Institutional Ownership as a Moderator in the Relationship Between Enterprise Risk Management, Profitability, and Firm Value
Abstract
Firm value is an indicator of a company's condition, reflected through its share price. This research aims to provide empirical evidence on the influence of Enterprise Risk Management (ERM) and profitability on firm value, as well as the moderating effect of institutional ownership on the relationships between ERM, profitability, and firm value. The population for this study consists of companies within the banking subsector listed on the Indonesia Stock Exchange (IDX) over the period 2020-2022. A nonprobability sampling method was utilized, yielding a sample of 63 observations. Data were analyzed using Moderated Regression Analysis. The results indicate that ERM and profitability positively impact firm value. Additionally, institutional ownership strengthens the effects of ERM and profitability on firm value.
Keywords: Firm value; Enterprise Risk Management; Profitability; and Institutional Ownership
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References
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Florio, C., & Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. The British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/J.BAR.2016.08.003
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Hidayat, E. A. (2020). Pengaruh Intellectual Capital Dan Enterprise Risk Management Terhadap Nilai Perusahaan. http://elibrary.unikom.ac.id
Horvey, S. S., & Odei-Mensah, J. (2023). The measurements and performance of enterprise risk management: a comprehensive literature review. Journal of Risk Research, 26(7), 778–800. https://doi.org/10.1080/13669877.2023.2208138
Hutabarat & Rina Octaria. (2016). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan Dan Leverage terhadap Nilai Perusahaan Dengan Kepemilikan Institusional Sebagai Variabel Moderating Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. https://repositori.usu.ac.id/handle/123456789/524
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Komalasari, A., & Octavia, R. (2022). The Effect of Profitability and Leverage on LQ-45 Indexed Firm Value Before and During the Pandemic. https://doi.org/10.9734/AJEBA/2022/v22i23864
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Permatasari & Gayatri. (2016). Profitabilitas sebagai pemoderasi pengaruh good corporate governance pada nilai perusahaan. E-Jurnal Akuntansi, 14(3). https://repositori.unud.ac.id
Pijoh, V. D. D., Pratama, C. B., Pramono, H., & Hapsari, I. (2022). Does Institutional Ownership Moderate the Relationship Between the Board of Directors and Risk Disclosure? Jurnal Akademi Akuntansi, 5(4), 547–564. https://doi.org/10.22219/JAA.V5I4.23071
Pohan, C., & Siregar, Y. (2022). Analisis Faktor-Faktor Yang Mempengaruhi Pengungkapan Tanggung Jawab Sosial Dengan Kepemilikan Institusional Sebagai Variabel Moderasi Pada Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2020. https://repository.mikroskil.ac.id/id/eprint/404/
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Pratiwi, S. Q., & Hardiningsih, P. (2023). Apakah Corporate Social Responsibility Mampu Memperkuat Good Corporate Governance Dan Profitabilitas Terhadap Nilai Perusahaan ? JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 14(03), 723–734. https://doi.org/10.23887/JIMAT.V14I03.58101
Sajida, Y. A. S., & 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. https://ejournal3.undip.ac.id/index.php/accounting/article/view/33051/26412
Simanjuntak, G. T., & Hidayat, T. (2023). Analisis Pengaruh Pandemi Covid-19 Terhadap Nilai Perusahaan Perbankan Di Indonesia. Prosiding Konferensi Ilmiah Akuntansi,Jurnal.Umj.Ac.Id. https://jurnal.umj.ac.id/index.php/KIA/article/view/17592
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Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinants of Profitability and Firm Value: Evidence from Indonesian Banks. IRA-International Journal of Management & Social Sciences, 84(1), 84–95. https://doi.org/10.21013/jmss.v7.n1.p10
Widyasasi, Y. &. (2020). Analisis Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan. Jurnal Paradigma Akuntansi, 2(2), 576–585. https://doi.org/10.24912/JPA.V2I2.7622
Yonandha, P. Y., & Rahayu, S. (2023). Pengaruh Profitabilitas, Ukuran Perusahaan, Kebijakan Dividen Terhadap Nilai Perusahaan (Studi pada Perusahaan Subsektor Makananan dan Minuman. Telkomuniversity.Ac.IdPY Yonandha, S RahayueProceedings of Management, 202 Telkomuniversity.Ac.Id, 10(5). https://openlibrarypublications.telkomuniversity.ac.id
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Alawattegama, K. K. (2018). The Impact of Enterprise Risk Management on Firm Performance: Evidence from Sri Lankan Banking and Finance Industry. International Journal of Business and Management, 13(1). https://doi.org/10.5539/ijbm.v13n1p225
Almacitra, Atikah, S., & Isnaini, Z. (2023). Dampak Profitabilitas, Kepemilikan Manajerial, Kepemilikan Institusional, dan Komite Audit terhadap Nilai Pasar Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2017-2021. JSMA (Jurnal Sains Manajemen Dan Akuntansi), 15(2), 179–189. https://doi.org/10.37151/JSMA.V15I2.139
Ardianto, D., & Rivandi, M. (2018). Universitas Bung Hatta, 2) Sekolah Tinggi Ilmu Ekonomi KBP. 11(2), 2622–1950. http://publikasi.mercubuana.ac.id/index.php/profita
Assya’if, I. L., & Marlina. (2023). Analisis Determinan Nilai Perusahaan Pada Perusahaan Transportasi & Logistik Yang Terdaftar di Bursa Efek Indonesia. Journal of Young Entrepreneurs, 2(2), 1–9. https://ejournal.upnvj.ac.id/jye/article/view/5869
Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95. https://doi.org/10.1016/J.Jcorpfin.2018.07.004
Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: the role of environmental, social and governance performance. Meditari Accountancy Research, 29(3), 647–670. https://doi.org/10.1108/MEDAR-09-2019-0549/FULL/XML
Chandra, H., & Djajadikerta, H. (2017). Pengaruh Intellectual Capital, Profitabilitas, Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Sektor Properti, Real Estate, Dan Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia. Ultimaccounting Jurnal Ilmu Akuntansi, 9(2), 1–14. https://doi.org/10.31937/Akuntansi.V9I2.726
Chen, Y. L., Chuang, Y. W., Huang, H. G., & Shih, J. Y. (2020). The value of implementing enterprise risk management: Evidence from Taiwan’s financial industry. The North American Journal of Economics and Finance, 54, 100926. https://doi.org/10.1016/J.NAJEF.2019.02.004
Cristofel, C., & Kurniawati, K. (2021). Pengaruh Enterprise Risk Management, Corporate Social Responsibilty Dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Akuntansi Bisnis, 14(1). https://doi.org/10.30813/JAB.V14I1.2468
Devi, S., Gusti Nyoman Budiasih, I., Udayana, U., Gusti Nyoman, I., & Dewa Nyoman, I. (2017). Pengaruh Pengungkapan Enterprise Risk Management Dan Pengungkapan Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 14(1), 2. https://doi.org/10.21002/jaki.2017.02
Dewi, H., Iskandar, D., & Lumbantobing, R. (2021). The Mediating Effect of Enterprise Risk Management on the Determinant Factors of Firm Value. Proceedings of the Ninth International Conference on Entrepreneurship and Business Management (ICEBM 2020), 174, 513–519. https://doi.org/10.2991/AEBMR.K.210507.076
Fadhilah, M. (Miftakhul), & Sukmaningrum, P. S. (Puji). (2020). Pengaruh Enterprise Risk Management (ERM), Kinerja Perusahaan Dan Size Terhadap Nilai Perusahaan. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(5), 926–939. https://doi.org/10.20473/VOL7ISS20205PP926-939
Faisal, F., Abidin, Z., & Haryanto, H. (2021). Enterprise risk management (ERM) and firm value: The mediating role of investment decisions. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.2009090
Farrell, M., & Gallagher, R. (2019). Moderating influences on the ERM maturity-performance relationship. Research in International Business and Finance, 47, 616–628. https://doi.org/10.1016/J.RIBAF.2018.10.005
Florio, C., & Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. The British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/J.BAR.2016.08.003
Fransiska, Y., Susilawati, R. A. E., & Purwanto, N. (2016). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, dan Kebijakan Dividen terhadap Kebijakan Hutang pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2014. Jurnal Riset Mahasiswa Akuntansi Unikama, 4(1), 190408. https://www.neliti.com/publications/190408/
Haghparast, A., Mehrparvar, B., Aghvami, D., Jazinizadeh, S., & Shayesteh, B. (2022). Abbasali Haghparast /The Effect of Implementing Enterprise Risk Management on the Corporate Value The Effect of Implementing Enterprise Risk Management on the Corporate Value. NeuroQuantology, 20(22). https://doi.org/10.48047/nq.2022.20.22.NQ10172
Hasibuan, L. (2023, March 12). Kronologi Lengkap Ambruknya Silicon Valley Bank, Simak! CNBC Indonesia. https://www.cnbcindonesia.com/market/20230312132743-17-420948/kronologi-lengkap-ambruknya-silicon-valley-bank-simak
Hidayat, E. A. (2020). Pengaruh Intellectual Capital Dan Enterprise Risk Management Terhadap Nilai Perusahaan. http://elibrary.unikom.ac.id
Horvey, S. S., & Odei-Mensah, J. (2023). The measurements and performance of enterprise risk management: a comprehensive literature review. Journal of Risk Research, 26(7), 778–800. https://doi.org/10.1080/13669877.2023.2208138
Hutabarat & Rina Octaria. (2016). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan Dan Leverage terhadap Nilai Perusahaan Dengan Kepemilikan Institusional Sebagai Variabel Moderating Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. https://repositori.usu.ac.id/handle/123456789/524
Ibrahim, R., & Saputra, M. (2019). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional Dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Perspektif Ekonomi Darussalam (Darussalam Journal of Economic Perspec, 5(1), 70–83. https://doi.org/10.24815/JPED.V5I1.14089
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/JAFEB.2021.VOL8.NO3.0423
Komalasari, A., & Octavia, R. (2022). The Effect of Profitability and Leverage on LQ-45 Indexed Firm Value Before and During the Pandemic. https://doi.org/10.9734/AJEBA/2022/v22i23864
Metana, A. O., & Meiranto, W. (2023). Pengaruh Enterprise Risk Management Disclosure Dan Intellectual Capital Terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan. Diponegoro Journal of Accounting, 12(1), 1–13. https://ejournal3.undip.ac.id/index.php/accounting/article/view/37469
Nurhayati, I., & Titik Kristanti, D. F. (2023). The Impact of Capital Structure, Profitability, and Dividend Payment on Firm Value: Evidence from Indonesian Banking. https://doi.org/10.46254/AP04.20230250
Pasaribu, U. R., Nuryartono, N., & Andati, T. (2019). Pengaruh Faktor Internal dan Eksternal Perusahaan Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 5(3), 441–441. https://doi.org/10.17358/JABM.5.3.441
Permatasari & Gayatri. (2016). Profitabilitas sebagai pemoderasi pengaruh good corporate governance pada nilai perusahaan. E-Jurnal Akuntansi, 14(3). https://repositori.unud.ac.id
Pijoh, V. D. D., Pratama, C. B., Pramono, H., & Hapsari, I. (2022). Does Institutional Ownership Moderate the Relationship Between the Board of Directors and Risk Disclosure? Jurnal Akademi Akuntansi, 5(4), 547–564. https://doi.org/10.22219/JAA.V5I4.23071
Pohan, C., & Siregar, Y. (2022). Analisis Faktor-Faktor Yang Mempengaruhi Pengungkapan Tanggung Jawab Sosial Dengan Kepemilikan Institusional Sebagai Variabel Moderasi Pada Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2020. https://repository.mikroskil.ac.id/id/eprint/404/
Pramana, G. I., & Yasa, G. W. (2020). Aktivitas Hedging dengan Instrumen Derivatif dan Nilai Perusahaan. E-Jurnal Akuntansi, 30(9), 2167–2185. https://doi.org/10.24843/EJA.2020.V30.I09.P01
Pratiwi, S. Q., & Hardiningsih, P. (2023). Apakah Corporate Social Responsibility Mampu Memperkuat Good Corporate Governance Dan Profitabilitas Terhadap Nilai Perusahaan ? JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 14(03), 723–734. https://doi.org/10.23887/JIMAT.V14I03.58101
Sajida, Y. A. S., & 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. https://ejournal3.undip.ac.id/index.php/accounting/article/view/33051/26412
Simanjuntak, G. T., & Hidayat, T. (2023). Analisis Pengaruh Pandemi Covid-19 Terhadap Nilai Perusahaan Perbankan Di Indonesia. Prosiding Konferensi Ilmiah Akuntansi,Jurnal.Umj.Ac.Id. https://jurnal.umj.ac.id/index.php/KIA/article/view/17592
Simorangkir, R. T. M. C. (2019). Pengaruh Kinerja Keuangan Terhadap Return Saham Perusahaan Pertambangan. Jurnal Bisnis Dan Akuntansi, 21(2), 155–164. https://doi.org/10.34208/JBA.V21I2.616
Sunarwijaya. (2016). Pengaruh Kepemilikan Institusional Pada Hubungan Positif Antara Profitabilitas Dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi, 1(2), 93–108. https://doi.org/10.23887/JIA.V1I2.9986
Supriyadi, A., & Setyorini, C. T. (2020). Pengaruh Pengungkapan Manajemen Risiko Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Di Industri Perbankan Indonesia. Owner : Riset Dan Jurnal Akuntansi, 4(2), 467–484. https://doi.org/10.33395/OWNER.V4I2.257
Thanatawee, Y. (2014). Institutional Ownership and Firm Value in Thailand. Asian Journal of Business and Accounting, 7(2), 2014. http://ssrn.com/abstract=2543058
Ticoalu, R., Januardi, J., Amrie Firmansyah, A., & Trisnawati, E. (2021). Nilai Perusahaan, Manajemen Risiko, Tata Kelola Perusahaan: Peran Moderasi Ukuran Perusahaan. Studi Akuntansi Dan Keuangan Indonesia, 4(2), 89–103. https://doi.org/10.21632/SAKI.4.2.89-103
Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinants of Profitability and Firm Value: Evidence from Indonesian Banks. IRA-International Journal of Management & Social Sciences, 84(1), 84–95. https://doi.org/10.21013/jmss.v7.n1.p10
Widyasasi, Y. &. (2020). Analisis Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan. Jurnal Paradigma Akuntansi, 2(2), 576–585. https://doi.org/10.24912/JPA.V2I2.7622
Yonandha, P. Y., & Rahayu, S. (2023). Pengaruh Profitabilitas, Ukuran Perusahaan, Kebijakan Dividen Terhadap Nilai Perusahaan (Studi pada Perusahaan Subsektor Makananan dan Minuman. Telkomuniversity.Ac.IdPY Yonandha, S RahayueProceedings of Management, 202 Telkomuniversity.Ac.Id, 10(5). https://openlibrarypublications.telkomuniversity.ac.id
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Published
2025-07-10
How to Cite
SARI, Ni Putu Hanna Windu; KRESNANDRA, Anak Agung Ngurah Agung; SUJANA, I Ketut.
Institutional Ownership as a Moderator in the Relationship Between Enterprise Risk Management, Profitability, and Firm Value.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 7, july 2025.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/113821>. Date accessed: 14 oct. 2025.
doi: https://doi.org/10.24843/EJA.2025.v35.i07.p05.
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Section
Articles
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