ENTERPRISE RISK MANAGEMENT, SUSTAINABILITY REPORTING, AND FIRM VALUE: THE MODERATING ROLE OF FINANCIAL PERFORMANCE
Published:
2026-10-30Downloads
Abstract
This study aims to analyze the effects of Enterprise Risk Management (ERM) and Sustainability Report disclosure on firm value, with Return on Equity (ROE) as a moderating variable, among energy sector companies listed on the Indonesia Stock Exchange during 2020–2024. This study employs a quantitative approach using panel data regression. Secondary data were collected from annual reports, sustainability reports, and financial statements of 18 energy sector companies, resulting in 90 observations. ERM was measured using the Enterprise Risk Management Disclosure Index based on the COSO framework, Sustainability Report disclosure using the Sustainability Report Disclosure Index based on Global Reporting Initiative (GRI) standards, firm value using Tobin’s Q, and ROE using the ratio of net income to shareholders’ equity. The results indicate that ERM disclosure has no significant effect on firm value (β = 0.077902; p = 0.8953), whereas Sustainability Report disclosure has a significant negative effect (β = −0.617959; p = 0.0007). ROE also has no significant direct effect on firm value (β = 0.032236; p = 0.7672). Furthermore, ROE significantly moderates the relationship between ERM disclosure and firm value in a negative direction (β = −4.891053; p = 0.0446) and the relationship between Sustainability Report disclosure and firm value in a positive direction (β = 5.677508; p = 0.0453). These findings suggest that profitability conditions influence how investors perceive risk management and sustainability disclosures. Therefore, energy sector companies should improve the quality and relevance of their ERM and sustainability disclosures while considering profitability to support firm value creation and strengthen investor confidence.
Keywords:
Enterprise Risk Management Sustainability Report Return on Equity Company Value Energy SectorReferences
Adjani, S., & Muhammad, R. N. (2024). Pengaruh penerapan enterprise risk management terhadap nilai perusahaan. Indonesian Accounting Literacy Journal, 4(3). https://doi.org/10.35313/ialj.v4i3.6062
Atahau, A. D. R., & Kausar, A. (2022). The effect of sustainability report disclosure on firm value: Evidence from Indonesia. Jurnal Akuntansi dan Keuangan, 24(2), 156–174.
Barokah, A., Surianti, M., Siregar, D. A., & Jazuli, M. A. (2023). Pengaruh struktur kepemilikan, struktur modal, dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan manufaktur sektor industri dasar dan kimia yang terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi, Keuangan dan Perpajakan, 6(1), 1–11.
Brigham, E. F., & Houston, J. F. (2015). Fundamentals of financial management (14th ed.). Cengage Learning.
COSO. (2017). Enterprise risk management—Integrating with strategy and performance. Committee of Sponsoring Organizations of the Treadway Commission.
Fangbethia, F., & Rizky, R. (2025). Enterprise risk management disclosure and firm value: The moderating role of profitability. Jurnal Riset Akuntansi dan Perpajakan, 12(1), 78–95.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Lado, S., & Anggraini, D. (2025). Pengaruh pertumbuhan ekonomi, inflasi dan kinerja keuangan terhadap nilai perusahaan. Jurnal Ekonomi, Bisnis dan Sosial, 3(1), 25–34.
Maharani, W., Hayati, M., & Selvina, M. (2025). Faktor-faktor sustainability report terhadap nilai perusahaan dalam perspektif maqashid shari’ah. Indo-Fintech Intellectuals: Journal of Economics and Business, 5(2), 4555–4563. https://doi.org/10.54373/ifijeb.v5i2.2997
Marsuki, M., & Efendi, E. (2024). Signaling theory and corporate disclosure: A review. Jurnal Ilmiah Akuntansi dan Bisnis, 19(1), 112–130.
Muhammad Nadhif, F., & Halkadri, F. (2025). Pengaruh sustainability reporting terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel mediasi. Jurnal Eksplorasi Akuntansi, 7(2), 1–15.
Nasution, A. E., Sari, R. N., & Putri, R. K. (2024). Tobin’s Q as a measure of firm value: A review. Jurnal Akuntansi dan Keuangan, 26(1), 34–52.
Pratami, A. L., & Jamil, P. C. (2020). The effect of sustainability report disclosure on firm value. Jurnal Riset Akuntansi dan Keuangan, 8(2), 145–162.
Rizky, R., & Widiyati, R. (2025). Enterprise risk management and firm value: Evidence from Indonesia. Jurnal Manajemen dan Kewirausahaan, 27(1), 78–95.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Suwardi, E., & Werastuti, D. N. S. (2022). Stakeholder theory and sustainability disclosure: A review. Jurnal Akuntansi dan Bisnis, 22(2), 189–206.
Valadeva, V., Rizky, R., & Putri, R. (2024). ESG implementation and firm value in the energy sector. Jurnal Akuntansi dan Keuangan Indonesia, 21(2), 178–195.
Wibisono, B., & Prabowo, T. J. W. (2024). Pengungkapan enterprise risk management terhadap nilai perusahaan yang dimoderasi good corporate governance. Reviu Akuntansi dan Bisnis Indonesia, 8(2), 123–135. https://doi.org/10.18196/rabin.v8i2.20673
Yulia, Y., & Basuki, B. (2023). Enterprise risk management and firm value: The moderating role of profitability. Jurnal Akuntansi dan Keuangan, 25(1), 45–62.
License
Copyright (c) 2026 Hanapiah, Iin Rosini, Dian Widiyati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
