Pengaruh Pengungkapan Enterprise Risk Management terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi

Abstract

This study aims to analyze the influence of Enterprise Risk Management (ERM) on firm value by testing profitability in strengthening or weakening the relationship between Enterprise Risk Management (ERM) and firm value and testing leverage in controlling the relationship between Enterprise Risk Management (ERM) on firm value. in service companies listed on the Indonesian Syari'ah Stock Index (ISSI) 2015 – 2019. The population of this study are service companies listed on the Syari'ah Stock Index (ISSI) 2015 – 2019 as many as 51 companies. The sample selection in this study used a purposive sampling method and 10 companies were selected. Data analysis used the Structural Equation Modeling – Partial Least Square (PLS) method which was run using SmartPLS 3.0 software. The results showed that Enterprise Risk Management (ERM) and Profitability could not affect the Company Value. Profitability cannot strengthen or weaken the relationship between Enterprise Risk Management (ERM) and Company Value. Meanwhile, leverage can control the effect on firm value.

The Effect of Enterprise Risk Management (ERM) Disclosure on Firm Value Mediated by Profitability: Empirical Study on Banks Listed on the IDX 2018-2020

“…Dianawati and Fuadati (2016) in their research using profitability as a mediating variable stated that GCG and CSR can increase firm value when profitability is high. Other similar studies using profitability as a mediating variable in the relationship between risk management and firm value were also conducted, among others by Agustina and Baroroh (2016); Munawwaroh et al (2021); and Supriyadi and Setyorini (2020).…”

“…The case of PT Sunprima Nusantara Pembiayaan (SNP Finance), which also brought 14 creditor banks with a credit value of IDR 6 trillion, is also an example of the absence of a comprehensive entity risk management system or enterprise management. The results of the 2019 National Risk Management Survey show that ERM has been applied by the majority of entities in Indonesia, private and government, as many as 76.12% of respondents stated that the institutions where they work have implemented ERM (Munawwaroh et al, 2021;Siregar & Safitri, 2019). ERM implementation from year to year shows maturity, reflected in the increasing number of institutions that implement.…”

Do Enterprise Risk Management Disclosure and Intellectual Capital Disclosure Contribute to Firm Value?

“…The negative effect in this study indicates the company's failure to provide information to stakeholders regarding the management of company risk presented in the financial statements. The lack of risk management information has caused investors in Indonesia not to capture the disclosure of enterprise risk management as good news that can encourage firm value (Munawwaroh et al, 2021). This is related to the nature of the disclosure of enterprise risk management itself, where the disclosure is still voluntary or there are no regulations governing the disclosure for non-financial sector companies, so that the disclosures made by the company seem to be merely without paying attention to the completeness of information and the impact of disclosure for the company.…”

Penerapan Enterprise Risk Management Sektor Konstruksi Terhadap Nilai Perusahaan

“…Hal ini dingkapkan oleh Emar & Ayem (2020) bahwa enterprise risk management menjadi unsur penting bagi investor dalam mengambil keputusan dan menjadi sebuah pendekatan yang sangat penting guna mengidentifikasi, menganalisa, dan memonitor risiko baik dari luar perusahaan maupun dari dalam perusahaan. Selain itu penelitian Munawwaroh et al, (2021) juga memaparkan jika enterprise risk management dapat menjadi gambaran atau meramalkan terkait apa yang akan terjadi dimasa depan sebagai rencana pelaksanaan operasional perusahaan.…”