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All Journal JDM Jurnal Keuangan dan Perbankan Managament Insight: Jurnal Ilmiah Manajemen Jurnal Akuntansi Multiparadigma EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis JBMP (Jurnal Bisnis, Manajemen dan Perbankan) Syntax Literate: Jurnal Ilmiah Indonesia JURNAL MANAJEMEN ISOQUANT : Jurnal Ekonomi, Manajemen dan Akuntansi Journal of Humanities and Social Studies Gema Wiralodra Dinasti International Journal of Education Management and Social Science International Journal of Economics Development Research (IJEDR) Quantitative Economics and Management Studies Indonesian Journal of Multidisciplinary Science Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Return : Study of Management, Economic and Bussines Jurnal Pendidikan Indonesia (Japendi) Eduvest - Journal of Universal Studies Jurnal Ekonomi, Teknologi dan Bisnis Journal of Management, Economic, and Accounting Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Advances In Social Humanities Research Mabha Jurnal E-JURNAL AKUNTANSI Glosains: Jurnal Sains Global Indonesia
Hanggraeni, Dewi
Department Of Management, Faculty Of Economics & Business, University Of Indonesia
Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Astronomy Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Mechanical Engineering Neuroscience Public Health Social Sciences Other

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Revealing The Impact of ERM and ESG Disclosures on The Performance of Non-Financial Public Companies in Indonesia: An Empirical Study From 2017-2022 Wakhid Junaidi; Dewi Hanggraeni
Eduvest - Journal of Universal Studies Vol. 4 No. 11 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i11.44745

Abstract

This study investigates the impact of Enterprise Risk Management (ERM) disclosure on working capital efficiency, profitability, and firm value of non-financial public companies in Indonesia during the period 2017-2022. Additionally, it examines the moderating role of Environmental, Social, and Governance (ESG) disclosure on the relationship between ERM disclosure and these three variables. The research adopts a quantitative approach, utilizing secondary data from companies' annual reports. Working Capital Turnover (WCT) measures efficiency, profitability is assessed by Return on Assets (ROA), and firm value is evaluated using Tobin’s Q ratio. ERM and ESG disclosures are assessed based on the COSO ERM 2017 framework and GRI Standards, respectively. The findings reveal that ERM disclosure has a significant positive impact on firm value but shows no significant effect on working capital efficiency and profitability. Furthermore, ESG disclosure positively moderates the relationship between ERM disclosure and firm value, highlighting the synergistic benefits of integrating robust ERM practices with comprehensive ESG disclosures. This study underscores the necessity for companies to enhance the quality of their risk management and ESG-related disclosures to improve financial performance and corporate value. By providing empirical evidence on the benefits of ERM and ESG disclosures, this research contributes to the literature and offers practical implications for non-financial public companies in Indonesia.
Navigating Sustainability: Bank Dynamics, Market Structure, and Enterprise Risk Management in ASEAN Exchanges Jane Naomi; Dewi Hanggraeni
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51258

Abstract

The banking sector plays a vital role in economic stability and sustainable development. As financial institutions face increasing pressure to align profitability with Environmental, Social, and Governance (ESG) commitments, Enterprise Risk Management (ERM) has gained prominence as a tool for enhancing both financial outcomes and ESG performance. While prior research has explored the impact of bank characteristics and industry concentration on performance, the mediating role of ERM remains underexamined, especially in emerging markets. This study addresses this gap by investigating how bank characteristics (ownership concentration, complexity, international diversification) and industry concentration affect financial and ESG performance, with ERM as a mediating variable. The analysis draws on data from ASEAN-listed banks between 2019 and 2023 using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results show that ownership concentration negatively influences financial performance, whereas bank complexity and international diversification have no significant financial effects. Industry concentration also lacks a significant financial impact. For ESG performance, bank complexity and international diversification show positive effects, while ownership concentration has no influence and industry concentration exerts a negative effect. ERM does not mediate relationships with financial performance or the effect of industry concentration on ESG outcomes. However, it mediates the relationship between international diversification and ESG performance. The findings highlight the conditional role of ERM in advancing ESG goals, especially in internationally diversified banks. Regulators are urged to revisit ownership concentration policies, and banks are encouraged to integrate ESG into core strategies and reinforce governance frameworks to manage structural risks.
Facial Recognition Resistance in Banking: Analyzing Risk Through Technology Readiness, Regulation and Trust Rika Ayu Haryanti; Dewi Hanggraeni
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51264

Abstract

The rapid digitalization of Indonesia's banking sector has driven widespread adoption of biometric authentication, particularly facial recognition (FR) technology, to enhance security and user experience. However, user resistance remains a barrier, especially in light of concerns about privacy, regulatory trust, and technological readiness. This study investigates the influence of individual technology readiness, perceived risk, perceived trust, and regulation and compliance on resistance to FR technology in mobile banking. Using a quantitative survey method and Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected from 200 Indonesian mobile banking users familiar with FR technology. The findings reveal that digital literacy and personal innovativeness significantly enhance technology readiness, which, in turn, increases users’ sensitivity to perceived risk. Perceived risk was found to be the strongest predictor of resistance, while trust reduced perceived risk but did not directly reduce resistance. Regulatory compliance directly enhanced trust and reduced resistance but did not moderate the influence of risk or trust. Mediation analysis showed that perceived risk fully mediates the relationship between technology readiness and resistance. These findings highlight the paradox that tech-ready users may still resist FR due to heightened awareness of data security concerns. The study suggests that reducing perceived risk and reinforcing data transparency through effective regulatory frameworks are critical to fostering public trust and adoption of FR technologies in digital banking.
The Influencer of ESG and ERM on Financial and Non-Financial Performance of Energy Companies Listed on the Indonesia Stock Exchange for the 2019-2023 Rachmii Syamsi; Dewi Hanggraeni
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51345

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) practices and Enterprise Risk Management (ERM) on both financial and non-financial performance of energy companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The main objective is to examine whether ESG and ERM significantly affect profitability (ROA and ROE), market valuation (Tobin’s Q), and investor trust, particularly in the context of a post-pandemic economic landscape. The novelty of this research lies in its integrated analysis of ESG and ERM as simultaneous predictors of firm performance, while incorporating non-financial outcomes that are often overlooked, such as investor perception. This study also adds value by offering empirical evidence from an emerging market context and focusing on the energy sector, which plays a strategic role in sustainable development and economic resilience. Empirical findings reveal that ESG significantly influences Return on Assets (ROA), indicating that sustainability initiatives contribute to more efficient asset utilization. However, ESG does not show a significant effect on Return on Equity (ROE) or investor trust, implying that its long-term benefits may not be immediately reflected in equity returns or stakeholder perception. Conversely, ERM demonstrates a significant impact on ROA, ROE, and investor trust, highlighting the importance of structured risk management in enhancing financial outcomes and building investor confidence. These findings suggest that both ESG and ERM can play a strategic role in improving firm performance, but their influence may vary depending on the dimension of performance being assessed.
The Effect of ERM Disclosure on Firm Performance and Firm Value in the Energy Sector Listed on the Indonesia Stock Exchange Mulyadi Mulyadi; Dewi Hanggraeni
Journal of Management, Economic, and Accounting Vol. 5 No. 3 (2026): July
Publisher : Universitas Dehasen Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/jmea.v5i3.1660

Abstract

This study investigates the relationship between Enterprise Risk Management (ERM) disclosure, firm performance, and firm value in energy sector companies listed on the Indonesia Stock Exchange. The energy sector provides a relevant context because firms in this industry are exposed to operational, commodity price, regulatory, environmental, financing, and energy transition risks. Firm performance is measured by Return on Assets (ROA), while firm value is measured by Tobin’s Q. The study employs panel data from 31 energy sector companies during the 2021–2025 period, resulting in 155 firm-year observations. ERM disclosure is measured using a disclosure index based on 20 items derived from the COSO ERM Framework 2017. The empirical analysis applies panel data regression using a Fixed Effects Model with standard errors clustered by firm. The findings reveal that ERM disclosure has a negative and significant effect on ROA. This result suggests that broader ERM disclosure in the energy sector does not necessarily indicate higher profitability, but may reflect greater risk complexity and higher risk management costs borne by firms. In contrast, ERM disclosure has a positive but insignificant effect on Tobin’s Q, indicating that market valuation is not primarily driven by the extent of ERM disclosure. Investors appear to place greater emphasis on actual profitability, capital structure, cash flow prospects, commodity price dynamics, and energy transition risks. These findings imply that ERM disclosure should focus on the quality and effectiveness of risk management practices rather than merely increasing the volume of information disclosed in annual reports.
Effect of Share Ownership Concentration, Audit Committee Meeting Frequency, Type of External Auditor, and Risk Monitoring Committee Size on Operational Risk Disclosure in Non-Bank Financial Services Institutions (LJKNB) for the 2019-2023 Period Jane Naomi; Lolita Akbar; Ardila Galuh Savitri; Rachmi Syamsi; Dewi Hanggraeni
Jurnal Pendidikan Indonesia Vol. 6 No. 1 (2025): Jurnal Pendidikan Indonesia (Japendi)
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/japendi.v6i1.6772

Abstract

In an increasingly complex global business environment, effective corporate governance is one of the main pillars to maintain economic stability and encourage sustainable growth in the financial sector. This study aims to analyze the Effect of Share Ownership Concentration, Audit Committee Meeting Frequency, Type of External Auditor, and Risk Monitoring Committee Size on Operational Risk Disclosure in Non-Bank Financial Services Institutions (LJKNB) for the 2019–2023 Period. The content analysis method was used to collect operational risk disclosure data from the annual reports of 42 LJKNB listed on the IDX during the period 2019 to 2023. Using GLS regression analysis, this study shows the influence of governance on the disclosure of operational risks quantitatively and qualitatively. The results show that the concentration of share ownership, the number of audit committee meetings, and the external auditors of the Big 4 have a significant positive effect on the disclosure of quantitative operational risks, while the number of risk monitoring committees has a significant negative effect. The four governance variables did not have a significant effect on the qualitative disclosure of operational risks
Excess Liquidity, Moral Hazard, and Credit Risk in Indonesian Commercial Banks Jeffry Fauzan; Dewi Hanggraeni
Eduvest - Journal of Universal Studies Vol. 6 No. 8 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i8.53230

Abstract

This research investigates how liquidity creation induces moral hazard behavior and affects credit quality in Indonesian commercial banks. This study examines the effect of liquidity creation, liquidity risk, and central bank policies on credit risk in Indonesian commercial banks, proxied by the non-performing loan (NPL) ratio. Using panel data from 46 banks listed on the Indonesia Stock Exchange over 2015–2024, we apply the Two-Step System Generalized Method of Moments (SYS-GMM) to address endogeneity inherent in dynamic panel models. Results indicate that liquidity creation has a significant positive effect on NPL, consistent with the moral hazard hypothesis. Liquidity risk (LDR) also significantly and positively affects NPL. Reserve requirements (GWM) and BI-Rate do not produce a direct and significant effect on NPL. Return on assets (ROA) significantly and negatively affects NPL. These results suggest that credit risk in Indonesian commercial banking is predominantly influenced by bank-level intermediation behavior rather than by macroeconomic or policy variables. The research concludes that excess liquidity conditions incentivize aggressive credit expansion without proportionate attention to borrower quality, particularly in an oligopolistic market structure with implicit state guarantees.
Capital reserve calculation analysis of operational risk in submarine cable service portfolio Febriyati Kusumawardhani; Dewi Hanggraeni
Gema Wiralodra Vol. 15 No. 1 (2024): Gema Wiralodra
Publisher : Universitas Wiralodra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31943/gw.v15i1.602

Abstract

This study analyzes the amount of capital reserves required for the Submarine Cable Service PT AAA to mitigate the risk of delays in completing work without disrupting the company's cash flow. Data used in this paper is the operational loss of delay work in the Submarine Cable Service portfolio from 2016 to 2019. The method and analysis used in this paper are the Monte Carlo simulation to calculate Operation Risk Variance (OpVar) by analyzing the distribution of severity and frequency. The result of the study shows that delayed work is the risk that has the most influence on the company's cash flow. PT AAA needs Rp 2.16 billion per event as capital reserve PT AAA to mitigate the risk of work delays in the Submarine Cable Service portfolio. Risk mitigation needs to minimize the potential loss are choosing the right partner in the operational process, scheduling the cable repair process, and securing the amount of capital reserve that has been counted.
Geopolitical Risk, Climate Risk, and ESG Performance: Evidence from Energy Sector Companies Listed on the Indonesia Stock Exchange Yohan Tristianto; Dewi Hanggraeni; Indra Kusumawardhana
Advances In Social Humanities Research Vol. 4 No. 8 (2026): Advances In Social Humanities Research
Publisher : Sahabat Publikasi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/adv.v4i8.611

Abstract

Energy-sector companies increasingly face simultaneous geopolitical instability and climate-related pressures that may influence corporate sustainability strategies and Environmental, Social, and Governance (ESG) performance. This study aimed to examine the effects of geopolitical risk and climate risk on the ESG performance of energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative explanatory design was employed using panel data from 60 companies, generating 300 firm-year observations selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4, supported by bootstrapping, robustness testing, and Multi-Group Analysis. The results showed that geopolitical risk had a significant positive effect on ESG performance (? = 0.082; p = 0.035), while climate risk also had a significant positive effect (? = 0.118; p = 0.001). The model explained 49.7% of the variance in ESG performance, with firm size emerging as the strongest control variable. Multi-Group Analysis indicated that both effects were significant only among non-coal companies, suggesting heterogeneous sectoral responses within the Indonesian energy sector. These findings supported stakeholder and legitimacy perspectives, indicating that increasing external risks may encourage stronger ESG commitments through systematic organizational responses. The study concluded that geopolitical and climate risks should be integrated into corporate sustainability and risk-management strategies.
Beyond ERM Adoption: Risk Maturity and Corporate Outcomes in Listed Energy Firms Suripno Suripno; Dewi Hanggraeni; Indra Kusumawardhana
Indonesian Journal of Multidisciplinary Science Vol. 5 No. 11 (2026): Indonesian Journal of Multidisciplinary Science (Issue in Progres)
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/ijoms.v5i11.1320

Abstract

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.
Co-Authors ., Anasthacia Abdul Rahman Rahim Abdul Wahab Achmad Zulfikar Adinur, Reyhan Satria Agung Yoso Ahad, Sasi Waliyul Almira Dyah Karima Alssya Vadhyara Susanto Anastasia Rasia Andreas Krisvian Andreina Fara Hapsari Angelita Buulolo Anugrah Kesuma Ardila Galuh Savitri Arya Kandrasyah Bagus Nugroho Biko Kharunia Christo, Nathasya Christopher . Cipto Hartono Cipto Hartono Cita Pelangi Clarisha Fitri Dessen Setiawan Dianita Fitriani Pogram Drastya Amalia Dwi, Maharmabi Dyah Ambar Eka Rathmanty Merry Hartini Eko Nurmaryadi Enisa Dwi Prihandini Erfan Rizki Prabowo Ervina Kwintana Famadhika Aby Pratama Famy Kurnia Putri Fatwa Aulia Fauzi, Achmad Zulfikar Febriyati Kusumawardhani Ferry Fredrick Kaban Firly Armanda Gabriel Leonardo Decaprio Gandung Troy Sulistyantoro Girindra Chandra Alam Graciala Denita Harahap, Muhammad Farhan Hakim Hotmauly Media Rika Ibrahim, Syaipul Malik Indra Kusumawardhana Iqbal Mustofa Jalil Mujib Tan Ismail Jane Naomi Jane Naomi Jeffry Fauzan Jodi Surya Gustanto Jonatan Halomoan Jonatan Halomoan Jordan Ahmad Yasir Khenia Erfira Melianita Kresna Nurdianto Kurniawan, Ferdian_Ari Laras Shintya Putri Leandra Anisah Lintang Putri Enggaringtyas Lolita Akbar Lusiana Indra Mahardika Bintang Indarjanto Mahardika Dwi Jayanti Mandala, Eka Maria Christina Pasaribu Maria Manuella Anjani Mehhada Rizk Elfahmi Muhammad Faishal Hanif Muhammad Fikry Alfisyahrin Muhammad Iqbal Satria Jaya Muhammad Rifqi Abrar Muhammad Zaky Darmawan Mulyadi Mulyadi Musa Fresno Ni Luh Putu Sipta Dewi Anindita Nur Rizqi Febriani Paras Dita Purnomo, Gabriel Putri, Arisma Solicha Qonita Hasna Az-Zahro Rachim Chan Rachmi Syamsi Rachmii Syamsi Revaldo Revaldo Rhenty Puspita Rika Ayu Haryanti RM Rahardjo Satrio Unggul Roufan Hirqoni Araniri Rudi Asrudin Safira Ayu Salsabila Az Zahra Sinathrya Al Kautsar1 Sri Meaty Luminary A Napitu Steven Steven Suhailah Salma Sulung, Liyu Adhi KAsari Suripno Suripno Suwega Drestantiarto Tarikh Luthfi Simanjuntak Taufan Prasojo Wicaksono Setiadi Teddy Maulana Putra Teuku Sadri Tommy Novianto Uliyatun Nikmah Umar Rivaldy Umar Rivaldy Pulukadang Vera Anita Wakhid Junaidi Widiani, Chaerunnisa Yanur Akhmadi Yohan Tristianto Yunior Pasagi Yusuf Kresna Zaskia Ayunda Lukietta