PENGARUH GOOD CORPORATE GOVERNANCE, KINERJA LINGKUNGAN DAN ENTERPRISE RISK MANAGEMENT TERHADAP NILAI PERUSAHAAN
Abstract
This study aims to examine the impact of good corporate governance, environmental performance, and enterprise risk management on firm value. Corporate governance is proxied by institutional ownership and the board of independent commissioners. The control variables include firm size and leverage. The population in this study includes all basic material companies listed on the IDX for the period 2021-2023. The sample was selected using purposive sampling method, a total of 30 companies. The data used in this study are secondary data obtained through annual reports of basic material companies for the period 2021-2023. The hypotheses are tested using linear regression, with the SPSS as the analysis tool. The research findings indicate that institutional ownership has a significant effect on firm value, while the board of independent commissioners has no effect. Similarly, environmental performance shows no significant impact on firm value, whereas enterprise risk management demonstrates a significant effect. The results of this study are expected to serve as a valuable consideration for companies in evaluating, improving, and enhancing their value.
References
Abdullah, M. H. S. B., Janor, H., Hamid, M. A., & Yatim, P. (2017). The effect of enterprise risk management on firm value: Evidence from Malaysian technology firms. Jurnal Pengurusan UKM Journal of Management, 49, 3–11. https://doi.org/https://doi.org/10.17576/pengurusan-2017-49-01
Anggreini, N. A., Nur, E., & Yuyetta, A. (2023). Pengaruh Enterprise Risk Management Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial Sebagai Variabel Moderasi. Diponegoro Journal of Accounting, 12(4), 1–11.
Apriantini, N. M., Widhiastuti, N. L. P., & Novitasari, N. L. G. (2022). Pengaruh profitabilitas, leverage, likuiditas, kepemilikan manajerial dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Kharisma, 4(2), 190–201.
Bailey, C., Collins, D. L., & Abbott, L. J. (2018). The Impact of Enterprise Risk Management on the Audit Process: Evidence from Audit Fees and Audit Delay. Auditing: A Journal of Practice & Theory, 37(3), 25–46. https://doi.org/10.2308/ajpt-51900
Bawai, R., & Kusumadewi, H. (2021). Effect of Corporate Governance, Firm Characteristic, Disclosure of Corporate Social Responsibility (CSR) on Firm Value. Jurnal Economia, 17(1), 20–33. https://doi.org/10.21831/economia.v17i1.32523
Brown, N., & Deegan, C. (1998). The public disclosure of environmental performance information—a dual test of media agenda setting theory and legitimacy theory. Accounting and Business Research, 29(1), 21–41. https://doi.org/10.1080/00014788.1998.9729564
Budiharjo, R. (2020). Effect of environmental performance, good corporate governance and leverage on firm value. American Journal of Humanities and Social Sciences Research, 4(8), 455–464.
COSO. (2020). Compliance Risk Management : Applying the COSO ERM Framework. In COSO. Sergio Analco.
Deegan, C. M. (2019). Legitimacy theory. Accounting, Auditing & Accountability Journal, 32(8), 2307–2329. https://doi.org/10.1108/AAAJ-08-2018-3638
Desman, D. P. K., & Majidah. (2022). Pengaruh Intellectual Capital Dan Struktur Modal Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sektor Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia pada Tahun 2017-2020 ). E-Proceeding of Management, 9(5), 3063–3069.
Doğan, M. (2020). Institutional Ownership and firm Value: A study on the Bist Manufacturing Index. Ekonomika , 99(2), 59–75. https://doi.org/10.15388/EKON.2020.2.4
Downling, J., & Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational Behavior.
Ellyana, E. (2023). The Effect of Ownership Managerials, Independent Commissioners And Audit Committees on Company Value (Banking Companies Listed On The Indonesia). Scientia, 2(1), 298–311. https://doi.org/10.51773/sssh.v2i1.166
Faisal, F., Abidin, Z., & Haryanto, H. (2021). Enterprise risk management (ERM) and firm value: The mediating role of investment decisions. Cogent Economics & Finance, 9(1). https://doi.org/10.1080/23322039.2021.2009090
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 26 (10 ed.). Semarang: Badan Penerbit Universitas Diponegoro.
Hadi. (2018). Corporate Social Responsibility.
Hadiwibowo, I., Limarty, D., & Azis, M. T. (2023). Pengungkapan Emisi Karbon Green Accounting dan Kinerja Lingkungan pada Nilai Perusahaan. Jramb, 8(November), 82–95.
ISO14031. (2013). Environmental Management—Environmental Performance Evaluation—Guidelines.
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
Jensen, M. C., & Meckling, W. H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal of Financial Economics, 3(3), 305–360.
Kurnia Uthami, I. G. A. A. D., & Wirasedana, I. W. P. (2018). Pengaruh Kinerja Lingkungan dan Komponen Good Corporate Governance pada Nilai Perusahaan yang Terdaftar di BEI. In E-Jurnal Akuntansi (Vol. 24). https://doi.org/10.24843/eja.2018.v24.i03.p04
Lako, A. (2019). Conceptual Framework of Green Accounting. Journal of Accounting, (May), 60–66.
Lam, J. (2014). Enterprise Management Risk: From Incentives to Controls (2 ed.). John Wiley & Sons Incorporation.
Lukman, H., & Geraldline, C. (2020). The Effect Of Commissioner Board’s Role on Firm Value With CSR as Mediating in the Plantation Industry. In The 2nd Tarumanagara International Conference on the Applications of Social Sciences and Humanities (TICASH 2020), 478(Ticash), 1030–1034. https://doi.org/10.2991/assehr.k.201209.163
Machmuddah. (2020). Metode Penyusunan Skripsi Bidang Ilmu Akuntansi. Yogyakarta: DEEPUBLISH (Grup Penerbitan CV BUDI UTAMA).
Munawwaroh, A. F., Fatoni, N., & Warno, W. (2021). Pengaruh Pengungkapan Enterprise Risk Management terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Eksos, 17(2), 81–93.
Muntahanah, S., & Cahyo, H. (2022). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan Sektor Kesehatan yang terdaftar di BEI periode 2017-2021. E-Qien: Jurnal Ekonomi dan Bisnis, 11(3).
Ningrum, W. K., & Helmy, H. (2024). The Impact of Risk Disclosure Tone and Institutional Ownership on Firm Value. Wahana Riset Akuntansi, 12(2), 153. https://doi.org/10.24036/wra.v12i2.130613
Penrose, E. T. (1959). The Theory of the Growth of the Firm. New York: John Wiley.
Phan, T. D., Dang, T. H., Nguyen, T. D. T., Ngo, T. T. N., & Hoang, T. H. Le. (2020). The effect of enterprise risk management on firm value: Evidence from Vietnam industry listed enterprises. Accounting, 6(4), 473–480. https://doi.org/10.5267/j.ac.2020.4.0011
Pradanimas, A., & Sucipto, A. (2022). Pengaruh Ukuran Perusahaan, Profitabilitas dan Leverage Terhadap Harga Saham dengan Nilai Perusahaan sebagai Variabel Intervening. Briliant: Jurnal Riset dan Konseptual, 7(1), 93–104. https://doi.org/10.28926/briliant.v7i1.788
Prasetya Margono, F., & Gantino, R. (2021). INFLUENCE OF FIRM SIZE, LEVERAGE, PROFITABILITY, AND DIVIDEND POLICY ON FIRM VALUE OF COMPANIES IN INDONESIA STOCK EXCHANGE. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/CJFA.2021.007
Purwaningrum, I. F., & Haryati, T. (2022). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(6), 1914–1925. https://doi.org/10.47467/alkharaj.v4i6.1451
Qalby, Z. H., Komalasari, P. T., & Pradnyaswari, N. L. A. M. (2023). Enterprise Risk Management dan Nilai Perusahaan: Kepemilikan Keluarga Sebagai Variabel Moderasi. INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia, 7(1), 106–120.
Salsabila, J., & Septiyanti, R. (2024). The Effect of Enterprise Risk Management and Corporate Social Responsibility on Firm Value. International Journal of Economics, Business and Innovation Research, 03(06), 255–266.
Sari, R. P., & Witjaksono, A. (2021). The Effect of Enterprise Risk Management, Firm Size, Profitability, and Leverage on Firm Value. EAJ (Economic and Accounting Journal), 4(1), 71–81. https://doi.org/10.32493/eaj.v4i1.y2021.p71-81
Soedjatmiko, Tjahjadi, B., & Soewarno, N. (2021). Do Environmental Performance and Environmental Management Have a Direct Effect on Firm Value? Journal of Asian Finance, Economics and Business, 8(1), 687–696. https://doi.org/10.13106/jafeb.2021.vol8.no1.687
Sudimas, M. R., Ramdany, R., & Ispriyahadi, H. (2023). Does Financial Performance Mediate the Impact of Green Accounting and Environmental Performance on Firm Value? Journal of Governance Risk Management Compliance and Sustainability, 3(1), 58–73.
Sujarweni, V. W. (2017). Analysis of Financial Statements Theory, Applications & Research Results. Yogyakarta: Pustaka Baru Press.
Utami, R., & Yusniar, M. W. (2020). Pengungkapan Islamic Corporate Social Responsibility (ICSR) dan Good Corporate Governance (GCG) Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. EL MUHASABA: Jurnal Akuntansi (e-Journal), 11(2), 162–176.
Utomo, M. N., Rahayu, S., Kaujan, K., & Irwandi, S. A. (2020). Environmental performance, environmental disclosure, and firm value: empirical study of non-financial companies at Indonesia Stock Exchange. Green Finance, 2(1), 100–113. https://doi.org/10.3934/GF.2020006
Uy, W. S., & Hendrawati, E. (2020). Pengaruh Corporate Social Responsibility Dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Liability, 2(2), 87–108.
Wahidahwati, W., & Lilis, A. (2021). Corporate Governance and Environmental Performance: How They Affect Firm Value *. Journal of Asian Finance, 8(2), 953–0962. https://doi.org/10.13106/jafeb.2021.vol8.no2.0953
Warsini, S., Suhartati, T., & Friya Purwa Setya, Y. (2024). The Mediating Role of Investment Decisions in the Influence of Sustainability Reports and ERM on the Firm Value. KnE Social Sciences, 2024, 41–54. https://doi.org/10.18502/kss.v9i25.16951
Copyright (c) 2025 Jurnal Kajian Akuntansi dan Auditing
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Please find the rights and licenses in Jurnal Kajian Akuntansi dan Auditing (JKAA). By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
1. License
The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User/Public Rights
JKAA's spirit is to disseminate articles published are as free as possible. Under the Creative Commons Attribution-NonCommercial 4.0 International License, JKAA permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and JKAA on distributing works in the journal and other media of publications. Unless otherwise stated, the authors are public entities as soon as their articles got published.
4. Copyrights Holder
With the receipt of the article by Editorial Board of the Jurnal Kajian Akutansi dan Auditing (JKAA) and it was decided to be published, then the copyright regarding the article will be diverted to Jurnal Kajian Akutansi dan Auditing (JKAA).
Jurnal Kajian Akutansi dan Auditing (JKAA) hold the copyright regarding all the published articles and has the right to multiply and distribute the article under
