The Effect of Corporate Governance on Corporate Value: The Role of Enterprise Risk Management
Abstract
In order to determine the effect of corporate governance on the corporate value, then moderating the relationship with enterprise risk management (ERM) is the aim of this study. This study collected secondary data from financial statements and annual reports for the 2016-2020 period of 87 companies as the sample and used panel regression as the analysis method. The results showed a significant positive effect of the audit committee on corporate value, while an independent commissioner had a significant negative effect. This study also shows no significant effect on the corporate value of managerial ownership, institutional ownership, board size, and board director. However, ERM moderated the relationship between the audit committee and corporate value and between managerial ownership and corporate value.
Keyword: Corporate governance, corporate value, ERM.
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References
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Chairunesia, W., & Sulistiyani, E. (2019). The Effect of Profit Management on Corporate Value with Good Corporate Governance Mechanisms as Moderated Variables ( Case Study in Property and Real Estate Companies Registered on the Indonesia Stock Exchange 2012-2017). Saudi Journal of Economics and Finance, 3(8), 331–343. https://doi.org/10.21276/sjef.2019.3.8.3
CLSA. (2020). CG Watch 2020 Preview (Future promise: Aligning governance and ESG in Asia) (Vol. 15, Issue 1). https://doi.org/10.1093/spp/15.1.67
Cooper, D. R., & Schindler, P. S. (2014). Business Research Methods 12th Edition. In Business Research Methods. McGraw-Hill/Irwin.
COSO. (2004). Enterprise Risk Management-Integrated Framework. https://doi.org/10.1002/9781119201939.app4
Creswell, J. W., & Creswell, J. D. (2018). Research and Design Qualitative, Quantitative and Mixed Methods Approaches. In Thousand Oaks California. SAGE Publications, Inc.
El-Diftar, D., Jones, E., Ragheb, M., & Soliman, M. (2017). Institutional Investors and Voluntary Disclosure and Transparency: The Case of Egypt. Corporate Governance (Bingley), 17(1), 134–151. https://doi.org/10.1108/CG-05-2016-0112
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
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
Hertina, D., Erizal, R., & ... (2021). Corporate Value Impact of Managerial Ownership, Institutional Ownership and Audit Committee. Psychology And Education, 58(3), 14–22.
Hidayah, R., Faizah, S. N., Sukirman, S., Suryandari, D., & Zahid, A. (2021). Corporate Governance, Enterprise Risk Management, and Company Performance. Management Analysis Journal.
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.
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.
Indriastuti, M., & Kartika, I. (2021). Improving Firm Value through Intellectual Capital, Good Corporate Governance and Financial Performance. Jurnal Ilmiah Akuntansi, 6(1), 85. https://doi.org/10.23887/jia.v6i1.30993
Indriawati, F., Ayu, D., & Sari, P. (2017). Proportion of the Independent Commissioners Board , Institutional Ownership and Its Characteristics Effect on Discussion of Sukarela in Annual Report (Empirical Study of Manufacturing Companies Listed on BEI). Research Journal of Finance and Accounting, 8(12), 55–64.
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
Jamaluddin, J., Hermanto, S. B., & Fidiana, F. (2020). Mekanisme Corporate Governance Terhadap Nilai Perusahaan dengan Enterprise Risk Management sebagai Variabel Intervening. Wahana: Jurnal Ekonomi, Manajemen Dan Akuntansi, 23(1), 59–80. https://doi.org/10.35591/wahana.v23i1.185
Jogiyanto, H. (2015). Teori Portofolio dan Analisis Investasi (Edisi 10). Yogyakarta: BPFE UGM.
Kritika, & Choudhary, V. (2015). Impact of Board Size on Firm Performance: A study of Selected BSE 500 Companies. Apeejay Journal of Management and Technology, 10(1), 34–40.
Kyere, M., & Ausloos, M. (2021). Corporate Governance and Firms Financial Performance in the United Kingdom. International Journal of Finance and Economics, 26(2), 1871–1885. https://doi.org/10.1002/ijfe.1883
Limijaya, A., Hutagaol-Martowidjojo, Y., & Annisa, S. (2021). Corporate Governance Award and Performance of Indonesian LQ45 Firms. IOP Conference Series: Earth and Environmental Science, 729(1). https://doi.org/10.1088/1755-1315/729/1/012136
Makhlouf, M. H., Laili, N. H., Basah, M. Y. A., & Ramli, N. A. (2017). Board of Directors’ Effectiveness and Firm Performance: Evidence from Jordan. Research Journal of Finance and Accounting, 8(18), 23–34. https://www.researchgate.net/publication/320130813
Makoto, N., & Pascal, N. (2012). Board Size and Corporate Risk-Taking : Further Evidence from Japan. Corporate Governance: An International Review, 20(4), 369–387.
Manu, R. E. H. R., Alhabsji, T., Taher, S. M., & Nuzula, N. F. (2019). 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
Maruhun, E. N. S., Abdullah, W. R. W., & Atan, R. (2018). Assessing the Effects of Corporate Governance on Enterprise Risk Management and Firm Value: Malaysian Evidence. International Journal of Economics and Management, 12(Special Issue 2), 413–430.
Maruhun, E. N. S., Abdullah, W. R. W., Atan, R., & Yusuf, S. N. S. (2018). The Effects of Corporate Governance on Enterprise Risk Management: Evidence from Malaysian Shariah-Compliant Firms. International Journal of Academic Research in Business and Social Sciences, 8(1). https://doi.org/10.6007/ijarbss/v8-i1/3893
Masitha, Z., & Djuminah, D. (2019). Influence of Corporate Governance on Firm Value Through Intellectual Capital and Corporate Social Responsibility. Journal of Public Administration and Governance, 9(4), 148. https://doi.org/10.5296/jpag.v9i4.15135
Moudud-Ul-Huq, S., Biswas, T., & Proshad Dola, S. (2020). Effect of Managerial Ownership on Bank Value: Insights of an Emerging Economy. Asian Journal of Accounting Research, 5(2), 241–256. https://doi.org/10.1108/AJAR-03-2020-0016
Nguyen, P., Rahman, N., Tong, A., & Zhao, R. (2016). Board Size and Firm Value: Evidence from Australia. Journal of Management and Governance, 20(4), 851–873. https://doi.org/10.1007/s10997-015-9324-2
Oktari, V., Mela, N. F., & Zarefar, A. (2018). The Influence of Good Corporate Governance on Company Value in Jakarta Islamic Index Companies. Jurnal Akuntansi Keuangan Dan Bisnis, 11(1), 69–78.
Phuong, N. T. T., & Hung, D. N. (2020). Impact of Corporate Governance on Corporate Value: Research in Vietnam. Research in World Economy, 11(1), 161–170. https://doi.org/10.5430/rwe.v11n1p161
Puspaninggiri, E. (2021). The Influence of Profitability, Leverage and Good Corporate Governance on Company Value. Jurnal RAK (Riset Akuntansi Keuangan), 6(1), 99–120.
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.
Rasmini, N. K. (2019). Pengaruh Kepemilikan Manajerial Pada Nilai Perusahaan Dengan Pengungkapan Enterprise Risk Management Sebagai Variabel Pemoderasi. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 13(2), 234. https://doi.org/10.24843/matrik:jmbk.2019.v13.i02.p11
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
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Published
2022-10-29
How to Cite
SEPRIANI, Lena; CANDY, Candy.
The Effect of Corporate Governance on Corporate Value: The Role of Enterprise Risk Management.
Matrik : Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan, [S.l.], p. 224 - 240, oct. 2022.
ISSN 2302-8890.
Available at: <https://ojs.unud.ac.id/index.php/jmbk/article/view/84174>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/MATRIK:JMBK.2022.v16.i02.p04.
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
