The Impact of Enterprise Risk Management and Sustainability Disclosures on Corporate Value with Corporate Governance as a Moderating Variables

  • Fairly Sekar Ganishti Universitas Katolik Indonesia Atma Jaya, Jakarta
  • Luky Yunia Wennadi Universitas Katolik Indonesia Atma Jaya, Jakarta
  • Hadi Santoso Universitas Widya Dharma Pontianak, Kalimantan Barat
DOI: https://doi.org/10.52362/ijiems.v4i1.1771

Abstract

Globalization fosters economic growth and intensifies competition within the business sector, highlighting the increasing importance of information transparency as a source of competitive advantage. Risk disclosures and Sustainability Reports play a pivotal role in enhancing stakeholder trust and boosting firm value through transparency. This study investigates the impact of risk disclosure and Sustainability Report disclosures on firm value, while also exploring the moderating role of Corporate Governance. Using purposive sampling, data from 80 companies listed in the Kompas 100 index in 2022 were analyzed using E-Views software. The findings reveal that risk disclosure positively influences firm value, whereas the disclosure of Sustainability Reports does not significantly affect firm value. Additionally, CG moderates the relationship between risk disclosure and firm value, reinforcing its negative impact, while CG strengthens the positive relationship between Sustainability Report disclosure and firm value. These results offer valuable insights into the role of transparency and governance in shaping corporate outcomes in a globalized market.

Author Biographies

Fairly Sekar Ganishti, Universitas Katolik Indonesia Atma Jaya, Jakarta

Departement of Management

Luky Yunia Wennadi, Universitas Katolik Indonesia Atma Jaya, Jakarta

Departement of Management

Hadi Santoso, Universitas Widya Dharma Pontianak, Kalimantan Barat

Departement of Management

References

[1] Hendriani, M., Saleh, D. S., & Kartika, R. (2021). Memprediksi Financial Distress Pada Perusahaan Sektor Tekstil Dan Garment Yang Terdaftar Di Bei. Eqien: Jurnal Ekonomi Dan Bisnis, 8(2). https://doi.org/10.34308/eqien.v8i2.278
[2] Faiq, M., & Septiani, A. (2020). Analisis Pengaruh Implementasi Enterprise Risk Management terhadap Kinerja dan Nilai Perusahaan. Diponegoro Journal of Accounting, 9(4), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
[3] Devi, S., Budiasih, I. G. N., & Badera, I. D. N. (2017). Pengaruh Pengungkapan Enterprise Risk Management Dan Pengungkapan Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 14(1), 20–45. https://doi.org/10.21002/jaki.2017.02
[4] Anisa, W. G., & Prastiwi, A. (2012). Analisis Faktor yang Mempengaruhi Pengungkapan Manajemen Risiko. Jurnal Skripsi Undip, 1–30. http://eprints.undip.ac.id/35288/
[5] Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh Pengungkapan Enterprise Risk Management, Intellectual Capital, Corporate Social Responsibility, Dan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, 5(2), 53–79
[6] Agista, G. G., & Mimba, N. P. S. H. (2017). Pengaruh Corporate Governance Structure Dan Konsentrasi Kepemilikan Pada Pengungkapan Enterprise Risk Management. E-Jurnal Akuntansi, 20(1), 438–466. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/28368
[7] Pujiningsih, D. V. (2020). Pengaruh Sustainability Report Terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Pemoderasi. Jurnal Riset Akuntansi Dan Keuangan, 8(3), 579–594. https://doi.org/10.17509/jrak.v8i3.22841
[8] Hackston, D., & Milne, M. J. (1996). Some determinants of social and environmental disclosures in New Zealand companies. Accounting, Auditing & Accountability Journal, 9(1), 77–108. https://doi.org/10.1108/09513579610109987
[9] Latifah, S. W., & Luhur, M. B. (2020). Ffff. Handbook of Bolts and Bolted Joints, 17(1), 336–339. https://doi.org/10.1201/9781482273786-97
[10] McKinsey & Company (2002). Global Investor Opinion Survey 2002: Key Findings, July, htth//www.McKinsey.com/Governance.
[11] Newel & Wilson (2002). A Premium for Good Governance. The McKinsey Quaterly, Number 3.
[12] Sugiyono, P. D. (2013). Metode penelitian pendidikan pendekatan kuantitatif, kualitatif dan R&D.
[13] Amerta, A., & Nanok Soenarno, Y. (2022). The Impact of Enterprise Risk Management, Corporate Social Responsibility, and Sustainability Report on Firm Value in Banking Sector of Indonesia, Malaysia and Thailand. CECCAR Business Review, 3(5), 62–72. https://doi.org/10.37945/cbr.2022.05.07
[14] Abdullah, M. R. (2014). Enterprise Risk Management (ERM) Sebagai Suatu Proses Dan Sistim Dalam Manajemen Risiko. Jurnal Muamalah, IV(1), 29–30.
[15] Salju, R.S.H.S.B., & Ikbal, M. (2020). PANDUAN PRAKTIS EKONOMETRIKA Konsep Dasar dan Penerapan Menggunakan EViews 10. In Jurnal Ilmu Pendidikan (Vol. 7, Issue 2).
Published
2025-01-31
How to Cite
GANISHTI, Fairly Sekar; WENNADI, Luky Yunia; SANTOSO, Hadi. The Impact of Enterprise Risk Management and Sustainability Disclosures on Corporate Value with Corporate Governance as a Moderating Variables. International Journal of Informatics, Economics, Management and Science, [S.l.], v. 4, n. 1, p. 42-53, jan. 2025. ISSN 2809-8471. Available at: <https://www.journal.stmikjayakarta.ac.id/index.php/ijiems/article/view/1771>. Date accessed: 06 july 2025. doi: https://doi.org/10.52362/ijiems.v4i1.1771.
Citation Formats
Issue
Vol 4 No 1 (2025): IJIEMS (January 2025) in press
Section
Articles
Creative Commons License

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

Most read articles by the same author(s)

Obs.: This plugin requires at least one statistics/report plugin to be enabled. If your statistics plugins provide more than one metric then please also select a main metric on the admin's site settings page and/or on the journal manager's settings pages.