The Effect of Enterprise Risk Management, Managerial Ownership, and Institutional Ownership on Firm Value: Evidence from Indonesia

Ferry Diyanti; Nur Fadhilah Syafa; Triana Fitriastuti

doi:10.38043/jiab.v11i1.7688

Authors

Ferry Diyanti Mulawarman University, Indonesia
Nur Fadhilah Syafa Mulawarman University, Indonesia
Triana Fitriastuti Ghent University, Belgium

DOI:

https://doi.org/10.38043/jiab.v11i1.7688

Keywords:

Firm Value, Enterprise Risk Management, Managerial Ownership, Institutional Ownership

Abstract

Economic uncertainty and fluctuations in the performance of manufacturing companies in Indonesia affected firm value, making it an important indicator for investors evaluating management performance and growth prospects. This study aimed to empirically examine the influence of enterprise risk management, managerial ownership, and institutional ownership on firm value in manufacturing companies listed on the Indonesia Stock Exchange during 2020–2023. The research employed a quantitative method using multiple linear regression. The sample comprised 58 companies and 232 observations, selected through purposive sampling. The findings revealed that institutional ownership had a significant positive effect on firm value. External supervision by institutions enhanced efficiency and transparency, thereby strengthening investor trust and increasing firm value. Enterprise risk management and managerial ownership did not significantly influence firm value. Risk management disclosure failed to build investor confidence despite adequate reporting. Low managerial ownership weakened internal supervision, resulting in decisions and strategies misaligned with managerial expectations and in slow risk mitigation due to reliance on majority shareholder approval.

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