scholarly journals Effect of Free Cash Flow, Enterprise Risk Management Disclosure and Sustainability Report on Company Value With Corporate Governance as Moderating Variable

SENTRALISASI ◽  
2021 ◽  
Vol 10 (2) ◽  
pp. 140
Author(s):  
Nur Aeni Waly ◽  
Noer Sasongko ◽  
Fatchan Achyani
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Cash Flow ◽  
Firm Value ◽  
Enterprise Risk Management ◽  
Free Cash Flow ◽  
Good Corporate Governance ◽  
Enterprise Risk ◽  
The Relationship ◽  
Sustainability Report

This study aims to analyze the effect of free cash flow, enterprise risk management disclosure, and sustainability report on the value of companies with good corporate governance as a moderating variable listed on the Jakarta Islamic Index companies during the 2015-2019 periods. The samples used were 57 companies in (JII) period 2015 – 2019. The data analysis method used is multiple regressions with the help of Spss 26 to analyze the moderating effect. The results of this analysis show that free cash flow has no effect on firm value, enterprise risk management disclosure does not affect firm value, sustainability report does not has an effect on firm value, and good corporate governance does not moderate the relationship between free cash flow and firm value, good corporate governance moderates the relationship between enterprise risk management disclosure on firm value, and good corporate governance does not affect firm value. moderation of the relationship between the sustainability report and the value of the company.

scholarly journals IMPACT OF GOOD CORPORATE GOVERNANCE TOWARDS CORPORATE VALUE WITH ENTERPRISE RISK MANAGEMENT AS MODERATING VARIABLE (EMPIRICAL STUDY OF FINANCIAL COMPANIES LISTED IN IDX FOR THE PERIOD 2017-2019)

2021 ◽  
Vol 13 (1) ◽  
pp. 74-98
Author(s):  
Lydia Sibarani ◽  
Herlina Lusmeida
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Audit Committee ◽  
Enterprise Risk Management ◽  
Managerial Ownership ◽  
Corporate Value ◽  
Good Corporate Governance ◽  
Enterprise Risk ◽  
Multiple Regression Method ◽  
The Impact

Abstract- This research aims to observe and analyze the impact of Good Corporate Governance towards Corporate Value as well as analyzing whether Enterprise Risk Management is able to moderate its impact. Good Corporate Governance is proxied by the presence of Independent Commissioners, Audit Committee, as well as Managerial Ownership. The population of this research includes all financial companies that publish their annual report in Bursa Efek Indonesia (BEI) over the period of 2017-2019. Data were analyzed using the multiple regression method and the moderated regression analysis. The result of this research found that Independent Commissioners and Audit Committee gives positive and significant impact towards Corporate Value while Managerial Ownership gives negative and insignificant impact towards Corporate Value. Enterprise Risk Management is not able to moderate the impact of Independent Commissioner and Managerial Ownership towards Corporate Value but is able to moderate the impact of the Audit Committee towards Corporate Value. Keywords: Audit Committee; Corporate Value; Corporate Governance; Independent Commissioner; Managerial Ownership

scholarly journals Dampak Rasio Keuangan Dan Good Corporate Governance Terhadap Nilai Perusahaan

2021 ◽  
Vol 3 (2) ◽  
pp. 538
Author(s):  
Velecia Apriana ◽  
Herman Ruslim
Keyword(s):  
Corporate Governance ◽  
Cash Flow ◽  
Firm Value ◽  
Free Cash Flow ◽  
Flow Ratio ◽  
Current Ratio ◽  
Return On Equity ◽  
Good Corporate Governance ◽  
Panel Data Regression ◽  
Data Regression

This study aims to examine the effect of financial ratios (liquidity, profitability, and free cash flow) and good corporate governance (independent board of commissioners) on firm value by using time-series data of property and real estate companies listed in Indonesia Stock Exchange in the period of 2015-2019. The samples of this study were 33 firms (165 observations). The method used in this study is multiple panel data regression analysis using E-Views 10.0 software. Firm value is measured by Tobin’s Q, liquidity is measured by current ratio, profitability is measured by return on equity, free cash flow is measured by free cash flow ratio, and independent board of commissioners is measured by independent commissioners ratio. The results show that liquidity and free cash flow significantly influence firm value, but profitability and independent board of commissioners do not have any significant influence on firm value. Penelitian ini bertujuan untuk menguji pengaruh rasio keuangan (liquidity, profitability, dan free cash flow) dan good corporate governance (independent board of commissioners) terhadap firm value dengan menggunakan data time-series pada perusahaan property dan real estate yang terdaftar di BEI periode 2015-2019. Sampel pada penelitian ini berjumlah 33 perusahaan (165 observasi). Metode yang digunakan dalam penelitian ini adalah panel data regression analysis menggunakan software E-Views 10.0. Firm Value diukur menggunakan Tobin’s Q, liquidity diukur menggunakan current ratio, profitability diukur menggunakan return on equity, free cash flow diukur menggunakan free cash flow ratio, dan independent board of commissioners diukur menggunakan independent commissioners ratio. Hasil penelitian menunjukkan bahwa liquidity dan free cash flow berpengaruh signifikan terhadap nilai perusahaan, tetapi profitability dan independent board of commissioners tidak berpengaruh signifikan terhadap firm value.

scholarly journals Enterprise risk management and firm value within China’s insurance industry

2014 ◽  
Vol 14 (1) ◽  
Author(s):  
Qiuying Li ◽  
Yue Wu ◽  
Udechukwu Ojiako ◽  
Alasdair Marshall ◽  
Maxwell Chipulu
Keyword(s):  
Risk Management ◽  
Firm Value ◽  
Pearson Correlation ◽  
Statistical Significance ◽  
Ordinary Least Squares ◽  
Enterprise Risk Management ◽  
Strategic Decision ◽  
Regression Modelling ◽  
Enterprise Risk ◽  
The Relationship

Orientation: The article discusses the relationship between enterprise risk management (ERM) and firm value.Research purpose: The purpose of the study is to empirically examine the relationship between ERM and firm value. The study is undertaken within the context of the Chinese insurance industry.Motivation for the study: Recent attempts to link ERM with firm value have been undertaken primarily in the USA and Europe and have produced ambiguous and inconclusive findings.Research design, approach and method: Data was obtained from the China Insurance Regulatory Commission, a government body responsible for regulating insurance products and services in China. The data sample consisted of 135 insurance companies operating in China (in 2010). Regression modelling is employed to analyse the data.Main findings: The results show the relationship between ERM and firm value at first appears statistically significant within a Pearson correlation matrix but then falls below statistical significance on closer scrutiny through regression analysis. Accordingly, it is recommended that insurers in China should not look to aggressive investment in ERM as a strategy for producing quick gains in firm value.Practical/managerial implications: Risk managers should plan ERM development from a risk management maturity perspective, which equates the highest level of ERM development with ERM’s capacity to improve firm resilience to the unknown and serve as a mechanism for strategic decision-making.Contribution/value-add: The study employed return on equity as a proxy for firm value, utilising ordinary least squares regression modelling to test propositions of the relationships between variables.

scholarly journals Empirical Analysis of Joint Impact of Enterprise Risk Management and Corporate Governance on Firm Value

2018 ◽  
Vol 1 (1) ◽  
pp. 34-50 ◽  
Author(s):  
Ananth Rao
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Firm Value ◽  
Positive Impact ◽  
Gulf Cooperation Council ◽  
Shareholder Wealth ◽  
Enterprise Risk Management ◽  
System Modelling ◽  
Enterprise Risk ◽  
The Impact

This paper analyzes simultaneity and endogeneity of ERM and Corporate Governance. It assesses quantitative relationship between Corporate Governance, ERM and value of the firm. The research results provide quantitative justifications for the boards to make investments in ERM and Corporate Governance initiatives for improved shareholder wealth.  3SLS-IV system modelling was applied on 2004-11 data of Gulf Cooperation Council financial institutions. Our research confirms the simultaneity and endogeneity of Corporate Governance, ERM and Firm Value determinants. Firm value is jointly and positively impacted by ERM & Corporate Governance initiatives although the impact was less significant. Unexpectedly, ERM initiative was significantly and negatively impacted by determinants such as intangibility, and profitability. Firm size was the only determinant that showed significant and positive impact on firm value. Relative to UAE the corporate governance mechanism was active in Bahrain, Saudi Arabia, Kuwait and Oman firms. Further, the existence of audit committees in the GCC firm’s boards and ERM adoption significantly positively impacted the corporate governance by 3.42% and 1.7239% respectively. Keywords: Corporate Governance, Enterprise Risk Management, Firm Value, Simultaneity, Endogeneity, Gulf Cooperation Council (GCC) economies. JEL codes: C15, C21, C51, D57, F30, G21, G32, G34, K22, L21, M31, M41, N25, O16

PENGARUH ENTERPRISE RISK MANAGEMENT DISCLOSURE DAN CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN

2018 ◽  
Vol 3 (2) ◽  
pp. 137
Author(s):  
Muhammad Rivandi
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Enterprise Risk Management ◽  
Purposive Sampling ◽  
Enterprise Risk

<p><em>This study aims to examine the effect of enterprise risk management disclosure, board commissaries independent, and committed audit </em><em>on</em><em> firm value. The samples of this study are thirty companies listed in Indonesia Stock Exchange (IDX) selected by using purposive sampling method. </em><em>The method of d</em><em>ata analysis</em><em> </em><em>used i</em><em>n this study is</em><em> </em><em>panel </em><em>regressio</em><em>n </em><em>models</em><em> </em><em>. Based on the hypothes</em><em>e</em><em>s test</em><em>ing</em><em> </em><em>result,</em><em> that the enterprise risk management disclosure significantly no effect on firm value, meanwhile board commissaries independent, and community audit have positive significant effect on firm value</em><em></em></p><p>Penelitian ini bertujuan untuk menguji pengaruh<em> Enterprise Risk Management Disclosure, </em>Dewan Komisaris Independen dan Komite Audit terhadap Nilai Perusahaan. Sampel dalam penelitian ini adalah tiga puluh perusahaan yang terdaftar di Bursa Efek Indonesia yang dipilih dengan menggunakan <em>purposive sampling</em>, Metode analisis yang digunakan adalah model regresi panel. Berdasarkan hipotesis hasil pengujian bahwa <em>Enterprise risk management disclosure</em> tidak berpengaruh terhadap nilai perusahaan, sedangkan Dewan komisaris independen dan komite audit berpengaruh positif dan signifikan terhadap nilai perusahaan</p>

scholarly journals The Influence of Asset Structure, Capital Structure, Risk Management and Good Corporate Governance on Financial Performance and Value of The Firm through Earnings and Free Cash Flow As An Intervening Variable in Banking Companies Listed in Indonesia Stock Exchange

2017 ◽  
Vol 12 (8) ◽  
pp. 249 ◽  
Author(s):  
Catur F. Ukhriyawati ◽  
Tri Ratnawati ◽  
Slamet Riyadi
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Capital Structure ◽  
Financial Performance ◽  
Cash Flow ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Partial Least Square ◽  
Least Square ◽  
Good Corporate Governance

Banking companies that have gone public has the goal of increasing prosperity of the owners or shareholders by increasing the value of the company. The value of the company is very important because of the high value of the company which will be followed by a high prosperity shareholders. This study aimed to analyze the influence of asset structure, capital structure, risk management and good corporate governance on financial performance and value of the firm through earnings and free cash flow as an intervening variable in banking companies listed in Indonesia Stock Exchange. Data analysis techniques use Partial Least Square (PLS) and from data processing and hypothesis testing, produced 13 accepted hypothesis and 8 hypothesis is rejected. The results of this study were (1) asset structure influence positive and significantly to earnings, (2)  capital structure influence negative and significantly to earnings, (3) risk management influence positive and no significantly to earnings, (4) Good Corporate Governance influence positive and significantly to earnings, (5) asset structure influence positive and significantly to free cash flow, (6) capital structure influence positive and no significantly to free cash flow, (7) risk management influence negative and no significantly to free cash flow, (8) Good Corporate Governance influence positive and no significantly to free cash flow, (9) asset structure influence negative and no significantly to financial performance, (10) capital structure influence negative and significantly to financial performance, (11) risk management influence positive and no significantly to financial performance, (12) Good Corporate Governance influence positive and significantly to financial performance, (13) asset structure influence positive and significantly to value of the firm, (14) capital structure influence positive and no significantly to value of the firm, (15) risk management influence negative and significantly to value of the firm, (16 ) Good Corporate Governance influence positive and significantly to value of the firm, (17) earnings influence positive and significantly to financial performance, (18) free cash flow influence positive and significantly to financial performance, (19) earnings influence positive and significantly to value of the firm, (20) free cash flow influence positive and no significantly to value of the firm and (21) financial performance influence positive and significantly to value of the firm.

scholarly journals Pengaruh Pengungkapan Enterprise Risk Management dan Pengungkapan Intellectual Capital Terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Moderasi

2020 ◽  
Vol 19 (2) ◽  
pp. 79-90
Author(s):  
Astina Elisabeth S Emar ◽  
Sri Ayem
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Intellectual Capital ◽  
Enterprise Risk Management ◽  
Purposive Sampling ◽  
Good Corporate Governance ◽  
Enterprise Risk

Tujuan dari penelitian ini adalah untuk mengetahui pengaruh pengungkapan enterprise risk management (ERM) dan pengungkapan intellectual capital (IC) terhadap nilai perusahaan dengan good corporate governance (GCG) sebagai variabel moderasi. Sampel dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2016-2018 sebanyak 66 perusahaan yang diperoleh dengan metode purposive sampling. Teknik analisis yang digunakan adalah analisis regresi linear dengan moderasi. Hasil penelitian menunjukkan bahwa pengungkapan ERM tidak berpengaruh terhadap nilai perusahaan dan pengungkapan IC berpengaruh positif pada nilai perusahaan, sedangkan variabel moderasi GCG tidak mampu memoderasi pengaruh pengungkapan ERM pada nilai perusahaan dan GCG dapat memperkuat pengaruh pengungkapan IC terhadap nilai perusahaan.  

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