THE ROLE OF FINANCIAL PERFORMANCE IN MEDIATION OF ENTERPRISE RISK MANAGEMENT AND CORPORATE VALUE
Abstract views: 296
,
pdf downloads: 316
Keywords:
Enterprise Risk Management, Firm Value, Financial Performance
Abstract
This study aims to determine the effect of financial performance as a mediating variable between ERM and firm value. Using secondary data from all companies in the consumer goods sector for the period 2018-2020 as the research population. The variables used are ERM for independent, projected financial performance with ROA, and firm value with Tobins-Q. Based on data processing with path analysis, it is known that ERM has a positive effect on firm value. .while ERM does not significantly affect financial performance. Financial performance is able to have a positive and significant influence on firm value, but fails to mediate the relationship between ERM and firm value.
References
Agustina, L., & Baroroh, N. (2016). The relationship between Enterprise Risk Management (ERM) and firm value mediated through the financial performance. Review of Integrative Business and Economics Research, 5(1), 128–138.
Ai, J., Bajtelsmit, V., & Wang, T. (2018). The Combined Effect of Enterprise Risk Management and Diversification on Property and Casualty Insurer Performance. Journal of Risk and Insurance, 85(2), 513–543. https://doi.org/10.1111/jori.12166
Arifah, E., & Wirajaya, I. G. A. (2018). Pengaruh Pengungkapan Enterprise Risk Management Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan, Leverage, dan Profitabilitas Sebagai Variabel Kontrol. E-Jurnal Akuntansi, 25, 1607. https://doi.org/10.24843/eja.2018.v25.i02.p30
Chen, L. J., & Chen, S. Y. (2011). The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations, 8(3), 121–129.
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. North American Journal of Economics and Finance, 54(xxxx), 1–14. https://doi.org/10.1016/j.najef.2019.02.004
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Cook, T. A. (2018). Enterprise Risk Management in the Global Supply Chain. CRC Press Web.
Faisal, M., & Hasan, N. N. (2020). Enterprise risk management and firm value: The case in emerging market. International Journal of Innovation, Creativity and Change, 6, 272–286.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit UNDIP.
Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. The Journal of Risk and Insurance, 78(4), 795–822. http://www.jstor.org/stable/41350401
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
Lam, J. (2014). Enterprise Risk Management; From Incentives to Controls. In Financial Analysts Journal. John Wiley & Sons. https://doi.org/10.2469/faj.v55.n4.2286
Lesmana, T., Iskandar, Y., & Heliani. (2020). Pengaruh kinerja keuangan terhadap nilai perusahaan pada perusahaan rokok yang terdaftar di bei. Jurnal Proaksi, 2, 25–34.
Mangara, I., Septiani, I., & Endri, E. (2020). Effect of financial performance on firms ’ value of cable companies in Indonesia. Growing Science, 6, 1103–1110. https://doi.org/10.5267/j.ac.2020.7.008
Mottoh, D. D., & Sutrisno, P. (2020). The Impact of Enterprise Risk Management and Corporate Governance on Firm Value. International Journal of Business, Economics and Law, 23(1), 181–191. http://dspace.unive.it/handle/10579/17413
Mowen, M. M., Hansen, D. R., & Heitger, D. L. (2018). Managerial Accounting The Cornesrtone of Business Decision Making.
Otoritas Jasa Keuangan. (2016). Peraturan Otoritas Jasa Keuangan Republik Indonesia tentang Nomor 18 Tahun 2016 tentang Penerapan Manajemen Risiko bagi Bank Umum. Ojk.Go.Id, 1–29. http://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-keuangan-mikro/peraturan-ojk/Documents/SAL-POJK PERIZINAN FINAL F.pdf
Pamungkas, A. S., & Maryati, S. (2020). Pengaruh Enterprise Risk Management Disclosure, Intellectual Capital Disclosure dan Debt to Asset Ratio terhadap Nilai Perusahaan. BUDGETING : Journal of Business, Management and Accounting, 1(2), 147–162. https://doi.org/10.31539/budgeting.v1i2.806
Pratama, B. C., Putri, I., & Innayah, M. N. (2020). The Effect Of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, Independent Board Of Commissioners, Board Of Director And Audit Committee Towards Firm Value. Jurnal Manajemen Dan Keuangan, 9(1), 60–72. https://doi.org/10.33059/jmk.v9i1.2196
Randa, F., & Solon, S. A. (2012). Randa dan Solon / Pengaruh Modal Intelektual… PENGARUH MODAL INTELEKTUAL TERHADAP NILAI PERUSAHAAN (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Sistem Informasi Manajemen Dan Akuntansi, 10(1), 24–47.
Stiglitz, J. E. (2004). Information and the Change in the Paradigm in Economics. New Frontiers in Economics, 27–67. https://doi.org/10.1017/CBO9780511754357.004
Sudirman, N., & Indrijawati, A. (2021). The Effect of Good Corvorate Governance and Enterprise Risk Management on Company Value with Financial Performance as a Moderating Variables. Journal of Research in Business and Management, 9(1), 22–33.
Talwar, S. (2012). Averting Bank Distress in Internationalized Financial System: Evolving a Comprehensive Risk Management Process.
Wahyuni, E. D., & Oktavia, I. (2020). Disclosure Of Enterprise Risk Management (ERM), Company Value, And Profitability As Moderating Factors. Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 208. https://doi.org/10.22219/jrak.v10i2.12934
Ai, J., Bajtelsmit, V., & Wang, T. (2018). The Combined Effect of Enterprise Risk Management and Diversification on Property and Casualty Insurer Performance. Journal of Risk and Insurance, 85(2), 513–543. https://doi.org/10.1111/jori.12166
Arifah, E., & Wirajaya, I. G. A. (2018). Pengaruh Pengungkapan Enterprise Risk Management Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan, Leverage, dan Profitabilitas Sebagai Variabel Kontrol. E-Jurnal Akuntansi, 25, 1607. https://doi.org/10.24843/eja.2018.v25.i02.p30
Chen, L. J., & Chen, S. Y. (2011). The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations, 8(3), 121–129.
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. North American Journal of Economics and Finance, 54(xxxx), 1–14. https://doi.org/10.1016/j.najef.2019.02.004
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Cook, T. A. (2018). Enterprise Risk Management in the Global Supply Chain. CRC Press Web.
Faisal, M., & Hasan, N. N. (2020). Enterprise risk management and firm value: The case in emerging market. International Journal of Innovation, Creativity and Change, 6, 272–286.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit UNDIP.
Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. The Journal of Risk and Insurance, 78(4), 795–822. http://www.jstor.org/stable/41350401
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
Lam, J. (2014). Enterprise Risk Management; From Incentives to Controls. In Financial Analysts Journal. John Wiley & Sons. https://doi.org/10.2469/faj.v55.n4.2286
Lesmana, T., Iskandar, Y., & Heliani. (2020). Pengaruh kinerja keuangan terhadap nilai perusahaan pada perusahaan rokok yang terdaftar di bei. Jurnal Proaksi, 2, 25–34.
Mangara, I., Septiani, I., & Endri, E. (2020). Effect of financial performance on firms ’ value of cable companies in Indonesia. Growing Science, 6, 1103–1110. https://doi.org/10.5267/j.ac.2020.7.008
Mottoh, D. D., & Sutrisno, P. (2020). The Impact of Enterprise Risk Management and Corporate Governance on Firm Value. International Journal of Business, Economics and Law, 23(1), 181–191. http://dspace.unive.it/handle/10579/17413
Mowen, M. M., Hansen, D. R., & Heitger, D. L. (2018). Managerial Accounting The Cornesrtone of Business Decision Making.
Otoritas Jasa Keuangan. (2016). Peraturan Otoritas Jasa Keuangan Republik Indonesia tentang Nomor 18 Tahun 2016 tentang Penerapan Manajemen Risiko bagi Bank Umum. Ojk.Go.Id, 1–29. http://www.ojk.go.id/id/kanal/iknb/regulasi/lembaga-keuangan-mikro/peraturan-ojk/Documents/SAL-POJK PERIZINAN FINAL F.pdf
Pamungkas, A. S., & Maryati, S. (2020). Pengaruh Enterprise Risk Management Disclosure, Intellectual Capital Disclosure dan Debt to Asset Ratio terhadap Nilai Perusahaan. BUDGETING : Journal of Business, Management and Accounting, 1(2), 147–162. https://doi.org/10.31539/budgeting.v1i2.806
Pratama, B. C., Putri, I., & Innayah, M. N. (2020). The Effect Of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, Independent Board Of Commissioners, Board Of Director And Audit Committee Towards Firm Value. Jurnal Manajemen Dan Keuangan, 9(1), 60–72. https://doi.org/10.33059/jmk.v9i1.2196
Randa, F., & Solon, S. A. (2012). Randa dan Solon / Pengaruh Modal Intelektual… PENGARUH MODAL INTELEKTUAL TERHADAP NILAI PERUSAHAAN (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Sistem Informasi Manajemen Dan Akuntansi, 10(1), 24–47.
Stiglitz, J. E. (2004). Information and the Change in the Paradigm in Economics. New Frontiers in Economics, 27–67. https://doi.org/10.1017/CBO9780511754357.004
Sudirman, N., & Indrijawati, A. (2021). The Effect of Good Corvorate Governance and Enterprise Risk Management on Company Value with Financial Performance as a Moderating Variables. Journal of Research in Business and Management, 9(1), 22–33.
Talwar, S. (2012). Averting Bank Distress in Internationalized Financial System: Evolving a Comprehensive Risk Management Process.
Wahyuni, E. D., & Oktavia, I. (2020). Disclosure Of Enterprise Risk Management (ERM), Company Value, And Profitability As Moderating Factors. Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 208. https://doi.org/10.22219/jrak.v10i2.12934
Published
2022-07-02
How to Cite
Subagio, I. S., & Saraswati, E. (2022). THE ROLE OF FINANCIAL PERFORMANCE IN MEDIATION OF ENTERPRISE RISK MANAGEMENT AND CORPORATE VALUE. JAE (JURNAL AKUNTANSI DAN EKONOMI), 7(2), 55-62. https://doi.org/10.29407/jae.v7i2.17448
Section
Volume 7 No 2 Tahun 2022
Copyright (c) 2022 Indra Sukma Subagio, Esti Saraswati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Copyright on any article is retained by the author(s).
- The author grants the journal, right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work’s authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal’s published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
- The article and any associated published material is distributed under the Creative Commons Attribution-ShareAlike 4.0 International License
