Analyzing Enterprise Risk Management’s Determinants and Their Impact to Market Valuation
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Apr 30, 2025
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Managerial Ability, Corporate Innovative Success, Enterprise Risk Management, Market Valuation
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Abstract
Purpose – This research investigates the role of managerial ability in creating market valuation through corporate innovative success and enterprise risk management.
Design/methodology/approach – This research was built with Resource-based View Theory and Stakeholder Theory. This research uses secondary data in the form of financial reports and annual reports and sample selected using the purposive sampling method.
Findings – The results of this research show that managerial ability has a positive and significant influence on corporate innovative success. The findings of this research also found that corporate innovative success has a positive and significant influence on enterprise risk management. Apart from that, the results of this research also show that enterprise risk management has a positive and significant influence on market valuation. Finally, this research finds that corporate innovative success and enterprise risk management do not mediate the relationship between managerial ability and market valuation.
Originality/value - The population used in this research is all non-financial companies listed on the Indonesia Stock Exchange (BEI) during the 2021-2023 period.
Keywords: Managerial Ability, Corporate Innovative Success, Enterprise Risk Management, Market Valuation
Paper type Research Result
Article Details
How to Cite
Suryady, A., Daromes, F., & Ng, S. (2025). Analyzing Enterprise Risk Management’s Determinants and Their Impact to Market Valuation. Contemporary Journal on Business and Accounting, 5(1), 81 - 101. https://doi.org/10.58792/cjba.v5i1.72
References
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Ariantika, E. N., & Geraldina, I. (2019). Implikasi Kecakapan Manajerial pada Laporan Keberlanjutan dan Kinerja Perusahaan. Jurnal Dinamika Akuntansi dan Bisnis, 6(1), 39–50. https://doi.org/10.24815/jdab.v6i1.10815
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Chen, Y., Podolski, E. J., & Veeraraghavan, M. (2015). Does Managerial ability Facilitate Corporate innovative success? Journal of Empirical Finance, 34, 313–326. https://doi.org/10.1016/j.jempfin.2015.08.002
Demerjian, Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and Earnings Quality. Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
Demerjian, Lev, B., & McVay, S. (2012). Quantifying Managerial ability: A New Measure and Validity Tests. Management Science, 58(7), 1229–1248. https://doi.org/10.1287/mnsc.1110.1487
Etges, A. P. B. da S., de Souza, J. S., & Neto, F. J. K. (2017). Risk Management for Companies Focused on Innovation Processes. Production, 27. https://doi.org/10.1590/0103-6513.220916
Freeman, R. E., & Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance the Stakeholder Concept. In California Management Review: Vol. XXV (Issue 3).
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS. Universitas Diponegoro.
Ghozali, I. (2017). Model Persamaan Struktural Konsep dan Aplikasi Program AMOS 24.
Halim, Y. R., & Wijaya, H. (2020). Pengaruh Modal Intelektual terhadap Kinerja Perusahaan dengan Manajemen Risiko Perusahaan sebagai Moderasi. In Jurnal Akuntansi Keuangan dan Bisnis (Vol. 13, Issue 2). https://jurnal.pcr.ac.id/index.php/jakb/
Hapsari, A. A. (2017). Pengaruh Tata Kelola Perusahaan terhadap Manajemen Risiko pada Perbankan Indonesia. Versi Cetak, 1(2), 1–10.
Hidayah, H., Warso, M. M., & Haryono, A. T. (2015). Effect of Motivation and Managerial ability to Performance Employee of PT. Star Alliance Intimates Semarang.
Hoyt, R. E., & Liebenberg, A. P. (2001). The Value of Enterprise risk management. In The Journal of Risk and Insurance, 78(4). Lam. http://ssrn.com/abstract=1155218
Junizar, J. (2015). Pengaruh Corporate Governance terhadap Hubungan Corporate Social Responsibility dengan Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Magister Akuntansi, 4(1), 65–73.
Kuratko, D. F. (2009). The Entrepreneurial Imperative of the 21st Century. In Business Horizons, 52(5), 421–428. Elsevier Ltd. https://doi.org/10.1016/j.bushor.2009.04.006
La’bi, O. B., Ng, S., & Lukman, L. (2018). Peran Kemampuan Manajerial terhadap Manajemen Laba dan Biaya Modal Ekuitas sebagai Mekanisme dalam Meningkatkan Nilai Perusahaan. Atma Jaya Accounting Research, 1(1).
Limbunan, T., & Daromes, F. E. (2022). Testing The Determinants Of Corporate Reputation And Their Impact On Market valuation. Jurnal Akuntansi, 26(2), 263–279. https://doi.org/10.24912/ja.v26i2.934
Mahoney, J., & Pandian, J. R. (1992). The Resource-based view Within the Conversation of Strategic Management.
Majid, M., Lysandra, S., Masri, I., & Azizah, W. (2020). Pengaruh Kecakapan Manajerial terhadap Manajemen Laba Akrual dan Riil. Jurnal Ilmiah Akuntansi dan Manajemen (JIAM), 16(1). http://finance.detik.com
Malik, I., & Simatupang, A. (2021). Nilai Perusahaan Akibat Pelaksanaan Enterprise risk management (ERM). Economics and Digital Business Review, 2(1), 1–12. https://doi.org/10.37531/ecotal.v2i1.24
Mardi, M., Hermanto, H., & Widiastuty, E. (2019). Faktor – Faktor yang Mempengaruhi Nilai Perusahaan melalui Corporate Social Responsibility (CSR). E-Jurnal Akuntansi Universitas Udayana, 26(2), 1518–1544. https://doi.org/10.1016/j.dib.2016.02.036
Mukhtar, N., & Taqwa, S. (2016). Pengaruh Earning Power, Kecakapan Manajerial, Dan Employess Stock Ownership Program terhadap Manajemen Laba Riil: Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI tahun 2010-2014.
Munawwaroh, Z. (2017). Analisis Manajemen Risiko pada Pelaksanaan Program Pendidikan dalam Upaya Meningkatkan Mutu Pendidikan. In Jurnal Administrasi Pendidikan, 2.
Ng, S., & Daromes, F. E. (2016). Peran Kemampuan Manajerial sebagai Mekanisme Peningkatan Kualitas Laba dan Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, 13(2), 174–193.
Niawati, N., Maslichah, M., & Junaidi, J. (2020). Pengaruh Managerial ability, Leverage, dan Struktur Kepemilikan terhadap Penghindaran Pajak pada Perusahaan Transportasi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2014-2018. E-JRA, 9(11).
Peteraf, M. A. (1993). The Cornerstones of Competitive Advantage: A Resource-based view. In Strategic Management Journal (Vol. 14).
Pradana, Y. A., & Rikumahu, B. (2014). Penerapan Manajemen Risiko terhadap Perwujudan Good Corporate Governance pada Perusahaan Asuransi.
Puspita, E., & Kusumaningtyas, D. (2017). Pengaruh Mekanisme Kepemilikan Manajerial, Kecakapan Manajerial, Tingkat Pengungkapan Laporan Keuangan terhadap Manajemen Laba dengan Kualitas Audit sebagai Variabel Intervening. http://ojs.unpkediri.ac.id
Rudangga, I. G. N. G., & Sudiarta, G. M. (2016). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, 5(7), 4394–4422. https://doi.org/10.32528/psneb.v0i0.5210
Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., Saeidi, S. P., & Mardani, A. (2021). The Influence of Enterprise risk management on Firm Performance with the Moderating Effect of Intellectual Capital Dimensions. Economic Research-Ekonomska Istrazivanja, 34(1), 122–151. https://doi.org/10.1080/1331677X.2020.1776140
Simatupang, B. (2013). Tinjauan Komplementer Pengaruh Teori Market-based View (MBV) dan Resource-based view (RBV) terhadap Strategi dan Kinerja Perusahaan. In Binus Business Review (Vol. 4, Issue Mei).
Simeth, M., & Cincera, M. (2016). Corporate Science, Innovation, and Firm Value. Management Science, 62(7), 1970–1981. https://doi.org/10.1287/mnsc.2015.2220
Sudiyatno, B., & Puspitasari, E. (2010). Tobin’s Q dan Altman Z-Score sebagai Indikator Pengukuran Kinerja Perusahaan. Kajian Akuntansi, 2(1), 9–21.
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. https://doi.org/10.33395/owner.v4i2.257
Ticoalu, R., Januardi, J., Firmansyah, A., & Trisnawati, E. (2021). Nilai Perusahaan, Manajemen Risiko, Tata Kelola Perusahaan - Peran Moderasi Ukuran Perusahaan. Studi Akuntansi dan Keuangan Indonesia, 4(2).
Wati, E. R., Tjaraka, H., & Sudaryati, E. (2020). Do Managerial ability Impact Indonesian Firm Risk-Taking Behavior? AKRUAL: Jurnal Akuntansi, 12(1), 18. https://doi.org/10.26740/jaj.v12n1.p18-33
Wernerfelt, B. (1984). A Resource-based view of the Firm. In Strategic Management Journal (Vol. 5).
Wiratama, R., & Ng, S. (2021). Managerial ability as a Mechanism for Creating Firm Value through Risk Management. The Indonesian Journal of Accounting Research, 24(03). https://doi.org/10.33312/ijar.551
Yung, K., & Chen, C. (2018). Managerial ability and Firm Risk-Taking Behavior. Review of Quantitative Finance and Accounting, 51(4), 1005–1032. https://doi.org/10.1007/s11156-017-0695-0
Zsolnai, L. (2006). Extended Stakeholder Theory. Society and Business Review, 1(1), 37–44. https://doi.org/10.1108/17465680610643337
Zubac, A., Hubbard, G., & Johnson, L. (2012). Extending Resource-Based Logic: Applying the Resource-Investment Concept to the Firm From a Payments Perspective. Journal of Management, 38(6), 1867–1891. https://doi.org/10.1177/0149206310383907
Amalia, E. (2023). Analisis Pengaruh Pengungkapan Inovasi Hijau terhadap Profitabilitas pada Perusahaan Non Keuangan. In ABIS: Accounting and Business Information Systems Journal (Vol. 11, Issue 3).
Amit, R., & Schoemaker, P. J. H. (1993). Strategic Assets and Organizational Rent. In Strategic Management Journal (Vol. 14).
Ariantika, E. N., & Geraldina, I. (2019). Implikasi Kecakapan Manajerial pada Laporan Keberlanjutan dan Kinerja Perusahaan. Jurnal Dinamika Akuntansi dan Bisnis, 6(1), 39–50. https://doi.org/10.24815/jdab.v6i1.10815
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Chen, Y., Podolski, E. J., & Veeraraghavan, M. (2015). Does Managerial ability Facilitate Corporate innovative success? Journal of Empirical Finance, 34, 313–326. https://doi.org/10.1016/j.jempfin.2015.08.002
Demerjian, Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and Earnings Quality. Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
Demerjian, Lev, B., & McVay, S. (2012). Quantifying Managerial ability: A New Measure and Validity Tests. Management Science, 58(7), 1229–1248. https://doi.org/10.1287/mnsc.1110.1487
Etges, A. P. B. da S., de Souza, J. S., & Neto, F. J. K. (2017). Risk Management for Companies Focused on Innovation Processes. Production, 27. https://doi.org/10.1590/0103-6513.220916
Freeman, R. E., & Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance the Stakeholder Concept. In California Management Review: Vol. XXV (Issue 3).
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS. Universitas Diponegoro.
Ghozali, I. (2017). Model Persamaan Struktural Konsep dan Aplikasi Program AMOS 24.
Halim, Y. R., & Wijaya, H. (2020). Pengaruh Modal Intelektual terhadap Kinerja Perusahaan dengan Manajemen Risiko Perusahaan sebagai Moderasi. In Jurnal Akuntansi Keuangan dan Bisnis (Vol. 13, Issue 2). https://jurnal.pcr.ac.id/index.php/jakb/
Hapsari, A. A. (2017). Pengaruh Tata Kelola Perusahaan terhadap Manajemen Risiko pada Perbankan Indonesia. Versi Cetak, 1(2), 1–10.
Hidayah, H., Warso, M. M., & Haryono, A. T. (2015). Effect of Motivation and Managerial ability to Performance Employee of PT. Star Alliance Intimates Semarang.
Hoyt, R. E., & Liebenberg, A. P. (2001). The Value of Enterprise risk management. In The Journal of Risk and Insurance, 78(4). Lam. http://ssrn.com/abstract=1155218
Junizar, J. (2015). Pengaruh Corporate Governance terhadap Hubungan Corporate Social Responsibility dengan Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Magister Akuntansi, 4(1), 65–73.
Kuratko, D. F. (2009). The Entrepreneurial Imperative of the 21st Century. In Business Horizons, 52(5), 421–428. Elsevier Ltd. https://doi.org/10.1016/j.bushor.2009.04.006
La’bi, O. B., Ng, S., & Lukman, L. (2018). Peran Kemampuan Manajerial terhadap Manajemen Laba dan Biaya Modal Ekuitas sebagai Mekanisme dalam Meningkatkan Nilai Perusahaan. Atma Jaya Accounting Research, 1(1).
Limbunan, T., & Daromes, F. E. (2022). Testing The Determinants Of Corporate Reputation And Their Impact On Market valuation. Jurnal Akuntansi, 26(2), 263–279. https://doi.org/10.24912/ja.v26i2.934
Mahoney, J., & Pandian, J. R. (1992). The Resource-based view Within the Conversation of Strategic Management.
Majid, M., Lysandra, S., Masri, I., & Azizah, W. (2020). Pengaruh Kecakapan Manajerial terhadap Manajemen Laba Akrual dan Riil. Jurnal Ilmiah Akuntansi dan Manajemen (JIAM), 16(1). http://finance.detik.com
Malik, I., & Simatupang, A. (2021). Nilai Perusahaan Akibat Pelaksanaan Enterprise risk management (ERM). Economics and Digital Business Review, 2(1), 1–12. https://doi.org/10.37531/ecotal.v2i1.24
Mardi, M., Hermanto, H., & Widiastuty, E. (2019). Faktor – Faktor yang Mempengaruhi Nilai Perusahaan melalui Corporate Social Responsibility (CSR). E-Jurnal Akuntansi Universitas Udayana, 26(2), 1518–1544. https://doi.org/10.1016/j.dib.2016.02.036
Mukhtar, N., & Taqwa, S. (2016). Pengaruh Earning Power, Kecakapan Manajerial, Dan Employess Stock Ownership Program terhadap Manajemen Laba Riil: Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI tahun 2010-2014.
Munawwaroh, Z. (2017). Analisis Manajemen Risiko pada Pelaksanaan Program Pendidikan dalam Upaya Meningkatkan Mutu Pendidikan. In Jurnal Administrasi Pendidikan, 2.
Ng, S., & Daromes, F. E. (2016). Peran Kemampuan Manajerial sebagai Mekanisme Peningkatan Kualitas Laba dan Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, 13(2), 174–193.
Niawati, N., Maslichah, M., & Junaidi, J. (2020). Pengaruh Managerial ability, Leverage, dan Struktur Kepemilikan terhadap Penghindaran Pajak pada Perusahaan Transportasi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2014-2018. E-JRA, 9(11).
Peteraf, M. A. (1993). The Cornerstones of Competitive Advantage: A Resource-based view. In Strategic Management Journal (Vol. 14).
Pradana, Y. A., & Rikumahu, B. (2014). Penerapan Manajemen Risiko terhadap Perwujudan Good Corporate Governance pada Perusahaan Asuransi.
Puspita, E., & Kusumaningtyas, D. (2017). Pengaruh Mekanisme Kepemilikan Manajerial, Kecakapan Manajerial, Tingkat Pengungkapan Laporan Keuangan terhadap Manajemen Laba dengan Kualitas Audit sebagai Variabel Intervening. http://ojs.unpkediri.ac.id
Rudangga, I. G. N. G., & Sudiarta, G. M. (2016). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, 5(7), 4394–4422. https://doi.org/10.32528/psneb.v0i0.5210
Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., Saeidi, S. P., & Mardani, A. (2021). The Influence of Enterprise risk management on Firm Performance with the Moderating Effect of Intellectual Capital Dimensions. Economic Research-Ekonomska Istrazivanja, 34(1), 122–151. https://doi.org/10.1080/1331677X.2020.1776140
Simatupang, B. (2013). Tinjauan Komplementer Pengaruh Teori Market-based View (MBV) dan Resource-based view (RBV) terhadap Strategi dan Kinerja Perusahaan. In Binus Business Review (Vol. 4, Issue Mei).
Simeth, M., & Cincera, M. (2016). Corporate Science, Innovation, and Firm Value. Management Science, 62(7), 1970–1981. https://doi.org/10.1287/mnsc.2015.2220
Sudiyatno, B., & Puspitasari, E. (2010). Tobin’s Q dan Altman Z-Score sebagai Indikator Pengukuran Kinerja Perusahaan. Kajian Akuntansi, 2(1), 9–21.
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. https://doi.org/10.33395/owner.v4i2.257
Ticoalu, R., Januardi, J., Firmansyah, A., & Trisnawati, E. (2021). Nilai Perusahaan, Manajemen Risiko, Tata Kelola Perusahaan - Peran Moderasi Ukuran Perusahaan. Studi Akuntansi dan Keuangan Indonesia, 4(2).
Wati, E. R., Tjaraka, H., & Sudaryati, E. (2020). Do Managerial ability Impact Indonesian Firm Risk-Taking Behavior? AKRUAL: Jurnal Akuntansi, 12(1), 18. https://doi.org/10.26740/jaj.v12n1.p18-33
Wernerfelt, B. (1984). A Resource-based view of the Firm. In Strategic Management Journal (Vol. 5).
Wiratama, R., & Ng, S. (2021). Managerial ability as a Mechanism for Creating Firm Value through Risk Management. The Indonesian Journal of Accounting Research, 24(03). https://doi.org/10.33312/ijar.551
Yung, K., & Chen, C. (2018). Managerial ability and Firm Risk-Taking Behavior. Review of Quantitative Finance and Accounting, 51(4), 1005–1032. https://doi.org/10.1007/s11156-017-0695-0
Zsolnai, L. (2006). Extended Stakeholder Theory. Society and Business Review, 1(1), 37–44. https://doi.org/10.1108/17465680610643337
Zubac, A., Hubbard, G., & Johnson, L. (2012). Extending Resource-Based Logic: Applying the Resource-Investment Concept to the Firm From a Payments Perspective. Journal of Management, 38(6), 1867–1891. https://doi.org/10.1177/0149206310383907
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