• dody hapsoro STIE YKPN Yogyakarta
  • lu’lu’ul jannah STIE MNC (Media Nusantara Citra) Jakarta
Keywords: Capital structure, company value, enterprise risk management disclosure


This study aims to examine the ability of corporate risk management disclosures to moderate the effect of capital structure on firm value. The population in this study is all companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling with the criteria of non-financial companies that disclose enterprise risk management disclosure in 2018. The number of companies that meet the sample criteria is 386. The measurement of enterprise risk management disclosure uses checklists developed based on ISO 31000: 2009. An assessment of the extent of disclosure is made using content analysis methods. The independent variables in this research are capital structure, dependent variable is company value, and moderation variable is enterprise risk management disclosure. Data analysis using Partial Least Square (PLS) with Warp PLS 4.0 application. The result of research shows that capital structure has a positive and significant effect on company value. Enterprise risk management disclosure proved to moderate the effect of capital structure on company value.


Download data is not yet available.


Baxter, R., J. C. Bedard, R. Hoitash & Yezegel, A. (2013). Enterprise Risk Management Program Quality: Determinants, Value Relevance, and the Financial Crisis. Contemporary Accounting Research, 30(4), 1264-1295.

Black, S, B., Love, I. & Rachinsky, A. (2005). Corporate Governance and Firm’s Market Values: Time Series Evidence from Russia. Finance Working Paper.

Brealey, M. M. (2007). Dasar-dasar Manajemen Keuangan Perusahaan. Fifth edition. Jakarta: Gelora Aksara Pratama.

Committee of Sponsoring Organizations of the Treadway Commission (COSO). (2004). Enterprise Risk Management, Integrated Framework (COSO-ERM Report). New York: AICPA.

Deli, E. P. I. N. (2017). Pengaruh Struktur Modal, Profitabilitas, Growth Opportunity dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi, 6(7).

Fama, E. F. & French, K. R. (1998). Taxes, Financing Decisions, and Firm Value. The Journal of Finance, Vol. 53, No. 3, pp. 819-843.
Fraser, J. & Simkins, B. J. (2010). Enterprise Risk Management. Canada: John Wiley & Sons, Inc.

Gitman & Lawrence, J. (2011). Principal of Managerial Finance (11 ed.). Boston: Addison Wesley.

Hoyt, R. E., D. L. Moore & Liebenberg, A. P. (2006). The Value of Enterprise Risk Management: Evidence from the U.S. Insurance Industry.

Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeovers. American Economic Review, 76, 323-329.

Jensen, M. C. & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.

Modigliani, F. & Miller, M. H. (1958). The Investment Opportunity Set and Corporate Financing, Dividend, and Competations Policies. The American Economic Review. Vol. XLVIII, No. 3.
Obalola, M. A., Akpan & Abass. (2014). The Relationship between Enterprise Risk Management (ERM) and Organizational Performance: Evidence from Nigeria Insurance Industry. Research Journal of Finance and Accounting, 20(1), 152-161.

Rao, Ramesh, K. S. (1995). Financial Management: Concepts and Application. Third edition. Ohio: International Thomson Publishing.

Suryani, M. V. (2015). Pengaruh Pertumbuhan Perusahaan dan Struktur Modal Terhadap Nilai Perusahaan. Universitas Negeri Semarang.

Wahidahwati. (2002). Pengaruh Kepemilikan Manajerial dan Institusional pada Kebijakan Hutang Perusahaan: Sebuah Perspektif Agency Theory. Jurnal Riset Akuntansi Indonesia, 5(1), 1-16.

Weston, J. F. & Copeland, T. E. (1997). Manajemen Keuangan. Edisi sembilan. Jakarta: Penerbit Bina Rupa Aksara.

Wolk, H. I., Taerney, M. G. & Dold, J. L. (2001). Accounting Theory. South Western College Publishing: Thomson Learning.
Abstract viewed = 201 times
PDF downloaded = 195 times