Perbedaan Pengaruh Enterprise Risk Management (ERM) terhadap Nilai Perusahaan Sebelum dan Semasa Covid-19

Natasha Kamtoso, Melissa Evelyn Wijaya, Juniarti Juniarti

Abstract


Enterprise Risk Management is an activity and strategy that allows a company to manage
various types of risks to increase the value of the company for its stakeholders. This study aims to
examine the positive relationship between ERM and firm value, as well as examine the moderating
role of the Covid-19 pandemic in the relationship between ERM and firm value in the banking
sub-sector listed on the Indonesia Stock Exchange. The independent variable in this study is
Enterprise Risk Management and the dependent variable in the study is firm value as measured by
Tobin's Q. This study uses 4 control variables, namely, ROA, leverage, firm size, and cash flow from
operating. In addition, the Covid-19 pandemic is used as a moderator between ERM and company
value. The sample in this study is the banking sub-sector companies listed on the Indonesia Stock
Exchange in the 2018-2021 period, which were selected using the purposive sampling method with
the final sample of 26 companies. Based on the results obtained, ERM proved to have a positive
effect on firm value. Meanwhile, the Covid-19 pandemic has not proven to strengthen the positive
relationship between ERM and firm value.


Keywords


enterprise risk management, firm value, ROA, leverage, cash flow from operating, firm size, covid-19 pandemic

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