Pengaruh Pengungkapan Manajemen Risiko Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Di Industri Perbankan Indonesia
DOI:
10.33395/owner.v4i2.257Keywords:
risk management disclosure, profitability, firm value, bankAbstract
Investors assess and demand banks to improve their risk management. Then, the profit earned by the bank is not yet known the effect of risk management on firm value. The aim of this study is to determine the effect of risk management disclosures on firm value with profitability as a mediating variable. The population used in this study are all banks listed on the Indonesia Stock Exchange (IDX) in the period of 2016 to 2018. This type of research is a correlational study consisting of thirty-six banks as research samples. Furthermore, the sampling method used in this study was purposive sampling. The results showed that the disclosure of risk management has a positive effect on profitability and firm value. Then, the risks and opportunities in this study can be managed well by the company so that it has a positive effect on increasing the company's profitability. The market implication assumes that risk management disclosures can be used as one of the relevant information to increase the value of the company. However, profitability in this study cannot mediate the relationship between risk management disclosure and firm value. The size of profitability produced in banks in Indonesia is not a determining factor in managing a company's risk management activities. So it can be concluded that risk management is disclosed solely because it fulfills corporate responsibilities and complies with government regulations.
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References
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Myers, S., & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, Vol. 13 pp. 187-221.
Nocco, B., & Stulz, R. (2006). Enterprise risk management: theory and practice. Journal of Applied Corporate Finance, Vol. 4 No. 18 pp. 8-20.
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Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinant of profitability and firm value : evidence from Indonesia Banks. International Journal of Management & Social Sciences, Vol. 01 No. 01 pp. 84-95.
Verrechia, R. E. (1983). Discretionary Disclosure. Journal of Accounting and Economics , Vol. 5 pp. 179-194.
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Agustina, L., & Baroroh, N. (2016). The relationship between enterprise risk management and firm value mediated through the financial performance. Review of Integratif Business and Economic Research, Vol. 5 No. 1 pp. 128-138.
Anton, S. G. (2018). The impact of enterprise risk management on firm value: empirical evidence from Romanian non-financial firms. Inzinerine Ekonomika-Engineering Economics, Vol. 2 No. 29 pp. 151-157.
Attar, D., Islahuddin, & Shabri, M. (2014). Pengaruh penerapan manajemen risiko terhadap kinerja keuangan perbankan yang terdaftar di bursa efek Indonesia. Jurnal Akuntansi : Pascasarjana Universitas Syiah Kuala, Vol. 3 No. 1 pp. 10-20.
Azim, M. H., & Abdelmoniem, Z. (2015). Risk management and disclosure and their impact on firm value : the case of egypt. International Journal of Business, Accounting and Finance, Vol. 9 No. 1 pp. 1-14.
Bank Indonesia. Peraturan Bank Indonesia Nomor: 13/1/PBI/2011 tentang Penilaian Tingkat Kesehatan Bank Umum.
Bank Indonesia. Surat Edaran Bank Indonesia Nomor: 13/23/DPNP/tanggal 25 Oktober 2011 perihal Perubahan atas Surat Edaran No. 5/21/DPNP perihal Penerapan Manajemen Risiko bagi Bank Umum.
Baxter, R., Bedard, J., Hoiitash, R., & Yezegel, A. (2013). Enterprise risk management program quality: determinants, value relevance, and the financial crisis. Contemporary Accounting Research, Vol. 4 No. 30 pp. 1264-1295.
Brigham, & Daves. (2010). Intermediate Financial Management. Tenth Edition. South Western: Cengage Learning.
Brigham, E., & Ehrhardt. (2005). Financial Management Theory and Practice (Eleven Ed). Ohio: South Western Cengage Learning.
Brigham, E., & Houston, J. (2014). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Cahyaningtyas, S. R., & Sasanti, E. E. (2019). Penerapan manajemen risiko bank, tata kelola perusahaan dan kinerja perusahaan perbankan Indonesia. Jurnal Aplikasi Akuntansi, Vol. 3 No. 2 pp. 170-206.
Connelly, B., Certo, S., Ireland, R., & Reutzel, C. (2011). Signaling theory: a review and assessment. Journal of management, Vol. 1 No. 37 pp. 39-67.
Committe of Sponsoring Organization (COSO) of The Treadway Commision. 2017. Enterprise Management Framework - Integrating with Strategy and Performance. Juni 2017
Devi, S., Budiasih, I. G., & Badera, I. D. (2017). Pengaruh pengungkapan enterprise risk management dan pengungkapan intellectual capital terhadap nilai perusahaan. Jurnal Akuntansi dan Keuangan Indonesia, Vol. 14 No. 1 pp. 20-45.
Dianawati, C. P., & Fuadati, S. R. (2016). Pengaruh CSR dan GCG terhadap nilai perusahaan : profitabilitas sebagai variabel intervening. Jurnal Ilmu dan Riset Manajemen, Vol. 5 No. 1 pp. 1-20.
Donaldson, T., & Preston, L. (1995). The stakeholder theory of the corporation: concepts, evidence, and implications. The Academy of Management Review, Vol. 1 No. 20 pp. 65-91.
Fama, E. F. (1978). The effect of a firm’s investment and financing decision on the welfare of its security holders. American Economic Review, Vol. 98 pp. 271-282.
Faster, J., & Simkins, B. (2007). Ten common misconceptions about enterprise risk. Journal of Applied Corporate Finance, Vol. 4 No. 19 pp. 75-81.
Freeman, R. (1994). The politics of stakeholder theory: some future directions. Business Ethics Quarterly, Vol. 4 No. 4 pp. 409-421.
Freeman, R., Wicks, A., & Parmar, B. (2004). Stakeholder theory and the corporate objective revisited. Organization Science, Vol. 15 No. 3 pp. 364-369.
Gates, S., Nicolas, J.-L, & Walker, P. (2012). Enterprise risk management: a process forenhanced management and improved performance. Management Accounting Quarterly, Vol. 3 No. 13 pp. 28-38.
Hartono, J. (2008). Teori Portofolio dan Analisis Investasi Edisi Kelima. Yogyakarta: BPFE.
Hoyt, & Lienberg. (2011). The value of enterprise risk management. Journal of Risk and Insurance.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior. Journal of Finance Economic, Vol. 3 pp. 305-360.
Lin, Y., Wen, M., & Yu, J. (2011). Enterprise risk management: strategic antecedents, risk integration and performance. North American Actuarial Journal, No. 16 pp. 0-48.
LMcShane, M., Nair , A., & Rustambekov, E. (2011). Does enterprise risk management increase firm value? Journal of Accounting, Auditing and Finance.
Meulbroek, L. (2002). Integrated risk management for the firm: a senior manager’s guide. Journal of Applied Corporate and Finance, No. 14 pp. 56-70.
Moeller, R. (2011). COSO Enterprise Risk Management: Establishing Effective Governance, Risk, and Compliance Processes. New Jersey: John Wiley & Sons, Inc.
Myers, S., & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, Vol. 13 pp. 187-221.
Nocco, B., & Stulz, R. (2006). Enterprise risk management: theory and practice. Journal of Applied Corporate Finance, Vol. 4 No. 18 pp. 8-20.
Nugraha, D. P. (2013). Efek penerapan enterprise risk management studi empiris pada reaksi pasar dan kinerja perusahaan. Tesis Universitas Gajah Mada.
Olayinka, E., Emoarehi, E., Jonah, A., & Ame, J. (2017). Enterprice risk management and financial performance: evidence from emerging market. International Journal of Management, Accounting and Economics, Vol. 4 No. 9 pp. 937-952.
Otoritas Jasa Keuangan. Peraturan Otoritas Jasa Keuangan Nomor 13/PJOK.03/2015 tentang Transparansi dan Publikasi Laporan Bank.
Sartono, A. (2010). Manajemen Keuangan Teori dan Aplikasi. Edisi Keempat. Yogyakarta: BPFE.
Sayilir, Ö., & Farhan, M. (2017). Enterprise risk management and its effect on firm value in Turkey. Journal of Management Research, Vol.9 No. 1 pp. 86-99.
Setyorini, C. T., & Ishak, Z. (2012). Corporate social and environmental disclosure: a positive accounting theory view point. International Journal of Business and Social Science, Vol. 3 No. 9 pp. 152-164.
Solikhah, D. R., & Hariyati. (2018). Pengaruh pengungkapan enterprise risk management terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi. Jurnal Akuntansi Akunesa, Vol. 6 No. 3 pp. 1-20.
Sugiyanto, & Rahayu, A. A. (2018). The implementation of risk management and its effect on good cooperative governance and success. Journal of Indonesia Economy and Business, Vol. 33 No. 3 pp. 3243-3256.
Sutedja. (2006). Pengungkapan (disclosure) laporan keuangan sebagai upaya mengatasi asimetri informasi. Jurnal Infestasi, Vol. 3 No. 2 pp. 113-125.
Taufik Fajar. Okefinance. Okezone.com. 18 10 19. (Online). Avaible: https://economy. okezone.com/read/2019/10/18/320/2118645/kondisi-perbankan-5-tahun-terakhir-masalah-di-kredit-macet
Thaib, I., & Dewantoro, A. (2017). Pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening. Jurnal Riset Perbankan Manajemen dan Akuntansi, Vol. 1 No. 1 pp. 25-44.
Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinant of profitability and firm value : evidence from Indonesia Banks. International Journal of Management & Social Sciences, Vol. 01 No. 01 pp. 84-95.
Verrechia, R. E. (1983). Discretionary Disclosure. Journal of Accounting and Economics , Vol. 5 pp. 179-194.
Wendiyanto Saputro. Kumparan. Kumparan.com. 22 11 2017. (Online). Avaible: https:// kumparan.com/kumparannews/lps-ungkap-penyebab-profitabilitas-bank-terus-menurun/full
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2020-08-02
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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
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