Pengungkapan Manajemen Risiko, Pengungkapan Modal Intelektual dan Nilai Perusahaan Farmasi
Abstract
Firm value can be interpreted as the expectation of shareholder’s investment value as a reaction to the information conveyed by the company. The value of public company will be reflected in the price of shares traded on the capital market. This study aims to determine the effect of enterprise risk management (ERM) disclosure and intellectual capital (IC) disclosure on firm value. The number of samples used in this research is 40 observation pharmaceutical companies listed on the Indonesia Stock Exchange. This research uses purposive sampling technique in accordance with predetermined criteria. The analysis technique used is panel data regression analysis with Eviews program. The results showed that ERM disclosure and IC disclosure had a positive and significant effect on firm value.
Keywords: Enterprise Risk Management Disclosure; Intellectual Capital Disclosure; Firm Value; Covid-19.
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References
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Sharabati, A. A. A., Jawad, S. N., & Bontis, N. (2010). Intellectual capital and business performance in the pharmaceutical sector of Jordan. Management Decision, 48(1), 105–131.
https://doi.org/10.1108/00251741011014481
Singh, I., & Van der Zahn, J. L. W. M. (2007). Does intellectual capital disclosure reduce an IPO’s cost of capital? The case of underpricing. Journal of Intellectual Capital, 8(3), 494–516.
Ardianto, D., & Rivandi, M. (2018). Pengaruh Enterprise Risk Management Disclosure, Intellectual Capital Disclosure Dan Struktur Pengelolaan Terhadap Nilai Perusahaan. Jurnal Profita, 11(2), 284. https://doi.org/10.22441/profita.2018.v11.02.009
Azib, F. V. (2019). Pengaruh Mekanisme Corporate Governance, Enterprise Risk Management Disclosure dan Intellectual Capital Disclosure Terhadap Nilai Perusahaan yang Terdafar di Jakarta Islamic Index Periode 2015-2017. Universitas Bandung Repository, 2002, 337–334.
Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2013). Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), 1264–1295. https://doi.org/10.1111/j.1911-3846.2012.01194.x
Bertinetti, G. S., Cavezzali, E., & Gardenal, G. (2013). The Effect of the Enterprise Risk Management Implementation on the Firm Value of European Companies. SSRN Electronic Journal, August. https://doi.org/10.2139/ssrn.2326195
Bisnis.com. (2020). Covid-19 Setir Pasar Farmasi Indonesia. June, 18–19. https://lifestyle.bisnis.com/read/20200604/106/1248655/covid-19-setir-pasar-farmasi-indonesia
Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2), 63–76. https://doi.org/10.1108/00251749810204142
Chung, K. H., & Pruitt, S. W. (2015). Simple of Tobin ’ s Approximation q. 23(3), 70–74.
Devi, S. (2017). Pengaruh Pengungkapan Enterprise Risk Management dan Pengungkapan Intelectual Capital Terhadap Nilai Perusahaan (The Effect of Enterprise Risk Management Disclosure and Intellectual Capital Disclosure on Firm Value). Jurnal Akuntansi Dan Keuangan Indonesia, 14(1), 20–45.
Fitriasari, N. M. A. D., & Ratna Sari, M. M. (2019). Pengaruh Intellectual Capital Pada Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. E-Jurnal Akuntansi, 26, 1717. https://doi.org/10.24843/eja.2019.v26.i03.p02
Gelb, D. S., & Zarowin, P. (2002). Corporate disclosure policy and the informativeness of stock prices. Review of Accounting Studies, 7(1), 33–52. https://doi.org/10.1023/A:1017927530007
Gomes I., N. G. I., Semuel, H., & D., D. (2019). Intellectual Capital Disclosure, Information Asymmetry, Cost of Capital, and Firm Value: Empirical Studies on Indonesian Manufacturers. Petra International Journal of Business Studies, 2(1), 27–35. https://doi.org/10.9744/ijbs.2.1.27-35
Haren, P., & Simchi-Levi, D. (2020). How Coronavirus could impact the global supply chain by mid-March. Harvard Business Review, 2–7.
Hoyt, R. E., Moore, D. L., Insurance, J., & Liebenberg, A. P. (2008). The Value of Enterprise Risk Management : Evidence from the U . S . Insurance Industry. 1–22.
Orens, R., Aerts, W., & Lybaert, N. (2009). Intellectual capital disclosure, cost of finance and firm value. Management Decision, 47(10), 1536–1554. https://doi.org/10.1108/00251740911004673
Ozili, P. K., & Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3562570
Pamungkas, A. S., & Maryati, S. (2017). Pengaruh Enterprise Risk Management Disclosure, Intelectual Capital Disclosure, dan Debt to Asset Ratio Terhadap Nilai Perusahaan. Prosiding Seminar IIB Darmajaya, 412–428.
Rahayu, D. P. (2019). The Effect of Intellectual Capital Disclosure, Corporate Governace, and Firm Size on Firm Value. KnE Social Sciences, 2019, 530–548. https://doi.org/10.18502/kss.v3i26.5399
Salvi, A., Vitolla, F., Giakoumelou, A., Raimo, N., & Rubino, M. (2020). Intellectual capital disclosure in integrated reports: The effect on firm value. Technological Forecasting and Social Change, 160(July). https://doi.org/10.1016/j.techfore.2020.120228
Sharabati, A. A. A., Jawad, S. N., & Bontis, N. (2010). Intellectual capital and business performance in the pharmaceutical sector of Jordan. Management Decision, 48(1), 105–131.
https://doi.org/10.1108/00251741011014481
Singh, I., & Van der Zahn, J. L. W. M. (2007). Does intellectual capital disclosure reduce an IPO’s cost of capital? The case of underpricing. Journal of Intellectual Capital, 8(3), 494–516.
Published
2021-09-25
How to Cite
LISTIANI, Vebyeta; ARIYANTO, Dodik.
Pengungkapan Manajemen Risiko, Pengungkapan Modal Intelektual dan Nilai Perusahaan Farmasi.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 9, p. 2355-2366, sep. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/71469>. Date accessed: 23 apr. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i09.p16.
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