.07.003
Freeman, R. E. (2015). Strategic management: A stakeholder approach. In Strategic Management: A Stakeholder Approach. https://doi.org/10.1017/CBO9781139192675
Graafland, J., Mazereeuw, C., & Yahia, A. (2006). Islam and socially responsible business conduct: an empirical study of Dutch entrepreneurs. Business Ethics: A European Review. https://doi.org/10.1111/j.1467-8608.2006.00458.x
Hair, J., Black, W., Babin, B., & Anderson, R. (2010). Multivariate Data Analysis: A Global Perspective. In Multivariate Data Analysis: A Global Perspective (Vol. 7th).
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/MTP1069-6679190202
Haniffa, Ros. (2002). Social Reporting Disclosure: an Islamic Perspective. In Indonesia Manahement & Accounting Research.
Haniffa, Roszaini, & Hudaib, M. (2007). Exploring the ethical identity of Islamic Banks via communication in annual reports. Journal of Business Ethics. https://doi.org/10.1007/s10551-006-9272-5
Hermawan, A., Aisyah, I. S., Gunardi, A., & Putri, W. Y. (2018). Going green: Determinants of carbon emission disclosure in manufacturing companies in Indonesia. International Journal of Energy Economics and Policy, 8(1), 55–61.
Husaeni, U. A. (2017). The Variables that Affect Murābaḥa Financing in Islamic Commercial Banks. International Journal of Nusantara Islam. https://doi.org/10.15575/ijni.v4i2.1446
Kasri, R., & Ahmed, H. (2015). Assessing Socio-Economic Development Based on MaqāṣId Al-Sharīʿah Principles : Normative Frameworks , Methods and Implementation in Indonesia. Islamic Economic Studies, 23(1), 73–100. https://doi.org/10.12816/0012264
Ketchen, D. J. (2013). A Primer on Partial Least Squares Structural Equation Modeling. In Long Range Planning (Vol. 46, Issues 1–2). https://doi.org/10.1016/j.lrp.2013.01.002
Khurshid, M. A., Al-Aali, A., Soliman, A. A., & Amin, S. M. (2014). Developing an Islamic corporate social responsibility model (ICSR). Competitiveness Review. https://doi.org/10.1108/CR-01-2013-0004
Li, J., Pike, R., & Haniffa, R. (2008). Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research. https://doi.org/10.1080/00014788.2008.9663326
Lovell, A. (2002). Ethics as a dependent variable in individual and organisational decision making. Journal of Business Ethics. https://doi.org/10.1023/A:1015016524880
Majid, J., Mediaty, Habbe, A. H., Herryanto, & Possumah, B. T. (2019). Factors affecting director remuneration: A study of manufacturing companies listed on ASEAN state stock exchanges. International Journal of Innovation, Creativity and Change, 7(9), 238–250.
Maliah, S., Norakma, A. M., & Noraini, M. A. (2015). Corporate governance of Islamic Financial Institutions in Malaysia. Asian Journal of Business and Accounting.
Mazereeuw-van der Duijn Schouten, C., Graafland, J., & Kaptein, M. (2014). Religiosity, CSR Attitudes, and CSR Behavior: An Empirical Study of Executives’ Religiosity and CSR. Journal of Business Ethics, 123(3), 437–459. https://doi.org/10.1007/s10551-013-1847-3
McMurrian, R. C., & Matulich, E. (2016). Building Customer Value And Profitability With Business Ethics. Journal of Business & Economics Research (JBER). https://doi.org/10.19030/jber.v14i3.9748
Mergaliyev, A., Asutay, M., Avdukic, A., & Karbhari, Y. (2019). Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants. Journal of Business Ethics. https://doi.org/10.1007/s10551-019-04331-4
Mohammad, J., Quoquab, F., Idris, F., Al-Jabari, M., Hussin, N., & Wishah, R. (2018). The relationship between Islamic work ethic and workplace outcome: A partial least squares approach. Personnel Review, 47(7), 1286–1308. https://doi.org/10.1108/PR-05-2017-0138
Mohammed, M. O., Razak, D. A., & Md Taib, F. (2015). Developing Islamic Banking Performance Measures Based on Maqasid Al-Shari’Ah Framework: Cases of 24 Selected Banks. In Journal of Islamic Monetary Economics and Finance (Vol. 1, Issue 1, pp. 55–77). https://doi.org/10.21098/jimf.v1i1.483
Nawas, K. A., Masri, A. R., & Syariati, A. (2022). Indonesian Islamic Students’ Fear of Demographic Changes: The Nexus of Arabic Education, Religiosity, and Political Preferences. Religions, 13(4), 320. https://doi.org/10.3390/rel13040320
Phillips, R., Freeman, R. E., & Wicks, A. C. (2017). What stakeholder theory is not. In Corporate Social Responsibility (pp. 401–424). https://doi.org/10.5840/beq200313434
Respati, R. D., & Hadiprajitno, P. B. (2015). Analisis Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Tipe Industri, Dan Pengungkapan Media Terhadap Pengungkapan Corporate Social Responsibility. Diponegoro Journal of Accounting.
Ridloah, S., Wulansari, N. A., & Ranihusna, D. (2020). Strategic Priorities of Green Companies in Indonesia. Jurnal Minds: Manajemen Ide Dan Inspirasi, 7(1), 1. https://doi.org/10.24252/minds.v7i1.12187
Siwar, C., & Hossain, M. T. (2009). An analysis of Islamic CSR concept and the opinions of Malaysian managers. Management of Environmental Quality: An International Journal. https://doi.org/10.1108/14777830910950685
Song, W., & Yu, H. (2018). Green Innovation Strategy and Green Innovation: The Roles of Green Creativity and Green Organizational Identity. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.1445
Spry, A., Pappu, R., & Cornwell, T. B. (2011). Celebrity endorsement, brand credibility and brand equity. European Journal of Marketing, 45(6), 882–909. https://doi.org/10.1108/03090561111119958
Stanwick, P. A., & Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environmental performance: An empirical examination. Journal of Business Ethics. https://doi.org/10.1023/A:1005784421547
Tang, Q., & Luo, L. (2016). Corporate ecological transparency: Theories and empirical evidence. Asian Review of Accounting. https://doi.org/10.1108/ARA-01-2015-0007
Tortella, B. D., & Brusco, S. (2003). THE ECONOMIC VALUE ADDED (EVA): AN ANALYSIS OF MARKET REACTION. In Advances in Accounting. https://doi.org/10.1016/S0882-6110(03)20012-2
Uysal, A., & Okumuş, A. (2019). Impact of religiosity on ethical judgement: a study on preference of retail stores among consumers. Journal of Islamic Marketing, 10(4), 1332–1350. https://doi.org/10.1108/JIMA-07-2018-0131
Wahyudi, I., & Sani, G. A. (2014). Interdependence between Islamic capital market and money market: Evidence from Indonesia. Borsa Istanbul Review, 14(1), 32–47. https://doi.org/https://doi.org/10.1016/j.bir.2013.11.001
Wang, J., Song, L., & Yao, S. (2013). The determinants of corporate social responsibility disclosure: Evidence from China. Journal of Applied Business Research, 29(6), 1833–1847. https://doi.org/10.19030/jabr.v29i6.8220
Wilson, R. (2002). Parallels between Islamic and ethical banking. Review of Islamic Economics, September 2001, 1–13. http://www.kantakji.com/fiqh/Files/Banks/b082.pdf
Zaman, R., Roudaki, J., & Nadeem, M. (2018). Religiosity and corporate social responsibility practices: evidence from an emerging economy. In Social Responsibility Journal (Vol. 14, Issue 2). https://doi.org/10.1108/SRJ-10-2017-0204
Akbaş, H. E., & Canikli, S. (2019). Determinants of voluntary greenhouse gas emission disclosure: An empirical investigation on Turkish firms. Sustainability (Switzerland), 11(1). https://doi.org/10.3390/su11010107
Alam, K., Rahman, S. A., Mustafa, H., Shah, S. M., & Hossain, S. (2019). Shariah governance framework of Islamic banks in Bangladesh: Practices, problems and recommendations. International Journal of English Language and Literature Studies, 9(1), 118–132. https://doi.org/10.18488/journal.aefr.2019.91.118.132
Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124
Alwi, Z., Parmitasari, R. D. A., & Syariati, A. (2021). An assessment on Islamic banking ethics through some salient points in the prophetic tradition. Heliyon, 7(5), e07103. https://doi.org/10.1016/j.heliyon.2021.e07103
Asutay, M., & Harningtyas, A. F. (2015). Developing Maqasid al-Shari’ah Index to Evaluate Social Performance of Islamic Banks: A Conceptual and Empirical Attempt. Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi, 1(1), 5–64.
Auda, J. (2008). Maqasid al-Shariah as philosophy of Islamic law: a systems approach. International Institute of Islamic Thought (IIIT).
Bae Choi, B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968
Bommer, M., Gratto, C., Gravander, J., & Tuttle, M. (1987). A behavioral model of ethical and unethical decision making. Journal of Business Ethics, 6(4), 265–280. https://doi.org/10.1007/BF00382936
Brustbauer, J. (2016). Enterprise Risk Management in SMEs: Towards a Structural Model. International Small Business Journal: Researching Entrepreneurship, 34(1), 70–85. https://doi.org/10.1177/0266242614542853
Di Bella, V., & Al-Fayoumi, N. (2016). Perception of stakeholders on corporate social responsibility of Islamic Banks in Jordan. EuroMed Journal of Business, 11(1), 30–56. https://doi.org/10.1108/EMJB-01-2015-0003
DIAMOND, D. W. (1985). Optimal Release of Information By Firms. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1985.tb02364.x
Donaldson, T., & Dunfee, T. W. (1994). Toward a unified conception of business ethics: Integrative. Academy of Management.The Academy of Management Review.
Erragraguy, E., & Revelli, C. (2015). Should Islamic investors consider SRI criteria in their investment strategies? Finance Research Letters. https://doi.org/10.1016/j.frl.2015.07.003
Freeman, R. E. (2015). Strategic management: A stakeholder approach. In Strategic Management: A Stakeholder Approach. https://doi.org/10.1017/CBO9781139192675
Graafland, J., Mazereeuw, C., & Yahia, A. (2006). Islam and socially responsible business conduct: an empirical study of Dutch entrepreneurs. Business Ethics: A European Review. https://doi.org/10.1111/j.1467-8608.2006.00458.x
Hair, J., Black, W., Babin, B., & Anderson, R. (2010). Multivariate Data Analysis: A Global Perspective. In Multivariate Data Analysis: A Global Perspective (Vol. 7th).
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/MTP1069-6679190202
Haniffa, Ros. (2002). Social Reporting Disclosure: an Islamic Perspective. In Indonesia Manahement & Accounting Research.
Haniffa, Roszaini, & Hudaib, M. (2007). Exploring the ethical identity of Islamic Banks via communication in annual reports. Journal of Business Ethics. https://doi.org/10.1007/s10551-006-9272-5
Hermawan, A., Aisyah, I. S., Gunardi, A., & Putri, W. Y. (2018). Going green: Determinants of carbon emission disclosure in manufacturing companies in Indonesia. International Journal of Energy Economics and Policy, 8(1), 55–61.
Husaeni, U. A. (2017). The Variables that Affect Murābaḥa Financing in Islamic Commercial Banks. International Journal of Nusantara Islam. https://doi.org/10.15575/ijni.v4i2.1446
Kasri, R., & Ahmed, H. (2015). Assessing Socio-Economic Development Based on MaqāṣId Al-Sharīʿah Principles : Normative Frameworks , Methods and Implementation in Indonesia. Islamic Economic Studies, 23(1), 73–100. https://doi.org/10.12816/0012264
Ketchen, D. J. (2013). A Primer on Partial Least Squares Structural Equation Modeling. In Long Range Planning (Vol. 46, Issues 1–2). https://doi.org/10.1016/j.lrp.2013.01.002
Khurshid, M. A., Al-Aali, A., Soliman, A. A., & Amin, S. M. (2014). Developing an Islamic corporate social responsibility model (ICSR). Competitiveness Review. https://doi.org/10.1108/CR-01-2013-0004
Li, J., Pike, R., & Haniffa, R. (2008). Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research. https://doi.org/10.1080/00014788.2008.9663326
Lovell, A. (2002). Ethics as a dependent variable in individual and organisational decision making. Journal of Business Ethics. https://doi.org/10.1023/A:1015016524880
Majid, J., Mediaty, Habbe, A. H., Herryanto, & Possumah, B. T. (2019). Factors affecting director remuneration: A study of manufacturing companies listed on ASEAN state stock exchanges. International Journal of Innovation, Creativity and Change, 7(9), 238–250.
Maliah, S., Norakma, A. M., & Noraini, M. A. (2015). Corporate governance of Islamic Financial Institutions in Malaysia. Asian Journal of Business and Accounting.
Mazereeuw-van der Duijn Schouten, C., Graafland, J., & Kaptein, M. (2014). Religiosity, CSR Attitudes, and CSR Behavior: An Empirical Study of Executives’ Religiosity and CSR. Journal of Business Ethics, 123(3), 437–459. https://doi.org/10.1007/s10551-013-1847-3
McMurrian, R. C., & Matulich, E. (2016). Building Customer Value And Profitability With Business Ethics. Journal of Business & Economics Research (JBER). https://doi.org/10.19030/jber.v14i3.9748
Mergaliyev, A., Asutay, M., Avdukic, A., & Karbhari, Y. (2019). Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants. Journal of Business Ethics. https://doi.org/10.1007/s10551-019-04331-4
Mohammad, J., Quoquab, F., Idris, F., Al-Jabari, M., Hussin, N., & Wishah, R. (2018). The relationship between Islamic work ethic and workplace outcome: A partial least squares approach. Personnel Review, 47(7), 1286–1308. https://doi.org/10.1108/PR-05-2017-0138
Mohammed, M. O., Razak, D. A., & Md Taib, F. (2015). Developing Islamic Banking Performance Measures Based on Maqasid Al-Shari’Ah Framework: Cases of 24 Selected Banks. In Journal of Islamic Monetary Economics and Finance (Vol. 1, Issue 1, pp. 55–77). https://doi.org/10.21098/jimf.v1i1.483
Nawas, K. A., Masri, A. R., & Syariati, A. (2022). Indonesian Islamic Students’ Fear of Demographic Changes: The Nexus of Arabic Education, Religiosity, and Political Preferences. Religions, 13(4), 320. https://doi.org/10.3390/rel13040320
Phillips, R., Freeman, R. E., & Wicks, A. C. (2017). What stakeholder theory is not. In Corporate Social Responsibility (pp. 401–424). https://doi.org/10.5840/beq200313434
Respati, R. D., & Hadiprajitno, P. B. (2015). Analisis Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Tipe Industri, Dan Pengungkapan Media Terhadap Pengungkapan Corporate Social Responsibility. Diponegoro Journal of Accounting.
Ridloah, S., Wulansari, N. A., & Ranihusna, D. (2020). Strategic Priorities of Green Companies in Indonesia. Jurnal Minds: Manajemen Ide Dan Inspirasi, 7(1), 1. https://doi.org/10.24252/minds.v7i1.12187
Siwar, C., & Hossain, M. T. (2009). An analysis of Islamic CSR concept and the opinions of Malaysian managers. Management of Environmental Quality: An International Journal. https://doi.org/10.1108/14777830910950685
Song, W., & Yu, H. (2018). Green Innovation Strategy and Green Innovation: The Roles of Green Creativity and Green Organizational Identity. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.1445
Spry, A., Pappu, R., & Cornwell, T. B. (2011). Celebrity endorsement, brand credibility and brand equity. European Journal of Marketing, 45(6), 882–909. https://doi.org/10.1108/03090561111119958
Stanwick, P. A., & Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environmental performance: An empirical examination. Journal of Business Ethics. https://doi.org/10.1023/A:1005784421547
Tang, Q., & Luo, L. (2016). Corporate ecological transparency: Theories and empirical evidence. Asian Review of Accounting. https://doi.org/10.1108/ARA-01-2015-0007
Tortella, B. D., & Brusco, S. (2003). THE ECONOMIC VALUE ADDED (EVA): AN ANALYSIS OF MARKET REACTION. In Advances in Accounting. https://doi.org/10.1016/S0882-6110(03)20012-2
Uysal, A., & Okumuş, A. (2019). Impact of religiosity on ethical judgement: a study on preference of retail stores among consumers. Journal of Islamic Marketing, 10(4), 1332–1350. https://doi.org/10.1108/JIMA-07-2018-0131
Wahyudi, I., & Sani, G. A. (2014). Interdependence between Islamic capital market and money market: Evidence from Indonesia. Borsa Istanbul Review, 14(1), 32–47. https://doi.org/https://doi.org/10.1016/j.bir.2013.11.001
Wang, J., Song, L., & Yao, S. (2013). The determinants of corporate social responsibility disclosure: Evidence from China. Journal of Applied Business Research, 29(6), 1833–1847. https://doi.org/10.19030/jabr.v29i6.8220
Wilson, R. (2002). Parallels between Islamic and ethical banking. Review of Islamic Economics, September 2001, 1–13. http://www.kantakji.com/fiqh/Files/Banks/b082.pdf
Zaman, R., Roudaki, J., & Nadeem, M. (2018). Religiosity and corporate social responsibility practices: evidence from an emerging economy. In Social Responsibility Journal (Vol. 14, Issue 2). https://doi.org/10.1108/SRJ-10-2017-0204
Diterbitkan
2022-12-09
##submission.howToCite##
Syariati, A. (2022). Islamic Corporate Social Responsibility (ICSR) di Jakarta Islamic Index (JII): Analisis Mediasi dan Moderasi. Jurnal Iqtisaduna, 8(2), 166-180. https://doi.org/10.24252/iqtisaduna.v8i2.33218
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Bagian
Volume 8 Nomor 2 (2022)