ANTESEDEN PENERAPAN MANAJEMEN RISIKO DAN PENGARUHNYA TERHADAP NILAI PERUSAHAAN
DOI:
https://doi.org/10.20527/jwmthemanagementinsightjournal.v9i3.188Keywords:
Firm Ownership, Firm Size, Diversification, Good Corporate Governance, Risk Management, Firm ValueAbstract
The objective of this research is to analyze the effect of firm ownership, firm size, diversification, and good corporate governance on risk management implementation, and effect of risk management on firm value in the basic industry and chemicals sector listed on the IDX from 2016 to 2019.
The research employs an explanatory method with a unit of analysis that focuses on the annual financial statements of companies in the basic industry and chemicals sector, with a population totaling 72 companies, and a sample of 40 companies using the purposive sampling technique. In addition, tests were conducted while the validity and reliability tests using smartpls software.
According to the findings of this research, firm size, diversification, and good corporate governance have a significant effect on risk management implementation, while firm ownership does not have a significant effect on risk management implementation. Furthermore, risk management does not have a significant effect on the firm value.
Downloads
References
Abdillah, W., & Jogiyanto. (2015). Partial Least Square (Alternatif Structural Equation Modeling) dalam Penelitian Bisnis. Yogyakarta: ANDI Yogyakarta.
Admin LSP MKS. (2018). Standar Internasional Manajemen Risiko, perkembangan terkini dan implikasinya bagi Indonesia.
Alijoyo, A. (2017). Strategi ISO (International Organization for Standaridization) 2016-2020 – dan relevansi untuk pengembangan kompetensi manajemen risiko. Diambil dari https://irmapa.org/strategi-iso-international-organization-for-standaridization-2016-2020-dan-relevansi-untuk-pengembangan-kompetensi-manajemen-risiko/
Amran, A., Manaf Rosli Bin, A., & Che Haat Mohd Hassan, B. (2009). Risk reporting: An exploratory study on risk management disclosure in Malaysian annual reports. Managerial Auditing Journal, 24(1), 39–57. https://doi.org/10.1108/02686900910919893
Amri, A. (2015). Kerangka kerja manajemen risiko. Diambil dari https://blogs.itb.ac.id/23215077auliakamriel5007mkisem1t15d16mr/2015/11/15/kerangka-kerja-manajemen-risiko/
Anton, S. G. (2018). The impact of enterprise risk management on firm value: Empirical evidence from romanian non-financial firms. Engineering Economics, 29(2), 151–157. https://doi.org/10.5755/j01.ee.29.2.16426
Berger, P. G., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65. https://doi.org/https://doi.org/10.1016/0304-405X(94)00798-6
Bernandhi. (2014). Pengaruh Kepemilikan manajerial, Kepemilikan Institusional, Kebijakan Deviden, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan, 3, 1.
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, (August). https://doi.org/10.2139/ssrn.2326195
Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar Manajemen Keuangan. Jakarta: Jakarta: Salemba Empat.
Brigham, E., & Gapenski, L. (1996). Intermediate Financial Management (5 ed.). New York: Newyork: Dryden Press.
Candra, A. (2015). Perkembangan Manajemen Risiko (ERM, RM, ISO 31000). Diambil dari https://blogs.itb.ac.id/23215126adityacandrael5216mrkisem1t15d16mr/2015/11/19/perkembangan-manajemen-risiko-erm-rm-iso31000/
Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance Author ( s ): Max B . E . Clarkson Published by : Academy of Management Stable URL : http://www.jstor.com/stable/258888 REFERENCES Linked references are available on JSTOR f. Academy of Management Review, 20(1), 92–117.
Cummins, J. D., Lewis, C. M., & Wei, R. (2005). The Market Value Impact of Operational Risk Events : U . S . Banks and Insurers Famous Operational Risk Events.
Damciwar, A. (1999). Strategi Diversifikasi usaha Perusahaan Jasa Konstruksi (Studi kasus Pada PT X).
Darmawi, H. (2014). Manajemen Perbankan. Jakarta: Bumi Aksara: Jakarta.
Eisenhardt, K. M. (2018). Linked references are available on JSTOR for this article : Agency Theory : An Assessment and Review, 14(1), 57–74.
Elzahar, H., & Hussainey, K. (2012). Determinants of narrative risk disclosures in UK interim reports. Journal of Risk Finance, 13(2), 133–147. https://doi.org/10.1108/15265941211203189
Evelyna, F. (2018). Diversifikasi dan Alih Generasi Bisnis pada Perusahaan Keluarga. Universitas Islam Indonesia.
Fama, E. F., & Jensen, M. C. (1983). Corporations and Private Property: A Conference Sponsored by the Hoover Institution. Journal of Law and Economics, 26 No. 2(2), 301–325. Diambil dari http://dialnet.unirioja.es/descarga/articulo/3728530.pdf
Ghosh, A. (2012). Managing Risks in Commercial and Retail Banking. John Wiley & Sons Singapore Pte. Ltd. https://doi.org/10.1002/9781119199250
Ghozali, I., & Chariri, A. (2012). Teori Akuntansi. Semarang: Badan Penerbit Universitas diponegoro, Semarang.
Gitman, J. L. (2014). Principles of Managerial Finance. United States: United States: Pearson Education (US).
Hadi, N. (2011). Corporate social responsibility. Yogyakarta: Graha Ilmu, Yoguakarta.
Hafizuddin-Syah, B. A. ., Hawati, J., Mohamad, A. H., & Puan, Y. (2017). The effect of enterprise risk management on firm value: Evidence from Malaysian technology firms. Jurnal Pengurusan, 49, 3–11.
Hanafi, M. (2006). Manajemen keuangan (1 ed.). Yogyakarta: Yogyakarta: BPFE.
Hapsoro, D., Nilai, R., Akuntansi, I., Pasar, U., Lako, A., Si, M., … Menghidupi, B. (2007). Factors Of Corporate Social Innovation - An Empirical Study dengan Confirmatory Factor Analysis (CFA) Editorial Staff Jurnal Akuntansi & Manajemen (JAM) (Vol. 18).
Harelimana, J. B. (2017). Effect of Diversification on Portfolio Risk Management at Rwanda Social Security Board. Journal of Corporate Governance Research, 1(1), 16. https://doi.org/10.5296/jcgr.v1i1.12189
Harmono. (2009). Pengertian Nilai Perusahaan, Jenis dan Pengukuran Nilai Perusahaan Menurut Para Ahli Lengkap. Diambil dari https://www.pelajaran.co.id/2018/20/pengertia-jenis-dan-pengukuran-nilai-perusahaan.html
Harto, P. (2005). Kebijakan Diversifikasi Perusahaan Dan Pengaruhnya Terhadap Kinerja: Studi Empiris Pada Perusahaan Publik Di Indonesia, (September), 297–307.
Hartono, J. (2008). metodologi penelitian sistem informasi (1 ed.). ANDI Yogyakarta.
Hartono, J. (2010). studi peristiwa menguji reaksi pasar modal akibat suatu peristiwa. Jakarta: BPFE Yogyakarta.
Hoyt, R. E., Moore, D. L., Insurance, J., & Liebenberg, A. P. (2008). The Value of Enterprise Risk Management : Evidence from the U . S . Insurance Industry, 1–22.
Irawan, D., & Nurdhiana. (2010). Pengaruh Laba Bersih dan Arus Kas Operasi Terhadap Kebijakan Dividen Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2009-2010 Effect of Net Income and Operating Cash Flow On Dividend Policy At The Company Registered In Indonesia Stock Exch, 1–17.
Jaya, I. G. N. M., & Sumertajaya, I. M. (2008). Pemodelan Persamaan Structural dengan Partial Least Square. Semnas Matematika dan Pendidikan Matematika 2008, 118–132.
Kaihatu, T. S. (2006). Good Corporate Governance Dan Penerapannya Di Indonesia. Jurnal Manajemen dan Wirausaha, 8(1), 1–9. https://doi.org/10.9744/jmk.8.1.pp.1-9
Lanin, I. (2018). Standar Baru Manajemen Risiko ISO 31000:2018. Diambil dari https://ibfgi.com/risk-management-31000/
Lechner, P., & Gatzert, N. (2016). Determinants and Value of Enterprise Risk Management: Empirical Evidence from Germany. SSRN Electronic Journal, (March). https://doi.org/10.2139/ssrn.2735050
Liebenberg, A. P., & Hoyt, R. E. (2003). The Determinants of Enterprise Risk Management: Evidence From the Appointment of Chief Risk Officers. https://doi.org/https://doi.org/10.1111/1098-1616.00019
Lotfi, S., & Mohammadi, D. A. (2014). The Relationship between Ownership Structure and Risk Management: Evidence from Iran. International Journal of Academic Research in Business and Social Sciences, 4(2), 53–62. https://doi.org/10.6007/ijarbss/v4-i2/594
M. Krus, C., & L. Orowitz, H. (2009). The Risk-Adjusted Board : How Should the Board Manage Risk ? Succession Planning of Reform. The Corporate Governance Advisor, 17(2).
Manab, N. A., Kassim, I., & Hussin., M. R. (2010). Enterprise-Wide Risk Management (EWRM) Practices: Between Corporate Governance Compliance and Value Creation. International Review of Business Research Papers, 6(2), 239–252.
Melani, U., & Amin, M. Al. (2016). Pengaruh Kepemilikan Manajemen, Jenis Industri, Diversifikasi Produk, Profitabilitas, Dan Umur Perusahaan Terhadap Pengungkapan Manajemen Risiko Pada Industri Perbankan Dan Manufaktur. Optimum: Jurnal Ekonomi dan Pembangunan, 6(1), 1. https://doi.org/10.12928/optimum.v6i1.7809
Meulbroek, L. (2002). The Promise and Challenge of Integrated Risk Management, 5. https://doi.org/https://doi.org/10.1111/1098-1616.00006
Meulbroekk, L. K. (2002). Integrated Risk Management for the Firm: A Senior Manager’s Guide. https://doi.org/https://doi.org/10.1111/j.1745-6622.2002.tb00449.x
Nuswandari, C. (2009). Pengungkapan pelaporan keuangan dalam perspektif signalling theory, 1.
Penza, P., & Bansal, V. K. (2001). Measuring Market Risk with Value at Risk. Wiley.
Putra, U. A. (2015). Kerangka Kerja Manajemen Risiko. Diambil dari https://blogs.itb.ac.id/23215061agungutamaputrael5007mkisem1t15d16mr/2015/11/22/kerangka-kerja-manajemen-risiko/
Riadi, M. (2017). Pengertian, Jenis dan Pengukuran Nilai Perusahaan. Diambil dari https://www.kajianpustaka.com/2017/11/pengertian-jenis-dan-pengukuran-nilai-perusahaan.html
Riyanto, B. (2003). Dasar-Dasar Pembelajaan Perusahaan (4 ed.). BPFE Yogyakarta.
Rosen, D., & Zenios, S. A. (2008). Enterprise-Wide Asset and Liability Management: Issues, Institutions, and Models. Handbook of Asset and Liability Management - Set, 1(December 2018), 1–23. https://doi.org/10.1016/B978-044453248-0.50007-1
Sadewo, I. B., Suparlinah, I., & Widianingsih, R. (2014). Pengaruh Ukuran Perusahaan Dan Keputusan Pendanaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi (Studi empiris Perusahaan Manufaktur di Bursa Efek Indonesia pada Tahun 2011-2014). Syariah Paper, 4(2460–0784), 126–145.
Sadgrove, K. (2005). The Complete Guide To Business Risk Management. Burlington: Gower Publishing. Burlington: Burlington: Gower publishing.
Sanusi, Z. M., Nia, M. S., Roosle, N. A., Sari, R. N., & Harjitok, A. (2017). Effects of corporate governance structures on enterprise risk management practices in Malaysia. International Journal of Economics and Financial Issues, 7(1), 6–13.
Sari, R. K. (2005). Faktor-Faktor Yang Berpengaruh Terhadap Nilai Perusahaan Dengan Investasi Sebagai Variabel Moderating.
Sartono. (2010). Pengertian Nilai Perusahaan, Jenis dan Pengukuran Nilai Perusahaan Menurut Para Ahli Lengkap. Diambil dari https://www.pelajaran.co.id/2018/20/pengertia-jenis-dan-pengukuran-nilai-perusahaan.html
Sarwono, A. A., Hapsari, D. W., & Nurbaiti, A. (2018). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan terhadap Pengungkapan Manajemen Risiko, 5.
Sayilir, O., & Farhan, M. (2016). Enterprise Risk Management and Its Effect on Firm Value in Turkey. Journal of Management Researh, 8(4), 86. https://doi.org/10.5296/jmr.v9i1.10124
Schröck, G., & Steiner, M. (2005). Risk management and value creation in banks. Risk Management: Challenge and Opportunity. https://doi.org/10.1007/3-540-26993-2_3
Smithson, C., & Simkins, B. J. (2005). Does Risk Management Add Value? A Survey of the Evidence. Journal of Applied Corporate Finance, 17(3), 8–17. https://doi.org/10.1111/j.1745-6622.2005.00042.x
Smulowitz, S., Becerra, M., & Mayo, M. (2019). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Relations, 72(10), 1671–1696. https://doi.org/10.1177/0018726718812602
Sugiyono. (2011). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta, Bandung.
Suharli, M. (2006). Pengaruh Nilai Perusahaan Terhadap Return dengan Price Earnings Ratio Sebagai Variabel Moderate(Studi Empiris Pada Persahaan Terdaftar Indeks LQ-45).
Sukamto, R. ariani. (2007). Manajemen risiko perusahaan.
Susilo, L. J., & Kaho, V. R. (2010). Manajemen risiko berbasis ISO 31000 untuk industri non perbankan. Jakarta: Jakarta: PPM Manajemen.
Sutedi, A. (2012). Good Corporate Governance. Jakarta: sinar grafika: Jakarta.
Syakhroza, A. (2011). Best Practices Corporate Governance dalam konteks kondisi lokal perbankan Indonesia. Corporate Governance: A Synthesis of Theory, Research, and Practice, (06), 57–78. https://doi.org/10.1002/9781118258439.ch4
Tandelilin, E. (2001). Analisis Investasi dan Manajemen Portofolio. Yogyakarta: Yogyakarta: BPFE.
Trieschmann, J. S., Hoyt, R., & David, S. (2005). Risk Management and Insurance. South Western: South Western.
Tunggal, A. W. (2010). Principles of Internal Auditing. Jakarta: Jakarta: Harvarindo.
Yamin, S., & Kurniawan, H. (2012). Generasi Baru Mengolah Data Penelitian dengan Partial Least Square Path Modeling. Salemba Empat, Jakarta.
Yegon, C. K., Mouni, J. G., & Wanjau, K. (2014). Effects of Firm Size on Enterprise Risk Management of Listed Firms in Kenya. IOSR Journal of Business and Management, 16(5), 86–95. https://doi.org/10.9790/487x-16548695
Yudanto, I. R. (2019). Kerangka Kerja Manajemen Risiko pada ISO 31000:2018. Diambil dari http://www.jtanzilco.com/blog/detail/1437/slug/kerangka-kerja-manajemen-risiko-pada-iso-31000-2018
Zakiah, A. M., & Rabihah, M. S. (2019). The Influence of Corporate Governance on Enterprise Risk Management Implementation Among Non-Financial Public Listed Companies in Malaysia. International Research Conference on Multidisciplinanry in Social Sciences and Technology, (April), 9–18.
Downloads
Published
Issue
Section
License
Copyright (c) 2021 JWM (JURNAL WAWASAN MANAJEMEN)

This work is licensed under a Creative Commons Attribution 4.0 International License.
