Leverage, Firm Value and Enterprise Risk Management: Evidence from Consumer Cyclical
DOI:
https://doi.org/10.53840/jmm.v14i2.194Keywords:
Leverage, Firm Value, Enterprise Risk Management, Consumer CyclicalsAbstract
This study aims to examine the effect of leverage on firm value with Enterprise Risk Management (ERM) being employed as an intermediary variable in consumer cyclical companies This study involved a sample of 209 companies listed in the Consumer Cyclicals sector on the Indonesia Stock Exchange (IDX) for the period 2020 until 2022. Data were obtained from annual reports of public companies in the consumer cycle sector in Indonesia. The data were analyzed using multiple regression analysis facilitated by SPSS software version 21.0. The results of this research show that leverage has a positive effect on firm value and ERM as an intervening variable between leverage and firm value. This study contributes to the limited body of research in exploring the impact of leverage and firm value in emerging markets. Future research could conduct more studies in various industry sectors to generate more insights in this research area.
Downloads
References
Ardianto & Rivandi. (2018). Enterprise risk management disclosure, intellectual capital disclosure. Profita: Komunikasi Ilmiah Akuntansi Dan Perpajakan, 11(2), 284–305. https://doi.org/DOI: 10.22441/profita.v11.02.009.
Cecasmi & Samin. (2017). Pengaruh dewan komisaris, leverage dan struktur kepemilikan terhadap pengungkapan enterprise risk management (ERM). Equity, 20(2), 75–90.
Citra, E. Y., & Handayani, N. (2020). Pengaruh GCG dan leverage terhadap kinerja keuangan dengan manajemen risiko sebagai variabel intervening. Jurnal Ilmu dan Riset Akuntansi (JIRA), 9(4).
Devi, Sunitha; Budiasih, I Gusti Nyoman; 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
Emar & Ayem. (2020). Pengaruh Pengungkapan Enterprise Risk Management dan Pengungkapan Intellectual Capital Terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Moderasi. Wacana Ekonomi (Jurnal Ekonomi, Bisnis Dan Akuntansi), 19, 78–90. https://doi.org/https://doi.org/10.22225/we.19.2.1956.79-90
Faldiansyah, A. K., Beryl, D., & Arrokhman, K. (2020). Analisis pengaruh leverage, ukuran perusahaan dan arus kas terhadap financial distress. Jurnal Bisnis Net, 3(2), 90–102. https://doi.org/https://doi.org/10.46576/bn.v3i2.999
Hakim, & Triyanto. (2018). Analisis pengaruh kepemilikan publik, ukuran dewan komisaris, leverage dan ukuran perusahaan terhadap pengungkapan manajemen risiko. Journal Accounting and Finance, 2(1), 1–11.
https://doi.org/https://doi.org/10.25124/jaf.v2i1.1963
Haryono & Lestari. (2022). Pengaruh enterprise risk management, profitabilitas, ukuran perusahaan, leverage, dan umur perusahaan terhadap nilai perusahaan perbankan yang terdaftar di BEI. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(9), 3983–3994. https://doi.org/https://doi.org/10.32670/fairvalue.v4i9.1258
Indaswarie, Y. P., & Yustisia, N. (2022). Indonesian development of economics and administration journal effect of enterprise risk management, firm size and leverage on firm value. Indonesian Development of Economics and Administration Journal, 1(1), 9–17.
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 theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Munzir, M., Andriyan, Y., & Hidayat, R. (2023). Consumer goods: pengaruh profitabilitas dan leverage terhadap nilai perusahaan dimediasi oleh corporate social responsibility. Jurnal Akuntansi Dan Governance, 3(2), 153–165. https://doi.org/10.24853/jago.3.2.153-165
Pamungkas, A. (2019). pengaruh penerapan enterprise risk management (coso) terhadap nilai perusahaan: studi empiris pada perusahaan manufaktur yang terdaftar di BEI. Jurnal Akuntansi Maranatha, 11(1), 12–21. https://doi.org/https://doi.org/10.28932/jam.v11i1.1539
Pangestuti, K. and Susilowati, Y. (2017). Komisaris independen, reputasi auditor, konsentrasi kepemilikan dan ukuran perusahaan terhadap pengungkapan enterprise risk management. Dinamika Akuntansi, Keuangan Dan Perbankan, 6(2), 164–175.
Pradinimas & Sucipto. (2022). Pengaruh ukuran perusahaan, profitabilitas dan leverage terhadap harga saham dengan nilai perusahaan sebagai variabel intervening. Jurnal Riset Dan Konseptual, 7(1), 93–104. https://doi.org/https://doi.org/10.28926/briliant.v7i1.788
Rahmawati & Sugeng. (2022). Pengaruh karakteristik dewan komisaris, karakteristik perusahaan dan reputasi auditor terhadap pengungkapan manajemen risiko. Jurnal JAEMB, 2(3), 266–278. https://doi.org/https://doi.org/10.55606/jaem.v2i3.319
Rahmi, N. U., & Danantho, V. (2022). Pengaruh Corporate Social Responsibility , Capital Expenditure , Keputusan Investasi dan Leverage Terhadap Nilai Perusahaan pada Perusahaan Sektor Consumer Goods yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2019. Riset & Jurnal Akuntansi, 6(4), 4210–4218. https://doi.org/https://doi.org/10.33395/owner.v6i4.1175
Mandey. S.R., S.S. Pangemanan., S. P. (2017). Analisis pengaruh insider ownership, leverage, dan profitabilitas terhadap nilai profitabilitas terhadap nilai perusahaan pada sektor perusahaan manufaktur di bursa efek indonesia periode tahun 2013-2015. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 1463–1473. https://doi.org/https://doi.org/10.35794/emba.v5i2.16213
Safitri, S. &. (2019). Pengaruh pengungkapan enterprise risk management, intelectual capital, corporate social responsibility dan sutainability report terhadap nilai perusahaan. Jurnal Bisnis Darmajaya, 5(02), 53–79.
Septyanto, D., & Nugraha, I. M. (2021). The influence of enterprise risk management, leverage, firm size and profitability on firm value in property and real estate companies listed on the Indonesian stock exchange in 2016-2018. KnE Social Sciences, 5, 663–680. https://doi.org/10.18502/kss.v5i5.8850.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Journal of Management and Muamalah

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