Pengaruh Kepemilikan Institusional, Modal Intelektual, Corporate Social Responsibility dan Manajemen Risiko Terhadap Nilai Perusahaan
DOI:
https://doi.org/10.32493/JABI.v8i2.y2025.p127-141Abstract
This study examines the effect of institutional ownership, intellectual capital, corporate social responsibility (CSR), and risk management on company value in 14 banks listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023 using panel data regression analysis. The results indicate that institutional ownership has no significant effect, while intellectual capital has a negative effect, and CSR and risk management have a positive effect on firm value. The practical implications of these findings emphasize the need to optimize communication strategies to change the market's negative perception of intellectual capital investment, strengthen the implementation of sustainable CSR to build stakeholder loyalty and investor confidence, integrate risk management into business strategies to reduce uncertainty and increase transparency, and focus on internal governance mechanisms and regulatory oversight as a substitute for the role of institutional investors in the banking industry
References
Artha, B., Bahri, B., Sari, N. P., Sari, U. T., & Manurung, U. R. (2021). The Institutional Ownership and Firm Performance: Evidence from The Capital Bank. Journal of Business and Management Review, 2(7), 445–456. https://doi.org/10.47153/jbmr27.1742021
Ayunisari, P., & Sawitri, A. P. (2021). Dampak Moderasi Profitabilitas Terhadap Pengaruh CSR, GCG dan Intelectual Capital Terhadap Nilai Perusahaan. INVENTORY: JURNAL AKUNTANSI, 5(2), 80. https://doi.org/10.25273/inventory.v5i2.10649
BEI. (2024). Perdagangan BEI Tahun 2024 Resmi Dibuka oleh Wakil Presiden Republik Indonesia dan Mencapai Rekor IHSG. Detail Siaran Pers. https://www.idx.co.id/id/berita/siaran-pers/2082
BI. (2024). Laporan Kebijakan Moneter Triwulan IV 2023 (Vol. 16, Issue 1). https://www.bi.go.id/id/publikasi/laporan/Documents/Laporan-Kebijakan-Moneter-Triwulan-IV-2023.pdf
BPS. (2024). Perekonomian indonesia 2024.
Budiarto, D. S., & Putuyana, A. A. (2018). Pengungkapan Enterprise Risk Management Dan Intellectual Capital: Apakah Bermanfaat Bagi Perusahaan Real Estate? Akuntansi Dewantara, 2(2), 183–193. https://doi.org/10.29230/ad.v2i2.3076
Coso. (2004). Enterprise Risk Management — Integrated Framework Executive Summary. New York, 3(September), 1–16. http://www.coso.org/documents/COSO_ERM_ExecutiveSummary.pdf
Cristofel, C., & Kurniawati, K. (2021). Pengaruh Enterprise Risk Management, Corporate Social Responsibility dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Akuntansi Bisnis, 14(1), 1–12. https://doi.org/10.30813/jab.v14i1.2468
Darmawan, A. G., & Agustina, Y. (2023). Pengaruh Intellectual Capital Disclosure Dan Enterprise Risk Management Disclosure Pada Nilai Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021. Management Studies and Entrepreneurship Journal (MSEJ), 4(4), 3668–3677. https://doi.org/10.37385/msej.v4i4.2490
Devi, S., Budiasih, I. G. N., & Badera, I. D. N. (2017). Pengaruh Pengungkapan Enterprise Risk Management Dan Pengungkapan Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 14(1), 20–45. https://doi.org/10.21002/jaki.2017.02
Ekowati, & Idayati, F. (2023). Pengaruh Corporate Social Responsibility Disclosure, Asset Growth, Institutional Ownership, Dan Leverage Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 12(6), 1–19.
Ermanda, M., & Puspa, D. F. (2022). Pengaruh Kepemilikan Institusional, Sustainability Report dan Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Kajian Akuntansi Dan Auditing, 17(2), 135–147. https://doi.org/10.37301/jkaa.v17i2.89
Faizah, S. N., & Pujiono. (2022). Pengungkapan Enterprise Risk Management Terhadap Nilai Perusahaan. Jurnal Akuntansi Unesa, 10(02), 1–13. https://journal.unesa.ac.id/index.php/akunesa/index
Freeman, R. E. E., & McVea, J. (2001). A Stakeholder Approach to Strategic Management. SSRN Electronic Journal, March. https://doi.org/10.2139/ssrn.263511
Gita KW, I. G. A. (2019). Peran Kinerja Keuangan dalam Memoderasi Good Corporate Governance Terhadap Nilai Perusahaan Pada Sektor Perbankan Yang Terdaftar di Bursa Efek Indonesia. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 2(2), 91–108. https://doi.org/10.29303/akurasi.v2i2.17
Handayani, B. D. (2017). Mekanisme Corporate Governance, Enterprise Risk Management, Dan Nilai Perusahaan Perbankan. Jurnal Keuangan Dan Perbankan, 21(1), 70–81. https://doi.org/10.26905/jkdp.v21i1.1228
Harrison, J. S., & Wicks, A. C. (2013). Stakeholder Theory, Value, and Firm Performance. Business Ethics Quarterly, 23(1), 97–124. https://doi.org/10.5840/beq20132314
Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.x
Indriastuti, M., Chariri, A., & Fuad, F. (2024). Enhancing firm value: The role of enterprise risk management, intellectual capital, and corporate social responsibility. Contaduría y Administración, 70(1), 486. https://doi.org/10.22201/fca.24488410e.2025.5185
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
Kemenkeu. (2024). Siaran Pers Stabilitas Sistem Keuangan Tetap Terjaga di Tengah Risiko Perlambatan Ekonomi Dan Ketidakpastian Global. Kemenku.Go.Id. https://www.kemenkeu.go.id/informasi-publik/publikasi/siaran-pers/Siaran-Pers-Stabilitas-Sistem-Keuangan
Maharani, F., & Mayangsari, S. (2022). Pengaruh Pengungkapan ERM, Kepemilikan Institusional, dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 2(2), 1747–1758. https://doi.org/10.25105/jet.v2i2.14881
Mardji, T. M. (2022). Determinan Nilai Perusahaan. Jurnal Akuntansi, 11(2), 122–137. https://doi.org/10.46806/ja.v11i2.892
Medianto, Miftahul Munir, & Diana Ambarwati. (2022). Pengaruh Good Corporate Governance Terhadap Profitabilitas (Studi Kasus Pada Perusahaan Perbankan Yang Terdaftar Di BEI Periode Tahun 2014-2020). OPTIMAL Jurnal Ekonomi Dan Manajemen, 2(3), 300–317. https://doi.org/10.55606/optimal.v2i3.511
Metana, A. O., & Meiranto, W. (2023). Pengaruh Enterprise Risk Management Disclosure Dan Intellectual Capital Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Keuangan Sub Sektor Perbankan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2017-2020). Diponegoro Journal of Accounting, 12(1), 1–13. http://ejournal-s1.undip.ac.id/index.php/accounting
Mira. (2020). Does the Institutional ownership, Return On Asset and Leverage affect Company Value. Point of View Research Accounting and Auditing, 1(3), 88–94. https://doi.org/10.47090/povraa.v1i3.44
Qohar, M. H. N., & Irianto, G. (2024). Pengaruh Corporate Social Responsibility (CSR), Good Corporate Governance (GCG) dan Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Multidisiplin West Science, 3(02), 179–192. https://doi.org/10.58812/jmws.v3i02.1004
Winarno, W. W. (2017). Analisis Ekonometrika dan Statistika dengan EViews (ed. 5). UPP STIM YKPN.
Zulfikar, R., Lukviarman, N., Suhardjanto, D., Ismail, T., Dwi Astuti, K., & Meutia, M. (2020). Corporate Governance Compliance in Banking Industry: The Role of the Board. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 137. https://doi.org/10.3390/joitmc6040137
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Juli Ismanto, Effriyanti Effriyanti
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
PUBLICATION ETHICS
FOCUS AND SCOPE
EDITORIAL TEAM
REVIEW PROCESS
CONTACT US
AUTHOR GUIDELINES
