Article Per Year (5 Year)
p-Index From 2021 - 2026
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All Journal Journal of Finance Integration and Business Independence
Hijroini Fajaryati
Universitas Bengkulu
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Enterprise Risk Management, Capital Structure, Financial Performance, and Firm Value Hijroini Fajaryati; Ridwan Nurazi; Rini Andriani; Fadli
Journal of Finance Integration and Business Independence Vol. 2 No. 1 (2026): Journal of Finance Integration and Business Independence
Publisher : YAYASAN BINA BISNIS NUSANTARA MEDAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64276/jofibi.v2i1.89

Abstract

This study analyzes the influence of Enterprise Risk Management (ERM) on capital structure, financial performance, and firm value in banking companies listed on the Indonesia Stock Exchange during 2017–2024. Using a quantitative approach, this study employs secondary data from annual reports, financial statements, IDX publications, OJK reports, and Bank Indonesia reports. Data were analyzed using Generalized Structured Component Analysis (GSCA) to test direct, indirect, and mediating effects. ERM is measured using a COSO-based disclosure index, capital structure is measured by DER and DAR, financial performance by ROA, ROE, and NIM, and firm value by Tobin’s Q. The results show that ERM has a positive and significant effect on capital structure, financial performance, and firm value. Capital structure negatively affects firm value, while financial performance does not significantly affect firm value. These findings indicate that ERM functions as a strategic value driver that strengthens risk governance, capital planning, and market confidence in Indonesian banking.
Co-Authors Fadli Fadli Ridwan Nurazi Rini Andriani