<![CDATA[Enterprise Risk Management (ERM) has become increasingly important for energy companies facing complex uncertainties, including commodity price volatility, regulatory changes, operational risks, and strategic challenges. However, the existence of ERM adoption does not necessarily reflect the effectiveness of risk management practices. This study aimed to examine the association between Risk Maturity Level (RML) and corporate outcomes, including operating efficiency, financial performance, and firm value, among listed energy firms. The study employed a quantitative explanatory design using longitudinal panel data from 42 energy companies listed on the Indonesia Stock Exchange during 2019–2024, resulting in 252 firm-year observations. Secondary data were collected from annual reports, sustainability reports, audited financial statements, and market data. Risk maturity was measured through disclosure-based content analysis, while corporate outcomes were assessed using the Operating Expense Ratio (OER), Return on Assets (ROA), and Tobin’s Q. Panel regression analysis was conducted to evaluate the relationships between risk maturity and corporate outcomes. The findings showed that higher risk maturity was negatively associated with OER, although the relationship was marginally significant, suggesting potential improvements in operational efficiency. Furthermore, risk maturity had a significant positive association with ROA and Tobin’s Q, indicating stronger asset profitability and higher market valuation among firms with more mature risk management capabilities. The study concluded that risk maturity represented an important organizational capability that extended beyond formal ERM adoption and contributed to corporate performance and value creation. Energy companies should strengthen risk integration into strategic decision-making, capital allocation, and organizational processes to enhance long-term resilience and competitiveness.]]>
