Accounting Analysis Journal 9(2) (2020) 179-185

Accounting Analysis Journal

https://journal.unnes.ac.id/sju/index.php/aaj

The Effect of Financial Performance on Profit Growth Moderated by CSR

Disclosure

Ulfatun Nikmah*1 and Indah Fajarini Sri Wahyuningrum2

Accounting Department, Faculty of Economics, Universitas Negeri Semarang
1,2

ARTICLE INFO ABSTRACT

Article History: Profit growth is one of the indicators used by stakeholders to know the company’s finan-
Received October 22th, 2020 cial performance before. The high-profit growth represents that financial performance
Accepted December 10th, 2020 is well. The emergence of the obligation to disclose Sustainability Reporting including
Available December 25th, 2020 CSR affects financial performance and profit growth. This study intended to know the
effect of financial performance on profit growth moderated by CSR disclosure. Finan-
cial performance was measured by using Net Profit Margin (NPM), Return on Equity
Keywords:
(ROE), Current Ratio (CR), and Debt to Equity Ratio (DER). The population was 42
Corporate Social consumer goods industry sector companies registered on the Indonesia Stock Exchange
Responsibility; Current Ratio; from 2014 to 2016. The study used purposive sampling method and obtained 75 analy-
Debt to Equity Ratio; Net sis units from 15 companies with 5 years of observation. The data analysis technique
Profit Margin; Profit Growth; used moderating regression analysis with SPSS. The study showed that NPM had a
Return on Equity significant positive effect on profit growth, whereas ROE, CR, and DER did not. CSR
could moderate the effect of NPM, ROE, and DER to profit growth, but it could not
moderate the effect of CR to profit growth. The conclusion was CSR disclosure proven
to strengthen financial performance on profit growth.

© 2020 Published by UNNES. This is an open access

article under the CC BY license (http://creativecommons.org/licenses/by/4.0/)

INTRODUCTION investors’ consideration in determining investment de-

cisions. This information is also useful in analyzing pro-
The development of industry which is increasing-
fit projections (Hakim, 2013). To know the projection
ly advanced makes business competition more competi-
of profit growth, it can be reviewed through financial
tive (Andriyani, 2015). This condition encourages each
ratio analysis. This research uses profitability, liquidity,
company to improve performance to maintain its exis-
and solvency ratios. (1) Profitability ratio provides an
tence. This is in line with the opinion of Wajongkere et
overview of how corporate earnings are achieved for
al., (2017) who stated that in maintaining existence, it is
each period. The measures used are Net Profit Margin
very important to improve sustainable development in
(NPM) and Return on Equity (ROE). (2) Liquidity ratio
order to attract stakeholders. The role of stakeholders is
provides an overview of the company’s short-term debt
needed so that company operations run smoothly, espe-
analysis. The measure used is Current Ratio (CR). (3)
cially investors as supporting funds.
Solvency ratio provides an overview of the company’s
Febrianty & Divanto (2017) stated that profit
long-term debt analysis. The measure used is Debt to
growth is the most important factor in maintaining busi-
Equity Ratio (DER).
ness continuity. High-profit growth owned by a compa-
Previous studies on the effect of financial perfor-
ny can make it easier to attract investors. Earnings are a
mance on profit growth still show inconsistent results.
measure of business success. Ifada & Puspitasari (2016)
Rusiyati (2018) found NPM has a significant effect
stated that profit growth is closely related to financial
on earnings growth, but Qur’aniah & Isynuwardhana
performance. Financial policy depends on increased or
(2018) found the opposite result. Heikal et al. (2014) sta-
decreased earnings. Company performance is conside-
ted that ROE has a significant positive effect on profit
red good if it experiences an increase in earnings.
growth. Umobong (2015) and Sokang & Ratanak (2018)
Information on profit growth greatly influences
found ROE has a significant negative effect on earnings
growth, but according to Khaldun & Muda (2014), ROE
* E-mail: [email protected]/089660350380 does not have a significant effect on profit growth. Ang-
Address: L2 Building 2nd floor, Campus Sekaran, Gunungpati,
Semarang, Indonesia, 50229 gani et al.(2017) showed that CR has a significant effect

DOI 10.15294/aaj.v9i3.42070 p-ISSN 2252-6765 e-ISSN 2502-6216

 Accounting Analysis Journal 9(3) (2020) 179-185 180

on earnings growth, but Andriyani (2015) found the op- that it can disrupt operational stability (Lindawati &
posite result. Nugroho et al. (2017) found that DER has Puspita, 2015). CSR be one of the methods that mana-
a significant effect on earnings growth, whereas Riyadi gement can use to avoid a legitimacy gap. This theory
(2017) said that DER has no significant effect on profit underlies the importance of legitimacy from the com-
growth. munity in supporting company success to increase profit
This research is a form of further study of pre- growth.
vious research by reviewing inconsistent variables and One of the factors that triggers the increase in pro-
adding a moderating variable of Corporate Social Res- fit growth is sales. High sales can boost corporate net
ponsibility (CSR) disclosure. The reason for the additi- profit. Murhadi (2015) stated the increase in net income
on of CSR disclosure as a moderating variable is due from sales could be measured by NPM. The higher the
to the inconsistent results of the independent variables, NPM, the higher the company’s profit growth. Accor-
so it is assumed that there are other variables that affect ding to signal theory, each company will try to increase
profit growth. In addition, the implementation of Law its profitability, including in terms of sales in order to
no. 40 of 2007, article 74, requires companies that have attract investor support. Heikal et al.(2014), Gunawan
businesses related to natural resources to fulfill their so- & Wahyuni (2013), Ifada & Puspitasari (2016), as well
cial and environmental responsibilities with CSR. The as Nugroho et al.(2017) stated NPM has a significant
emergence of CSR allocations in companies conceptu- positive effect on profit growth.
ally is useful for improving the company’s image in the
H1: NPM has a significant positive effect on profit
eyes of stakeholders (Hidayah & Khafid, 2016) so that
growth
the company operations run smoothly and profit growth
increases. But in fact, CSR raises social costs that can Besides NPM, investors will also consider ROE
reduce profits (Cahyonowati & Darsono, 2013). Rese- in making investment decisions. ROE shows the level of
arch conducted by Agyemang & Ansong (2017), Cao et corporate effectiveness in managing capital. High ROE
al. (2018), Syamni et al. (2018), as well as Gunawan & reflects a large return. The greater the company’s return,
Setin (2019) stated that there is a significant effect bet- the better the profit growth. Signal theory states that in-
ween CSR on financial performance and profit growth. vestors will be more interested in high return guarantee.
However, Yuliawati & Sukirman (2015) and Issaraworn- Heikal et al. (2014), Febrianty & Divanto (2017), and
rawanich (2015) stated that there is no significant rela- Aryanto et al. (2018) said ROE has a significant positive
tionship between CSR and financial performance. effect on profit growth.
The phenomenon of the research gap is the
H2: ROE has a significant positive effect on profit
emergence of CSR disclosure as a government policy
growth
program makes company profits contextually increase
which has an impact on profit growth. However, on the Companies that have good financial performance
other hand, CSR also creates social costs that can reduce are companies that have good liquidity. CR is one of the
profits. The research objective is to analyze and describe ways that can be used in measuring corporate liquidity.
how financial performance affects profit growth after the A high CR represents that a company’s ability to fulfill
implementation of CSR disclosure. The addition of a its financial obligations is good. This will give assurance
moderating variable in the form of CSR disclosure is the to stakeholders that the company’s financial condition is
originality of this study. stable. According to stakeholder theory, companies need
The theories used as references in explaining stakeholder support to support its operations. Heikal et
profit growth are signal theory, stakeholder theory, and al., (2014) and Anggani et al.(2017) stated that CR has a
legitimacy theory. Signal theory discusses how mana- significant positive effect on earnings growth.
gement signals the company’s prospects to investors
H3: CR has a significant positive effect on profit
(Brigham & Houston, 2014). Hakim (2013) stated that
growth
earnings announcement events basically will provide a
signal that contains useful information for investors to The level of solvency can be measured by DER.
make investment decisions. The more positive the profit DER shows the amount of debt used to fund compa-
growth information, the better the feed received. nies. A high DER represents a high level of corporate
Stakeholder theory emphasizes that when stake- risk so that it can have a negative impact on operations.
holders play an important role by controlling economic This can reduce stakeholders’ trust. Stakeholder theo-
resources, the company will try to fulfill the wishes of ry states that stakeholder trust is an important part of
the stakeholders (Ghozali & Chariri, 2014). Besides that, maintaining business sustainability. Heikal et al. (2014)
Febrianty & Divanto (2017) explained that stakeholder and Nugroho et al.(2017) stated DER has a significant
theory aims to assist companies in increasing their va- negative effect on profit growth.
lue. This theory underlies the importance of stakeholder
H4: DER has a significant negative effect on profit
support to achieve high-profit growth.
growth
Agustina (2013) stated that legitimacy theory
shows the occurrence of a social contract where compa- CSR disclosure aims to improve corporate images
nies must be responsible for the demands of the commu- in the eyes of stakeholders including investors so that
nity. Legitimacy is done to avoid a legitimacy gap that company investment will increase. An increased invest-
has the potential to cause protests from stakeholders so ment makes operations run smoother thus resulting in
181 Ulfatun Nikmah and Indah Fajarini Sri Wahyuningrum,The Effect of Financial Performance on....

more output. This condition will push an increase in RESEARCH METHODS

NPM and profit. Legitimacy theory states that with the
The research was conducted using a quantitative
existence of CSR, the company’s image will be better so
approach and secondary data sourced from the annual
that it can increase NPM and profit growth. Agyemang
reports on the IDX. The research was conducted on the
& Ansong(2017), Cao et al. (2018), Syamni et al.(2018),
consumer goods industry with a population of all con-
as well as Gunawan & Setin (2019) stated that there is a
sumer goods industry companies listed on the IDX for
significant effect between CSR on financial performance
the 2014-2018 periods. The selection of objects of the
and profit growth.
consumer goods industry was since the industry is the
H5: CSR disclosure significantly moderates the effect main support for the manufacturing sector which produ-
of NPM on profit growth ces the primary needs of all levels of society, but it is still
minimally studied. The sample selection was carried out
Apart from high returns, a good corporate image
by purposive sampling and produced 75 analysis units.
also becomes a separate consideration for investors. CSR
The following shows the sample selection criteria used
disclosure can improve corporate images in the eyes of
in table 1.
investors thus encouraging investment to increase. The
The research variables can be defined as follows.
more investors who invest, the better the condition of
(1) Profit growth is a number that represents the rise and
the company’s operating funds. This will increase ROE
fall of profit each year (Andriyani, 2015). Profit growth
and profit growth. Legitimacy theory states that with the
was measured using the formula = (current year’s profit
existence of CSR, the company’s image becomes better
- last year’s profit) /last year’s profit (Harahap, 2009).
so that it can increase ROE and profit growth. Agye-
(2) NPM is a ratio that shows an analysis of corporate
mang & Ansong (2017), Cao et al. (2018), Syamni et
achievements in generating net sales income (Murhadi,
al.(2018), and Gunawan & Setin (2019) stated that there
2015). NPM could be measured using the formula =
is a significant effect between CSR on financial perfor-
net income/ total sales. (3) ROE is the ratio that rep-
mance and profit growth.
resents the amount of return that can be generated for
H6: CSR disclosure significantly moderates the effect every rupiah invested (Murhadi, 2015). ROE was me-
of ROE on profit growth asured using the formula = net income /total equity. (4)
CR is a ratio that functions to analyze whether current
CSR disclosure causes high stakeholder trust.
assets are able to cover the company’s short-term debt
Stakeholder trust to the company can ease the com-
(Prihadi, 2010). CR could be measured by the formu-
pany to obtain additional capital. The more sufficient
la = total current assets/total debt. (5) DER is a ratio
the company’s capital is, the better its operation is, so
that shows the ratio of debt and equity (Murhadi, 2015).
that it can increase profits in the future. Increased profit
DER could be measured using the formula = total debt/
also pushes the increase in CR and profit growth. Legi-
total equity. (6) CSR is organizational responsibility to
timacy theory states that with the existence of CSR, the
society and the environment for the impact of decisions
company’s image becomes better so that it can increase
and activities through sustainable development that is
CR and profit growth. Agyemang & Ansong (2017),
transparent, ethical, and consistent for the welfare of so-
Cao et al. (2018), Syamni et al. (2018), as well as Gu-
nawan & Setin (2019) stated that there is a significant Table 1. Purposive Sampling Criteria
effect between CSR on financial performance and profit No. Sample Selection Criteria Elimination Total
growth. 1. The consumer goods in- 42
H7: CSR disclosure significantly moderates the effect dustry listed on the IDX
of CR on earnings growth for the 2014-2018 period
CSR disclosure aims to improve corporate images 2. The consumer goods in- (16) 26
in the eyes of creditors. A high CSR disclosure can make dustry that provided finan-
creditors’ assessment on the company is good. CSR that cial statement data
has succeeded in attracting additional capital from cre- 3. The consumer goods in- (6) 20
ditors has made the operational level better. This condi- dustry experienced profit
tion can increase profits so that the company’s ability to 4. The consumer goods in- (2) 18
meet financial obligations also increases. This indicates dustry that presented CSR
that CSR disclosure is able to moderate the relationship reports
between DER and profit growth. Legitimacy theory sta-
5. The consumer goods in- (3) 15
tes that with the existence of CSR, the company’s image
dustry presented complete
becomes better so that it can increase DER and profit
financial statement data
growth. Agyemang & Ansong (2017), Cao et al. (2018),
related to research vari-
Syamni et al.(2018), as well as Gunawan & Setin (2019)
ables such as NPM, ROE,
stated that there is a significant effect between CSR on
CR, DER, and CSR
financial performance and profit growth.
Total Research Data 75
H8: CSR disclosure significantly moderates the effect
Source: Financial Statement and ICMD Processed
of DER on earnings growth
(2020)
 Accounting Analysis Journal 9(3) (2020) 179-185 182

Table 2. The Results of the Descriptive Statistics Test

N Min Max Mean Std. Deviation
NPM 75 .03 .39 .11 .07
ROE 75 .04 1.43 .29 .38
CR 75 .51 6.57 2.69 1.54
DER 75 .16 3.03 .70 .63
CSR 75 .04 .19 .11 .04
PG 75 -.74 2.11 .10 .46
Source: Secondary Data Processed (2020)
duces 2.034 in the range du<DW<4-du = 1.770 <2.034
<2.230 which shows that there is no autocorrelation eit-
her positive or negative. The heteroscedasticity test with
Figure 1. Results of Heteroscedasticity Test a scatterplot graph depicts a dot pattern on the graph
ciety (OECD & ISO, 2017). CSR was measured by the spreading above and below the number 0 on the Y-axis
GRI index calculated by the formula = total company and the image has a clear pattern, which shows the data
items / total number of CSR items. is free from heteroscedasticity. Figure 1 shows the results
Data collection used literature review and docu- of the data heteroscedasticity test.
mentation. Data analysis used descriptive and inferen- The results of the classical assumption test have
tial statistics. Inferential statistical analysis was carried shown that the model can be used to examine the effect
out by using classical assumption tests and moderating of financial performance on earnings growth with the
regression analysis through the absolute difference value moderating variable of CSR disclosure. The adjusted R2
approach with a significance level of 5%. The following value of 20.287 obtained represents that 28.7% of the
is presented the formulation of the research model used variation in earnings growth can be explained by NPM,
in equation 1: ROE, CR, DER, and CSR disclosure. The remaining
71.3% is explained by other variables. The following is
PG = α + β1NPM + β2ROE + β3CR +β4 DER +
the summary of the hypothesis testing results in table 3
β5|NPM-CSR| + β6 |ROE-CSR| + β7 |CR-
and table 4 is also presented the summary of the propor-
CSR| + β8 |DER-CSR| + e........................ (1)
tions of each variable

RESULTS AND DISCUSSIONS The Effect of NPM on Profit Growth

The descriptive statistical analysis serves to pro- NPM has a significant positive effect on profit
vide data description. The following shows the results growth. This positive relationship is due to the exis-
of the descriptive statistical test in table 2. Classical tence of high enough profit from each sale. High profit
assumption test is a prerequisite test to do regression. income makes the NPM figure also high. This condi-
The normality test uses the Kolmogorov Smirnov (K- tion will cause profit growth to increase significantly
S) which produces an asymp.sig value of 0.098 greater along with the increase in NPM. The result of the study
than 0.05 indicating that the data residuals are normally have shown the conformity of the results with Heikal et
distributed. The multicollinearity test produces a tole- al.(2014), Gunawan & Wahyuni (2013), Ifada & Puspi-
rance value above 0.10 and a VIF value less than 10, tasari (2016), as well as Nugroho et al.(2017) who sta-
which indicates that the data are free from multicollinea- ted that NPM has a significant positive effect on profit
rity. The autocorrelation test using Durbin Watson pro- growth.
Table 3. Summary of the Hypothesis Test Results
Regression
No Hypothesis Sig. Results
Coefficient
1 NPM has a significant positive effect on earnings growth 0.184 0.035 Accepted
2 ROE has a significant positive effect on profit growth -0.172 0.209 Rejected
3 CR has a significant positive effect on profit growth -0.005 0.954 Rejected
4 DER has a significant negative effect on profit growth 0.119 0.320 Rejected
5 CSR disclosure significantly moderates the effect of NPM on profit 0.236 0.026 Accepted
growth
6 CSR disclosure significantly moderates the effect of ROE on profit growth -0.317 0.020 Accepted
7 CSR disclosure significantly moderates the effect of CR on profit growth 0.046 0.457 Rejected
8 CSR disclosure significantly moderates the effect of DER on profit 0.154 0.045 Accepted
growth
Source: Secondary Data Processed (2020)
183 Ulfatun Nikmah and Indah Fajarini Sri Wahyuningrum,The Effect of Financial Performance on....

Table 4. Summary of Variable Proportions of NPM on profit growth. Companies with high CSR
disclosure have a better image than those that do not
Total companies disclose CSR. The public, as the target consumer as well
Variables
Low Proportion High Proportion as investors, has become to have more trust to the com-
NPM 40% 60% panies, thus easing the companies to increase producti-
ROE 79% 21% vity and marketing reach. This will push profit growth
along with an increase in NPM.
CR 21% 79%
DER 47% 53% CSR Disclosure Moderates the Effect of ROE on Prof-
PG 33% 67% it Growth
Source: Secondary Data Processed (2020) CSR disclosure significantly moderates the effect
The Effect of ROE on Profit Growth of ROE on profit growth. Companies that have high
CSR disclosure rates have more value than those that
ROE does not have a significant effect on profit do not disclose. This will drive stakeholder trust so that
growth. As many as 79% of the companies have ROE company productivity can increase. The increase in the
below the average (table 4). Low ROE indicates less ef- company’s productivity causes profit growth increases
fective capital management. The result in the company’s along with an increase in ROE.
productivity tends to be low so that the generated profit
is not able to increase ROE. The research results have CSR Disclosure Moderates the Effect of CR on Profit
shown the conformity of the result with Khaldun & Growth
Muda (2014) who stated that ROE has no significant ef-
fect on profit growth. CSR disclosure is not able to moderate significant-
ly the effect of CR on profit growth. The reason CSR
The Effect of CR on Profit Growth disclosure cannot moderate the relationship between CR
and profit growth is due to the CR of the companies stu-
CR does not have a significant effect on profit died was significantly high, 79% of companies have CR
growth. The majority of companies have high CR va- above 150% (table 4). High CR indicates the company’s
lues of more than 1.5 but are unable to have a significant high current assets. However, management has not been
impact on profit growth. Gunawan & Wahyuni (2013) able to maximize asset management so that operating
stated that a high CR does not necessarily guarantee that capital depends more on creditors than investors. This
there is sufficient capital to support operational activities is proven from the proportion of DER which is higher
in generating profits. Besides, ineffective capital mana- than ROE (table 4). The existence of CSR disclosure
gement can also be one of the factors why CR cannot cannot have a significant impact on asset management.
have a significant effect on profit growth in this study. The lack of effectiveness in asset management can only
High current assets result in high company capital. Ho- be increased by management itself. Therefore, the imple-
wever, if the companies do not do management as ma- mentation of CSR funds in the companies does not have
ximally as possible, they will not be able to increase the a significant effect on the relationship between CR and
company’s productivity so that it does not significantly profit growth.
affect its profit growth. The research results have been
in line with Gunawan & Wahyuni (2013), Andriyani CSR Disclosure Moderates the Effect of DER on
(2015), as well as Riyadi (2017) who stated that CR has Profit Growth
no significant effect on profit growth.
CSR disclosure significantly moderates the rela-
The Effect of DER on Profit Growth tionship between DER and profit growth. Agyemang &
Ansong (2017) stated that the implementation of CSR
DER does not have a significant effect on profit helps to improve the company’s reputation in the eyes
growth. As many as 53% of companies have a high pro- of stakeholders, including creditors. It is easier for com-
portion of DER (table 4). However, even though DER panies to seek additional funds from creditors. This will
is quite high, the companies are still able to stabilize increase DER. However, the positive impact is that ope-
their productivity. This is proven from the value of pro- rating capital becomes more stable so that the compa-
fit growth which continues to rise and is not negative, nies can increase their productivity and profit growth.
as much as 67% of companies keep experiencing posi-
tive profit growth (Table 4). The result of this study has CONCLUSIONS
shown the conformity of the results with research con-
ducted by Ifada & Puspitasari (2016) and Riyadi (2017), The research gives the results that NPM has a
which state that DER has no significant effect on profit significant positive effect on earnings growth, but ROE,
growth. CR, and DER have no effect. CSR is able to moderate
the relationship between NPM, ROE, and DER with
CSR Disclosure Moderates the Effect of NPM on profit growth, but is unable to moderate the relationship
Profit Growth between CR and profit growth. The results of the study
provide an overview to management that the companies
CSR disclosure moderates significantly the effect should pay more attention to NPM which is proven to
 Accounting Analysis Journal 9(3) (2020) 179-185 184

have an effect on profit growth. The companies can also Nuswantoro.

push profit growth by increasing CSR disclosure which Harahap, S. S. (2009). Teori Kritis Laporan Keuangan. Bumi
can strengthen profit growth. The research is only con- Aksara.
ducted in the consumer goods industry so the results Heikal, M., Khaddafi, M., & Ummah, A. (2014). Influence
Analysis of Return on Assets (ROA), Return on Equity
cannot be generalized to all company sectors. Sugges-
(ROE), Net Profit Margin (NPM), Debt To Equity Ra-
tions for further research can add other variables that tio (DER), and current ratio (CR), Against Corporate
have not been studied such as government policies and Profit Growth In Automotive In Indonesia Stock Ex-
developing socio-political issues. This is since the variab- change. International Journal of Academic Research
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Ifada, M. M., & Puspitasari, T. (2016). Analisis Pengaruh
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