Mohamad Aryan Rhakasa Putra Setiadi, Dian Widiyati

Pengaruh Enterprise Risk Management, Financial Risk, dan Carbon Emission Disclosure Terhadap Nilai Perusahaan

Introduction

Pengaruh enterprise risk management, financial risk, dan carbon emission disclosure terhadap nilai perusahaan. Analisis dampak Enterprise Risk Management, Risiko Keuangan, dan Pengungkapan Emisi Karbon terhadap Nilai Perusahaan di BEI. Risiko keuangan & emisi karbon berdampak negatif.

Abstract

This study aims to determine and analyze the influence of Enterprise Risk Management, Financial Risk, and Carbon Emission Disclosure on Company Value in industrial sector companies listed on the Indonesia Stock Exchange for the period 2021 to 2023. This type of research is quantitative research, using secondary data. The data analysis methods used are descriptive statistical tests, panel data model analysis, classical assumption tests and hypothesis tests using Microsoft Excel and E-Views 12 applications. The population in this study is industrial sector companies listed on the Indonesia Stock Exchange for the period 2021 to 2023. The data collection technique in this study is a purposive sampling technique with a total of 66 populations, so that the data samples obtained in this study are 12 samples. The results of the study show that Enterprise Risk Management, Financial Risk, and Carbon Emission Disclosure simultaneously affect the Company's Value. Then, the results of the study partially stated that Financial Risk and Carbon Emission Disclosure had a negative influence on the Company's Value. Meanwhile, Enterprise Risk Management has no effect on the Company's Value.

Review

This study embarks on a timely and relevant investigation into the impact of Enterprise Risk Management (ERM), Financial Risk, and Carbon Emission Disclosure (CED) on Company Value within the Indonesian industrial sector. The research question is well-defined, addressing crucial areas of corporate governance, financial stability, and environmental responsibility, which are increasingly under scrutiny by investors and stakeholders. The chosen timeframe (2021-2023) ensures the study's currency, offering insights into recent market dynamics and regulatory environments. The objective to analyze these relationships is clear, making a valuable contribution to the literature, particularly in an emerging market context where such integrated studies are less common. From a methodological standpoint, the use of quantitative research with secondary data, employing descriptive statistical tests, panel data analysis, classical assumption tests, and hypothesis tests, is generally appropriate for examining these relationships over time. However, a significant concern arises regarding the sample size. With a population of 66 industrial sector companies, the study's decision to utilize only 12 sample companies through purposive sampling raises serious questions about the generalizability and statistical power of the findings. A sample of this size, especially for panel data analysis over three years (yielding a maximum of 36 observations), is critically small and may not adequately represent the diverse characteristics of the industrial sector. This limitation could substantially affect the reliability and validity of the results, potentially leading to spurious correlations or an inability to detect true effects. The findings present intriguing results, particularly the simultaneous effect of all three variables on Company Value, but with nuanced partial influences. The negative influence of both Financial Risk and Carbon Emission Disclosure on Company Value is a notable outcome. While the negative impact of financial risk is often expected, a negative correlation for carbon emission disclosure warrants deeper discussion within the full paper. This could suggest perceived costs outweighing benefits, investor skepticism, or a lack of understanding regarding the long-term value of such disclosures in the Indonesian context. Furthermore, the finding that Enterprise Risk Management has no effect on Company Value is surprising and challenges conventional wisdom, requiring thorough contextualization and discussion of its measurement and implementation within the studied firms. Given the pronounced limitation in sample size, these conclusions, while interesting, must be interpreted with extreme caution and would benefit greatly from replication with a more robust and representative sample to confirm their validity.

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