The Role of Corporate Social Responsibility Disclosure in Improving Financial Performance (Case study in Indonesian Islamic Bank)
DOI:
https://doi.org/10.26740/al-uqud.v4n2.p162-173Keywords:
Corporate social responsibility disclosure, Profitability, Investment account holders, Financing, Debt.Abstract
The influence of social care by business entities to their financial performance has been continuously debated in previous management reseearch. Nevertheless, studies about the influence of CSR on Islamic banks financial performance were rarely done. Therefore, this studyaims to examine the influence of Corporate Social Responsibility Disclosure (CSRD) on profitability as measured by Return On Assets (ROA), Return On Equity (ROE), Net Profit Margin (NPM) and Investment Account Holders (IAH) by debt and financing ratio. Data was obtained from Islamic banks in Indonesia through observation from 2012 to 2018 that analyzed by panel data regression and Fixed Effect Model (FEM). The results showed that the CSRD did not have a positive influence on ROA, ROE, NPM, IAH, Debt, and Financing Ratio. Therefore, the legitimacy theory was not proven in this study.
References
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Janamrung, B., & Issarawornrawanich, P. (2015). The Association Between Corporate Social Responsibility Index and Performance of Firms in Industrial Products and Resources Industries: Empirical Evidence From Thailand. Social Responsibility Journal, 11(4), 893903. https://doi.org/10.1108/SRJ-11-2013-0141
Jizi, M. I., Dixon, A. S. R., & Stratling, R. (2013). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector. Journal Business Ethics, 124(4), 601615. https://doi.org/10.1007/s10551-013-1929-2
Kanwal, M., Khanam, F., Nasreen, S., & Hameed, S. (2013). Impact of corporate social responsibility on the firms financial performance. IOSR Journal of Business and Management, 5(2), 6774. https://doi.org/10.9790/487X-1456774
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Kuo, L., & Chen, V. Y. J. (2013). Is Environmental Disclosure An Effective Strategy on Establishment of Environmental Legitimacy For Organization? Management Decision, 51(7), 14621487. https://doi.org/10.1108/MD-06-2012-0395
Lee, C. Y., Chang, W. C., & Lee, H. C. (2017). An investigation of the effects of corporate social responsibility on corporate reputation and customer loyalty - Evidence from the Taiwan non-life insurance industry. Social Responsibility Journal, 13(2), 355369. https://doi.org/10.1108/SRJ-01-2016-0006
Lusyana, D., & Sherif, M. (2017). Shariah-Compliant Investments and Stock Returns: Evidence From The Indonesian Stock Market. Journal of Islamic Accounting and Business Research, 8(2), 143160. https://doi.org/10.1108/JIABR-10-2015-0052
Magness, V. (2006). Strategic Posture, Financial Performance and Environmental Disclosure: An Empirical Test of Legitimacy Theory. Accounting, Auditing and Accountability Journal, 19(4), 540563. https://doi.org/10.1108/09513570610679128
Marin, L., Ruiz, S., & Rubio, A. (2009). The Role of Identity Salience in The Effects of Corporate Social Responsibility on Consumer Behavior. Journal of Business Ethics, 84(1), 6578. https://doi.org/10.1007/s10551-008-9673-8
Mukhibad, H. (2018). Peran Dewan Pengawas Syariah Dalam Pengungkapan Islamic Sosial Reporting. Jurnal Akuntansi Multiparadigma, 9(2), 299311. https://doi.org/10.18202/jamal.2018.04.9018
Mukhibad, H. (2019). The Role Of Sharia Supervisory Boards in Meeting Maqasid Syariah Study on Islamic Banks in Indonesia. European Journal of Islamic Finance, 13(August), 110. https://doi.org/https://doi.org/10.13135/2421-2172/3620
Mukhibad, H., Anisykurlillah, I., Nurkhin, A., & Jayanto, P. Y. (2019). Can Social Performance Improve Financial Performance and Increase Customers Trust? International Journal of Financial Research, 10(4), 37. https://doi.org/10.5430/ijfr.v10n4p37
Pérez, A., & Bosque, I. R. del. (2015). Corporate Social Responsibility and Customer Loyalty: Exploring The Role of Identification, Satisfaction and Type of Company. Journal of Services Marketing, 29(1), 1524. https://doi.org/10.1108/JSM-10-2013-0272
Perrini, F., Russo, A., Tencati, A., & Vurro, C. (2011). Deconstructing the Relationship Between Corporate Social and Financial Performance. Journal Business Ethic, 102, 5976. https://doi.org/10.1007/s10551-011-1194-1
Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2016). The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics, 151(2), 451471. https://doi.org/10.1007/s10551-016-3229-0
Raman, M., Lim, W., & Nair, S. (2012). The Impact of Corporate Social Responsibility On Consumer Loyalty. Kajian Malaysia, 30(2), 7193. https://doi.org/10.1016/j.jbankfin.2010.12.002
Razak, R. A. (2015). Corporate Social Responsibility Disclosure and Its Determinants In Saudi Arabia. Middle-East Journal of Scientific Research, 23(10), 23882398. https://doi.org/10.5829/idosi.mejsr.2015.23.10.22768
Sabri, T. B. H., & Sweis, K. M. H. (2016). Effect of Corporate Social Responsibility on Profitability of Banks Working in Palestine (Case Study 2013-2014). International Journal of Business Administration, 7(6), 107114. https://doi.org/10.5430/ijba.v7n6p107
Saha, A. K. (2018). Relationship Between Corporate Social Responsibility Performance and Disclosures¯: Commercial Banks of Bangladesh. Social Responsibility Journal. https://doi.org/10.1108/SRJ-07-2017-0137
Shahzad, A. M., & Sharfman, M. P. (2015). Corporate Social Performance and Financial Performance¯: Sample-Selection Issues. Business & Society, 130. https://doi.org/10.1177/0007650315590399
Sindhu, M. I., & Arif, M. (2017). Corporate Social Responsibility and Loyalty: Intervening Influence of Customer Satisfaction and Trust. Cogent Business and Management, 4(1). https://doi.org/10.1080/23311975.2017.1396655
Soana, M. (2011). The Relationship Between Corporate Social Performance and Corporate Financial Performance in the Banking Sector. Journal Business Ethic, 104, 133148. https://doi.org/10.1007/s10551-011-0894-x
Suto, M., & Takehara, H. (2016). The Link Between Corporate Social Performance and Financial Performance: Empirical Evidence From Japanese Firms. International Journal of Corporate Strategy and Social Responsibility, 1(1), 4. https://doi.org/10.1504/ijcssr.2016.077544
Suto, M., & Takehara, H. (2017). CSR and cost of capital: Evidence from Japan. Social Responsibility Journal, 13(4), 798816. https://doi.org/10.1108/SRJ-10-2016-0170
Syed, M. A., & Butt, S. A. (2017). Financial and non-financial determinants of corporate social responsibility: Empirical evidence from Pakistan. Social Responsibility Journal, 13(4), 780797. https://doi.org/10.1108/SRJ-08-2016-0146
Ta, H. T. T., & Bui, N. T. (2018). Effect of Corporate Social Responsibility Disclosure on Financial Performance. Asian Journal of Finance & Accounting, 10(1), 4058. https://doi.org/10.5296/ajfa.v10i1.12592
Vázquez, D. G., Méndez, M. J. B., Moreno, M. L. P., & Meca, J. S. (2019). Corporate Social Responsibility Disclosure and Performance¯: A Meta-Analytic Approach. Sustainability, 11, 133. https://doi.org/10.3390/su11041115
Wang, Q., Dou, J., & Jia, S. (2015). A Meta-Analytic Review of Corporate Social Responsibility and Corporate Financial Performance¯: The Moderating Effect of Contextual Factors. Business & Society, 139. https://doi.org/10.1177/0007650315584317
Aracil, E. (2019). Corporate Social Responsibility of Islamic and Conventional Banks: The Influence of Institutions in Emerging Countries. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-12-2017-0533
Aramburu, I. A., & Pescador, I. G. (2017). The Effects of Corporate Social Responsibility on Customer Loyalty: The Mediating Effect of Reputation in Cooperative Banks Versus Commercial Banks in the Basque Country. Journal of Business Ethics, 154(3), 701719. https://doi.org/10.1007/s10551-017-3438-1
Arli, D., & Tjiptono, F. (2014). Does corporate social responsibility matter to consumers in Indonesia? Social Responsibility Journal, 10(3), 537549. https://doi.org/10.1108/SRJ-01-2013-0007
Beck, C., Frost, G., & Jones, S. (2018). CSR Disclosure and Financial Performance Revisited¯: A Cross- Country Analysis. Australian Journal of Management, (March), 121. https://doi.org/10.1177/0312896218771438
Bukair, A. A., & Abdul-Rahman, A. (2013). The Influence of the Shariah Supervision Board on Corporate Social Responsibility Disclosure by Islamic Banks of Gulf Co-Operation Council Countries. Asian Journal of Business and Accounting, 6(2), 65104. https://doi.org/10.5296/jmr.v7i2.6989
Chochoľáková, A., GabÄová, L., Belás, J., & Sipko, J. (2015). Bank Customers Satisfaction, Customers Loyalty and Additional Purchases of Banking Products and Services. A Case Study From The Czech Republic. Economics and Sociology, 8(3), 8294. https://doi.org/10.14254/2071-789X.2015/8-3/6
Chung, K.-H., Yu, J.-E., Choi, M.-G., & Shin, J.-I. (2015). The Effects of CSR on Customer Satisfaction and Loyalty in China: The Moderating Role of Corporate Image. Journal of Economics, Business and Management, 3(5), 542547. https://doi.org/10.7763/joebm.2015.v3.243
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures a theoretical foundation. In Accounting, Auditing & Accountability Journal (Vol. 15). https://doi.org/10.1108/09513570210435852
Deswanto, R. B., & Siregar, S. V. (2018). The associations Between Environmental Disclosures With Financial Performance, Environmental Performance, and Firm Value. Social Responsibility Journal, 14(1), 180193. https://doi.org/10.1108/SRJ-01-2017-0005
Doorn, J. van, Onrust, M., Verhoef, P. C., & Bügel, M. S. (2017). The Impact of Corporate Social Responsibility on Customer Attitudes and Retention”The Moderating Role of Brand Success Indicators. Marketing Letters, 28(4), 607619. https://doi.org/10.1007/s11002-017-9433-6
El-Halaby, S., & Hussainey, K. (2016). Determinants of Compliance With AAOIFI Standards by Islamic Banks. International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 143168. https://doi.org/10.1108/IMEFM-06-2015-0074
Famiyeh, S. (2017). Corporate Social Responsibility and Firms Performance: Empirical Evidence. Social Responsibility Journal, 13(2), 390406. https://doi.org/10.1108/SRJ-04-2016-0049
Farag, H., Mallin, C., & Ow-Yong, K. (2014). Corporate Social Responsibility and Financial Performance in Islamic Banks. Journal of Economic Behavior and Organization, 103. https://doi.org/10.1016/j.jebo.2014.03.001
Farook, S., M, K. H., & Lanis, R. (2011). Determinants of Corporate Social Responsibility Disclosure: The Case of Islamic Banks. Journal of Islamic Accounting and Business Research, 2(2), 114141. https://doi.org/10.1108/17590811111170539
Garas, S., & ElMassah, S. (2018). Corporate Governance and Corporate Social Responsibility Disclosures: The Case of GCC Countries. Critical Perspectives on International Business, 14(1), 226. https://doi.org/10.1108/cpoib-10-2016-0042
Gololo, I. A. (2019). Corporate Social Responsibility Disclosure and Financial Performance of Quoted Nigerian Cement Companies. International Business and Accounting Research Journal, 3(2), 89106. https://doi.org/http://dx.doi.org/10.15294/ibarj.v3i2.60
Gürlek, M., Düzgün, E., & Uygur, S. M. (2017). How Does Corporate Social Responsibility Create Customer Loyalty? The Role Of Corporate Image. Social Responsibility Journal, 13(3), 409427. https://doi.org/10.1108/SRJ-10-2016-0177
Hirst, T. (2015, July). These are The Top 9 Countries for Islamic Finance. World Economic Forum, 1. Retrieved from https://www.weforum.org/agenda/2015/07/top-9-countries-islamic-finance/
IFSB, I. F. S. B. (2018). Islamic Financial Services Industry Stability Report 2018. Kuala Lumpur: Islamic Financial Services Board.
Isnalita, & Narsa, I. M. (2017). CSR Disclosure, Customer Loyalty, and Firm Values (Study at Mining Company Listed in Indonesia Stock Exchange). Asian Journal of Accounting Research, 2(2), 814. https://doi.org/https://doi.org/10.1108/ AJAR-2017-02-02-B002
Janamrung, B., & Issarawornrawanich, P. (2015). The Association Between Corporate Social Responsibility Index and Performance of Firms in Industrial Products and Resources Industries: Empirical Evidence From Thailand. Social Responsibility Journal, 11(4), 893903. https://doi.org/10.1108/SRJ-11-2013-0141
Jizi, M. I., Dixon, A. S. R., & Stratling, R. (2013). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector. Journal Business Ethics, 124(4), 601615. https://doi.org/10.1007/s10551-013-1929-2
Kanwal, M., Khanam, F., Nasreen, S., & Hameed, S. (2013). Impact of corporate social responsibility on the firms financial performance. IOSR Journal of Business and Management, 5(2), 6774. https://doi.org/10.9790/487X-1456774
Khan, F. (2010). How œIslamic is Islamic Banking? Journal of Economic Behavior and Organization, 76(3), 805820. https://doi.org/10.1016/j.jebo.2010.09.015
Kuo, L., & Chen, V. Y. J. (2013). Is Environmental Disclosure An Effective Strategy on Establishment of Environmental Legitimacy For Organization? Management Decision, 51(7), 14621487. https://doi.org/10.1108/MD-06-2012-0395
Lee, C. Y., Chang, W. C., & Lee, H. C. (2017). An investigation of the effects of corporate social responsibility on corporate reputation and customer loyalty - Evidence from the Taiwan non-life insurance industry. Social Responsibility Journal, 13(2), 355369. https://doi.org/10.1108/SRJ-01-2016-0006
Lusyana, D., & Sherif, M. (2017). Shariah-Compliant Investments and Stock Returns: Evidence From The Indonesian Stock Market. Journal of Islamic Accounting and Business Research, 8(2), 143160. https://doi.org/10.1108/JIABR-10-2015-0052
Magness, V. (2006). Strategic Posture, Financial Performance and Environmental Disclosure: An Empirical Test of Legitimacy Theory. Accounting, Auditing and Accountability Journal, 19(4), 540563. https://doi.org/10.1108/09513570610679128
Marin, L., Ruiz, S., & Rubio, A. (2009). The Role of Identity Salience in The Effects of Corporate Social Responsibility on Consumer Behavior. Journal of Business Ethics, 84(1), 6578. https://doi.org/10.1007/s10551-008-9673-8
Mukhibad, H. (2018). Peran Dewan Pengawas Syariah Dalam Pengungkapan Islamic Sosial Reporting. Jurnal Akuntansi Multiparadigma, 9(2), 299311. https://doi.org/10.18202/jamal.2018.04.9018
Mukhibad, H. (2019). The Role Of Sharia Supervisory Boards in Meeting Maqasid Syariah Study on Islamic Banks in Indonesia. European Journal of Islamic Finance, 13(August), 110. https://doi.org/https://doi.org/10.13135/2421-2172/3620
Mukhibad, H., Anisykurlillah, I., Nurkhin, A., & Jayanto, P. Y. (2019). Can Social Performance Improve Financial Performance and Increase Customers Trust? International Journal of Financial Research, 10(4), 37. https://doi.org/10.5430/ijfr.v10n4p37
Pérez, A., & Bosque, I. R. del. (2015). Corporate Social Responsibility and Customer Loyalty: Exploring The Role of Identification, Satisfaction and Type of Company. Journal of Services Marketing, 29(1), 1524. https://doi.org/10.1108/JSM-10-2013-0272
Perrini, F., Russo, A., Tencati, A., & Vurro, C. (2011). Deconstructing the Relationship Between Corporate Social and Financial Performance. Journal Business Ethic, 102, 5976. https://doi.org/10.1007/s10551-011-1194-1
Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2016). The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics, 151(2), 451471. https://doi.org/10.1007/s10551-016-3229-0
Raman, M., Lim, W., & Nair, S. (2012). The Impact of Corporate Social Responsibility On Consumer Loyalty. Kajian Malaysia, 30(2), 7193. https://doi.org/10.1016/j.jbankfin.2010.12.002
Razak, R. A. (2015). Corporate Social Responsibility Disclosure and Its Determinants In Saudi Arabia. Middle-East Journal of Scientific Research, 23(10), 23882398. https://doi.org/10.5829/idosi.mejsr.2015.23.10.22768
Sabri, T. B. H., & Sweis, K. M. H. (2016). Effect of Corporate Social Responsibility on Profitability of Banks Working in Palestine (Case Study 2013-2014). International Journal of Business Administration, 7(6), 107114. https://doi.org/10.5430/ijba.v7n6p107
Saha, A. K. (2018). Relationship Between Corporate Social Responsibility Performance and Disclosures¯: Commercial Banks of Bangladesh. Social Responsibility Journal. https://doi.org/10.1108/SRJ-07-2017-0137
Shahzad, A. M., & Sharfman, M. P. (2015). Corporate Social Performance and Financial Performance¯: Sample-Selection Issues. Business & Society, 130. https://doi.org/10.1177/0007650315590399
Sindhu, M. I., & Arif, M. (2017). Corporate Social Responsibility and Loyalty: Intervening Influence of Customer Satisfaction and Trust. Cogent Business and Management, 4(1). https://doi.org/10.1080/23311975.2017.1396655
Soana, M. (2011). The Relationship Between Corporate Social Performance and Corporate Financial Performance in the Banking Sector. Journal Business Ethic, 104, 133148. https://doi.org/10.1007/s10551-011-0894-x
Suto, M., & Takehara, H. (2016). The Link Between Corporate Social Performance and Financial Performance: Empirical Evidence From Japanese Firms. International Journal of Corporate Strategy and Social Responsibility, 1(1), 4. https://doi.org/10.1504/ijcssr.2016.077544
Suto, M., & Takehara, H. (2017). CSR and cost of capital: Evidence from Japan. Social Responsibility Journal, 13(4), 798816. https://doi.org/10.1108/SRJ-10-2016-0170
Syed, M. A., & Butt, S. A. (2017). Financial and non-financial determinants of corporate social responsibility: Empirical evidence from Pakistan. Social Responsibility Journal, 13(4), 780797. https://doi.org/10.1108/SRJ-08-2016-0146
Ta, H. T. T., & Bui, N. T. (2018). Effect of Corporate Social Responsibility Disclosure on Financial Performance. Asian Journal of Finance & Accounting, 10(1), 4058. https://doi.org/10.5296/ajfa.v10i1.12592
Vázquez, D. G., Méndez, M. J. B., Moreno, M. L. P., & Meca, J. S. (2019). Corporate Social Responsibility Disclosure and Performance¯: A Meta-Analytic Approach. Sustainability, 11, 133. https://doi.org/10.3390/su11041115
Wang, Q., Dou, J., & Jia, S. (2015). A Meta-Analytic Review of Corporate Social Responsibility and Corporate Financial Performance¯: The Moderating Effect of Contextual Factors. Business & Society, 139. https://doi.org/10.1177/0007650315584317
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2020-04-14
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Mukhibad, H., Muthmainah, M., & Andraeny, D. (2020). The Role of Corporate Social Responsibility Disclosure in Improving Financial Performance (Case study in Indonesian Islamic Bank). Al-Uqud : Journal of Islamic Economics, 4(2), 162–173. https://doi.org/10.26740/al-uqud.v4n2.p162-173
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