Pengungkapan Enterprise Risk Management dan Nilai Perusahaan: Peran Moderasi Umur dan Ukuran Perusahaan
Abstract
The purpose of the study was to obtain empirical evidence regarding the effect of enterprise risk management (ERM) disclosure on firm value with the role of age and firm size as moderating. The sampling technique used is purposive sampling technique. The data used in this study is secondary data obtained from the annual reports of insurance companies and financial institutions listed on the Indonesia Stock Exchange for the 2018-2019 period. The data analysis technique used moderated regression analysis (MRA). The results of the analysis show that ERM disclosure has a significant negative effect on the firm value of financing and insurance institutions. Firm age weakens the effect of ERM disclosure on firm value with a quasi moderator type of moderation. Firm size is not proven to moderate the effect of ERM disclosure on firm value and is a moderating predictor.
Keywords : Firm Value; Enterprise Risk Management Disclosure;, Company Age; Company Size.
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References
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Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84(3), 488–500. https://doi.org/10.2307/1879431
Ardianto, D., & Rivandi, M. (2018). Pengaruh Enterprise risk Management Disclosure dan Struktur Pengelolaan terhadap Nilai Perusahaan. Profita: Komunikasi Ilmiah Akuntansi Dan Perpajakan, 11(2), 284–305.
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, 10. https://doi.org/10.2139/ssrn.2326195
Bogodistov, Y., & Wohlgemuth, V. (2017). Enterprise risk management: a capability-based perspective. Journal of Risk Finance, 18(3), 234–251. https://doi.org/10.1108/JRF-10-2016-0131
D’Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909–924. https://doi.org/10.1002/csr.1855
Del Brio, E., De Miguel, A., & Pindado, J. (2003). Investment and firm value: An analysis using panel data. Applied Financial Economics, 13(12), 913–923. https://doi.org/10.1080/0960310032000082079
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, 17(1), 20–45. https://doi.org/10.21002/jaki.2017.02
Dushnitsky, G., & Lenox, M. J. (2006). When does corporate venture capital investment create firm value? Journal of Business Venturing, 21(6), 753–772. https://doi.org/10.1016/j.jbusvent.2005.04.012
Ehie, I. C., & Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127–135. https://doi.org/10.1016/j.ijpe.2010.06.005
Harmono. (2009). Manajemen Keuangan Berbasis Balance Scorecard. Pendekatan Teori, Kasus dan Riset Bisnis. Jakarta: Bumi Aksara.
Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.x
Iswajuni, I., Soetedjo, S., & Manasikana, A. (2018). Pengaruh Enterprise Risk Management (Erm) Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek. Journal Of Applied Managerial Accounting, 2(2), 147–153. https://doi.org/10.30871/jama.v2i2.942
Jensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Capital Structure. Journal of Financial Economics, 305–306.
Khanna, N., & Sonti, R. (2004). Value creating stock manipulation: Feedback effect of stock prices on firm value. Journal of Financial Markets, 7(3), 237–270. https://doi.org/10.1016/j.finmar.2003.11.004
Mariani, D., & Suryani. (2018). Pengaruh ERM Disclosure, IC Disclosure, Dan CSR Disclosure Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Pemoderasi. Jurnal Akuntansi Dan Keuangan, 7(2), 119–138.
Narayana, I. P. L., & Wirakusuma, M. G. (2021). Pengungkapan CSR pada Nilai Perusahaan dengan Profitabilitas dan Ukuran Perusahaan sebagai Variabel Moderasi. E-Jurnal Akuntansi, 31(4), 862–879. https://doi.org/10.24843/eja.2021.v31.i04.p06
Pamungkas, A. S., & Maryati, S. (2017). Pengaruh Enterprise Risk Management Disclosure, Intellectual Capital Disclosure dan Debt to Asset Ratio Terhadap Nilai Perusahaan. Semnas IIB Darmajaya Lembaga Penelitian, Pengembangan Pembelajaran & Pengabdian Kepada Masyarakat.
Ross, S. A., Westerfield, R. W., & Jaffe., J. (2013). Corporate Finance, 10th Edition. McGraw-Hill.
Rujiin, C., & Sukirman, S. (2020). The Effect of Firm Size, Leverage, Profitability, Ownership Structure, and Firm Age on Enterprise Risk Management Disclosures. Accounting Analysis Journal, 9(1), 81–82. https://doi.org/10.15294/aaj.v9i2.33025
Rura, Y. (2010). Pengungkapan Pro Forma, Mendukung atau Menyesatkan Investor? Jurnal Akuntansi Multiparadigma, 1(3), 375–392. https://doi.org/10.18202/jamal.2010.12.7099
Sari, I. O. (2020). Pengungkapan Enterprise Risk Management sebagai Penentu Nilai Perusahaan dengan Profitabilitas sebagai Moderasi. Skripsi. Universitas Muhamadyah Malang.
Suryani. (2017). Pengaruh Karakteristik Informasi Sistem Akuntansi Manajemen Terhadap Kinerja Manajerial Dengan Ketidakpastian Lingkungan Dan Desentralisasi Sebagai Variabel Moderating. Jurnal Akuntansi Dan Keuangan FEB Universitas Budi Luhur, 6(2), 201–220. https://doi.org/.1037//0033-2909.I26.1.78
Susilo, L. J., & Riwu, K. V. (2018). Manajemen Risiko Berbasis ISO 31000: 2018 Panduan Untuk Risk Leader dan Risk Practitioner. Jakarta: PT Grasindo.
Utomo, N. A., & Christy, N. N. A. (2017). Pengaruh Stuktur Modal, Profabilitas, Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan LQ45 di Bursa Efek Indonesia. Bingkai Manajemen, 1(1), 399–415.
Published
2021-11-28
How to Cite
ANGGRENI, Ni Kadek Ayu Asri et al.
Pengungkapan Enterprise Risk Management dan Nilai Perusahaan: Peran Moderasi Umur dan Ukuran Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 11, p. 2867-2881, nov. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/75193>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i11.p15.
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