PENGARUH ENTERPRISE RISK MANAGEMENT TERHADAP CORPORATE VALUE PADA PERUSAHAAN MANUFAKTUR DENGAN FIRM SIZE, LEVERAGE, DAN AGE SEBAGAI VARIABEL KONTROL
Kata Kunci:
Corporate Value, Enterprise Risk Management, Perusahaan Manufaktur
Abstrak
Munculnya risiko dalam kegiatan bisnis perusahaan berpotensi menghambat kinerja perusahaan dalam memaksimalkan nilai perusahaan sehingga dapat mempengaruhi kekayaan yang dimiliki oleh pemegang saham. Tujuan dalam penelitian adalah mengetahui pengaruh Enterprise Risk Management (ERM) terhadap corporate value. Terdapat 87 perusahaan manufaktur yang memenuhi kriteria digunakan sebagai sampel dalam penelitian ini setelah dilakukan purposive sampling. Sumber data pada penelitian ini merupakan data sekunder yaitu laporan keuangan dan laporan tahunan tahun 2016-2020 dari setiap sampel perusahaan dan akan dibantu oleh program software Stata 13 dalam pengujian data. Dalam penelitian ini juga menggunakan 3 variabel kontrol yaitu firm size, leverage, dan age. Diperoleh hasil penelitian yaitu pengaruh signifikan positif ERM terhadap corporate value. Robustness test menunjukkan bahwa hasil penelitian yang ditemukan valid serta tidak bias karena adanya persamaan hasil yang diperoleh saat uji regresi dan robustness test. Hasil penelitian ini berimplikasi pada regulator, praktisi, dan akademisi. Lewat adanya penemuan ini memberikan dukungan pada perusahaan untuk mengadopsi sistem manajemen risiko yang lebih terintegrasi dan komprehensif yaitu ERM.
Referensi
Adi, T. W. (2020). The Influence of Risk Management on Financial Performance and Firm Value: A Case Study on Companies of Crude Petroleum and Natural Gas Production Sector Listed at the IDX 2016 – 2019. European Journal of Business and Management. https://doi.org/10.7176/ejbm/12-23-14
Agustina, L., & Baroroh, N. (2016). The Relationship between Enterprise Risk Management (ERM) and Firm Value Mediated through The Financial Performance. Review of Integrative Business and Economics Research, 5(1), 128–138.
Anton, S. G. (2018). The Impact of Enterprise Risk Management on Firm Value: Empirical Evidence from Romanian Non-Financial Firms. Engineering Economics, 29(2), 151–157. https://doi.org/10.5755/j01.ee.29.2.16426
Aprilyani, I., Widyarti, H., & Hamidah, N. (2021). The Effect of ERM, Firm Size, Leverage, Profitability and Dividend Policy on Firm Value (Evidence From Food & Beverage Sub Sector Companies Listed in IDX 2015-2019). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan, 4(1), 65–75. https://jurnal.polines.ac.id/index.php/akunbisnis/article/view/2663
Badan Pusat Statistik. (2021). Perkembangan Indeks Produksi Industri Manufaktur 2021.
Candy. (2021). Best Practice of Enterprise Risk Management : The Impact on Rurals’ Bank Performance. International Journal of Economics, Business and Accounting Research (IJEBAR), 2021(2), 231–237.
Creswell, J. W., & Creswell, J. D. (2018). Research and Design Qualitative, Quantitative and Mixed Methods Approaches. In Thousand Oaks California.
Fadhilah, M., & Sukmaningrum, P. S. (2020). Pengaruh Enterprise Risk Management (Erm), Kinerja Perusahaan Dan Size Terhadap Nilai Perusahaan. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(5), 926. https://doi.org/10.20473/vol7iss20205pp926-939
Faisal, M., & Challen, A. E. (2021). Enterprise Risk Management and Firm Value: The Role of Board Monitoring. Asia Pacific Fraud Journal, 6(1), 182. https://doi.org/10.21532/apfjournal.v6i1.204
Farida, F., Ramadhan, A., & Wijayanti, R. (2019). The Influence of Good Corporate Governance and Corporate Social Responsibility on Firm Value: Evidence from Indonesia. International Journal of Economics and Financial Research, 5(57), 177–183. https://doi.org/10.32861/ijefr.57.177.183
Fauziah, F., Sabtohadi, J., Al Manar, S., & Surya, E. A. (2022). Pengaruh Enterprise Risk Management, Return on Asset, Managerial Ownership dan Firm Size terhadap Firm Value. Media Bina Ilmiah, 17(3), 419–432.
Ferreira, S. L. C., Caires, A. O., Borges, T. da S., Lima, A. M. D. S., Silva, L. O. B., & dos Santos, W. N. L. (2017). Robustness Evaluation in Analytical Methods Optimized using Experimental Designs. Microchemical Journal, 131, 163–169. https://doi.org/10.1016/j.microc.2016.12.004
Handayani, B. D. (2017). Mekanisme Corporate Governance, Enterprise Risk Management, Dan Nilai Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan, 21(1), 70–81. https://doi.org/10.26905/jkdp.v21i1.1228
Hinayah, & Fauziah, F. (2022). Analisis Pengaruh ERM dan Firm Size terhadap Firm Value pada Perusahaan Pertambangan Batu Bara yang Terdaftar di Bursa Efek Indonesia. Borneo Student Research, 3(3), 3120–3126.
Husaini, & Saiful. (2017). Enterprise Risk Management, Corporate Governance and Firm Value: Empirical Evidence from Indonesian Public Listed Companies. International Journal of Advances in Management and Economics, 6(6), 16–23. www.managementjournal.info
Husaini, Saiful, Saputra, J., & Albra, W. (2019). A Study of Supply Chain Manangement of Board Composition, Enterprise Risk Management, and Performance of non and Islamic Companies in Indonesia. International Journal of Supply Chain Management, 8(5), 349–357.
I, I, Ida, & Rahyuda, H. (2020). Impact of Structural Capital and Company Size on the Growth of Firm Value through Financial Performance with Good Corporate Governance as a Moderating Variable: Property and Real Estate Business in Indonesia. International Journal of Economics and Business Administration, VIII(Issue 4), 332–352. https://doi.org/10.35808/ijeba/591
Ilmi, M., Kustono, A. S., & Sayekti, Y. (2017). Effect of Good Corporate Governance , Corporate Social Responsibility Disclosure and Managerial Ownership To the Corporate Value With Financial Performance As Intervening Variables : Case on Indonesia Stock Exchange. 1, 75–88.
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
Manu, R. E. H. R., Alhabsji, T., Taher, S. M., & Nuzula, N. F. (2019a). The Effect of Corporate Governance on Profitability, Capital Structure and Corporate Value. Research Journal of Finance and Accounting, 10(2019). https://doi.org/10.7176/RJFA
Manu, R. E. H. R., Alhabsji, T., Taher, S. M., & Nuzula, N. F. (2019b). The Effect of Corporate Governance on Profitability, Capital Structure and Corporate Value. Research Journal of Finance and Accounting, 10(2019). https://doi.org/10.7176/RJFA
Manurung, E., Effrida, E., & Gondowonto, A. J. (2019). Effect of Financial Performance, Good Corporate Governance and Corporate Size on Corporate Value in Food and Beverages. International Journal of Economics and Financial Issues, 9(6), 100–105. https://doi.org/10.32479/ijefi.8828
Mottoh, D. D., & Sutrisno, P. (2020). The Impact of Enterprise Risk Management, Earnings Volatility, Firm Characteristics To Firm Value. International Journal of Business, Economics and Law, 23(1), 181–191.
Phan, T. D., Dang, T. H., Nguyen, T. D. T., Ngo, T. T. N., & Hoang, T. H. Le. (2020). The Effect of Enterprise Risk Management on Firm Value: Evidence from Vietnam Industry Listed Enterprises. Accounting, 6(4), 473–480. https://doi.org/10.5267/j.ac.2020.4.011
Rahmadianti, D. P., & Asandimitra, N. (2017). Internal Factors, Corporate Governance, Corporate Social Resposibility Disclosure and Company Value in Indonesia. International Journal of Applied Business and Economic Research, 15(4), 439–445.
Rao, A. (2021). Empirical Analysis of Joint Impact of Enterprise Risk Management and Corporate Governance on GCC Firm Value. SSRN.
Ratnasari, D., Chomsatu Samrotun, Y., & Wijayanti, A. (2018). Effect of Financial Performance and Good Corporate Governance on Value of Company. EBA Journal: Journal Economics, Bussines and Accounting, 4(2), 10–21. https://doi.org/10.32492/eba.v4i2.610
Rivandi, M. (2018). Pengaruh Enterprise Risk Management Disclosure dan Corporate Governance Terhadap Nilai Perusahaan. Jurnal Benefita, 3(2), 137. https://doi.org/10.22216/jbe.v3i2.3113
Savitri, E., Gumanti, T. A., & Yulinda, N. (2020). Enterprise risk-based management disclosures and firm value of Indonesian finance companies. Problems and Perspectives in Management, 18(4), 414–422. https://doi.org/10.21511/ppm.18(4).2020.33
Septyanto, D., & Nugraha, I. M. (2021). The Influence of Enterprise Risk Management, Leverage, Firm Size and Profitability on Firm Value in Property and Real Estate Companies Listed on the Indonesian Stock Exchange in 2016-2018. KnE Social Sciences, 2021, 663–680. https://doi.org/10.18502/kss.v5i5.8850
Setiany, E., & Dedi. (2021). Enterprise Risk Management , Managerial Ownership and Institutional Ownership on Firm Value. International Journal of Innovative Science and Research Technology, 6(9), 531–537.
Sibarani, L., & Lusmeida, H. (2021). Impact of Good Corporate Governance Towards Corporate Value With Enterprise Risk Management As Moderating Variable (Empirical Study of Financial Companies Listed in Idx for the Period 2017-2019). Ultima Management : Jurnal Ilmu Manajemen, 13(1), 74–98. https://doi.org/10.31937/manajemen.v13i1.1957
Silva, J. R., Silva, A. F. da, & Chan, B. L. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil. Emerging Markets Finance and Trade, 55(3), 687–703. https://doi.org/10.1080/1540496X.2018.1460723
Solikhah, B., Wahyudin, A., & Rahmayanti, A. A. W. (2020). The Extent of Intellectual Capital Disclosure and Corporate Governance Mechanism to Increase Market Value. The Journal of Asian Finance, Economics and Business, 7(10), 119–128. https://doi.org/10.13106/jafeb.2020.vol7.no10.119
Sun, X. Q., Shen, H. W., Cheng, X. Q., & Zhang, Y. (2016). Market Confidence Predicts Stock Price: Beyond Supply and Demand. PLoS ONE, 11(7), 1–10. https://doi.org/10.1371/journal.pone.0158742
Trading Economics. (2022). Manufacturing PMI|ASIA. https://tradingeconomics.com/country-list/manufacturing-pmi?continent=asia
Utami, D., Sulastri, Adam, M., & Yuliani. (2021). Enterprise Risk Management on Firm Value : Empirical Study on Manufacturing Sector Companies Listed on the Indonesia Stock Exchange. International Journal of Economics, Business and Accounting Research (IJEBAR), 5(3), 656–662. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/2847/1502
Witjaksono, A., & Sari, R. P. (2021). The Effect of Enterprise Risk Management, Firm Size, Profitability, and Leverage on Firm Value. EAJ (Economic and Accounting Journal), 4(1), 71. https://doi.org/10.32493/eaj.v4i1.y2021.p71-81
Agustina, L., & Baroroh, N. (2016). The Relationship between Enterprise Risk Management (ERM) and Firm Value Mediated through The Financial Performance. Review of Integrative Business and Economics Research, 5(1), 128–138.
Anton, S. G. (2018). The Impact of Enterprise Risk Management on Firm Value: Empirical Evidence from Romanian Non-Financial Firms. Engineering Economics, 29(2), 151–157. https://doi.org/10.5755/j01.ee.29.2.16426
Aprilyani, I., Widyarti, H., & Hamidah, N. (2021). The Effect of ERM, Firm Size, Leverage, Profitability and Dividend Policy on Firm Value (Evidence From Food & Beverage Sub Sector Companies Listed in IDX 2015-2019). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan, 4(1), 65–75. https://jurnal.polines.ac.id/index.php/akunbisnis/article/view/2663
Badan Pusat Statistik. (2021). Perkembangan Indeks Produksi Industri Manufaktur 2021.
Candy. (2021). Best Practice of Enterprise Risk Management : The Impact on Rurals’ Bank Performance. International Journal of Economics, Business and Accounting Research (IJEBAR), 2021(2), 231–237.
Creswell, J. W., & Creswell, J. D. (2018). Research and Design Qualitative, Quantitative and Mixed Methods Approaches. In Thousand Oaks California.
Fadhilah, M., & Sukmaningrum, P. S. (2020). Pengaruh Enterprise Risk Management (Erm), Kinerja Perusahaan Dan Size Terhadap Nilai Perusahaan. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(5), 926. https://doi.org/10.20473/vol7iss20205pp926-939
Faisal, M., & Challen, A. E. (2021). Enterprise Risk Management and Firm Value: The Role of Board Monitoring. Asia Pacific Fraud Journal, 6(1), 182. https://doi.org/10.21532/apfjournal.v6i1.204
Farida, F., Ramadhan, A., & Wijayanti, R. (2019). The Influence of Good Corporate Governance and Corporate Social Responsibility on Firm Value: Evidence from Indonesia. International Journal of Economics and Financial Research, 5(57), 177–183. https://doi.org/10.32861/ijefr.57.177.183
Fauziah, F., Sabtohadi, J., Al Manar, S., & Surya, E. A. (2022). Pengaruh Enterprise Risk Management, Return on Asset, Managerial Ownership dan Firm Size terhadap Firm Value. Media Bina Ilmiah, 17(3), 419–432.
Ferreira, S. L. C., Caires, A. O., Borges, T. da S., Lima, A. M. D. S., Silva, L. O. B., & dos Santos, W. N. L. (2017). Robustness Evaluation in Analytical Methods Optimized using Experimental Designs. Microchemical Journal, 131, 163–169. https://doi.org/10.1016/j.microc.2016.12.004
Handayani, B. D. (2017). Mekanisme Corporate Governance, Enterprise Risk Management, Dan Nilai Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan, 21(1), 70–81. https://doi.org/10.26905/jkdp.v21i1.1228
Hinayah, & Fauziah, F. (2022). Analisis Pengaruh ERM dan Firm Size terhadap Firm Value pada Perusahaan Pertambangan Batu Bara yang Terdaftar di Bursa Efek Indonesia. Borneo Student Research, 3(3), 3120–3126.
Husaini, & Saiful. (2017). Enterprise Risk Management, Corporate Governance and Firm Value: Empirical Evidence from Indonesian Public Listed Companies. International Journal of Advances in Management and Economics, 6(6), 16–23. www.managementjournal.info
Husaini, Saiful, Saputra, J., & Albra, W. (2019). A Study of Supply Chain Manangement of Board Composition, Enterprise Risk Management, and Performance of non and Islamic Companies in Indonesia. International Journal of Supply Chain Management, 8(5), 349–357.
I, I, Ida, & Rahyuda, H. (2020). Impact of Structural Capital and Company Size on the Growth of Firm Value through Financial Performance with Good Corporate Governance as a Moderating Variable: Property and Real Estate Business in Indonesia. International Journal of Economics and Business Administration, VIII(Issue 4), 332–352. https://doi.org/10.35808/ijeba/591
Ilmi, M., Kustono, A. S., & Sayekti, Y. (2017). Effect of Good Corporate Governance , Corporate Social Responsibility Disclosure and Managerial Ownership To the Corporate Value With Financial Performance As Intervening Variables : Case on Indonesia Stock Exchange. 1, 75–88.
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
Manu, R. E. H. R., Alhabsji, T., Taher, S. M., & Nuzula, N. F. (2019a). The Effect of Corporate Governance on Profitability, Capital Structure and Corporate Value. Research Journal of Finance and Accounting, 10(2019). https://doi.org/10.7176/RJFA
Manu, R. E. H. R., Alhabsji, T., Taher, S. M., & Nuzula, N. F. (2019b). The Effect of Corporate Governance on Profitability, Capital Structure and Corporate Value. Research Journal of Finance and Accounting, 10(2019). https://doi.org/10.7176/RJFA
Manurung, E., Effrida, E., & Gondowonto, A. J. (2019). Effect of Financial Performance, Good Corporate Governance and Corporate Size on Corporate Value in Food and Beverages. International Journal of Economics and Financial Issues, 9(6), 100–105. https://doi.org/10.32479/ijefi.8828
Mottoh, D. D., & Sutrisno, P. (2020). The Impact of Enterprise Risk Management, Earnings Volatility, Firm Characteristics To Firm Value. International Journal of Business, Economics and Law, 23(1), 181–191.
Phan, T. D., Dang, T. H., Nguyen, T. D. T., Ngo, T. T. N., & Hoang, T. H. Le. (2020). The Effect of Enterprise Risk Management on Firm Value: Evidence from Vietnam Industry Listed Enterprises. Accounting, 6(4), 473–480. https://doi.org/10.5267/j.ac.2020.4.011
Rahmadianti, D. P., & Asandimitra, N. (2017). Internal Factors, Corporate Governance, Corporate Social Resposibility Disclosure and Company Value in Indonesia. International Journal of Applied Business and Economic Research, 15(4), 439–445.
Rao, A. (2021). Empirical Analysis of Joint Impact of Enterprise Risk Management and Corporate Governance on GCC Firm Value. SSRN.
Ratnasari, D., Chomsatu Samrotun, Y., & Wijayanti, A. (2018). Effect of Financial Performance and Good Corporate Governance on Value of Company. EBA Journal: Journal Economics, Bussines and Accounting, 4(2), 10–21. https://doi.org/10.32492/eba.v4i2.610
Rivandi, M. (2018). Pengaruh Enterprise Risk Management Disclosure dan Corporate Governance Terhadap Nilai Perusahaan. Jurnal Benefita, 3(2), 137. https://doi.org/10.22216/jbe.v3i2.3113
Savitri, E., Gumanti, T. A., & Yulinda, N. (2020). Enterprise risk-based management disclosures and firm value of Indonesian finance companies. Problems and Perspectives in Management, 18(4), 414–422. https://doi.org/10.21511/ppm.18(4).2020.33
Septyanto, D., & Nugraha, I. M. (2021). The Influence of Enterprise Risk Management, Leverage, Firm Size and Profitability on Firm Value in Property and Real Estate Companies Listed on the Indonesian Stock Exchange in 2016-2018. KnE Social Sciences, 2021, 663–680. https://doi.org/10.18502/kss.v5i5.8850
Setiany, E., & Dedi. (2021). Enterprise Risk Management , Managerial Ownership and Institutional Ownership on Firm Value. International Journal of Innovative Science and Research Technology, 6(9), 531–537.
Sibarani, L., & Lusmeida, H. (2021). Impact of Good Corporate Governance Towards Corporate Value With Enterprise Risk Management As Moderating Variable (Empirical Study of Financial Companies Listed in Idx for the Period 2017-2019). Ultima Management : Jurnal Ilmu Manajemen, 13(1), 74–98. https://doi.org/10.31937/manajemen.v13i1.1957
Silva, J. R., Silva, A. F. da, & Chan, B. L. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil. Emerging Markets Finance and Trade, 55(3), 687–703. https://doi.org/10.1080/1540496X.2018.1460723
Solikhah, B., Wahyudin, A., & Rahmayanti, A. A. W. (2020). The Extent of Intellectual Capital Disclosure and Corporate Governance Mechanism to Increase Market Value. The Journal of Asian Finance, Economics and Business, 7(10), 119–128. https://doi.org/10.13106/jafeb.2020.vol7.no10.119
Sun, X. Q., Shen, H. W., Cheng, X. Q., & Zhang, Y. (2016). Market Confidence Predicts Stock Price: Beyond Supply and Demand. PLoS ONE, 11(7), 1–10. https://doi.org/10.1371/journal.pone.0158742
Trading Economics. (2022). Manufacturing PMI|ASIA. https://tradingeconomics.com/country-list/manufacturing-pmi?continent=asia
Utami, D., Sulastri, Adam, M., & Yuliani. (2021). Enterprise Risk Management on Firm Value : Empirical Study on Manufacturing Sector Companies Listed on the Indonesia Stock Exchange. International Journal of Economics, Business and Accounting Research (IJEBAR), 5(3), 656–662. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/2847/1502
Witjaksono, A., & Sari, R. P. (2021). The Effect of Enterprise Risk Management, Firm Size, Profitability, and Leverage on Firm Value. EAJ (Economic and Accounting Journal), 4(1), 71. https://doi.org/10.32493/eaj.v4i1.y2021.p71-81
Diterbitkan
2022-12-06
##submission.howToCite##
Sepriani, L., & Candy. (2022). PENGARUH ENTERPRISE RISK MANAGEMENT TERHADAP CORPORATE VALUE PADA PERUSAHAAN MANUFAKTUR DENGAN FIRM SIZE, LEVERAGE, DAN AGE SEBAGAI VARIABEL KONTROL. Assets: Jurnal Ekonomi, Manajemen, Dan Akuntansi, 12(2), 230-244. https://doi.org/10.24252/assets.v12i2.32441
Bagian
Volume 12 Nomor 2, Desember 2022
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