Persepsi Investor atas Penurunan Dividen Akibat Corporate Social Responsibility (CSR) di Indonesia – Berfokus pada Tingkat Konstrual
DOI:
https://doi.org/10.31851/jmediasi.v8i1.19963Keywords:
Corporate Social Responsibility (CSR), Investor Perception, Construal Level, Investor Behavior, Construal Level Theory (CLT)Abstract
ABSTRACT
This study aims to explore investor perceptions of dividend decreases caused by CSR using Construal Level Theory (CLT). This study used a 2 x 2 between-subjects experiment conducted online (jotform) involving 148 professional and non-professional investors in Indonesia. We found that investors' construal level significantly influences their perceptions of dividend decreases. Investors with high construal levels are more tolerant of dividend decreases, especially those caused by CSR initiatives. Dividend decreases related to CSR are more acceptable to investors than decreases unrelated to CSR. Our interesting finding is a significant interaction between construal level and the type of dividend decrease.
Keywords: Corporate Social Responsibility (CSR), Investor Perception, Construal Level, Investor Behavior, Construal Level Theory (CLT).
ABSTRAK
Penelitian ini bertujuan untuk mengeksplorasi persepsi investor terhadap penurunan dividen yang disebabkan oleh CSR menggunakan Construal Level Theory (CLT). Penelitian ini menggunakan metode eksperimen 2 x 2 antar subjek yang dilakukan secara online (jotform) dengan melibatkan 148 investor professional dan non profesional di Indonesia. Kami menemukan bahwa tingkat konstrual investor berpengaruh signifikan terhadap persepsi mereka terkait penurunan dividen. Investor dengan konstrual tinggi lebih toleran terhadap penurunan dividen, terutama disebabkan oleh inisiatif CSR. Penurunan dividen terkait CSR lebih dapat diterima oleh investor dibandingkan penurunan tanpa kaitan CSR. Temuan menarik kami adalah terdapat interaksi signifikan antara tingkat konstrual dan jenis penurunan dividen.
Kata kunci: Corporate Social Responsibility (CSR), Persepsi Investor, Tingkat Konstrual, Perilaku Investor, Construal Level Theory (CLT).
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