The Effect of Risk Management and Leverage Towards Corporate Sustainability with Corporate Governance Mechanisms as a Moderation Variable

Paulus Tangke

doi:10.18535/sshj.v9i01.1470

Abstract

This research analyzes whether Corporate Governance mechanisms can moderate the relationship between Risk Management and Leverage on Corporate Sustainability. This research is explanatory research that will test the causality relationship between variables using a Stakeholder theory approach. The population and sample for this research are non-financial companies listed on the Indonesia Stock Exchange for the period 2020 - 2022. The purposive sampling method was used for the sample selection in this research. The data analysis technique in this research uses moderated regression analysis and statistical test tools in the form of a normality test, classical assumption test, coefficient of determination test, F test, and t-test.

The results of this research show that Risk Management and Leverage both have a negative and significant effect on Corporate Sustainability. Corporate Governance can moderate the relationship between Risk Management and Corporate Sustainability. Corporate Governance can also moderate the relationship between Leverage and Corporate Sustainability.

Keywords

Risk ManagementLeverageCorporate GovernanceCorporate Sustainability

References

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[refR-2] Http://Journal.Univpancasila.Ac.Id/Index.Php/JIAP.Google Scholar ↗

[refR-3] Ahmad Rifandi. (2017). Pengaruh Ukuran Perusahaan, Profitabilitas Dan Leverage Terhadap Pengungkapan Sustainability Report (Studi Empiris Pada Perusahaan-Perusahaan yang Terdaftar di BEI Periode 2013-2015). Artikel Universitas Negeri Padang. Brockett, Ann and Rezaee, Zabihollah. (2013). Corporate Sustainability: Integrating Performance and Reporting. John Wiley & Sons. Inc.Google Scholar ↗

[refR-4] Donaldson, T., dan Preston, L. E. (1995). The stakeholder theory of the corporation: concepts, evidence, and implications. The Academy of Management Review, 20(1), 65–91.Google Scholar ↗

[refR-5] Elkington, J. (1997). Cannibals with forks – the triple bottom line of 21 st, century business, Capstone Publishing, Oxford.Google Scholar ↗

[refR-6] Emar, A. E., dan Ayem, S. (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(2), 78-90.Google Scholar ↗

[refR-7] Freeman, E. (1984). Strategic Management. Pitman Publishing Pty. Ltd., Melbourne.Gaio, Cristina and Raposo, C. (2011). Earning Quality and Firm Valuation: International Evidence , Journal Accounting and Finance , Vol 51, pp 467 – 499.Google Scholar ↗

[refR-8] Giovannoni, Elena and Fabietti, Giacomo. (2013). What Is Sustainability? A Review of the Concept and Its Applications. Springer Cham Heidelberg New York Dordrecht London.Google Scholar ↗

[refR-9] Gray, R., Owen, Dave and Adams, Carol. (1996). Accounting and Accountability: change and challenges in corporate social and environmental reporting. Prentice Hall Europe.Google Scholar ↗

[refR-10] Hoyt, R. E., dan Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795-822.Google Scholar ↗

[refR-11] International Organization for Standardization (ISO). (2018). ISO 31000: 2018 Risk Management – Guidelines, Switzerland. Kasmir. (2016). Pengantar Menejemen Keuangan. Prenada Media.Google Scholar ↗

[refR-12] Kelvin Setiawan, E. (2019). Pengaruh Profitabilitas, Solvabilitas, Dan Ukuran Perusahaan Terhadap Pengungkapan Sustainability Report Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Dan Bursa Efek Malaysia Periode 2013-2017. Jurnal Pascasarjana Universitas Jambi.Google Scholar ↗

[refR-13] Lestari, D., Santoso, B., dan Hermanto, H. (2020). Pengaruh dewan komisaris, komite direksi dan enterprise risk management disclosure terhadap nilai perusahaan. E-Jurnal Akuntansi, 30(4), 945-957.Google Scholar ↗

[refR-14] Malik, I., dan Simatupang, A. (2021). Nilai perusahaan akibat pelaksanaan enterprise risk management (ERM). Economics and Digital Business Review, 2(1), 1-13.Google Scholar ↗

[refR-15] Nasution, M., dan Setiawan, D. (2007). Pengaruh corporate governance terhadap manajemen laba di industri perbankan Indonesia. Simposium Nasional Akuntansi X.Google Scholar ↗

[refR-16] Safitri, N. L. (2020). Pengaruh Komisaris Independen, Komite Audit, Leverage dan Profitabilitas Terhadap Sustainability Reporting Pada Perusahaan Non Manufaktur. Jurnal Sekolah Tinggi Ilmu Ekonomi Perbanas, Surabaya. Searcy, Cory. (2012). Corporate Sustainability Performance Measurement Systems: A Review and Research Agenda. Journal of Business Ethics, 107, pp. 239–253.Google Scholar ↗

[refR-17] Sedani, N. K. A., dan Ayu, P. C. (2021). Pengaruh pengungkapan enterprise risk management, pengungkapan intellectual capital dan ukuran dewan komisaris terhadap nilai perusahaan. Hita Akuntansi dan Keuangan, 2(1), 461-474.Google Scholar ↗

[refR-18] Siregar, Nolita Yeni dan Safitri, Tiara Amelia. (2019). Pengaruh Pengungkapan Enterprise Risk Management, Intellectual Capital, Corporate Social Responsibility, dan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, Vol. 05. No. 02, 53 – 79.Google Scholar ↗

[refR-19] Sukandar, P. P., dan Rahardja. (2014). Pengaruh ukuran dewan direksi dan dewan komisaris serta ukuran perusahaan terhadap kinerja keuangan perusahaan. Diponegoro Journal of Accounting, 3(3), 1-7.Google Scholar ↗

[refR-20] Sutedi,Adrian. (2011). Good Corporate Governance. Penerbit Sinar Grafika, Jakarta.Google Scholar ↗

[refR-21] Tangke, Paulus. 2018. Pengaruh Political Connection, Specific Assets, Financial Leverage, dan Foreign Ownership terhadap Corporate Sustainability melalui Corporate Governance. Program Doktor Ilmu Ekonomi, Fakultas Ekonomi dan Bisnis, Universitas Hasanuddin Makassar.Google Scholar ↗

[refR-22] Wagiswari, Ni Luh Sari dan Badera I Dewa Nyoman (2021). Profitabilitas, Aktivitas Perusahaan, Tipe Industri dan Pengungkapan Sustainability Report. OJS Univ Udayana.Google Scholar ↗

[refR-23] Wiratama, R., dan Ng, S. (2021). Managerial ability as a mechanism for creating firm value through risk management. The Indonesian Journal of Accounting Research, 24(3), 407-442.Google Scholar ↗

[refR-24] Yulinda, N., Nasir, A., dan Savitri, E. (2020). The effect of enterprise risk management disclosure and intellectual capital on firm value. Bilancia: Jurnal Ilmiah Akuntansi, 4(1), 102-114.Google Scholar ↗