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All Journal Jurnal Ilmiah Akuntansi dan Bisnis
Ferry Diyanti
Mulawarman University, Indonesia
Economics, Econometrics & Finance

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The Effect of Enterprise Risk Management, Managerial Ownership, and Institutional Ownership on Firm Value: Evidence from Indonesia Ferry Diyanti; Nur Fadhilah Syafa; Triana Fitriastuti
Jurnal Ilmiah Akuntansi & Bisnis Vol 11 No 1 (2026)
Publisher : Universitas Pendidikan Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38043/jiab.v11i1.7688

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.
Co-Authors Nur Fadhilah Syafa Triana Fitriastuti