The Role of Enterprise Risk Management as an Intervening Variable in Good Corporate Governance on the Value of Firm in the Banking Sub-Sector
DOI:
https://doi.org/10.30741/wiga.v15i2.1532Keywords:
Good Corporate Governance, Enterprise Risk Management, Firm Value, Risk Management Committee, Auditor ReputationAbstract
Every business faces inevitable risks, especially amid economic uncertainty and competition. Enterprise Risk Management (ERM) plays a vital role in protecting and enhancing firm value through informed decision-making. Good Corporate Governance (GCG) supports ERM by improving transparency and investor confidence. This study examines the effect of managerial ownership, institutional ownership, independent commissioners, Risk Management Committee (RMC), and auditor reputation on firm value in the banking sector, both directly and through ERM as an intervening variable. Using an explanatory quantitative approach with secondary data from banking companies listed on the Indonesia Stock Exchange (2019–2023), the analysis was conducted using Partial Least Squares (PLS). The results reveal that managerial ownership, institutional ownership, and independent commissioners do not significantly affect firm value. The RMC and auditor reputation (especially from Big Four firms) positively influence ERM implementation, though auditor reputation does not directly affect firm value. However, ERM effectively enhances firm value and mediates the relationship between auditor reputation and firm value. Strengthening a comprehensive ERM framework is essential to improve corporate risk management and firm performance.
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Handayani, B. D. (2017). Mekanisme Corporate Governance, Enterprise Risk Management, dan Nilai Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan.
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Jamaluddin, J., Hermanto, S. B., & Fidiana, F. (2020). Mekanisme Corporate Governance Terhadap Nilai Perusahaan Dengan Enterprise Risk Management Sebagai Variabel Intervening. Wahana: Jurnal Ekonomi, Manajemen Dan Akuntansi, 23(1), 59–80. https://doi.org/10.35591/wahana.v23i1.185
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Pangestuti, K. D., & Susilowati, Y. (2017). Komisaris Independen, Reputasi Auditor, Konsentrasi Kepemilikan, Dan Ukuran Perusahaan Terhadap Pengungkapan Enterprise Risk. Dinamika Akuntansi, Keuangan Dan Perbankan, 6(2), 164–175.
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Rahman, R. A., & Ali, F. H. M. (2006). Board, audit committee, culture and earnings management: Malaysian evidence. Managerial Auditing Journal, 21(7), 783–804.
Rahmawati, D. R., & Harymawan, I. (2022). The Effect of Voluntary Risk Management Disclosure and Risk Management Committee on Firm Value. Journal of Theoretical and Applied Management, 15(3), 423–432.
Rasmini, N. K. (2019). Pengaruh Kepemilikan Manajerial pada Nilai Perusahaan dengan Pengungkapan Enterprise Risk Management Sebagai Variabel Pemoderasi. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 13(2), 234–242.
Rini, K. P., & Zakiyah, T. (2020). Anteseden dari Pengungkapan Enterprise Risk Management pada Perusahaan yang Terdaftar di Indeks LQ45. Jurnal Baabu Al-Ilmi, 5(1), 90–103.
Sajida, Y. A., & Purwanto, A. (2021). Analisis Pengaruh Enterprise Risk Management (Erm) Dan Good Corporate Governance (Gcg) Terhadap Nilai Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2017-2019. Diponegoro Journal of Accounting, 10(4), 1–14. http://ejournal-s1.undip.ac.id/index.php/accounting
Setiawati, L., Kurniawan, I. S., & Lahaya, I. A. (2022). The influence of enterprise risk management disclosure and intellectual capital disclosure on the value of companies with an independent board of commissioners as moderation variables. JEBM INOVASI: Jurnal Ekonomi, Keuangan Dan Manajemen, 18(Special Issues), 38–48.
Sugiharto, Ratnawati, H. T., & Moehaditoyo, S. H. (2016). Risk Management Mediates the Influence of Good Corporate Governance, Managerial Shareholder, and Leverage on Firm Value. IOSR Journal of Business and Management, 18(11), 62–70. https://doi.org/10.9790/487X-1811066270
Sulistyaningsih, & Gunawan, B. (2016). Analisis Faktor-Faktor Yang Memengaruhirisk Management Disclosure. Riset Akuntansi Dan Keuangan Indonesia, 1(1), 1–11.
Swarte, W., Lindrianasari, Prasetyo, T. J., Sudrajat, & Darma, F. (2019). Pengaruh Struktur Kepemilikan dan Tata Kelola Perusahaan Terhadap Pengungkapan Manajemen Risiko. Ekuitas: Jurnal Ekonomi Dan Keuangan, 3(4), 505 – 523. file:///C:/Users/LENOVO/Downloads/4205-Article Text-2317-1-10-20200323.pdf
Syofian, A., & Sebrina, N. (2021). Pengaruh Reputasi Underwriter, Reputasi Auditor, dan Ukuran Perusahaan terhadap Underpricing Perusahaan yang Melakukan Initial Public Offering (IPO) di BEI. JEA: Jurnal Eksplorasi Akuntansi, 3(1), 137–152.
Tarantika, R. A., & Solikhah, B. (2019). Pengaruh Karakteristik Perusahaan, Karakteristik Dewan Komisaris dan Reputasi Auditor Terhadap Pengungkapan Manajemen Risiko. Journal of Economic, Management, Accounting and Technology (JEMATech), 2(2), 142–155.
Wida, N. P., & Suartana, I. W. (2014). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 9(3), 575–590. file:///C:/Users/user/Downloads/9317-1-20457-1-10-20141208.pdf
Yohendra, C. L., & Susanty, M. (2019). Tata Kelola Perusahaan dan Nilai Perusahaan. Jurnal Bisnis Dan Akuntansi, 21(1), 113–128. file:///C:/Users/user/Downloads/505-Article Text-1373-1-10-20191029.pdf
Abdillah, W., Hartono, J., & Usman, B. (2020). Konsep dan Aplikasi Structural Equation Modelling Berbasis Varian Dalam Penelitian Bisnis (2nd ed.). UPP STIM YKPN.
Gunawan, B., & Zakiyah, Y. N. (2017). Pengaruh Mekanisme Corporate Governance, Ukuran Perusahaan, dan Leverage Terhadap Risk Management Disclosure. Jurnal Ekspansi, 9(1), 1–18.
Handayani, B. D. (2017). Mekanisme Corporate Governance, Enterprise Risk Management, dan Nilai Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan.
Hartono, J. (2018). Strategi Penelitian Bisnis (J. Hartono (ed.)). ANDI. https://www.google.co.id/books/edition/Strategi_Penelitian_Bisnis/ETgEEAAAQBAJ?hl=id&gbpv=1&dq=penelitian+penjelasan+(explanatory+research)&pg=PA110&printsec=frontcover
Haryanti, N. A., & Hardiyanti, W. (2022). Pengaruh Komisaris Independen, Leverage, Profitabilitas, dan Risk Management Committee (RMC) terhadap Pengungkapan Enterprise Risk Management. Jurnal Ilmiah Akuntansi Dan Keuangan, 4(3), 1466–1485. https://journal.ikopin.ac.id/index.php/fairvalue/article/view/839/1379
Husaini, H., & Rafika, I. (2021). Corporate Governance, Enterprise Risk Management Dan Nilai Perusahaan. Jurnal Fairness, 4(1), 23–36. https://doi.org/10.33369/fairness.v4i1.15298
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/AJAR-06-2018-0006
Jamaluddin, J., Hermanto, S. B., & Fidiana, F. (2020). Mekanisme Corporate Governance Terhadap Nilai Perusahaan Dengan Enterprise Risk Management Sebagai Variabel Intervening. Wahana: Jurnal Ekonomi, Manajemen Dan Akuntansi, 23(1), 59–80. https://doi.org/10.35591/wahana.v23i1.185
Janitra, M. M., & Moin, A. (2023). Pengaruh Corporate Governance terhadap Pengungkapan Enterprise Risk Management (Studi Empiris pada Perusahaan Keluarga yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015-2019). Indonesian Journal of Economics, Business, Accounting, and Management, 1(5), 29–48. file:///C:/Users/LENOVO/Downloads/IJEBAM+Vol+1+No+5+Artikel+Penelitian+Ke+2.pdf
Kalsum, U., Hidayat, R., & Mawarni, I. (2023). Kepemilikan Institusional, Struktur Modal, Kebijakan Dividen, dan Nilai Perusahaan pada Sub Sektor Makanan dan Minuman. Journal of Management Small and Medium Enterprise (SME’s), 16(2), 225–236. file:///C:/Users/user/Downloads/8730-Article Text-37743-1-10-20230620.pdf
Kartiko Dewi Pangestuti, & Yeye Susilowati. (2017). Komisaris Independen, Reputasi Auditor, Konsentrasi Kepemilikan, Dan Ukuran Perusahaan Terhadap Pengungkapan Enterprise Risk Management. Dinamika Akuntansi, Keuangan Dan Perbankan, 6(2), 164–175.
Kasmir. (2022). Pengantar Metodologi Penelitian (Untuk Ilmu Manajemen, Akuntansi dan Bisnis). PT Rajagrafindo Persada.
Kurniawati, H. (2016). Pengaruh Board Size, Leverage dan Kualitas Audit terhadap Nilai Perusahaan. Jurnal Keuangan Dan Perbankan, 12(2), 110–127. file:///C:/Users/user/Downloads/22-Article Text-63-1-10-20170321.pdf
Laiya, S. R., Monoarfa, M. A. S., & Dungga, M. F. (2023). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Sektor Aneka Industri Yang Terdaftar Di Bursa Efek Indonesia Periode 2017- 2019). JAMBURA: Jurnal Ilmiah Manajemen Dan Bisnis, 5(3), 1019–1030.
O’Sullivan, N. (1997). Insuring the Agents: The Role of Directors’ and Officers’ Insurance in Corporate Governance. Journal of Risk and Insurance, 64(3), 545–556.
Oktaviana, I. R., & Puspitasari, E. (2022). Pengaruh Good Corporate Governance terhadap pengungkapan enterprise risk management pada perusahaan manufaktur. Fair Value : Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2), 826–836.
Pangestuti, K. D., & Susilowati, Y. (2017). Komisaris Independen, Reputasi Auditor, Konsentrasi Kepemilikan, Dan Ukuran Perusahaan Terhadap Pengungkapan Enterprise Risk. Dinamika Akuntansi, Keuangan Dan Perbankan, 6(2), 164–175.
Patrisia, D., Fitra, H., & Febriant, L. (2019). Pengaruh Kepemilikan Keluarga dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Ilmiah Manajemen Dan Bisnis, 4(2), 1–16. file:///C:/Users/user/Downloads/2300-Article Text-5170-1-10-20200505.pdf
Pramesworo, I. S., & Evi, T. (2021). Corporate Value is Affected by Good Corporate Governance and Corporate Social Responsibility in State-Owned Business (BUMN) Companies Registered on IDX 2014 - 2018 period. European Journal of Business and Management Research, 6(1), 188–196.
Rahman, R. A., & Ali, F. H. M. (2006). Board, audit committee, culture and earnings management: Malaysian evidence. Managerial Auditing Journal, 21(7), 783–804.
Rahmawati, D. R., & Harymawan, I. (2022). The Effect of Voluntary Risk Management Disclosure and Risk Management Committee on Firm Value. Journal of Theoretical and Applied Management, 15(3), 423–432.
Rasmini, N. K. (2019). Pengaruh Kepemilikan Manajerial pada Nilai Perusahaan dengan Pengungkapan Enterprise Risk Management Sebagai Variabel Pemoderasi. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 13(2), 234–242.
Rini, K. P., & Zakiyah, T. (2020). Anteseden dari Pengungkapan Enterprise Risk Management pada Perusahaan yang Terdaftar di Indeks LQ45. Jurnal Baabu Al-Ilmi, 5(1), 90–103.
Sajida, Y. A., & Purwanto, A. (2021). Analisis Pengaruh Enterprise Risk Management (Erm) Dan Good Corporate Governance (Gcg) Terhadap Nilai Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2017-2019. Diponegoro Journal of Accounting, 10(4), 1–14. http://ejournal-s1.undip.ac.id/index.php/accounting
Setiawati, L., Kurniawan, I. S., & Lahaya, I. A. (2022). The influence of enterprise risk management disclosure and intellectual capital disclosure on the value of companies with an independent board of commissioners as moderation variables. JEBM INOVASI: Jurnal Ekonomi, Keuangan Dan Manajemen, 18(Special Issues), 38–48.
Sugiharto, Ratnawati, H. T., & Moehaditoyo, S. H. (2016). Risk Management Mediates the Influence of Good Corporate Governance, Managerial Shareholder, and Leverage on Firm Value. IOSR Journal of Business and Management, 18(11), 62–70. https://doi.org/10.9790/487X-1811066270
Sulistyaningsih, & Gunawan, B. (2016). Analisis Faktor-Faktor Yang Memengaruhirisk Management Disclosure. Riset Akuntansi Dan Keuangan Indonesia, 1(1), 1–11.
Swarte, W., Lindrianasari, Prasetyo, T. J., Sudrajat, & Darma, F. (2019). Pengaruh Struktur Kepemilikan dan Tata Kelola Perusahaan Terhadap Pengungkapan Manajemen Risiko. Ekuitas: Jurnal Ekonomi Dan Keuangan, 3(4), 505 – 523. file:///C:/Users/LENOVO/Downloads/4205-Article Text-2317-1-10-20200323.pdf
Syofian, A., & Sebrina, N. (2021). Pengaruh Reputasi Underwriter, Reputasi Auditor, dan Ukuran Perusahaan terhadap Underpricing Perusahaan yang Melakukan Initial Public Offering (IPO) di BEI. JEA: Jurnal Eksplorasi Akuntansi, 3(1), 137–152.
Tarantika, R. A., & Solikhah, B. (2019). Pengaruh Karakteristik Perusahaan, Karakteristik Dewan Komisaris dan Reputasi Auditor Terhadap Pengungkapan Manajemen Risiko. Journal of Economic, Management, Accounting and Technology (JEMATech), 2(2), 142–155.
Wida, N. P., & Suartana, I. W. (2014). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 9(3), 575–590. file:///C:/Users/user/Downloads/9317-1-20457-1-10-20141208.pdf
Yohendra, C. L., & Susanty, M. (2019). Tata Kelola Perusahaan dan Nilai Perusahaan. Jurnal Bisnis Dan Akuntansi, 21(1), 113–128. file:///C:/Users/user/Downloads/505-Article Text-1373-1-10-20191029.pdf
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