Comparison Between Corporate Philanthropy and Corporate Strategy toward Market Valuation Study on Non-Financial Firms in Indonesia
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Apr 30, 2025
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Corporate Governance, Corporate Philanthropy, Corporate Strategy, Market Valuation
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Abstract
Purpose – This study aims to analyze the comparative impact of corporate philanthropy and corporate strategy in mediating the influence of corporate governance on market valuation.
Design/methodology/approach – This study is based on the resource-based view theory and stakeholder theory. This study uses secondary data in the form of financial reports and annual reports obtained from the IDX database and the company's official website. The sample selection used the purposive sampling method.
Findings – The results of this study indicate that there is a significant effect on the relationship between corporate governance and corporate strategy, the relationship between corporate strategy and market valuation. In addition, there is a significant effect of corporate governance on corporate philanthropy, and corporate philanthropy on market valuation. As well as an insignificant effect between corporate governance and market valuation.
Originality/value - The population in this study were all non-financial companies listed on the Indonesia Stock Exchange (IDX) for the period 2021-2023.
Keywords: Corporate Governance, Corporate Philanthropy, Corporate Strategy, Market Valuation
Paper type Research Result
Article Details
How to Cite
Limbunan, E., Ng, S., & Asri, M. (2025). Comparison Between Corporate Philanthropy and Corporate Strategy toward Market Valuation. Contemporary Journal on Business and Accounting, 5(1), 102 - 129. https://doi.org/10.58792/cjba.v5i1.73
References
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Balachandran, B., & Faff, R. (2015). Corporate Governance, Firm Value and Risk: Past, Present, and Future. Pacific Basin Finance Journal, 35, 1–12. https://doi.org/10.1016/j.pacfin.2015.07.002
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Buana, R., & Wahyudin, A. (2016). The Roles of Profitability Moderating Corporate Governance on Earnings Quality. Accounting Analysis Journal, 5(3), 213–219. https://doi.org/10.15294/aaj.v5i3.11583
Cha, W., & Rajadhyaksha, U. (2021). What Do We Know About Corporate Philanthropy? A Review and Research Directions. Business Ethics, the Environment and Responsibility, 30(3), 262–286. https://doi.org/10.1111/beer.12341
Chen, C. J., Guo, R. S., Hsiao, Y. C., & Chen, K. L. (2018). How Business Strategy in Non-financial Firms Moderates the Curvilinear Effects of Corporate Social Responsibility and Irresponsibility on Corporate Financial Performance. Journal of Business Research, 92, 154–167. https://doi.org/10.1016/j.jbusres.2018.07.030
Chen, M. H., & Lin, C. P. (2015). Understanding Corporate Philanthropy in the Hospitality Industry. International Journal of Hospitality Management, 48, 150–160. https://doi.org/10.1016/j.ijhm.2015.04.001
Daromes, F. E., & Gunawan, S. R. (2020). Joint impact of Philanthropy and Corporate Reputation on Firm Value. Jurnal Dinamika Akuntansi, 12(1), 1–13. https://doi.org/10.15294/jda.v12i1.21747
Du Plessis, J. J., Hargovan, A., Harris, J. R., & Bath, V. (2018). Principles of Contemporary Corporate Governance (Fourth). Cambridge University Press.
Elkington, J. (1994). Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. Corporate Environmental Responsibility, 36(2), 90–100.
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Freeman, R. E., & Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3), 88–106. https://doi.org/10.5897/ajmr2014.7057
Gani, L., & Jermias, J. (2006). Investigating the Effect of Board Independence on Performance Across Different Strategies. International Journal of Accounting, 41(3), 295–314. https://doi.org/10.1016/j.intacc.2006.07.009
Gao, Y., Lin, Y. L., & Yang, H. (2017). What’s the Value in It? Corporate Giving Under Uncertainty. Asia Pacific Journal of Management, 34(1), 215–240. https://doi.org/10.1007/s10490-016-9478-8
Hambrick, D. C. (1983). High Profit Strategies in Mature Capital Goods Industries: A Contingency Approach. Academy of Management Journal, 26(4), 687–707. https://doi.org/10.5465/255916
Hanifah, U. (2016). Aktualitas Carbon Emission Disclosure : Sebagai Dasar Dan Arah Pengembangan Triple Bottom Line. Seminar Nasional Dan The 3rd Call for Syariah Paper, 17, 125–135.
Harrison, J. S., & Wicks, A. C. (2013). Stakeholder Theory, Value, and Firm Performance. Business Ethics Quarterly, 23(1), 97–124. https://doi.org/10.5840/beq20132314
Holly, A. (2018). Determinan Nilai Perusahaan di Bursa Efek Indonesia. Simak, 16(02), 101–118. https://doi.org/10.35129/simak.v16i02.44
Hu, Y., Chen, S., Shao, Y., & Gao, S. (2018). CSR and Firm Value: Evidence from China. Sustainability (Switzerland), 10(12). https://doi.org/10.3390/su10124597
Iswara, P. W. (2014). Corporate Governance Dan Kinerja Keuangan. Jurnal Akuntansi, Ekonomi, Dan Manajemen Bisnis, 2(2), 121–131. https://doi.org/10.31227/osf.io/mwt52
Junizar. (2015). Pengaruh Corporate Governance terhadap Hubungan Corporate Social Responsibility dengan Nilai Perusahaan. Jurnal Magister Akuntansi Pascasarjana Universitas Syiah Kuala, 4(1), 65–73.
Kong, D., Yang, Y., & Wang, Q. (2023). Innovative Efficiency and Firm Value: Evidence from China. Finance Research Letters, 52, 103557. https://doi.org/10.1016/j.frl.2022.103557
Kull, A. J., Mena, J. A., & Korschun, D. (2016). A Resource-Based View of Stakeholder Marketing. Journal of Business Research, 69(12), 5553–5560. https://doi.org/10.1016/j.jbusres.2016.03.063
Kusumayanti, N. K. R., & Astika, I. B. P. (2016). Corporate Social Responsibility Sebagai Pemediasi Pengaruh Ukuran Perusahaan, Profitabilitas Dan Leverage Pada Nilai Perusahaan. E-Jurnal Akuntansi, 15(1), 549–583.
Lawless, M. W., & Finch, L. K. (1989). Choice and Determinism: A Test of Hrebiniak and Joyce’s Framework on Strategy-Environment Fit. Strategic Management Journal, 10(4), 351–365.
Limbunan, T., & Daromes, F. E. (2022). Testing the Determinants of Corporate Reputation and Their Impact on Market Valuation. Jurnal Akuntansi, 26(2), 263–279. https://doi.org/10.24912/ja.v26i2.934
Mardi, M., Hermanto, H., & Widyastuti, E. (2019). Faktor – Faktor yang Mempengaruhi Nilai Perusahaan melalui Corporate Social Responsibility (CSR). E-Jurnal Akuntansi, 26, 1518. https://doi.org/10.24843/eja.2019.v26.i02.p25
Miles, R. E., & Snow, C. C. (1978). Organizational Strategy, Structure, and Process. McGraw-Hill.
Monita, E., & Wiratmaja, I. D. N. (2018). Pengaruh Philanthropy Disclosure terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 23(2), 1146–1170. https://doi.org/https://doi.org/10.24843/EJA.2018.v23.i02.p13
Mulyono, F. (2013). Sumber Daya Perusahaan dalam Teori Resource-based View. Jurnal Administrasi Bisnis, 9(1), 59–78.
Naciti, V., Cesaroni, F., & Pulejo, L. (2022). Corporate Governance and Sustainability: A Review of the Existing Literature. Journal of Management and Governance, 26(1), 55–74. https://doi.org/10.1007/s10997-020-09554-6
Nazir, M. S., & Afza, T. (2018). Does Managerial Behavior of Managing Earnings Mitigate the Relationship Between Corporate Governance and Firm Value? Evidence from an Emerging Market. Future Business Journal, 4(1), 139–156. https://doi.org/10.1016/j.fbj.2018.03.001
Ng, S., DAROMES, F. E., Lukita, M., Bangun, Y. K., & Lukman, L. (2020). Filantropi sebagai Prediktor Nilai Perusahaan melalui Kinerja Keuangan. INDONESIAN JOURNAL OF ACCOUNTING AND GOVERNANCE, 4(2), 27–56. https://doi.org/10.36766/ijag.v4i2.125
OECD. (1999). OECD Principles of Corporate Governance Organisation. Meeting of the OECD Council at Ministerial Level.
Ouma, W. N. (2020). Corporate Philanthropy and Firm Value in Africa: A Case Study of Selected Firms in South Africa. International Review of Philanthropy and Social Investment, 1(1). https://doi.org/10.47019/irpsi.2020/v1n1a4
Panwar, R., Nybakk, E., Hansen, E., & Pinkse, J. (2016). The Effect of Small Firms’ Competitive Strategies on Their Community and Environmental Engagement. Journal of Cleaner Production, 129, 578–585. https://doi.org/10.1016/j.jclepro.2016.03.141
Paulus, A. L., & Murdapa, P. S. (2016). Pemanfaatan Teori Resource-Based View Pada Ritel Minimarket : Implikasinya Terhadap Strategi Dan Keunggulan Bersaing. Jurnal Riset Ekonomi Dan Manajemen, 16(2), 215–224. https://doi.org/10.17970/jrem.16.160204.id
Peterson, D. K. (2018). Enhancing Corporate Reputation Through Corporate Philanthropy. Journal of Strategy and Management, 11(1), 18–32. https://doi.org/https://doi.org/10.1108/JSMA-10-2016-0068
Porter, E. M. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
Rokhlinasari, S. (2015). Teori-Teori dalam Pengungkapan Informasi Corporate Social Responsibility. Jurnal Kajian Ekonomi Dan Perbankan Syariah, 7(1), 1–11.
Saeed, M. A. L. I. (2018). Corporate Philanthropy and Corporate Financial Performance : Empirical Evidences From Non-Financial Sectors of Pakistan. International Journal of Management and Applied Science, 4(9), 1–11.
Sastriana, D., & Fuad, F. (2013). Pengaruh Corporate Governance dan Firm Size Terhadap Perusahaan yang Mengalami Kesulitan Keuangan (Financial Distress). Diponegoro Journal of Accounting, 2(3), 1–10.
Shahid, M. N., Abbas, A., Latif, K., Attique, A., & Khalid, S. (2020). The Mediating Role of Board Size, Philanthropy and Working Capital Management between Basic Corporate Governance Factors and Firm’s Performance. Journal of Asian Business and Economic Studies, 27(2), 135–151. https://doi.org/10.1108/JABES-07-2018-0050
Singh, P., & Agarwal, N. C. (2002). The Effects of Firm Strategy on the Level and Structure of Executive Compensation. Canadian Journal of Administrative Sciences/Revue Canadienne Des Sciences de I’Administration, 19(1), 42–56. https://doi.org/https://doi.org/10.1111/j.1936-4490.2002.tb00668.x
Taher, M. (2012). Resource-Based View Theory. Springer, 28, 151–163. https://doi.org/10.1007/978-1-4419-6108-2
Taruno, S. aji. (2013). Pengaruh Corporate Governance terhadap Kualitas Laba: Manajemen Laba sebagai Variabel Intervening. Accounting Analysis Journal, 2(3), 323–329.
Veltri, S., & Silvestri, A. (2011). Direct and Indirect Effects of Human Capital on Firm Value: Evidence from Italian Companies. Journal of Human Resource Costing & Accounting, 15(3), 232–254. https://doi.org/10.1108/14013381111178596
Wang, K., Miao, Y., Su, C.-H., Chen, M.-H., Wu, Z., & Wang, T. (2019). Does Corporate Charitable Giving Help Sustain Corporate Performance in China? Sustainability, 11(5), 1491–1508. https://doi.org/10.3390/su11051491
Widiyanto. Danar. (2022, September 25). BKKBN Bersama Swasta Perkuat Kemitraan dalam Percepatan Penurunan Stunting. Krjogja.Com. https://www.krjogja.com/nasional/1242466621/bkkbn-bersama-swasta-perkuat-kemitraan-dalam-percepatan-penurunan-stunting
Wijaya, B. I., & Sedana, I. B. P. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi). E-Jurnal Manajemen Universitas Udayana, 4(12), 4477–4500.
Ackermann, F., & Eden, C. (2011). Strategic Management of Stakeholders: Theory and Practice. Long Range Planning, 44(3), 179–196. https://doi.org/10.1016/j.lrp.2010.08.001
Agustia, D., Muhammad, N. P. A., & Permatasari, Y. (2020). Earnings Management, Business Strategy, and Bankruptcy Risk: Evidence from Indonesia. Heliyon, 6(2). https://doi.org/10.1016/j.heliyon.2020.e03317
Al-Shaer, H., Kuzey, C., Uyar, A., & Karaman, A. S. (2023). Corporate Strategy, Board Composition, and Firm Value. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.2827
Amit, R., & Schoemaker, P. J. H. (1993). Strategic assets and organizational rent. Strategic Management Journal, 14(1), 33–46. https://doi.org/10.1002/smj.4250140105
Ananzeh, H., Al Amosh, H., & Albitar, K. (2022). The Effect of Corporate Governance Quality and Its Mechanisms on Firm Philanthropic Donations: Evidence from The UK. International Journal of Accounting & Information Management, 30(4), 477–501. https://doi.org/10.1108/IJAIM-12-2021-0248
Balachandran, B., & Faff, R. (2015). Corporate Governance, Firm Value and Risk: Past, Present, and Future. Pacific Basin Finance Journal, 35, 1–12. https://doi.org/10.1016/j.pacfin.2015.07.002
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Buana, R., & Wahyudin, A. (2016). The Roles of Profitability Moderating Corporate Governance on Earnings Quality. Accounting Analysis Journal, 5(3), 213–219. https://doi.org/10.15294/aaj.v5i3.11583
Cha, W., & Rajadhyaksha, U. (2021). What Do We Know About Corporate Philanthropy? A Review and Research Directions. Business Ethics, the Environment and Responsibility, 30(3), 262–286. https://doi.org/10.1111/beer.12341
Chen, C. J., Guo, R. S., Hsiao, Y. C., & Chen, K. L. (2018). How Business Strategy in Non-financial Firms Moderates the Curvilinear Effects of Corporate Social Responsibility and Irresponsibility on Corporate Financial Performance. Journal of Business Research, 92, 154–167. https://doi.org/10.1016/j.jbusres.2018.07.030
Chen, M. H., & Lin, C. P. (2015). Understanding Corporate Philanthropy in the Hospitality Industry. International Journal of Hospitality Management, 48, 150–160. https://doi.org/10.1016/j.ijhm.2015.04.001
Daromes, F. E., & Gunawan, S. R. (2020). Joint impact of Philanthropy and Corporate Reputation on Firm Value. Jurnal Dinamika Akuntansi, 12(1), 1–13. https://doi.org/10.15294/jda.v12i1.21747
Du Plessis, J. J., Hargovan, A., Harris, J. R., & Bath, V. (2018). Principles of Contemporary Corporate Governance (Fourth). Cambridge University Press.
Elkington, J. (1994). Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development. Corporate Environmental Responsibility, 36(2), 90–100.
Freeman, R. E. (1984). Strategic Management : A Stakeholder Approach. Pitman.
Freeman, R. E., & Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3), 88–106. https://doi.org/10.5897/ajmr2014.7057
Gani, L., & Jermias, J. (2006). Investigating the Effect of Board Independence on Performance Across Different Strategies. International Journal of Accounting, 41(3), 295–314. https://doi.org/10.1016/j.intacc.2006.07.009
Gao, Y., Lin, Y. L., & Yang, H. (2017). What’s the Value in It? Corporate Giving Under Uncertainty. Asia Pacific Journal of Management, 34(1), 215–240. https://doi.org/10.1007/s10490-016-9478-8
Hambrick, D. C. (1983). High Profit Strategies in Mature Capital Goods Industries: A Contingency Approach. Academy of Management Journal, 26(4), 687–707. https://doi.org/10.5465/255916
Hanifah, U. (2016). Aktualitas Carbon Emission Disclosure : Sebagai Dasar Dan Arah Pengembangan Triple Bottom Line. Seminar Nasional Dan The 3rd Call for Syariah Paper, 17, 125–135.
Harrison, J. S., & Wicks, A. C. (2013). Stakeholder Theory, Value, and Firm Performance. Business Ethics Quarterly, 23(1), 97–124. https://doi.org/10.5840/beq20132314
Holly, A. (2018). Determinan Nilai Perusahaan di Bursa Efek Indonesia. Simak, 16(02), 101–118. https://doi.org/10.35129/simak.v16i02.44
Hu, Y., Chen, S., Shao, Y., & Gao, S. (2018). CSR and Firm Value: Evidence from China. Sustainability (Switzerland), 10(12). https://doi.org/10.3390/su10124597
Iswara, P. W. (2014). Corporate Governance Dan Kinerja Keuangan. Jurnal Akuntansi, Ekonomi, Dan Manajemen Bisnis, 2(2), 121–131. https://doi.org/10.31227/osf.io/mwt52
Junizar. (2015). Pengaruh Corporate Governance terhadap Hubungan Corporate Social Responsibility dengan Nilai Perusahaan. Jurnal Magister Akuntansi Pascasarjana Universitas Syiah Kuala, 4(1), 65–73.
Kong, D., Yang, Y., & Wang, Q. (2023). Innovative Efficiency and Firm Value: Evidence from China. Finance Research Letters, 52, 103557. https://doi.org/10.1016/j.frl.2022.103557
Kull, A. J., Mena, J. A., & Korschun, D. (2016). A Resource-Based View of Stakeholder Marketing. Journal of Business Research, 69(12), 5553–5560. https://doi.org/10.1016/j.jbusres.2016.03.063
Kusumayanti, N. K. R., & Astika, I. B. P. (2016). Corporate Social Responsibility Sebagai Pemediasi Pengaruh Ukuran Perusahaan, Profitabilitas Dan Leverage Pada Nilai Perusahaan. E-Jurnal Akuntansi, 15(1), 549–583.
Lawless, M. W., & Finch, L. K. (1989). Choice and Determinism: A Test of Hrebiniak and Joyce’s Framework on Strategy-Environment Fit. Strategic Management Journal, 10(4), 351–365.
Limbunan, T., & Daromes, F. E. (2022). Testing the Determinants of Corporate Reputation and Their Impact on Market Valuation. Jurnal Akuntansi, 26(2), 263–279. https://doi.org/10.24912/ja.v26i2.934
Mardi, M., Hermanto, H., & Widyastuti, E. (2019). Faktor – Faktor yang Mempengaruhi Nilai Perusahaan melalui Corporate Social Responsibility (CSR). E-Jurnal Akuntansi, 26, 1518. https://doi.org/10.24843/eja.2019.v26.i02.p25
Miles, R. E., & Snow, C. C. (1978). Organizational Strategy, Structure, and Process. McGraw-Hill.
Monita, E., & Wiratmaja, I. D. N. (2018). Pengaruh Philanthropy Disclosure terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 23(2), 1146–1170. https://doi.org/https://doi.org/10.24843/EJA.2018.v23.i02.p13
Mulyono, F. (2013). Sumber Daya Perusahaan dalam Teori Resource-based View. Jurnal Administrasi Bisnis, 9(1), 59–78.
Naciti, V., Cesaroni, F., & Pulejo, L. (2022). Corporate Governance and Sustainability: A Review of the Existing Literature. Journal of Management and Governance, 26(1), 55–74. https://doi.org/10.1007/s10997-020-09554-6
Nazir, M. S., & Afza, T. (2018). Does Managerial Behavior of Managing Earnings Mitigate the Relationship Between Corporate Governance and Firm Value? Evidence from an Emerging Market. Future Business Journal, 4(1), 139–156. https://doi.org/10.1016/j.fbj.2018.03.001
Ng, S., DAROMES, F. E., Lukita, M., Bangun, Y. K., & Lukman, L. (2020). Filantropi sebagai Prediktor Nilai Perusahaan melalui Kinerja Keuangan. INDONESIAN JOURNAL OF ACCOUNTING AND GOVERNANCE, 4(2), 27–56. https://doi.org/10.36766/ijag.v4i2.125
OECD. (1999). OECD Principles of Corporate Governance Organisation. Meeting of the OECD Council at Ministerial Level.
Ouma, W. N. (2020). Corporate Philanthropy and Firm Value in Africa: A Case Study of Selected Firms in South Africa. International Review of Philanthropy and Social Investment, 1(1). https://doi.org/10.47019/irpsi.2020/v1n1a4
Panwar, R., Nybakk, E., Hansen, E., & Pinkse, J. (2016). The Effect of Small Firms’ Competitive Strategies on Their Community and Environmental Engagement. Journal of Cleaner Production, 129, 578–585. https://doi.org/10.1016/j.jclepro.2016.03.141
Paulus, A. L., & Murdapa, P. S. (2016). Pemanfaatan Teori Resource-Based View Pada Ritel Minimarket : Implikasinya Terhadap Strategi Dan Keunggulan Bersaing. Jurnal Riset Ekonomi Dan Manajemen, 16(2), 215–224. https://doi.org/10.17970/jrem.16.160204.id
Peterson, D. K. (2018). Enhancing Corporate Reputation Through Corporate Philanthropy. Journal of Strategy and Management, 11(1), 18–32. https://doi.org/https://doi.org/10.1108/JSMA-10-2016-0068
Porter, E. M. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
Rokhlinasari, S. (2015). Teori-Teori dalam Pengungkapan Informasi Corporate Social Responsibility. Jurnal Kajian Ekonomi Dan Perbankan Syariah, 7(1), 1–11.
Saeed, M. A. L. I. (2018). Corporate Philanthropy and Corporate Financial Performance : Empirical Evidences From Non-Financial Sectors of Pakistan. International Journal of Management and Applied Science, 4(9), 1–11.
Sastriana, D., & Fuad, F. (2013). Pengaruh Corporate Governance dan Firm Size Terhadap Perusahaan yang Mengalami Kesulitan Keuangan (Financial Distress). Diponegoro Journal of Accounting, 2(3), 1–10.
Shahid, M. N., Abbas, A., Latif, K., Attique, A., & Khalid, S. (2020). The Mediating Role of Board Size, Philanthropy and Working Capital Management between Basic Corporate Governance Factors and Firm’s Performance. Journal of Asian Business and Economic Studies, 27(2), 135–151. https://doi.org/10.1108/JABES-07-2018-0050
Singh, P., & Agarwal, N. C. (2002). The Effects of Firm Strategy on the Level and Structure of Executive Compensation. Canadian Journal of Administrative Sciences/Revue Canadienne Des Sciences de I’Administration, 19(1), 42–56. https://doi.org/https://doi.org/10.1111/j.1936-4490.2002.tb00668.x
Taher, M. (2012). Resource-Based View Theory. Springer, 28, 151–163. https://doi.org/10.1007/978-1-4419-6108-2
Taruno, S. aji. (2013). Pengaruh Corporate Governance terhadap Kualitas Laba: Manajemen Laba sebagai Variabel Intervening. Accounting Analysis Journal, 2(3), 323–329.
Veltri, S., & Silvestri, A. (2011). Direct and Indirect Effects of Human Capital on Firm Value: Evidence from Italian Companies. Journal of Human Resource Costing & Accounting, 15(3), 232–254. https://doi.org/10.1108/14013381111178596
Wang, K., Miao, Y., Su, C.-H., Chen, M.-H., Wu, Z., & Wang, T. (2019). Does Corporate Charitable Giving Help Sustain Corporate Performance in China? Sustainability, 11(5), 1491–1508. https://doi.org/10.3390/su11051491
Widiyanto. Danar. (2022, September 25). BKKBN Bersama Swasta Perkuat Kemitraan dalam Percepatan Penurunan Stunting. Krjogja.Com. https://www.krjogja.com/nasional/1242466621/bkkbn-bersama-swasta-perkuat-kemitraan-dalam-percepatan-penurunan-stunting
Wijaya, B. I., & Sedana, I. B. P. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi). E-Jurnal Manajemen Universitas Udayana, 4(12), 4477–4500.