Pengaruh Dewan Komisaris, Komite Direksi dan Enterprise Risk Management Disclosure terhadap Nilai Perusahaan
Abstract
This research analyzes whether there is an effect of board commissionaire, risk management committee as one of board od director’s committee and enterprise risk management disclosure towards firm value. The sample of this research is 31 financial companies listed in Indonesia Stock Exchange for the period 2016-2018. Regression analysis of panel data with the random-effect model was applied to analyze the data. The results show the risk management committee has a negative and significant effect on the firm value, whereas the effect board of commissionaire and enterprise risk management disclosure towards firm value does not significant. The result of this research is can be used as a consideration for the management and the regulator to encourage companies to established risk management committees for effective implementation risk management.
Keywords: Board Of Commissionaire; Risk Management Committee; Enterprise Risk Management Disclosure; Firm Value.
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References
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Mishra, R. K., & Kapil, S. (2018). Effect of board characteristics on firm value: evidence from India. South Asian Journal of Business Studies, 7(1), 41–72.
O’Sullivan, N. (1997). Insuring the agents: The role of directors’ and officers’ insurance in corporate governance. Journal of Risk and Insurance, 545–556.
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Sanjaya, C. K., & Linawati, N. (2015). Pengaruh Penerapan Enterprise Risk Management dan Variabel Kontrol Terhadap Nilai Perusahaan di Sektor Keuangan. Finesta, 3(1), 52–57.
Shleifer, A., & Vishny, R. W. (1997). The limits of arbitrage. The Journal of Finance, 52(1), 35–55.
Spence, M. (2002). Signaling in retrospect and the informational structure of markets. American Economic Review, 92(3), 434–459.
Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory. Prentice-Hall Inc.
Ardiansyah, L. O. M., & Adnan, M. A. (2014). Faktor-Faktor yang Mempengaruhi Luas Pengungkapan Enterprise Risk Management. Jurnal Ekonomi, Manajemen Dan Akuntansi, 23(2), 89–105.
Asante-Darko, D., Adu Bonsu, B., Famiyeh, S., Kwarteng, A., & Goka, Y. (2018). Governance structures, cash holdings and firm value on the Ghana Stock Exchange. Corporate Governance: The International Journal of Business in Society, 18(4), 671–685.
Bank Indonesia. Perubahan atas Peraturan Bank Indonesia Nomor 5/8/PBI/2003 tentang Penerapan Manajemen Risiko, Pub. L. No. 11/25/PBI/2009 (2009). Indonesia.
Baxter, R., Hoitash, R., & Yezegel, A. R. I. (2013). Enterprise Risk Management Program Quality : Determinants, Valur Relevance, and the Financial Crisis. Contemporary Account Research, 30, 1264–1295. https://doi.org/doi:10.1111/j.1911-3846.2012.01194.x
BBC Indonesia. (2017). Mantan Dirut Garuda Tersangka Kasus Korupsi. Retrieved February 7, 2018, from https://www.bbc.com/indonesia/dunia-38674859
Beasley, M. S., Clune, R., & Hermanson, D. R. (2005). Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy, 24(6), 521–531.
Deegan, C. (2017). Twenty five years of social and environmental accounting research within Critical Perspectives of Accounting: Hits, misses and ways forward. Critical Perspectives on Accounting, 43, 65–87. https://doi.org/10.1016/j.cpa.2016.06.005
Desender, K., Barcelona, U. A. De, & Bellaterra, C. (2007). On the Determinants of Enterprise Risk Management Implementation, 115–119.
Devi, S., Budiasih, I. G. N., & Badera, I. D. N. (2017). Pengaruh Pengungkapan Enterprise Risk Management dan Pengungkapan Intellectual Capital terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 14(1), 20–45.
Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327–349.
Florio, C., & Leoni, G. (2017). Enterprise risk management and fi rm performance : The Italian case. The British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/j.bar.2016.08.003
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika dengan Eviews 10. Semarang: Badan Penerbit Universitas Diponegoro.
Isshaq, Z., Bokpin, G. A., & Mensah Onumah, J. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. The Journal of Risk Finance, 10(5), 488–499.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm : Managerial Behavior, Agency Cost and Ownership Structure, 3, 305–360.
Komite Nasional Kebijakan Governance. (2012). PENERAPAN MANAJEMEN RISIKO BERBASIS GOVERNANCE, 1–91.
Krause, T. A., & Tse, Y. (2016). Risk management and firm value: recent theory and evidence. International Journal of Accounting and Information Management, 24(1), 56–81.
Manurung, D. T. H., & Kusumah, R. W. R. (2016). Telaah Enterprise Risk Management Melalui Corporate Governance dan Konsentrasi Kepemilikan, (204), 335–348. https://doi.org/10.18202/jamal.2016.12.7025
Martikainen, Minna; Kinnunen, Juha; Antti Miihkinen; Troberg, P. (2015). Article information : Journal of Aplied Accounting Research, 16(3), 333–358. https://doi.org/http://dx.doi.org/10.1108/JAAR-10-2014-0117
Matsumura, E. M., & Tucker, R. R. (1992). Fraud detection: A theoretical foundation. The Accounting Review, 67(4), 753.
Meizaroh; Lucyanda, J. (2011). Pengaruh Corporate Governance dan Konsentrasi Kepemilikan pada Pengungkapan Enterprise Risk Management, (Simposium Nasional Akuntansi XIV Aceh 2011), 21–22.
Mishra, R. K., & Kapil, S. (2018). Effect of board characteristics on firm value: evidence from India. South Asian Journal of Business Studies, 7(1), 41–72.
O’Sullivan, N. (1997). Insuring the agents: The role of directors’ and officers’ insurance in corporate governance. Journal of Risk and Insurance, 545–556.
Otoritas Jasa Keuangan. Penerapan Manajemen Risiko bagi Lembaga Jasa Keuangan Non-Bank, Pub. L. No. No.1/POJK.05/2015 (2015).
Otoritas Jasa Keuangan. Penerapan Manajemen Risiko Bagi Bank Umum (2016).
Sanjaya, C. K., & Linawati, N. (2015). Pengaruh Penerapan Enterprise Risk Management dan Variabel Kontrol Terhadap Nilai Perusahaan di Sektor Keuangan. Finesta, 3(1), 52–57.
Shleifer, A., & Vishny, R. W. (1997). The limits of arbitrage. The Journal of Finance, 52(1), 35–55.
Spence, M. (2002). Signaling in retrospect and the informational structure of markets. American Economic Review, 92(3), 434–459.
Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory. Prentice-Hall Inc.
Published
2020-04-23
How to Cite
LESTARI, Diani; SANTOSO, Budi; HERMANTO, Hermanto.
Pengaruh Dewan Komisaris, Komite Direksi dan Enterprise Risk Management Disclosure terhadap Nilai Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 4, p. 945 - 957, apr. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/56057>. Date accessed: 22 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i04.p12.
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